Capacity side, according to incomplete statistics, China’s alkaline electrolyser market remained at 43.77 GW and the PEM electrolyser market remained at 2.7 GW, with no new capacity added. There was no offline delivery information this week. Project-related updates: PetroChina Shenzhen New Energy Research Institute Co., Ltd.: It issued a processing tender for its brine hydrogen production electrolyser. Funding for the tender project was self-raised by the enterprise, with a contribution ratio of 100%. It is understood that procurement of necessary raw materials and components included, but was not limited to, integrated electrolyser materials such as electrodes, end plates, bipolar plates, separators, and gaskets. Suppliers were also required to provide essential auxiliary accessories for the electrolyser, including cooling towers, chillers, and potassium hydroxide, in accordance with the purchaser’s requirements. Guangxi University of Science and Technology: It procured a hydrogen-fuel low-speed hybrid autonomous vehicle experimental system from Hefei Zhongke Shengu Technology Development Co., Ltd., with a transaction price of 844,800 yuan. Dalian Institute of Chemical Physics, Chinese Academy of Sciences: It issued a procurement notice for a 500 W hydrogen fuel cell testing platform. It is understood that the testing platform will be used for performance, efficiency, and durability testing of 500 W-class hydrogen fuel cell stacks and single cells. CGN New Energy Holdings Co., Ltd.: The Jilin Hydrogen Future Energy Factory Integrated Energy Project issued a procurement notice for an energy-saving assessment report. It is understood that the project had successively completed procurement for reports including water resources assessment, feasibility study, land-use pre-examination, hydrogen pipeline design, and power market analysis. Shaanxi Hydrogen Energy Industry Development Co., Ltd.: It released a public notice on the social stability risk assessment survey for Phase I of the 30 GW new energy green hydrogen production and hydrogen pipeline project (Inner Mongolia section). According to the notice, the project is located in Tuke Town, Uxin Banner, Ordos, Inner Mongolia Autonomous Region. It is understood that the hydrogen pipeline route is 19.6 km long, with a design pressure of 6.3 MPa, and uses L290QH steel pipe material (seamless steel pipe). Total project investment is about 449.38 million yuan. Allocated by route length (with the Uxin Banner section accounting for 53.4%), the estimated investment within the area is about 239.97 million yuan. The project construction period is 2026–2028. PetroChina Shenzhen New Energy Research Institute Co., Ltd. : Its hydrogen energy R&D department plans to custom-process one set of MW-class brine hydrogen production electrolyser equipment, with hydrogen production capacity of no less than 200 Nm³/h. Tender scope: procurement of one set of brine hydrogen production electrolyser equipment. Shanghai Electric Group Company Limited: It officially signed the Phase I project of the Inner Mongolia Baofeng coal-based new materials wind and solar power hydrogen production project. According to the agreement, Shanghai Electric will provide eight 1,250 Nm³/h alkaline electrolysers, the world’s largest single-set 5,000 Nm³/h separation and purification system, and an industry-first outdoor three-dimensional layout solution. Suqian Green Energy Hydrogen Innovation Technology Co., Ltd.: During the 5th China International Hydrogen Energy and Fuel Cell Industry Exhibition, Suqian Green Energy Hydrogen Innovation Technology Co., Ltd. and China Power Engineering Consulting Group Northwest Electric Power Design Institute Co., Ltd. held a strategic cooperation signing ceremony at the China National Convention Center in Beijing for a domestic MW-class AEM electrolyser testing project. Shenneng Northern Energy Holdings Co., Ltd.: It issued procurement for the preparation of a feasibility study report for the Etuoke Banner wind power hydrogen production integration green application project (Phase II), covering hydrogen production by water electrolysis and SAF synthesis. It is understood that the Etuoke Banner 505 MW wind and solar power hydrogen production integration green ammonia synthesis project (Phase I) was successfully selected in October 2025 as one of the first batch of hydrogen energy pilot projects in China’s energy sector, and is planned to be fully completed and put into operation in August 2026. Policy Review​ 1. Notice of the Ministry of Industry and Information Technology and three other departments on issuing the Implementation Plan for the High-Quality Development of Energy-Saving Equipment (2026–2028). The document stated that by 2028, mass-produced water electrolysis hydrogen production equipment should achieve DC power consumption of less than 4.2 kWh/Nm³ under rated operating conditions. 2. Notice of the General Office of the National Energy Administration on issuing the Guidelines for the Establishment of 2026 Energy Industry Standard Plans. The key areas for the 2026 energy industry standard plan include eight items. In the hydrogen energy field, key directions include fundamentals and general applications, hydrogen production and conversion, hydrogen storage and transportation, hydrogen refuelling, hydrogen power and power generation, and hydrogen equipment. 