While hydrogen-powered heavy-duty trucks (HDTs) have proven their reliability through ultimate validation under extreme and complex operating conditions nationwide, and their terminal registrations/sales firmly hold half the market share in a flourishing landscape, a profound undercurrent of concern stirs within the industry. On arduous journeys through extreme terrains like high-altitude frigid zones, hot and humid environments, or continuous steep slopes, the inevitable power degradation of fuel cell stacks leaves these "steel behemoths" gasping for power ("oxygen-starved"). The average lifespan bottleneck of less than 20,000 hours forces fleet operators to frequently invest heavily in premature replacement of the core "heart," with high maintenance costs eroding operational efficiency. More critically, the stack cost, constituting a staggering 40%-60% of the total vehicle cost, looms as a "Sword of Damocles" over the industry as subsidy policies gradually phase out. All these factors urgently demand a thorough technological revolution to break the triple shackles of performance, lifespan reliability, and cost.

The torch bearing the industry's fervent hopes was finally ignited in the fertile ground of innovation by the Yellow Sea – Zhangjiagang. On July 23rd, Shanghai Jichuang Hydrogen Energy Technology Co., Ltd. (Jichuang Hydrogen), driven by the profound mission of "developing fuel cells independently in China," grandly held the strategic launch event for its new MH290 metal plate stack under the theme "Technology Empowerment · Value Innovation" in Zhangjiagang. The event gathered distinguished guests, including representatives from investment institutions, industry leaders, and authoritative media professionals from across the country, to jointly witness this pivotal moment marking a new era for domestically produced fuel cells.

Three Breakthroughs Reshape Industry Benchmarks

At the launch, Dr. Fu Yu, Founder and Chairman of Jichuang Hydrogen, extended the warmest welcome and sincerest gratitude to all the distinguished guests on behalf of the company and its employees. Dr. Fu Yu stated that as the only specialized fuel cell startup among the top 10 stack companies by shipment volume, Jichuang Hydrogen has consistently adhered to technology and product-driven development. Its high-performance-to-cost stack products have gradually gained market and customer recognition. The first-generation product, MH170, broke multiple industry records upon its debut, with production and sales experiencing sustained rapid growth. By 2024, Jichuang ranked third nationally in metal plate stack shipments, boasting the highest compound annual growth rate (CAGR) domestically over the past three years. Its national market share reached approximately 15% in the first half of 2025, and its order book for 2025 has already doubled compared to last year. Concurrently, Jichuang Hydrogen's stack cost has consistently remained the lowest in China over the past five years. Following MH170, Jichuang Hydrogen spent seven years meticulously developing and fully validating its next-generation flagship product, the MH290. This product achieves comprehensive and significant enhancements in performance, lifespan reliability, and cost control. Jichuang Hydrogen is committed to creating the industry's highest value-for-money stack products through technological innovation, accelerating the economic viability and commercialization process of fuel cells!

Wang Li, General Manager of Jiangsu Jichuang, emphasized the critical role of the Jiangsu base in industrial implementation and regional market expansion. "Zhangjiagang possesses a uniquely advantageous hydrogen industry ecosystem and policy support environment. As the Group's vital manufacturing and regional operations center, Jiangsu Jichuang will fully ensure the scaled, high-quality delivery of the MH290. It will also synergize with the abundant application scenario resources in the Yangtze River Delta region to accelerate product validation and optimization in real-world operations, creating quantifiable economic value for customers." His remarks outlined Jichuang Hydrogen's strategic vision of deep local roots serving the nation.

The highly anticipated new product unveiling propelled the atmosphere to its peak. Dr. Fu Yu (Founder & Chairman, Jichuang Hydrogen), Xu Chao (Managing Director, CICC Capital), Wang Xintai (General Manager, Shandong Jiangyi), Pei Fenglai (Director & Chief Engineer, Hydrogen and Fuel Cell Testing & Research Lab, Shanghai Motor Vehicle Inspection Certification & Tech Innovation Center), Chen Lin (General Manager, Mango Fund), and other distinguished guests jointly took the stage to officially unveil Jichuang Hydrogen's new generation MH290 stack.

