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Shanghai REFIRE Group Ltd. Class H
(2570)
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Rating:41Neutral
Price Target:
HK$5.00
▼(-66.69% Downside)
Action:Upgraded
Date:09/29/26
The score is held down mainly by weak financial performance (persistent large losses and ongoing cash burn) and a strongly bearish technical setup (price far below key moving averages with negative MACD). Valuation provides little offset because the negative P/E reflects continued unprofitability and there is no dividend yield data to indicate income support.
Positive Factors
Manageable Leverage
Debt-to-equity below 1.0 through 2022–2025 and sizable equity relative to assets indicate a more manageable capital structure than in 2021. This cushion may support resilience and financing flexibility while the company works toward profitability.
Negative Factors
Persistent Unprofitability
Large net losses every year, with net margins still near -100% in 2025, show that revenue is not yet covering the company’s cost base. This structural unprofitability limits internally funded growth and can continue eroding equity if improvement does not persist.
Read all positive and negative factors
Positive Factors
Negative Factors
Manageable Leverage
Debt-to-equity below 1.0 through 2022–2025 and sizable equity relative to assets indicate a more manageable capital structure than in 2021. This cushion may support resilience and financing flexibility while the company works toward profitability.
Read all positive factors
Shanghai REFIRE Group Ltd. Class H (2570) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$517.21M
Dividend YieldN/A
Average Volume (3M)206.53K
Price to Earnings (P/E)―
Beta (1Y)1.51
Revenue GrowthN/A
EPS GrowthN/A
CountryHK
Employees400
SectorGeneral
Sector StrengthN/A
IndustryIndustrial - Machinery
Share Statistics
EPS (TTM)-3.43
Shares Outstanding88,885,100
10 Day Avg. Volume123,462
30 Day Avg. Volume206,529
Financial Highlights & Ratios
PEG Ratio0.35
Price to Book (P/B)2.80
Price to Sales (P/S)8.68
P/FCF Ratio-10.77
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-4.71
Revenue Forecast (FY)HK$780.00M
Shanghai REFIRE Group Ltd. Class H Business Overview & Revenue Model
Company Description
Shanghai REFIRE Group Ltd is a Chinese enterprise dedicated to the research, development, manufacturing, and commercialization of hydrogen fuel cell systems, hydrogen production systems, and their related components. The company's business activit...
How the Company Makes Money
REFIRE makes money primarily by selling hydrogen fuel cell-related products and solutions to customers (e.g., OEMs, fleet operators, and other industrial customers), with revenue typically generated from (1) sales of fuel cell systems/stacks and i...
Shanghai REFIRE Group Ltd. Class H Financial Statement Overview
Summary
Income Statement
22
Negative
Balance Sheet
54
Neutral
Cash Flow
28
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 579.78M | 648.77M | 895.28M | 604.65M | 524.11M |
| Gross Profit | 66.92M | 111.77M | 179.62M | 49.82M | 61.78M |
| EBITDA | -416.20M | -600.13M | -411.22M | -390.08M | -513.78M |
| Net Income | -587.23M | -737.30M | -529.47M | -505.97M | -572.80M |
Balance Sheet | |||||
| Total Assets | 4.27B | 4.69B | 4.04B | 4.14B | 2.49B |
| Cash, Cash Equivalents and Short-Term Investments | 536.66M | 974.39M | 664.51M | 1.47B | 276.22M |
| Total Debt | 1.47B | 1.60B | 1.36B | 1.07B | 1.15B |
| Total Liabilities | 2.57B | 2.75B | 2.29B | 1.90B | 1.96B |
| Stockholders Equity | 1.80B | 2.04B | 1.82B | 2.27B | 566.02M |
Cash Flow | |||||
| Free Cash Flow | -467.13M | -454.90M | -862.46M | -854.56M | -934.79M |
| Operating Cash Flow | -201.64M | -393.22M | -718.40M | -728.06M | -768.21M |
| Investing Cash Flow | -339.79M | -210.03M | 116.80M | -560.34M | -185.47M |
| Financing Cash Flow | 177.47M | 821.62M | 181.41M | 2.09B | 368.35M |
Shanghai REFIRE Group Ltd. Class H Technical Analysis
Negative
15.01
Price Trends
8.44
Negative
14.68
Negative
30.36
Negative
Market Momentum
-0.82
Negative
41.63
Neutral
89.17
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:2570, the sentiment is Negative. The current price of 15.01 is above the 20-day moving average (MA) of 5.23, above the 50-day MA of 8.44, and below the 200-day MA of 30.36, indicating a neutral trend. The MACD of -0.82 indicates Negative momentum. The RSI at 41.63 is Neutral, neither overbought nor oversold. The STOCH value of 89.17 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:2570.
