During the period of strategic investment accumulation, GUOFUHEE (02582) has successively won large orders in advance, indicating a possible turning point in performance.

Energy and electricity are the cornerstone of economic growth and technological progress. Since entering the new century, the clean energy has become an important pursuit for human civilization based on its own security at a certain stage of development. However, to this day, hydrogen energy, as a truly zero-emission energy source, has still not occupied an important role in the global energy system. The main problem facing large-scale application is the high cost caused by the incomplete infrastructure of the industry chain, and the downstream difficulties in bearing the relatively high cost of using hydrogen. However, with the advent of the renewable energy era, the scaling up of renewable energy development has provided the possibility of lowering the cost of hydrogen production by using electricity with zero marginal cost. At the same time, the Chinese government continues to increase its investment in the entire hydrogen energy industry chain facilities and new infrastructure, and the cost reduction process of hydrogen energy is expected to accelerate, with the subsequent hydrogen energy industry potentially "sprinting" towards large-scale commercialization. The hydrogen energy industry is on the eve of a transition from quantitative change to qualitative change, and the investment value of companies related to the industry chain deserves attention. Taking GUOFUHEE (02582), which has just released its interim report, as an example, the company has formed an integrated layout of the industrial chain equipment in the field of hydrogen energy, focusing on core equipment such as hydrogen cylinders, liquid hydrogen equipment, and electrolyzers, covering the entire industry chain from "production, storage, transportation, filling, and use", and possessing a competitive advantage. It is expected that it will fully benefit from the rapid growth of the global hydrogen energy industry. Strategic investment is accumulating power As an important direction of national energy strategic transformation, the hydrogen energy industry is in a critical development period driven by both policies and the market. Although the long-term development path is clear, due to the industry currently being in the phase of optimizing policy mechanisms and establishing market rules, GUOFUHEE, as a leading enterprise in the industry, continues to make strategic investments to enhance its long-term competitiveness. The company's latest financial report reveals strong signals of value that may seem in need of optimization. GUOFUHEE's interim report shows that the company achieved revenue of 109 million yuan in the first half of the year. Breaking down the revenue structure, the revenue contributed by the vehicle-mounted high-pressure hydrogen supply system was 91.295 million yuan, a year-on-year increase of 26.7% in terms of the caliber. Behind the counter-trend growth of this business is GUOFUHEE's continued leading position in the market for vehicle-mounted hydrogen supply systems. Data shows that from 2019 to the first half of 2025, the Ministry of Industry and Information Technology announced a total of 1248 fuel cell vehicles, of which over 500 vehicles were equipped with GUOFUHEE's vehicle-mounted hydrogen supply system products, accounting for over 40%, indicating the company's continued leading position in this field. In the first half of the year, GUOFUHEE's revenue from hydrogen refueling station equipment reached 13.993 million yuan. In the hydrogen refueling station equipment market, GUOFUHEE's business is steadily expanding. According to the High-Tech Hydrogen and Electricity Industry Research Institute's "China Hydrogen Refueling Station Database", as of the end of June this year, a total of 527 hydrogen refueling stations have been built in China, with GUOFUHEE providing equipment and supporting services for over 120 of these stations. As a newly developed business of GUOFUHEE, the water electrolysis hydrogen production equipment contributed revenue of 3.668 million yuan in the first half of the year, primarily from overseas business. It is understood that GUOFUHEE has made significant breakthroughs in the overseas market for water electrolysis hydrogen production. The company has delivered complete sets of alkaline water electrolysis hydrogen production equipment to Indian customers, confirming that the company's products and technology have international market competitiveness. Currently, companies in the hydrogen energy industry chain are generally facing certain profit pressure. In summary, the negative factors that currently limit related companies from realizing their profit potential are mainly threefold: firstly, due to the premature entry of the hydrogen energy industry chain into the market competition stage before forming a scale, product prices are under temporary downward pressure; secondly, there is a window period where new supportive policies have not been implemented, and some companies adopt a price reduction strategy for purposes such as inventory digestion, intensifying market competition; thirdly, the lack of popularization of efficient transportation technologies such as long-distance pipelines and liquid hydrogen results in high hydrogen usage costs, the slowing growth of the fuel cell vehicle market, and certain affect on the investment enthusiasm for upstream hydrogen refueling stations. Affected by the industry's stage adjustment, GUOFUHEE still did not turn losses into profits in the first half