Shanghai REFIRE Group Ltd. Class H (2570) AI Stock Analysis

• Market Cap: HK$14.42B
• Dividend Yield: N/A
• Average Volume (3M): 119.05K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.73
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: HK
• Employees: 414
• Sector: Real Estate
• Sector Strength: 53
• Industry: Renewable Utilities
• EPS (TTM): N/A
• Shares Outstanding: 57,613,537
• 10 Day Avg. Volume: 58,687
• 30 Day Avg. Volume: 119,052
• PEG Ratio: -0.36
• Price to Book (P/B): 6.10
• Price to Sales (P/S): 19.15
• P/FCF Ratio: -27.31
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: HK$209.00
• Price Target Upside: 47.49% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 1

• Rating: 62 Neutral
• Price Target: HK$209.00 ▲(47.49% Upside)

The overall stock score of 62 reflects a mix of strong technical performance and concerning financial health. The bullish momentum is a significant positive factor, but financial challenges such as declining revenues and negative profitability weigh heavily on the score. Valuation is difficult to assess due to missing metrics, but market sentiment appears favorable.

Shanghai REFIRE Group Ltd. Class H Business Overview & Revenue Model

Company Description

Shanghai REFIRE Group Ltd is a China-based company mainly focused on the design, development, manufacture, and sales of hydrogen fuel cell systems, hydrogen production systems, and related components. The Company operates three segments, including Sales of Hydrogen Fuel Cell Systems and Components, Provision of Fuel Cell Engineering and Technical Services, Sales of Hydrogen Production Systems and Related Components, and Others. The Company’s products mainly include electrolysis-based hydrogen production systems and their key components for electricity-to-hydrogen conversion and hydrogen fuel cell systems and key components for hydrogen-to-electricity conversion. The Company’s products can provide comprehensive hydrogen technology solutions across diverse sectors globally, such as commercial vehicles, power generation stations, construction machinery, hydrogen production.

How the Company Makes Money

Shanghai REFIRE Group Ltd. generates revenue primarily through the sale of its hydrogen fuel cell systems and components. The company's key revenue streams involve direct sales to automotive manufacturers, industrial clients, and energy providers who integrate these systems into their vehicles and machinery. Additionally, REFIRE may engage in strategic partnerships and collaborations with research institutions and other corporations to advance hydrogen technology and expand its market presence. These partnerships can lead to co-development projects and licensing agreements, contributing to its earnings. Government incentives and support for clean energy initiatives also play a significant role in driving demand for its products, indirectly boosting revenue.

Shanghai REFIRE Group Ltd. Class H Financial Statement Overview

Summary

Shanghai REFIRE Group Ltd. faces several financial challenges, including declining revenues, negative profitability, and high leverage. Despite improvements in cash reserves and some positive cash flow changes, the overall financial health is concerning, with persistent losses and cash flow issues that need addressing.

Income Statement

The company has been experiencing declining revenues, with a significant drop from 2023 to 2024. Gross profit margins have been consistently low, and the company is operating at a loss with negative EBIT and EBITDA margins. The net profit margin is also negative, indicating challenges in achieving profitability.

Balance Sheet

The debt-to-equity ratio is relatively high, suggesting a significant reliance on debt financing. On the positive side, the company has been increasing its cash reserves and maintaining a reasonable equity ratio. However, the return on equity remains negative due to consistent net losses.

Cash Flow

The company struggles with negative free cash flow, though there is an improvement in cash flow from 2023 to 2024. The operating cash flow to net income ratio is unfavorable, and the free cash flow to net income ratio remains negative, highlighting cash flow constraints.

