Many regions are making massive bets on hydrogen energy, and no one wants to lose.

At the end of July, Hubei Communications Investment plans to put hydrogen refueling stations into operation on the Beijing-Hong Kong-Macao Expressway trunk line. In the same period, two green hydrogen projects led by enterprises in Inner Mongolia completed the filing, with a total investment of nearly 3.9 billion yuan. Chongqing is also pushing forward with relevant work. Reporters from Economic Observer checked the National Public Resources Trading Platform (Chongqing) and the Chongqing Public Resources Trading Network and learned that in Chongqing alone, a number of hydrogen energy infrastructure projects entered the bidding stage in July.

At the end of July, Hubei Communications Investment plans to put hydrogen refueling stations into operation on the Beijing-Hong Kong-Macao Expressway trunk line.

In the same period, two green hydrogen projects led by enterprises in Inner Mongolia completed the filing, with a total investment of nearly 3.9 billion yuan.

Chongqing is also pushing forward with relevant work. Reporters from Economic Observer checked the National Public Resources Trading Platform (Chongqing) and the Chongqing Public Resources Trading Network and learned that in Chongqing alone, a number of hydrogen energy infrastructure projects entered the bidding stage in July.

While a number of local infrastructure projects are being launched intensively, some hydrogen energy equipment enterprises are still under operating pressure. Reporters from Economic Observer sorted out and found that since July, more than one listed company in the hydrogen energy industry chain has disclosed announcements of semi-annual performance pre-loss.

Yang Shiping, head of the project department of a local hydrogen energy equipment enterprise, told Economic Observer: "The speed of project implementation is increasing, but the operating pressure is also real."

Why are all localities scrambling to launch hydrogen energy projects at this time?

On July 23, 2026, the National Development and Reform Commission and the National Energy Administration jointly issued the "15th Five-Year Plan" for Renewable Energy Development (hereinafter referred to as the "Plan"), which clearly sets the target that the total renewable energy consumption will reach about 1.8 billion tons of standard coal by 2030, and proposes to "develop green hydrogen, ammonia and alcohol with scientific layout".

A person from the Development and Reform Commission of southwest China told Economic Observer that it is this document that presses the acceleration key for local hydrogen energy infrastructure. The policy window period is clear, and all localities must complete project implementation within a limited time, otherwise subsequent funds, approvals and indicators will face uncertainties.

The person said: "The Plan has just been released, and all localities are stepping up their layout. The time window is very tight, and whoever moves first can seize the position."

Infrastructure Heating Up

At the end of July, at the construction site of Baitao Chemical Park in Fuling District, Chongqing, the Chongqing Tianyuan Chemical Hydrogen Comprehensive Utilization Project is making the final preparations before construction. The construction tender was just posted online in late July, and the bid opening will be held in mid-August. The 150-day construction period is scheduled to end by the end of the year.

The above-mentioned person from the Development and Reform Commission of southwest China said: "The Plan clearly supports the development of green hydrogen, ammonia and alcohol. The policy window has opened, and the pace of project promotion has naturally accelerated."

The person told Economic Observer that after the feasibility study and environmental impact assessment are completed and the project meets the conditions, it will be launched. The recycling and utilization of by-product hydrogen from chemical industry has resource foundation in Chongqing, and the conditions for interconnection of pipelines between enterprises in the park are also available.

The bidding for hydrogen refueling equipment at the Shaxi Comprehensive Energy Station in Changshou District is also advancing, and the design comparison and selection of high-speed hydrogen refueling stations in Chengdu-Chongqing Hydrogen Corridor has also been issued for tender. According to official statistics from Chongqing, the Chongqing State-owned Assets Supervision and Administration Commission released 37 projects and cooperation scenarios covering the whole chain of hydrogen energy "production, storage, transportation, refueling and utilization" at the beginning of the year, with a total planned investment of 8.34 billion yuan. In July, a number of supporting hydrogen energy infrastructure sub-projects in the list intensively entered the bidding stage, which became the beginning of the implementation and construction of this batch of listed projects.

Different from Chongqing's industrial by-product hydrogen path, Inner Mongolia took another path in July.

On July 16, the Jiuyuan District Hydrogen Production and Storage Integrated Demonstration Project of PowerChina Beijing Engineering Corporation completed the filing in Baotou, and the investment of 1.47 billion yuan is about to enter the construction stage. After that, the green power direct-connected hydrogen production station project of China Coal Green Energy Technology in Shangdu County, Ulanqab also completed the filing, with an investment of 2.427 billion yuan. The total investment of the two projects is nearly 3.9 billion yuan, and both completed the filing procedures in July.

