[SMM Hydrogen Energy Industry Weekly Review] 20250828

I. Policy Review: Hydrogen Policy Updates

(A) Domestic Policies

Henan Province: Released the "Action Plan for Cultivating and Expanding Strategic Emerging Industries and Proactively Planning Future Industries in Henan Province." The document points out that it is necessary to accelerate the forward-looking layout of future industries. Focusing on key directions such as future manufacturing, future information, future materials, future energy, future space, and future health, and concentrating on tracks with strong national will, broad penetration areas, and strong lock-in effects, the plan proactively lays out future industries including artificial intelligence, hydrogen and new-type energy storage, biomanufacturing, quantum technology, next-generation information networks, and frontier new materials. It also actively plans advanced nuclear energy, brain-like intelligence, and aerospace information industries. For hydrogen and new-type energy storage, it accelerates the R&D of key technologies and core components in the production, storage, transportation, and application of renewable energy-derived hydrogen, explores the demonstration of comprehensive hydrogen applications, strengthens the R&D of solid-state batteries, sodium-ion batteries, flow batteries, and metal-air batteries, and promotes the full-scene application and promotion of new-type energy storage.

Zhuhai City, Guangdong Province: Released the "Special Plan for Hydrogen Refueling Station Layout in Zhuhai (2023-2027)." The document states that by 2026, based on existing by-product hydrogen projects and planned renewable energy and biomass hydrogen production projects, combined with vehicle application scenarios within the city such as public buses, intercity/cross-border coaches, cold chain logistics vehicles, municipal engineering vehicles, and heavy trucks, a planning layout for hydrogen refueling stations will be carried out. Priority will be given to utilizing existing gas stations that have ceased operations or have transformation plans, existing and newly planned gas stations with co-construction conditions, and unallocated land around application scenarios for the construction of 15 hydrogen refueling stations, in conjunction with enterprises within Zhuhai that have intentions to build them. By 2027, it aims to achieve large-scale demonstration and promotion of fuel cell vehicles, basically forming a hydrogen supply security system mainly based on industrial by-product hydrogen, supplemented by renewable energy and biomass hydrogen production, and establishing a hydrogen refueling network system that serves the local area, takes into account transit, ensures smooth connections, and maintains safety and order, with plans to construct 19 hydrogen refueling stations.

Chongqing Municipality: Released the "Measures for Supporting the Promotion and Application of Hydrogen Fuel Cell Vehicles in Chongqing in 2025." The document indicates that starting from January 1, 2025, for hydrogen refueling stations included in the city's overall plan and completed, a subsidy of 30% of the actual investment (excluding land costs) will be provided to the investment entity, with a maximum single-station subsidy amount not exceeding 3 million yuan. Starting from January 1, 2025, operational subsidies for hydrogen refueling stations will continue, providing a 30 yuan/kg subsidy, up to a maximum of 3 million yuan per station annually, for stations where the terminal selling price of hydrogen does not exceed 25 yuan/kg, based on the annual cumulative hydrogen dispensing volume. For new hydrogen fuel cell car models with domestic sales reaching 50 units or more by 2025, a one-time new product development reward of 2 million yuan will be given to each model, with the maximum annual reward for a single company not exceeding 6 million yuan. At the same time, it is encouraged that the economic and information departments of relevant districts and counties increase exploration of business models, formulate special policies to support the promotion and application of hydrogen fuel cell vehicles, and strongly support related companies in establishing financial leasing platform companies, to promote large-scale demonstration applications of hydrogen fuel cell vehicles.

Policy Interpretation:

1. The Action Plan for Cultivating and Expanding Strategic Emerging Industries and Prospective Layout of Future Industries in Henan Province: The policy focuses on the entire chain of "production, storage, transportation, and utilization" of hydrogen, relying on leading enterprises such as Yutong Group and Central China Oilfield, to advance green hydrogen production, solid-state hydrogen storage material R&D, and breakthroughs in core equipment like PEM electrolyzers. In addition, the policy gathers equipment companies such as Senda through provincial future industry pilot zones (Zhengzhou Economic & Technological Development Zone, Xinxiang High-tech Zone), promoting the implementation of scenarios such as hydrogen fuel heavy trucks and combined heat and power, strengthening the substitution of green hydrogen in the chemical and building materials sectors. It accelerates technology localisation in the short term and builds a "green hydrogen + equipment + application" industrial loop in the long term, assisting in the construction of a central hydrogen hub.

