Yihuatong and Foshan Feichi sue each other over unpaid debts, sparking dispute over 194 million yuan in government subsidies

Regulation
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Summary · why it matters

A subsidiary of Yihuatong and Foshan Feichi have sued each other over payment disputes for hydrogen fuel cell assembly purchases, bringing to light a disagreement over the allocation of 194 million yuan in government subsidies. Yihuatong's subsidiary Qianchen Company sued Foshan Feichi demanding payment of 162 million yuan for goods. Subsequently, Foshan Feichi took Qianchen Company, Yihuatong, Hanyi Company, and another firm to court, claiming that Hanyi Company had already received the 194 million yuan in subsidies but had not distributed them, leaving its accounts receivable unrecoverable. Yihuatong responded that under the agreement, Qianchen Company was merely the representative of the consortium collecting the subsidies on behalf of others, and the funds belong to Xiaoshizi Company, meaning Qianchen Company has no obligation to pay Foshan Feichi. This mutual litigation reflects the cash flow pressures facing the hydrogen energy industry in its early commercialization stage. Yihuatong's 2025 revenue fell nearly 30 percent year-on-year, and the gross margin of its fuel cell systems dropped to negative 19.82 percent. Industry insiders believe development has fallen short of expectations, and critical issues such as the construction of hydrogen refueling stations remain unresolved.

Impact on stocks 3

Others▼ · 3 stocks

Off-coverage companies 4

佛山市飞驰汽车科技有限公司Private▼ Negative
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Sued over unpaid debts and subsidy dispute, reflecting financial strain.

唐山瀚逸氢能科技有限公司Private▼ Negative
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Claimed to have received subsidies but not distributed, leading to litigation.

唐山谦辰新能源发展有限公司Private▼ Negative
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Sued for payment, facing cash flow issues.

小柿子（唐山）汽车供应链管理有限公司Private± Mixed
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Subsidies belong to this company, but impact unclear from litigation.

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