Analysis of Shengyuan Environmental Protection's Strong Performance: Hydrogen Energy Layout Drives Stock Price Breakthrough

Shengyuan Environmental Protection (300867), a GEM-listed company, whose main business covers traditional environmental protection industries such as waste incineration power generation and solid waste treatment, and actively lays out the hydrogen energy field through Xiamen Shengyuan Hydrogen Energy Research Institute [0]. The solid-state hydrogen storage materials and devices developed by the company can be applied to various scenarios such as ships, port vehicles, forklifts, and tourist sightseeing vehicles, which aligns with the national new energy development strategy [0]. This “environmental protection + hydrogen energy” dual-drive model has been highly recognized by the market against the backdrop of continuous favorable carbon neutrality policies.

Financial data for Q1 2025 shows that the company achieved operating income of 369 million yuan and net profit attributable to shareholders of 63.8 million yuan, a year-on-year increase of 43.2% [0]. This strong performance growth provides solid fundamental support for the stock price. The company’s registered place and main projects are located in Fujian, benefiting from regional integration development policies with obvious geographical advantages [0].

From a technical perspective, Shengyuan Environmental Protection’s stock price has shown a significant upward trend since mid-2024, touching the daily limit to 23.98 yuan on November 14, 2025, with an increase of 20.34% [0][2]. The company was included in the list of 695 stocks that broke through this year’s high in a week, showing a strong upward momentum [4]. The cumulative increase in the past month exceeded 200% [0][2], with strong technical performance, attracting a large amount of market capital.

The core driving force behind Shengyuan Environmental Protection’s strong performance lies in the market’s recognition of its hydrogen energy industry layout [0]. In the environment where environmental protection industry and new energy policies continue to be favorable, hydrogen energy and carbon neutrality-related concepts have become market hotspots [0]. Through the layout of the Hydrogen Energy Research Institute in multiple application scenarios, the company not only opens up new growth space but also enhances valuation expectations.

As a local enterprise in Fujian, Shengyuan Environmental Protection benefits from the regional policy dividends of cross-strait integration development [2]. In the market environment where Fujian stocks have another wave of daily limit, the company’s stock has gained additional attention [2], forming a triple concept superposition effect of “environmental protection + hydrogen energy + Fujian”.

Shengyuan Environmental Protection’s case reflects the successful transformation path of traditional environmental protection enterprises to the new energy field. Through technological innovations such as solid-state hydrogen storage materials [3], the company has transformed from a single environmental protection business to a diversified new energy solution provider, and this strategic transformation has received a positive response from the capital market.

• Short-term volatility risk
  : Cumulative increase of over 200% in the past month [0][2], with short-term profit-taking pressure
• Valuation risk
  : Valuation level has increased significantly after rapid rise, requiring continuous performance growth to verify
• Technical risk
  : Hydrogen energy technology is still in the development stage, and commercialization process has uncertainties
• Policy dependence risk
  : Environmental protection and new energy industries are highly dependent on policy support, and policy changes may affect business development

• Continuous favorable policies
  : The long-term trend of carbon neutrality policy is clear, and environmental protection and hydrogen energy industries will continue to benefit
• Technical breakthrough opportunity
  : If solid-state hydrogen storage material technology achieves commercial breakthrough, it will bring huge market space
• Industry integration opportunity
  : The concentration of environmental protection industry is increasing, and leading enterprises are expected to expand scale through mergers and acquisitions
• Regional development opportunity
  : Cross-strait integration development provides unique regional development advantages for the company

Based on comprehensive analysis, Shengyuan Environmental Protection’s strong performance mainly comes from three core factors: first, fundamental support, with net profit increasing by 43.2% year-on-year in Q1 2025 [0]; second, market recognition of hydrogen energy industry layout, which aligns with the national new energy development strategy [0][3]; third, technical breakthrough of annual high, triggering capital chase [0][4]. The company has successfully transformed from a traditional environmental protection enterprise to a “environmental protection + hydrogen energy” dual-drive new energy solution provider.

It is worth noting that the company’s stock price has achieved significant growth in the short term, and investors need to balance short-term volatility risks and long-term development opportunities. The commercialization progress of solid-state hydrogen storage material technology, the sustainability of policy support, and the sustainability of performance growth will be the key factors affecting future stock price performance.