Shanxi Meijin Energy

What Shanxi Meijin Energy does

Shanxi Meijin Energy Co., Ltd. (SZSE: 000723) is a Chinese A-share listed energy and chemicals company headquartered in Taiyuan, Shanxi Province, that produces metallurgical coke, coking coal, and coal-derived chemicals while building a full hydrogen energy value chain from production to end-use. Founded by the Yao family in 1981 and listed via backdoor IPO in 2007, the company operates 7.15 million tonnes/year of coking capacity and 6.3 million tonnes/year of captive coal mining capacity, selling metallurgical coke to major steel manufacturers in North, Northeast, and East China. Its coal-chemical subsidiaries (Hua Sheng Chemical, Run Jin Chemical, Yunji Natural Gas) convert coking byproducts into LNG, ethylene glycol, ammonia, and urea.

The company's hydrogen strategy, launched in 2017, leverages the fact that coke oven gas byproduct contains approximately 55% hydrogen, which Meijin extracts via proprietary negative-pressure adsorption into 99.999% purity hydrogen at roughly 40% lower cost than water electrolysis. Through wholly-owned and majority-held subsidiaries — Flying Horse Technologies and Qingdao Meijin (hydrogen commercial vehicles, 10,000 units/year combined capacity), Hongji Chuangneng (membrane electrodes, 50%+ domestic market share), Li Neng New Energy (carbon paper / gas diffusion layer), Haidelisen (refueling station equipment), and Saikesaisi (PEM electrolysis) — Meijin covers hydrogen production, 20 operating refueling stations across 5 provinces (scaling to 300), and fuel cell vehicle deployment with cumulative fleet mileage exceeding 200 million km. Strategic partnerships include Toyota Motor (China) on fuel cell technology, and notable customers include Hebei Iron & Steel, Jinnan Iron & Steel, Qingdao Zhenhai Bus, and Rongcheng Group Tianjin.

Name

Shanxi Meijin Energy

Legal name

山西美锦能源股份有限公司

Website

https://mjenergy.cn

Company type

Public

Founded year

1981

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Shanxi Meijin Energy (SZSE: 000723) is one of China's largest independent coking and coal producers, integrated into a full hydrogen value chain spanning byproduct hydrogen extraction, refueling stations, fuel cell components, and hydrogen commercial vehicles.

Ownership category

akta.pro rank

Product category

Metallurgical Coke & Coal Chemicals

NAICS

Petroleum and Coal Products Manufacturing (3241), Chemical Manufacturing (325)

SIC

Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens) (3312), Bituminous Coal & Lignite Mining (1220), Miscellaneous Products Of Petroleum & Coal (2990)

akta.pro primary industry

Hydrogen & Derivative Fuels for Industry (H₂, Ammonia, Methanol) (EUABAJAC)

akta.pro secondary industries

Truck & Commercial Vehicle Electrification Manufacturing (eAxles/Battery Packs/Fuel Cells) (IMACABAK), Coal & Coke Terminals (TLAHABAC)

Keywords

• Metallurgical coke production
• Coking coal mining
• Hydrogen energy production
• Coal chemical manufacturing
• Hydrogen fuel cell vehicles

Headquarters

HQ city

Taiyuan

HQ country

China

HQ region

Asia

Offices9 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Supply Chain, Infrastructure, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. Coke and Coking Coal: Traditional core revenue stream from production and sale of metallurgical coke and coking coal. Meijin Energy operates 7.15 million tonnes/year of coking capacity and 6.3 million tonnes/year of coal mining capacity. Coke products are sold primarily to large steel manufacturers in North China, Northeast China, and East China. Coal self-sufficiency rate is approximately 30%.
2. Coal Chemicals (LNG, Ethylene Glycol, Ammonia, Urea): Byproducts of coking process are refined into higher-value chemical products. Shanxi Yunji Natural Gas produces 23,000 Nm³/h LNG; Run Jin Chemical produces 134 million Nm³/year LNG plus 200,000 tonnes/year ammonia and 300,000 tonnes/year urea. Hua Sheng Chemical produces 300,000 tonnes/year ethylene glycol and 15,500 tonnes/year LNG.
3. Hydrogen Energy Products and Services: Revenue from hydrogen production, hydrogen refueling station operations, and hydrogen fuel cell vehicle sales through subsidiaries Flying Horse Technologies and Qingdao Meijin. Hydrogen segment has grown to approximately RMB 800 million in revenue as of 2024. Expanding into hydrogen storage, distributed power generation, and drone/ship hydrogen propulsion systems.
4. Green Power/Hydrogen Trading: Revenue from the national first hydrogen trading platform launched by Meijin Energy, enabling trading of hydrogen carbon credits and green hydrogen certificates.

