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Shanghai REFIRE Group Ltd. Class H
(2570)
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Rating:44Neutral
Price Target:
HK$20.00
▼(-54.77% Downside)
Action:Reiterated
Date:06/09/26
The score is held down mainly by weak financial performance (ongoing losses and cash burn) and a strongly bearish technical setup (below major moving averages with negative MACD and low RSI). Valuation provides only limited support because the negative P/E reflects unprofitability and no dividend yield data is available.
Positive Factors
Improving leverage
The material reduction in leverage to debt-to-equity below 1.0 and a larger equity base provide a more manageable capital structure. That cushion reduces near-term refinancing risk, preserves financial flexibility for investment, and supports medium-term operational stability.
Negative Factors
Deep, persistent net losses
Very large, recurring net losses and margins near -100% represent a structural profitability problem. Such sustained deficits erode equity, limit reinvestment capacity, and increase dependence on external funding, constraining long-term strategic options if not reversed.
Read all positive and negative factors
Positive Factors
Negative Factors
Improving leverage
The material reduction in leverage to debt-to-equity below 1.0 and a larger equity base provide a more manageable capital structure. That cushion reduces near-term refinancing risk, preserves financial flexibility for investment, and supports medium-term operational stability.
Read all positive factors
Shanghai REFIRE Group Ltd. Class H (2570) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$1.85B
Dividend YieldN/A
Average Volume (3M)123.44K
Price to Earnings (P/E)―
Beta (1Y)1.52
Revenue GrowthN/A
EPS GrowthN/A
CountryHK
Employees400
SectorGeneral
Sector StrengthN/A
IndustryRenewable Utilities
Share Statistics
EPS (TTM)N/A
Shares Outstanding88,760,100
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 TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
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 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
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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
44.22
Price Trends
28.36
Negative
36.54
Negative
68.90
Negative
Market Momentum
-2.07
Negative
34.64
Neutral
11.30
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 44.22 is above the 20-day moving average (MA) of 21.67, above the 50-day MA of 28.36, and below the 200-day MA of 68.90, indicating a bearish trend. The MACD of -2.07 indicates Negative momentum. The RSI at 34.64 is Neutral, neither overbought nor oversold. The STOCH value of 11.30 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
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
59 Neutral | HK$1.93B | 5.88 | 12.10% | 6.35% | 4.12% | -28.45% | |
58 Neutral | HK$1.57B | 14.05 | 1.35% | 3.08% | -3.55% | ― | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
53 Neutral | HK$2.47B | 10.52 | 1.68% | ― | ― | ― | |
46 Neutral | HK$1.72B | -2.97 | 1.34% | 8.85% | 10.32% | -291.47% | |
44 Neutral | HK$1.85B | -2.61 | -30.62% | ― | ― | ― | |
40 Underperform | HK$1.26B | -0.71 | -35.49% | ― | -4.27% | -174.28% |
* General Sector Average
HK:2570
Shanghai REFIRE Group Ltd. Class H
20.56
-156.84
-88.41%
HK:0686
Beijing Energy International Holding
0.83
-0.36
-30.25%
HK:0451
GCL New Energy Holdings
0.71
0.25
54.35%
HK:1713
Sichuan Energy Investment Development Co., Ltd. Class H
1.84
-0.70
-27.44%
HK:1250
Shandong Hi-Speed New Energy Group Limited
1.17
-0.73
-38.42%
HK:1257
China Everbright Greentech Ltd.
0.77
-0.04
-5.06%
Shanghai REFIRE Group Ltd. Class H Corporate Events
REFIRE Chairman Lin Qi Locks Up Entire H-Share Holding Until 2028
Jul 20, 2026
Shanghai REFIRE Group Limited, a PRC-incorporated joint stock company listed in Hong Kong, operates in the industrial and technology sphere and is led by a board that includes executive, non-executive and independent directors. The group focuses o...
Shanghai REFIRE Boosts Hong Kong Float With Completion of H Share Full Circulation
Jun 15, 2026
Shanghai REFIRE Group Limited has completed the conversion of 26,610,565 domestic shares into H shares, a move that significantly increases the proportion of its equity available to international investors. Following this transaction, the company&...
REFIRE Shareholders Approve Macquarie Warrant Deal at Extraordinary Meeting
Jun 11, 2026
Shanghai REFIRE Group Limited reported that its 2026 first extraordinary general meeting was duly convened in Shanghai with all directors attending, and that shareholders present represented virtually all voting shares after excluding treasury sto...
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 ...
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.