Shanghai REFIRE Group Limited released its 2026 interim report for the six months ended 30 June 2026.
Financial Performance • Revenue slipped 1.8% year-on-year to RMB105.03 million. • Overseas turnover jumped 491.2% to RMB65.10 million, representing 62% of group revenue. • Gross profit turned positive at RMB10.02 million versus a RMB13.46 million loss in 1H25, lifting gross margin to 9.5%. • Loss attributable to shareholders narrowed 18.4% to RMB271.50 million; basic loss per share was RMB2.94 (1H25: RMB3.86).
Segment Trends • Hydrogen fuel-cell system sales fell 49.3% to RMB38.93 million after policy-related timing effects. • Engineering and technical services revenue surged 465.6% to RMB34.68 million, driven by a new RMB112.30 million overseas development contract, of which RMB32.20 million was recognised. • Components contributed RMB16.05 million; other revenue, including after-sales services and hydrogen vehicle sales, added RMB10.63 million. • Hydrogen production systems and related components generated RMB4.74 million.
Balance Sheet and Cash Flow • Total assets: RMB3.98 billion; total liabilities: RMB2.33 billion; equity attributable to owners: RMB1.68 billion. • Cash and cash equivalents stood at RMB363.09 million, down from RMB498.04 million at end-2025. • Net current assets reached RMB900.40 million, lifting the current ratio to 1.6 (FY25: 1.3). • Net operating cash outflow was RMB212.81 million (1H25: inflow of RMB95.09 million). • Capital expenditure amounted to RMB39.53 million (1H25: RMB65.73 million). • Total borrowings were RMB1.38 billion; gearing ratio remained broadly stable at 0.53.
Capital Actions • January 2026 placing of 4.54 million new H shares raised net proceeds of HK$258.39 million. • May 2026 issuance of 10 million unlisted warrants to Macquarie Bank Limited under a specific mandate; no warrants exercised by period-end. • June 2026 completion of H-share full circulation converted 26.61 million domestic shares to H shares.
Research & Development • R&D expenses declined to RMB46.50 million (1H25: RMB60.59 million) as the Group streamlined product lines and optimised resource allocation.
Dividends • No interim dividend was declared.
Outlook Management expects China’s hydrogen-energy sector to enter a scaled-deployment phase under supportive national policies. REFIRE plans to capitalise on rising demand in trucking, marine and industrial hydrogen applications, advance product iterations, and deepen overseas market penetration, while pursuing end-to-end green-hydrogen value-chain opportunities.