Shanghai-based fuel-cell specialist REFIRE (02570) reported interim results for the six months ended 30 June 2026.

Revenue and mix • Group revenue slipped 1.8% year on year to RMB105.03 million. • Overseas markets contributed RMB65.14 million, a 491.2% surge, lifting their share of total sales to 62% from 10% a year earlier. Mainland China revenue fell to RMB39.89 million from RMB95.93 million, reflecting slower domestic demand. • Hydrogen fuel-cell systems sales nearly halved to RMB38.93 million, while engineering and technical service income multiplied to RMB34.68 million, supported by a RMB112.30 million development contract signed with an overseas customer. Component sales fell 21.0% to RMB16.05 million; “other” income, including after-sales services and vehicle sales, rose to RMB10.63 million.

Profitability • Gross profit turned positive at RMB10.02 million versus a RMB13.46 million loss in 1H25, producing a 9.5% gross margin (1H25: –12.6%), driven by higher-margin overseas business and services revenue. • Operating expenses fell across all major categories: selling expenses –8.9% to RMB46.16 million, administrative expenses –2.8% to RMB113.47 million, and R&D spend –23.3% to RMB46.50 million. • Net impairment losses on financial assets declined 22.1% to RMB64.89 million. • Finance costs dropped 28.3% to RMB21.20 million. • Loss attributable to shareholders narrowed 18.4% to RMB271.50 million; basic loss per share improved to RMB2.94 from RMB3.86.

Cash flow and balance sheet • Cash and cash equivalents totalled RMB363.09 million at period-end (31 Dec 2025: RMB498.04 million). • Net current assets stood at RMB900.40 million, lifting the current ratio to 1.6 (31 Dec 2025: 1.3). • Total interest-bearing borrowings were RMB1.38 billion, split 56.7% current and 43.3% non-current. The gearing ratio remained stable at 0.53. • Capital expenditure reached RMB39.50 million; contracted but not yet provided capital commitments were RMB484.20 million.

Equity movements and fundraising • REFIRE issued 4.54 million new H-shares in January 2026, raising net proceeds of HKD258.39 million, fully deployed to debt repayment and general corporate purposes by 30 June. • A full-circulation conversion added 26.61 million domestic shares to H-share status in June. • In May, the company issued 10 million unlisted warrants; no warrants were exercised during the reporting window.

Dividend No interim dividend was declared.

Outlook (management commentary) Management highlighted expanding overseas heavy-truck, marine and industrial hydrogen applications, continued R&D on higher-power systems, and end-to-end green-hydrogen projects targeting cost reduction and market scale.