2026年7月，10家涉氢上市公司发布半年报，呈现出分化局面[1]。其中5家企业实现盈利，5家陷入亏损[1]。值得注意的是，盈利企业的利润无一来自氢能业务，亏损企业的困境也与氢能投入无关[1]。
具体来看，华昌化工净利润达1.23亿元，同比暴增超10倍，东华能源预盈近2亿元，增幅最高达266%[1]。然而华昌化工的盈利源于产品销售价格上涨和多元醇项目投产[1]，东华能源的盈利则得益于地缘冲突推升国际能源价格、主要产品价差扩大[1]，两者均与氢能无关。与此同时，美锦能源预亏最高6.5亿元，兰石重装预亏最高1.8亿元，京城股份亏损扩大至7000万级别，石化机械由盈转亏[1]。其中美锦能源的亏损系焦炭业务受煤炭和钢铁市场波动影响[1]。
产业层面，氢能仍处于早期投入阶段，尚未形成规模利润[1]。2026年6月氢燃料电池汽车产量仅为0.01万辆，同比下降46.8%；销量为0.005万辆，同比下降78.9%[1]。现阶段非补贴地区终端加氢均价超过40元/千克，单公里燃料成本高于纯电动车[1]。尽管2026年3月《政府工作报告》首次将氢能定位为"新增长点"[1]，6月三部门发布综合应用试点通知，目标2030年终端用氢均价降至25元/千克以下[1]，但真正决定企业能否存活的仍是传统主业的韧性[1]。
Ten hydrogen-related listed companies released their interim financial reports in July 2026, revealing a stark divide between winners and losers—but profitability has nothing to do with hydrogen operations [1]. Five firms posted gains while five reported losses, yet analysis shows that not a single profitable company earned money from hydrogen business [1]. Hydrogen ventures remain in their early investment phase and have yet to generate meaningful returns at scale [1].
Among the gainers, Huachang Chemical reported net profit of 123 million yuan, surging over tenfold year-on-year, driven entirely by higher product selling prices and the commissioning of its polyol project [1]. Donghua Energy forecast a gain of nearly 200 million yuan, posting growth of up to 266 percent, attributed to geopolitical tensions that elevated international energy prices and widened margins on its core products [1]. Conversely, the losses plaguing Meijin Energy, which faces predicted deficits as high as 650 million yuan, stem from volatile coal and steel markets affecting its coke business—not hydrogen [1]. Lanshi Heavy Equipment forecasts losses up to 180 million yuan, while Jingcheng Stock saw its losses expand to the 70-million-yuan range, and China Petrochemical Machinery swung from profit to loss, yet none of these reversals involved hydrogen operations [1].
The hydrogen sector itself remains economically unviable. Hydrogen fuel cell vehicle output reached only 0.01 million units in June 2026, declining 46.8 percent year-on-year, while sales fell 78.9 percent to 0.005 million units [1]. In regions without subsidies, hydrogen refueling costs exceed 40 yuan per kilogram, pushing per-kilometer fuel expenses above those of battery-electric vehicles [1]. The government signaled ambition in its March 2026 work report by naming hydrogen a "new growth engine," and in June three ministries launched a comprehensive application pilot program targeting a terminal hydrogen price below 25 yuan per kilogram by 2030 [1].
