Fire Rock Holdings Ltd (1909) AI Stock Analysis

• Market Cap: HK$602.20M
• Dividend Yield: N/A
• Average Volume (3M): 233.64K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.81
• Revenue Growth: 12.84%
• EPS Growth: -113.72%
• Country: HK
• Employees: 151
• Sector: Communication Services
• Sector Strength: 97
• Industry: Electronic Gaming & Multimedia
• EPS (TTM): -0.09
• Shares Outstanding: 242,821,040
• 10 Day Avg. Volume: 231,630
• 30 Day Avg. Volume: 233,640
• PEG Ratio: 0.28
• Price to Book (P/B): 4.45
• Price to Sales (P/S): 3.55
• P/FCF Ratio: 87.58
• 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: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 46 Neutral
• Price Target: HK$2.50 ▲(63.40% Upside)

The score is primarily weighed down by weak financial performance (net losses, poor operating margins, and revenue decline), with additional pressure from loss-driven valuation (negative P/E). Technicals are supportive of an uptrend, but extreme overbought signals temper the benefit.

Positive Factors

Diversified business model

A diversified holding model across oil & gas, renewables, real estate and technology reduces single-sector exposure and smooths cash flows over cycles. Structural exposure to renewables and real estate supports multi-year resilience and optionality for capital allocation and strategic partnerships.

Positive free cash flow

Latest-year positive free cash flow indicates the company can internally generate cash to fund operations, capex or deleveraging. Sustained FCF strengthens liquidity and reduces reliance on external funding, improving medium-term financial flexibility and execution of strategic investments.

Relatively strong equity position

A high equity ratio provides a durable buffer against commodity or market volatility, lowering default risk and supporting project financing. Strong equity proportions enhance credit resilience, enabling the company to pursue growth or weather downturns without immediate refinancing pressure.

Negative Factors

Weak profitability and margins

Material net losses and weak operating margins undermine internal capital generation and sustainable earnings. Over a multi-month horizon, persistent margin weakness constrains reinvestment, raises dependence on external capital, and risks continued equity erosion if not addressed.

Historical leverage and prior negative equity

Past negative equity and elevated leverage indicate structural balance-sheet vulnerability. Even with recent improvements, legacy indebtedness can limit strategic flexibility, increase interest costs, and elevate refinancing and covenant risk across intermediate timeframes, especially in stressed markets.

Cash flow volatility

Inconsistent operating cash flow and episodic free-cash-flow swings create funding unpredictability for capex, dividends or debt servicing. This volatility forces higher liquidity buffers or external financing, reducing investment optionality and increasing financing cost risk over the medium term.

Fire Rock Holdings Ltd Business Overview & Revenue Model

Company Description

Fire Rock Holdings Limited, an investment holding company, develops browser and mobile games in the People's Republic of China, North America, Europe, and the Asia Pacific. It operates through two segments: Game and Software Development, and Game Operation. The company offers games in various language versions, including English, Japanese, Thai, French, German, Portuguese, Vietnamese, Indonesian, Russian, and Chinese. It also licenses game products to other game operators with the right to operate, publish, and distribute specific games within an agreed period and designated territories; and operates mobiles games. The company was founded in 2011 and is headquartered in Shenzhen, the People's Republic of China.

How the Company Makes Money

Fire Rock Holdings Ltd generates revenue through multiple streams, primarily from its investments in oil and gas operations, which include exploration, drilling, and production activities. The company partners with established firms to share resources and expertise, thereby enhancing its operational efficiency and profitability. Additionally, revenue is derived from its renewable energy projects, where it provides services or products related to solar and wind energy generation. Real estate investments contribute to revenue through rental income and property appreciation. The company also explores strategic partnerships and joint ventures that allow it to expand its market reach and diversify its income sources, thus strengthening its overall financial performance.

Fire Rock Holdings Ltd Financial Statement Overview

Summary

Financial statements indicate weak profitability with a significant net loss and unfavorable EBIT/EBITDA margins, alongside declining revenue. Offsetting this somewhat are recent improvements including positive free cash flow and a stronger recent equity position, though historical leverage/equity instability and cash-flow volatility keep the score low.

