Under the global trend of vehicle electrification, China's and the European and American NEV markets have maintained high growth, driving the expansion of battery enterprises; wind power and PV installations continue to grow, and the demand for energy storage and filtering shows considerable growth prospects. Downstream automotive electronics and server sectors in the electronic circuit copper foil industry have maintained good growth with state support; with the advent of the 5G era, a new wave of development in the consumer electronics industry has driven production growth of high-performance flexible copper clad laminates. However, as copper foil enterprises continuously release new capacity in and outside China, fierce competition has brought severe profit challenges. Capacity integration, cost reduction and efficiency improvement, and enhancing product competitiveness have become the core of industry development. SMM , in response to the demands of industry users, as an independent third-party platform, with the aim of promoting the development of the global copper foil industry, has organized and sorted out copper foil industry resources in and outside China for market reference and study. Here, we join hands with Jinfeng Precious Metals Materials (Jiangsu) Co., Ltd. to sincerely invite outstanding enterprises and industry experts to assist in the production of , and to provide your valuable suggestions, jointly making positive contributions to the development of the copper foil industry. We strive to present a more objective industry landscape, and will invite all sectors of the industry chain to participate in production and supervision, helping to promote the distribution and dissemination of the global copper foil industry map throughout the process! (Click the link to get it for free: ) Jinfeng Precious Metals Materials (Jiangsu) Co., Ltd. is based in Jiangsu, serving the entire country. It is a comprehensive full-industry-chain service provider integrating precious metal scrap recycling, coating removal processing, high-purity precious metal powders, precious metal compounds, and catalytic material production and sales. It has deeply cultivated the fields of copper foil, chlor-alkali chemical industry, and water treatment electrolytic electrode recycling and regeneration, with complete recycling qualifications and guaranteed compliant operations. The company's core business focuses on waste electrode recycling and substrate regeneration. It specializes in the recycling and disposal of waste iridium-coated anode plates from copper foil plants, as well as ruthenium-iridium coated anode meshes and ruthenium-platinum coated cathode meshes from chlor-alkali and water treatment industries, supported by a mature back-pull anode coating removal process. This process completely strips the precious metal coating and returns the titanium substrate intact, significantly reducing clients' raw material loss costs and achieving dual recycling of both titanium and precious metals. With in-house standardized production and purification workshops, we mass-produce high-purity precious metal raw materials. Our main products include 99.95 high-purity iridium powder, 99.95 high-purity ruthenium powder, as well as precious metal salts such as chloroiridic acid, ammonium chloroiridate, iridium trichloride, and ruthenium trichloride, and we also supply various precious metal catalysts. All products strictly comply with national industry standards, ensuring stable purity and controllable quality, suitable for multiple industrial scenarios such as electrolysis, electroplating, and chemical catalysis. Our business covers all categories of precious metals including platinum, palladium, rhodium, iridium, ruthenium, gold, and silver, integrating the entire process from scrap recycling, hydrometallurgical refining, powder synthesis, compound preparation, to finished product sales. The company adheres to the concept of green recycling development, relying on mature hydrometallurgical purification technology, achieving high precious metal recovery rates, transparent pricing, and efficient settlement. We have long served upstream and downstream enterprises in the new energy copper foil, chlor-alkali, environmental water treatment, and fine chemical industries, providing industrial clients with one-stop precious metal recycling solutions through compliant qualifications, stable supply, and comprehensive after-sales service. Jinfeng Precious Metals Materials (Jiangsu) Co., Ltd. Contact: Director Du Tel: 138 6166 6239 Address: No. 1079 Binjiang West Road, Jiangyin, Jiangsu SMM Contact Bao Jinyong 13159338158 baojinyong@smm.cn

This week, China's platinum group metals (PGMs) and compounds market overall strengthened in line with raw material metal prices, exhibiting operational characteristics of "slight correction in raw materials with rigid cost transmission for compounds." Ruthenium-based compounds fluctuated at highs, platinum-based compounds were slightly raised under raw material cost support, palladium-based compounds performed relatively mediocre due to weak downstream automotive industry influence, while rhodium and iridium compounds continued to stay high and firm. Overall, the current PGM compounds market showed significant differentiation in supply-demand structure, with the tight supply pattern on the raw material side remaining unchanged, strong cost-side support for prices, and downstream demand presenting a landscape of weakness in traditional sectors alongside sustained high growth in emerging applications. Platinum-Based Compounds (Chloroplatinic Acid) Market Analysis Among platinum-based compounds, chloroplatinic acid, as the mainstream product, saw prices rise in sync with spot platinum prices. The price center for industrial-grade chloroplatinic acid shifted slightly upward, while high-purity electronic-grade and catalyst-grade products maintained relatively higher premium levels. Demand structure side, fuel cell catalysts are expected to become the main driver boosting platinum-based compound demand. With the implementation of the 15th Five-Year Plan hydrogen energy subsidy policies, demand for hydrogen fuel cell vehicles is expected to be stimulated, correspondingly driving demand for platinum-based catalysts. Palladium-Based Compounds (Palladium Chloride) Market Analysis Affected by raw material prices, palladium-based compound prices recovered somewhat this week. However, from a supply and demand perspective, palladium fundamentals remained weak, with sustained pressure on demand in the downstream automotive exhaust catalyst sector, dragging down overall palladium compound consumption. Nevertheless, in areas such as electronic electroplating, PCB, and pharmaceutical intermediates, palladium compound demand still maintained certain resilience, providing bottom support for prices. Ruthenium-Based Compounds (Ruthenium Trichloride) Market Analysis Affected by raw materials, ruthenium trichloride prices stayed high. This round of ruthenium-based strength was mainly driven by the surge in metallic ruthenium, with cost-side pressure fully transmitted to the compound end. Demand side showed explosive growth; with the R&D and application promotion of platinum-ruthenium carbon catalysts, demand expanded in applications such as methanol fuel cell anodes and anti-poisoning electrodes. Supply side, incremental ruthenium supply remained limited, spot cargo in the market was tight, and some high-purity grades even saw hold-back-from-selling sentiment, making prices more likely to rise than fall. Rhodium and Iridium Compounds Market Rhodium and iridium compounds maintained high and firm operations this week. Rhodium trichloride prices remained strong, supported by rigid demand from automotive catalysts, while demand in high-end chemical catalysis remained stable, and tight mine output on the supply side continued to provide price support. Chloroiridic acid, as the mainstream precursor for iridium-based catalysts, fluctuated at highs driven by demand from PEM electrolysis cells and other applications. Market Outlook In the short term, PGM compound prices will still be dominated by raw material metal trends. Platinum-based compounds are expected to maintain a steady-to-rising trend, supported by the supply-demand gap and hydrogen energy demand.