2. Zhuhai City Hydrogen Refueling Station Layout Special Plan (2023-2027): Following the path of "industrial by-product hydrogen as the foundation, supplemented by green hydrogen," 19 hydrogen refueling stations are planned before 2027, prioritizing the renovation of existing oil and gas stations (accounting for over 60%), and combining with port logistics (Gao Lan Port) and cross-border transportation (Hengqin Port). The plan emphasizes intensive land use (co-built stations save 50% land costs), supporting the operation of fleets at the thousand-unit level for public transport, cold chain, and heavy trucks, while also connecting with the hydrogen demand of Hong Kong and Macau, creating a node in the western wing of the Greater Bay Area's hydrogen corridor. The policy drives infrastructure through scenario requirements, expecting the scale of hydrogen vehicles to reach 3,000 units by 2027, with the proportion of green hydrogen increasing to 20%, promoting the interconnectivity of the Pearl River Delta hydrogen network.

3. Chongqing 2025 Support Measures for the Promotion and Application of Hydrogen Fuel Cell Vehicles: The policy adopts a "dual subsidy drive + model innovation" approach, implementing dual subsidies for hydrogen refueling station construction and operation in 2025, along with rewards for car model sales, directly reducing the cost of station construction by 40% and the price of hydrogen to below 25 yuan/kg. Meanwhile, relying on companies such as Bosch Hydrogen Power, it breaks through stack and membrane electrode technologies, increasing the local matching rate to 60%. In the short term, the policy stimulates infrastructure (adding 8 stations by 2025), and in the long term, it nurtures an ecosystem of "hydrogen production (from Fuling shale gas by-products) - storage and transportation (pilot of liquid organic hydrogen storage) - application (port machinery, cold chain logistics)," helping the Chengdu-Chongqing hydrogen corridor to reduce carbon emissions by 500,000 mt annually.

(II) Foreign Policies

European Commission: Released a document titled "Methodology for Calculating Greenhouse Gas Emission Reductions from Low-Carbon Fuels," which for the first time clearly defines the emission intensity calculation formulas and certification standards for low-carbon fuels, including low-carbon hydrogen (excluding recycled carbon fuels).

EU: Guided by the European Green Deal and the European Climate Law, it has introduced a series of decarbonization policies. Among them, the Fuel EU Regulation (FEU), to be officially implemented in 2025, will accelerate the adoption of renewable fuels in the shipping industry. The Carbon Border Adjustment Mechanism (CBAM), set to be enforced in 2026, will impose carbon taxes on specific imported goods.

Germany: Adopted the National Hydrogen Strategy, aiming for a green hydrogen capacity of 5 GW by 2030.

France: Updated its National Hydrogen Strategy. A support mechanism totaling 4 billion euros has been established to ensure the market competitiveness of low-carbon hydrogen over the next 15 years. Adjustments include increasing the national electrolyzer installation capacity to 4.5 GW by 2030 and 8 GW by 2035; enhancing the technological autonomy of the entire hydrogen industry chain; developing a low-carbon hydrogen transportation network; and ensuring the basic conditions for the development of the hydrogen industry.

US: President Trump signed the "Big and Beautiful" bill, extending the start date for tax credit projects in the hydrogen sector by two years to 2028. Originally, hydrogen projects had to commence before January 1, 2026, to qualify for a maximum tax credit of $3 per kg. This deadline has now been extended to January 1, 2028.

Policy Interpretation:

1. Fragmentation of Standards and Cost Challenges: The EU's "carbon extraterritorial jurisdiction" has sparked controversy: Its calculation method excludes "recycled carbon fuels" (such as hydrogen produced from biomass), which is seen as technological discrimination. CBAM's tracing of indirect emissions (such as the carbon intensity of the power grid for electrolytic hydrogen) has led to downgrading of Morocco's PV-to-hydrogen projects due to 15% coal in their power mix. More critically, fluctuations in EU carbon prices (which once soared to 110 euros/mt in 2023) directly affect the cost of imported hydrogen, prompting countries like Algeria to demand long-term agreements with "carbon price linkage." This new type of trade clause is reshaping global energy contracts.

