Shanghai REFIRE Group (2570) H1 2025 earnings summary

Executive summary

• H1 2025 revenue was RMB106.948m, down 9.9% YoY; fuel cell systems revenue rose 141.8%, and gross loss narrowed to RMB13.455m.

• Loss attributable to owners narrowed 28.7% to RMB332.698m; operating activities generated a net cash inflow of RMB95.1m.

• Cash and cash equivalents reached RMB1,051.1m at June 30, 2025, up 19.0% from the period opening; no interim dividend was recommended.

Financial highlights

• Revenue declined from RMB118.736m, mainly due to lower component sales; cost of sales fell 11.5% to RMB120.4m.

• Gross loss narrowed 22.5% to RMB13.455m from RMB17.4m; gross margin improved to -12.6% from -14.6%.

• Loss before tax was RMB352.408m versus RMB489.819m; net loss was RMB352.201m versus RMB487.929m.

• Other income and gains rose to RMB35.576m from RMB22.130m, supported by higher grants, subsidies and bank interest income.

• Adjusted administrative expenses were RMB104.5m versus RMB125.2m; adjusted R&D expense was RMB56.7m versus RMB74.0m.

Outlook and guidance

• Priorities include market-led R&D in reliability, durability, cost and efficiency, broader fuel-cell applications, hydrogen-production technology and commercial applications across the hydrogen value chain.

• Plans target wider hydrogen truck use in cost-effective hydrogen regions and industries including steel, coking, petrochemicals and chlor-alkali, alongside end-to-end green hydrogen projects.

• Overseas growth focus includes Southeast Asia, Central Asia, the Middle East and North Africa; overseas orders are expected to offer higher gross-margin potential. No numerical financial guidance was stated.