Breakdown	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	648.77M	895.28M	604.65M	524.11M
Gross Profit	111.77M	179.62M	49.82M	61.78M
EBITDA	-600.13M	-411.22M	-390.08M	-513.78M
Net Income	-737.30M	-529.47M	-505.97M	-572.80M
Balance Sheet
Total Assets	4.69B	4.04B	4.14B	2.49B
Cash, Cash Equivalents and Short-Term Investments	974.39M	664.51M	1.47B	276.22M
Total Debt	1.60B	1.36B	1.07B	1.15B
Total Liabilities	2.75B	2.29B	1.90B	1.96B
Stockholders Equity	2.04B	2.01B	2.27B	566.02M
Cash Flow
Free Cash Flow	-454.90M	-862.46M	-854.56M	-934.79M
Operating Cash Flow	-393.22M	-718.40M	-728.06M	-768.21M
Investing Cash Flow	-210.03M	116.80M	-560.34M	-185.47M
Financing Cash Flow	821.62M	181.41M	2.09B	368.35M

Shanghai REFIRE Group Ltd. Class H Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 141.70
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

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 141.7 is below the 20-day moving average (MA) of 159.56, below the 50-day MA of 155.93, and below the 200-day MA of 186.90, indicating a bearish trend. The MACD of -4.56 indicates Positive momentum. The RSI at 38.06 is Neutral, neither overbought nor oversold. The STOCH value of 11.89 is Positive, 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
2156	73 Outperform	HK$4.22B	10.81	20.32%	5.07%	-7.78%	-29.31%
6049	72 Outperform	HK$19.03B	11.56	15.94%	4.31%	6.54%	3.26%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
2570	62 Neutral	HK$14.42B	―	―	―	―	―
2869	62 Neutral	HK$14.79B	17.22	10.30%	2.77%	-0.95%	14.89%
0258	58 Neutral	HK$6.37B	7.17	6.94%	4.61%	590.98%	538.64%
6666	58 Neutral	HK$12.54B	11.69	185.17%	―	4.74%	-21.33%

Shanghai REFIRE Group Ltd. Class H Corporate Events

Shanghai REFIRE Group Schedules Board Meeting to Review Interim Results

Shanghai REFIRE Group Ltd. has announced a board meeting scheduled for August 8, 2025, to discuss and approve the interim results for the first half of the year ending June 30, 2025. The meeting will also consider the recommendation for an interim dividend, which could impact the company’s financial strategy and shareholder returns.

Shanghai REFIRE Group Ltd. Approves Key Resolutions at 2025 EGM

Shanghai REFIRE Group Ltd. successfully passed all proposed resolutions during its 2025 second extraordinary general meeting, including the issuance of domestic shares under a specific mandate and amendments to its Articles of Association. This development marks a significant step in the company’s strategic initiatives to expand its capital base and strengthen its operational framework, potentially impacting its market positioning positively and enhancing shareholder value.

Shanghai REFIRE Group Receives CSRC Filing Notice for H Share Circulation

Shanghai REFIRE Group Limited, a company incorporated in China, has announced that it received a filing notice from the China Securities Regulatory Commission (CSRC) regarding its H Share full circulation application. This development marks the completion of the CSRC filing related to the company’s conversion and listing plans. However, the implementation details have not been finalized, and further announcements will be made as progress is achieved. The conversion and listing are subject to additional procedures required by the CSRC, the Stock Exchange, and other regulatory authorities. Stakeholders are advised to exercise caution when dealing with the company’s securities.

Shanghai REFIRE Group Proposes Share Issuance to Boost Competitiveness

Shanghai REFIRE Group Ltd. has announced a proposed issuance of 1,971,830 Domestic Shares under a Specific Mandate to raise additional funds and enhance its competitiveness. The issuance, subject to shareholder and regulatory approvals, involves subscription agreements with Qiyuan Fund and CNSH Zerun, and aims to support the company’s operational activities and business development.

Shanghai REFIRE Group Announces 2025 Extraordinary General Meeting

Shanghai REFIRE Group Limited has announced its 2025 second extraordinary general meeting, scheduled for June 26, 2025, in Shanghai, China. The meeting will address several key resolutions, including the proposed issuance of domestic shares under a specific mandate and amendments to the company’s articles of association. This meeting is significant as it involves strategic decisions that could impact the company’s capital structure and governance, potentially influencing its market position and stakeholder interests.

Shanghai REFIRE Group Ltd. Announces Key AGM Resolutions

Shanghai REFIRE Group Ltd., a joint stock company incorporated in China, announced the successful passage of all proposed resolutions at its 2024 Annual General Meeting (AGM). The meeting, held in Shanghai, saw participation from shareholders representing approximately 75.74% of the total issued shares. The AGM also resulted in the dissolution of the Supervisory Committee and amendments to the Articles of Association, marking significant governance changes for the company.