Core Viewpoint - The company aims to enhance its overall competitiveness and secure additional funding for its operations through a proposed issuance of subscription shares, which will involve the issuance of 1.9718 million domestic shares at a subscription price of RMB 142 per share, representing a discount of approximately 27.93% compared to the closing price of HKD 215.00 per H-share on the trading day prior to the agreement [1][2]. Group 1 - The total amount raised from the subscription is approximately RMB 280 million, with a net amount of about RMB 272 million after deducting professional and other fees [2]. - The net proceeds are allocated as follows: approximately 34.90% for the construction of a hydrogen fuel cell system and hydrogen equipment R&D center, expected to be fully utilized by December 31, 2028; approximately 35.10% for R&D activities related to hydrogen fuel cell systems and hydrogen equipment for diverse applications, also expected to be fully utilized by December 31, 2028; and approximately 30.00% for the company's working capital, expected to be fully utilized by December 31, 2026 [2]. Group 2 - The subscription shares represent about 4.34% of the total issued domestic shares and approximately 2.29% of the total issued shares [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，並明確表示概不就因本公告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)建議根據特別授權發行內資股及認購協議； (2)授權董事會處理發行認購股份相關事宜； (3)按非優先基準發行認購股份； (4)建議修訂公司章程；及 (5)暫停辦理H股股份過戶登記手續 董事會謹此公佈，為進一步提升本公司的整體競爭力，為本集團經營活動籌集 額外資金及促進本集團業務穩定發展，於2025年6月7日，董事會決議建議根據 特別授權發行認購股份，且本公司與認購方訂立認購協議，據此本公司有條件 同意配發及發行，而認購方有條件同意認購合共1,971,830股內資股，認購價為 人民幣142元。 於認購事項完成後，董事會建議就本公司註冊資本及股份數目對公司章程第四 條及第二十條作出相應修訂。 根據認購協議、公司章程及中國相關法律法規，建議根據特別授權 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has approved the "full circulation" of unlisted shares for Shanghai Reconstruct Energy Group Co., Ltd, allowing 20 shareholders to convert a total of 16,369,877 unlisted shares into listed shares for trading on the Hong Kong Stock Exchange [1] Group 1 - The approval from the CSRC pertains to the conversion of unlisted shares to listed shares [1] - A total of 20 shareholders are involved in this conversion process [1] - The number of shares being converted amounts to 16,369,877 [1]

Group 1 - The core viewpoint of the news is that the China Securities Hong Kong Stock Connect Power Equipment Composite Index has shown a recent increase, but has experienced significant declines over the past three months and year-to-date [1][2]. - The index reported a 3.49% increase over the past month, a 17.28% decrease over the past three months, and a 16.27% decline year-to-date [1]. - The index is composed of various sectors within the Hong Kong Stock Connect, reflecting the overall performance of different industry securities [1]. Group 2 - The top ten weighted stocks in the index include Ruipu Lanjun (13.75%), Zhongchuang Innovation (12.96%), Reshaping Energy (12.54%), Shanghai Electric (11.31%), and others, indicating a concentration in a few key companies [1]. - The index's holdings are entirely composed of stocks listed on the Hong Kong Stock Exchange, with a 100% allocation [1]. - The industry composition of the index shows that batteries account for 47.01%, photovoltaic equipment for 28.74%, other power generation equipment for 17.00%, wind power equipment for 6.42%, and battery components and materials for 0.82% [2].

Core Viewpoint - The stock performance of Reshape Energy (02570) has been highly volatile since its IPO, experiencing significant fluctuations in price, reflecting broader market trends and specific company challenges [1][3][4]. Stock Performance - After its successful IPO on December 6, 2024, Reshape Energy's stock price rose to a peak of HKD 316.2 per share, representing a 115.1% increase from the issue price of HKD 147 within four months [1]. - However, in just 13 trading days, the stock plummeted to a low of HKD 118, marking a 62.68% decline, which was nearly 20% below the issue price [3]. - Following this low, the stock rebounded to HKD 267.4, achieving a maximum increase of 115.19% within two months [3]. - Recent trading has seen the stock drop over 20% in four days, breaching the 10-day moving average, indicating ongoing volatility [3]. Market Dynamics - The actual circulating shares of Reshape Energy are approximately 3%, significantly limiting liquidity and contributing to the stock's volatility [5]. - The IPO involved issuing about 482.79 million shares, with only 5.6% of total shares available for trading, exacerbated by the lock-up of cornerstone investors' shares [4][5]. - The cornerstone investor, Jiujiang Dingchuang, holds 45.18% of the issued shares from the IPO, further constraining market liquidity [4]. Financial Performance - Reshape Energy's revenue has shown steady growth from 2021 to 2023, with revenues of CNY 524 million, CNY 605 million, and CNY 895 million, reflecting a compound annual growth rate of 30.77% [7]. - However, in 2024, revenue dropped to approximately CNY 649 million, a decline of about 27.5%, attributed to fluctuations in customer demand and orders [8]. - The adjusted net loss for 2024 was CNY 417 million, a reduction of 11.5% year-on-year, primarily due to decreased operating expenses rather than revenue growth [8]. Industry Context - The hydrogen energy sector is transitioning from a "policy-driven" to a "market-driven" model, leading to reduced government subsidies and insufficient commercial scale, which has negatively impacted demand [8]. - The number of hydrogen fuel cell vehicles insured in China fell by 0.9% to 7,171 units in 2024, with a dramatic 68.8% drop in December sales [8]. - Reshape Energy's reliance on a few major clients remains a significant risk, with over 50% of its revenue coming from the top three clients in 2024 [9]. Strategic Initiatives - In response to market challenges, Reshape Energy is expanding its overseas market presence, with revenue from international markets increasing by approximately 151.7% in 2024 [9]. - The company is also diversifying its applications, with sales from non-automotive hydrogen fuel cell systems growing by about 132.6% in 2024 [9].

