Shanghai Electric Reports FY 2024 H1 Revenue of RMB 49.869 Billion with 22.6% YoY Net Profit Growth

SHANGHAI, Sept. 6, 2024 /PRNewswire/ -- Shanghai Electric ("the Company") (SEHK:2727, SSE:601727) releases its financial results for the first half of 2024, reporting a revenue of RMB 49.869 billion, with the net profit attributable to shareholders hitting RMB 602 million, a 2.0% increase compared to the previous year. In H1, the Company also achieved a gross profit margin of 19.2%, while cash and cash equivalents stood at RMB 34.102 billion.

During the reporting period, Shanghai Electric has continued to advance its strategy for sustainable growth, with sales expenses reduced to RMB 1.362 billion and financial expenses down by 30.58% to RMB 202 million. The Company's research and development (R&D) investment remained steady, with a total of RMB 2.327 billion, consistent with the same period last year.

Shanghai Electric's strong focus on high-end equipment manufacturing has delivered positive outcomes across its key businesses. For the energy equipment, the Company generated revenue of RMB 24.654 billion, with a gross profit margin of 20.10%. The industrial equipment division reported revenue of RMB 18.959 billion, achieving a gross profit margin of 17.40%, while the integrated service business posted revenue of RMB 7.961 billion, with a gross profit margin of 16.60%. Overall, Shanghai Electric secured new orders worth RMB 83.66 billion in the first half of the year, an increase compared to the same period last year.

Continued innovation and growth driven by a diverse energy portfolio

• In the thermal power segment, the Company secured new orders for coal-fired equipment totaling RMB 21.99 billion, including a project with China United Gas Turbine Technology to design an integrated manufacturing platform with the assembly of the first 300 MW gas turbine.
• The Company expanded its energy storage portfolio with new cutting-edge solutions, including vanadium flow batteries, compressed air systems, and molten salt storage technology for concentrated solar power. The 300 MW compressed air energy storage station in China set three world records for its single-unit power, project scale, and conversion efficiency upon its grid connection.
• In the hydrogen sector, Shanghai Electric has established itself as a full-spectrum solution provider, covering production, storage, refueling, and utilization. The Company's latest Z-series alkaline electrolyzer showcases industry-leading efficiency, with a single unit capable of producing up to 3,000 Nm³/h of hydrogen.

A pioneering force empowering the global energy transition

• Middle East : In Dubai, the Company is behind the world's largest standalone Concentrated Solar Power (CSP) and Photovoltaic (PV) project, with the 950MW renewable energy project set to cut carbon emissions by 1.6 million tons annually.
• Europe : In France, the Wunberg 5MW PV hydrogen production project marks Shanghai Electric's inaugural overseas venture in hydrogen equipment sales after exporting vanadium flow battery energy storage products to Spain.
• Southeast Asia and East Asia : Shanghai Electric Wind Power has secured orders in South Korea, Vietnam, and Indonesia, further cementing its presence in the Asian market.

For more information about Shanghai Electric, please visit https://www.shanghai-electric.com/group_en/ .