of the year. However, the positive aspect is that, thanks to the company recuperating a portion of its receivables during the reporting period, new businesses contributing to income, as well as reduced expenses, combined with government subsidies and electricity revenue, GUOFUHEE's loss decreased by approximately 20.1% year-on-year, showing signs of improving profits. Strong growth potential after winning a large contract Although at first glance, GUOFUHEE's interim financial report still needs optimization in terms of core financial data, given the uniqueness of the hydrogen energy industry, GMTEight believes that the current focus of investors should be more on the company's future growth potential, rather than its immediate financial performance. Looking ahead from the current point in time, the visibility of GUOFUHEE's growth is actually continuously improving, and the company's growth certainty in the future should be given due consideration. An example is earlier this month, when GUOFUHEE announced that its wholly-owned subsidiary had signed a 100-megawatt green hydrogen production equipment sales agreement with Hami Tonghui De, with a total contract value exceeding 150 million yuan. According to the sales agreement, Guofumingzhi will supply the customer with 22 sets of 1000-standard cubic meters/hour electrolyzers, gas-liquid treatment equipment, green hydrogen production control systems, safety detection systems, and communal auxiliary equipment. In addition, sources close to the company have revealed to GMTEight that GUOFUHEE is currently in negotiations for an intention order worth tens of millions of yuan. With significant orders exceeding hundreds of millions and potential orders in progress, GUOFUHEE's future growth potential should not be underestimated. Furthermore, looking at the development trends of the industry, hydrogen and liquid hydrogen are on the brink of an explosion, once the industry starts large-scale commercialization, GUOFUHEE, with its scale and first-mover advantages, is expected to fully realize its value. Taking the liquid hydrogen field as an example, compared to the high-pressure gaseous hydrogen storage and supply mode, liquid hydrogen storage and transportation technology has multiple advantages and is widely believed in the industry to have huge potential in large-scale and long-distance hydrogen storage and transportation fields, making it an important direction for future development. However, due to the specialization of the required manufacturing processes, the entry threshold for the core equipment industry of liquid hydrogen is extremely high, and GUOFUHEE's liquid hydrogen equipment has already achieved civil use, giving the company a competitive advantage. The deep dependence of the liquid hydrogen industry on hydrogen sources and electricity prices, the far-reaching and long-lasting industry linkage formed by the entire chain of business in green hydrogen production, storage, transportation, filling, and usage. Currently, GUOFUHEE is actively exploring an integrated business model of "green hydrogen production + green hydrogen liquefaction + green hydrogen transportation + green hydrogen refueling + green hydrogen transport" in the hydrogen liquefaction field. During the reporting period, to increase the investment in hydrogen liquefaction areas, the company has also newly established a joint venture in Inner Mongolia, which will lead the development of eco-projects such as wind power green hydrogen production and liquefaction to boost GUOFUHEE's equipment sales market for the whole industry chain. Similar eco-project arrangements have shown significant significance in Xinjiang. According to GUOFUHEE, the company will gradually increase the revenue proportion of hydrogen gas liquefaction and liquid hydrogen transportation equipment as well as water electrolysis hydrogen production equipment, and future related businesses are expected to become the main growth points for the company's performance. At the same time, as a leading company in the industry, GUOFUHEE is also looking to the overseas market. According to reports, since February this year, GUOFUHEE has begun to gradually implement potential overseas hydrogen energy investment projects through overseas joint ventures and business partners. From publicly available information, GUOFUHEE has already conducted business in various regions globally, including but not limited to the Middle East, North Africa, Europe, Brazil, Singapore, India, Malaysia, among others, by establishing joint ventures with local companies, signing project cooperation agreements, and participating in local hydrogen energy development planning projects. Furthermore, the company has confirmed several favorable and feasible overseas premium projects, involving hydrogen refueling stations, hydrogen production equipment manufacturing plants, water electrolysis hydrogen production, and liquid hydrogen production facilities, Once these potential projects are put into operation, they are expected to significantly drive equipment product orders and increase revenue from hydrogen gas and liquid hydrogen sales, bringing substantial returns to GUOFUHEE. With a clear growth path for its business and ample growth momentum from increasing orders, standing at a crucial time when the hydrogen energy industry is about to experience explosive growth, it can be anticipated that GUOFUHEE's current strategic investments and implementations will soon impressive growth figures on the financial report. The company's investment value will also transform with the realization of market expectations into a "qualitative change."