Financial Performance - Total revenue for the year ended December 31, 2025, was approximately RMB 595.2 million, a decrease of about 8.3% year-on-year[4] - Gross profit for the same period was approximately RMB 68.7 million, representing a year-on-year decline of approximately 38.5%[4] - Loss attributable to owners of the company was approximately RMB 602.8 million, compared to a loss of RMB 737.3 million in the previous period[4] - Basic and diluted loss per share was RMB 6.98, compared to RMB 9.03 in the previous year[5] - The group reported a pre-tax loss of RMB 627,837,000 for 2025, an improvement from a loss of RMB 779,606,000 in 2024, reflecting a reduction of approximately 19.4%[32] - The basic and diluted loss per share for 2025 was RMB 6.98, compared to RMB 9.03 in 2024, indicating a decrease in loss per share of approximately 22.8%[34] - The company reported a loss attributable to owners of approximately RMB 602.8 million in 2025, an improvement from a loss of RMB 737.3 million in 2024[69] Cash Flow and Assets - Net cash outflow from operating activities was approximately RMB 165.8 million, a decrease of about 57.8% compared to RMB 393.2 million in the prior period[4] - Current assets decreased to RMB 2,837.8 million from RMB 3,560.6 million in the previous year[8] - Non-current assets increased to RMB 1,433.9 million from RMB 1,131.6 million in the previous year[7] - Net assets decreased to RMB 1,702.8 million from RMB 1,939.1 million in the previous year[8] - Cash and cash equivalents decreased to approximately RMB 498.0 million as of December 31, 2025, down approximately 43.6% from RMB 883.4 million in the previous period[73] Revenue Breakdown - Total customer contract revenue for 2025 was RMB 595,186 thousand, a decrease of 8.3% from RMB 648,775 thousand in 2024[22] - Revenue from hydrogen fuel cell systems was RMB 304,466 thousand in 2025, down from RMB 330,521 thousand in 2024, representing a decline of 7.9%[23] - Revenue from hydrogen fuel cell engineering development services dropped significantly to RMB 16,330 thousand in 2025 from RMB 63,217 thousand in 2024, a decrease of 74.1%[23] - Revenue from hydrogen equipment and related components increased significantly to RMB 28.2 million in 2025 from RMB 1.9 million in 2024, driven by active business expansion in hydrogen production[59] Government Support and Grants - The company generated RMB 37,393 thousand in government grants and subsidies in 2025, an increase of 20.5% from RMB 31,088 thousand in 2024[24] - The group has received government subsidies totaling RMB 56.056 million for 2024 and RMB 239.316 million for 2025, with additional amounts still being collected[76] Research and Development - Research and development costs remained stable at RMB 33,466,000 in 2025, slightly up from RMB 33,429,000 in 2024[5] - Research and development expenses decreased to approximately RMB 127.8 million in 2025 from RMB 219.4 million in 2024, reflecting a focus on streamlining product lines[65] - The company is focused on research and development (R&D) to enhance its product offerings[117] Market Position and Strategy - The company maintained a leading position in the fuel cell business, with hydrogen heavy truck installation volume and market share remaining among the top in the industry[49] - The hydrogen energy industry is positioned strategically within national energy management, with significant policy support and market expansion opportunities identified in 2025[49] - International cooperation and global expansion efforts are steadily increasing, contributing to the company's growth strategy[49] - The company aims to enhance the localization rate of key materials, improving the performance and power density of the next generation of fuel cell products by 13%[50] - The company plans to accelerate the commercial application of green hydrogen in industrial scenarios, focusing on decarbonization needs in sectors such as ammonia, methanol, and power generation[56] Corporate Governance and Shareholder Matters - The company did not declare any dividends for the year ended December 31, 2025[4] - The company has not adopted a dividend policy as it plans to retain all future profits for business development and growth[89] - The annual general meeting is scheduled for May 18, 2026, with H-share transfer registration suspended from May 13 to May 18, 2026[87] - The company has received shareholder approval for various governance amendments and related party transactions at the 2024 annual general meeting[99] Financial Management and Investments - Total financial expenses increased to RMB 59,920,000 in 2025 from RMB 57,593,000 in 2024, marking a rise of about 4.0%[26] - The group has not made any significant investments or acquisitions during the reporting period[75] - The company completed a subscription agreement in December 2025, raising approximately RMB 272,170,000 from the issuance of new shares[45] Employee and Operational Insights - The group has 400 full-time employees as of December 31, 2025, with a focus on training and skill development[80] - The company has undergone changes in its supervisory board, with new representatives being appointed effective from January 27, 2025[97] Compliance and Audit - The audit committee has reviewed the financial statements for the year ending December 31, 2025, ensuring compliance with relevant accounting standards[93] - Ernst & Young has confirmed that the financial figures in the announcement align with the consolidated financial statements for the year ending December 31, 2025[94]

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公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公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 香港，2026年3月16日 於本公告日期，董事會成員包括執行董事林琦先生、胡哲博士、馬晶楠女士、翟 雙博士及趙泳生先生；非執行董事劉會友先生；及獨立非執行董事李偉先生、錢 美芬博士及陳飛先生。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2570） 董事會會議日期 上海重塑能源集團股份有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事 （「董事」）會（「董事會」）茲宣佈謹定於2026年3月27日（星期五）召開董事會會議， 以（其中包括）審議及通過本集團截至2025年12月31日止年度之全年業績及其發 佈，以及審議派發末期股息之建議（如有）。 上海重塑能源集團股份有限公司 承董事會命 上海重塑能源集團股份有限公司 董事長 林琦先生 ...

