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huaxianengyuanwanghuoxi，jinri，zhuanzhuranliaodianchiyanfadeqingnengkejiqiyezhongsunengyuan（refire）diercixianggangguipofaqichongji。ciqian，zhongsunengyuancengyujinnian2yuetijiaozhaogushu。ipozheitiaolu，zhongsunengyuanyijingzoulesannianzhijiu，cengkaolvkechuangbanshangshi，danzuizhongxuanzelegangjiaosuo。

zhongsunengyuanzongbuweiyushanghai，shizhongguoshoujiashixianqingranliaodianchixitonghaiwaishangyehuadeqiye，yeshishoupijiaruguojiqingnengweiyuanhui（hydrogen council）dezhongguoqiyezhiyi，qixiaguimohuazhizaogongchanghuodehelanjiaotongbu（ rdw）gongchangshenherenzhengzhengshu。

zheijiagongsicengyinnaxiaguangdongfoshan“13liang11mideqingranliaogongjiaoche”dadingdanerbeiyejieguangfanguanzhu。danzaiqingnengfazhanqianjingbeichanyeduanhezibenduanshuangzhongkanhaodebeijingxia，qingnengkejigongsishangshiweiherucijiannan？

shoudangqichongdeyuanyin，huoshiqingnengchanpindeshangyehualuodiyijiushiyimensuoyouqingnengqiyexuyaojitiwanchengdegongke。

zhongsunengyuanipozhilujinglileshenme？yejiheyewubiaoxianruhe？huaxianengyuanwangchangshicongzhaogushushujuzhongchaijieyier。

历次IPO始末

zhongsunengyuanchengliyu2015nian，shiyijiazhuanzhuyuqingranliaodianchixitong、qingnengzhuangbeijixiangguanlingbujiandesheji、kaifa、zhizaohexiaoshou，bingtigongmanzukehuxuqiudeqingranliaodianchigongchengkaifafuwudegongsi。

qichuangshirenlinqizaichuangbanzhongsunengyuanzhiqian，zaidonglidianchixingyecongye11nianzhijiu，duiqingnengdengqingjienengyuanfazhanqushiyouhenshendexingyedongcha。tacengzaicaifangzhongbiaoshi，“qingnengchanyeshiyijianzhidezuodeshiqing，youyizhongxinnianganzaizhichengwo。quanqiufanweinei，yinyouxianziyuansuodailaidegezhongwenti，zhiyaonenggoutongguofeng、guang、shuidengqingjienengyuan，zaitongguoqingqizheizhongcunchuxingshi，rangsuoyourendounenghuoqudaonengyuan，renleimianlindewentibujiudoumeilema？womenxiwangzhaodaoyizhongwuwuranqieanquangaoxiaodenengyuan，yizhongsunengyuanhechanyejiegou，zhuligaishanshengtaihuanjing。”

juguojizixunjigoufrost & sullivanbaogao，an2023nianqingranliaodianchixitongdexiaoshoushuchugonglvji，zhongsunengyuanweijuzhongguoqingranliaodianchixitongshichangdiyi，shichangfenewei23.8%；an2023nianzhongkadazaideqingranliaodianchixitongdezongxiaoshoushuchugonglvji，weijuzhongguoqingranliaodianchixitongshichangdiyi，shichangfenewei42.4%。

jiezhi2024nian5yue31ri，zhongsunengyuandeqingranliaodianchixitongyiweizhongguochaoguo5900liangranliaodianchiqichetigongdongli。

zheijiaqingnengshichangde“jiyousheng”，zichengliyilai，hejijinxingle8lunrongzi，leijirongzijinechaoguo39yiyuan。touzifangzhenrongkeweihaohua，baokuohongshanzhongguo、gaoling、zhongyin、zhongguoshihua、yiqi、yutong、junlianzibendeng。muqian，zhongsunengyuanyijingwanchengleelunrongzi，jiezhi2022nian11yue，jituandeguzhichaoguo100yiyuan。

shoudaozifangrepengdezhongsunengyuan，quezaiipozhilushangpoweikanke。zi2021niandao2024nianduocichangshizaizibenshichanggongkaimugu。

zuizaozai2021nian3yue，zhongsunengyuancengdibiaokechuangban，jinglilianglunwenxunhou，2021nian8yue，gongsibiaoshizaikaolv（qizhongbaokuo）weilaiyewuzhanlvedingweijizijinguihuahouziyuanchehuixianqianagushangshishenqing。