3. Ministry of Commerce Announcement No. 18 of 2026: announcement of the launch of a trade barrier investigation into US practices and measures that hinder trade in green products. Preliminary evidence and information obtained by the Ministry of Commerce showed that the US had implemented multiple practices and measures in trade-related areas that hinder trade in green products, including but not limited to restricting exports of green products to the US, slowing new energy deployment, and restricting technology cooperation related to green products. Enterprise Updates​​ Xieqing (Shanghai) New Energy Technology Co., Ltd.: Its hydrogen-powered drone H100 was officially put into use for material transport by China Post in Suibin County/Bayan County, Heilongjiang, entering the stage of regularised operations. Henan Junheng Industrial Group Biotechnology Co., Ltd. : Five reactors for its 1 million mt/year waste oil and fat processing sustainable aviation fuel project were successfully hoisted into place. Hubei Yingteli Electric Co., Ltd.: The two sets of thousand-cubic-metre-class IGBT hydrogen production power supplies it provided were successfully applied in South Korea’s first off-grid green hydrogen production project. Ordos Hanxia New Energy Co., Ltd. : At the hydrogen production plant of the Narisong PV hydrogen production industry demonstration project in Jungar Banner, Ordos, Inner Mongolia Autonomous Region, the first truckload of 99.999% national-standard high-purity green hydrogen in 2026 was successfully dispatched after filling operations were completed. Hydshine Energy (Shenzhen) Co., Ltd.: It announced the completion of its Pre-B round of financing. This round was exclusively strategically invested by the Shenzhen Energy Storage Fund. It is understood that the funds will be mainly used for global market expansion, next-generation product R&D, and industrialisation capabilities. Shanghai Hydrogen Energy Group Co., Ltd.: It was successfully recognised as a “Shanghai Specialised, Sophisticated, Distinctive and Innovative SME” in the first batch list of Shanghai specialised and sophisticated small and medium-sized enterprises. Tianneng Battery Group Co., Ltd. : During the Tianneng 2026 Spring New Product Launch held in Tianjin, Tianneng signed strategic cooperation agreements with multiple partners on hydrogen fuel cells and solid-state batteries. In hydrogen energy, Tianneng joined hands with Guangdong Vision Holding Group and Tianjin Weida Space Technology to deepen the deployment of hydrogen-powered shared bicycle scenarios and promote the rollout of this model in more cities. ​​Patent Applications​​ 1. Shanghai Institute of Ceramics, Chinese Academy of Sciences​​ (China) disclosed patent CN2025110028, developing a ceramic-based anion exchange membrane with a laboratory-tested lifespan of 80,000 hours. ​​2. Johnson Matthey​​ (UK) filed patent WO2025109876, disclosing an Fe-Ni-Mo ternary non-precious metal catalyst formulation with activity close to platinum-based materials. Technology Footprint/Technical Specifications​​ 1. Professor Yu Ying’s team at Central China Normal University developed a three-dimensional graded nanostructured catalytic electrode, a core part for seawater hydrogen production. 2. Dalian University of Technology designed an electron-pump catalyst with an asymmetric photoresponse structure to maintain asymmetry in electron distribution. 3.​​Research teams from the School of Electrical Engineering at Xi’an Jiaotong University and the State Key Laboratory of Electrical Materials and Electrical Insulation successfully developed a Ru/Ti3C2Ox@NF bifunctional electrocatalyst for seawater electrolysis. 4. Johnson Matthey and Syensqo achieved efficient recycling and reuse of platinum group metals and ionomers in PEM fuel cells and electrolysers, significantly reducing the carbon footprint. 5. Teams from Xi’an Jiaotong University and Peking University jointly developed a new-type osmium-based catalyst, significantly improving the efficiency and economics of AEM water electrolysis hydrogen production and supporting the scale-up of low-cost green hydrogen.

Recently, Chengdu Xinyan Hydrogen Energy Technology Co., Ltd. completed the batch delivery of 48 hydrogen-powered heavy-duty trucks in the 49-mt class, marking not only a major breakthrough in the market-oriented deployment of the enterprise’s hydrogen-powered commercial vehicles, but also demonstrating its strength in large-scale operations and further accelerating Chengdu’s hydrogen energy industry toward commercialization and clustering. The delivered vehicles were manufactured by Sinotruk Chengshang and equipped with the large-power hydrogen fuel cell system independently developed by Chengdu Xinyan. With high reliability and strong load-bearing capacity, they are well suited to trunk logistics and bulk transportation scenarios. Combined with local hydrogen refueling network support and Sichuan’s expressway toll reduction and exemption policies, they can provide clients with a green, efficient, and low-cost transportation solution. As a core period of the “Chengdu-Chongqing Hydrogen Corridor,” Chengdu is accelerating the development of an ecological system spanning the entire industry chain of “production, storage, transportation, refueling, and application.” Multiple provincial- and municipal-level policies are supporting the promotion of hydrogen-powered vehicles. The operation of these heavy-duty trucks will further drive coordinated development across the upstream and downstream industry chain and foster a virtuous industrial cycle. As hydrogen energy has become a hot topic at this year’s national Two Sessions, with the industry focusing on the large-scale application of fuel cell vehicles, Chengdu Xinyan’s delivery responds to the national strategy with concrete action, supports Chengdu in building a highland for the hydrogen energy industry in western China, and injects new momentum into the region’s green transformation.

