Shanghai REFIRE Group Ltd (02570.HK) Financial Statements

Income statement

Metric	2025	2024	2023	2022
Revenue
Total Revenue	579.8M	648.8M	895.3M	604.6M
Cost of Revenue	512.9M	537.0M	715.7M	554.8M
Gross Profit	66.9M	111.8M	179.6M	49.8M
Operating Expenses
R&D Expense	124.5M	219.4M	220.9M	198.3M
SG&A Expense	299.9M	594.4M	474.5M	115.0M
General & Admin Expense	—	454.9M	339.7M	62.8M
Selling & Marketing Expense	—	139.5M	134.8M	52.1M
Other Expenses	—	(32.0M)	(40.1M)	194.7M
Total Operating Expenses	424.4M	781.8M	655.3M	508.0M
Cost and Expenses	937.2M	1.3B	1.4B	1.1B
Operating Income (EBIT)	(357.5M)	(670.0M)	(475.7M)	(458.2M)
Non-Operating
Interest Income	13.3M	6.1M	16.2M	18.0M
Interest Expense	58.4M	57.2M	47.9M	49.0M
Net Interest Income	(45.0M)	(51.1M)	(31.8M)	(31.0M)
Other Non-Op Income/Expense	(254.1M)	(109.6M)	(104.1M)	(87.3M)
Non-Operating Income (excl Interest)	195.8M	52.4M	56.2M	38.3M
EBT (Pre-Tax Income)	(611.6M)	(779.6M)	(579.8M)	(545.5M)
Income Tax Expense	1.8M	(1.8M)	(2.2M)	626.0K
Bottom Line
Net Income	(587.2M)	(737.3M)	(529.5M)	(506.0M)
Earnings from Cont. Ops	(613.4M)	(777.8M)	(577.5M)	(546.1M)
Earnings from Discont. Ops	—	—	—	—
Bottom Line Net Income	(587.2M)	(737.3M)	(529.5M)	(506.0M)
Per Share
Basic EPS	(HK$6.80)	(HK$9.03)	(HK$6.15)	(HK$5.87)
Diluted EPS	(HK$6.80)	(HK$9.03)	(HK$6.15)	(HK$5.87)
Revenue Per Share	HK$6.71	HK$7.95	HK$10.39	HK$7.02
Shares
Basic Shares Outstanding	86.4M	81.6M	86.1M	86.1M
Diluted Shares Outstanding	86.4M	81.6M	86.1M	86.1M
Profitability Metrics
EBITDA	(416.2M)	(600.1M)	(411.2M)	(390.1M)
D&A	137.0M	122.3M	120.6M	106.4M
EBIT	(553.2M)	(722.4M)	(531.8M)	(496.5M)

As reported, in the filing currency · TTM sums the four latest quarters; MRQ is the latest quarter · Negatives in parentheses; a dash is a line the filing does not carry · Data as of Dec 1, 2025