GUOFUHEE (02582) annual report highlights the structural highlights, new business growth exceeded 2 times, "taking over" becoming a new growth point.

In 2025, it can be said that it is a year of opportunities and challenges coexisting for the hydrogen energy industry. During this year, the hydrogen energy industry ushered in a new round of policy dividends, and its strategic position as a key carrier for achieving the "dual-carbon" goals and energy structure transformation was further clarified. The entire industry continued to evolve towards a mature development stage. However, it is undeniable that, due to a temporary slowdown in overall market demand and an increase in market competition intensity, participants in the hydrogen energy industry generally experienced "growing pains" last year. In the midst of this, GUOFUHEE, a global hydrogen energy integrated leader, withstood external pressures and ultimately achieved resilient development in 2025. According to the company's recently disclosed financial report, in 2025, GUOFUHEE's operational performance can be described as having prominent structural highlights. The company's revenue from electrolysis hydrogen production increased by 213.8% year-on-year to 99.064 million yuan, and the contribution of this business to the company's overall revenue increased from 6.9% in the previous fiscal year to 28.6%. This structural transition marks the beginning of the strategic effectiveness of GUOFUHEE's integrated layout of production, storage, transportation, utilization, and application, with electrolysis hydrogen production rapidly growing into the company's second growth engine. Additionally, it is worth mentioning that shortly before the financial report disclosure, GUOFUHEE completed a strategic placement, raising net proceeds of approximately 149 million Hong Kong dollars. According to the relevant announcement, GUOFUHEE will allocate 70% of the funds raised in this placement to operations and other general corporate purposes, which is expected to provide financial security for the company's future business development and growth. Looking ahead, with the arrival of placement funds and the continuous implementation of new signed orders, GUOFUHEE's growth story is bound to unfold new chapters. Taking over new businesses, highlighting annual report structural highlights From the financial data perspective, GUOFUHEE's operational performance in 2025 can be described as having prominent structural highlights. In the context of the industry facing a temporary slowdown in demand, the company achieved total revenue of approximately 346 million yuan for the year, demonstrating strong operational resilience. Of more note, the company's financial fundamentals continued to improve, with cash and cash equivalents held by the company totaling approximately 477 million yuan at the end of 2025, representing a growth of over 40% compared to the previous year-end, providing solid financial security for future strategic investments and project implementation. The most striking change in GUOFUHEE's 2025 financial report is the remarkable growth of its electrolysis hydrogen production business. The revenue from this business increased from 31.575 million yuan in 2024 to 99.064 million yuan, accounting for 28.6% of the company's total revenue. This structural transition signals the beginning of the strategic effectiveness of GUOFUHEE's integrated layout of production, storage, transportation, utilization, and application. As an emerging business strategically nurtured by the company, electrolysis hydrogen production is rapidly becoming the second growth engine for the company, effectively offsetting the impact of the temporary adjustment in the traditional hydrogen energy transportation business. Behind the strong realization of growth potential in new businesses is GUOFUHEE's foundation of maintaining its leading position in traditional advantageous areas such as onboard high-pressure hydrogen supply systems and hydrogen refueling station equipment, while vigorously cultivating new business growth points. The financial report shows that in 2025, GUOFUHEE invested approximately 35.92 million yuan in research and development, continuously investing in cutting-edge areas such as electrolysis hydrogen production equipment and equipment for the liquid hydrogen production chain. It is this strategic determination to continue deepening technological expertise during industry adjustments that has built a solid competitive barrier for the company. The financial report shows that the 10-ton liquid hydrogen project in Shandong was successfully commissioned in November last year; the Inner Mongolia Hohhot Uusu Wind Green Hydrogen Production and Refueling integrated demonstration station, the Xinjiang Manas County Xihai Comprehensive Energy Station, and others were put into full operation during the year; and the Xinjiang Tong Huidu Hydrogen Metallurgy project successfully landed, allowing GUOFUHEE to successfully expand the application of green hydrogen in new scenarios beyond the chemical industry and transportation. Furthermore, GUOFUHEE delivered electrolysis hydrogen production equipment and project solutions to Malaysia, India, Morocco, Germany, and other countries. Overall, despite experiencing "growing pains" in the hydrogen energy industry in 2025, GUOFUHEE, with the advantage of integrated layout and its leading position, not only stabilized its foundation but also achieved substantial breakthroughs in business structure optimization. Significant strategic positioning advantages, accelerated growth momentum expected to be unleashed Looking back at the evolution of the hydrogen energy industry at the current moment, the industry's development path has become clearer. Looking ahead, the industry is expected to continue experiencing structural differentiation and a shift in focus on applications, with incremental opportunities coming more from industrial, energy, and international markets, while the transportation sector will shift towards a rational development stage focusing more on scenario economics, regional policy adaptability, and operational quality. For GUOFUHEE, the above industrial landscape evolution may actually open up valuable windows of opportunity for the company to realize its value. According to the company, GUOFUHEE will focus on structural opportunities within the industry this year based on a core development strategy of "enhancing quality in transportation business, breakthrough in liquid hydrogen technology, expansion of green hydrogen and diverse scenarios, deepening localization overseas, and improving operational quality." In the transportation sector, GUOFUHEE will shift from past expansion thinking to refined operations, focusing on premium scenarios with economic operations and guaranteed returns such as heavy-duty trucks, ports, and mining areas to further consolidate its leading edge in onboard hydrogen supply systems and refueling station equipment. Leveraging the engineering experience accumulated from the 10-ton/day liquid hydrogen demonstration project, the company will accelerate the market transformation of the full chain of equipment for liquid hydrogen production, storage, transportation, and utilization, while extending low-temperature technical capabilities to cutting-edge areas such as nuclear fusion low-temperature equipment and marine low-temperature storage and transportation to nurture medium to long-term growth points. Furthermore, given that the 2025 financial report has confirmed that electrolysis hydrogen production is rapidly growing into GUOFUHEE's second growth engine, the company will further focus on integrating electrolysis hydrogen production system capabilities, expanding into multiple applications such as chemical, metallurgy, green fuel, and comprehensive energy stations to push the boundaries of green hydrogen applications to broader horizons, truly turning green hydrogen equipment into the strongest engine for the company's long-term performance growth. Moreover, GUOFUHEE's global expansion will hit the "acceleration button" in 2026. Going forward, the company will focus on key markets such as the Middle East, Southeast Asia, Europe, and South America to promote the extension of overseas business from demonstration projects and product exports to local manufacturing, localized delivery, and continuous service capability construction. Finally, focusing on liquid hydrogen, green hydrogen, low-temperature equipment, and other directions, GUOFUHEE will continue to strengthen the construction of technological platforms to drive the transformation of research and development outcomes into replicable standardized solutions, laying a solid foundation for subsequent scalable growth. In summary, GUOFUHEE's latest financial report not only confirms the company's ability to maintain operational resilience during the industry adjustment period but also demonstrates the strong potential of its new businesses to the market. Presently, with the placement funds in place and the accumulation of multiple growth dynamics in new businesses and markets, this hydrogen energy leader with technological positioning advantages, integrated advantages, and a global perspective is steadily moving towards a new stage of value realization. For investors, as the commercialization inflection point of the hydrogen energy industry approaches, the long-term investment value of GUOFUHEE is undoubtedly worthy of attention.