A pronoun may be grammatically coreferential with the earlier expression while its intended semantic content differs. This distinction is the foundation of istikhdām.
ExampleFirst senseSecond sense
al-samāʾ / raʿaynāhuRainThe resulting pasture
al-ghaḍā / al-sākinīhi / shabbūhuInhabited placeWood/fire
Each reading must follow an established lexical or figurative link. Assigning unrelated invented senses to every pronoun would not be a sound analysis.