2. Competition and Strategic Layout: The decarbonization stimulus policy packages of China and the EU are essentially industrial reshuffles using standards as weapons. Germany's pipelines, France's electrolyzers, and US subsidies together form the "Three Kingdoms" of the hydrogen era. For China, it is essential not only to quickly adapt to the EU's carbon footprint calculations but also to be wary of "standard barriers" evolving into "technological lock-in"—when the EU mandates that hydrogen projects must use second-generation anti-hydrogen coatings by 2027, the speed of technological iteration by domestic companies will determine their position in the global low-carbon competition.

II. Corporate Dynamics: Surge in Project Signings and Technology Collaborations​​

(i) Project Intelligence​​

Sichuan Chengyu New Energy Construction Co., Ltd.: The procurement of hydrogen and tube trailer leasing for the Jinyang Service Area (Chongqing to Chengdu direction) on the Dunyu-Rong Expressway, to ensure the normal operation of the hydrogen refueling station, requires the purchase of 150,000 kg of hydrogen (estimated quantity) and a 180-day (estimated duration) tube trailer leasing service (the supply of tube trailers must be seamless, meeting the operational needs of the hydrogen refueling station, ensuring a stable supply of hydrogen).

Commercial Aircraft Corporation of China, Beijing Civil Aircraft Technology Research Center: Hydrogen Capital released a tender for the procurement of aviation hydrogen storage devices, with a quantity of 2 sets.

Foshan Nanhai Hanhe Co., Ltd.: Issued a public tender for the procurement of hydrogen-powered vehicles (light refrigerated trucks), with a budget amount of 197.75 million yuan, a procurement quantity of 350 units, and a maximum unit price limit of 565,000 yuan.

Yiyang Energy Management Co., Ltd.: Released the winning bid announcement for the Xinlin Commercial Oil-Hydrogen Integrated Energy Station General Contracting Project, with Shandong Tianyuan Installation Group Co., Ltd. as the bid winner, at a winning bid price of 2,496.8353 yuan.

Jinan Green Hydrogen Technology Co., Ltd.: Released the procurement result announcement for the 2025 annual long-tube trailer hydrogen procurement project, with Shandong Binhua Hydrogen Energy Co., Ltd. as the successful supplier, through a competitive negotiation procurement method.

(ii) Corporate Updates

National Hydrogen Automotive Industry Metrology Testing Center: Recently, the State Administration for Market Regulation approved the establishment of the National Hydrogen Automotive Industry Metrology Testing Center, based on the China Automotive Engineering Research Institute Co., Ltd. located in Chongqing, aimed at enhancing the core competitiveness of the hydrogen automotive industry and better leveraging metrology's technical support and assurance role for the hydrogen automotive industry.

Shanxi Meijin Energy Co., Ltd.: Shanshui Group Shanxi Operation Zone and Shanxi Meijin Energy Co., Ltd. signed a strategic cooperation agreement. The signing of this strategic cooperation agreement marks that the cooperation between Shanshui Group and Meijin Energy has entered a substantive phase, injecting strong "green power" into Shanshui Group's logistics transportation system.

Shanxi Meijin Energy Co., Ltd.: Recently released its H1 2025 report, which shows that in H1 2025, Meijin Energy's total assets were 44.742 billion yuan, a decrease of 0.67% from the end of the previous year; the net assets attributable to shareholders of the publicly listed firm were 13.717 billion yuan, a decrease of 5.08% from the end of the previous year; the revenue achieved in H1 2025 was 8.245 billion yuan, a YoY decrease of 6.46%; the net profit attributable to shareholders of the publicly listed firm was -674 million yuan, with the loss decreasing by 1.29% YoY.

China State Shipbuilding Corporation (CSSC) Paire Hydrogen: The 718 Research Institute of CSSC provided significant support for the trial voyage of the "Hydrogen-Electric Tug 1," the first domestic hydrogen-electric "dual-energy" hybrid-powered vessel, which was officially commissioned at Qingdao Port.

SPIC Hydrogen Technology, Yutong Commercial Vehicle Co., Ltd., and Hydro Power (Beijing) Technology Co., Ltd. : jointly held a "Delivery Ceremony for 200 Hydrogen Fuel Cell Logistics Vehicles" in Zhengzhou. A total of 200 hydrogen fuel cell logistics vehicles were delivered. This is another batch delivery project following the successful delivery of 360 hydrogen fuel cell refrigerated trucks in 2024.