Project modification for the Inner Mongolia Hydrogen Power Technology Dalat Banner grid-side independent energy storage demo project has been approved. Located in Dalat Economic Development Zone, Ordos, the project has a total investment of 153.332 million yuan and energy storage capacity of 2 MW / 4 MWh, using an all‑hydrogen energy storage system. It comprises water electrolysis, hydrogen storage, and fuel cell power generation, equipped with: 12×1,000 Nm³/h alkaline electrolysers 2×1 MW hydrogen fuel cell systems 90,000 Nm³hydrogen storage

Capacity side, the domestic alkaline electrolyzer market maintained at 43.77 GW, and the PEM electrolyzer market remained at 2.7 GW, with no new capacity added. No offline public delivery information was available this week. Electrolyzer project updates: Yulin Institute of Clean Energy Innovation, Chinese Academy of Sciences : The institute issued a tender for the procurement of megawatt-scale alkaline electrolyzers and hydrogen-oxygen separation and purification modules. The procurement includes megawatt-scale alkaline electrolyzers and hydrogen-oxygen separation and purification equipment, with a budget of 3.18 million yuan. The equipment will be used for a hydrogen production project from coal chemical wastewater coupled with freshwater production. It is understood that Dalian Chemical Engineering Design Institute Co., Ltd. previously won the bid for the project design. Inner Mongolia Green Hydrogen Steel Union Technology Co., Ltd.: The company announced the winning bidder for the civil engineering part of Sections 1 and 2 of the construction project for the full green steel production line integrating green electricity-green hydrogen shaft furnace reduction-electric furnace short process. It is understood that both sections were won by China Railway Construction Bridge Engineering Bureau Group Fourth Engineering Co., Ltd. (including consortium partner: Tianjin Tianhengda Environmental Protection Engineering Co., Ltd.). Shanghai Reshaping Energy Group Co., Ltd. : Reshaping Energy and China MCC5 Group Corp., Ltd. recently formally partnered by signing a cooperation agreement, establishing a comprehensive partnership. Additionally, both parties jointly signed a cooperation memorandum for the Ningxia Sun Mountain Integrated Wind-Solar-Hydrogen-Methanol Project. Moving forward, the two parties will collaborate to promote the construction of hydrogen production projects using wind and solar renewable energy, and coordinate with relevant parties to advance the construction of green methanol synthesis projects, aiming to create a benchmark "green electricity-green hydrogen-green methanol" industry chain project in north-west China. SPIC : The list of prospective winning bidders for the 99th centralized tender in 2025 (Jilin Power Share Lishu Wind-Solar Green Hydrogen Production and Biomass Coupled Green Methanol Project PEM Water Electrolysis Hydrogen Production Equipment) was announced. The first prospective winning bidder: Changchun Green Dynamic Hydrogen Energy Technology Co., Ltd., with a bid price of 30.88 million yuan; the second prospective winning bidder: Shaanxi Xingran Technology Co., Ltd., with a bid price of 36.4265 million yuan. It is understood that the Jilin Power Share Lishu Wind-Solar Green Hydrogen Production and Biomass Coupled Green Methanol Project is located in Siping City, Jilin Province, and plans to construct one set of 2000 Nm³/h PEM water electrolysis hydrogen production system, with a PEM hydrogen production scale of 2000 Nm³/h. The project is scheduled to start construction in August 2025, with a total planned duration of 22 months. The tender scope includes the PEM water electrolysis hydrogen production system and auxiliary systems, including but not limited to 4 PEM hydrogen production electrolyzers each with a measured hydrogen production rate of 500 Nm³/h under rated conditions, one set of 2000 Nm³/h hydrogen purification skid, and 4 sets of IGBT rectifiers. Windey Energy Technology Group Co., Ltd.: The tender for the biomass gasification process package and technical services for the first phase of the Handan Biomass Green Methanol Project was released. The project's main entity is Windey Energy Technology Group Co., Ltd. It is understood that the project primarily adopts the biomass pressurized bubbling fluidized bed gasification process. The scope of the process package extends from the atmospheric raw material receiving hopper of the gasification framework to the outlet of the syngas scrubber, includes the ash and slag discharge unit, and involves the discharge of wastewater after ammonia stripping treatment. Goldwind Green Chemical (Xing'an League) Co., Ltd.: The acceptance of the environmental impact assessment documents for the Goldwind Xing'an League Green Hydrogen to Green Methanol (Phase II) Project was announced. It is understood that the project has a total investment of 1.2 billion yuan, with a planned construction period from December 2025 to December 2027. The construction scale and content include primarily building main production facilities such as biomass gasification and methanol synthesis and distillation, along with supporting public and auxiliary utilities, aiming for an annual production of 600,000 mt of green methanol. Zhongneng Yida (Hebei) New Energy Co., Ltd.: The EPC general contracting tender announcement (second call) for the new 400,000 mt/year sustainable aviation fuel hydrogenation project. It is understood that the project covers an area of approximately 230 mu. The construction project includes a 400,000 mt/year sustainable aviation fuel hydrogenation unit, supporting hydrogen production facilities with a capacity of 30,000 Nm³/h, a sulfur recovery combined unit, and main supporting utilities. The primary raw materials are gutter oil, acidified oil, fatty acid methyl ester, and waste animal and vegetable oils, used to produce biodiesel, bio-naphtha, bio-jet fuel, and other products, with by-products including dry gas, bio-liquefied petroleum gas, and sulfur. The annual production volumes are bio-jet fuel (315,700 mt), bio-naphtha (21,000 mt), biodiesel (maximum daily production of 340,800 mt), and other by-products: dry gas (7,900 mt), bio-liquefied petroleum gas (19,500 mt), and sulfur (72 mt). Inner Mongolia Hydroelectric Technology Co., Ltd.: Its Dalad Banner Grid-Side (Incremental Distribution Network) Standalone Energy Storage Demonstration Project has completed the modification filing. The project construction content is now modified as follows: The total project investment is 153.332 million yuan, funded from two sources: self-owned funds of 45.9996 million yuan and a bank loan of 107.3324 million yuan. Regarding construction content and scale, the total energy storage capacity is set at 2 MW/4 MWh, adopting a pure hydrogen energy storage solution. Specifically, the hydrogen energy storage system encompasses three major segments: water electrolysis for hydrogen production, energy storage, and hydrogen fuel cell power generation. It is configured with 12 sets of 1,000 Nm³ alkaline electrolyzers, 2 sets of 1 MW hydrogen fuel cell power generation systems, and a 90,000 Nm³ hydrogen storage system. Each electrolyzer unit consists of the electrolyzer body, purification framework, gas-liquid separation device, and power supply and electrical control system. Each 1MW hydrogen fuel cell power generation system uses 16 proton exchange membrane fuel cell modules, each with a rated power of 100KW, as the core energy supply units. The hydrogen storage system comprises a spherical tank hydrogen storage system with a capacity of 2,000 cubic meters and a pressure of 1.6 MPa, requiring a total of three hydrogen storage tanks. Jinfeng Green Energy Chemical (Xing'an League) Co., Ltd. : Jinfeng Xing'an League Green Hydrogen to Green Methanol (Phase III) Project has been filed. Construction Location: Xing'an League - Ulanhot City - Xing'an League Economic and Technological Development Zone. Total Investment: 2.3 billion yuan, including self-owned funds: 460 million yuan, and bank loan