2022nian10yue，zhongsunengyuanyinshenqingyushangjiaosuokechuangbanqianzaishangshierxiangzhongguozhengjianhuitijiaofudaobeian。danjiezhizuihoushijikexingriqi，gongsirengzaipingguqianzaishangshidehaochu，zuizhongbingweixiangshangjiaosuotijiaozhengshiiposhenqing。

dao2024nian2yue29ri，zhongsunengyuanzhuanzhangangjiaosuo，dijiaogangguzhaogushu，youyuliugeyueneiweiwanchengipo，yu8yue29rishixiao。

zhizhicici，zhongsunengyuandiercizaigangjiaosuodibiao，zaicichongjiipo。

三年半亏损近22个亿

zhongguoqingnengchanyesuiranzhengcelihao，jishunenglichengshu，danrengchuyushichangpeiyuqi。dahuanjingruci，yinciduoshuqingnengqiyedeyewubujurengchuzaishangyehuadechubufazhanjieduan，chengrulvxiandengluzibenshichangdeyihuatong（hk：02402），yerengchuzaikuisundeqingkuang。2024nianbannianbaoxianshi，shangbanniankuisun1.41yiyuan。

zhongsunengyuandejingyingqingkuangyeshifenjiejin，jinglirunchixukuisun。

zhaogushuxianshi，zhongsunengyuan2021nian、2022nian、2023nianjijiezhi2024nian5yue31rizhiwugeyuechanshengjingkuisunfenbiewei6.54yiyuan、5.46yiyuan、5.7yiyuanji4.1yiyuan；leijijinglirunkuisun21.9yiyuan。

zhongsunengyuanbiaoshi，jinnianjinglirunkuisunzhuyaoxisanfangmianyuanyin：yishiyewuguimochixukuoda，daozhikaizhijiyuancailiaochengbenzengjia；ershoudaomaoyiyingshoukuanxiangzhongdajianzhisunshiyingxiang；sanshiranliaodianchixitongxianggaogonglvfangxiangdekuaisudiedaijishichangjiagexiadiegongtongdaozhidezhongdacunhuojianzhisunshi。

“yingshoukuanxiang”wenti，keweishizhongguoqingnenggongsimenmianlindezuidakunrao。jiezhi2021nian、2022nian、2023nian12yue31riyiji2024nian5yue31ri，zhongsunengyuandeyingshoukuanxiangjiyingshoupiaojuyijiheyuezichanjianzhisunshibobeifenbiewei3.7yiyuan、4yiyuan、4.6yiyuanji5yiyuan。

erjinnianshangbanniankuisun，zhuyaoxi2024nian1yuegenjuyuangongjilijihua，youjiaogaoededuiwaifukuanzengjia，yijiranliaodianchixitongjilingbujianshichangdekehuxuqiujianshao。

zhaogushuxianshi，jinnian1yue，zhongsunengyuanqingranliaodianchixitongdingdanshixianzhongdaxiahua。jiezhi2024nianqianwugeyue，zhongsunengyuanjinjiaofu11tairanliaodianchixitong，jiao2023niantongqide85taitongbijianshao87%。

ciwai，zhongsunengyuansuiranyingshouyousuozengjia，danqizhuyeqingranliaodianchixitongdeyingshouzhanbizeyousuoxiajiang。

zhaogushuxianshi，2021nian、2022nian、2023nianjijiezhi2024nian5yue31rizhiwugeyue，zhongsunengyuanyingyeshourufenbiewei5.24yiyuan、6.05yiyuan、 8.9yiyuanji 0.1yiyuan。

ertongshiqi，zuihexinyewu——qingranliaodianchixitongjilingbujianyingyeshouruzhanzongyingshoudezhanbizefenbiewei98%、94.9%、95.8%ji71.8%。2024nianxiajiangshifenmingxian。

erqie，2024nianshangbannianjiezhi2024nian5yue31rizhiwugeyue，zhongsunengyuandeqingranliaodianchixitongjilingbujianxiaoshoushouruwei900wan，jiao2023niantongqide 8570wanyuanyousuojianshao。