An industry insider involved in the Ulanqab hydrogen energy project analyzed to reporters that enterprises tend to layout green hydrogen production in areas rich in wind and solar resources. In his view, this green power hydrogen production route is clearly distinguished from Chongqing's path of developing hydrogen energy relying on industrial by-product hydrogen; the simultaneous acceleration of the two types of projects in July reflects the industry's general mentality of rushing progress. With the introduction of the top-level hydrogen energy plan, the supporting detailed rules in various regions are yet to be implemented, and enterprises hope to seize the window period. According to the local industry declaration practice, projects that complete the filing earlier are more likely to be included in the local "15th Five-Year" energy reserve project library, and are expected to obtain factor preferences in the links of power grid access, land indicators, policy subsidy declaration and other links in the future.

A person from the local energy competent department told Economic Observer that if they wait until all the supporting detailed rules are issued before taking action, the indicators may have been divided up by other regions.

The hydrogen production end is moving, and the hydrogen utilization end has not stopped.

On July 29, Hubei Communications Investment put a hydrogen refueling station into operation on the Beijing-Hong Kong-Macao Expressway trunk line, which was open to hydrogen heavy trucks for refueling as soon as it was put into operation.

A person in charge of hydrogen energy business of a Hubei branch of a central energy enterprise believes that the hydrogen refueling station is selected on the Beijing-Hong Kong-Macao Expressway because the traffic of heavy trucks on this line is large, and the operation demand of hydrogen heavy trucks has risen. The person said: "Infrastructure must be laid out in advance so that vehicles can run."

Chen Bin, who participated in the bidding of Chongqing hydrogen energy project, works in an enterprise that mainly produces hydrogen compressors and complete sets of hydrogen refueling station equipment. He has recently participated in the bidding of a number of projects in Chongqing and Inner Mongolia successively.

He gave an example that a bidding process used to take two or three months, but now it is compressed to about one month. Chen Bin feels that the pace of the owner side is obviously accelerating.

Under Pressure

While infrastructure projects are being intensively implemented, some hydrogen energy equipment enterprises are under operating pressure.

This pressure is directly related to the speed race. Chen Bin found that although the bidding pace of the owner side is accelerating, the payment collection cycle after equipment delivery has not been shortened, and the pressure of advance capital in the early stage is even greater.

The pressure is also reflected in the pre-loss announcements of listed companies related to hydrogen energy equipment.

On July 15, Jingcheng Co., Ltd. issued a pre-loss announcement, expecting the attributable net profit loss of 61.6 million yuan to 73.6 million yuan in the first half of the year, and the loss amount was significantly larger than the 15.7557 million yuan in the same period of the previous year.

Jingcheng Co., Ltd. mentioned in the announcement explaining the reasons for the loss that "affected by factors such as the hydrogen energy and other emerging businesses are still in the initial stage of industry cultivation, the overall market size has not reached expectations, and the market competition is becoming increasingly fierce, the pre-loss of performance in this period is greater than that in the same period of the previous year."

The above-mentioned person involved in the Ulanqab hydrogen energy project in Inner Mongolia believes that this loss is not accidental. He said: "At present, the hydrogen energy industry is in a stage where policies are leading, infrastructure is accelerating, and the market is lagging. The infrastructure side is moving, but the terminal demand has not been fully released. The upstream equipment enterprises are at the intersection of the investment period and the waiting period. Orders are increasing, but profits have not kept up."

The enterprise where Yang Shiping works also feels this pressure. The direct cause of the enterprise's loss points to insufficient terminal demand.

Reporters from Economic Observer sorted out and found that Jingcheng Co., Ltd. has laid out hydrogen storage cylinder products suitable for fuel cell passenger vehicles, but the core terminal demand of hydrogen energy business currently comes from commercial vehicles. According to the compulsory traffic insurance registration statistics of GGII (Gaogong Industry Research Institute), a total of 32 hydrogen fuel cell vehicles were registered in China in June 2026, all of which were commercial models such as freight heavy trucks and buses; the number of non-operating fuel cell private cars registered was almost zero, and the passenger vehicle market is still small.

However, even with losses, Jingcheng Co., Ltd.'s R&D investment in the first half of the year increased instead of decreasing. The enterprise where Yang Shiping works is also increasing investment in new production lines.

