Shanghai Electric Reports Continued Growth in 2024 as Its Clean Energy and High-End Equipment Push Expands

With Revenue, Gross Margin, Order Volume, and Cash Flow All Achieving Simultaneous Growth in 2024

SHANGHAI, April 16, 2025 /PRNewswire/ -- Shanghai Electric (SEHK:2727, SSE:601727) reported revenue of RMB 116.19 billion. The Company cited its core strengths in nuclear power, wind power, energy storage, and hydrogen energy as key drivers, amid rising global demand for clean energy and high-end equipment manufacturing. As of December 31, 2024, total assets stood at 302.51 billion yuan.

"Shanghai Electric will be guided by our dual carbon goals, focusing on integrated solutions for wind, solar and hydrogen storage while continuing to strengthen our industrial advantages," said Zhu Zhaokai, President of Shanghai Electric. "We believe that through technological innovation and a global presence, Shanghai Electric can contribute more Chinese wisdom to the global energy transition."

The energy equipment sector continued to see strong results, with new orders of 89.1 billion yuan in 2024, an 18.45% year-on-year increase

Shanghai Electric unveiled key innovations across emerging sectors, driving growth in wind power, energy storage, hydrogen energy, and green fuels.

• In wind power, the Company launched its self-developed 18MW-25MW Poseidon platform model, along with Asia's first operation and maintenance mother ship for deep-sea projects. The model features distributed energy storage, grid-friendly wind turbine tech, and adaptability for offshore scenarios like island microgrids, offshore hydrogen production, flexible DC transmission, and floating turbines.
• In energy storage, Shanghai Electric introduced a 250kW-class vanadium-iron liquid flow battery, reducing electrolyte costs while maintaining energy density. New inverter systems, including a 2x2.6MW model and a 215kW string inverter, improve power system flexibility. In hydrogen energy, the Company's Z-series alkaline electrolyzer, TÜV-certified, meets international performance standards, improving efficiency and reducing costs. It also tested its 300Nm³/h PEM electrolyzer, boosting efficiency and stability. Shanghai Electric became China's first green methanol producer to earn full-process ISCC EU certification, converting agricultural biomass into methanol using advanced gasification and wind-to-hydrogen technologies.

High-end industrial manufacturing equipment made a breakthrough in 2024, with new orders of 42.293 billion yuan

• Shanghai Electric has accelerated technological innovation, driving the sustainable development of its aerospace business. In 2024, global industrial parts saw steady growth, spurred by innovation and market demand. Domestic substitution of core parts such as aerospace blades, bearings, and precision gears has rapidly progressed. As a global leader in aviation equipment, the Company's technology supports aircraft engine assembly, fuselage riveting, and composite component production.
• In automation, Shanghai Electric offers solutions with large-scale precision grinders and CNC machine tools, covering over 200 varieties and 600 specifications. Shanghai Electric's products are used in major civil airliner production lines. Additionally, the 100% acquisition of Ningsheng Industrial advances its robot industry and digital factory capabilities.
• The integrated services grew steadily, with new orders of 22.214 billion yuan in 2024, a year-on-year increase of 13.02%. In energy engineering services, Shanghai Electric expanded beyond thermal power into new energy and distributed energy markets. The Company has shifted from regional to global markets, enhancing international outlets and accelerating technical developments to meet strong demand. Shanghai Electric has also built industrial service capabilities, including supply chain collaboration, customized solutions, and full life-cycle management, promoting deeper integration of manufacturing and services.

In addition, in 2024, Shanghai Electric reduced management and financial expenses while advancing ESG goals, launching a carbon management platform that cut 23,000 tons of carbon dioxide and ten of its factories were recognized as Shanghai Smart Factories. The Company also expanded into new energy vehicle parts and industrial software. Its R&D expenses in 2024 totalled 5.67 billion yuan, a 5.5% increase, focusing on breakthroughs in gas turbines and grid-type wind turbines. By the end of 2024, the Company held 6,823 valid patents.

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