Summary: In the tide of commerce, Huang Guangyu, the once-dominant business magnate, made two strategic moves in the hydrogen energy industry within September 2025, sparking widespread market attention.
In the commercial landscape, Huang Guangyu, the once-formidable business tycoon, has made two significant investments in the hydrogen energy sector within the span of September 2025, drawing considerable market attention. This series of moves, with registered capital reaching tens of millions of yuan, demonstrates his strategic ambition to accelerate transformation into the new energy sector, while also revealing the struggles and explorations of a traditional business giant amid epochal changes.
On September 10, 2025, Beijing GOME Hydrogen Energy Technology Co., Ltd. was officially established with a registered capital of 10 million yuan. In its equity structure, Beijing Penrun Investment Co., Ltd., controlled by Huang Guangyu, holds 80% of shares, while Beijing Hydrogen Source Core Energy Technology holds 15%, and Beijing Hydrogen Technology holds 5%. Just 19 days later, on September 29, Beijing GOME Hydrogen New Energy Technology Co., Ltd. was also established with the same registered capital of 10 million yuan, jointly held by Beijing GOME Hydrogen Energy Technology and Penrun Investment.
The business scope of these two companies is exceptionally broad, covering energy storage technology services, new membrane materials sales, new energy vehicle sales and leasing, essentially encompassing key segments of the hydrogen energy industry chain. From hydrogen production to storage and applications, GOME attempts to construct a complete hydrogen energy industrial ecosystem. This dual large-scale investment within a short timeframe undoubtedly demonstrates Huang Guangyu's firm determination to bet on the hydrogen energy industry, as he perhaps intends to reshape the company's competitiveness through energy transformation and enable GOME to rise again on new tracks.
However, Huang Guangyu's decision to establish hydrogen energy companies comes as somewhat surprising. Many people still vividly remember the "GOME era" when he dominated the home appliance retail sector, yet find it difficult to associate him with the image of an entrepreneur in lab coats standing beside hydrogen fuel equipment. This comprehensive layout is viewed by some as demonstrating breadth, showcasing GOME's ambitions in the hydrogen energy field; but others question whether this represents a "scattershot" approach lacking deep research into core technologies.
Reviewing GOME RETAIL's current situation, the continued deterioration of its main business is an undeniable reality. In 2024, GOME RETAIL's revenue was only 474 million yuan, compared to its peak of 17.444 billion yuan in 2022, having been almost entirely eroded. Net losses are even more striking, reaching 11.629 billion yuan, an increase of 15.63% year-on-year. The figures resemble a bottomless black hole, consuming GOME's former glory. Meanwhile, public rulings from the National Enterprise Bankruptcy Reorganization Cases Information Network show that multiple GOME subsidiaries have successively entered liquidation procedures, with debt crises following like shadows, bringing the entire system to the brink of collapse.
Previously, Huang Guangyu had attempted various self-rescue measures, whether through live-streaming e-commerce, unmanned retail, or automotive distribution, but all ultimately stopped at practical barriers. With the main business continuously declining and other transformation attempts repeatedly frustrated, Huang Guangyu has turned his attention to the emerging hydrogen energy field, which may be a desperate measure to save GOME.
Facing the technological barriers of the hydrogen energy industry chain, GOME confronts numerous challenges. On one hand, hydrogen energy aligns with national energy transition strategies and is viewed as an important alternative after fossil fuel phase-out. However, the current domestic green hydrogen project operation rate has not yet broken through 20%, with the entire market merely lingering on the eve of adjustment. On the other hand, energy giants like China Energy Investment Corporation and LONGi Green Energy have already constructed complete upstream and downstream systems, not only holding core patents but also controlling large-scale supply chains.
In hydrogen production processes, high-temperature electrolysis hydrogen production technology is extremely difficult, with production safety and energy consumption far exceeding conventional hydrogen production methods. Such processes are generally only within the engineering capabilities of a few state-owned enterprises or global leaders. The resulting technological thresholds and capital requirements are far beyond those in the home appliance sector.
GOME's own financial pressure looms like a massive iceberg on its transformation path. Huang Guangyu's early "cash is king" management model is almost impossible to replicate in the hydrogen energy field. The hydrogen energy industry requires high investment and long cycles, from research and development to production and market promotion, with each segment requiring substantial financial support. With GOME currently deep in debt crisis and facing tight cash flows, whether it can provide continuous funding for hydrogen energy business remains a huge question.
Even if Huang Guangyu has supply chain integration experience from the retail industry, this is difficult to directly translate into product competitiveness in the hydrogen energy sector. Core materials for hydrogen fuel cells, such as proton exchange membranes and electrocatalysts, require development cycles of over ten years, and even with mature technology, face issues of high batch production costs. Industry insiders joke that "hydrogen energy is not a capital game, but more like a marathon for technicians," a statement that subtly reveals anxiety while exposing the industry's essence. In the hydrogen energy field, technology is the core competitive advantage, and without deep technical accumulation, it's difficult to establish a foothold in this industry.
Over the past few years, Huang Guangyu has repeatedly placed heavy bets during strategic transformations. The boom in live-streaming e-commerce briefly lifted GOME's stock price, while unmanned retail concept stores ultimately faded into silence. Now, as he turns his attention to hydrogen energy, external reactions are no longer limited to traditional capital logic gains and losses, but carry deeper industrial scrutiny. The hydrogen energy industry is technology-intensive, and without core technological support, it's difficult to stand out in the market. GOME's technological accumulation in the hydrogen energy field is relatively weak, and whether it can break through technical bottlenecks in a short time remains unknown.
In a laboratory corridor, engineers calibrate hydrogen sensor data to two decimal places. Under fluorescent lights, the air is slightly cool and humid, with development manuals and an unfinished cost calculation report spread across the desk. This may be the true portrayal of GOME Hydrogen Energy's current situation, with the startup phase full of various practical challenges.
Huang Guangyu's hydrogen energy layout is an adventure filled with unknowns. It could potentially become a breakthrough for GOME's transformation, allowing GOME to regain vitality in the new energy field; or it could fail due to technical bottlenecks, financial pressure, and other issues. Like those never-ending entrepreneurial tracks, some stories only await time to conclude them. We can only wait and see whether Huang Guangyu can lead GOME out of its predicament and create new brilliance in this hydrogen energy gamble.