Go-to-market motion4 records

Distribution channels6 records

Marketing channels8 records

Core offering

Shanxi Meijin Energy is a vertically integrated producer of metallurgical coke and coking coal that has built a complete hydrogen energy value chain. The company manufactures coal chemicals, produces high-purity hydrogen from coke oven by-product gas, operates hydrogen refueling stations, and produces hydrogen fuel cell commercial vehicles and key fuel cell components such as membrane electrodes and carbon paper. Its operations span an integrated coal-coke-chemical-hydrogen industrial chain serving steel, chemical, transportation, and energy customers.

Differentiator

Problem solved

Functional benefit

Brands

• 飞驰科技: 氢燃料电池商用车整车制造企业，年产能力10000台，产品涵盖客车、轻中重卡、市政环卫、冷藏物流等
• 青岛美锦
• 鸿基创能
• 骊能新能源
• 璞锦科技
• 赛克赛斯

Products and services

• Metallurgical Coke

Quantifiable outcome

• 64,000 tonnes of hydrogen can be extracted annually from existing coke oven gas byproduct, enough to power 24,000 medium trucks or 18,000 8.6m hydrogen buses
• +5 more outcomes

Named customers7 records

Segments4 records

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

15 partnerships are on record, tiered core and key.

• Toyota Motor (China) Investment Co., Ltd. (丰田汽车（中国）投资有限公司)coreStrategic or Co-development Partner · 1 March 2022Meijin Energy and Toyota signed a strategic cooperation memorandum in March 2022. The partnership focuses on hydrogen energy technology exchange, market development, and potential collaboration in hydrogen fuel cell vehicle applications. Toyota, as a global leader in hydrogen fuel cell technology (Mirai), brings complementary technology expertise to Meijin's hydrogen ecosystem.
• Hongji Chuangneng Technology (Guangzhou) Co., Ltd. (鸿基创能科技（广州）有限公司)coreStrategic or Co-development PartnerEstablished in 2017 by Meijin Energy together with Canadian Engineering Academy academician Ye Siyu's technical team. Develops and manufactures high-performance, long-life fuel cell membrane electrodes. Holds ~50%+ market share in China's membrane electrode market with annual capacity of 600,000 sqm. Solved the 'bottleneck' problem in hydrogen energy development.
• Li Neng New Energy Technology (Beijing) Co., Ltd. (骊能新能源科技（北京）有限公司)coreStrategic or Co-development PartnerFounded in September 2022 as a joint venture between Meijin Energy and Chief Scientist Zhang Jiujun (Academician of Royal Society of Canada). Focused on new energy application materials including fuel cell gas diffusion layer (GDL), electrolyzer water gas diffusion materials, and flow battery materials. Planned capacity of 1 million sqm/year of carbon paper. First to propose globally original fuel cell feed contamination theory model.
• Beijing Haidelisen Technology Co., Ltd. (北京海德利森科技有限公司)coreTechnology or IntegrationChina's earliest hydrogen safety equipment R&D and hydrogen refueling station equipment manufacturer. 2008 onwards, has become the first private enterprise to achieve breakthrough in hydrogen refueling station overall design and integration. Holds approximately 30% market share in China's hydrogen refueling station market and ~80% in 70MPa hydrogen refueling stations. 2021 liquid piston compressor sales ranked #1 nationwide with 50%+ market share.
• Shandong Saikesaisi Hydrogen Energy Co., Ltd. (山东赛克赛斯氢能源有限公司)keyTechnology or IntegrationLeading PEM (proton exchange membrane) electrolysis hydrogen production equipment manufacturer in China. Invested by Meijin Energy. Uses solid polymer electrolyte (SPE) technology for pure water electrolysis. CTO has 30 years of experience in PEM technology. Products have received BCEIA Gold Award and CE certification.
• Beijing Pujian Technology Co., Ltd. (北京璞锦科技有限公司)keyStrategic or Co-development PartnerJoint venture established in May 2022 between Meijin Energy and Beijing Hydrogen Puchuang Technology Co., Ltd. Develops and manufactures high-power vehicle fuel cell systems and combined heat and power (CHP) systems. Leverages Puchuang's 20+ years of fuel cell stack manufacturing experience and Meijin's hydrogen ecosystem.
• Foshan Flying Horse Automotive Technology Co., Ltd. (佛山市飞驰汽车科技有限公司)coreStrategic or Co-development PartnerControlled subsidiary (majority stake acquired in 2018). One of the first enterprises in China with hydrogen commercial vehicle production qualifications. Products cover buses, trucks, logistics vehicles, and specialty vehicles. Combined with Qingdao Meijin, annual production capacity reaches 10,000 vehicles. Leading position in hydrogen fuel cell heavy trucks.
• Hebei Iron & Steel Group (河钢集团)keyStrategic or Co-development PartnerStrategic cooperation for hydrogen energy applications in the steel industry. Meijin Energy built and operates China's first fixed hydrogen refueling station at Hebei Iron & Steel Group's facilities, serving hydrogen fuel cell heavy trucks in steel logistics. Jointly promoting hydrogen energy applications in heavy industrial logistics.
• Jinnan Iron & Steel Group (晋南钢铁集团)keyStrategic or Co-development Partner100 units of 49T hydrogen fuel cell heavy trucks delivered to Jinnan Iron & Steel for their hydrogen logistics corridor in Shanxi. Represents large-scale deployment of hydrogen trucks in industrial logistics scenario.
• Qingdao Zhenhai Bus Group (青岛真情巴士集团)keyStrategic or Co-development PartnerDelivery of 50 hydrogen fuel cell city buses for Qingdao's first hydrogen bus demonstration line — China's first 5G hydrogen fuel cell bus demonstration route. Meijin Qingdao Hydrogen Industrial Park provided vehicles as part of Qingdao hydrogen energy demonstration city project.
• Jiaxing Hydrogen Energy Development Co., Ltd. (嘉兴氢能产业发展股份有限公司)keyChannel Partner/ Reseller/ DistributorSubsidiary Flying Horse (through Zhejiang Flying Horse subsidiary) won a 100+ million RMB (over 100 million yuan) bidding for 49T fuel cell truck procurement and leasing project from Jiaxing Hydrogen Energy Development Co. Represents major commercial vehicle deal in hydrogen sector.
• Guangdong Guohuo Hydrogen Energy Technology Co., Ltd. (广东国鸿氢能科技有限公司)keyStrategic or Co-development PartnerMeijin Energy invested in Guangdong Guohuo in July 2019. Guohuo is a leading fuel cell system integrator in China, providing fuel cell stacks and systems for vehicles. The investment strengthens Meijin's position in the fuel cell supply chain.
• Jinghui Gas (京辉气体)keyStrategic or Co-development PartnerMeijin Energy achieved strategic investment in Jinghui Gas in April 2021 and established a joint venture 'Zhongqing Huanyu' for hydrogen station operations. Jinghui Gas is a Beijing-based hydrogen production and refueling operator.
• Guizhou Liupanshui Government (贵州省六盘水市政府)keyStrategic or Co-development PartnerMeijin Energy's Guizhou 'Coal-Coke-Hydrogen Comprehensive Utilization Demonstration Project' in Liupanshui. Project leverages Guizhou's coal resources and existing chemical industry base to build a hydrogen energy industrial cluster. Projected annual output of 200 billion RMB when complete, creating ~2,000 jobs.
• Tianjin Rongcheng Group (天津荣程集团)keyStrategic or Co-development Partner20 hydrogen fuel cell heavy trucks delivered to Rongcheng Group, one of the largest private steel logistics operators in North China. Trucks deployed for steel logistics transport operations.

