GUOFUHEE (02582) announced that on March 27, 2026, the company entered into a sales agreement (Sales Agreement A) with Ludao Hydrogen Energy (Xiamen) Technology Co., Ltd. concerning the supply of a PEM hydrogen production BOP system for a consideration of RMB 19.32 million. On March 30, 2026, the company's wholly-owned subsidiary, GF Hydrogen Europe GmbH, entered into a sales agreement (Sales Agreement B) with RCT GH GmbH for the supply of two sets of 2.5 MW hydrogen production systems for a consideration of €1.86 million. The subsidiary also entered into another sales agreement (Sales Agreement C, collectively referred to as the "Sales Agreements" along with Sales Agreements A and B) for the supply of one set of a 5 MW hydrogen production system for a consideration of €1.4 million.
The company established a strategic partnership with Ludao Hydrogen Energy in the field of PEM water electrolysis for hydrogen production in 2023, creating a complementary structure of "core component R&D + system engineering transformation." The high-pressure megawatt-level PEM hydrogen production equipment jointly developed by the two parties has been operating stably in a demonstration project at a comprehensive energy station in Xinjiang for nearly two years. The PEM-ALK hybrid hydrogen production process and modular integration solution developed have been highly recognized by the project owner, indicating that the cooperation has progressed from the R&D demonstration phase to the engineering application stage.
Recently, in collaboration with Ludao Hydrogen Energy, the company won the bid for the PEM hydrogen production system section of the Liaoning Huadian Diaobingshan 100,000-ton green methanol project. It is responsible for the BOP development and system integration for this project, demonstrating that its products and technology have gained market recognition in large-scale green fuel projects. The company believes these developments help enhance market understanding of the commercial prospects of PEM technology and are conducive to further improving the company's business synergy capabilities and market profile in the green hydrogen equipment and green fuel sectors.
The group's agreement with RCT Hydrogen represents its first green hydrogen equipment order in Europe for 2026, laying a solid foundation for subsequent batch and in-depth cooperation. Sales Agreements B and C involve the group, together with RCT Hydrogen's local team in Germany, planning to provide an integrated turnkey solution to end green hydrogen customers through an innovative Hydrogen-as-a-Service model. This approach is expected to effectively address multiple industry pain points. By integrating resources across the entire industry chain, it aims to help reduce the comprehensive application cost of green hydrogen, further highlighting the group's technical expertise and capability to execute overseas projects.
The group plans to leverage its localized production setup in Germany, using "Made in Europe" to meet EU production capacity regulations and market access requirements, actively responding to the market demand for large-scale green hydrogen development in Europe. Based on the start of this cooperation, there is broad potential for long-term collaboration, and subsequent ongoing business orders are expected to be secured in an orderly manner.
The board of directors believes that these Sales Agreements and the transactions contemplated under them will have a positive impact on the group's operational performance.