In the fields of precious and rare metals, compared with well-known categories such as gold, silver, and platinum-group metals, osmium has always remained a niche yet highly distinctive presence. With its unmatched physicochemical properties, it has become an indispensable key material in high-end industry and scientific research. Even though it receives limited market attention, it still possesses irreplaceable value. This article will provide a comprehensive breakdown of osmium metal, covering its basic properties, resource supply, application scenarios, and market characteristics, to offer a full understanding of this “king of density.” I. First Encounter with Osmium: A Hardcore Outlier Among the Platinum-Group Metals Osmium, with the chemical symbol Os and atomic number 76, belongs to the platinum-group metals. It is a Group VIII transition metal on the periodic table and also one of the rarest metals found in nature. As one of the six major members of the platinum-group metal family, osmium has no independent ore deposits and is commonly associated with platinum, iridium, ruthenium, rhodium, and palladium. It can only be recovered through purification during platinum ore smelting and cannot be extracted through standalone large-scale mining. This inherent characteristic directly defines its scarcity. Osmium’s physicochemical properties are truly unique in the world of metals, with highly recognizable core characteristics: first, it has the highest density in the world. Under standard conditions at 20°C, its density reaches 22.59 g/cm³, far exceeding that of gold (19.32 g/cm³) and platinum (21.45 g/cm³). It is currently the densest naturally occurring metal known, and at the same volume, it weighs far more than various conventional precious metals. Second, it demonstrates excellent high-temperature resistance, with a melting point of 3,033°C and a boiling point exceeding 5,000°C. It remains highly stable in high-temperature environments and can adapt to various industrial and scientific applications under extreme heat. Third, it has outstanding hardness and strong corrosion resistance. With a Mohs hardness of 7, it is hard, durable, and wear-resistant, and is difficult to corrode under conventional acidic or alkaline conditions. However, its drawbacks are also quite evident: it is highly brittle and has extremely poor plasticity, making it impossible to process through conventional mechanical methods, so it is mostly used in powder or alloy form. A key safety precaution must be emphasized here: when osmium metal is heated in air to above 100°C, it slowly oxidizes to form osmium tetroxide (OsO₄). This substance is highly irritating, highly volatile, and somewhat toxic. Therefore, the entire process involving osmium, including production smelting, storage and transportation, and deep processing, must be carried out under the protection of inert gas and in strict compliance with operational standards. These exceptionally high compliance and control requirements further raise the barriers to osmium’s production and application. II. Extreme Scarcity: Osmium’s Resource Endowment and Supply Landscape Osmium is far rarer than commonly recognized precious metals such as gold and platinum, and it can be regarded as a “niche treasure” in the precious metals sector. Relevant data show that the average abundance of osmium in the Earth’s crust is only about 0.001 ppm, making it one of the least abundant stable elements in the crust. Globally, identified recoverable reserves are extremely limited, and resource distribution is highly concentrated, without the formation of widely distributed ore deposits. Supply side, the scarcity of osmium is even more pronounced. As there are no standalone mines, global osmium production is entirely dependent on platinum ore mining and smelting, with capacity remaining at an extremely low level year-round. Global annual production is about 1 mt (data from the International Platinum Group Metals Association), while China’s annual production is less than 100 kg, with supply far below that of other platinum group metals. From the global supply landscape, traditional major platinum group metal-producing countries such as South Africa and Russia control the vast majority of the world’s osmium resources and smelting capacity. Industry supply shows a highly monopolized pattern, with extremely low supply elasticity. Minor changes in mining progress, geopolitical conditions, environmental protection-related controls policies, and platinum group metal smelting capacity all directly affect global osmium supply. This dual characteristic of “inherent resource scarcity + constrained supply” has kept the osmium market in a long-term tight supply-demand balance and has also given it strong price resilience and fluctuation elasticity, securing a unique position in the rare metals market. 3. Exclusive to High-End, Cutting-Edge Applications: Core Application Scenarios of Osmium Although osmium has limited production and a relatively narrow range of applications, its exceptional physical and chemical properties have enabled it to take root precisely in high-end niche fields, making it an irreplaceable core material in many advanced applications. Downstream demand is concentrated and highly rigid, with no low-cost substitutes currently available. Its core applications are mainly concentrated in four major fields: 1. Special Hard Alloys: Core Raw Material for High-End Wear-Resistant Components Osmium-based alloys made by melting osmium with metals such as iridium and platinum combine ultra-high hardness, wear resistance, and corrosion resistance, making them key core materials for high-end precision instruments. These alloys are widely used in high-precision bearings for high-end watches and precision instruments, premium fountain pen nibs, professional turntable styluses, medical precision scalpels, and high-end wear-resistant mechanical components. They can significantly improve component service life and durability, making them suitable for long-term, high-load, high-wear operating environments, and they are core wear-resistant materials in the high-end manufacturing sector. 2. Industrial Catalysis: Dedicated High-Efficiency Additive for Fine Chemicals Osmium and its compounds have excellent catalytic activity and serve as dedicated catalysts in certain fine chemical and organic synthesis reactions. Especially in special chemical processes such as hydrogenation and oxidation reactions, they offer high catalytic efficiency and strong reaction selectivity, effectively optimizing process flows and improving product purity and yield. Although the unit consumption of osmium catalysts is extremely low, they are rigid process necessities and are difficult to replace with other common metal catalysts, resulting in relatively strong downstream demand stability. 3. Scientific Research and Detection: Essential Specialty Consumable for Laboratories Although osmium tetroxide is toxic, it has irreplaceable value in scientific research. It is a high-quality staining agent for biological samples and microscopic material sections under electron microscopes, significantly enhancing the clarity and contrast of observed samples, and is an indispensable experimental reagent in frontier research fields such as materials science and life sciences. Meanwhile, high-purity osmium powder was also widely used in high-end scientific research experiments and the R&D of specialized new materials, serving as a niche but essential consumable for major research institutes and high-end laboratories. 4. High-End Specialized Fields: Core Components for Military and Aerospace Applications Leveraging its core advantages of high density, high-temperature resistance, and high stability, osmium was also applied in specialized high-temperature components for aerospace and military applications, precision guidance components, as well as niche scenarios such as high-end electrical contacts and wear-resistant coatings. These applications were all concentrated in cutting-edge, high-precision sectors. Although the volume of each individual application was small, the product value-added was extremely high. Moreover, with the technological iteration and development of high-end manufacturing and the military and aerospace industries, related demand had the potential for steady growth. IV. Summary of the Core Characteristics of the Osmium Metal Market Overall, as a rare category among platinum group metals, osmium had highly distinctive core characteristics: extreme scarcity on the resource side, highly monopolized supply with insufficient elasticity; application-side concentration in high-precision, cutting-edge fields, with rigid and irreplaceable demand; and unique physicochemical properties, combining both advantages and application barriers. Unlike the market-driven fluctuation logic of conventional bulk commodities, the osmium market was significantly affected by factors such as supply-side changes, downstream demand from high-end industries, and compliance costs. The overall market size was small, and trading frequency was relatively low, placing it in the category of niche rare precious metals. Its core value always revolved around the two key points of “scarcity” and “irreplaceability,” making it an indispensable key metal material in high-end industrial and scientific research fields.

Capacity-wise, according to incomplete statistics, the domestic alkaline electrolyzer market remains at 43.77GW, and the PEM electrolyzer market stays at 2.7GW, with no new capacity added. The "water electrolysis hydrogen production system - oxygen purification unit" produced by Skyreach Hydrogen Technology (Beijing) Co., Ltd. has been successfully delivered to a leading large-scale polysilicon producer in China. Updates on electrolyzer projects: Jinfeng Green Energy Chemical (Xing'an League) Co., Ltd.: The Yujinfeng Xing'an League green hydrogen to green methanol (Phase III) project has been filed, with the construction site located in Xing'an League Economic and Technological Development Zone, Ulanhot City, Xing'an League. Total investment: 2.3 billion yuan, including 460 million yuan of own funds and 1.84 billion yuan of bank loans applied for. The planned construction period is from May 2026 to May 2028. The project will mainly construct biomass gasification, methanol synthesis distillation, and other main production facilities along with supporting public auxiliary works, producing 725,000 tons of green methanol annually. Guohua Investment Guohua (Cangzhou) Integrated Energy Co., Ltd.: The Alashan Large Wind and Solar Base Electrolysis Water Hydrogen Production and Ammonia Synthesis System Integration and Engineering Demonstration Project Cangzhou Green Ammonia Phase II Electrolysis Water Hydrogen Production System Preliminary Design Service has issued a public tender. According to the announcement, the first phase of the Cangzhou green hydrogen and green ammonia electrolysis water hydrogen production and ammonia synthesis facility has already been constructed within the reserved area of the green ammonia plant. Shaanxi Hydrogen Luyuan Technology Co., Ltd.: The shortlisted candidates for the hydrogen