Hemei Group put 500 hydrogen-electric shared bicycles into operation in 2024.

Recently, Shenzhen Hemei Group Co., Ltd. (hereinafter referred to as Hemei Group), a company primarily engaged in the clothing business, released its 2024 annual report. Since venturing into the hydrogen energy sector in 2024, as of the end of the reporting period, the company has acquired six energy replenishment stations, with the production of green hydrogen and green methanol from wind and solar power in the preliminary planning stage, and 500 hydrogen-electric shared bicycles have been put into operation.

In 2024, Hemei Group achieved a total operating revenue of 407 million yuan, up 146.43% YoY; it incurred a net loss attributable to shareholders of 43.6857 million yuan, compared to a loss of 47.2035 million yuan in the same period last year; its net loss excluding non-recurring gains and losses was 73.9414 million yuan, compared to a loss of 28.1426 million yuan in the same period last year; the net cash flow generated from operating activities was -94.3123 million yuan, compared to -11.9032 million yuan in the same period last year. During the reporting period, Hemei Group's basic earnings per share was -0.0333 yuan, and its weighted average return on net assets was -7.65%.

Breaking down by product, in the hydrogen sector, Hemei Group achieved an operating revenue of 4.6469 million yuan in 2024, with an operating revenue of 1.3636 million yuan from shared bicycle operations.

It is understood that Hemei Group positions itself as a "service provider for international brand operations," with its main business being international brand clothing, footwear, luggage, etc., covering accessories, jewelry, men's wear, women's wear, casual wear, sportswear, children's wear, footwear, and other categories.

At the beginning of 2024, relying on the industrial background of its shareholders and policy support, Hemei Group established a hydrogen energy development strategy, rapidly entering the energy replenishment sector through asset acquisitions, focusing on the layout of green energy industries such as the production of green hydrogen and green methanol from wind and solar power, integrated energy stations, and hydrogen-powered shared bicycles, while simultaneously advancing the construction of new stations.

As of the end of the reporting period, the company has acquired six energy replenishment stations, with the production of green hydrogen and green methanol from wind and solar power in the preliminary planning stage, and 500 hydrogen-electric shared bicycles have been put into operation.

Meanwhile, at the beginning of 2024, the company also jointly established Pengfei Hydrogen Hemei with its related party Pengfei Green Energy. Pengfei Hydrogen Hemei is a holding subsidiary in which the company holds a 51% stake, serving as the operational entity for the company's energy sector business. The company's energy sector business encompasses integrated energy station operations and hydrogen energy business, which is a new business for the company during the reporting period.

The report states that in terms of the production of green hydrogen and green methanol from wind and solar power, as well as the hydrogen-powered shared bicycle business, in 2024, Hemei Group invested in and constructed two wind and solar power-based hydrogen/methanol production projects in Shanxi and Inner Mongolia, leveraging the abundant wind and solar resources in these two regions to reduce hydrogen production costs, aiming to provide green hydrogen and green methanol supplies for the company's integrated energy stations, as well as for local industrial and transportation sectors. Currently, both projects are still in the preliminary preparation stage and have not yet officially commenced construction or entered production.

It is reported that, in line with the national promotion direction of "diversified demonstration applications of hydrogen energy," Hemei Group has deployed 500 hydrogen-powered shared electric bicycles in some regions of Shanxi Province, targeting C-end consumers to explore the commercial application of hydrogen energy in short-distance travel and accumulate operational experience.

Hemei Group stated that in 2025, the company will continue to focus on the strategic transformation of hydrogen energy and build differentiated competitiveness through three major directions:

Integrated Energy Station Operation: Relying on existing natural gas station resources, the company plans to gradually upgrade them into an "oil, gas, hydrogen, and electricity" integrated energy replenishment network. By acquiring and integrating resources and implementing technological upgrades (such as expanding hydrogen refueling modules), the company aims to seize the regional hydrogen-powered vehicle energy replenishment market.

Wind and Solar Power-to-Hydrogen/Methanol Projects: The company will establish green hydrogen production capacity in Shanxi and Inner Mongolia, creating green energy bases by leveraging wind and solar resources. In 2025, the focus will be on advancing two wind and solar power-to-hydrogen projects by Pengfei Hydrogen Hemei in Qinyuan and Chifeng, accelerating the commissioning progress of these projects, collaborating with downstream chemical, logistics, and shipping enterprises to secure long-term orders, and promoting the commercial application of green hydrogen.

Hydrogen Energy Application in Shared Electric Bicycles: The company will expand the operational regions of hydrogen-powered shared electric bicycles, focusing on short-distance and high-frequency scenarios to verify the technical and economic feasibility of miniaturized hydrogen energy technologies and accumulate data for subsequent expansion into the light-duty transportation market.

In terms of implementation strategies, Hemei Group will leverage the resource advantages of Shanxi and surrounding provinces to actively expand the range of upstream suppliers, securing low-cost, high-purity, and stable natural gas and hydrogen sources to reduce procurement costs.

The company will focus on major transportation corridors and regions with a high density of new energy heavy-duty trucks, adding new stations to meet the growing market demand for heavy-duty trucks. It will promote the construction of "oil, gas, hydrogen, electricity, and service" integrated energy stations, deploying integrated service stations in key locations such as major highways and logistics parks to enhance coverage density.

The company will strengthen cooperation with downstream partners, offering customized refueling service agreements for major clients to seize the initiative in the demonstration application market for hydrogen-powered heavy-duty trucks. It will introduce membership marketing programs, combining with government subsidy policies for hydrogen-powered vehicles to reduce user costs and enhance customer loyalty.

For energy-intensive enterprises such as coking parks and steel plants, the company will continue to promote the use of clean energy to replace traditional energy sources, expanding gas application scenarios in the industrial sector. It will collaborate with urban logistics and cold chain transportation enterprises to promote the large-scale application of clean energy vehicles in short-distance transportation, establishing a regional green logistics industry chain.

The company will create an "energy + services" complex by adding catering, convenience stores, and other business formats within energy stations, forming a one-stop service of "energy replenishment + consumption" to enhance the profitability of individual stations. It will integrate after-market services such as car washing and vehicle maintenance, improve the membership points redemption system, and increase user dwell time and repurchase rates. Explore intelligent operations and cross-industry cooperation, introduce intelligent refueling systems and digital management platforms to achieve real-time monitoring and optimized scheduling of inventory, orders, and payments, thereby reducing operational costs.