Yang Shiping also felt structural changes. He said: "In the past, our orders mainly came from the supporting of fuel cell passenger vehicles. Now orders for industrial hydrogen equipment and complete sets of hydrogen refueling station equipment are increasing, and the owners are actively asking us if we can make equipment for industrial scenarios, which is completely different from the previous situation where they only asked about passenger vehicles."

Yang Shiping said: "We are adjusting the product structure and shifting more production capacity to industrial hydrogen equipment and complete sets of hydrogen refueling station equipment. But if we don't lay out in advance, it will be too late when the market really picks up."

The above-mentioned person involved in the local hydrogen energy project in Inner Mongolia believes that this is an inevitable stage for the industry to move from the cultivation period to the growth period.

He said: "Whoever completes the transformation first can get the first opportunity in the next round of competition."

Track Restructuring

Accelerated infrastructure construction and upstream pressure are two sides of the current hydrogen energy industry. Both point to a trend that the hydrogen energy industry is undergoing a track restructuring.

The Plan issued on July 23 clearly "develops green hydrogen, ammonia and alcohol with scientific layout", and proposes that the total renewable energy consumption will reach about 1.8 billion tons of standard coal by 2030.

The above-mentioned person from the Development and Reform Commission of southwest China told Economic Observer that this document sends a signal that the main battlefield of hydrogen energy is shifting from the consumption side to the production side, from passenger vehicles to industry, energy storage and heavy trucks. In his view, the tone of the plan is clear that the large-scale application scenarios of hydrogen energy are not in private cars, but in industrial decarbonization and trunk logistics. If enterprises still focus on the passenger vehicle market, the road will get narrower and narrower.

This shift has been transmitted to the industrial side.

The enterprise where Chen Bin works is also adjusting its customer structure. In 2026, the demand for industrial hydrogen equipment and complete sets of hydrogen refueling station equipment continues to increase.

Chen Bin said: "The volume is not large yet, but the direction is very clear. What the owners actively ask is how to adapt to industrial scenarios and how to layout hydrogen refueling stations for heavy trucks."

The above-mentioned person involved in the local hydrogen energy project in Inner Mongolia also felt this change. He said that the two green hydrogen projects filed in July are all connected to industrial enterprises and logistics companies downstream, and none of them are for the passenger vehicle market. In his view, this shows that the judgment of the industrial side has changed before the market cognition.

Reporters from Economic Observer sorted out and found that since July, a number of enterprises in the hydrogen energy industry chain are accelerating the shift from the passenger vehicle track to scenarios such as industry, heavy trucks and energy storage. The project managers recruited by Yang Shiping's enterprise now are given priority to have experience in chemical and steel industries, and those who only know about passenger vehicles are not easy to arrange.

A person involved in the discussion of the formulation of the Plan analyzed to Economic Observer that the new plan's positioning of hydrogen energy is significantly different from the previous relevant plans. He said: "The last round of plans focused more on cultivating the industrial foundation and promoting technological breakthroughs; this round clearly points to application scenarios and large-scale implementation. Shifting from the consumption side to the production side is a systematic track switch for the hydrogen energy industry."

The above-mentioned person from the Development and Reform Commission of southwest China further explained that the Plan proposes to "develop green hydrogen, ammonia and alcohol with scientific layout", which means that the positioning of hydrogen energy has risen from "a new energy vehicle fuel" to "an important carrier for industrial decarbonization and energy transformation". This change in positioning will directly affect subsequent industrial policies, investment directions and project approvals. If enterprises are still waiting and seeing, they may miss the window period.

However, the above-mentioned person involved in the local hydrogen energy project in Inner Mongolia added that the shift means pains. The pre-loss announcement of Jingcheng Co., Ltd. is exactly the phased performance in the process of this shift. The old orders are shrinking, and the new demand has not fully risen, there is a time gap in the middle. This time gap is the difficult stage for enterprises.

The above-mentioned person involved in the discussion of the formulation of the Plan believes that this shift is the inevitable path for the industry to move from the cultivation period to the growth period.

Chen Bin has an intuitive feeling about this: "In the past, everyone was competing for orders for passenger vehicles, but now everyone is shifting to the direction of industry and heavy trucks. Whoever can run through the new scenario first can get the admission ticket for the next stage."

Yang Shiping also feels that although the painful period is difficult, the direction is clear.

He said: "The Plan has just been released, projects have just started, and demand is just rising. Now it is the key node for the shift."

This article is from the WeChat official account "Economic Observer", Author: Wang Yajie, authorized for release by 36Kr.