Yuchai Group: Yuchai's YCA05KM methanol engine successfully started production at the National Engineering Research Center. The YCA05KM methanol engine has a displacement of 5.02L and a maximum output power of 170 horsepower. The launch of this new product marks the further expansion of Yuchai's methanol engine family, forming a full-scenario methanol power product matrix.

Beijing Tianhai Industry Co., Ltd.: Tianhai Hydrogen, a subsidiary of Tianhai Industry, was successfully selected for the 2025 Beijing Advanced Intelligent Factory (Second Batch) list, officially released by the Beijing Municipal Bureau of Economy and Information Technology, with its "Intelligent Factory for Composite Material High-Pressure Hydrogen Storage Cylinders" project. Additionally, with the successful delivery and operation of 59 Rongcheng New Energy hydrogen heavy-duty trucks at the Tianjin Port Bonded Area Hydrogen Demonstration Park, Tianhai Hydrogen also provided 6*390 liter Type IV cylinder hydrogen supply systems for the 59 hydrogen heavy-duty trucks.

Air Liquide: Recently announced that it has signed a binding agreement with Macquarie Asia Infrastructure Fund II to acquire South Korea's comprehensive industrial gas company DIGAirgas for an enterprise value of 2.85 billion euros (approximately 460 million yuan), with the transaction expected to be completed in H1 2026.

Metacon: Swedish Metacon recently released its Q2 and H1 2025 financial report, showing that the company's revenue experienced "rocket-like" growth, while losses narrowed rapidly, benefiting from the intensive implementation of green hydrogen projects in Europe. Q2 revenue reached 61.6 million Swedish kronor (approximately 46 million yuan), up 431% YoY from 11.6 million Swedish kronor, and up 58% QoQ. H1 cumulative revenue was 111.5 million Swedish kronor, up 474% YoY, nearly matching the total revenue for the entire year of 2024.

III. Technological Advancements: Breakthroughs in Efficiency and Cost

(I) Production, Storage, and Transportation

Shougang Group Co., Ltd.: Successfully developed a full series of hydrogen transmission pipeline steels, including B/X42/X52/X60/X65MH, overcoming six key technical bottlenecks such as hydrogen embrittlement damage and low-temperature toughness, forming a relatively complete product matrix of hydrogen transmission pipeline steels.

CNPC Baoshishun (Qinhuangdao) Steel Pipe Co., Ltd.: Successfully trial-produced various specifications of "straight seam submerged arc welded pipes" (D610x12.7/14.3mm, material/X60MH) for pure hydrogen transportation.

SPIC Central Research Institute: The hydrogen storage and transportation team of the Advanced Low-Carbon Institute developed a large-diameter (DN150), high-pressure (10MPa) non-metallic flexible hydrogen transmission pipeline, which successfully achieved safe and stable operation for 30 days on the test platform.​​

​​COOEC Special Equipment Branch: The design results of the "low-temperature liquid hydrogen storage tank" for deep-sea floating platforms, independently developed by the company, received Approval in Principle (AIP) certification from China Classification Society (CCS), marking that the safety and reliability of the results fully comply with the classification society's specifications.

​​Dalian Institute of Chemical Physics, Chinese Academy of Sciences: A breakthrough in alkaline electrolyzer membrane technology​​: Developed an ultra-thin (20μm) composite separator, increasing electrolysis system efficiency to ​​85%​​ (LHV) with a lifespan exceeding 60,000 hours.

(II)​​ Fuel Cell Innovation

Liaoning General Aviation Research Institute​​: The RX4M, China's first four-seat electric-electric hybrid aircraft, independently developed by the academician Yang Fengtian's team at the Liaoning General Aviation Research Institute of Shenyang Aerospace University, successfully completed its maiden flight at Shenyang Fakou Caihu Airport, contributing a "Chinese solution" to the global development of electric aircraft.

Eastern Hydrogen Energy: Obtained a patent for a system that improves the humidity of air entering the fuel cell stack in the field of fuel cell technology.

Georgia Power: Announced the successful completion of the second hydrogen-natural gas blended fuel experiment under partial and full load conditions for the M501GAC natural gas turbine in collaboration with Mitsubishi Power.​​

​​The US Hydrogen Association (DoE) took the lead in establishing the "Hydrogen Refueling Station Compatibility Alliance"​​: Unified the 70MPa hydrogen refueling nozzle interface standard, eliminating barriers in hydrogen refueling protocols for automakers such as Toyota, Hyundai, and Nikola, and promoting interoperability of the hydrogen refueling network.