power supply equipment and its auxiliary devices procurement (0021GBT rectifier power supply) of the Yulin Zero-Carbon Industrial Park Hydrogen (Hydrogen Production) Demonstration Project have been announced. According to the announcement, the first candidate is Beijing Leidong Zhi Chuang Technology Co., Ltd., with a bid price of 1.3668 million yuan; the second candidate is Zhuzhou CRRC Times Electric Co., Ltd., with a bid price of 1.4661 million yuan; the third candidate is Shenzhen Hopewind Technology Co., Ltd., with a bid price of 1.48 million yuan. North Engineering Design & Research Institute Co., Ltd. : A quotation request has been issued for the process equipment of the hydrogen production unit of the electrolysis water hydrogen production device (including electrolyzers, gas-liquid separation skids, purification skids, centrifugal pumps, canned motor pumps, alkali mixing tanks, demineralized water tanks, and auxiliary facilities). Jiangxi Xinlianxin Chemical Industry Co., Ltd.: The annual 100kt green methanol demonstration project has passed the filing. It is understood that the total investment of the project is 100.96 million yuan, and the construction scale and content do not involve additional land use, partially relying on Jiangxi Xinlianxin Chemical Co., Ltd. Upon project completion, the facility is expected to achieve an annual production of 100kt of green methanol. Construction is scheduled to commence in April 2026 and conclude in April 2027. Jinda Hongjing (Shache) Hydrogen Energy Technology Co., Ltd.: The company issued postponement announcements for the full-process tracking audit service and project supervision service of the Jinda Hongjing Shache County Integrated PV Hydrogen Production Project. The revised bid opening date for both is March 10, 2026. The project involves the construction of a new 250kt/year green methanol production facility, including water electrolysis for hydrogen production, biomass gasification units, and methanol synthesis units, along with storage systems and supporting utilities and auxiliary facilities. The annual output is set at 250kt of green methanol, with by-products including 30kt/year of steam and 179.2 million standard cubic meters/year of oxygen. Ningxia Wangwa Coal Industry Co., Ltd.: The winning bid result was announced for the hydrogen production equipment procurement of the Guyuan Pengyang 2×660MW Unit Project. The winning bidders are Suzhou Xipeiyou Hydrogen Energy Technology Co., Ltd. (bid price: 2.062 million yuan), Wuxi Weifu High-Technology Group Co., Ltd. (bid price: 2.2 million yuan), and Shanghai Hydrogen Sharp Technology Co., Ltd. (bid price: 2.3736 million yuan). The tender was divided into one section, specifically for a 10Nm³/h proton exchange membrane hydrogen production unit. Xinjiang Huadian Weihuliang New Energy Co., Ltd.: The company announced the transaction results for the UPS and EPS of the alkaline water electrolysis hydrogen production system for the Xinjiang Huadian Urumqi Point-to-Point Hydrogen Refueling Station, as well as the results for the hydrogen production system distribution cabinet. The suppliers are Harbin Jiuzhou Group Co., Ltd. and Tengzhou Taiyuan Power Equipment Manufacturing Co., Ltd., respectively. Junrui Green Hydrogen Energy (Chahar Right Rear Banner) Co., Ltd.: A competitive consultation announcement was released for the full-process management of the Chahar Right Rear Banner 14,400 t/year Hydrogen Production Project. According to the announcement, the procurement budget for the full-process management is 1.69% (bidders must not quote a rate higher than 1.69%, or the bid will be deemed invalid). Policy Review 1. The Ningxia Hui Autonomous Region Development and Reform Commission published the "Ningxia 2026 First Batch of Project List Recommended to Private Capital." One key project in the hydrogen energy sector is the Integrated Hydrogen Storage, Transportation, and Utilization Zero-Carbon Energy Demonstration Base, located in the Lingzhou Chemical Industry Park in Lingwu City. The project aims to establish a demonstration model covering the entire green hydrogen production chain, including wind and solar power generation, hydrogen production, storage, and transportation. It will be equipped with corresponding facilities, pipelines, and transport fleets to provide logistics services to surrounding chemical enterprises and offer a feasible solution for replacing gray hydrogen with green hydrogen in the Ningdong coal chemical industry. Additionally, the project plans to construct hydrogen refueling stations to support bus operations and distributed fuel cell power generation projects. The total investment in the project amounts to 2.8 billion yuan. 2. The Jilin Provincial Energy Bureau released the "Implementation Plan for the Development and Construction of Green Electricity Direct Connection Projects in Jilin Province (Trial)" (Draft for Comments). The document indicates that new load projects can carry out green electricity direct connections, with priority 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 grid enterprises (including expansion parts of existing loads), electricity consumption projects that have been registered but whose supporting grid projects have not yet started construction, and existing projects agreed upon through consultation with grid enterprises are all considered new loads. In principle, new loads (including expansion parts of existing loads) and existing loads should not have direct electrical connections. 3. The European Commission approved a 4 billion euro special fund for electrolyzers, providing a 30% subsidy on equipment costs for projects with an annual capacity of ≥500 MW, and setting a 2030 target for electrolyzer efficiency in green hydrogen projects at ≥60% (LHV basis). Corporate Developments Plug Power : Faces a securities class action lawsuit in the US District Court for the Northern District of New York, accused of making misleading disclosures to investors regarding the progress of a US Department of Energy (DOE) loan guarantee of $1.66 billion (approximately 12 billion yuan), exaggerating the likelihood of obtaining the loan and the project construction capabilities. In November 2025, Plug announced the suspension of the loan-related project, jeopardizing the loan and the plan for six hydrogen plants, leading to consecutive declines in its stock price. Transition Industries : Signed a long-term natural gas supply agreement with Mexico's CFEnergía, securing a daily supply of 160 million cubic feet of US gas for the Pacifico Mexinol ultra-low carbon methanol project in Mexico. This contract marks the final key commercial milestone for the project, which has a total investment of $3.3 billion and is expected to commence operation by the end of 2029 to early 2030, producing 2.15 million mt of ultra-low carbon methanol annually, making it the largest facility of its kind globally. Power2X : Dutch hydrogen-based synthetic fuel developer Power2X acquired green hydrogen enterprise HyCC, with the transaction valuation undisclosed. The acquisition adds five green hydrogen projects in the Netherlands and Germany, with a total developable scale of 1 GW, aiding the company in advancing its 250,000 mt per year green hydrogen-based SAF project in Rotterdam, marking its transition from project development to execution. Robert Bosch GmbH: Conducted workforce optimization in China, with the first round involving nearly 200 employees at the Wuxi plant's internal combustion engine and hydrogen fuel cell projects. This is an economic layoff, with the company offering N+4 compensation, exceeding the statutory standard. China Huadian Corporation Ltd. : Party Secretary and Chairman Jiang Yi held talks in Baotou with Chen Zhichang, Member of the Standing Committee of the Inner Mongolia Autonomous Regional Party Committee and Secretary of the Baotou Municipal Party Committee, and Meng Qingwei, Deputy Secretary of the Baotou Municipal Party Committee and Mayor, where both sides exchanged views on further deepening central-local cooperation. Hebei Province Baoding High-Tech Environment Technology Co., Ltd.: announced the winning bid result for the Baoding High-Tech Environment Technology Co., Ltd. Hydrogen-Powered Sanitation Vehicle Procurement Project. The winning bidder was Changsha Zoomlion Environment Industry Co., Ltd., with a bid price of 37.685 million yuan. Inner Mongolia Ebert Coal Technology Co., Ltd.: The hydrogen refueling, hydrogen swapping, charging and swapping integrated station at Plot 02-02C1 in the Airport Logistics Park was approved for construction by the Yijinhuoluo Banner Energy Bureau. The bid inviter is Inner Mongolia Ebert Coal Technology Co., Ltd., and the construction funds are self-raised. It is understood that this project is an integrated station for hydrogen refueling, hydrogen swapping, and charging. The hydrogen refueling station is classified as a Level III station with a hydrogen refueling capacity of 500 kg/d. The main facilities of the hydrogen refueling station include 1 unloading column, 2 units of 45 MPa hydrogen compressors, 1 unit of 90 MPa hydrogen compressor, 1 set of 45 MPa hydrogen storage cylinder bundle, 1 set of 90 MPa hydrogen storage cylinder bundle, 1 unit of HB5/H70 hydrogen refueling integrated machine, 3 units of compressor chiller units, 1 unit of hydrogen refueling machine chiller unit, 1 set of nitrogen cylinder bundle, 1 unit of nitrogen cabinet, 2 units of sequential control cabinets, 1 unit of heat exchanger, etc. The facilities for the hydrogen swapping and battery swapping station include 1 set of integrated hydrogen swapping and battery swapping skid, etc. 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 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 platinum-based materials. Technology Footprints/Technical Specifications 1. The team of Liu Qingju from Yunnan University constructed a superwetting Pt/NF@CF graded heterojunction electrocatalyst for low-energy consumption and high-efficiency hydrogen production. 2. Teams from Hunan Normal University and Central South University (AM) revealed the effects of compressive strain and oxygen vacancies on iridium oxide in proton exchange membrane water electrolyzers. 3. Relevant research teams from the School of Electrical Engineering, Xi'an Jiaotong University, and the State Key Laboratory of Electrical Insulation and Electrical Materials successfully developed a Ru/Ti3C2Ox@NF bifunctional seawater electrolysis electrocatalyst. 4. The group standard "Technical Specification for Wind-Solar-Storage Green Electricity Coupled Electrolysis Hydrogen Production" (Number 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 100 kW-level 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 layer (HP-PTL) for proton exchange membrane (PEM) electrolysis.

According to precious metals and refinery services provider Heraeus, the gold price continues to show a consolidation phase. Following record highs at the end of December, the market is currently moving sideways within a clearly defined trading range rather than forming a pronounced upward or downward trend.

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.

