Zhongtai Securities: SOFC has achieved a certain level of economic viability for use as primary power for AIDC; the complete-system segment leads in domestic commercialization.

Zhongtai Securities has released a research report stating that global SOFC competition is characterized by U.S. leaders dominating while China, Japan, South Korea, and Europe are accelerating their catch-up efforts. Looking at China's domestic industrial chain by segment: In the complete system segment, the company has partnered with Ceres to build SOFC complete system R&D and industrialization capabilities, leading in domestic commercialization. In the key resources segment, approximately 5,000 tons of metallic chromium are consumed per GW of interconnect components, with existing capacity of 30,000 tons. In the testing segment, the company won the bid for the CGN SOFC power generation system testing service project, positioning itself in third-party testing and verification. In the full-stack self-development segment, the company has achieved independent supply across the complete chain of "powdercellsstackssystems," with a 120kW demonstration project expected to be completed and put into operation by the end of 2026.