Income Statement

The income statement reveals challenges in profitability and growth. The company shows a significant net loss in the latest year, indicating weak net profit margins. Gross profit margin is relatively strong, but the decline in revenue from previous years suggests negative revenue growth, impacting overall performance. EBIT and EBITDA margins are also not favorable, further highlighting profitability issues.

Balance Sheet

The balance sheet shows a relatively strong equity position with a high equity ratio, indicating financial stability. However, the negative stockholders' equity in previous years, paired with a high debt-to-equity ratio, suggests past leverage issues. Recent improvements are noted, but historical instability affects the score.

Cash Flow

Cash flow analysis shows positive free cash flow in the latest year, indicating improved cash management. However, previous years had negative free cash flow and operating cash flow, revealing potential volatility in cash generation. The operating cash flow to net income ratio is inconsistent, highlighting fluctuations in cash flow performance.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	195.97M	140.59M	134.93M	115.06M	1.04B	586.10M
Gross Profit	154.52M	109.66M	107.54M	76.59M	867.08M	534.95M
EBITDA	-1.47M	22.24M	592.19M	64.66M	-1.02B	484.61M
Net Income	804.07M	-17.07M	559.91M	30.20M	-1.21B	386.18M
Balance Sheet
Total Assets	160.87M	134.68M	160.87M	189.71M	397.29M	906.71M
Cash, Cash Equivalents and Short-Term Investments	85.49M	53.64M	85.49M	119.54M	347.75M	731.12M
Total Debt	1.22M	1.99M	1.22M	585.92M	620.00M	9.36M
Total Liabilities	20.55M	20.68M	20.55M	610.97M	852.93M	89.98M
Stockholders Equity	131.07M	112.30M	131.07M	-430.01M	-461.39M	815.05M
Cash Flow
Free Cash Flow	-47.71M	5.70M	-38.63M	-2.70M	523.86M	478.95M
Operating Cash Flow	-34.41M	6.16M	-23.72M	2.59M	550.61M	517.10M
Investing Cash Flow	6.69M	-9.24M	4.52M	-19.61M	-741.98M	54.53M
Financing Cash Flow	-23.68M	-27.61M	-16.32M	-212.01M	-178.83M	-32.38M

Fire Rock Holdings Ltd Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1.53
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:1909, the sentiment is Positive. The current price of 1.53 is below the 20-day moving average (MA) of 1.82, below the 50-day MA of 1.70, and below the 200-day MA of 1.78, indicating a bullish trend. The MACD of 0.17 indicates Negative momentum. The RSI at 87.95 is Negative, neither overbought nor oversold. The STOCH value of 82.56 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HK:1909.

Fire Rock Holdings Ltd Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
6860	66 Neutral	HK$416.53M	13.66	3.47%	―	-25.66%	-23.36%
Sector *	60 Neutral	$48.67B	4.58	-11.27%	4.14%	2.83%	-41.78%
1909	46 Neutral	HK$602.20M	-11.79	-36.46%	―	12.84%	-113.72%
1022	46 Neutral	HK$1.17B	76.14	2.72%	―	183.41%	39.68%
0484	44 Neutral	HK$159.93M	-1.64	-15.08%	―	65.41%	-313.74%
6899	41 Neutral	HK$231.77M	-2.01	―	―	―	―
1961	40 Underperform	HK$216.62M	-3.34	-34.36%	―	-43.62%	22.41%

Fire Rock Holdings Ltd Corporate Events

Fire Rock Reshapes Top Management as CEO Steps Down and Former Chairman Returns

Fire Rock Holdings has announced senior management changes effective 31 December 2025, with executive director and chief executive officer Zhou Zhiwei stepping down from both roles to focus on driving the group’s overseas business, while remaining as business development manager. The company has appointed industry veteran Zhang Yan as executive director, chairman of the board and chief product officer; Zhang, who previously chaired the board until 2023 and has nearly three decades of online gaming experience, will draw a modest salary in his product role, underscoring the board’s focus on strengthening leadership in game development and corporate governance as the group pursues its growth strategy.