Capacity side, according to incomplete statistics, the domestic alkaline electrolyzer market maintained at 43.77 GW, and the PEM electrolyzer market maintained at 2.7 GW, with no new capacity added for the time being. No offline public delivery information was available this week. Electrolyzer project updates: Inner Mongolia Huadian Huayang Hydrogen Energy Technology Co., Ltd.: The tender announcement for the survey and design services of the wind, solar, energy storage, and hydrogen components of the Inner Mongolia Huadian Damao Banner 1,000 MW wind-solar-hydrogen integration project was released. It is understood that the project is located in Damao Banner, Inner Mongolia Autonomous Region. The project involves the construction of 1,000 MW of new energy power generation, comprising 700 MW of wind power and 300 MW of PV power. It includes the installation of 70 wind turbine generators with a unit capacity of 10 MW, 614,770 pieces of 610Wp half-cell bifacial N-type modules, two 220 kV booster stations and access roads, and the construction of one 100 MW/200 MWh LFP battery ESS power station. Additionally, it involves the construction of 88 sets of 1,000 Nm³/h water electrolysis hydrogen production units and supporting equipment, with an annual hydrogen production capacity of 547 million Nm³. The project includes 25 hydrogen spherical tanks of 2,000 cubic meters each, providing a hydrogen storage capacity of 650,000 Nm³, and the construction of one 220 kV hydrogen production main step-down station and other facilities and equipment. CECEP Green Hydrogen Ammonia New Energy (Songyuan) Co., Ltd.: Good news came from the CECCE Songyuan Hydrogen Energy Industrial Park (Green Hydrogen-Ammonia-Methanol Integration) project. Since its official commissioning on December 16, 2025, the project's cumulative green ammonia production has exceeded 10,000 mt. Zhonggu (Otog Front Banner) New Energy Co., Ltd. : The land pre-examination and site selection opinion certificate for the CECEE Otog Front Banner Wind-Solar-Hydrogen Integration Project was approved by the Ordos Municipal Bureau of Natural Resources. It is understood that the project is located in Chengchuan Town and Aolezhaoqi Town, Otog Front Banner, Ordos City, with a total investment of 1.1527 billion yuan and a total land area of 5.7253 hectares. The construction content involves a new wind farm area, which includes 48 wind turbine generators with a unit capacity of 6.25 MW, a new 220 kV booster station, and an access road. China Coal Pingshuo Group Co., Ltd. : The tender for the alkaline electrolyzer package equipment and ancillary facilities for the Phase I 600,000 kW off-grid renewable energy hydrogen production project in the coal mining subsidence area of China Coal Pingshuo Group (Green Hydrogen Coupling with Coal Chemical Industry section) was released. It is understood that this tender includes 12 × 1,200 Nm³/h alkaline electrolyzers, 3 × 4,800 Nm³/h gas-liquid separation systems, 3 × 4,800 Nm³/h gas purification systems, along with supporting electrical instruments and spare parts, etc. The supply scope covers the design, manufacturing, factory acceptance, supply packaging, shipment, and delivery on board the truck at the site for all equipment. The project adopts a primary and auxiliary supply model. Main Supply: Includes 8 alkaline electrolyzers of 1,200 Nm³/h each, collectively supporting 2 sets of gas-liquid separation systems (4,800 Nm³/h each), 2 sets of gas purification systems (4,800 Nm³/h each), and other auxiliary facilities. Auxiliary Supply: Includes 4 alkaline electrolyzers of 1,200 Nm³/h each, collectively supporting 1 set of gas-liquid separation system (4,800 Nm³/h), 1 set of gas purification system (4,800 Nm³/h), and other auxiliary facilities. Sikage (Hebei) Hydrogen Energy Technology Co., Ltd.: The Sikage Hydrogen Energy Ecosystem Chain Project (Phase I) 8,000 mt electrolytic water hydrogen production project has been filed. The project's main entity is Sikage (Hebei) Hydrogen Energy Technology Co., Ltd. (established on December 29, 2025). Construction Location: Anci District, Langfang City, Hebei Province. Technical Route: Electrolytic water hydrogen production, including alkaline electrolytic water hydrogen production, proton exchange membrane electrolytic water hydrogen production, and 10 MW solid oxide electrolytic water hydrogen production. The annual hydrogen production capacity is 8,000 mt. Phase I will construct 200 MW wind power generation and ESS green electricity direct connection (off-grid type), achieving green hydrogen production from green electricity. Hebei Haite Weiye Petrochemical Co., Ltd.: The 2 million mt/year residue oil deep processing project has been filed. Construction Location: Huanghua City, Bohai New Area, Cangzhou City, Hebei Province. Total Investment: 1.594 billion yuan. It is reported that the project will construct a 2 million mt/year residue oil deep processing unit; a 1 million mt/year fuel oil desulfurization unit; a 20,000 Nm³/h dry gas hydrogen production unit; and a 100,000 mt/year sulphuric acid combined unit. Annual production includes liquefied petroleum gas (10,000 mt), isobutane (10,000 mt), propane (9,600 mt), etc. Hydrogen production is 30,000 Nm³/h. The hydrogen production route adopts the dry gas hydrogen production process. Yunnan Energy Research Institute Co., Ltd.: Announcement of winning candidates for the procurement of hydrogen production power supply equipment for the Key Technology Research Project on Control of Renewable Energy Electrolytic Water Hydrogen Production System. According to the announcement: The first winning candidate is Beijing Leidong Zhichuang Technology Co., Ltd., with a bid price of 760,000 yuan/tax included; the second candidate is Hubei Intelli Electric Co., Ltd., with a bid price of 650,000 yuan/tax included; the third candidate is Baoding Hongri Electric Co., Ltd., with a bid price of 799,000 yuan/tax included. It is reported that the project intends to procure 1 dry-type transformer, 1 IGBT rectifier power supply, 1 DC/DC converter, and 1 set of EMS energy management system, with the above power supplies integrated into one container. Fengqing Hydrogen Energy (Guizhou) Technology Co., Ltd. : Fengqing Hydrogen Energy (Guiyang Duyun Base) has launched the tender for civil construction of its Green Hydrogen Zero-Carbon Smart Park project, marking the official commencement of the project's implementation phase. The project is expected to achieve an annual production capacity of 10,400 mt of electrolytic water hydrogen production, with supporting construction including a green hydrogen plant, storage and transportation area, hydrogen energy detection center, and comprehensive energy station facilities. The hydrogen production plant is subdivided into five hydrogen production units: the first unit is equipped with 5 sets of 1,000 Nm³ electrolyzers, 5 sets of 1,000 Nm³/h gas-liquid separation devices, and 1 set of 5,000 Nm³/h purification device; the second and third units each contain 4 sets of 1,000 Nm³/h electrolyzers, 1 set of 4,000 Nm³/h gas-liquid separation device, and 1 set of 4,000 Nm³/h purification device; the fourth unit (as a backup) is configured with 6 sets of 1,000 Nm³/h electrolyzers, 6 sets of 1,000 Nm³/h gas-liquid separation devices, and 1 set of 6,000 Nm³/h purification device; the fifth unit adopts PEM technology with a capacity of 200 Nm³/h. Shandong Shankerongfa Pilot Base Co., Ltd. : Shankerongfa is advancing the procurement of cost consulting services for the 20,000 mt per year integrated green hydrogen-methanol demonstration project. The project is located in the Rizhao Haiyou Chemical Industry Park in Ju County, Rizhao City, Shandong Province. Its core construction involves a set of integrated green methanol production equipment with an annual capacity of 20,000 mt and its supporting facilities. This integrated green methanol production equipment covers multiple key production stages, including biomass grinding and gasification devices, syngas purification devices, green electricity electrolysis hydrogen production devices, methanol synthesis and distillation devices, etc. In the production process, the project uses biomass as the raw material, going through a series of steps including biomass gasification, syngas purification, green hydrogen production via green electricity, methanol synthesis, and distillation, ultimately producing green methanol. In terms of energy and raw material consumption, the project annually consumes approximately 100 million kWh of green electricity and about 30,000 mt of biomass. Anhui Yousai Technology Co., Ltd.: The Gucheng Economic Development Zone in Hengshui City signed a cooperation framework agreement with Anhui Yousai Technology Co., Ltd. for a 300 MW wind power hydrogen production project. Lanzhou New Area Nengke Ecological Development Co., Ltd.: The EPC general contracting winning candidates were announced for the Lanzhou New Area 100,000 mt/year biomass green methanol project (Phase I). The top winning candidate is the consortium led by Shanghai Electric Group Guokong Global Engineering Co., Ltd. (members: China Chemical Engineering Fourteenth Construction Co., Ltd., China Chemical Engineering Ninth Construction Co., Ltd., Shanxi Installation Group Co., Ltd.) with a bid of 959.06 million yuan. Section 2 was invalidated due to insufficient bidders (less than three). It is understood that the project's main production equipment includes biomass gasification to syngas units, shift and purification, compression, methanol synthesis, methanol distillation, 200 MW PV power generation (PV power generation and lines are not included in this tender) and water electrolysis for hydrogen production, etc. Policy Review 1. The Gansu Provincial Development and Reform Commission, the Gansu Provincial Department of Industry and Information Technology, and the Gansu Provincial Energy Bureau issued the "Gansu Province Zero-Carbon Park Construction Plan."The document pointed out that organically integrating solar, wind, geothermal, and air energy to directly supply buildings with energy, and relying on technologies such as wind-solar-hydrogen-storage microgrids, heat pumps, and molten salt thermal storage, will enhance the multi-energy conversion and mutual utilization of "electricity, heat, cooling, steam, and hydrogen" in industrial parks. It will vigorously develop emerging green and low-carbon industries, promote breakthroughs in core technologies for wind, solar, and ESS equipment, increase the localization rate of new energy equipment production, and build a "high-proportion green electricity-driven" new energy equipment industry chain. It will support the construction of projects for wind-solar coupled green hydrogen production and hydrogen energy storage industry chains, 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. It will guide the coordinated development of computing power projects and clean energy layout, increase the proportion of green electricity supply in data centers, and build a "computing power + green electricity" digital economy industry chain. 