Following the unveiling ceremony, Dr. Fu Yu provided an in-depth technical explanation of the MH290 stack's innovations and core advantages. Over the years, based on fuel cell theory and practical experience, Jichuang Hydrogen has established a unique forward vehicle stack product development process. This process ensures the achievement of product performance, lifespan, and cost targets while shortening development cycles, reducing development costs, and forming an independent intellectual property system with continuous upgrade and iteration capabilities. The MH290 stack represents three major leaps forward:

1. Performance Breakthrough: 410kW Peak Power, Redefining HDT Limits

• Third-party certified peak power of 410.9kW (0.637V @ 2.9A/cm²) sets a new industry record; rated power reaches 391kW (0.65V @ 2.7A/cm²), providing non-degrading power assurance for 49-ton HDTs in extreme conditions like plateaus and steep slopes.

• Innovatively designed high-efficiency operating point at 311kW (0.7V @ 2.0A/cm²) significantly reduces hydrogen consumption, directly optimizing Total Cost of Ownership (TCO). Power density reaches an industry-leading 7.1kW/L.

• Low cathode flow resistance substantially reduces air compressor load. Supports non-humidified operation at ultra-low stoichiometric ratios on both anode and cathode, enhancing environmental adaptability.

• Upgraded thermal management: Significantly lower heat generation compared to the previous MH170, reducing system cooling pressure.

• Offers multiple system interfaces and customizable features beyond core functions and performance.

2. Reliability Leap: 30,000-Hour Ultra-Long Lifespan, Robust Safety Builds Trust

 • Addressing the industry's common sub-20,000-hour lifespan limitation, MH290 achieves a major breakthrough with a design life of 30,000 hours (offering Standard and Plus versions) through doubled single-cell consistency and advanced anti-corrosion coating technology, eliminating the pain point of frequent core component replacement for fleets.

 • Remarkably low single-cell voltage deviation: 10mV at 311kW and 18mV at the 410.9kW peak power, ensuring ultra-high single-cell consistency alongside ultra-high power, setting a new industry benchmark.

 • Sealing technology reduces sealing surface stress by 15%, with leakage rates far exceeding national standards.

• Under specific customer operating conditions (2.5A/cm², 358kW continuous operation for 1 hour), power fluctuation range was [-0.4kW, 0.3kW], a mere ±0.11%.

• Meets SAE J2380 vibration resistance, IP67 waterproof/dustproof, and >100Ω/V electrical insulation (with coolant filled), directly confronting challenges like mine vibrations and coastal high humidity, providing strong confidence for scaled commercial deployment.

3. Cost Revolution: Highly Economical Product for the New Era, Triggering the Subsidy-Free Commercialization Inflection Point

• To expedite breakthroughs in key application scenarios like hydrogen highways, ports, mines, and steel (where industrial chain closure is feasible), Jichuang Hydrogen has set clear targets and entered a new phase of systematic advancement.

• Target Milestones:

 • 2025: Highway toll-free + Stack price ≤ ¥800/kW + Hydrogen price ≤ ¥32/kg → Profitability > Diesel Trucks → Partial commercialization achievable.

 • 2027: Stack price ≤ ¥242/kW + Hydrogen price ≤ ¥18/kg → Profitability > Diesel Trucks → Full commercialization achievable.

 Cost Reduction Strategy (Stack Cost = #Cells × (Cell Material Cost + Cell Manufacturing Cost)):

1. R&D Cost Reduction: Reduce the number of cells per kW.

2. Material Cost Reduction: Reduce per-cell material costs.

3. Manufacturing Cost Reduction: Reduce per-cell manufacturing costs.

• Selecting high-efficiency operating points (like 311kW) further reduces TCO for hydrogen commercial vehicles, enhancing profitability. This also contributes to extending stack lifespan and lowering cost per unit of ownership time, truly propelling hydrogen HDTs from "policy-driven" to "market-driven."

