艾媒咨询 | 2026年中国氢能源产业运行及标杆企业研究报告

作为我国能源结构转型与“双碳”战略落地的核心新兴赛道，氢能源产业持续受益于产业政策扶持、核心技术迭代与下游应用场景扩容的全方位赋能，其产业效能已从单一核心部件研发延伸至制储运加全产业链重塑与交通、工业等多元应用场景革新。当前，行业版图内可再生能源制氢、高压气态储运、燃料电池系统、加氢站建设及氢能装备制造等多环节竞合交织，市场主体对核心技术专利、规模化量产能力与示范项目落地资源的争夺日趋白热化，产业发展逻辑从试点示范期的政策驱动向常态化商业化运营、精细化成本管控演进。在政策端，支持氢能产业中长期发展、推动关键技术攻关与示范应用规模化的信号持续释放，为氢能企业在技术研发、产能扩建及场景落地探索中注入了新的活力。纵观行业发展脉络，中国氢能源产业正经历从技术验证向规模化商业化应用的跃迁，核心材料自主化水平、全链条成本下降速度与下游应用渗透的广度和深度，将成为产业进一步发展的关键支点。
全球领先的新经济产业第三方数据挖掘和分析机构iiMedia Research（艾媒咨询）最新发布的《2026年中国氢能源产业运行及标杆企业研究报告》数据显示，氢能源行业头部集聚效应显著，市值与营收维度均呈现高集中度特征。行业板块市值前三名企业依次为潍柴动力（2319.90亿元）、阳光电源（2279.50亿元）、宝丰能源（1739.47亿元），三家企业市值合计占TOP10总市值的61.90%。板块营收规模同样向头部集中，营收前三名企业依次为潍柴动力（625.63亿元）、中集集团（326.64亿元）、东方电气（174.70亿元），前三名企业营收占TOP10总营收的61.05%。艾媒咨询分析师认为，行业整体营收结构分散，TOP10中既有传统装备制造巨头，也有新能源材料企业，反映氢能源板块仍处于从配套业务向核心技术过渡的早期阶段，竞争格局尚未定型，新进入者通过新能源材料或储能业务快速切入。
通过对典型企业的研究，可以更直观地了解氢能源产业板块各具特色的布局和差异化的发展路径。京城股份深耕氢能储运装备赛道，以高压储氢瓶、车载储氢系统为核心产品，持续突破高压气态储氢技术瓶颈，展现了储运环节技术攻坚与场景配套的专业化发展路径；亿华通-U作为国内燃料电池系统领域的标杆企业，专注于燃料电池电堆及系统的研发与产业化，深度绑定商用车氢能示范应用场景，其经营表现与行业技术迭代节奏、示范项目落地进度深度绑定，持续的研发投入对其产品性能升级与市场份额提升构成了关键支撑；厚普股份聚焦氢能加注核心环节，布局加氢站成套设备与整体解决方案，推动加氢基础设施的标准化、规模化建设，是氢能终端应用网络搭建的核心受益企业。三家企业分别覆盖氢能储运、燃料电池系统、加注装备三大核心环节，产业链定位、技术路线与盈利模式虽有差异，但共同指向了核心技术自主化、应用场景规模化、产业链协同深化的长期发展方向。
As a core emerging sector in China's energy structure transformation and the implementation of its dual-carbon strategy, the hydrogen energy industry continues to benefit from comprehensive support through industrial policies, advancements in core technologies, and the expansion of downstream application scenarios. Its industrial efficacy has expanded beyond the research and development of individual core components to encompass the reshaping of the entire industrial chain—from production and storage to transportation and refueling—as well as innovations in diverse application fields such as transportation and industry. Currently, within the industry landscape, multiple segments—including renewable energy-based hydrogen production, high-pressure gaseous storage and transportation, fuel cell systems, hydrogen refueling station construction, and hydrogen energy equipment manufacturing—are characterized by intertwined competition and cooperation. Market participants are increasingly engaged in fierce competition for core technology patents, large-scale mass-production capabilities, and resources for demonstration projects. The development logic of the industry is evolving from the policy-driven pilot demonstration phase toward normalized commercial operations and refined cost management. On the policy front, signals supporting the medium-to-long-term development of the hydrogen energy industry and promoting breakthroughs in key technologies along with the scaling up of demonstration applications continue to be released, injecting new vitality into hydrogen energy enterprises' efforts in technological R&D, capacity expansion, and scenario implementation. Looking at the overall development trajectory of the industry, China's hydrogen energy sector is undergoing a transition from technical validation to large-scale commercial application. The degree of self-sufficiency in core materials, the rate of cost reduction across the entire industrial chain, and the breadth and depth of downstream application penetration will serve as pivotal drivers for further industry development.
According to the latest "2026 China Hydrogen Energy Industry Operation and Benchmark Enterprises Research Report" released by iiMedia Research, a globally leading third-party data mining and analysis firm in the new economy sector, the hydrogen energy industry exhibits a pronounced cluster effect among its top players, with both market capitalization and revenue showing high concentration characteristics. The top three enterprises by market capitalization in this sector are Weichai Power (RMB 231.99 billion), Sungrow Power Supply (RMB 227.95 billion), and Baofeng Energy (RMB 173.95 billion), collectively accounting for 61.90% of the total market capitalization of the TOP 10. Similarly, the revenue scale of the sector is highly concentrated among the top performers, with the top three enterprises by revenue being Weichai Power (RMB 62.563 billion), CIMC Group (RMB 32.664 billion), and Dongfang Electric (RMB 17.470 billion), representing 61.05% of the total revenue of the TOP 10. Analysts from iiMedia Research note that the overall revenue structure of the industry remains fragmented, with the TOP 10 including both traditional equipment manufacturing giants and enterprises specializing in new energy materials, reflecting that the hydrogen energy sector is still in the early stages of transitioning from supporting businesses to core technologies, where the competitive landscape has not yet taken shape, and new entrants are rapidly entering the market through new energy material or energy storage businesses.
By studying typical enterprises, one can gain a more intuitive understanding of the distinctive layouts and differentiated development paths within the hydrogen energy industry sector. Beijing Energy Co., Ltd. has deeply cultivated the hydrogen energy storage and transportation equipment segment, with high-pressure hydrogen storage cylinders and on-board hydrogen storage systems as its core products, continuously breaking through technical bottlenecks in high-pressure gaseous hydrogen storage technology, thereby demonstrating a specialized development path focused on overcoming technical challenges and supporting application scenarios in the storage and transportation phase. Yihuatong-U, as a benchmark enterprise in China's fuel cell system field, specializes in the research, development, and industrialization of fuel cell stacks and systems, deeply integrating with hydrogen energy demonstration applications in commercial vehicles. Its operational performance is closely aligned with the pace of industry technological iteration and the progress of demonstration project implementation, with sustained R&D investment serving as a crucial support for enhancing product performance and expanding market share. Houpu Co., Ltd. focuses on the core of hydrogen refueling, positioning itself in the development of complete hydrogen refueling station equipment and integrated solutions, thereby promoting the standardization and large-scale construction of hydrogen refueling infrastructure—making it a key beneficiary in building the terminal application network for hydrogen energy. These three enterprises cover the three major core segments: hydrogen energy storage and transportation, fuel cell systems, and refueling equipment. Although their industrial chain positions, technical roadmaps, and profit models differ, they collectively point toward a long-term development direction characterized by achieving self-reliance in core technologies, scaling up application scenarios, and deepening industrial chain synergy.