Key Points - Xiaomi Group-W (01810), Crystal International Holdings (02228), and BYD Electronic (00285) ranked top in net inflow of southbound funds, with net inflows of 562 million, 227 million, and 213 million respectively [1][2] - Xpeng Motors-W (09868), Innovent Biologics (01801), and Ganfeng Lithium (01772) had the highest net outflows, with net outflows of -663 million, -535 million, and -410 million respectively [1][2] - In terms of net inflow ratio, Haitian Flavoring and Food (03288), Jiangsu Nanjing Highway (00177), and Swire Properties B (00087) led the market with ratios of 55.51%, 49.37%, and 46.46% respectively [1][2] - The highest net outflow ratios were recorded by Reshape Energy (02570), Southbound Hang Seng Index ETF (03037), and First Pacific Company (00142) with ratios of -90.77%, -68.70%, and -60.36% respectively [1][3] Net Inflow Rankings - Xiaomi Group-W (01810) had a net inflow of 562 million, representing 8.75% of its closing price of 50.800, which decreased by 0.88% [2] - Crystal International Holdings (02228) saw a net inflow of 227 million, with a net inflow ratio of 11.34% and a closing price of 7.450, which increased by 4.78% [2] - BYD Electronic (00285) recorded a net inflow of 213 million, with a net inflow ratio of 13.41% and a closing price of 38.680, which increased by 6.15% [2] Net Outflow Rankings - Xpeng Motors-W (09868) experienced the largest net outflow of -663 million, with a net outflow ratio of -20.13% and a closing price of 83.600, which increased by 5.36% [2] - Innovent Biologics (01801) had a net outflow of -535 million, with a net outflow ratio of -19.67% and a closing price of 89.950, which decreased by 1.42% [2] - Ganfeng Lithium (01772) recorded a net outflow of -410 million, with a net outflow ratio of -19.45% and a closing price of 34.000, which increased by 20.91% [2] Net Inflow Ratio Rankings - Haitian Flavoring and Food (03288) had a net inflow ratio of 55.51%, with a net inflow of 21.1399 million and a closing price of 33.560, which decreased by 0.47% [3] - Jiangsu Nanjing Highway (00177) recorded a net inflow ratio of 49.37%, with a net inflow of 14.6726 million and a closing price of 9.980, which decreased by 0.40% [3] - Swire Properties B (00087) had a net inflow ratio of 46.46%, with a net inflow of 4.0945 million and a closing price of 12.160, which decreased by 0.57% [3]

（股份代號：2570） 澄清公告 茲提述上海重塑能源集團股份有限公司（「本公司」）日期為2025年8月8日的公告 （「該公告」）及日期為2025年8月8日的通函（「通函」），內容有關（其中包括）：(1) 建議不派發截至2025年6月30日止六個月的中期股息；(2)2025年的建議關聯方交 易；(3)有關廣東恩澤增資協議的關連交易；(4)建議向賽拉弗重塑額外出資；及 (5)建議修訂內部企業管治政策。除另有指明外，本公告所用詞彙與該公告所界定 者具有相同涵義。 本公司謹此澄清，該公告第11頁「建議向賽拉弗重塑額外出資 － 賽拉弗重塑的資 料」一段及通函第14頁「V.建議向賽拉弗重塑額外出資－賽拉弗重塑的資料」一段 所載賽拉弗重塑的資料應修訂如下： 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） 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。 賽拉弗重塑是一家於2023年 ...

