上海重塑能源集团股份有限公司2025年年报

A joint stock company incorporated in the People’s Republic of China with limited liability ANNUAL REPORTANAU年報 CONTENTS目錄 2Corporation Information公司資料6Definitions釋義13Financial Highlights財務摘要15Chairman’s Statement董事長致辭17Management Discussion and Analysis管理層討論及分析32Biographies of Directors and Senior Management董事及高級管理人員的履歷45Report of Directors董事會報告88Corporate Governance Report企業管治報告118Independent Auditor’s Report獨立核數師報告127Consolidated Statement of Profit or Loss綜合損益表129Consolidated Statement of Comprehensive Income綜合全面收益表130Consolidated Statement of Financial Position綜合財務狀況表133Consolidated Statement of Changes in Equity綜合權益變動表135Consolidated Statement of Cash Flows綜合現金流量表139Notes to Financial Statements財務報表附註 CORPORATION INFORMATION公司資料 BOARD OF DIRECTORS 執行董事 Executive Directors 林琦先生（董事長）胡哲博士馬晶楠女士翟雙博士趙泳生先生 Mr. LIN Qi (林琦)(Chairman of the Board)Dr. HU Zhe (胡哲)Ms. MA Audrey Jing Nan (馬晶楠)Dr. ZHAI Shuang (翟雙)Mr. ZHAO Yongsheng (趙泳生) 非執行董事劉會友先生 Non-Executive DirectorMr. LIU Huiyou (劉會友) 獨立非執行董事 Independent Non-Executive Directors 李偉先生錢美芬博士陳飛先生 Mr. LI Wei (李偉)Dr. QIAN Meifen (錢美芬)Mr. CHEN Fei (陳飛) AUDIT COMMITTEE 陳飛先生（主席）李偉先生錢美芬博士 Mr. CHEN Fei (陳飛)(Chairman)Mr. LI Wei (李偉)Dr. QIAN Meifen (錢美芬) REMUNERATION AND APPRAISAL COMMITTEE Mr. LI Wei (李偉)(Chairman)Mr. LIU Huiyou (劉會友)Dr. QIAN Meifen (錢美芬) 李偉先生（主席）劉會友先生錢美芬博士 NOMINATION COMMITTEE 錢美芬博士（主席）林琦先生李偉先生 Dr. QIAN Meifen (錢美芬)(Chairlady)Mr. LIN Qi (林琦)Mr. LI Wei (李偉) STRATEGY COMMITTEE Mr. LIN Qi (林琦)(Chairman)Dr. HU Zhe (胡哲)Mr. ZHAO Yongsheng (趙泳生)Mr. LIU Huiyou (劉會友)Mr. CHEN Fei (陳飛) 林琦先生（主席）胡哲博士趙泳生先生劉會友先生陳飛先生 CORPORATION INFORMATION公司資料 LEGAL ADVISER 有關香港法律美邁斯律師事務所香港干諾道中1號友邦金融中心31樓 As to Hong Kong LawsO’Melveny & Myers31/F, AIA Central1 Connaught Road CentralHong Kong 有關中國法律天元律師事務所中國北京市西城區金融大街35號國際企業大廈A座509單元 As to PRC LawsTian Yuan Law FirmSuite 509, Tower A, Corporate Square35 Financial StreetXicheng DistrictBeijingPRC COMPLIANCE ADVISER 邁時資本有限公司香港上環德輔道中188號金龍中心26樓2602室 Maxa Capital LimitedUnit 2602, 26/F, Golden Centre188 Des Voeux Road CentralSheung WanHong Kong JOINT COMPANY SECRETARIES Mr. ZHENG Zhong (鄭重)Mr. POON Ping Yeung (潘秉揚) 鄭重先生潘秉揚先生 CORPORATION INFORMATION公司資料 AUTHORISED REPRESENTATIVES 林琦先生潘秉揚先生 Mr. LIN Qi (林琦)Mr. POON Ping Yeung (潘秉揚) REGISTERED OFFICE AND PRINCIPAL PLACE OFBUSINESS IN CHINA 中國上海市嘉定區靖遠路1555號1幢1層1004室 Room 1004, 1/F, Unit 11555 Jingyuan RoadJiading DistrictShanghaiPRC PRINCIPAL PLACE OF BUSINESS IN HONG KONG 香港德輔道中188號金龍中心19樓 19/F, Golden Centre188 Des Voeux Road CentralHong Kong H H SHARE REGISTRAR 香港中央證券登記有限公司香港灣仔皇后大道東183號合和中心17樓1712-1716號舖 Computershare Hong Kong Investor Services LimitedShops 1712-1716, 17th FloorHopewell Centre183 Queen’s Road EastWan ChaiHong Kong PRINCIPAL BANKS 中國建設銀行上海江橋支行中國上海市嘉定區江橋鎮嘉怡路138號 China Construction Bank CorporationShanghai Jiangqiao SubbranchNo. 