Shanghai REFIRE Group (2570) H1 2026 earnings summary

Executive summary

• H1 2026 revenue was RMB105.028m, down 1.8% YoY; gross profit recovered to RMB10.022m from a RMB13.455m loss, while owner-attributable loss narrowed 18.4% to RMB271.498m.

• Overseas revenue rose 491.2% to RMB65.1m, supporting the gross-margin recovery and reflecting expanded markets and customer recognition.

• Priorities include commercial-scale hydrogen applications, broader product markets and deeper overseas operations; no interim dividend was declared.

Financial highlights

• Revenue was RMB105.028m vs RMB106.948m; cost of sales fell 21.1% to RMB95.006m as the mix shifted toward engineering services.

• Gross profit was RMB10.022m vs a RMB13.455m loss; gross margin improved to 9.5% from -12.6%, aided by higher overseas revenue mix.

• Loss before tax was RMB277.830m vs RMB352.408m; net loss was RMB280.546m vs RMB352.201m; owner-attributable loss was RMB271.498m vs RMB332.698m.

• Basic and diluted loss per share narrowed to RMB2.94 from RMB3.86; R&D expense fell to RMB46.5m from RMB60.6m, while other income fell to RMB22.7m from RMB35.6m.

• Operating cash flow was an outflow of RMB212.8m vs an inflow of RMB95.1m; cash and equivalents were RMB363.1m at June 30 vs RMB498.0m at Dec. 31, 2025.

Outlook and guidance

• Aim to convert hydrogen-policy support into commercial operations and a sustainable profitability pathway; no quantified financial guidance was stated.

• Product priorities include longer-life, higher-reliability fuel-cell systems and components, heavy-truck system iteration, and accelerated marine, power-generation and hydrogen-production offerings.

• Plans include linking green hydrogen production, storage, transport and industrial use, using Taiyangshan and other integrated projects as platforms.

• Overseas plans prioritize localized sales and service in Europe, the Middle East and Southeast Asia; fuel-cell technology may also serve AI data-center primary power, backup power and storage.