Yihuatong's annual revenue in 2021 exceeded 610 million yuan to maintain steady growth

Shanghai Securities News China Securities Network News (reporter Wang Zilin) on January 28, Yihuatong released the 2021 annual performance forecast, after the company's preliminary calculations, it is expected to achieve operating income of 610 million yuan to 650 million yuan in 2021, an increase of 6.59% to 13.58% year-on-year.

According to the report of the Institute of High Industry Industry (GGII), in 2021, China's fuel cell vehicle traffic insurance sales were 1894 vehicles, an increase of 27% year-on-year, among the 44 fuel cell system companies, Yihuatong, as the largest beneficiary of the Beijing Winter Olympics, has a market share of up to 29%, which is the largest number of fuel cell system manufacturers in 2021. According to the China Insight Consulting Report, according to the total sales power of vehicle fuel cell systems in 2020, the company ranks first in China's fuel cell system market, accounting for 34.8% of the market share.

According to the forecast, the net profit attributable to the owners of the parent company in FY2021 is expected to be -140 million yuan to -190 million yuan, which will decrease by 117.4764 million yuan to 167.4764 million yuan compared with the same period of the previous year. The company said that the company's net profit in 2021 fell sharply year-on-year, mainly in view of the fact that since 2019, the operating conditions and payment collection of the company's customers Shenlong Bus and Zhongzhi Chun'an have not shown significant signs of improvement so far, out of prudence considerations, and in order to further consolidate the company's asset quality, the proportion of bad debt losses on receivables of the above two companies has increased from 40% in 2020 to 90%, which has led to a significant increase in the company's bad debt losses in 2021.

As of December 31, 2021, The Ehuatong Fuel Cell System has powered more than 1,800 fuel cell vehicles on the road in 16 cities across the country, with a maximum mileage of more than 200,000 kilometers per unit. It is worth mentioning that in December 2021, the company released to the market, the first domestic rated power of 240kW of vehicle fuel cell system, since then, the company's products cover a wide range from 30kW to 240kW, can meet various needs and multiple application scenarios.

In the case of national and local policies for the hydrogen energy industry continue to actively support, the domestic fuel cell industry will usher in new opportunities and development. As a leading supplier of fuel cell systems in the industry, with the further development of the industry, the company's operating performance is bound to usher in new breakthroughs and transformations in the future.