2. The Jilin Provincial Energy Bureau issued the "Implementation Plan for the Development and Construction of Green Electricity Direct Connection Projects in Jilin Province (Trial)" (Draft for Comments). The document indicated that new load projects can carry out green electricity direct connections, 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 power (data) centers, automotive manufacturing, and other industries. Electricity consumption projects that have not registered with grid companies (including expansion parts of existing loads), projects that have registered but whose supporting grid projects have not yet started construction, and existing projects agreed upon through consultation with grid companies are all regarded as new loads. In principle, new loads (including expansion parts of existing loads) and existing loads should not have direct electrical connections. 3. The European Commission approved a €4 billion electrolyzer special fund, providing a 30% subsidy on equipment costs for projects with an annual capacity of ≥500MW, and set a 2030 efficiency target for green hydrogen project electrolyzers at ≥60% (LHV basis). Corporate Updates CRRC Zhuzhou Institute Co., Ltd. : The green electricity hydrogen production equipment laboratory successfully obtained both CNAS and CMA certifications. As the first domestic institution to receive this dual certification, its water electrolysis hydrogen production system testing capacity reached 26MW, leading among similar certified institutions in China. Hyundai Motor Hydrogen Fuel Cell (Guangzhou) Co., Ltd. : The launch ceremony for the hydrogen energy bus delivery experience event, co-hosted with Skywell New Energy Automobile Group Co., Ltd., was held at the Guangbao Guangzhou Technology Park in Huangpu District, Guangzhou. Following the successful bidding for related projects in November and December last year, HTWO Guangzhou, in collaboration with Skywell Group, delivered 249 hydrogen fuel cell buses in bulk to the Guangzhou Bus Group. Cummins : Due to a significant deterioration in the market environment for hydrogen production technology, the US engine manufacturer Cummins announced that it will no longer engage in new electrolyzer commercial business. Mingyang Group : Mingyang Group, together with the Director of Vietnam's Xuan Qiao Group and Zhou Jiayi, Asia Pacific Regional General Manager of PowerChina International, gathered to reach a consensus on cooperation. The three parties will leverage the significant advantages of cross-border collaboration to jointly invest in and develop an energy project cluster. This cluster encompasses three core sectors: offshore wind power, green hydrogen and green ammonia, and zero-carbon industrial parks, with a substantial total scale, aiming to establish a new benchmark in the field of Sino-Vietnamese green transformation cooperation. Tianji Hydrogen Energy Technology (Beijing) Co., Ltd. : Lu Beiming, Chairman of Impex Group Co., Ltd., and Zhang Xiaolin, Deputy General Manager, visited the Changshu R&D and production site of Tianji Hydrogen Energy Technology (Beijing) Co., Ltd. for a field trip and exchange. Yuchai Xinlan (Jiangsu) Hydrogen Energy Technology Co., Ltd.: formally signed a strategic cooperation agreement with Hydrogen Green Power New Energy (Wuhan) Co., Ltd. The two parties will engage in in-depth cooperation regarding the full range of Yuchai hydrogen energy products, focusing on multi-scenario application development and market sales. Patent Applications 1. Shanghai Institute of Ceramics, Chinese Academy of Sciences (China) publicly disclosed patent CN2025110028, developing a ceramic-based anion exchange membrane with a laboratory test lifespan reaching 80,000 hours. 2. Johnson Matthey (UK) submitted 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 of Liu Qingju from Yunnan University constructed a superwetting Pt/NF@CF graded heterojunction electrocatalyst for low-energy consumption, high-efficiency hydrogen production. 2. A team from Hunan Normal University and Central South University revealed the effects of compressive strain and oxygen vacancies on iridium oxide in proton exchange membrane water electrolyzers in Advanced Materials. 3. A relevant research team from the School of Electrical Engineering and the State Key Laboratory of Electrical Insulation and Electrical Materials at Xi'an Jiaotong University successfully developed a Ru/Ti3C2Ox@NF bifunctional electrocatalyst for seawater electrolysis. 4. The group standard "Technical Specification for Wind-Solar-Storage Green Electricity Coupled Electrolysis Hydrogen Production" (Number T/CIEP 0272—2025) was released and implemented by the China Industrial Association of Environmental Protection. 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 layer (HP-PTL) for proton exchange membrane (PEM) electrolysis.

【SMM News Flash】The European Union is considering further intensifying trade sanctions against Russia. Market sources revealed that the EU is contemplating a ban on imports of Russian platinum group metals and copper as part of new sanctions measures. Market sources indicated that, if the restrictions gain support from member states, they may cover elements such as iridium, rhodium, platinum, and copper. EU sanctions require unanimous approval from all member states, and the new package is expected to be adopted this month.

Capacity side, according to incomplete statistics, the domestic alkaline electrolyzer market remains at 43.77 GW, and the PEM electrolyzer market remains at 2.7 GW, with no new capacity added for now. Eps Energy Technology (Shanghai) Co., Ltd. completed the manufacturing, testing, and delivery of 7 sets of AEM (water electrolysis) electrolyzer systems, with the project officially shipped to France. Xipeiyou Hydrogen's alkaline water electrolysis hydrogen production system successfully completed the entire process of production, testing, and acceptance, and was smoothly delivered to a South Asian customer. Haozhen Hydrogen successfully signed a supply contract with a well-known domestic non-ferrous metal enterprise for 1 set of 200 Nm³/h alkaline water electrolysis hydrogen production system. Hydrogen Yi Energy's megawatt-level PEM hydrogen production container system was officially shipped, with the delivery direction being CNOOC (Shanxi) Precious Metals Co., Ltd. Electrolyzer project related updates: China Coal Pingshuo Group Co., Ltd. : China Coal Pingshuo Mining Subsidence Area 600,000 kW Off-grid Renewable Energy Hydrogen Production Phase I Project (Green Hydrogen Coupling Coal Chemical Part) EPC general contracting project released the successful bidder candidates announcement. The first place is Dingsai Engineering Co., Ltd., with a bid price of 214.6 million yuan; the second place is China Wuhuan Engineering Co., Ltd., with a bid price of approximately 218 million yuan; the third place is China Chengda Engineering Co., Ltd., with a bid price of 236 million yuan. It is understood that the project's construction content includes: water electrolysis hydrogen production, gas-liquid processor, with a total design scale of 16,400 Nm³/h hydrogen; the hydrogen tank area will set up 4 hydrogen spherical tanks; the hydrogen compressor will set up 2 duplex compressors, etc. Chifeng Tianji New Energy Co., Ltd. : Chifeng Tianji Songshan District Wind and Solar Power Hydrogen Production Integrated Project (Hydrogen and Ammonia/Methanol Production Part) industrial project filing. Construction location: Songshan District, Chifeng City; total investment of 5 billion yuan, including 1.5 billion yuan in self-owned funds and applying for 3.5 billion yuan in bank loans. Planned construction start and end period: May 2026 to August 2028. Construction content: configure 100 electrolyzers with a hydrogen production capacity of 1,000 Nm³/h each, 40 hydrogen storage tanks of 2,000 m³ each, annual hydrogen production capacity of 40,500 tons, and build an annual 500,000-ton methanol production line and ancillary facilities. The project will be constructed in two phases. Phase I plans to configure 30 electrolyzers with a hydrogen production capacity of 1,000 Nm³/h each, 12 hydrogen storage tanks of 2,000 m³ each, design pressure 1.6 MPaG, annual hydrogen supply capacity of 12,200 tons. Phase II will construct 70 electrolyzers of the same scale, configure 28 hydrogen storage tanks of the same scale, annual hydrogen supply capacity of 28,300 tons. Green methanol Phase I capacity is 150,000 tons/year, Phase II capacity is 350,000 tons/year. Production process: hydrogen produced by water electrolysis is synthesized with carbon-containing gas produced by biomass gasification to produce methanol. Inner Mongolia Gemeng Nuo Jin Hydrogen Energy Technology Co., Ltd. : The Xilingol Gemeng Duolun County Green Hydrogen-to-Ammonia-to-Methanol Integrated Project has been filed. Construction location: Duolun County, Xilingol League; planned construction period: Nov 2024-Nov 2026. Construction content: mainly building a hydrogen industry production workshop with an annual capacity of 131,700 mt, utilizing green hydrogen to produce 696,000 mt/year of synthetic ammonia and 176,700 mt/year of methanol. The project will be constructed in phases: Phase I will construct an annual production of 62,200 mt of green hydrogen and 348,000 mt of synthetic ammonia, supported by 148 units of 1000 Nm³/h alkaline electrolyzers and 72 units of 250 Nm³/h PEM electrolyzers. Phase II will construct an annual production of 69,500 mt of green hydrogen, 348,000 mt of synthetic ammonia, and 176,700 mt of methanol, supported by 160 units of 1000 Nm³/h alkaline electrolyzers and 80 units of 250 Nm³/h PEM electrolyzers. Jinda Hongjing (Shache) Hydrogen Energy Technology Co., Ltd. : Tender announcement for the supervision services of the Jinda Hongjing Shache County PV Hydrogen Production Integrated Project. It is reported