Breaking Down Shenzhen Hemei Group Co.,LTD. Financial Health: Key Insights for Investors

From its beginnings as Shenzhen Haoningda Meters in 1994 to a strategic rebrand in May 2016, Shenzhen Hemei Group Co., Ltd. (002356.SZ) has pivoted from smart energy meters into a diversified energy and consumer business: a planned but canceled acquisition in 2019 illustrated earlier expansion attempts, while January 2024 saw Hemei commit 25.5 million yuan to form a 51%‑owned hydrogen subsidiary, followed by the Feb-Jul 2024 acquisition of five LNG filling stations in Shanxi and the launch of 500 hydrogen‑electric shared bicycles later in 2024; ownership is dominated by Pengfei Green Energy with a 49% stake as of late 2025 and public float on the Shenzhen Stock Exchange (ticker 002356), with the Zheng family and executives like Ming Xu and Xi Tian steering strategy for a roughly 5.31 billion yuan market capitalization (Dec 18, 2025) and a workforce of about 442 employees-Hemei's revenues now span clothing and accessories, operation of energy replenishment stations, green hydrogen and methanol production from wind and solar, bicycle rentals, and strategic investments (including a 51% holding in Pengfei Hydrogen Hemei), underpinning a reported 146.43% surge in operating revenue in 2024 as the company pursues innovation, sustainability, and integrated energy solutions

Shenzhen Hemei Group Co.,LTD. (002356.SZ): Intro

• 1994 - Founded as Shenzhen Haoningda Meters Co., Ltd., focused on smart energy meters and related equipment.
• May 2016 - Rebranded to Shenzhen Hemei Group Co.,LTD., signaling strategic diversification beyond meter manufacturing.
• 2019 - Announced plan to acquire Hero Entertainment Co., Ltd.; acquisition canceled in April 2019.
• Jan 2024 - Entered hydrogen energy sector with a 25.5 million yuan investment to establish Shanxi Pengfei Hydrogen Energy Green Development Co., Ltd. (Hemei holds 51%).
• Feb-Jul 2024 - Acquired five LNG filling stations in Shanxi Province, expanding into new energy fuel infrastructure.
• 2024 - Launched 500 hydrogen-electric shared bicycles as part of sustainable urban mobility initiatives.

• Listed entity: Shenzhen Hemei Group Co.,LTD. (002356.SZ) - publicly traded on Shenzhen Stock Exchange.
• Hemei's newly established Shanxi Pengfei Hydrogen Energy Green Development Co., Ltd. - Hemei holds a 51% controlling stake.
• Group structure blends legacy metering/manufacturing divisions with emerging new-energy subsidiaries and fuel retail assets acquired in 2024.

• Mission: Transition from core competence in smart energy meters to a diversified energy and green-technology enterprise, emphasizing hydrogen and LNG fueling, low-carbon mobility, and smart energy equipment.
• Strategic priorities (2024 onward): build hydrogen/LNG infrastructure, commercialize hydrogen mobility solutions, and leverage metering/IoT expertise for integrated energy services.

• Manufacturing and sales of smart energy meters and related equipment - legacy and stable revenue base.
• Energy infrastructure operation - revenues from LNG filling stations (fuel sales, service fees) acquired in Shanxi (5 stations acquired Feb-Jul 2024).
• Hydrogen business - hydrogen production/dispensing via Shanxi Pengfei (25.5 million yuan initial capital; 51% owned), sales to transport and shared-mobility partners.
• Mobility services - shared hydrogen-electric bicycle operations and possible leasing/advertising revenue (500 bikes launched in 2024).
• Value-added services - maintenance, IoT/smart-metering service contracts, and potential integration with municipal energy systems.

• Vertical integration: combine meter/manufacturing expertise with fuel infrastructure and hydrogen production to capture upstream and downstream margins.
• Regional focus: rapid asset roll-out in Shanxi Province (LNG stations, hydrogen subsidiary) to establish scale and operational base.
• Asset-light mobility pilots: 500 hydrogen-electric shared bicycles serve both as market proof and demand-generator for hydrogen fuel sales.