The most recent analyst rating on (HK:1909) stock is a Hold with a HK$1.50 price target. To see the full list of analyst forecasts on Fire Rock Holdings Ltd stock, see the HK:1909 Stock Forecast page.

Fire Rock Holdings Sets Out Board and Committee Structure

Fire Rock Holdings Limited has announced the composition of its board of directors and detailed the membership and leadership of its key governance committees. Chairman Zhang Yan leads a four-member executive team alongside three independent non-executive directors, who collectively chair and sit on the audit, remuneration and nomination committees, thereby formalising the company’s governance framework and delineating oversight responsibilities at year-end 2025.

The most recent analyst rating on (HK:1909) stock is a Hold with a HK$1.50 price target. To see the full list of analyst forecasts on Fire Rock Holdings Ltd stock, see the HK:1909 Stock Forecast page.

Fire Rock Raises HK$79.5 Million via Undersubscribed Rights Issue as Major Shareholder Consolidates Control

Fire Rock Holdings Limited has completed a rights issue on the basis of one rights share for every two existing shares at HK$1.58 per share, raising gross proceeds of approximately HK$80.3 million (net HK$79.5 million) to be applied in line with previously stated funding plans. The issue was only 45.78% subscribed by existing shareholders, with a further small tranche of unsubscribed shares placed to independent investors and the bulk of the remaining untaken rights shares taken up by underwriter Sulfulon, lifting the Sulfulon Concert Group’s stake to about 51% of the enlarged share capital and consolidating its control while leaving no net gain to distribute to non-participating shareholders.

The most recent analyst rating on (HK:1909) stock is a Hold with a HK$1.50 price target. To see the full list of analyst forecasts on Fire Rock Holdings Ltd stock, see the HK:1909 Stock Forecast page.

Fire Rock Holdings Ltd Announces Rights Issue Results and Compensatory Arrangements

Fire Rock Holdings Ltd announced the results of its Rights Issue, revealing that approximately 45.78% of the offered 96,000,000 Rights Shares were subscribed. The remaining 54.22% of unsubscribed shares will be offered to independent placees through compensatory arrangements, with any premium gained benefiting shareholders. The Rights Issue’s success is contingent on the fulfillment of certain conditions, including the Underwriting Agreement becoming unconditional.

The most recent analyst rating on (HK:1909) stock is a Hold with a HK$1.50 price target. To see the full list of analyst forecasts on Fire Rock Holdings Ltd stock, see the HK:1909 Stock Forecast page.

Fire Rock Holdings Secures Shareholder Approval for Key Financial Resolutions

Fire Rock Holdings Ltd recently held an Extraordinary General Meeting (EGM) where key resolutions regarding a Rights Issue, Placing Agreement, Underwriting Agreement, and a Whitewash Waiver were passed. The meeting saw participation from shareholders holding approximately 8% of the company’s issued shares, with significant abstentions from those involved in the transactions. The resolutions were approved by a substantial majority, indicating strong shareholder support for the company’s strategic financial maneuvers.

The most recent analyst rating on (HK:1909) stock is a Hold with a HK$2.00 price target. To see the full list of analyst forecasts on Fire Rock Holdings Ltd stock, see the HK:1909 Stock Forecast page.

Fire Rock Holdings Secures Shareholder Approval for Key Financial Resolutions

Fire Rock Holdings Ltd recently held an Extraordinary General Meeting (EGM) where shareholders voted on key resolutions including a Rights Issue, Placing Agreement, Underwriting Agreement, and a Whitewash Waiver. The meeting saw significant participation, with independent shareholders holding 113,660,000 shares eligible to vote. The resolutions were overwhelmingly approved, with over 99% of votes in favor, indicating strong shareholder support for the company’s strategic financial maneuvers. This approval is likely to impact the company’s capital structure and market positioning positively.

The most recent analyst rating on (HK:1909) stock is a Hold with a HK$2.00 price target. To see the full list of analyst forecasts on Fire Rock Holdings Ltd stock, see the HK:1909 Stock Forecast page.