zhongsunengyuanjichudejieshishizhuyaoshiyouyudingdanjiaofushijianfashengbodong，daozhiranliaodianchixitongjilingbujiandexiaoliangjianshao。

buguo，buzhishizhongsunengyuancunzaiyingshouzhanbixiajiangdewenti，zheiyishiyeneipubianwenti。yiyihuatongweili，qipiludeshangbanniancaibaoxianshi，jinnianshangbannian，yihuatongzhuyeranliaodianchixitongyingshou1.09yiyuan，quniantongqi1.19yiyuan，zhanzongyingshoudebilijiaoquniantongqiyousuoxiajiang6.25%。

氢能企业“不出海、就出局”？

huaxianengyuanwangzhuyidao，zhongsunengyuanyijingzaizhelijiejueyewuyingshouxiajiangdewenti。

yifangmianzaiguoneishichang，qiyewubujuzhubucongshifanquzhuanyidaofeishifanqu。

zhongsunengyuanbiaoshi，ruqingdao、ningbo、zhongqing、wuhan、jiyuan、linfen、jinanjihuhehaotedeqingranliaodianchijiaoqitanengyuangengjuyoushi。

muqian，zaishifanchengshiqunyiwaidiqu，zhongsunengyuanxiaoshouranliaodianchixitongchanshengdeshouruzhanbiyou2021niande21.0%zengjiazhi2022niande27.9%，bingjinyibuzengjiazhi2023niande36.0%。zhuyaoshiyinweizhongsunengyuanyijingzhanlvexingdixiangshanxi、shanxidengqingnengziyuanfengfudediquyijiningxia、neimenggudengnengyuanziyuanfengfudediqukuozhang。

lingyifangmian，zeshikaituohaiwaishichang。

zhongsunengyuanbiaoshi，jiangjixutigongyouzhigongchengkaifafuwu，jiaqiangguojihezuo，tigaozaihaiwaishichangdejingzhengliheshengyu。“jihuadao2027nian，tuichubiaozhunhuagongyepemzhiqingxitong、zhijiaqingyitihuajiejuefangan、zhijiaqingqingbianzhuangzhi。”

muqian，zhongsunengyuanshizhongguoqingranliaodianchilingyushoujiashixianlezhuanyouqingranliaodianchixitonghaiwaishangyehuayingyongdegongsi，huodeduoxiangguojirenzheng。

yejishang，zhongsunengyuanlaizihaiwaideshouruyou2021niande 550wanyuanzengzhi2022niande 860wanyuan，bingjinyibuzengzhi2023niande2320wanyuan。2023niantongbizengfu170%。

congzhongsunengyuandexuanzelaikan，suiranquanqiuqingnengshichangyougengdashichangkongjian，qingnengqiyexuanzechuhaishijuyouzhanlveyiyidexuanze，danzuijinouzhouduizhongguoqingnengqiyefaqizhicai，shibihuiyingxiangqingnengqiyedechuhaijincheng。

congshichangguimolaikan，genjufrost & sullivandeziliao，quanqiuqingnengxiaofeishichangguimoyujijiangzengzhi2028niande2031yimeiyuan；quanqiuditanqingxiaofeishichangguimo（anchanzhiji）yujijiangzengzhi2028niande880yimeiyuan。

danyouyuouzhoushichangduizhongguochanpinde“dijiajingzheng”goubingyijiu，yidianjiecaoshichangweili，oumengqihoubianhuazhengcefuzerentichu，danxinouzhouzhiqingdianjiecaozhizaoshangwufayuchengbengengdiliandezhongguoqiyejingzheng，yijingzaikaolvqingxiangyuduiouzhoubendiqiyeshishi“baohu”le。

zhongguoqingnengchukououzhouhuodebutiedezhengce，henkenenghuizhuanxiang。

zheibijiangduiqingnenggongsidechuhaiqianjingdailaixianshideyalihetiaozhan。weilai，guoneiduiranliaodianchi、qingnengshebeideshichangxuqiuheshinenggouchixuerwending，caishijuedingqingnengqiyenengfouzhangqishengcundegengzhongyaoyinsu。