application: 1.84 billion yuan. Planned Construction Period: May 2026 to May 2028. Construction Scale and Content: Mainly involves building key production facilities such as biomass gasification and methanol synthesis and distillation, along with supporting public and auxiliary facilities, with an annual output of 725,000 mt of green methanol. Shanghai Electric Power Station Group: Successfully won the bid for Section 1 of the EPC project for the Lanzhou New Area 100,000 mt/year Biomass Green Methanol Project (Phase I), and will provide key technologies, core equipment, and EPC turnkey services. Previously, Shanghai Electric had successfully verified its self-developed entire industry chain technology system for "green electricity coupled with biomass gasification to produce green methanol" in the Jilin Taonan Green Methanol Integrated Demonstration Project. Policy Review 1. The Gansu Provincial Development and Reform Commission, Gansu Provincial Department of Industry and Information Technology, and Gansu Provincial Energy Bureau issued the "Gansu Provincial Zero-Carbon Park Construction Plan." The document points out that organic integration of solar, wind, geothermal, and air energy should be used for direct building energy supply; relying on technologies such as wind and solar power plus energy storage and hydrogen microgrids, heat pumps, and molten salt thermal storage, the park's multi-energy conversion and mutual utilization of "electricity, heat, cooling, steam, and hydrogen" should be enhanced. Vigorously develop green and low-carbon emerging industries. Promote breakthroughs in core technologies for wind, solar, and energy storage equipment, improve the localization rate of new energy equipment, and build a new energy equipment industry chain driven by a "high proportion of green electricity." Support the construction of projects for the wind and solar power coupled green hydrogen production and hydrogen energy storage industry chain, advance the integrated development of "green hydrogen production, storage, transportation, refueling, and utilization," and create a "wind-solar-hydrogen-methanol-ammonia" zero-carbon industry chain. Guide the coordinated development of computing power projects and clean energy layout, increase the proportion of green electricity supply for data centers, and build a "computing power + green electricity" digital economy industry chain. 2. The Jilin Provincial Energy Bureau issued the "Jilin Province Green Electricity Direct Connection Project Development and Construction Implementation Plan (Trial)" (Draft for Comments).. The document indicates that new load projects can carry out green electricity direct connection, with key support for hydrogen-based green energy (green hydrogen, green hydrogen to green ammonia, green hydrogen to green methanol, green hydrogen to sustainable aviation fuel, etc.), steel metallurgy, computing (data) centers, automotive manufacturing, and other industries. Electricity consumption projects that have not been registered with the power grid enterprise (including expansion parts of existing loads), electricity consumption projects that have been registered but whose supporting power grid projects have not yet commenced construction, and existing projects agreed upon through consultation with the power grid enterprise are all considered as new loads. In principle, new loads (including expansion parts of existing loads) and existing loads should not establish direct electrical connections. 3. The European Commission approved a €4 billion special fund for electrolyzers, providing a 30% subsidy on equipment costs for projects with an annual capacity of ≥500 MW, and set a 2030 efficiency target for green hydrogen project electrolyzers of ≥60% (LHV basis). Enterprise Dynamics Shanghai Qingluan Energy Co., Ltd. : Shanghai Qingluan Energy Co., Ltd. was established, with legal representative Li Kun and registered capital of 5 million yuan. Its main business includes the manufacturing and sales of gas and liquid separation and purification equipment. The company is 100% owned by Shanghai Qingluan Technology Co., Ltd. Xinjiang Zhiling Hydrogen Equipment Manufacturing Co., Ltd. : The launch ceremony for the delivery and experience event of hydrogen energy buses, jointly organized with Skywell New Energy Automobile Group Co., Ltd., was held at the Guangbao Guangzhou Technology Park in Huangpu District, Guangzhou. Following the successive winning of related projects in November and December last year, HTWO Guangzhou, in collaboration with Skywell Group, delivered 249 hydrogen fuel cell buses in bulk to Guangzhou Bus Group. Shaanxi Hydrogen Energy Industry Development Co., Ltd. : Signed a strategic cooperation framework agreement with the Baoji Municipal Government. The Baoji Municipal Government will take this signing as an opportunity to provide comprehensive support for project construction, fully promote project implementation and effectiveness, and ensure smooth project advancement with high-quality services. Zhongtian Hua Hydrogen Co., Ltd.: Successfully won a bid for an overseas hydrogen valley project, achieving a "zero breakthrough" in overseas business, marking substantial progress in its internationalization strategy. Hubei Intelli Electric Co., Ltd. : Successfully delivered several sets of large containerized power supply systems, all of which will be used for a shore power project. HydrogenT Energy Group: Its "Fuel Cell Engine (TK-300)" project successfully passed the certification for Shanghai High-Tech Achievement Transformation Project and received an A-grade evaluation. Weishi Energy Technology Co., Ltd.: In collaboration with Yutong Light Truck, completed a series of multi-dimensional, complex working condition vehicle-level verifications, comprehensively validating the reliability and environmental adaptability of Weishi Energy's 80 kW hydrogen fuel cell system under complex environments such as low temperature, high altitude, transient load, emergency stop, and steep slopes. The Hong Kong and China Gas Company Limited (Towngas): Signed a memorandum of cooperation with Sinopec (Hong Kong) Limited (Sinopec Hong Kong) and Sinopec Star Petroleum Co., Ltd. (Sinopec Star), establishing a strategic partnership to engage in in-depth cooperation on clean energy, including hydrogen, green methanol, and sustainable aviation fuel (SAF). Patent Applications 1. Shanghai Institute of Ceramics, Chinese Academy of Sciences (China) disclosed patent CN2025110028, developing ceramic-based anion exchange membranes with a laboratory test lifespan reaching 80,000 hours. 2. Johnson Matthey (UK) filed patent WO2025109876, disclosing a Fe-Ni-Mo ternary non-precious metal catalyst formulation with activity close to that of platinum-based materials. Technology Footprints/Technical Specifications 1. The team led by Liu Qingju at Yunnan University constructed a superwetting Pt/NF@CF graded heterojunction electrocatalyst for low-energy, high-efficiency hydrogen production. 2. Hunan Normal University and Central South University's AM team revealed the compressive strain and oxygen vacancy effects of iridium oxide in proton exchange membrane water electrolyzers. 3. The relevant research team from the School of Electrical Engineering and the State Key Laboratory of Electrical Insulation and Electrical Engineering Materials at Xi’an Jiaotong University successfully developed a Ru/Ti3C2Ox@NF bifunctional seawater electrolysis electrocatalyst. 4. The group standard "Technical Specification for Wind and Solar Power Green Electricity Coupling Electrolysis Hydrogen Production" (No. T/CIEP 0272—2025) was released and implemented by the China Industrial Environmental Protection Promotion Association. Zhongneng Dayou Energy Technology Co., Ltd. successfully developed a 100kW-class PEM electrolyzer hydrogen production multi-field coupling test equipment. 5. GKN Powder Metallurgy announced the development of a new generation of high-performance, high-porosity, high-purity porous transport layers (HP-PTL) for proton exchange membrane (PEM) electrolysis.

