消息面上，第十届国际氢能与燃料电池设备技术展览会于9月18日至20日在北京举办。此外，近期，北 京、重庆、武汉等多地出台支持氢能产业发展政策，争先抢滩布局氢能产业，推动相关产业开发和应用 加速落地，抢占氢能产业新赛道。 长城证券（002939）表示，鉴于我国持续颁布的氢能源利好政策，氢能产业持续发展。国金证券则认 为，2025年是氢能中长期规划的结算时点，氢能及燃料电池行业将进入放量冲刺期，燃料电池汽车及绿 氢项目落地将加速，氢能和燃料电池制造是目前的两条主线，建议持续关注。 氢能概念股盘中拉升，截至发稿，亿华通(02402)涨51.13%，报36港元；重塑能源(02570)涨27.96%，报 212.8港元；京城机电股份(00187)涨15.32%，报5.58港元；国富氢能(02582)涨11.71%，报62港元。 ...

智通财经APP获悉，氢能概念股盘中拉升，截至发稿，亿华通(02402)涨51.13%，报36港元；重塑能源 (02570)涨27.96%，报212.8港元；京城机电股份(00187)涨15.32%，报5.58港元；国富氢能(02582)涨 11.71%，报62港元。 消息面上，第十届国际氢能与燃料电池设备技术展览会于9月18日至20日在北京举办。此外，近期，北 京、重庆、武汉等多地出台支持氢能产业发展政策，争先抢滩布局氢能产业，推动相关产业开发和应用 加速落地，抢占氢能产业新赛道。 长城证券表示，鉴于我国持续颁布的氢能源利好政策，氢能产业持续发展。国金证券则认为，2025年是 氢能中长期规划的结算时点，氢能及燃料电池行业将进入放量冲刺期，燃料电池汽车及绿氢项目落地将 加速，氢能和燃料电池制造是目前的两条主线，建议持续关注。 ...

Shanghai REFIRE Group Limited 上海重塑能源集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2570） 於2025年9月25日（星期四）舉行之2025年第四次臨時股東會適用之代表委任表格 日期： 股東簽署 （附註5） ： 附註： 收集個人資料聲明 本代表委任表格所指的「個人資料」具有《個人資料（私隱）條例》（第486章）（「私隱條例」）賦予「個人資料」之相同涵義，當中包括 閣下及 閣下的受委代表之姓 名及地址。 閣下及 閣下的受委代表於本代表委任表格所提供的個人資料將用於處理 閣下要求委任受委代表出席會議，並代表 閣下按如上所示行事及投票。 閣下 及 閣下的受委代表乃基於自願性質提供個人資料。然而，倘 閣下及 閣下的受委代表並無提供個人資料，本公司可能無法處理 閣下的指示。 本公司可就上述用途將 閣下及 閣下受委代表的個人資料披露或轉移給本公司的H股證券登記處及╱或其他公司或團體，或按法例規定（例如應法庭命令或執 法機關的要求）作出披露或轉移，並將在適當期間內保留該等個人資料作核實及記錄用途。 | 本人╱吾等 | （附註1） | | | --- | --- ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本通告的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不對因本通告全部或任何部分內容而產生或因倚賴該等內容而引致的任 何損失承擔任何責任。 Shanghai REFIRE Group Limited 上海重塑能源集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2570） 2025年第四次臨時股東會通告 茲通告上海重塑能源集團股份有限公司（「本公司」）謹訂於2025年9月25日（星期 四）上午十時正假座中國上海市嘉定區金園一路655號一棟2層舉行2025年第四次臨時 股東會（「臨時股東會」），藉以審議及酌情通過下列決議案。除另有指明外，本通告所 用詞彙與本公司日期為2025年9月7日的通函（「通函」）所界定者具有相同涵義。 特別決議案 1. 審議及批准授予董事會於有關期間（定義見下文(d)段）購回H股的一般授 權： (a) 根據市場情況及本公司需要，購回不超過本決議案獲臨時股東會通過 時已發行及未被購回H股（不包括任何庫存股份）數目之10%的H股； (b) 授權董事會（或其授權代表）作出（包括但不限於）以下各項： ( ...