Scale indicators15 records

Recent moves10 records

Expansion highlights6 records

Direct peers

• Yutong Bus: China's largest bus manufacturer and a leading deployer of hydrogen fuel cell city buses. Comparable through Meijin's Qingdao Zhenhai Bus demonstration and Foshan Sanshui deployment of hydrogen buses, both direct competitors in commercial-vehicle electrification.
• CIMC Enric: Major Chinese manufacturer of hydrogen storage and transport equipment (tube trailers, storage tanks) and clean energy infrastructure. Comparable to Meijin's refueling station and hydrogen logistics infrastructure build-out.
• Beijing SinoHytec: Leading Chinese hydrogen fuel cell system manufacturer for commercial vehicles. Competes with Meijin's Pujian JV and broader fuel cell stack/system business; both target heavy-duty truck and bus OEMs.
• China Coal Energy: Large state-owned coal producer with significant coking coal and coal-to-chemicals operations. Comparable to Meijin's traditional coal/coke business, with growing interest in clean energy adjacencies.
• Shanxi Coking Coal Energy Group: Largest coking coal producer in China, headquartered in Shanxi Province like Meijin. Directly comparable in metallurgical coal and coke operations, though focused on upstream coal rather than downstream hydrogen value chain.
• Weichai Power: Major Chinese diesel and powertrain manufacturer that has aggressively pivoted to hydrogen fuel cell commercial vehicles and engines. Competes with Meijin's Flying Horse in hydrogen truck deployment and fuel cell system integration.

Broad incumbents

• Doosan Fuel Cell: South Korean stationary fuel cell leader and broader Doosan hydrogen ecosystem participant. Comparable as an established fuel cell incumbent, though primarily stationary rather than mobility-focused like Meijin.
• China Shenhua Energy: China's largest coal producer and a state-owned energy giant with integrated coal-to-chemicals operations. Comparable as a broad incumbent in the coal value chain, with growing hydrogen investments providing strategic overlap.
• Ballard Power Systems: Global hydrogen fuel cell leader and former employer of Meijin's Chief Scientist (Ye Siyu). Comparable as the global benchmark for PEM fuel cell stacks, though smaller-scale than Meijin's integrated Chinese operations.

Emerging players

• Plug Power: US-based hydrogen fuel cell and green hydrogen player focused on forklifts, mobility, and stationary applications. Comparable as a vertically integrated hydrogen platform though operating in a different geography and end-market mix.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat7 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles18 records

Subsidiaries12 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments3 records

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Frequently asked questions about Shanxi Meijin Energy