FF301 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: 2026年2月28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: 2026年3月4日 I. 法定/註冊股本變動 | 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 | | | 62,149,535 | RMB | | 1 RMB | | 62,149,535 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 62,149,535 | RMB | | 1 RMB | | 62,149,535 | | 2. 股份分類 | 普通股 | ...

Core Viewpoint - Hydrogen-related stocks in the Hong Kong market experienced a rise despite overall market trends, indicating a potential interest in the hydrogen energy sector [1] Group 1: Stock Performance - Guofu Hydrogen Energy (02582.HK) saw an increase of 14.37%, reaching HKD 45.36 [1] - Zhongshun Energy (02570.HK) rose by 14.01%, trading at HKD 59 [1] - CIMC Enric (03899.HK) experienced a smaller increase of 1.5%, with a price of HKD 12.16 [1]

Group 1 - Hydrogen concept stocks are rising against the market trend, with Guofu Hydrogen (02582) up 14.37% to HKD 45.36, Reshaping Energy (02570) up 14.01% to HKD 59, and CIMC Anrui (03899) up 1.5% to HKD 12.16 [1] - The Ministry of Industry and Information Technology (MIIT) held a meeting earlier this month, emphasizing the importance of hydrogen energy and its position as the fourth priority among market hotspots, indicating high-level attention to the sector [1] - Changjiang Securities noted that the MIIT's focus on large-scale application demonstrations of new technologies and products in the manufacturing sector will accelerate the maturation of cutting-edge technologies, supporting the hydrogen energy industry [1] Group 2 - The hydrogen industry is transitioning from cost reduction through technology to cost reduction through scale, with favorable policy backgrounds supporting the industry's growth [1]

Group 1 - The stock price of ReShape Energy (02570.HK) experienced a significant increase of 13.53%, reaching HKD 58.75 on February 20, 2026 [1] - The overall performance of the new energy materials sector, to which ReShape Energy belongs, rose by 0.94%, indicating a market rotation from high-valuation growth stocks to cyclical and emerging industries with improved fundamentals [2] - The company's core business, hydrogen fuel cell systems, saw a remarkable sales revenue growth of 141.8%, despite a year-on-year decline in total revenue, and the loss margin narrowed by 28.7% [2] Group 2 - The overseas revenue of ReShape Energy increased by 360.3% year-on-year, reflecting positive developments in business structure optimization [2] - Technical indicators showed that the stock price broke through short-term moving averages with a significant increase in trading volume, indicating heightened market participation [2]

Group 1 - The stock price of Reshaping Energy (02570.HK) is currently at 52.85 HKD, reflecting a 2.52% increase from the previous closing price of 51.55 HKD, with a trading volume of approximately 49.81 million HKD [1][2] - Year-to-date, the stock has experienced a decline of 18.44%, and the company's price-to-earnings ratio (TTM) is negative at -7.44, with a market capitalization of approximately 4.926 billion HKD [1][2] - The stock has shown a cumulative increase of 8.83% over the past five days, while the broader new energy materials sector has decreased by 2.58% and the Hang Seng Index has fallen by 1.72% [2] Group 2 - Recent trends in the energy sector include a focus on mergers and acquisitions, dynamics in the electric vehicle market, and policy directions that may indirectly impact companies like Reshaping Energy [3] - The energy sector is witnessing a concentration of mergers, with leading oil and gas companies accounting for over 53% of total merger transaction value, indicating the importance of scale effects for cost control [3] - The demand for new energy vehicles is changing structurally, as evidenced by the sales of Xiaomi's electric SUV model YU7, which surpassed Tesla's Model Y in January 2026 [3] - The development of battery technology is accelerating, with advancements in semi-solid and solid-state batteries expected to enhance industry efficiency [3] - The energy governance blue paper indicates that the deepening of green low-carbon transitions will reshape the "source-grid-load-storage" business model, driving reforms in the electricity market [3] - Challenges faced by the U.S.-led initiative to build a critical mineral supply chain may impact the global supply landscape for new energy materials [3]

