重塑能源：2025年中期报告

A joint stock company incorporated in the People’s Republic of China with limited liability Stock Code : 2570 INTERIM REPORT中期報告2025 CONTENTS 2Corporation Information6Definitions12Financial Highlights14Management Discussion and Analysis32Other Information50Interim Condensed Consolidated Statement of Profit or Loss52Interim Condensed Consolidated Statement of Other Comprehensive Income54Interim Condensed Consolidated Statement of Financial Position57Interim Condensed Consolidated Statement of Changes in Equity60Interim Condensed Consolidated Statement of Cash Flows64Notes to the Interim Condensed Consolidated Financial Information CORPORATION INFORMATION公司資料 BOARD OF DIRECTORS Executive Directors Mr. LIN Qi ()(Chairman of the Board)Dr. HU Zhe ()Ms. MA Audrey Jing Nan ()Dr. ZHAI Shuang ()Mr. ZHAO Yongsheng () Non-Executive DirectorMr. LIU Huiyou () Independent Non-Executive Directors Mr. LI Wei ()Dr. QIAN Meifen ()Mr. CHEN Fei () AUDIT COMMITTEE Mr. CHEN Fei ()(Chairman)Mr. LI Wei ()Dr. QIAN Meifen () REMUNERATION AND APPRAISAL COMMITTEE Mr. LI Wei ()(Chairman)Mr. LIU Huiyou ()Dr. QIAN Meifen () NOMINATION COMMITTEE Dr. QIAN Meifen ()(Chairlady)Mr. LIN Qi ()Mr. LI Wei () STRATEGY COMMITTEE Mr. LIN Qi ()(Chairman)Dr. HU Zhe ()Mr. ZHAO Yongsheng ()Mr. LIU Huiyou ()Mr. CHEN Fei () CORPORATION INFORMATION公司資料 LEGAL ADVISER 131 As to Hong Kong LawsO’Melveny & Myers31/F, AIA Central1 Connaught Road CentralHong Kong 35A509 As to PRC LawsTian Yuan Law FirmSuite 509, Tower A, Corporate Square35 Financial StreetXicheng DistrictBeijingPRC COMPLIANCE ADVISER 188262602 Maxa Capital LimitedUnit 2602, 26/F, Golden Centre188 Des Voeux Road CentralSheung WanHong Kong JOINT COMPANY SECRETARIES Mr. ZHENG Zhong ()Mr. POON Ping Yeung () AUTHORISED REPRESENTATIVES Mr. LIN Qi ()Mr. POON Ping Yeung () CORPORATION INFORMATION公司資料 R E G I S T E R E DO F F I C E ,H E A D Q U A R T E R S A N DPRINCIPAL PLACE OF BUSINESS IN CHINA 1555111004 Room 1004, 1/F, Unit 11555 Jingyuan RoadJiading DistrictShanghaiPRC PRINCIPAL PLACE OF BUSINESS IN HONG KONG 18819 19/F, Golden Centre188 Des Voeux Road CentralHong Kong H H SHARE REGISTRAR 183171712-1716 Computershare Hong Kong Investor Services LimitedShops 1712-1716, 17th FloorHopewell Centre183 Queen’s Road EastWan ChaiHong Kong PRINCIPAL BANKS 138 China Construction Bank CorporationShanghai Jiangqiao SubbranchNo. 138, Jiayi RoadJiangqiao TownJiading DistrictShanghaiPRC CORPORATION INFORMATION公司資料 PRINCIPAL BANKS(continued) 831 Bank of China Putuo SubbranchNo. 831, Changshou RoadJing’an DistrictShanghaiPRC 80 Bank of Nanjing Xuhui SubbranchNo. 80, Nandan RoadXuhui DistrictShanghaiPRC AUDITORS AND REPORTING ACCOUNTANTS 97927 Ernst & YoungCertificated Public AccountantsRegistered Public Interest Entity Auditor27/F, One TaiKoo Place979, King’s RoadQuarry BayHong Kong STOCK CODE 25702570 www.refire.com COMPANY WEBSITE DEFINITIONS釋義 CNSH Zerun Energy Partnership (Limited Partnership) (() FINANCIAL HIGHLIGHTS財務摘要 •1 0 6 . 920249.9%2024141.8%2024360.3% •During the Reporting Period, total revenue was approximately RMB106.9million, representing a decrease of approximately 9.9% comparedto that of the same period in 2024, among which, the revenue fromsales of hydrogen fuel cell systems increased by approximately 141.8%compared to that of the same period in 2024 and the revenue fromoverseas regions increased by approximately 360.3% compared to thatof the same period in 2024; •13.5202422.5% •During the Reporting Period, gross loss was approximately RMB13.5million, representing a decrease of approximately 22.5% compared tothat of the same period in 2024; •During the Reporting Period, the loss attributable to the owners of theCompany was approximately RMB332.7 million, representing a decreaseof approximately 28.7% compared to the loss attributable to the ownersof the Company of approximately RMB466.4 million for the PreviousPeriod; •332.7466.428.7% •95.120256301,051.1883.419.0% •During the Reporting Period, the net inflow of cash flows generatedfrom operating activities was approximately RMB95.1 million. As of June30, 2025, the Group had cash and cash equivalents of approximatelyRMB1,051.1 million, representing an increase of approximately 19.0%compared to approximately RMB883.4 million at the beginning of theReporting Period; and •2025630 MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析 MANAGEMENT DISCUSSION AND ANALYSIS –Business/Industry Review 20252025610611 In the first half of 2025, China continued to refine its hydrogenenergy industry policies and accelerate the development of a robustindustrial ecosystem. The “Guiding Opinions on Energy Work in 2025”issued by the National Energy Administration emphasized the needto promote the establishment of comprehensive hydrogen energymanagement mechanisms across various regions. The number ofdemonstration city clusters expanded further, with six new locations,including Hami in Xinjiang, Lvliang in