【SMM Hydrogen Energy Flash】On February 9, Inner Mongolia Hydrogen Power completed the filing change for its Dalat Banner grid-side (incremental distribution network) independent energy storage demo project. With a total investment of RMB 153.332 million (RMB 45.9996 million self-funded, RMB 107.3324 million bank loan), the project adopts a pure hydrogen storage solution with a capacity of 2MW/4MW. It is equipped with 12 sets of 1,000Nm³ alkaline electrolysers, 2 sets of 1MW hydrogen fuel cell systems (each with 16×100kW PEM modules), and a 90,000Nm³ storage system (3×2,000m³, 1.6MPa spherical tanks). Each electrolyser includes a body, purification unit, gas-liquid separator and power control system.

Recently, a hydrogen fuel cell sanitation vehicle equipped with a liquid-cooled fuel cell gas diffusion layer independently developed by Shenzhen General Hydrogen Energy Technology Co., Ltd. was officially put into operation and commenced regular duties in Dapeng New District, Shenzhen. This marks the successful first vehicle application of General Hydrogen Energy's core product, representing a significant milestone in the company's breakthrough of a critical bottleneck in the hydrogen fuel cell industry chain. The gas diffusion layer is known as the "breathing channel" and "conductive bridge" of the hydrogen fuel cell, with its performance directly determining the battery's efficiency and lifespan. The successfully applied localised product, leveraging its uniform pore structure and excellent conductive and breathable properties, has broken the long-standing monopoly of foreign enterprises in this field, achieving autonomy and control over key materials. As a national high-tech enterprise controlled by Huadian Engineering, General Hydrogen Energy has completed construction of a gas diffusion layer production line with an annual capacity exceeding 1 million m² , establishing a complete industrial system from technological R&D to market application. The successful application of this core material not only validates its technical capabilities but also provides valuable data for continuous product iteration and optimisation. In the future, General Hydrogen Energy stated that it will continue to focus on technological innovation and manufacturing of core materials, actively expand multi-scenario applications, address industry pain points with more localised achievements, and provide strong support for the high-quality development of the hydrogen energy industry and the realisation of the "dual carbon" goals.

On June 10, 2025, the launch ceremony for hydrogen-powered two-wheelers, hosted by Wuhan Zhongyu Power System Technology Co., Ltd. (hereinafter referred to as Zhongyu), Hubei Hydrogen Run Travel New Energy Technology Co., Ltd., Hubei Engineering Polytechnic, and others, and themed "Hydrogen Powers a New Journey, Green Shines in Tongdu," was grandly held in Huangshi, Hubei. The first batch of 500 hydrogen-powered two-wheelers in Hubei officially commenced operations at the new campus of Hubei Engineering Polytechnic. Yu Aimin, Deputy Secretary of the Party Committee and Vice President of Hubei Engineering Polytechnic, Chen Biaobiao, Member of the Party Committee and Vice President, Liu Yingping, Chairman of Zhongyu, Dr. Li Xiao, General Manager of Zhongyu, Ding Yuyang, General Manager of Hydrogen Run, and other guests attended the event to jointly witness this significant moment. The First Batch in Hubei Ushers in the Era of Hydrogen-Powered Travel At the launch ceremony, banners fluttered and crowds gathered. Rows of blue hydrogen-powered two-wheelers were neatly lined up at the event site. Guests from the government, faculty and students from universities, and partners gathered to witness the grand opening of this hydrogen energy event. Yu Aimin, Liu Yingping, Li Xiao, and other guests jointly pushed the lever to announce the official operation of the first batch of 500 hydrogen-powered two-wheelers in Hubei. The scene erupted in thunderous applause and cheers. With Yu Aimin's command, the first group of hydrogen-powered shared travel pioneers rode out in a steady stream on hydrogen-powered two-wheelers, ushering in a new era of hydrogen-powered shared travel in Hubei. After the event, partners from across the country, as well as faculty and students from the school, rushed to try out the hydrogen-powered two-wheelers, experiencing the charm of zero-carbon travel powered by hydrogen energy. Pioneers in Zero-Carbon Travel, Decoding the Advantages of Green Travel The 500 hydrogen-powered two-wheelers launched this time were independently developed by Zhongyu. Using hydrogen as their energy source, they emit only water, making them true zero-carbon travel options. Each vehicle can reduce CO2 emissions by approximately 150kg annually. Equipped with Zhongyu's hydrogen fuel cell system and low-pressure solid-state hydrogen storage system, and featuring lightweight fuel cell stacks, intelligent electronic control systems, and user-friendly hydrogen replacement designs, these vehicles can achieve an ultra-long driving range of 90km, maintain full range performance at -10°C, and enable rapid hydrogen replacement in 30 seconds. They are characterized by zero-carbon emissions, environmental protection, safety, reliability, high efficiency, ultra-long driving range, and simple management, making them highly suitable for short-distance travel, commuting within scenic areas/universities, and shared/express delivery scenarios. Along with other hydrogen-powered transportation end-use applications, they are helping to usher in a comprehensive zero-carbon era for public travel. Forging a New Path: Zhongyu Supports Zero-Carbon Travel The market size of China's internet-rented two-wheelers is approximately 30 billion yuan, with an ownership of about 20 million units, a daily average of 100 million orders, and over 300 million users, indicating significant market potential. For short-distance travel needs of 3-5 kilometers and urban public transportation connections, hydrogen-powered two-wheelers, with their superiority in safety, driving range, refueling efficiency, lifespan, and environmental protection, are emerging as a new choice to meet market demands. As one of the early domestic enterprises engaged in the R&D and promotion of hydrogen energy and fuel cells, Zhongyu has achieved layout in key segments of the hydrogen energy industry chain and mastered core technologies. It has completed product development and achieved practical operation in multiple scenarios, including commercial vehicles, ships, backup power supplies, stationary power stations, and hydrogen energy storage systems (ESS). The launch and operation of 500 hydrogen-powered two-wheelers this time marks a new path for Zhongyu in the practical application of hydrogen energy scenarios, penetrating into fields such as urban short-distance travel, commuting within scenic spots/universities, and shared/express delivery services. It can provide customers with