Shanghai Refire Group Ltd. reported a significant 28% revenue decline in 2024, with a major factor being a nearly 50% drop in sales of its core hydrogen fuel cells. The company's stock price, however, surged by 30% post-IPO, trading at a high P/S multiple of 19, reflecting strong government backing for China's hydrogen energy sector. China's substantial state support for new energy technologies like hydrogen aims to lead global innovation in sustainable energy solutions. Despite challenges faced in the West due to high costs, China is determined to leverage hydrogen for vehicle power and electricity generation, supported by government incentives and state-owned enterprises. The recognition of hydrogen as an official energy source in China's Energy Law underlines its strategic significance for green development. Although Refire anticipates a shift from policy-driven to market-driven growth, investors remain optimistic about the hydrogen sector. The company's revenue diversification, increased international sales, and growth in fuel cell engineering demonstrate positive trends amidst revenue declines in core products. Refire's evolving business model, geographical expansion, and customer diversification indicate a potential for resilience and adaptation in the dynamic hydrogen energy market.