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，並明確表示概不就因本公告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 董事會欣然宣佈年度股東會通告所載建議決議案由股東於年度股東會上通過投 票方式正式通過。 茲提述上海重塑能源集團股份有限公司（「本公司」）日期均為2025年4月25日的 2024年度股東會（「年度股東會」）通函（「年度股東會通函」）及通告（「年度股東會 通告」）。除文義另有所指外，本公告所用詞彙與年度股東會通函所界定者具有相 同涵義。 年度股東會於2025年5月19日（星期一）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。年度股東會由董事會根據《中華人民共和國公司法》及公司 章程召開，由本公司執行董事、董事長兼首席執行官林琦先生主持。 出席年度股東會 於年度股東會日期，已發行股份總數為86,162,471股股份，包括40,680,318股H股 及45,482,153股內資股。所有該等股份的持有人均有權出 ...

Core Insights - The increasing interest in natural hydrogen, seen as a potential game-changer in the global energy landscape, is attracting major companies from the mining and energy sectors [1][2] - Natural hydrogen, discovered 40 years ago in Mali, is a carbon-free resource that produces only water when burned, leading to a surge in exploration activities by various companies [1][3] - Despite the optimism, there are concerns regarding the environmental impact and transportation challenges associated with natural hydrogen, with the International Energy Agency warning about the difficulties in achieving economically viable large-scale extraction [1][2] Industry Developments - Rystad Energy indicates that Canada and the United States are leading in exploration projects for natural hydrogen, with the next year being critical for the industry [1][2] - Major players like Fortescue and BP are investing in natural hydrogen exploration, with Fortescue's investment of $21.9 million in HyTerra to expand exploration efforts [3][4] - The potential for natural hydrogen to support decarbonization efforts is acknowledged, but the industry is still in its early stages, with significant challenges ahead in terms of efficient extraction and safe transportation [3][4] Investment Trends - The past year has seen a rise in investor interest, with venture capital backing companies like Snowfox Discovery and Mantle8, indicating a shift towards alternative hydrogen solutions amid challenges faced by green hydrogen [2][3] - The focus on natural hydrogen is seen as a promising opportunity for local clean energy, with potential applications across various industries if extraction and cost challenges can be addressed [3][4] - The hydrogen energy alliance emphasizes that while exploration is in its infancy, achieving industrial-scale production could take decades, similar to the shale gas development timeline in the U.S. [4]

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 閣下的股票經紀或註冊證券交易商、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)2024年度董事會工作報告； (2)2024年度監事會工作報告； (3)2024年度經審計的綜合財務報表； (5)2024年度財務決算報告； (4)2024年年報； (6)2025年度財務預算方案； (7)2024年度利潤分配方案； (8)2024年關聯交易； (9)建議2025年度關聯交易； (10)續聘核數師 ...

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，並明確表示概不就因本通告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） 年度股東會通告 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5月19日（星期 一）上午十時正假座中國上海市嘉定區金園一路655號一棟2層舉行年度股東會（「年度 股東會」），藉以審議及酌情通過下列決議案： 普通決議案 – 1 – 1. 審議及批准本公司2024年度董事會（「董事會」）工作報告； 2. 審議及批准本公司2024年度監事會（「監事會」）工作報告； 3. 審議及批准本公司及其附屬公司2024年度經審計的綜合財務報表； 4. 審議及批准本公司2024年年報； 5. 審議及批准本公司2024年度財務決算報告； 6. 審議及批准本公司2025年度財務預算方案： 7. 審議及批准本公司2024年度利潤分配方案； 8. 審議及批准本 ...

環境、社會及管治報告 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 上海重塑能源集團股份有限公司 上海重塑能源集團股份有限公司 地址：上海市嘉定區金園一路 655 號 郵箱：refire.ir@refire.com 電話：+86-21-60257126 網址：https://www.refire.com 環境、社會及管治報告 上海重塑能源集團股份有限公司 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 上海重塑能源集團股份有限公司 2024 | 環境、社會及管治報告 關於本報告 本報告是上海重塑能源集團股份有限公司發佈的首份環境、社會及管治報告（以下簡稱「ESG 報告」、「本報告」）， 旨在向持份者披露公司關於經營過程中環境、社會和管治方面的實踐情況與取得的成果。 本報告包括中文及英文兩個版本，中英版本若有歧義，概以中文版本為準。 報告組織範圍 本報告內容覆蓋上海重塑能源集團股份有限公司及下屬子公司（以下簡稱「重塑能源」、「公司」、「我們」）。 披露的關鍵績效指標覆蓋上海、浙江、江蘇、湖南等主要辦公場所。 報告時間範圍 報告涵蓋 ...