China Securities Co., Ltd. reports that the current expectations for the Fuel Cell Energy vehicle Sector are relatively weak, but a sales upturn may occur during the peak season in May and June.

China Securities Co., Ltd. Research Reports indicate that since 2024, the central government has successively allocated the subsidy amounts for the first to third years of Fuel Cell Energy vehicle promotion to localities, with the third year's subsidy of 4.21 already disbursed. Thus, as of 2024, all national subsidies for the promotion of Fuel Cell Energy vehicles have been allocated. Overall, the speed of subsidy disbursement has increased, but there is still a large gap in promotion targets, with 45.4% yet to be promoted by 2025 (the final year of promotion). The conservative estimate for the promotion of Fuel Cell Energy vehicles in 2025 is 6,300 to 7,000 units, an increase of 17% to 30% year-on-year; the optimistic estimate for 2025 aims to achieve the urban cluster target by promoting 15,187 units, a year-on-year growth of 181%. In March 2025, sales of Fuel Cell Energy vehicles began to rebound, with sales of 303 units, a year-on-year increase of 35.8%, marking the first positive year-on-year growth this year. Considering the significant seasonality of Fuel Cell Energy installations, with June and the fourth quarter being peak times, visibility on this year's sales should continue to observe the installation volumes of peak months.