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Shanghai REFIRE Group Ltd (2570) Fair Value & Analysis

Industrials · HK · Market cap HK$2.0B

SR Shanghai REFIRE Group Ltd 2570 · HK
PriceHK$17.14
Fair ValueHK$13.44
Upside-21.6%
Quality29/100
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Weak Growth
Loss-making · -101.3% net margin
Low debt · negative free cash flow
Trails peers (3/10)
Narrow moat 9/100
Evidence: Low Range HK$10.03 – HK$20.07 Share as image

Fair value as of: Aug 17, 2026

From 1 valuation models · updated today

Share price −17.6% over the past month.

Below-average quality, and screening another 22% overvalued on our models.

What matters now

  • Weak quality (29/100) and above fair value at the same time, the margin of safety is missing on both counts.
  • A fairly wide model range (HK$10.03 to HK$20.07) leaves room in how you read the outcome.
  • Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
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Price vs Fair Value (20 months)

HK$283.00 HK$17.14 Fair Value HK$13.44 Dec 2024 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 17, 2026.

How to read this chart

20‑month range HK$17.14 – HK$283.00 · fair‑value band HK$10.03 – HK$20.07 · the HK$17.14 price screens above the HK$13.44 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 17, 2026.

Full chart & analysis →

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Analysis

Shanghai REFIRE Group Ltd (2570) currently trades at HK$17.14, while our model-based Fair Value estimate is HK$13.44, implying the stock looks roughly 21.6% overvalued today. The Quality Score stands at 29/100 (below-average quality), in the Industrials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: low).

Trailing-twelve-month revenue stands at HK$595M. Revenue declined 7.9% year over year. It earns a return on equity of -34.6%. Net debt stands at HK$960M. Fundamentals as of Aug 17, 2026

Our scenario range runs from HK$10.03 (bear case) to HK$20.07 (bull case); at HK$17.14, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. For context, the median of 10 Industrials peers we cover trades at -67% fair-value upside, at -22%, 2570 screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
NCAV (Graham) HK$10.14 HK$13.58 HK$20.27 50
All 1 models by family
Asset-Based
NCAV (Graham) HK$10.14 HK$13.58 HK$20.27 50

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Key figures & financial health

Revenue (TTM) HK$595M
Revenue growth (YoY) -7.9%
Net margin -101%
Return on equity -34.6%
Free cash flow −HK$467M FY2025
Operating margin -75.4%
More key figures
EPS (TTM) HK$-3.86
Net debt HK$960M FY2025

Figures from reported company fundamentals · as of Aug 17, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 29/100

Of which business quality 28 · Market factors (momentum, volatility) 0

Profitability 1
Margins and returns on capital today
Quality Growth 44
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 40
Balance sheet, leverage, solvency risk
Investment 65
Disciplined investing over empire-building
Low Volatility 0
Calm price path (market factor)
Momentum 0
Price trend over the last 3–12 months (market factor)
52W Momentum 0
Distance to the 52-week high (market factor)
Net Issuance 52
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Shanghai REFIRE Group Limited, an investment holding company, engages in the research, design, development, manufacture, and sale of hydrogen fuel cell systems, hydrogen production systems, and related components in Mainland China and internationally.

Full company description

Shanghai REFIRE Group Limited, an investment holding company, engages in the research, design, development, manufacture, and sale of hydrogen fuel cell systems, hydrogen production systems, and related components in Mainland China and internationally. The company provides fuel cell engineering and technical services; and electricity to hydrogen and hydrogen to electricity technologies, as well as after-sales services; and sales of hydrogen energy vehicles. In addition, it is involved in technology development; manufacture of bipolar plates; sale of components; research and development, manufacture; and sale of fuel cell stacks and fuel cell stack technology. The company was incorporated in 2015 and is headquartered in Shanghai, the People's Republic of China.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Shanghai REFIRE Group Ltd reported revenue of HK$580M in FY2025 versus HK$524M in FY2021, a compound +2.6%/yr. Reported net income was −HK$587M in FY2025.

Growth Quality 0/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
HK$580M
Latest YoY
−10.6%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−1.4%
Revenue +2.6%/yr
FY21 HK$524M
FY22 HK$605M
FY23 HK$895M
FY24 HK$649M
FY25 HK$580M
Net income
FY21 −HK$573M
FY22 −HK$506M
FY23 −HK$529M
FY24 −HK$737M
FY25 −HK$587M

2570 screens 22% overvalued. Compare with GE Vernova Inc →

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Cite: Fair Value Calculator (2026). "Shanghai REFIRE Group Ltd Fair Value". https://www.fairvalue-calculator.com/stock/2570

Peer Group

Specialty Industrial Machinery · 808 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 29 · Bottom 25%
Fair Value upside −22% · Above median
Return on assets -9% · Bottom 25%
Net margin (TTM) -101% · Bottom 25%
Operating margin (TTM) -75% · Bottom 25%
Revenue growth -8% · Bottom 25%
Debt / equity 0.20× · Higher than median

Valuation Multiples vs Specialty Industrial Machinery median · lower = cheaper

P/B 0.14× · Cheaper than 75% of peers
P/S (TTM) 0.43× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 5 · sector 0
FUTURE 0 · sector 22
PAST 0 · sector 28
HEALTH 90 · sector 96
DIVIDEND 0 · sector 27

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Specialty Industrial Machinery stocks, each showing price versus our Fair Value estimate (as of Aug 17, 2026).

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Zhejiang Sanhua Intelligent Controls Co 002050 ¥39.17 ¥22.68 -42%
ABB India Limited ABB ₹7,645 ₹1,322 -83%
Cummins India Limited CUMMINSIND ₹5,315 ₹1,355 -75%
Bharat Heavy Electricals Limited BHEL ₹421.70 ₹96.51 -77%
Siemens Limited SIEMENS ₹4,019 ₹746.83 -81%

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Frequently asked questions

Is Shanghai REFIRE Group Ltd (2570) overvalued or undervalued?
As of Aug 17, 2026, our model estimates a fair value of HK$13.44 versus a price of HK$17.14, about −22% (overvalued).
What is the fair value of 2570?
Our model-based fair value for Shanghai REFIRE Group Ltd is HK$13.44 (as of Aug 17, 2026), built from audited fundamentals. The current price is HK$17.14.
What is the quality score of 2570?
Shanghai REFIRE Group Ltd has a Quality Score of 29/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Shanghai REFIRE Group Ltd (2570)?
Shanghai REFIRE Group Ltd reported trailing-twelve-month revenue of about HK$595M (latest available figure, as of Aug 17, 2026).
What is the net profit margin of 2570?
The net profit margin of Shanghai REFIRE Group Ltd is about -101.3%, meaning it is currently running at a net loss. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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