【SMM Analysis】In-Depth Observation of the 2025 Beijing Hydrogen Energy Exhibition: Fuel Cell Enterprises Disappeared, Hydrogen Production Enterprises Faced Intensified Cut-Throat Competition, and Domestic Enterprises Must Expand Overseas.

The 4th International Hydrogen Energy Conference and International Hydrogen Energy and Fuel Cell Industry Exhibition concluded at the Beijing National Convention Center on March 28, 2025. According to incomplete statistics, over 400 companies participated in the exhibition, with a daily average attendance exceeding 20,000 people, including exhibitors. The exhibition fully reflected the current development status of the hydrogen energy industry. (Image source: Official website of the organizing committee) 1. Collective Silence of Fuel Cell Enterprises: Technological Transformation and Market Challenges The scale of participation plummeted: Although the exhibition's name included fuel cell enterprises, the main focus was on the hydrogen production sector. Even the participating fuel cell companies chose to share booths. According to SMM analysts, only three fuel cell companies participated independently: Jie Hydrogen Technology, Jiping New Energy, and Hydrogen Blue Era. Hydrogen Blue Era participated in a joint booth with multiple companies from the Gaoyou Hydrogen Energy Park. This "huddling for warmth" strategy reflects the severe compression of the survival space for fuel cell companies. Notably, the direction of fuel cell product displays has shifted significantly: from focusing on marine fuel cell stacks and other transportation applications in 2024 to small fuel cell stacks and hydrogen-powered bicycles for consumer end-use products. 2. Intensified Competition in the Hydrogen Production Sector: Technological Iteration and Cost Game While the fuel cell exhibition area was sparsely attended, the hydrogen production sector was bustling with activity. According to SMM statistics, over 50 electrolyzer manufacturers participated, and the number of component suppliers, including nickel mesh, PPS separators, base materials, and seals, exceeded 100, a fivefold increase YoY from 10-20. It is worth noting that many new entrants from 2023-2024 have yet to deliver products, raising concerns about industry "overheating." 3. Going Global as a Consensus: Global Opportunities and Localization Challenges The exhibition featured a special forum on overseas investment, with a significant increase in international visitors from India, Portugal, and Chile, reflecting the urgency of Chinese hydrogen energy companies' "going global" strategy. Cases such as China Electric Power Fengye's project win in Chile and Peric Hydrogen Energy's early layout confirm that overseas expansion has become an industry consensus. 4. New Ecosystem of Exhibition Economy: Special Value of Industry Incubation During the exhibition, SMM analysts were surprised to find that many companies are now engaged in hydrogen energy-related conference and exhibition services. Many companies invited participation in domestic and overseas hydrogen energy exhibitions through brochures and other means. Indeed, in the current stage of hydrogen energy industry development, where public awareness is low, conferences and exhibitions are the most direct way to introduce and educate the public about hydrogen energy. For companies, these events also provide opportunities to exchange ideas, collaborate, and solve problems collectively. Conclusion: Enduring the Winter, Awaiting the Spring Overall, SMM analysts believe that the hydrogen energy industry chain in 2025 will still be dominated by the hydrogen production sector. However, the development trend of fuel cells will be determined after the FCVC in Shanghai in June. The author believes that the emergence of an industry always has its rationality, and the speed and path of development are processes of continuous exploration. Exhibitions can only reflect industry trends, not define them. Although fuel cells were scarcely present at this exhibition, the overall industry development is not favorable, which has prompted fuel cell companies to transform. The specific direction of this transformation remains to be seen. Additionally, while competition in the hydrogen production sector intensifies, with many companies adopting contraction strategies and some defining the current period as the "industry's winter," the author remains confident in the development of the hydrogen energy industry and is committed to in-depth research to accompany companies until the industry blossoms. Written by: SMM Hydrogen Energy Analyst Shi Xin—WeChat: 13515219405