Shanghai REFIRE Group Limited (REFIRE) has called a Second Extraordinary General Meeting (EGM) for 10:00 a.m. on 12 October 2026 in Shanghai to seek shareholder approval for a revised allocation of net proceeds raised from its June 2025 domestic share subscriptions.

Key Financial Metrics • Total net proceeds from the June 2025 subscriptions: RMB272.20 million • Utilised as of 30 June 2026: RMB207.10 million • Unutilised balance: RMB65.10 million

Proposed Reallocation • Amount to be re-allocated: RMB50.00 million, all from the RMB63.60 million originally earmarked for R&D of hydrogen fuel-cell systems and hydrogen production equipment. • New uses of the RMB50.00 million: – RMB10.00 million for business development, market expansion and commercialisation activities. – RMB40.00 million to enhance comprehensive operational capabilities, including supply-chain management, component upgrades, inventory support and staffing.

Post-Change Utilisation Plan (Unutilised RMB65.10 million) • R&D centre construction: RMB1.30 million (2.0%; completion by 31 Dec 2028) • Continuing R&D for hydrogen technologies: RMB13.60 million (20.9%; completion by 31 Dec 2028) • Working capital: RMB0.20 million (0.3%; full use by 31 Dec 2026) • Business development & commercial operations: RMB10.00 million (15.4%; completion by 31 Dec 2028) • Operational capability enhancement: RMB40.00 million (61.4%; completion by 31 Dec 2028)

Rationale Management cites accelerated global demand for clean-energy solutions—particularly power supplies for data centres and grid-constrained scenarios—and the need to strengthen supply-chain resilience, delivery capacity and overseas service support. The Board believes the revised allocation will improve capital efficiency and align resources with emerging growth opportunities while maintaining sufficient funding (RMB13.60 million) for ongoing hydrogen R&D.

Next Steps Shareholders on record as of 12 October 2026 are eligible to vote at the EGM. The H-share register will be closed from 6–12 October 2026. Proxy forms must be lodged by 10:00 a.m. on 11 October 2026. The resolution will be decided by poll, and results will be disclosed on the websites of HKEX and REFIRE following the meeting.