Hydrogen fuel power battery company's first show, Yihuatong Science and Technology Innovation Board IPO accepted

On the evening of July 8, the listing application of Yihuatong, the first science and technology innovation board candidate from the field of hydrogen fuel power cells, was accepted by the Shanghai Stock Exchange. The company plans to raise 1.2 billion yuan, and Guotai Junan Securities is the company’s sponsor. The company chose the fourth set of listing criteria on the Science and Technology Innovation Board, that is, the estimated market value is not less than RMB 3 billion, and the operating income in the most recent year is not less than RMB 300 million. Financial data shows that Yihuatong achieved operating income of 368 million yuan in 2018, and the company's last round of financing on the New Third Board was valued at 2.5 billion yuan. Fuel power battery supporting models rank first in the industry. Yihuatong is one of the first domestic companies engaged in the field of hydrogen fuel power batteries, and it is also one of the few domestic companies that fully rely on independent intellectual property rights and independent research and development to achieve mass commercialization of hydrogen fuel power battery engines. One of the company’s processes. At present, the company's products are currently mainly used in commercial vehicles such as passenger cars and logistics vehicles. According to the 5th to 13th batch of 'Recommended Models Catalog for the Promotion and Use of New Energy Vehicles' in 2018, a total of 83 fuel-powered commercial vehicle models were included in the catalog in 2018, and a total of 24 commercial vehicle models equipped with Yihuatong fuel-powered battery engine systems were included. It accounted for 28.92%, ranking in the position and significantly ahead of the subsequent Guohong Reshaping (13%). At present, there are more than 500 vehicles equipped with Yihuatong hydrogen fuel cell engine systems nationwide. The partners include Yutong Bus and Beiqi Foton. Looking at financial data, in 2016, 2017, 2018, and from January to March 2019, Yihuatong achieved revenue of 138 million yuan, 201 million yuan, 368 million yuan, 15.5684 million yuan, and net profits were -164.40 yuan. Ten thousand yuan, 29.2601 million yuan, 17.8653 million yuan, -32,886,200 yuan. Regarding the net loss in the first quarter of this year, the company said that because its business income is mainly concentrated in the second half of the year, the first quarter's income is often small. According to reports, Yihuatong currently has 135 Ru0026D personnel, accounting for 27.27% of the total number of employees; from 2016 to 2018, the company's Ru0026D investment accounted for 12.65%, 12.44%, and 13.40% of revenue, respectively. In terms of shareholders, listed companies including Dongxu Optoelectronics and Foton Motor have appeared on Yihuatong’s shareholder list. Among them, Dongxu Optoelectronics directly holds 4.85% equity in Yihuatong, Yutong Bus holds 5.29% equity in Yihuatong through its wholly-owned subsidiary Kangrui Yingshi, and Foton Motor and Variety Arts also indirectly hold Yihuatong shares. With a view to the future, it plans to further upgrade the output from the New Third Board and switch to the Science and Technology Innovation Board. Yihuatong plans to publicly issue no more than 22.65 million shares this time, and plans to raise 1.2 billion yuan. Among them, the company plans to use 600 million yuan to raise funds to build the second phase of the construction of a fuel power cell engine processing base, aiming to increase the company's output from the target annual average of 2,000 to 10,000 in three years. The reporter noticed that although according to the statistics of the my country Association of Automobile Manufacturers, the sales of hydrogen fuel-powered battery vehicles in my country in 2018 just exceeded 1,500 units, but only according to the relevant plans for hydrogen fuel vehicles issued by Shanghai, Zhangjiakou, Suzhou and other places, by the end of 2020, The number of fuel cell vehicles to be promoted will exceed 10,000. In other words, fuel cell vehicles will usher in an explosive rise in the near future. The battle for the future of the hydrogen fuel power battery industry has already begun. For example, Weichai Power invested 561 million yuan in cooperation with Canadian company Ballard in the field of hydrogen fuel powertrain at the end of 2018. Another example is Snowman, which announced in March this year that it plans to invest 4.55 billion yuan to build an annual output of 100,000 sets of fuel power cell engines and electric stacks and other core components. In addition to production expansion, investing 100 million yuan in the fuel-powered battery engine project for the 2022 Winter Olympics is another focus of Yihuatong's layout in the future. According to reports, the tripartite cooperation between Yihuatong, Toyota Motor and Beiqi Foton has been finalized. The three parties will jointly develop two fuel-powered battery bus models with lengths of 9 meters and 12 meters for the needs of the Winter Olympics. (⊙Reporter Wang Zilin○Editor Zhu Jianhua)