integrated hydrogen energy solutions tailored to different scenarios, encompassing hydrogen production and refueling, hydrogen replacement, hydrogen-powered two-wheelers/sightseeing vehicles, and operation services. Drawing the Blueprint for Hubei's Hydrogen Energy Future with Hydrogen as the Brush Hydrogen energy is globally recognized as the ultimate energy source of the future, and its development has become a global consensus. China has explicitly identified hydrogen energy as one of its energy sources and included its development as one of the country's strategic emerging industries. In the "Action Plan for Accelerating the Development of the Hydrogen Energy Industry in Hubei Province (2024-2027)", Hubei Province points out the need to seize the commanding heights of the modern hydrogen energy industry, build a hydrogen energy industry cluster with national influence, and promote the construction of Hubei Province as a strong hydrogen energy province. Huangshi City has proposed in relevant documents to layout future industries such as hydrogen energy, actively explore the development and utilization of hydrogen energy, and accelerate the green transformation of energy. The launch and operation of these 500 hydrogen-powered two-wheelers are the first batch in Hubei Province and among the forefront in China. By conducting shared demonstration operations of hydrogen-powered two-wheelers on university campuses, the application scope will be gradually expanded, promoting Huangshi's transition towards zero-carbon travel and green development. This will set a new benchmark for sustainable and green-low carbon development in Hubei's hydrogen energy industry and contribute Huangshi's strength to building Hubei into a hydrogen energy hub in China. The Journey is Long, but We Start Anew. The launch and operation of the first batch of 500 hydrogen-powered two-wheelers in Hubei Province mark not only an endpoint but also a starting point. Zhongyu will take this as an opportunity to consolidate its advantages, continuously improve, and innovate in hydrogen energy application scenarios, enabling more people to achieve a beautiful life of zero-carbon travel with hydrogen energy!

After a decade of "simmering," platinum has entered a mode of rushing to buy amid continuous price rise relative to gold, with prices hitting new highs. Through interviews with multiple sources, a reporter from Cailian Press learned that compared to gold's stellar performance in recent years, platinum's former "value trough" is attracting capital inflows. Driven by expectations of supply contraction, jewelers using it as a "flat substitute" for gold, and a significant increase in medium and long-term hydrogen energy demand, the industry generally holds a relatively optimistic outlook for platinum prices in the long term. In the A-share market, shares of platinum industry chain companies such as Sino-Platinum Metals Co., Ltd. (600459.SH), Haotong Technology (301026.SZ), and Huayang New Materials (600281.SH) have strengthened recently, all hovering near their two-year highs. Platinum prices hit a nearly 10-year high Since June, platinum prices have entered a rally mode. According to data from the Chicago Mercantile Exchange, as of June 10, 2025, PLc1 broke through $1,200 per ounce, reaching a nearly 10-year high. As of June 11, the Pt99.95 on the Shanghai Gold Exchange rose by approximately 22% this week. PLc1 price trend. Source: Investing.com "It can be understood as a catch-up rally," Xu Yongqi, chief analyst of metal and new materials at Hua'an Securities, told the reporter. Over the past decade, platinum prices have generally fluctuated considerably. Compared to the strong price trends of gold and silver in recent years, platinum has to some extent formed a "value trough," attracting capital inflows. Zhu Zhigang, director of the Platinum Committee of the Guangdong Gold Association, said in an interview with Cailian Press that the sharp rally in platinum prices in a short period suggests speculative sentiment. Meanwhile, against the backdrop of high gold prices, some upstream merchants in the jewelry market are intentionally increasing efforts to promote platinum as a substitute for gold. A relevant executive from a large domestic jeweler told Cailian Press that since the second half of 2024, the company has been vigorously promoting the sales of platinum series products, as platinum offers higher gross margins compared to gold products. From a fundamental perspective, the continuous pullback in inventory is an important support for the rise in platinum prices. Data from the World Platinum Investment Council (WPIC) shows that global above-ground platinum stocks are expected to fall to 67 mt in 2025, meeting only three months of market demand. In the first quarter of 2025, global total platinum supply fell by 10% YoY to 45 mt, while demand increased by 10% YoY to 71 mt over the same period. In terms of platinum demand structure, automotive catalysts account for 40%, jewelry accounts for 25%, industrial uses (excluding the automotive industry) account for 20%, and investment demand accounts for 9%. Three major A-share platinum industry chain companies In the futures market, shares of Sino-Platinum Metals Co., Ltd., Haotong Technology, and Huayang New Materials in the A-share platinum industry chain have strengthened recently, all hovering near their two-year highs. It should be noted that currently, there are no domestic A-share companies primarily engaged in platinum ore business. One of the main businesses of the aforementioned three companies is the recycling, processing, and manufacturing of platinum group metals (platinum, ruthenium, rhodium, palladium, osmium, and iridium). A representative from Sino-Platinum Metals Co., Ltd. told a Cailian Press reporter that the company is not a mineral resources company. As the prices of the relevant precious metal raw materials have been hedged, their price changes have relatively small impact on the company. The company's main profits come from the processing fees of various precious metal-related products. In fact, Sino-Platinum Metals Co., Ltd. is a new materials company. In terms of capacity, Sino-Platinum Metals Co., Ltd. has the largest platinum group metal recycling and utilization base in China, with an annual capacity of around 10 mt currently, equivalent to the output of a medium-sized mine. The actual recycling volume in 2024 was nearly 15 mt. A company representative told a Cailian Press reporter that after the second phase of the Yimen Precious Metal Recycling and Processing Project reaches full production, the company will have an annual platinum group metal capacity of about 20 mt. The project has recently entered the final stage of trial production and is gradually transitioning to mass production. Haotong Technology's production has been unstable in recent years, with precious metal recycling production volumes of approximately 110 mt, 234 mt, and 64 mt from 2022 to 2024. Previously, the