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

• Market Cap: HK$5.93B
• Dividend Yield: N/A
• Average Volume (3M): 123.44K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.41
• 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: 83,639
• 30 Day Avg. Volume: 123,441
• 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$84.63
• Price Target Upside: 33.28% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 42 Neutral
• Price Target: HK$58.00 ▼(-8.66% Downside)

The score is primarily driven by weak financial performance: declining revenue, ongoing losses, and negative free cash flow, with leverage adding balance-sheet risk despite higher cash reserves. Technicals also weigh on the score as the stock trades below major moving averages with negative MACD. Valuation impact is limited because P/E and dividend yield data were not provided.

Positive Factors

Strategic partnerships and government support

Partnerships with industry players and government incentives create durable demand channels and lower customer adoption costs. This structural support helps REFIRE scale deployments, access joint-commercial opportunities, and secure subsidized project economics that improve long-term revenue durability.

Rising cash reserves

Growing cash reserves strengthen short-to-medium term liquidity, enabling sustained R&D, pilot production scale-up, and working-capital needs. This buffer reduces immediate refinancing pressure and gives management flexibility to execute strategic initiatives over the next several quarters.

Improving operating cash flow trend

An improving operating cash flow trend signals gradual operational stabilization and better conversion of sales to cash. If sustained, this trend can narrow the free cash flow deficit, lower reliance on external financing, and support reinvestment into production capacity and product development.

Negative Factors

Declining revenues and persistent losses

Ongoing revenue decline and sustained operating losses erode scale economics and handicap margin recovery. Persistent negative EBIT/EBITDA reduces retained earnings and limits ability to fund growth internally, making profitability recovery a multi-quarter structural challenge.

Negative free cash flow

Sustained negative free cash flow constrains capital allocation for manufacturing scale, commercialization, and R&D. Over months this forces dependence on external funding, increases dilution or debt service needs, and raises execution risk for broader market rollouts.

Elevated leverage / high debt reliance

High debt-to-equity increases interest expense and refinancing risk, reducing financial flexibility to invest in product commercialization. In a capital-intensive clean-energy buildout, elevated leverage can amplify downside if revenue growth lags, stressing cash flows and strategic options.

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 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 partnerships with major industry players, enhancing its market reach and facilitating joint ventures that promote the adoption of fuel cell technologies. Additionally, REFIRE Group benefits from government incentives and subsidies aimed at promoting clean energy solutions, which contribute to its overall earnings. The company's focus on research and development also allows it to innovate and introduce new products to the market, creating additional revenue streams.

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: 63.50
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• 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 63.5 is below the 20-day moving average (MA) of 65.12, below the 50-day MA of 92.79, and below the 200-day MA of 150.00, indicating a bearish trend. The MACD of -7.68 indicates Negative momentum. The RSI at 33.35 is Neutral, neither overbought nor oversold. The STOCH value of 3.90 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
6049	78 Outperform	HK$18.79B	11.41	15.94%	4.43%	6.54%	3.26%
2156	71 Outperform	HK$3.79B	9.69	20.32%	5.77%	-7.78%	-29.31%
2869	70 Outperform	HK$14.12B	16.45	10.30%	2.78%	-0.95%	14.89%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
0258	58 Neutral	HK$6.35B	7.14	6.94%	5.22%	590.98%	538.64%
6666	51 Neutral	HK$13.62B	13.00	185.17%	―	4.74%	-21.33%
2570	42 Neutral	HK$5.93B	―	―	―	―	―

Shanghai REFIRE Group Ltd. Class H Corporate Events

Shanghai REFIRE to Raise Up to HK$265 Million via Discounted H-Share Placing

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 capital. The shares will be placed to at least six independent professional or institutional investors at HK$58.38 per share, a discount to the recent market price, on a best-effort basis by the sole placing agent, raising expected gross proceeds of around HK$264.81 million and net proceeds of about HK$258.39 million for purposes outlined by the board, subject to Hong Kong listing approval and satisfaction of placing conditions; no single placee is expected to become a substantial shareholder, and the transaction does not require additional shareholder approval as it falls within the previously granted general mandate.

The most recent analyst rating on (HK:2570) stock is a Hold with a HK$67.00 price target. To see the full list of analyst forecasts on Shanghai REFIRE Group Ltd. Class H stock, see the HK:2570 Stock Forecast page.

Shanghai REFIRE Group Ltd. Announces H Share Full Circulation Plan

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. This move is part of the company’s strategic efforts to align with the guidelines set by the China Securities Regulatory Commission and enhance its market presence by increasing the liquidity and accessibility of its shares for investors.

The most recent analyst rating on (HK:2570) stock is a Hold with a HK$82.00 price target. To see the full list of analyst forecasts on Shanghai REFIRE Group Ltd. Class H stock, see the HK:2570 Stock Forecast page.

Shanghai REFIRE Group Completes Issuance of Domestic Shares to Strengthen Market Position

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 88,697,641, enhancing its capital structure and potentially strengthening its market position in the clean energy sector. The completion of this share issuance reflects the company’s strategic efforts to bolster its financial resources and expand its influence in the hydrogen fuel cell industry.

The most recent analyst rating on (HK:2570) stock is a Hold with a HK$139.00 price target. To see the full list of analyst forecasts on Shanghai REFIRE Group Ltd. Class H stock, see the HK:2570 Stock Forecast page.

Shanghai REFIRE Group Secures CSRC Approval for Domestic Share Issuance

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 proceed with its planned share issuance under the specific mandate approved at its extraordinary general meeting, potentially impacting its market position and stakeholder interests.

The most recent analyst rating on (HK:2570) stock is a Hold with a HK$142.00 price target. To see the full list of analyst forecasts on Shanghai REFIRE Group Ltd. Class H stock, see the HK:2570 Stock Forecast page.

Shanghai REFIRE Group Approves Key Resolutions at 2025 EGM

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 receiving over 99% approval. Additionally, a resolution concerning related party transactions for the sale of hydrogen fuel cell systems and components was passed with over 99% support. These decisions are expected to bolster the company’s strategic initiatives and strengthen its market position in the hydrogen fuel cell sector.

The most recent analyst rating on (HK:2570) stock is a Hold with a HK$137.00 price target. To see the full list of analyst forecasts on Shanghai REFIRE Group Ltd. Class H stock, see the HK:2570 Stock Forecast page.