138, Jiayi RoadJiangqiao TownJiading DistrictShanghaiPRC CORPORATION INFORMATION公司資料 （續） PRINCIPAL BANKS(continued) 中國銀行普陀支行中國上海市靜安區長壽路831號 Bank of ChinaPutuo SubbranchNo. 831, Changshou RoadJing'an DistrictShanghaiPRC 南京銀行徐匯支行中國上海市徐匯區南丹路80號 Bank of NanjingXuhui SubbranchNo. 80, Nandan RoadXuhui DistrictShanghaiPRC AUDITORS AND REPORTING ACCOUNTANTS 安永會計師事務所執業會計師《會計及財務匯報局條例》定義之註冊公眾利益實體核數師香港鰂魚涌英皇道979號太古坊一座27樓 Ernst & YoungCertificated Public AccountantsRegistered Public Interest Entity Auditor under the Accountingand Financial Reporting Council Ordinance27/F, One TaiKoo Place979, King’s RoadQuarry BayHong Kong STOCK CODE2570 2570 www.refire.com COMPANY WEBSITE www.refire.com DEFINITIONS釋義 FINANCIAL HIGHLIGHTS財務摘要 •於報告期間，總收入約為人民幣595.2百萬元，同比減少約8.3%。 •During the Reporting Period, total revenue was approximately RMB595.2million, representing a year-on-year decrease of approximately 8.3%. •於報告期間，毛利約為人民幣68.7百萬元，同比減少約38.5%； •During the Reporting Period, gross profit was approximately RMB68.7million, representing a year-on-year decrease of approximately 38.5%; •於報告期間，本公司擁有人應佔虧損約為人民幣602.8百萬元，而過往期間本公司擁有人應佔虧損約為人民幣737.3百萬元； •During the Reporting Period, the loss attributable to the owners of theCompany was approximately RMB602.8 million, as compared to the lossattributable to the owners of the Company of approximately RMB737.3million for the Previous Period; •於報告期間，經營活動所用現金流淨流出約為人民幣165.8百萬元，而過往期間本公司經營活動所用現金流淨流出約為人民幣393.2百萬元，同比減少約57.8%； •During the Reporting Period, the net outflow of cash flows used inoperating activities was approximately RMB165.8 million, while the netoutflow of cash flows used in operating activities of the Company duringthe Previous Period was approximately RMB393.2 million, representing ayear-on-year decrease of approximately 57.8%; •截至2025年12月31日止年度並無宣派任何股息。 •No dividends were declared for the year ended December 31, 2025. CHAIRMAN’S STATEMENT董事長致辭 2025年是公司成立的第十年，也是我國「十四五」規劃以及燃料電池汽車示範城市群政策的收官之年。回望過去，我們很榮幸能夠見證並參與中國燃料電池汽車及氫能產業從起步到逐步成長的過程。十年磨一劍，我們從零起步，在探索中前行，在前行中積累，一步一步走到了今天。 The year 2025 marks the tenth anniversary of the Company’s establishmentand the conclusi