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SHANGHAI, April 24, 2025 /PRNewswire/ -- Dear Shareholders, On behalf of Noah's Board of Directors (the "Board") and management team, I would like to extend our sincerest gratitude to all shareholders. The year 2024 marked a pivotal chapter in our global expansion, representing a new era of entrepreneurship for Noah. With firm resolve, we embarked on this journey by comprehensively transforming our distribution channels, strengthening our compliance framework, and driving sustainable growth through our overseas expansion. The challenges presented by this transformation were unprecedented. We had to navigate and comply with diverse regulatory frameworks across multiple jurisdictions and break established operational routines. Simultaneously, we needed to empower our core teams to achieve breakthroughs while continuously attracting global talent. This was not merely a business transformation, but a comprehensive enhancement of our organizational capabilities. Resilience Amid Challenges We are a wealth management service provider dedicated to serving global Chinese high-net-worth individuals ("HNWIs"). Since our founding, we have remained true to our core philosophy: "client-centric, with survival as the bottom line." Starting in 2022, we anticipated that this period would be critical for the adjustment of clients' strategic asset allocation and proactively advised them to reduce exposure to risk assets while constructing global allocation frameworks based on our "pyramid" model. This approach has benefited many clients, effectively preserving their wealth during turbulent market conditions. We recognize that distribution channels constitute the core of our business. As the primary interface connecting products and markets, the transformation of our distribution channels represented our most significant challenge. The complexity lies in balancing personal emotions with rational decisions. While our relationship managers and clients value personal connections, as a professional wealth management service provider pursuing overseas expansion, we must consistently uphold compliance standards and build a sustainable long-term business model through rational decision-making. Our vision is to "express care through professionalism". We are committed to supporting our relationship managers' long-term growth on our platform while helping clients pursue their aspirations for "success, well-being, and prosperity" through exceptional services. In 2024, we underwent a transformation that far exceeded our initial expectations in both scope and complexity, requiring significantly more resources and effort. Nevertheless, through the collective dedication of all our entire team, we successfully achieved a number of our phased strategic objectives. Domestically, we undertook significant compliance-driven restructuring to align with increasingly stringent regulations. This included separating domestic sales teams into independent licensed business units and consolidating operations into core cities while enhancing online capabilities for remote engagement. Simultaneously, we optimized our operational systems, including human resources and product matrix management, while strengthening compliance and risk management frameworks. We are steadily transitioning from reliance on individual capabilities toward building robust organizational capacity. This not only lays a solid foundation for overseas expansion but also supports our long-term growth. The Hong Kong and mainland China market rally in late 2024 showcased this as demand surged for our RMB-denominated public securities products, demonstrating our agility to capitalize on market opportunities. Globally, we have established a team of 138 overseas relationship managers in key markets such as Hong Kong and Singapore who are now delivering regionally tailored services to local clients. In our insurance and comprehensive services business, we have also begun building a team of commission-only agents, achieving promising early results. To accelerate our overseas expansion, we launched three new brands—ARK Wealth Management, Olive Asset Management, and Glory Family Heritage—which will support our overseas efforts to serve existing clients and reach new markets. Booking centers were established in key financial hubs such as Hong Kong, Singapore, and the United States (under final preparation) as well as an office in Japan, while pilot programs were initiated in Canada and Southeast Asia. The progress we have made in transforming our domestic and overseas operations is already yielding tangible results which are clearly reflected in our performance over the past year: Domestically, we restructured our sales teams into fully independent and licensed business units, with operations consolidated into core cities; Domestic transaction value for RMB private secondary products increased by over 200% sequentially during the fourth quarter of 2024; Overseas net revenues increased to 48% of total revenue in 2024 while overseas transaction value increased by 31% year-over-year to US$4.3 billion; Overseas assets under management increased by 18% year-over-year to US$5.8 billion in 2024 while overseas assets under administration increased by 5% year-over-year to US$8.7 billion. Having generated RMB 550 million in non-GAAP net income attributable to Noah shareholders in 2024, the Board has, for the second consecutive year, approved dividends equivalent to 100% of full-year 2024 non-GAAP net income. This consists of an annual dividend of RMB275 million (US$37.7 million) and a special dividend of RMB275 million (US$37.7 million), and directly complements our ongoing US$50 million share repurchase program, in recognition of our deeply undervalued share price. A New Era for Wealth Management As the founder and Chairwoman, I have guided Noah through more than two decades of market fluctuations and financial crises. Throughout this journey, I have developed a profound appreciation for the inherent resilience of the wealth management industry – a resilience rooted in the long-term trust built with our clients. We remain steadfast in our commitment to client-centric, long-term value creation through professional wealth management services. We firmly believe that global asset allocation for global Chinese HNWIs will remain a dominant trend for the next two to three decades. As the current phase of globalization concludes, a new era of capital globalization is emerging. Global Chinese HNWIs have historically been underserved by the wealth management industry, creating substantial opportunities for institutions that truly understand their cultural background and unique needs. With deep roots in China and extensive experience serving Chinese investors onshore, we have developed a deep and profound understanding of this investor demographic. This represents a distinctive competitive advantage and defines our core mission: to become the preferred wealth management platform for global Chinese HNWIs. Outlook for 2025 As we enter 2025, we recognize the ongoing volatility in global markets, driven by unprecedented macroeconomic uncertainties and shifting investor sentiment. These challenges underscore the importance of maintaining a disciplined yet forward-looking approach to navigating this complex environment. Our strategic priorities for 2025 will focus on three key areas: 1. Expanding our relationship manager team. In countries and regions where we have established booking centers, we will continue to recruit and develop relationship managers while strengthening their compliance awareness and professional capabilities. 