603828, 600476, Taken Under Investigation by the Securities Regulatory Commission! Three Departments Deploy Major Initiative, Hydrogen Energy Track Welcomes Key Pilot Program! 19 Companies Achieve Profitability

Three departments deploy hydrogen energy comprehensive application pilot; 19 hydrogen companies to become profitable by 2025.

Two listed companies under investigation by the CSRC

On the evening of March 16, ST KeliDa (603828) announced that the company and Chairman Gu Yiming recently received notices from the China Securities Regulatory Commission (CSRC) informing them of investigations. The notices state that the company and Chairman Gu Yiming are suspected of violating information disclosure laws and regulations. According to relevant laws and regulations, the CSRC has decided to initiate proceedings against the company and Gu Yiming.

ST KeliDa stated that its production and operations are currently normal, and the above matters will not affect the company’s normal business activities. During the investigation, the company and Chairman Gu Yiming will actively cooperate with the CSRC’s inquiries and strictly fulfill their information disclosure obligations in accordance with relevant laws, regulations, and regulatory requirements.

ST KeliDa has issued a forecast for 2025 performance, expecting a net profit attributable to shareholders of -200 million to -160 million yuan, turning from profit to loss year-on-year. During the reporting period, affected by macroeconomic weakness and tightening market conditions, the domestic construction industry faced significant downward pressure, with increasing market competition. The company proactively shrank its market scope, focusing on local markets, resulting in reduced construction projects and lower operating income; due to intensified competition, project gross margins further declined.

ST KeliDa’s main businesses include building curtain walls, architectural decoration, prefabricated renovation, and photovoltaic building integration. As of March 16, the stock’s latest price was 6.68 yuan per share, with a total market value of nearly 4 billion yuan. The stock has surged significantly since the second half of 2024, with a cumulative increase of over 370%.

Additionally, Xiangyou Technology (600476) also announced on the evening of March 16 that, due to suspected violations of information disclosure laws and regulations, the CSRC has decided to initiate proceedings against the company.

The company previously issued a warning about potential losses and risks of delisting, indicating that it expects 2025 net profit attributable to shareholders to be between -550 million and -370 million yuan; at the end of the period, net assets will turn negative, estimated at -409 million to -229 million yuan.

The company stated that if the final financial report still shows negative net assets, it will trigger the regulation that “the net assets at the end of the most recent audited fiscal year are negative, or after restatement, the net assets at the end of the most recent fiscal year are negative.” The stock will be subject to delisting risk warning after the 2025 annual report is disclosed.

Public information shows that Xiangyou Technology is affiliated with China Post Group Corporation, mainly engaged in software and big data R&D, platform operation, system integration, and product sales. As of the close on March 16, the stock price was 12.82 yuan per share, with a market value of nearly 2.1 billion yuan.

Hydrogen energy receives policy support

On March 16, the Ministry of Industry and Information Technology, the Ministry of Finance, and the National Development and Reform Commission issued the “Notice on Conducting Hydrogen Energy Comprehensive Application Pilot Projects” (hereinafter referred to as the “Notice”).

The “Notice” states that the three departments will select city clusters with strong industrial foundations, rich application scenarios, robust hydrogen resource guarantees, and complete industrial chains to carry out pilot projects for comprehensive hydrogen energy applications through a “challenge-based” approach. The goal is to explore scientific, orderly, and proactive pathways for commercializing hydrogen energy, improve industry development policies, and promote integrated development of the entire hydrogen energy “production, storage, transportation, and utilization” industry chain.

By 2030, hydrogen energy in urban clusters will achieve large-scale application across multiple fields, with the average price of terminal hydrogen use reduced to below 25 yuan per kilogram, aiming for around 15 yuan per kilogram in some advantageous regions; the national fuel cell vehicle fleet is expected to double compared to 2025, reaching 100,000 vehicles.

Through expanding application scale, breakthroughs in hydrogen energy technology, processes, and equipment will be driven, including iterative upgrades of fuel cells, electrolyzers, storage and transportation devices, and materials, making hydrogen energy a new engine for economic growth.

Huatai Securities states that the 2026 government work report emphasizes “cultivating new growth points such as hydrogen energy and green fuels,” and the “14th Five-Year Plan” also elevates hydrogen energy to a “future industry” strategic level. Additionally, tightening global shipping and aviation carbon control policies are expected to create a nonlinear growth inflection point for hydrogen energy. Under the resonance of domestic and international policies, green hydrogen demand is expected to surge, benefiting domestic project operators, hydrogen ammonia and alcohol equipment suppliers, and electrolyzer providers.

Guojin Securities notes that by 2025, top-level attention to hydrogen energy will significantly increase, with frequent policy releases and sustained high-level guidance. Deep decarbonization outside the electric power sector makes hydrogen ammonia and alcohol indispensable as key carriers, and the industry chain is entering a systematic development phase. Focus should be on three key areas: green alcohol, electrolyzers, and fuel cells, which demonstrate strong economic viability, demand certainty, and policy support.

19 hydrogen companies to be profitable by 2025

According to Securities Times and Data Treasure statistics, as of March 16, 35 listed wind power equipment companies had released performance reports related to 2025. Based on annual reports, quick reports, or median forecasts, a total of 19 hydrogen companies are expected to be profitable in 2025.

Baofeng Energy and SAIC Motor lead in net profit, with 11.35 billion yuan and 10 billion yuan respectively; China National Chemical Corporation, Guanghui Energy, Foton Motor, China Automotive Research Institute all report net profits exceeding 1 billion yuan.

Baofeng Energy disclosed its annual report on March 12. For 2025, it expects revenue of 48.038 billion yuan, up 45.64% year-on-year; net profit attributable to shareholders is projected at 11.35 billion yuan, up 79.09%. The company has invested 100 billion yuan in Ningdong, Ningxia, to build the largest, most complete, and most advanced modern coal chemical industry chain in China, with current capacities including 240 million cubic meters of green hydrogen, 7 million tons of coke, 1.4 million tons of methanol, 550,000 tons of polyolefins, and 1.35 million tons of fine chemicals.

Guanghui Energy expects 2025 net profit to be between 1.32 billion and 1.47 billion yuan, down 50.03% to 55.13% year-on-year. Its hydrogen demonstration project entered hydrogen station trial operation in March 2024; in June, green electricity was successfully connected; by the end of 2024, the project operated stably, with hydrogen production reaching design standards, totaling 94,000 kilograms of hydrogen supplied, and green power generation of 1.6 million kWh.

In terms of profit changes, Foton Motor, Hekang New Energy, SAIC Motor, Doushi Technology, and Jinlong Motors are expected to see their net profits double in 2025. Foton Motor’s growth is the highest, at 15.51 times. Kaimet Gas and Houpu Co., Ltd. are expected to turn losses into profits in 2025.

Kaimet Gas’s wholly owned subsidiaries, Hainan Kaimet, Changling Kaimet, and Anqing Kaimet, operate hydrogen-related businesses, mainly recovering and purifying petrochemical tail gases through advanced equipment, then returning the purified hydrogen via pipelines to upstream companies.

Houpu Co., Ltd. has established a complete industrial chain for hydrogen “production, storage, transportation, and refueling,” including manufacturing equipment, engineering contracting, and operation services.

Disclaimer: All information from Data Treasure does not constitute investment advice. The stock market involves risks; invest cautiously.

Proofreading: Xu Xin