company stated on an investor interaction platform that it produces platinum, palladium, rhodium, silver, gold, iridium, and ruthenium metals. To avoid excessive exposure of company information and prevent competitors from understanding the company's situation, it has not disclosed specific production data. According to public information, as of the end of 2023, Haotong Technology's processing capacity of spent catalysts containing precious metals was approximately 2,600 mt. The first phase of Haobo New Materials' precious metal secondary resource comprehensive utilization project was designed to process 3,000 t/a of spent automotive catalysts, while the second phase was designed to process 12,000 t/a of spent automotive catalysts and 3,000 t/a of spent agents containing palladium, etc. Haotong Technology previously mentioned in an announcement that the originally planned construction capacity of the aforementioned first-phase project was mainly positioned for spent automotive catalyst recycling. At this stage, a centralized and standardized raw material market for spent automotive catalyst recycling has not yet formed, and the overall development of this market has fallen short of expectations, resulting in the underutilization of some of the company's completed capacities. The company has postponed the date for the entire project to reach the intended usable state to September 30, 2026. An industry chain representative told a reporter that the recycling of platinum group metal scrap is dominated by a seller's market, in a state of full competition. The industry adopts a tendering system, with basically one tender per order. Regarding Huayang New Materials, the company has an annual production capacity of 2,500 kg for platinum mesh products and an annual disposal capacity of 1,000 mt for spent catalysts containing precious metals. The long-term bullish trend remains. Zhu Zhigang stated that if the platinum price can steadily break through the high-pressure level of $1,200/ounce, there is still room for further upside in the future market. Otherwise, it may fall back to around $1,000/ounce again. Meanwhile, attention should also be paid to gold prices, as the price trends of the two metals show a certain degree of convergence. In terms of end-use consumption, industry chain insiders told a Cailian Press reporter that, based on the Shenzhen Shuibei Jewelry Trading Market, platinum series products are currently concentrated in the hands of mid-to-upstream wholesalers, and it will take time for these products to reach end-use consumption, with lower acceptance compared to gold. It is worth noting that platinum inventories among leading jewelry retailers are currently low. Taking Chow Tai Seng (002867.SZ) and CHJ Jewellery (002345.SZ) as examples, as of year-end 2024, platinum products accounted for less than 0.5% of their raw material inventories. An industry insider told a Cailian Press reporter that some upstream enterprises in the jewelry market are actively increasing their marketing efforts for platinum products. Once the market reaches a consensus on buying amid continuous price rise, low inventories will struggle to fully meet demand in the short term, potentially continuing to stimulate platinum price increases. Xu Yongqi stated that, from a fundamental perspective, platinum is in a trend of tight supply and strong demand. Global capital expenditures in the mining sector have declined in recent years, and production has pulled back. In the medium and long-term, global demand for platinum related to hydrogen is expected to grow significantly. Compared to gold or other rare minor metals, the current price increase of platinum is not high. After a decade of stagnation, platinum prices are likely to rise overall in the next three to five years, with the potential to reach $2,000 per ounce. An industry chain insider told a Cailian Press reporter that there is still a certain gap between some of the core technologies of domestic hydrogen fuel cells and those of leading countries such as Japan. The platinum-carbon catalyst in hydrogen fuel cells plays a crucial role in catalyzing discharge, with platinum accounting for about half of the catalyst cost. With the development of China's hydrogen energy industry, there is expected to be a significant increase in platinum demand in the long term. WPIC forecasts that the total platinum supply in 2025 will be at its lowest level in five years, with the expected shortage expanding to 30 mt, marking the third consecutive year of shortage. It is projected that by 2030, global platinum demand from hydrogen energy applications will increase from 1% to 11%.

To further promote green and low-carbon travel and accelerate the rapid development of the new energy sector in Poli Town, the trial ride ceremony for the "Huawang Zhixing" hydrogen-powered shared bicycles in Poli Town was successfully held on the morning of June 3. As an important attempt in the field of green travel, the hydrogen-powered shared bicycles, with their zero-emission and long driving range features, attracted the attention of many citizens. At the event site, the first batch of participants personally tried out these new-type bicycles, and the feedback was generally positive. The deployment of hydrogen-powered shared bicycles will cover the entire area of Poli Town and its surrounding regions, with a total of 338 standardized parking spots set up. Citizens can conveniently ride these bicycles by scanning a QR code with their mobile phones. Hydrogen-powered bicycles are a vivid example of how technology empowers green travel. Powered by hydrogen fuel cells, they are true "zero-carbon travel tools." Compared with traditional electric two-wheelers, hydrogen-powered shared bicycles adopt advanced hydrogen fuel cell technology, completely solving the problem of long charging times for traditional EVs. During riding, the vehicles only emit water vapor, truly achieving environmental protection. Additionally, they have strong environmental adaptability, with performance unaffected by extreme cold or heat, and no reduction in driving range in winter, making them particularly suitable for all-weather shared operations. Furthermore, the auto body adopts a lightweight design, making riding more effortless, while being equipped with smart locks and APP control systems for convenient operation. With the continuous maturation of hydrogen energy technology, hydrogen-powered shared bicycles are expected to become an important choice for short-distance urban travel in the future. The successful holding of this trial ride ceremony marks another solid step forward for Poli Town in the field of green transportation. Through the independently developed operation platform for hydrogen-powered shared bicycles, it has pioneered the deployment and operation of hydrogen-powered two-wheelers at the township level in Shandong Province, sounding the starting gun for the rapid development of the Qingdao Hydrogen Energy Industrial Park.