Core Viewpoint - The article highlights the strong performance of Reshape Energy (02570.HK) in the hydrogen energy sector, showcasing significant revenue growth and improved financial metrics despite challenges in the industry [3][4][7]. Financial Performance - Reshape Energy reported a total revenue increase of approximately 141.8% in hydrogen fuel cell system sales, with overseas revenue soaring by about 360.3% [3]. - The company's gross loss decreased by approximately 22.5% to around RMB 13.5 million, while the loss attributable to shareholders reduced by about 28.7% to RMB 332.7 million [3]. - The net cash inflow from operating activities was approximately RMB 95.1 million, and cash and cash equivalents increased by about 19.0% to RMB 1.0511 billion as of June 30, 2025 [3]. Strategic Developments - Reshape Energy has formed strategic partnerships to enhance its hydrogen ecosystem, including a collaboration with Mingyang Hydrogen Energy to streamline the entire hydrogen supply chain [4][5]. - The company launched 50 hydrogen buses equipped with its self-developed fuel cell system in a public transport project, which has bolstered confidence in hydrogen commercialization [4]. - A significant breakthrough was achieved with the approval of a cross-border hydrogen bus project in Hong Kong, utilizing Reshape's 180kW fuel cell system [5]. Project Initiatives - Reshape Energy's green hydrogen projects, including a 12,000-ton project in Yinchuan and a 16,500-ton project in Sun Mountain, have been recognized by the National Development and Reform Commission [5]. - The company is actively pursuing new applications in the hydrogen market, including a strategic cooperation agreement with Qinshi Group for hydrogen-powered vessels and a memorandum of understanding with Hy24 to expand green hydrogen production and distribution [6][7]. Market Positioning - Reshape Energy's proactive approach in navigating the hydrogen energy landscape, focusing on technological advancements and diverse application scenarios, positions the company favorably for future growth [7]. - The company's ability to maintain financial resilience and positive cash flow amidst industry challenges underscores its strategic foresight and operational efficiency [4][7].

Core Insights - The hydrogen energy industry is experiencing continuous policy improvements, with Reshaping Energy reporting a revenue of approximately 107 million yuan in the first half of 2025, a decrease of about 9.9% compared to the same period in 2024, and a net loss of approximately 333 million yuan, which is a reduction of about 28.7% from the previous year [1][6] Group 1: Industry Policy and Development - The Chinese hydrogen energy industry ecosystem is accelerating its construction under strengthened policy support, with the National Energy Administration promoting the establishment of hydrogen energy management mechanisms in various regions [3] - Six cities have joined the fuel cell vehicle demonstration city cluster, and over ten provinces and cities have proposed policies for hydrogen vehicle toll exemptions, enhancing the economic viability of hydrogen heavy-duty trucks [3] Group 2: Technological Innovation - Reshaping Energy continues to invest in technology R&D, launching the new Sirius series fuel cell system in the first half of 2025, with reduced raw material costs and manufacturing expenses compared to the previous generation [4] - The company has gained recognition for its key technology layout in the industry chain, and its products have been validated for high operational intensity in bulk transportation and hydrogen highway scenarios [4] Group 3: Application Expansion - The company has made significant progress in promoting the application of hydrogen energy, particularly in medium and long-distance hydrogen heavy-duty trucks, and has expanded into diverse application fields [5] - Revenue from overseas markets increased by approximately 360.3% in the first half of 2025 compared to the same period in 2024, indicating positive results from international market expansion [5] Group 4: Ecosystem Development and Collaboration - Reshaping Energy has achieved key progress in green hydrogen integration projects, signing a strategic cooperation agreement with Beijing Mingyang Hydrogen Energy Technology Co., Ltd. [6] - The company is involved in two major green hydrogen projects that have been included in the second batch of advanced technology demonstration projects by the National Development and Reform Commission [6]

Core Insights - The company reported a revenue of RMB 106,948 thousand for the six months ending June 30, 2025, representing a decrease of approximately 9.9% compared to the same period in 2024 [1] - Sales revenue from hydrogen fuel cell systems increased by approximately 141.8% year-on-year, while overseas revenue surged by about 360.3% [1] - The company experienced a gross loss of RMB 13,455 thousand and a net loss of RMB 352,201 thousand during the period [1] - The loss attributable to shareholders was RMB 3.86 per share [1] - Total assets amounted to RMB 4,610,107 thousand, with total liabilities of RMB 2,999,300 thousand [1] - Equity attributable to shareholders was RMB 1,725,155 thousand, and cash and cash equivalents stood at RMB 1,051,112 thousand [1]