Shenzhen Hemei Group Co.,LTD. (002356.SZ): History

• Founded as a manufacturing concern in Shenzhen, Hemei expanded into energy, chemicals and environmental services over multiple decades.
• In recent years the company accelerated investments in hydrogen energy and green fuels as part of a strategic pivot guided by controlling shareholders.
• Leadership continuity (management drawn from founding/controlling family circles) has supported long-term project development cycles.

• Ownership split: Pengfei Green Energy 49% / Public shareholders 51%.
• Board and executive roles reinforce the family's operational influence (e.g., Ming Xu, Xi Tian).
• Major strategic moves-such as entry into hydrogen-reflect the Zheng family's long-term vision and board approval processes.

• Traditional segments: manufacturing and sale of chemical/industrial products and related services (contract revenue and product sales).
• Energy segments: sale of fuels and feedstocks, operation of energy facilities, and increasingly hydrogen production and offtake agreements.
• Capital and financial returns: dividends and share liquidity from the publicly traded 51% float; strategic investments via Pengfei Green Energy.

Shenzhen Hemei Group Co.,LTD. (002356.SZ): Ownership Structure

• Innovation: notable investments in hydrogen energy R&D and launch of hydrogen-electric shared bicycles to pilot mobility-energy integration.
• Sustainability: strategic rollout of green hydrogen and green methanol projects powered by onshore wind and utility-scale solar.
• Partnerships: collaborates with technology and EPC partners - e.g., Pengfei Green Energy - to accelerate market entry and scale production.
• Operational excellence: rapid deployment of energy replenishment stations and hydrogen refueling infrastructure to capture early-market share.
• Strategic goal: become a leading provider of integrated energy solutions across power measurement, hydrogen, and low-carbon fuels.

• Hardware sales: legacy income from smart meters, related installation and maintenance contracts.
• Hydrogen production & sales: green hydrogen and green methanol produced from renewable-powered electrolysis and methanol synthesis sold to industrial and mobility customers.
• Energy services: operation of hydrogen refueling/energy replenishment stations and fleet charging/re-fueling for shared mobility pilots.
• Project contracting & EPC services: engineering, procurement and construction for renewable-to-fuel plants in partnership with firms like Pengfei Green Energy.
• Recurring services: long-term O&M, data services and smart-energy platform subscriptions leveraging meter and station telemetry.

• Major shareholders: combination of founding/controlling shareholders, institutional investors and public float on SZSE (shareholder registry shows concentrated stakes among insiders and strategic investors typical for A-share midcaps).
• Board focus: independent directors with energy and industrial backgrounds, Board-approved strategy for hydrogen and new-energy expansion.
• Capital deployment: mix of equity, retained earnings and project-specific financing to fund green hydrogen/methanol plants and refueling infrastructure.

Shenzhen Hemei Group Co.,LTD. (002356.SZ): Mission and Values

• Centralized governance: board-driven strategy, executive-led implementation across subsidiaries.
• Subsidiary model: focused entities (e.g., Pengfei Hydrogen Hemei) run specific technology and market initiatives.
• Integrated energy stations: acquisition, development and operation of energy replenishment stations offering hydrogen, methanol and electric charging services.
• Renewable feedstock integration: projects to couple wind and solar power with electrolytic hydrogen and methanol synthesis to supply stations with low-carbon fuels.
• Hydrogen shared mobility: development and operation of hydrogen-powered shared electric bicycles for short-distance urban transport.
• Operational workforce: supported by approximately 442 employees across corporate, R&D, operations and field service functions.

• Operation fees and fuel sales from energy replenishment stations (hydrogen, methanol, electricity).
• Service revenues from shared mobility platforms (hydrogen-assisted shared electric bicycles) - usage fees, subscription and per-ride charges.
• Engineering, procurement and construction (EPC) contracts and technology services for renewable-to-fuel projects.
• Project-level returns from renewable generation assets (wind/solar) coupled to hydrogen and methanol production facilities supplying internal and third-party customers.
• Asset acquisitions and integrated station rollouts that scale recurring fuel and service cash flows.