此乃要件 請即處理 閣下如對本通函或應採取的任何行動有任何疑問，應諮詢 閣下的股票經紀、註冊證券交易商、銀行經 理、律師、專業會計師或其他專業顧問。 閣下如已售出或轉讓名下所有上海重塑能源集團股份有限公司股份，應立即將本通函連同隨附的代表委任 表格送交買方或承讓人，或經手買賣或轉讓的銀行、持牌證券交易商或其他代理，以便轉交買方或承讓 人。 香港交易及結算所有限公司及香港聯合交易所有限公司對本通函的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示概不就因本通函全部或任何部分內容而產生或因依賴該等內容而引致的任何 損失承擔任何責任。 Shanghai REFIRE Group Limited 上海重塑能源集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2570） (1) 建議購回H股的一般授權；及 (2) 2025年第四次臨時股東會通告 本封面頁所用詞彙與本通函所界定者具有相同涵義。 本公司謹訂於2025年9月25日（星期四）上午十時正假座中國上海市嘉定區金園一路655號一棟2層召開並 舉行臨時股東會，會議通告載於本通函第12至15頁。隨函附奉臨時股東會適用的代表委任表格， ...

Core Viewpoint - The hydrogen fuel cell industry is transitioning from a "policy demonstration-driven" model to a "scenario commercialization-driven" model, leading to increased market competition and commercialization challenges for companies [1] Revenue Performance - The four companies reported a decline in overall revenue for the first half of the year, with Guohong Hydrogen Energy and Yihuatong experiencing the largest drops of 55.7% and 53.25%, respectively, to 58.883 million and 71.929 million [2] - The revenue decline is attributed to two main factors: the early-stage commercialization of the hydrogen fuel cell industry and increased competition due to stricter cost control requirements from downstream customers [2] - Yihuatong's revenue from fuel cell systems, which accounts for over 70% of its total revenue, fell by 52.7% to 50.642 million [2] Market Demand and Profitability - The overall market demand for fuel cells has decreased, with the cumulative production and sales of fuel cell vehicles in China dropping by 47.2% and 46.8%, respectively, in the first half of the year [3] - Despite the revenue declines, three companies reported reduced losses, with Guofu Hydrogen Energy's loss decreasing by 20% to 89.248 million due to improved receivables and cost reductions [3] New Application Scenarios - Companies are expanding into new application scenarios for hydrogen fuel cells, such as cold chain transportation and heavy-duty vehicles, to drive growth [4] - Yihuatong has diversified its product applications to include areas like sanitation and shipping, while Reshaping Energy is focusing on long-distance transportation [4] International Market Expansion - The competitive domestic market has prompted companies to target overseas markets, with Reshaping Energy's overseas revenue increasing by approximately 160% to 11 million, now accounting for 10% of total revenue [6] - Guofu Hydrogen Energy has identified several overseas projects, including hydrogen stations and electrolysis projects, as crucial for its business development [6] Upstream Integration - Companies are also looking to extend into upstream hydrogen production as a self-rescue strategy, with Yihuatong planning a restructuring to integrate with a hydrogen production business [6]

Core Viewpoint - The chairman of Gazprom, Alexey Miller, has declared that Europe's energy future is determined, with no room for additional energy supply to Europe, indicating a significant shift towards Eastern markets for Russian gas [1][3]. Group 1: Energy Supply Dynamics - Gazprom has signed a historic memorandum that will fundamentally alter the global energy landscape, emphasizing that the cost of supplying gas to the East is objectively lower than to Europe due to geographical advantages and optimized logistics [3]. - The shift in energy supply towards the East is seen as a response to the high costs associated with European LNG imports, which are burdened by intermediary fees [3][4]. Group 2: Geopolitical Implications - The geopolitical map is being redrawn, with Russia and China entering into a significant contract, while Europe struggles to find alternatives to Russian gas amidst ongoing debates over quotas and sanctions [3][4]. - Miller's statements suggest that the EU is perceived as an expensive and unreliable buyer, paying the price for political ambitions with economic downturns and energy crises [4]. Group 3: Economic Consequences for Europe - Europe is facing an unprecedented energy crisis as it attempts to replace Russian gas, with the potential for severe industrial decline and economic repercussions as a result of this energy transition [3][4].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 上海重塑能源集團股份有限公司 (「本公司」) 呈交日期: 2025年9月3日 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02570 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 40,680,318 | RMB | | 1 RMB | | 40,680,318 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 40,680,318 | RMB | | 1 RMB | | 40,680,318 | | 2. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註明) ...