Shanghai REFIRE Group Ltd. Class H Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
59 Neutral | HK$1.75B | 6.48 | 6.17% | 8.47% | 1.97% | -41.79% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
53 Neutral | HK$1.51B | 12.83 | 1.88% | 7.81% | -0.74% | ― | |
51 Neutral | HK$2.02B | 17.82 | 0.74% | 4.84% | ― | ― | |
47 Neutral | HK$1.54B | -1.59 | -10.77% | 11.43% | -1.59% | -305.60% | |
41 Neutral | HK$517.21M | -0.69 | -30.62% | ― | ― | ― | |
41 Neutral | HK$664.90M | -0.46 | -185.82% | ― | -46.74% | -71.88% |
* General Sector Average
HK:2570
Shanghai REFIRE Group Ltd. Class H
5.54
-121.36
-95.63%
HK:0686
Beijing Energy International Holding
0.70
-0.41
-36.82%
HK:0451
GCL New Energy Holdings
0.38
-0.40
-51.30%
HK:1713
Sichuan Energy Investment Development Co., Ltd. Class H
1.63
-0.80
-33.03%
HK:1250
Shandong Hi-Speed New Energy Group Limited
0.90
-0.78
-46.43%
HK:1257
China Everbright Greentech Ltd.
0.73
-0.15
-16.67%
Shanghai REFIRE Group Ltd. Class H Corporate Events
Shanghai REFIRE Shareholders Back Change in Use of Subscription Proceeds
Oct 12, 2026
Shanghai REFIRE Group Limited held its 2026 second extraordinary general meeting in Shanghai on October 12, 2026, duly convened under PRC Company Law and Hong Kong Listing Rules, with all directors attending either in person or electronically and ...
Shanghai REFIRE to Reallocate Hydrogen R&D Funds Toward Growth and Operations
Sep 18, 2026
Shanghai REFIRE Group Limited plans to reallocate RMB50 million of previously designated research and development funds from its hydrogen fuel cell and hydrogen production equipment projects. The company intends to divert RMB10 million to business...
Shanghai REFIRE Sets October EGM to Vote on Change in Use of Proceeds
Sep 18, 2026
Shanghai REFIRE Group Limited has convened its second extraordinary general meeting of 2026 for October 12 in Shanghai, where shareholders will vote on an ordinary resolution concerning a proposed change in the use of proceeds from prior subscript...
Shanghai REFIRE Narrows Interim Loss as Overseas Revenue Soars
Aug 28, 2026
Shanghai REFIRE Group Limited reported interim results for the six months ended June 30, 2026, showing total revenue of RMB105.0 million, down 1.8% year on year, but with overseas revenue surging 491.2% to RMB65.1 million as the company expanded i...
Shanghai REFIRE Sets August Board Meeting for Interim Results and Dividend Plan
Aug 18, 2026
Shanghai REFIRE Group Limited has scheduled a board meeting for August 28, 2026 to review and approve the group’s interim financial results for the six months ended June 30, 2026. The board will also consider whether to recommend the payment...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.