• Scale-up of integrated energy stations to create recurring retail fuel and service revenue streams while offering multi-fuel capability (hydrogen, methanol, electric charging).
• Investment in renewable generation and electrification technologies to lower fuel feedstock carbon intensity (wind/solar → electrolytic hydrogen → methanol synthesis).
• Commercialization of hydrogen-powered shared bicycles to capture urban first-mile/last-mile mobility demand with a low-emissions solution.
• Vertical integration from renewable generation and fuel synthesis through station distribution to control supply economics and margins.

Shenzhen Hemei Group Co.,LTD. (002356.SZ): How It Works

• Apparel & accessories: design, manufacturing, wholesale and retail of clothing, shoes, hats, bags and related items sold through branded stores, e-commerce channels and third‑party distributors.
• Energy replenishment stations: operation of fuel and energy supply outlets (including charging & refueling points) that serve vehicles, light commercial users and mobility fleets.
• Green hydrogen & green methanol: production via electrolysis and synthesis using on-site wind and solar power; products sold to industrial, chemical and mobility customers.
• Hydrogen-powered shared electric bicycles: deployment and rental operation of H2‑assisted e-bikes in urban areas, integrating hardware sales, rental fees and service revenues.
• Strategic investments & partnerships: equity stakes and JV operations (notably a 51% holding in Pengfei Hydrogen Hemei) that provide technology, offtake and project development revenues.

• Apparel & accessories - direct product sales (B2C/B2B), seasonal collections, licensing and accessories margins; gross margins historically higher in branded lines due to retail markups.
• Energy stations - transaction volumes (liters/kWh), ancillary services (maintenance, convenience retail), and station franchising/licensing fees.
• Green hydrogen & methanol - feedstock is renewable electricity; revenues from long‑term offtake contracts, spot sales and industrial supply agreements; margin influenced by electricity cost and electrolyzer utilization.
• Shared hydrogen e-bikes - per-ride and subscription fees, hardware leasing to local operators, advertising and data monetization; lower unit margin but high revenue density in dense urban deployments.
• Investments & partnerships - equity income from Pengfei Hydrogen Hemei (51% controlling stake), technology JV returns, asset sales and M&A gains.

• Electrolyzer utilization rate (% of nameplate capacity)
• Renewable energy input cost (RMB/MWh)
• Same-store sales growth for apparel (YoY %)
• Average revenue per ride / per bike per day
• Station throughput (liters/kWh per station monthly)
• JV attributable EBITDA and cashflow contribution

• Vertical integration from renewable generation to green-fuel production reduces input volatility and secures margins.
• Cross-selling potential between retail channels and mobility services (brand recognition, loyalty programs).
• Majority ownership in Pengfei Hydrogen Hemei enables control over technology deployment and offtake prioritization.

Shenzhen Hemei Group Co.,LTD. (002356.SZ): How It Makes Money

• Core manufacturing and sale of industrial products and components
• Trading, import/export and logistics services supporting domestic and international clients
• New energy business lines: hydrogen production equipment, storage, and integrated solutions
• Strategic investments and joint ventures to accelerate technology adoption and market entry

• Rapid top-line growth in 2024 (+146.43% operating revenue) improving cash flow and reinvestment capacity
• Market cap of ~5.31 billion yuan provides scale to fund R&D and M&A in hydrogen and related new energy areas
• Diversified revenue base reduces dependence on any single end market during energy transition
• Partnerships and investments accelerate commercialization of hydrogen technologies and create recurring-service revenue opportunities

• Entry into hydrogen energy positions Shenzhen Hemei Group to benefit from accelerating demand for clean energy infrastructure
• Expansion into new energy solutions aligns with global decarbonization trends and national policy support, enhancing long-term resilience
• Continued focus on innovation and sustainability is expected to drive competitive differentiation and revenue diversification