Recently, the National Railway Administration organized the compilation of the "Administrative Regulations on the Renovation of Power Source Systems for Aging Railway Diesel Locomotives" (hereinafter referred to as the "Regulations"), and is now soliciting public opinions on the draft. Article 3 of the Regulations clearly states that the renovation of the power source systems for aging railway diesel locomotives involves replacing the fossil fuel-based power systems of aging railway diesel locomotives with power systems such as "diesel engine + power battery system," "power battery system," and "hydrogen fuel cell system + power battery system," which offer superior energy efficiency and emission levels. With the introduction of these Regulations, the railway system has finally initiated a transformation towards hydrogen energy applications, following in the footsteps of the highway, low-altitude aviation, and waterway sectors! The key piece of the hydrogen energy transportation system has fallen into place, and a comprehensive shift towards hydrogen energy substitution is becoming an inevitable trend. The Inevitability of Applying Hydrogen Energy in Railways 1. An Inevitable Choice for Low-Carbon/Zero-Carbon Power Innovation Aging diesel locomotives rely on fossil fuels for power, contributing to over 70% of the railway system's total carbon emissions. Hydrogen-powered locomotives, driven by electricity generated from fuel cells, produce only water as their byproduct and emissions. When paired with green hydrogen (produced through water electrolysis using renewable energy), they can achieve "zero-carbon operation" throughout their entire life cycle. The Mireo Plus H hydrogen fuel cell train, already in operation by Deutsche Bahn (DB), boasts a driving range exceeding 1,000 kilometers and reduces emissions by over 90% compared to diesel locomotives, providing a reference for China's heavy-haul freight transportation and electrification renovation of remote railway lines. 2. Breaking Geographical Limitations in Railway Energy Supply Railway electrification requires the installation of overhead catenary systems. Given China's vast territory and complex geographical environments, including mountainous regions, deserts, and gobi deserts, the construction of railway catenary systems poses significant challenges. Hydrogen-powered locomotives can be powered by onboard hydrogen storage tanks, eliminating the need for reliance on a fixed power grid. This makes them highly adaptable to regions in north-west and south-west China that are rich in renewable energy but have weak power grids. By utilizing locally produced renewable energy for hydrogen production, a closed-loop system of "local hydrogen production - locomotive hydrogen consumption" can be achieved, reducing the costs associated with long-distance electricity transmission. Core Advantages of Hydrogen-Powered Locomotives Hydrogen-powered locomotives possess three major advantages: strong driving range and payload capacities, robust environmental adaptability, and high energy replenishment efficiency. Strong Driving Range and Payload Capacities: Hydrogen fuel cells have an energy density of 3-5kWh/kg and high overall energy efficiency. Hydrogen energy of the same volume can provide locomotives with longer-lasting power supply and higher-power output, enhancing their driving range and payload capacities, making them suitable for long-haul freight transportation. Robust Environmental Adaptability: The design of hydrogen fuel cells combined with insulated hydrogen storage tanks enables the locomotive's power system to operate under a wide range of conditions, adapting to various external climatic conditions and geographical environments. High energy replenishment efficiency: Hydrogen-powered locomotives have a short refueling time, which can be completed within a few minutes. Compared to the several hours required for charging, this is more suitable for the "high-capacity and high-speed" demands of trunk railways. Enhancing the economic efficiency of hydrogen refueling stations The retrofitting of hydrogen-powered locomotives can drive profound changes in the existing hydrogen energy industry system. The certainty of railway routes and the stability of hydrogen consumption are advantages not found in other scenarios, allowing for unified planning and construction. Sharing hydrogen refueling stations with hydrogen fuel cell vehicles and hydrogen-powered rail transit systems can achieve "synchronized hydrogen network operations," expand the market size of applications, and reduce infrastructure construction costs. This will further enhance the economic efficiency of hydrogen refueling station construction and operation, helping hydrogen refueling stations gain greater development space in the energy market. Dual value of "transportation revolution + energy security" 1. Carbon reduction and quality improvement, optimized energy use The application of hydrogen energy power systems will gradually reduce the railway system's reliance on fossil fuels, marking a transformation in the energy structure of railway locomotives. With the development of hydrogen application technologies and power technologies, hydrogen-powered railway locomotives will complement the end-use applications of hydrogen energy in the transportation sector, driving a broader national transportation energy revolution. 2. Reshaping the energy transportation landscape Hydrogen-powered locomotives can transform the "West-to-East Electricity Transmission" into "West-to-East Hydrogen Transportation," significantly expanding the range of hydrogen energy transportation through the railway system. Compared to ultra-high-voltage power transmission, the integrated energy conversion efficiency of hydrogen energy production, storage, and transportation is higher, and it can avoid energy waste caused by long-distance power transmission losses (approximately 6-8% for ultra-high-voltage power transmission). The railway system is a super scenario for hydrogen energy applications. The hydrogenation retrofitting of old locomotive power systems has already sent positive signals. Once hydrogen energy is applied on a large scale in railway locomotives, the market demand for hydrogen energy will grow rapidly, inevitably leading to profound changes in the entire industry chain of hydrogen production, storage, transportation, and utilization.