Hemei Group Limit-Up Analysis: Market Response to Hydrogen Energy Transition and Performance

Hemei Group (002356) hit the limit-up on December 1, 2025, entering the limit-up pool [2]. This limit-up was mainly driven by two factors: first, the outstanding performance in the first three quarters of 2025, with revenue surging 190.21% year-on-year and net profit turning from loss to profit [1]; second, the market’s attention to the company’s strategic layout of transforming from traditional commerce to a full hydrogen energy industry chain [0].

After the 2021 restructuring introduced Zheng Zihao, son of Zheng Peng (the actual controller of Shanxi Pengfei Group), as the new actual controller, the company officially launched its new energy transformation in early 2024 [3]. By acquiring LNG refueling stations, comprehensive energy stations, and investing in wind-solar hydrogen production projects (including a 702 million yuan photovoltaic hydrogen production project and a 3.135 billion yuan wind power hydrogen production and methanol project), it quickly built a hydrogen energy business matrix [0]. In 2024, its revenue increased 146.43% year-on-year to 407 million yuan, but the net profit attributable to shareholders was a loss of 44 million yuan, narrowing by 7.45% year-on-year [3].

The market’s expectations for the company’s transformation resonated with short-term performance improvement, driving the stock price up. However, it should be noted that the gross margin of the company’s new energy business is only 4.13%, far lower than the original commercial business’s 22.96% [0], reflecting that the new business has not yet entered a high-efficiency profit stage.

1. Transformation expectations dominate market sentiment
   : Although the company is still in an overall loss state (2024 net loss of 44 million yuan, Q1 2025 loss of 6 million yuan [3]), the market focuses more on the long-term potential of the hydrogen energy track and the strategic execution after the change of actual controller [0].
2. Signal significance of profit turnaround
   : The net profit turnaround in the first three quarters of 2025 [1] is regarded as the initial verification of transformation effects, enhancing investor confidence.
3. Capital operation and business integration risks
   : The company quickly expanded its new energy business through acquisitions, but the contradiction between high investment and low gross margin may lead to short-term cash flow pressure [3]. Attention should be paid to the sustainability of subsequent capital operations.

• Track dividends brought by policy support for the hydrogen energy industry [4]. The company’s full-industry-chain layout (hydrogen production, storage and transportation, refueling stations) is expected to benefit from industry growth.
• Short-term performance improvement wins a time window for transformation, helping to attract more funds to support new business development [1].

• Profit sustainability risk
  : The gross margin of the new energy business is only 4.13% [0], far lower than traditional business. If it cannot be improved, it may drag down overall profits in the long term.
• Capital pressure risk
  : Large-scale investment projects (such as the 3.135 billion yuan wind power hydrogen production project [0]) require continuous capital input. If financing channels are limited, project progress may be affected.
• Business integration risk
  : Quickly acquired assets such as refueling stations need effective integration, otherwise it may lead to low operational efficiency [3].

Hemei Group’s limit-up reflects the market’s positive response to its hydrogen energy transformation strategy and short-term performance improvement. After the change of actual controller, the company quickly entered the new energy track through a series of capital operations and gained market attention. However, investors should view it rationally: on the one hand, the hydrogen energy track has long-term potential; on the other hand, the company still faces practical challenges such as low profit efficiency and high capital pressure. The current stock price increase is more driven by expectations, and subsequent attention should be paid to the profit progress of new businesses and the rationality of capital operations.