Shanghai REFIRE Group Ltd. Class H (HK:2570)
:2570
Want to see HK:2570 full AI Analyst Report?
Top Page
Shanghai REFIRE Group Ltd. Class H
(2570)
Select Model
Select Model
Rating:43Neutral
Price Target:
HK$35.00
▼(-20.85% Downside)
Action:Reiterated
Date:04/29/26
The score is primarily constrained by weak financial performance (persistent losses and continued cash burn), with technicals also unfavorable given a clear downtrend and negative MACD. Valuation is not supportive because the company is loss-making (negative P/E) and offers no dividend yield.
Positive Factors
Improved leverage
Leverage has materially improved with debt-to-equity below 1.0 in 2022–2025, indicating a more manageable capital structure. This reduces near-term solvency risk, lowers interest burden pressure, and gives management more flexibility to prioritize operational fixes or strategic investments over emergency deleveraging.
Negative Factors
Persistent large net losses
Deep, persistent net losses and margins near -100% in 2025 show the core business is not yet profitable. Continued losses erode equity, limit reinvestment capacity, and force reliance on external financing, which can lead to dilution or higher borrowing costs and constrain long-term viability.
Read all positive and negative factors
Positive Factors
Negative Factors
Improved leverage
Leverage has materially improved with debt-to-equity below 1.0 in 2022–2025, indicating a more manageable capital structure. This reduces near-term solvency risk, lowers interest burden pressure, and gives management more flexibility to prioritize operational fixes or strategic investments over emergency deleveraging.
Read all positive factors
Shanghai REFIRE Group Ltd. Class H (2570) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$3.56B
Dividend YieldN/A
Average Volume (3M)123.44K
Price to Earnings (P/E)―
Beta (1Y)1.44
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 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 Target
HK$83.00Price Target Upside87.70% 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
null...
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 | -220.45M | -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 | 2.01B | 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
44.22
Price Trends
41.42
Negative
49.48
Negative
94.05
Negative
Market Momentum
-1.32
Positive
42.94
Neutral
22.91
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 44.22 is above the 20-day moving average (MA) of 39.63, above the 50-day MA of 41.42, and below the 200-day MA of 94.05, indicating a bearish trend. The MACD of -1.32 indicates Positive momentum. The RSI at 42.94 is Neutral, neither overbought nor oversold. The STOCH value of 22.91 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$4.10B | 9.33 | 18.82% | 5.77% | 17.65% | 9.64% | |
75 Outperform | HK$16.73B | 10.46 | 15.06% | 4.43% | 4.91% | 4.61% | |
73 Outperform | HK$5.20B | 6.75 | 6.10% | 5.22% | 477.74% | 332.86% | |
71 Outperform | HK$14.41B | 12.41 | 11.18% | 2.78% | 6.95% | 28.21% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
59 Neutral | HK$14.59B | 11.52 | 74.40% | ― | 6.46% | -3.32% | |
43 Neutral | HK$3.56B | -8.57 | -30.62% | ― | ― | ― |
* Real Estate Sector Average
HK:2570
Shanghai REFIRE Group Ltd. Class H
38.22
-216.38
-84.99%
HK:2156
C&D Property Management Group Co., Ltd.
2.91
0.50
20.75%
HK:0258
Tomson Group Limited
2.30
-0.29
-11.20%
HK:2869
Greentown Service Group Co. Ltd.
4.57
0.60
15.11%
HK:6049
Poly Property Services Co., Ltd. Class H
30.24
1.25
4.31%
HK:6666
Evergrande Property Services Group Ltd.
1.35
0.63
87.50%
Shanghai REFIRE Group Ltd. Class H Corporate Events
Shanghai REFIRE Plans Major Unlisted Warrant Issue to Raise Up to HK$2.83 Billion
May 21, 2026
Shanghai REFIRE Group Limited plans to issue 10 million unlisted warrants under a specific mandate, giving the subscriber rights to the same number of H shares at an exercise price set at 93% of the volume-weighted average price before exercise. T...
Shanghai REFIRE Calls 2026 EGM to Approve Warrant Issue to Macquarie
May 21, 2026
Shanghai REFIRE Group Limited has convened its first extraordinary general meeting of 2026 for June 11 in Shanghai to seek shareholder approval for a warrant subscription deal with Macquarie Bank Limited. The proposal would authorize the company t...
Shanghai REFIRE Shareholders Approve All Resolutions at 2025 AGM
May 18, 2026
Shanghai REFIRE Group Limited, a PRC joint stock company listed in Hong Kong and active in the hydrogen fuel cell and clean energy equipment market, held its 2025 annual general meeting in Shanghai on May 18, 2026. All directors attended either in...
Shanghai REFIRE Redirects IPO and Subscription Funds to Drive Hydrogen Growth
May 15, 2026
Shanghai REFIRE Group Limited plans to reallocate HK$200 million from its global offering proceeds and RMB100 million from its subscription proceeds, shifting funds originally earmarked for RD, production expansion and an RD center into working ca...
Shanghai REFIRE Wins HKEX Approval for Major H-Share Conversion and Listing
May 11, 2026
Shanghai REFIRE Group Limited has obtained approval from the Hong Kong Stock Exchange to list 26,610,565 converted H shares, representing about 28.54% of its total issued share capital. The approval enables 15 existing holders of domestic shares, ...
Shanghai REFIRE sets 2026 AGM to seek funding flexibility and new share mandate
Apr 24, 2026
Shanghai REFIRE Group Limited has convened its annual general meeting for May 18, 2026 in Shanghai, where shareholders will review the board’s 2025 work report, audited consolidated financial statements, annual report, and profit distributio...
Shanghai REFIRE to Reallocate IPO and Subscription Proceeds Toward Working Capital
Apr 24, 2026
Shanghai REFIRE Group Limited plans to reallocate part of the funds raised from its Hong Kong global offering and prior share subscriptions to strengthen working capital. The board proposes diverting HK$200 million originally earmarked for RD and ...
Shanghai REFIRE Secures CSRC Filing for H Share Full Circulation Plan
Apr 24, 2026
Shanghai REFIRE Group Limited has received a filing notice from the China Securities Regulatory Commission confirming completion of the filing for its H share full circulation conversion and listing plan. The notice stipulates that if the company ...
Shanghai REFIRE Narrows Annual Loss but Revenue and Margins Weaken in 2025
Mar 27, 2026
Shanghai REFIRE Group Limited, a Hong Kong–listed hydrogen fuel cell technology provider, reported softer top-line performance in 2025 amid ongoing market and operational challenges. The company focuses on fuel cell systems and services that...
Shanghai REFIRE Sets March 27 Board Meeting to Approve 2025 Annual Results
Mar 16, 2026
Shanghai REFIRE Group Limited has scheduled a board meeting for March 27, 2026 to review and approve its annual results for the financial year ended December 31, 2025. The board will also consider the proposed publication of these results and eval...
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.