Shanghai REFIRE Group Ltd. Class H (HK:2570)
:2570
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Shanghai REFIRE Group Ltd. Class H
(2570)
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Rating:43Neutral
Price Target:
HK$46.00
▲(19.98% Upside)
Action:ReiteratedDate:02/03/26
The score is driven primarily by weak financial performance (declining revenue, persistent losses, and negative free cash flow) and bearish technicals (price below major moving averages with negative MACD). Valuation impact is neutral due to missing P/E and dividend yield data.
Positive Factors
Structural industry tailwind
REFIRE's core focus on hydrogen and fuel-cell systems aligns with multi-year decarbonization and transportation electrification trends. Structural demand for clean powertrains and stationary fuel cells supports a large addressable market that can sustain long-term revenue growth if execution follows.
Negative Factors
Declining revenue and weak margins
Persistent revenue decline paired with low gross margins undermines scale economics and the path to profitability. Structural gross margin weakness limits the firm's ability to absorb fixed costs, constraining sustainable EBITDA generation and making long-term profitability uncertain without material margin improvement.
Read all positive and negative factors
Positive Factors
Negative Factors
Structural industry tailwind
REFIRE's core focus on hydrogen and fuel-cell systems aligns with multi-year decarbonization and transportation electrification trends. Structural demand for clean powertrains and stationary fuel cells supports a large addressable market that can sustain long-term revenue growth if execution follows.
Read all positive factors
Shanghai REFIRE Group Ltd. Class H (2570) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$4.23B
Dividend YieldN/A
Average Volume (3M)123.44K
Price to Earnings (P/E)―
Beta (1Y)1.41
Revenue GrowthN/A
EPS GrowthN/A
CountryHK
Employees414
SectorReal Estate
Sector Strength53
IndustryRenewable Utilities
Share Statistics
EPS (TTM)N/A
Shares Outstanding62,149,536
10 Day Avg. Volume83,639
30 Day Avg. Volume123,441
Financial Highlights & Ratios
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 CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$83.00Price Target Upside116.48% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
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...
How the Company Makes Money
Shanghai REFIRE Group generates revenue through the sale of its fuel cell systems and components to a diverse range of customers, including automotive manufacturers, industrial clients, and energy service providers. The company has established key...
Shanghai REFIRE Group Ltd. Class H Financial Statement Overview
Summary
Income Statement
35
Negative
Balance Sheet
55
Neutral
Cash Flow
40
Negative
| 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
Negative
38.34
Price Trends
49.06
Negative
72.04
Negative
116.07
Negative
Market Momentum
-3.71
Negative
31.70
Neutral
21.43
Neutral
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 38.34 is below the 20-day moving average (MA) of 43.10, below the 50-day MA of 49.06, and below the 200-day MA of 116.07, indicating a bearish trend. The MACD of -3.71 indicates Negative momentum. The RSI at 31.70 is Neutral, neither overbought nor oversold. The STOCH value of 21.43 is Neutral, 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 (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
81 Outperform | HK$17.39B | 4.67 | 15.52% | 4.43% | 6.54% | 3.26% | |
71 Outperform | HK$3.89B | 9.48 | 18.70% | 5.77% | -7.78% | -29.31% | |
71 Outperform | HK$13.65B | 15.46 | 11.18% | 2.78% | -0.95% | 14.89% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
61 Neutral | HK$5.26B | 6.75 | 6.10% | 5.22% | 590.98% | 538.64% | |
51 Neutral | HK$12.43B | 11.52 | 74.40% | ― | 4.74% | -21.33% | |
43 Neutral | HK$4.23B | -8.57 | ― | ― | ― | ― |
* Real Estate Sector Average
HK:2570
Shanghai REFIRE Group Ltd. Class H
39.26
-99.74
-71.76%
HK:2156
C&D Property Management Group Co., Ltd.
2.76
0.58
26.61%
HK:0258
Tomson Group Limited
2.33
-0.22
-8.63%
HK:2869
Greentown Service Group Co. Ltd.
4.33
0.27
6.65%
HK:6049
Poly Property Services Co., Ltd. Class H
31.42
1.72
5.79%
HK:6666
Evergrande Property Services Group Ltd.
1.15
0.48
71.64%
Shanghai REFIRE Group Ltd. Class H Corporate Events
Shanghai REFIRE Raises HK$258 Million via H-Share Placing to Strengthen Balance Sheet
Jan 26, 2026
Shanghai REFIRE Group Limited has completed a placing of 4,536,000 new H shares under its general mandate, representing about 7.30% of its enlarged H-share capital and 4.87% of its total enlarged share capital. The new shares, placed at HK$58.38 e...
Shanghai REFIRE to Raise Up to HK$265 Million via Discounted H-Share Placing
Jan 18, 2026
Shanghai REFIRE Group Limited has launched a placing of 4,536,000 new H shares under its existing general mandate, representing about 7.88% of its current issued H-share capital (excluding treasury shares) and 5.12% of its total issued share capit...
Shanghai REFIRE Group Ltd. Announces H Share Full Circulation Plan
Dec 10, 2025
Shanghai REFIRE Group Ltd. has announced its intention to implement the full circulation of its H shares by converting 26,610,565 domestic shares into H shares, which will be listed and traded on the Main Board of the Stock Exchange of Hong Kong. ...
Shanghai REFIRE Group Completes Issuance of Domestic Shares to Strengthen Market Position
Dec 3, 2025
Shanghai REFIRE Group Ltd. announced the completion of its issuance of domestic shares under a specific mandate, resulting in the issuance of 1,971,830 fully paid domestic shares. This issuance increases the company’s total shares to 88,697,...
Shanghai REFIRE Group Secures CSRC Approval for Domestic Share Issuance
Nov 18, 2025
Shanghai REFIRE Group Ltd. has received approval from the China Securities Regulatory Commission (CSRC) for the registration and issuance of domestic shares to a specific subscriber. This approval, valid for 12 months, allows the company to procee...
Shanghai REFIRE Group Approves Key Resolutions at 2025 EGM
Nov 6, 2025
Shanghai REFIRE Group Ltd. held its 2025 fifth extraordinary general meeting, where key resolutions were passed. The meeting approved the adoption of the 2025 H Share Incentive Scheme and amendments to the Pre-IPO Share Option Scheme, both receivi...
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.