Core Insights - The Chinese hydrogen fuel cell industry is accelerating towards large-scale applications driven by policy implementation and technological breakthroughs, providing critical support for carbon neutrality goals [1][10] - The market size of the hydrogen fuel cell industry in China is projected to reach 5.99 billion yuan in 2024, representing a year-on-year growth of 52.42% [1][10] - Key material localization bottlenecks have been overcome, with companies like Yihuatong and Reshaping Technology achieving self-production of core components, significantly reducing reliance on imported materials [1][10] - Breakthroughs in high-power system development, such as the successful commercialization of 400kW fuel stacks, have expanded the application boundaries of hydrogen fuel cell technology [1][10] Industry Overview - Hydrogen fuel cells convert the chemical energy of hydrogen and oxygen directly into electrical energy through electrochemical reactions, offering high energy conversion efficiency and producing only water as a byproduct [2] - The market features various types of hydrogen fuel cells, including Proton Exchange Membrane Fuel Cells (PEMFC), Alkaline Fuel Cells (AFC), Phosphoric Acid Fuel Cells (PAFC), Solid Oxide Fuel Cells (SOFC), and Molten Carbonate Fuel Cells (MCFC), each with distinct operational characteristics and applications [4][5][6] Industry Chain - The upstream of the hydrogen fuel cell industry chain includes raw materials and production equipment such as hydrogen, proton exchange membranes, catalysts, membrane electrodes, bipolar plates, and hydrogen storage tanks [6] - The midstream involves the manufacturing of hydrogen fuel cells, while the downstream applications encompass hydrogen fuel cell vehicles, stationary power sources, hydrogen blending in natural gas, hydrogen metallurgy, and micro combined heat and power systems [6] Market Size - The hydrogen fuel cell industry in China is expected to reach a market size of 5.99 billion yuan in 2024, with a significant year-on-year growth rate of 52.42% [1][10] - The industry has made substantial progress in overcoming key material localization challenges, with companies achieving self-sufficiency in core component production [1][10] Key Companies' Performance - Yihuatong, a leading company in the hydrogen fuel cell sector, has developed advanced technologies and achieved a 100% localization rate for its latest 300kW hydrogen fuel cell engine [11] - Reshaping Technology and Guohong Hydrogen Energy are also prominent players, focusing on technological innovation and market expansion [10][11] - Weichai Power, a traditional automotive parts giant, is actively investing in the hydrogen fuel cell sector, with plans for industrialization projects expected to be completed by 2027 [12] Technological Innovation and Cost Reduction - Continuous advancements in materials science and electrochemistry are expected to enhance hydrogen fuel cell performance and reduce costs, facilitating broader applications in transportation and other sectors [14] Policy Support and Market Expansion - The Chinese government has introduced various supportive policies for the hydrogen fuel cell industry, which have attracted significant capital and technological investments [15] Infrastructure Development and Industry Chain Improvement - The construction of hydrogen refueling stations is accelerating, with over 540 stations expected to be operational by the end of 2024, addressing previous limitations in hydrogen fuel cell vehicle usability [16]

Core Viewpoint - The "green electricity direct connection" initiative is set to significantly enhance the consumption of renewable energy in China, with major projects like the Tarim Oilfield's 1.3 million kW photovoltaic project leading the way [1][2]. Group 1: Project Launch and Impact - The Tarim Oilfield's project will be the first million-kilowatt green electricity direct connection project in Northwest China, expected to generate 2.1 billion kWh of green electricity annually for nearby enterprises [2]. - The project aims to reduce the photovoltaic power station's curtailment rate by 40% and lower the comprehensive energy consumption of connected enterprises by 36.7% [2]. - The initiative will increase the proportion of green electricity consumption from zero to 60.4%, aligning with EU carbon border adjustment mechanisms [2]. Group 2: Policy and Regional Support - The National Development and Reform Commission and the National Energy Administration have issued guidelines to promote green electricity direct connection projects, encouraging investment from various entities [1][4]. - Several provinces, including Jiangsu, Yunnan, and Qinghai, have released implementation plans for green electricity direct connection, indicating strong regional support [5][6]. Group 3: Challenges and Solutions - The implementation of green electricity direct connection faces challenges such as unclear cost allocation and the need for stronger policy support for small and medium enterprises [1][6]. - The necessity for energy storage solutions is highlighted as a means to enhance self-consumption ratios and meet regulatory requirements [5][6]. - The economic viability of projects in resource-rich areas is considered favorable, with suggestions for flexible pricing models based on local conditions [7].