that the project will construct 6 spherical tanks with a storage capacity of 3000 standard cubic meters each and a hydrogen storage pressure of 3.0 MPa, and build 18 factory buildings. It will newly build a 250,000 mt/year green methanol production unit (including water electrolysis for hydrogen production, biomass gasification unit, methanol synthesis unit), storage system, loading station, and supporting utilities and auxiliary facilities. The annual output of green methanol is 250,000 mt, with a by-product steam annual output of 30,000 mt/year and a by-product oxygen annual output of 179.20 million standard cubic meters. CECEP Bochuang Green Fuel (Shenyang) Co., Ltd. : Procurement of project management services for the chemical part of the Phase I 100,000 mt Green Methanol Project under the Shenyang City Wind-Solar Hydrogen Production Integrated with Biomass Green Alcohol-Oil Demonstration Project. The project construction location is the Shenyang Bio-Chemical Industrial Park in Kangping County, Liaoning Province. Construction scale: Phase I involves investing in and constructing a 100,000 mt green methanol project, including the construction of 100 MW centralized wind power + 70 MW/140 MWh electrochemical ESS + 100,000 mt/year green methanol + 337,000 mt/year biomass pretreatment and related supporting facilities. This project specifically utilizes the abundant new energy and agricultural straw resources in Kangping County and its surrounding areas for green, zero-carbon development and utilization. The project outputs are green hydrogen, biomass formed fuel, and green methanol. Yunnan Energy Research Institute Co., Ltd.: The Renewable Energy Electrolytic Water Hydrogen Production System Control Key Technology Research Project has released a competitive negotiation announcement for the procurement of hydrogen production power supply equipment. According to the announcement content, this procurement plan covers 1 dry-type transformer, 1 IGBT rectifier power supply, 1 DC/DC converter, and 1 set of EMS energy management system. All power supply equipment will be integrated into one container. Ningxia Wangwa Coal Industry Co., Ltd. : Chalco's Green Star Chain Tender Platform announced the successful bidder candidates for the hydrogen production equipment procurement project of the Guyuan Pengyang 2×660MW unit project. According to the announcement, the successful bidder candidates are Suzhou Xipeiyou Hydrogen Energy Technology Co., Ltd., with a bid price of 2.062 million yuan; Wuxi Weifu High-Technology Group Co., Ltd., with a bid price of 2.2 million yuan; and Shanghai Hydrogen Sharp Technology Co., Ltd., with a bid price of 2.3736 million yuan. It is understood that the tender project is divided into one section, and this tender is for one of the targets. The hydrogen production system includes one set of 10Nm³/h proton membrane hydrogen production unit, hydrogen storage unit and internal and external components, valves, pipelines, and other auxiliary facilities. Bayan Nur Chiyu New Energy Co., Ltd. : The Dengkou County Hydrogen-Based Green Fuel Grid-Connected Green Electricity Direct Connection Project (Hydrogen Production Part) county-level industrial project has been filed. Construction location: Dengkou County, Bayan Nur City. Total investment: 2.4157 billion yuan, including self-owned funds: 724.7048 million yuan, and applied bank loan: 1.691 billion yuan. Planned construction start and end period: Nov 2026-Dec 2028. Construction content: Supporting construction of 106 sets of 1000Nm³/h alkaline water electrolysis hydrogen production equipment and their ancillary facilities, and supporting construction of 520,000 Nm³ hydrogen storage facilities. The maximum hydrogen production scale supporting the new energy project is 127,200 Nm³/h, with an annual production of approximately 562 million Nm³ of green hydrogen. China Coal Green Energy (Shuangyashan) Co., Ltd.: The Heilongjiang Province China Coal Jixian Wind-Solar-ESS-Hydrogen-Methanol Integrated Project Green Methanol Project has been filed. The project's main entity is China Coal Green Energy (Shuangyashan) Co., Ltd., with a total investment of 2.1349 billion yuan. Construction content: Using green electricity generated from wind and solar power for water electrolysis to produce hydrogen, with a hydrogen production scale of 70,000 Nm³/h. After coupling with carbon dioxide, it will produce approximately 136,000 mt of green methanol annually. Supporting construction includes 500MW off-grid wind power and 150MW off-grid PV. Policy Review 1. The MIIT issued the Guiding Opinions on Carrying out Zero-Carbon Factory Construction Work. The opinions point out that, under the premise of ensuring the safe supply of energy and electricity, factories need to promote the green and low-carbon transformation of their energy use structure to achieve source carbon reduction. Factories are encouraged to connect to zero-carbon electricity, heat, and other supplies, develop distributed PV, decentralized wind power, and other renewable energy sources according to local conditions, and explore the green electricity direct connection model to increase the usage proportion. Factories with the necessary conditions are supported in building industrial green microgrids, integrating the application of PV, wind power, waste heat recovery, new-type energy storage, and other technologies to achieve efficient multi-energy complementarity. Actively develop integrated green hydrogen-ammonia-methanol projects and promote the application of clean hydrogen such as industrial by-product hydrogen and renewable energy hydrogen production. At the same time, promote technologies such as electric boilers and ultra-low emission biomass boilers to replace coal-fired captive boilers, accelerate the renewal of new energy vehicles and machinery for internal operations, and enhance the level of electrification and the proportion of renewable energy for heating (cooling). 2. Inner Mongolia issued the "Implementation Plan for the Development and Construction of Direct Green Electricity Connection Projects for Single Electricity Users in the Inner Mongolia Autonomous Region (Trial)". This implementation plan applies to the development and construction of direct green electricity connection projects for single electricity users in the Inner Mongolia Autonomous Region. Among them, hydrogen-based green fuels are included. New hydrogen-based green fuel projects (such as green hydrogen, green ammonia production from green hydrogen, green methanol production from green hydrogen, sustainable aviation fuel production from green hydrogen, etc.) can carry out direct green electricity connections. In principle, the project should be controlled by the same investment entity, operated as one market entity, managed uniformly by the same legal person during the construction and operation period, and must implement application scenarios and provide consumption agreements. 3. The European Commission approved a special fund of 4 billion euros for electrolyzers, providing a 30% subsidy on equipment costs for projects with a capacity of ≥500 MW/year, and set a target for electrolyzer efficiency in green hydrogen projects of ≥60% (LHV basis) by 2030. Enterprise Dynamics China Coal Green Energy (Shuangyashan) Co., Ltd. : China Coal Green Energy (Shuangyashan) Co., Ltd. was established, with Zhao Changlin as the legal representative and a registered capital of 1.2 billion yuan. The shareholders are China Coal Green Energy Technology (Beijing) Co., Ltd. (holding 56%), China Coal Harbin New Energy Co., Ltd. (holding 29%), Shuangyashan Hongzhan Biotechnology Co., Ltd. (holding 10%), and China State Shipbuilding Corporation Wind Power Development Co., Ltd. (holding 5%). The company is mainly engaged in businesses related to the new energy industry. Guangxi Yuchai Machinery Group Co., Ltd. : Yuchai released a new hydrogen production equipment product, the 250kW PEM electrolyzer hydrogen production system. It is reported that the overall energy efficiency conversion rate of this system can reach over 80%, with a load adjustment range of 10-20%, an operating pressure of 0.2-1.6 MPa, and a hydrogen output purity of up to 99.999%, with zero hydrogen loss during the regeneration process. Beijing Zhongdian Fengye Technology Development Co., Ltd. : Mr. Pablo Arriaran, the Ambassador of Chile to China, and Mr. Andres Gebauer, the Commercial Counselor, were invited to visit Beijing Zhongdian Fengye Technology Development Co., Ltd., aiming to further promote Zhongdian Fengye's strategic investments and business development in Chile and South America, and to deepen industrial cooperation between China and Chile in the field of green hydrogen energy. China Coal Xinji (Jiangxi) New Energy Co., Ltd. : The People's Government of Poyang County signed a cooperation framework cooperation agreement with China Coal Xinji (Jiangxi) New Energy Co., Ltd. and China State Shipbuilding Corporation Technology Co., Ltd., reaching in-depth cooperation on an integrated project for hydrogen production from wind power and green methanol production. Hunan Tiancheng Hydrogen Energy Technology Industry Co., Ltd. : The "Chenzhou Hydrogen Energy Innovation Application Technology R&D Center" declared by Hunan Tiancheng Hydrogen Energy Technology Industry Co., Ltd. has been recognized. Patent Applications 1. Shanghai Institute of Ceramics, Chinese Academy of Sciences (China) publicly disclosed patent CN2025110028, developing a ceramic-based anion exchange membrane with a laboratory test lifespan reaching 80,000 hours. 2. Johnson Matthey (UK) submitted patent WO2025109876, disclosing a Fe-Ni-Mo ternary non-precious metal catalyst formulation with activity close to platinum-based materials. Technology Footprints/Technical Specifications 1. The team of Liu Qingju from Yunnan University constructed a superwetting Pt/NF@CF graded heterojunction electrocatalyst for low-energy consumption, high-efficiency hydrogen production. 2. Teams from 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, Xi'an Jiaotong University, and the National Key Laboratory of Electrical Insulating Materials successfully developed a Ru/Ti3C2Ox@NF bifunctional seawater electrolysis electrocatalyst. 4. The group standard "Technical Specification for Wind and Solar Power Green Electricity Coupled Electrolysis Hydrogen Production" (Number 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-level 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.