Group 1 - The company, Reshaping Energy (02570.HK), announced a capital increase agreement with Guangdong Enze and Enze Fund to support its hydrogen production strategy [1] - The agreement involves a cash investment of RMB 100 million from the company's subsidiary, Guangdong Exploration Automobile, into the registered capital of Guangdong Enze [1] - This move aims to further expand the company's presence in the hydrogen market [1]

Group 1 - The company announced a capital increase agreement for its subsidiary, Guangdong Enze, to support its hydrogen production strategy and expand its market presence [1] - Guangdong Exploration Automotive will contribute RMB 100 million in cash to Guangdong Enze's registered capital [1] - After the completion of the capital increase agreement, the shareholding structure will be approximately 30.30% for Guangdong Exploration Automotive, 60.60% for Enze Fund, and 9.10% for an independent third party [1] Group 2 - Guangdong Enze is primarily engaged in emerging energy technology and automotive parts research, as well as engineering and technical research and development [1] - As of the announcement date, Guangdong Exploration Automotive does not hold any equity in Guangdong Enze, which is wholly owned by Enze Fund [1]

Core Viewpoint - The company is expanding its hydrogen production strategy through a capital increase agreement with Guangdong Enze, aiming to enhance its position in the hydrogen market [1] Group 1: Investment Details - The company’s subsidiary, Guangdong Exploration Automobile, has entered into a capital increase agreement with Guangdong Enze and Enze Fund to increase the registered capital of Guangdong Enze by RMB 100 million [1] - After the completion of the capital increase agreement, Guangdong Exploration Automobile will hold approximately 30.30% of Guangdong Enze, while Enze Fund will hold 60.60%, and an independent third party will hold 9.10% [1] Group 2: Company Background - Guangdong Enze is primarily engaged in the research and development of emerging energy technologies and automotive components, as well as engineering and technical research and experimental development [1]

Core Viewpoint - The company plans to increase the registered capital of Sailaf Reconstruct from RMB 30 million to RMB 100 million, with an additional investment of RMB 70 million, indicating a strategic move to enhance its capabilities in the renewable energy sector [1] Group 1: Company Actions - The board meeting scheduled for August 8, 2025, will decide on the capital increase for Sailaf Reconstruct [1] - The additional investment will be used to pay a total cash consideration of RMB 70 million [1] - After the completion of the additional investment, the ownership structure of Sailaf Reconstruct will change to 70% by the company and 30% by New Bee Reconstruct [1] Group 2: Business Focus - Sailaf Reconstruct is primarily engaged in solar power technology services and the research and development of emerging energy technologies [1] - The company is responsible for the development of the hydrogen energy market in Northwest China and the implementation of the integrated project "Solar Mountain" in Ningxia [1] - Following the investment, Sailaf Reconstruct will become a subsidiary of the company, and its financial performance will be consolidated into the company's financial statements [1]

Core Viewpoint - The company plans to increase the registered capital of Sailaf Reconstruct from RMB 30 million to RMB 100 million, indicating a strategic investment in renewable energy and hydrogen market development [1] Group 1: Company Actions - The board meeting scheduled for August 8, 2025, will decide on the additional investment of RMB 70 million, which will be paid in total cash consideration of RMB 70 million [1] - After the additional investment, the ownership of Sailaf Reconstruct will change to 70% by the company and 30% by New Bee Reconstruct, making Sailaf Reconstruct a subsidiary of the company [1] Group 2: Business Focus - Sailaf Reconstruct is primarily engaged in solar power technology services and the research and development of emerging energy technologies [1] - The entity is responsible for the development of the hydrogen energy market in Northwest China and the implementation of the integrated project for green hydrogen production, storage, and transportation in Ningxia's Solar Mountain [1]