New stock news | Hydrogen energy companies reshaping energy secondary-listed Hong Kong Stock Exchange and establishing business relationships with companies such as Toyota in Japan.

According to the disclosure of the Hong Kong Stock Exchange on September 2nd, Shanghai Reshaping Energy Group Co., Ltd. (hereinafter referred to as Reshaping Energy) submitted its listing application to the main board of the Hong Kong Stock Exchange, with CICC as its exclusive sponsor. The company had previously submitted an application to the Hong Kong Stock Exchange on February 29th of this year. According to the prospectus, Reshaping Energy is a leading hydrogen energy technology company in China. During the reporting period, Reshaping Energy focused on the design, development, manufacturing, and sales of hydrogen fuel cell systems, hydrogen equipment, and related components, providing hydrogen fuel cell engineering development services to meet customer needs, enabling it to provide a one-stop solution for hydrogen production and end-use applications. Reshaping Energy is the first company in China's hydrogen fuel cell field to achieve commercial application of patented hydrogen fuel cell systems overseas. During the reporting period, the company's revenue from overseas countries and regions increased from approximately 5.5 million yuan in 2021 to approximately 8.6 million yuan in 2022, and further increased to approximately 23.2 million yuan in 2023. Reshaping Energy continuously conducts product development and iteration, particularly in hydrogen fuel cell technology and professional knowledge that may bring high performance, reliability, long life, strong environmental adaptability, and high economic efficiency. In recent years, Reshaping Energy has further expanded into the upstream hydrogen energy industry, autonomously developing proton exchange membrane (PEM) pure water electrolysis hydrogen production systems, hydrogen production power sources, alkaline (ALK) electrolysis cell electrodes, and other key components, effectively utilizing electricity for hydrogen production. Reshaping Energy's comprehensive product and service portfolio enables it to achieve the collaborative application of hydrogen and electricity, forming a new business model of "electric-hydrogen-electric." In this business model, Reshaping Energy's hydrogen fuel cell systems and hydrogen equipment can be used as a one-stop solution for customers to generate electricity using abundant renewable energy sources, and then utilize the company's PEM and ALK electrolysis water technology and products to produce green hydrogen. Hydrogen can be stored for a long time and used when needed with its hydrogen fuel cell products for various applications. According to data from Frost & Sullivan, in terms of the sales output power of hydrogen fuel cell systems in 2023, Reshaping Energy ranks first in the Chinese hydrogen fuel cell system market with a market share of 23.8%. In terms of the total sales output power of hydrogen fuel cell systems carried by heavy-duty trucks in 2023, Reshaping Energy ranks first in the Chinese hydrogen fuel cell system market with a market share of 42.4%. In terms of the total sales revenue of hydrogen fuel cell systems carried by heavy-duty trucks in 2023, Reshaping Energy ranks first in the Chinese hydrogen fuel cell system market with a market share of 29.4%. In terms of the total sales revenue of hydrogen fuel cell systems in 2023, Reshaping Energy ranks third in the Chinese hydrogen fuel cell system market. Reshaping Energy is the first enterprise in the Chinese hydrogen fuel cell field to independently develop and mass-produce fuel cell stacks, membrane electrodes, and bipolar plates. Reshaping Energy owns PEM and ALK electrolysis products. As of May 31, 2024, Reshaping Energy's hydrogen fuel cell systems have provided power for over 5900 fuel cell vehicles in China. As of the same date, the cumulative mileage of these vehicles is approximately 210 million kilometers, reducing carbon emissions by approximately 116,851 tons. Reshaping Energy has also established business relationships with several well-known international companies in the hydrogen fuel cell industry, such as Germany's Schaeffler Group and Japan's Toyota. In addition, Reshaping Energy, Great Wall Motor, Weichai Power, China National Energy Group, and China Petroleum & Chemical Corporation have jointly become the first batch of Chinese companies to join the International Hydrogen Council. In terms of finances, in 2021, 2022, 2023, and the five months ending on May 31, 2024, Reshaping Energy achieved revenues of approximately 524 million yuan, 605 million yuan, 895 million yuan, and 12.521 billion yuan respectively; during the same period, the company incurred losses of approximately 654 million yuan, 546 million yuan, 578 million yuan, and 409 million yuan. According to Reshaping Energy's prospectus, the industry the company is in is an emerging one, and the new technologies used in fuel cell systems or hydrogen equipment may not be mature. If any major product defects, failures, or negative news related to the hydrogen energy market occur, it could harm the company's reputation and have adverse effects on its business, financial condition, and operating performance.