I. Policy Review: Hydrogen Policy Developments (I) Domestic Policies National Energy Administration: Issued the "Notice on the Establishment of Seven Standardization Technical Organizations, Including the Energy Industry Electric Power Safety Governance Standardization Technical Committee." The document states: Approval is granted to establish four standardization technical organizations in the hydrogen energy field—namely, the Energy Industry Hydrogen Energy Fundamentals and General Standardization Technical Committee, the Energy Industry Hydrogen Energy Production Standardization Technical Committee, the Energy Industry Hydrogen Energy Storage and Transportation Standardization Technical Committee, and the Energy Industry Hydrogen Energy Application Standardization Technical Committee. Their codes, scope of responsibilities, secretariat undertaking units, and committee member lists are detailed in the appendix. Relevant management agencies and the newly established hydrogen energy standardization technical committees are required to advance the construction of the hydrogen energy standard system in accordance with regulations, strictly carry out the development and revision of standards, avoid overlapping and duplication of standards, and ensure the coordination and unity of the system. Multiple forces should be organized to integrally promote technological innovation, engineering demonstration, and standardization in the hydrogen energy field, strengthen the full life cycle management of standards, promote the effective implementation and dissemination of standards, and support the building of a strong energy nation. State-owned Assets Supervision and Administration Commission of the State Council: Released the "Catalog of Scientific and Technological Innovation Achievements of Central State-Owned Enterprises: Achievement Manual (2024 Edition)." The document states: The manual includes 208 achievements from 67 central state-owned enterprises, covering seven major fields. Among them, five key technological achievements in the hydrogen energy field are selected, specifically including megawatt-scale iridium oxide catalyst for PEM electrolysis hydrogen production equipment, one-step green hydrogen production process and equipment from biomass biogas, hydrogen flow control valve assembly for hydrogen fuel cells, integrated mobile hydrogen quality analyzer for fuel cells, and a 70 MPa hydrogen precooler for hydrogen refueling stations. By publishing introductions and main indicators of these hydrogen energy achievements, the manual aims to promote the application, dissemination, and iterative upgrading of outstanding innovation achievements in the hydrogen energy field, and to accelerate the transformation of hydrogen energy scientific and technological achievements into real productive forces. Hunan Provincial Development and Reform Commission: Issued the "Implementation Opinions on Promoting the Integrated Development of Transportation and Energy in Hunan Province." The "Opinions" clearly plan: By 2027, the layout of charging and battery swapping facilities for highways and waterways will be continuously optimized and improved, while a hydrogen supply system that meets the energy standards for transportation equipment will be initially established. Regarding the target for 2023, it is to significantly enhance the charging and battery swapping service capacity of highways, fully complete the layout and construction of LNG refueling stations, and achieve the full-line connection of the three hydrogen energy demonstration corridors along the Beijing-Guangzhou, Shanghai-Kunming, and Xu-Guang routes. (II) Overseas Developments CF Industries: Hydrogen and nitrogen products manufacturer CF Industries announced that it is supplying low-carbon hydrogen-based fertilizers to Poet for growing corn that will be converted into biofuels. The company stated that it has collaborated with Poet and major agricultural cooperatives to demonstrate how low-carbon fertilizers can reduce the carbon intensity of corn and contribute to the production of low-carbon ethanol. CatAmmon: Israeli deep-tech startup CatAmmon is developing proprietary ceramic-based catalyst technology for hydrogen production through ammonia cracking and ammonia synthesis. The company's ammonia cracking catalyst can convert ammonia into hydrogen at low temperatures of approximately 350–400°C, significantly lower than the operating temperatures of traditional nickel-based systems, while completely avoiding the use of rare or precious metals such as ruthenium. Its ceramic formulation is designed to address the cost and supply chain limitations of conventional cracking technologies. The company is expected to begin commercial sales in 2027 and achieve profitability by 2028. Daimler Truck Holding AG : unveiled its new Mercedes-Benz truck powered by a liquid hydrogen fuel cell and plans to initiate small-scale production by the end of this year. The truck utilizes the Cellcentric BZA150 fuel cell system on the GenH2 platform, with the previous model consuming between 5.6 and 8.0 kg of hydrogen per 100 km during initial tests. II. Enterprise Developments: Project Signings and Technical Cooperation (I) Project Intelligence Chongqing State-Owned Assets Supervision and Administration Commission: hosted the inauguration ceremony of the Chongqing Hydrogen Industry Ecological Alliance and the promotion meeting for the construction of the Sichuan-Chongqing Hydrogen Corridor. During the event, the list of hydrogen industry projects and scenario opportunities for Chongqing's state-owned enterprises was officially released. In terms of hydrogen production, Chongqing Chemical and Pharmaceutical Group will partner with relevant enterprises to establish high-purity hydrogen purification facilities with an annual output of approximately 2,700 mt in Tongnan District and Changshou District. For the storage, transportation, and refueling segments, Chongqing Mechanical and Electrical Group will collaborate with related enterprises to focus on the development of high-end technology and R&D equipment, aiming to overcome key technical challenges such as organic liquid hydrogen storage and magnesium-based solid-state hydrogen storage. In the application of hydrogen, Qingling Group will join forces with relevant enterprises to plan the deployment of 1,500 hydrogen-powered heavy trucks and 650 hydrogen-powered light trucks in regions including Sichuan and Chongqing, Xinjiang, and Hubei. Shaanxi Hydrogen Energy Twin-Wing Technology Co., Ltd.: The procurement project for the charging, battery swapping, and ESS facilities of the Jinlian Road Hydrogen Refueling Station project has announced the preferred bidders. Specific details are as follows: The top-ranked preferred bidder is Sichuan Zhili Smart Energy Technology Co., Ltd., whose consortium members include Tianyi Yunchu (Shandong) New Energy Technology Development Co., Ltd. and Shaanxi Qiyao Construction Engineering Co., Ltd., with a bid price of 3.4282 million yuan. The second-ranked preferred bidder is Guodian Nanrui Nanjing Control System Co., Ltd., with Shaanxi Jiuda Construction Engineering Co., Ltd. as its consortium member, and a bid price of 3.2242 million yuan. The third-ranked winning candidate is Guangdong Infineon Engineering Technology Co., Ltd., whose consortium members include Nengyixing (Suzhou) Technology Co., Ltd. and Shenzhen Infineon Technology Co., Ltd., with a bid price of 3.61 million yuan. Guangdong Mingnuo Hydrogen Energy Technology Co., Ltd.: The Mingnuo Hydrogen Product Launch and Project Cooperation Signing Ceremony was grandly held at Guangdong Mingnuo Hydrogen Energy Technology Co., Ltd. in Cuiheng New District, Zhongshan, Guangdong Province. Mingnuo Hydrogen Energy is a joint venture established by Mingyang Electric and Germany’s Neuman & Esser Group. The TKH liquid-drive compressor officially launched this time employs German Hofer high-pressure compression technology. Shanghai Electric Nuclear Power Group Co., Ltd.: The project “Development and Application of Large-Capacity Safe and Efficient High-Pressure Hydrogen Storage Vessels,” led by Shanghai Electric Nuclear Power Group Co., Ltd., passed its acceptance review smoothly. Participants included