Under the background of improving the modern enterprise system with Chinese characteristics and accelerating the development of new quality productive forces, discussing the equity structure and salary incentive mechanism of listed companies in hydrogen energy, an emerging energy source, can provide reasonable and effective development paths for improving the performance of hydrogen energy companies. Based on the research sample of 289 hydrogen energy companies listed on the A-share market from 2013 to 2023, this paper analyzes effectiveness using the coefficient of variation method, conducts empirical research using multiple linear regression, and tests the robustness, endogeneity, and heterogeneity of the results. Research Findings: There is a positive correlation between the shareholding ratio of the largest shareholder and company performance, but it is not significant; the shareholding ratios of the top five and top ten shareholders are significantly positively correlated with company performance, respectively; the shareholding ratio of the supervisory board is significantly positively correlated with company performance; and the remuneration of the supervisory board is significantly positively correlated with company performance.