Shanghai REFIRE Group (2570) H2 2025 earnings summary

Executive summary

• FY2025 revenue fell 8.3% YoY to RMB595.2m; gross profit declined 38.5% to RMB68.7m, while attributable loss narrowed to RMB602.8m from RMB737.3m.

• Operating cash outflow narrowed 57.8% YoY to RMB165.8m; no dividend was declared for FY2025.

Financial highlights

• Revenue was RMB595.2m versus RMB648.8m in 2024; cost of sales decreased 2.0% to RMB526.5m.

• Gross profit fell to RMB68.7m from RMB111.8m; gross margin declined to 11.5% from 17.2%.

• Loss for the year was RMB629.7m versus RMB777.8m; loss attributable to owners was RMB602.8m versus RMB737.3m; basic and diluted loss per share was RMB6.98 versus RMB9.03.

• Adjusted net loss, excluding share-based payments, was RMB609.3m in 2025 versus RMB417.0m in 2024; 2024 adjusted figure also excluded listing expenses.

• Other income and gains rose to RMB87.0m from RMB41.8m, including a RMB30.7m remeasurement gain on an associate investment transfer.

Outlook and guidance

• Priorities include expanding hydrogen-powered heavy-duty truck deployments and cross-regional corridors, growing industrial green hydrogen and hydrogen production equipment applications, and improving total cost of ownership.

• R&D focus includes fuel-cell durability and extreme-environment performance, localized and lower-cost materials, and electrolyzer anti-fluctuation capability and scale-up.

• March 2026 policy pilots are expected to broaden hydrogen applications beyond fuel-cell vehicles into eligible transport and industrial uses.