Shanghai Hydrogen Maple Energy Technology Co., Ltd. and CNNC Equipment Technology Research (Shanghai) Co., Ltd. The project carried out R&D and design of a large-scale, safe and efficient hydrogen storage system through a low-cost hydrogen storage solution for large-scale hydrogen production in renewable energy scenarios. Shaanxi Hydrogen Luyuan Company : The hydrogen refueling station grid-structure lifting operation for the Yulin Zero-Carbon Industrial Park Hydrogen (Production) Demonstration Project officially started. Guangdong Yuntao Hydrogen Energy Technology Co., Ltd.: The nation’s first “all-business-form” integrated energy station—Shatinggang Integrated Energy Station—was officially completed in Taihe Town, Baiyun District, Guangzhou. Jointly built by Baiyun Investment Group, Yuntao Hydrogen Energy, and Baiyun New Energy, the project covers a total land area of more than 11,000 m² and a total floor area of more than 7,300 m², with a daily hydrogen refueling capacity of 1,000 kg. Foshan Xianhu Laboratory : The launch meeting and implementation-plan review meeting for the National Key R&D Program “Hydrogen Technology” project “Key Technology R&D and Engineering Demonstration of Zero-Carbon Efficient Combustion with Pure Ammonia Feed in Building Materials Industrial Kilns” were held at Foshan Xianhu Laboratory. The project is led by Foshan Xianhu Laboratory and undertaken jointly with Tsinghua University, Zhejiang University, Xi’an Jiaotong University, Monalisa Group Co., Ltd., Fuzhou University, Huazhong University of Science and Technology, Wuhan University of Technology, and the Institute of Process Engineering, Chinese Academy of Sciences. (II) Corporate Developments Wuxi Lead Intelligent Equipment Co., Ltd.: The company disclosed its post-hearing prospectus on the Hong Kong Stock Exchange, marking another application after its previous submission failure on 25 February 2025. It is reported that Lead Intelligent was successfully listed on the A-share market as early as 18 May 2015, and by the market close on 23 January 2025 its total market capitalization had exceeded 98.9 billion yuan. Zhongji Sikan Hydrogen Energy Development (Hebei) Co., Ltd.: officially announced that the country's first 20-foot Type IV hydrogen cylinder MEGC (module container) has successfully rolled off the production line. This product adopts a Type IV all-composite material cylinder design, creating a new-type load-bearing structure of "non-metallic liner + composite material layer," which achieves extreme lightweighting while significantly enhancing pressure-bearing capacity and structural stability. Its working pressure is as high as 38 MPa, and the hydrogen loading capacity of a 40-foot standard container can exceed 1 mt. Guangxi Yuchai Machinery Group Co., Ltd.: at its 2026 Global Partners Conference, Yuchai launched its new hydrogen production equipment, the 250 kW PEM electrolysis hydrogen production system. It is reported that the system's overall energy conversion efficiency can reach over 80%, with a load regulation range of 10-20%, an operating pressure of 0.2-1.6 MPa, and a hydrogen output purity of up to 99.999%, with zero hydrogen loss during the regeneration process. Shanghai Electric Nuclear Power Group Co., Ltd.: held discussions and exchanges with the China Special Equipment Inspection and Research Institute. Both sides engaged in in-depth and practical exchanges on deepening strategic coordination in the hydrogen energy field and injecting national-level technology and resource momentum into the high-quality development of the regional hydrogen energy industry. Shanxi Meijin Energy Co., Ltd. : released its 2025 performance forecast. The report indicates that the estimated net profit attributable to shareholders is expected to incur a loss of 850 million to 1.25 billion yuan, compared to a loss of 1.143 billion yuan in the same period last year; the estimated non-recurring net profit loss is 885 million to 1.285 billion yuan, compared to a loss of 1.093 billion yuan in the same period last year; and the basic earnings per share loss is expected to be 0.19 to 0.28 yuan per share. Guohong Hydrogen Energy Technology (Jiaxing) Co., Ltd.: according to the "Consumption Restriction Order" issued by the Shanghai Pudong New Area People's Court, consumption restrictions have been imposed on Guohong Hydrogen Energy Technology (Jiaxing) Co., Ltd., prohibiting the company and its legal representative, Liu Yan, from engaging in high-consumption and non-essential consumption for life and work. The applicant is Shijiatoubo Clean Power Rugao Co., Ltd., with the involved amount being 2,069,202.88 yuan, and this case is a sales contract dispute. Beijing Yihuatong Technology Co., Ltd.: a delegation including Martin Kylau, Commercial Counsellor of the Embassy of the Kingdom of Denmark in China, and Yang Dajun, Senior Vice President of Topsoe and President of China, visited Yihuatong's Zhangjiakou production site for a field trip and exchange. Anhui Mingtian Hydrogen Energy Technology Co., Ltd.: 20 hydrogen energy buses were delivered to Lu'an City, Anhui province. Currently, the hydrogen energy bus ownership in Lu'an City has reached 70 units. III. Technological Advancements: Efficiency and Cost Breakthroughs (A) Hydrogen Production, Storage, and Transportation CatAmmon: Israeli deep-tech startup CatAmmon is developing proprietary ceramic-based catalyst technology for ammonia cracking to produce hydrogen and for ammonia synthesis. The company's ammonia cracking catalyst can convert ammonia into hydrogen at low temperatures of approximately 350–400°C, significantly lower than the operating temperatures of traditional nickel-based systems, while completely avoiding the use of rare or precious metals such as ruthenium. Its ceramic formulation is designed to address the cost and supply chain limitations faced by conventional cracking technologies. The company expects to begin commercial sales in 2027 and achieve profitability in 2028. CIMC ENRIC: A 38.7 m³ Type II tube bundle container project product, developed by its Shijiazhuang Enric Gas Machinery Co., Ltd., has successfully rolled off the production line. Chinese Academy of Sciences: A new technology for shotcreting ultra-high performance concrete (SUHPC), jointly developed by CCCC Second Harbor Engineering Co., Ltd. and the Wuhan Institute of Rock and Soil Mechanics of the Chinese Academy of Sciences, has been successfully applied in the initial tunnel support engineering for China's first rock cavern hydrogen energy storage system project—the Daye Rock Cavern Hydrogen Energy Storage System in Hubei. Foshan Xianhu Laboratory: The industry's first "zero-carbon ammonia-fueled aluminum billet heating furnace" for aluminum extrusion production was launched at Foshan Xianhu Laboratory. This equipment enables zero-carbon operation in the aluminum processing heating stage, marking a significant step forward in the green transformation of China's aluminum processing industry. (B) Fuel Cell Technology/Product Developments South China University of Technology: The team led by Chen Yu discovered a Ce₀.₆Ni₀.₂Cu₀.₂O₂ nanocatalyst with a heterogeneous structure that contributes to high-performance direct methanol protonic ceramic fuel cells. Wuhan University of Technology: Professor Tang Haolin's team collaborated with Professor Jin Huanyu from the Shenzhen Institute of Advanced Technology, Chinese Academy of Sciences. They proposed a strategy of "coupling electron-withdrawing groups to enhance proton delocalization," which reduces the proton delocalization energy barrier in perfluorosulfonimide-biphenyl* acid (PFSI-BPA) membranes through molecular structure design, achieving a synergistic improvement in efficient proton conduction and thermal stability, confirmed through a combination of in-situ measurements and theoretical calculations. Xi'an University of Architecture and Technology: By carefully designing the structure within a titanium dioxide electrolyte and leveraging the synergy between a polystyrene ball cartilage framework and lithium-based electrodes, the team successfully induced an "online in-situ structural transformation" inside the battery, ultimately forming a stable lithium-titanium-oxygen-carbon heterostructure.