Core Insights - The report highlights significant changes in the stock holdings of various companies under the Hong Kong Stock Connect program, indicating shifts in investor sentiment and potential investment opportunities. Group 1: Stock Increases - JunDa Co., Ltd. (02865) saw the largest increase in stock holdings, rising by 5.09% to a total holding of 58.82% [2] - Lion Group Holding (02562) experienced a 1.26% increase, bringing its holding to 49.45% [2] - Fudan Zhangjiang (01349) had a 1.15% increase, with a current holding of 41.95% [2] - In the last five trading days, Xi Xiang Feng Group (02473) had the highest increase of 13.46%, reaching a holding of 29.42% [5] - JunDa Co., Ltd. (02865) also saw a significant increase of 12.56% in the same period [5] - Southern Hengsheng Technology (03033) increased by 2.64%, with a holding of 68.12% [5] Group 2: Stock Decreases - GuoEn Technology (02768) experienced the largest decrease in stock holdings, down by 2.04% to 14.15% [3] - Western Cement (02233) saw a reduction of 0.73%, with a holding of 37.74% [3] - Reconstruct Energy (02570) decreased by 0.70%, now holding 13.50% [3] - In the last five trading days, Tianqi Lithium (09696) had the most significant decrease of 9.13%, with a holding of 28.52% [6] - GX Hengsheng Technology (02837) decreased by 2.89%, now at 17.87% [6] - Dongfang Electric (01072) saw a reduction of 2.43%, with a holding of 20.85% [6] Group 3: Long-term Trends - Over the past 20 days, Xi Xiang Feng Group (02473) had a substantial increase of 26.66%, reaching a holding of 29.42% [8] - JunDa Co., Ltd. (02865) also saw a notable increase of 14.96%, with a holding of 58.82% [8] - Sanhua Intelligent Control (02050) increased by 9.17%, now holding 33.98% [8] - In contrast, Tianqi Lithium (09696) had a decrease of 9.31%, with a holding of 28.52% [9] - Goldwind Technology (02208) decreased by 8.75%, now at 42.81% [9] - Zhejiang Shibao (01057) saw a reduction of 5.48%, with a holding of 53.61% [9]

Core Insights - The energy sector is undergoing a structural transformation dominated by a few key players, with the past decade's oil mergers being a concentrated "top-tier game" rather than a broad industry surge [1][2] - Only 20 leading oil and gas companies account for over 53% of total merger and acquisition (M&A) transaction value globally, establishing their dominance in market competition and resource integration [1][2] Capital Returns - Companies that actively pursue expansion through asset restructuring show remarkable growth premiums, with those completing at least one acquisition per year achieving a shareholder return rate 130% higher than non-M&A firms [3] - This performance gap is attributed to economies of scale leading to cost dilution, particularly in the current era of competition following the decline in WTI crude oil prices [3] U.S. Shale Oil and Gas Sector - The U.S. shale oil and gas sector is at the epicenter of this trend, with major transactions like ExxonMobil's $60 billion acquisition of Pioneer Natural Resources and Devon Energy's $26 billion partnership with Coterra reducing the number of major U.S. oil and gas suppliers from 50 to 40 [4] - Despite short-term investor concerns over stock dilution from these all-stock deals, the resulting industry giants are approaching the production scale of traditional supermajors, significantly impacting global energy supply elasticity [4] Future Outlook - Looking ahead, the focus of the industry is expected to shift from "resource acquisition" to "operational optimization" and "capital discipline" due to the complexities of global demand patterns and geopolitical risks [4] - In the second half of the energy transition, companies that can quickly assimilate and efficiently allocate capital will define the next phase of energy pricing power [4]

Core Viewpoint - The fuel cell vehicle promotion during the 14th Five-Year Plan period is lagging behind expectations, with the industry facing challenges such as weak growth, poor profitability, and accounts receivable backlog. However, the hydrogen energy strategy remains clear, and new support policies are anticipated, which may help the fuel cell industry gradually overcome short-term difficulties and possess significant long-term growth potential [1]. Group 1: Market Dynamics - In 4Q25, a rush to install fuel cell vehicles is expected, but there remains a gap to the 2025 phase target. Since 2024, the sales momentum for fuel cell vehicles has been insufficient, influenced by the policy window period [2]. - The average price of fuel cell systems has decreased by nearly 90% since 2018, posing significant challenges to profitability for manufacturers, with the industry still in a bottoming phase [2]. Group 2: Bottlenecks in Promotion - The promotion of fuel cell vehicles faces multiple obstacles: first, the reduction of subsidies has highlighted cost disadvantages, intensifying competition from electric vehicles; second, the construction speed of hydrogen refueling stations has not met expectations, complicating refueling convenience and reducing investment motivation due to high construction costs; third, the long cycle of subsidy fund disbursement has led to accounts receivable backlog, which may pressure company operations and limit research and expansion capabilities [3]. Group 3: Long-term Development Outlook - Despite short-term pressures, the country positions hydrogen energy as a key component of the future energy system, essential for achieving carbon neutrality in non-electric sectors. Policy-wise, various regions are advancing hydrogen energy industry plans, with ongoing support measures such as toll fee reductions and "hydrogen corridors" construction; application-wise, fuel cell applications are expanding from transportation to power generation, energy storage, and rail transit, indicating a potential second growth curve that supports long-term industry development [4].