Jichuang Hydrogen, leveraging its industry-leading stack design capabilities, key metal plate coating materials, production process and equipment development expertise, and a robust upstream/downstream supply chain, has independently developed the new-generation MH290 stack. This product addresses the critical needs of hydrogen long-haul logistics – reliability, durability, and economy – under demanding transportation conditions. Beyond HDTs, the MH290 also exhibits excellent application potential in high-intensity scenarios like mining trucks, ships, power generation, and aircraft, providing solutions for downstream users.

Collaborating to Create the Hydrogen Future, Ushering in Strategic Upgrade

During the representative speeches, commendations from shareholders and industry chain partners expressed high recognition for Jichuang Hydrogen's innovations.

Shareholder representative Xu Chao, Managing Director of CICC Capital, praised the team's technical strength and strategic execution: "CICC Capital continues to be optimistic about the immense potential of China's hydrogen industry, especially breakthroughs in core technologies. Under Dr. Fu Yu's leadership, Jichuang Hydrogen has demonstrated solid R&D capabilities and a clear product roadmap. The launch of the MH290 is not just the birth of an excellent product, but a significant milestone marking the advancement of domestic stack technology towards international advanced levels. We are highly confident in Jichuang's future!"

Core supplier representative Zou Yuquan, General Manager of Hongji Chuangneng, expressed appreciation from an industry chain synergy perspective: "Hongji and Jichuang are close strategic partners. We witnessed Jichuang team's relentless pursuit of quality and dedication to technological innovation during the MH290 R&D process. The successful launch of this stack demonstrates the powerful collaborative force of China's hydrogen industry chain."

The Jichuang Hydrogen Strategic Cooperation Signing Ceremony marked a crucial step for the MH290 stack transitioning from the lab to the broader market. Representatives from multiple companies, including HySoul Technology, Zhongzi Tech, and Mango Fund, took the stage to sign strategic cooperation agreements with Jichuang Hydrogen. Coinciding with the CPC Central Committee's announcement of the specific timeline for Hainan Free Trade Port's island-wide customs closure on the same day, Jichuang Hydrogen further strengthened resource integration and strategic synergy by signing an agreement with Hainan Jichuang. This partnership aims to jointly build a full industrial chain ecosystem encompassing "Green Power for Green Hydrogen Production - Storage & Transportation - Application," contributing to Hainan's goal of becoming a zero-carbon energy demonstration island.

The impactful launch of the new-generation MH290 metal plate stack signifies far more than just the debut of a new product. It clearly conveys that Jichuang Hydrogen has successfully overcome the core bottlenecks hindering the large-scale commercialization of hydrogen HDTs! With its reliable power under extreme conditions, ultra-long lifespan, and significantly optimized cost, the MH290 stack provides highly competitive solutions for vehicle manufacturers and terminal operators. It powerfully addresses the market's urgent demand for hydrogen HDTs that are "affordable, durable, and high-performing." This marks a milestone step forward in Jichuang Hydrogen's journey of "developing fuel cells independently in China."

Moving forward, Jichuang Hydrogen will use this as a new starting point to deepen technological innovation and accelerate the MH290's industrialization and scaled application. The company will continue R&D investment to iteratively upgrade product performance; vigorously expedite capacity construction to meet market demand; and collaborate with strategic partners and broader industry forces to jointly promote the maturation and growth of China's hydrogen commercial vehicle industry chain, contributing solid "Jichuang Power" to the nation's "Dual Carbon" strategic goals. The technological revolution ignited by Jichuang Hydrogen now spreads like wildfire, illuminating China's hydrogen pathway towards a sustainable future!