Meijin Energy adjusts hydrogen projects, maintains A+ credit rating

Shanxi Meijin Energy Co., Ltd. announced the termination of its "Hydrogen Fuel Cell Power System and Commercial Vehicle Parts Production Project (Phase I - Stage I)" and will reallocate the remaining funds of CNY 179,178,300 to permanent working capital. This decision was driven by unforeseen market conditions, including the non-entry of Jinzhong City into the national fuel cell vehicle application demonstration city cluster and slower-than-expected promotion of national hydrogen fuel cell vehicles. The company aims to enhance fund utilization and attract partners to its existing facilities.

Additionally, the "Luanzhou Meijin New Energy Co., Ltd. 14,000Nm³/h Coke Oven Gas Hydrogen Production Project" has been postponed from December 2025 to December 2026. The delay is attributed to natural gas pipeline relocation within the project's construction site affecting safety approvals and construction commencement.

Despite these project adjustments, China Securities Pengyuan Credit Rating Co., Ltd. has affirmed Shanxi Meijin Energy’s A+ corporate credit rating and stable outlook, maintaining the A+ rating for its convertible bonds. The rating agency noted the slow progress of fundraising projects and the impact of policy and market factors, as well as the company’s ongoing financial pressures, with a 9.71% decrease in operating revenue and a net loss of CNY 737,000,000 for the first three quarters of 2025. China Securities Pengyuan will continue to monitor the remaining projects.