2. Serving existing clients and building a new client base. We will continue to service domestic HNWIs as well as new and established global Chinese immigrants, developing tailored products and solutions for each client segment. Leveraging our years of experience, we are confident in our ability to offer services comparable to leading international private banks, helping clients build sophisticated global asset allocation strategies. 3. Strengthening our global infrastructure. We recognize that technological and AI capabilities are fundamental to our overseas expansion. We will prioritize investments in these areas, leveraging the advantages in technical talent and application expertise that China offers. Our objective is to build a sophisticated digital platform that supports our global operations, and establish a long-term competitive advantage. Prioritizing Shareholder Interests and Delivering Sustained Returns We remain committed to our long-term core philosophy of being "client-centric, with survival as the bottom line" and prioritizing shareholder interests and delivering sustained returns. Since our listing in 2010, our business has remained profitability and continues to generate healthy cash flow. Notably, we generated over RMB 2 billion in operating cash flow in just the past three years alone. In addition to our substantial cash reserves, we proactively completed a secondary listing in Hong Kong back in 2022, to prepare for any market volatility that was impacting US-listed Chinese stocks. With disciplined strategic execution and a robust financial position, we possess significant growth potential. As markets recover, we are ideally-positioned to create shared value for both clients and shareholders, delivering increasingly attractive returns over the long term. We would like to extend our sincere appreciation to our clients, shareholders, and all our stakeholders for your steadfast support over the years. Your invaluable trust is our greatest motivation and is our most profound responsibility. Looking ahead, we will advance our strategic initiatives with even greater determination and disciplined, working tirelessly to deliver exceptional long-term value in the years to come. Sincerely, Ms. Jingbo WangChairwoman of the Board ABOUT NOAH HOLDINGS LIMITED Noah Holdings Limited (NYSE: NOAH and HKEX: 6686) is a leading and pioneer wealth management service provider offering comprehensive one-stop advisory services on global investment and asset allocation primarily for mandarin-speaking high-net-worth investors. Noah's American depositary shares, or ADSs, are listed on the New York Stock Exchange under the symbol "NOAH", and its shares are listed on the main board of the Hong Kong Stock Exchange under the stock code "6686." One ADS represents five ordinary shares, par value $0.00005 per share. In 2024, Noah distributed RMB63.9 billion (US$8.8 billion) of investment products. Through Gopher Asset Management and Olive Asset Management, Noah had assets under management of RMB151.5 billion (US$20.8 billion) as of December 31, 2024. Noah's domestic and overseas wealth management business primarily distributes private equity, public securities and insurance products denominated in RMB and other currencies. Noah's network covers major cities in mainland China, as well as Hong Kong (China), New York, Silicon Valley, Singapore, and Los Angeles. The Company's wealth management business had 462,049 registered clients as of December 31, 2024. Through its domestic and overseas asset management business operated by Gopher Asset Management and Olive Asset Management, Noah manages private equity, public securities, real estate, multi-strategy and other investments denominated in RMB and other currencies. The Company also provides other businesses. For more information, please visit Noah at ir.noahgroup.com. SAFE HARBOR STATEMENT This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Noah may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in announcements, circulars or other publications made on the website of The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange"), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Noah's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. These statements include, but are not limited to, estimates regarding the sufficiency of Noah's cash and cash equivalents and liquidity risk. A number of factors could cause Noah's actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: its goals and strategies; its future business development, financial condition and results of operations; the expected growth of the wealth management and asset management market in China and internationally; its expectations regarding demand for and market acceptance of the products it distributes; investment risks associated with investment products distributed to Noah's investors, including the risk of default by counterparties or loss of value due to market or business conditions or misconduct by counterparties; its expectations regarding keeping and strengthening its relationships with key clients; relevant government policies and regulations relating to its industries; its ability to attract and retain qualified employees; its ability to stay abreast of market trends and technological advances; its plans to invest in research and development to enhance its product choices and service offerings; competition in its industries in China and internationally; general economic and business conditions in China; and its ability to effectively protect its intellectual property rights and not to infringe on the intellectual property rights of others. Further information regarding these and other risks is included in Noah's filings with the U.S. Securities and Exchange Commission and the Hong Kong Stock Exchange. All information provided in this press release and in the attachments is as of the date of this press release, and Noah does not undertake any obligation to update any such information, including forward-looking statements, as a result of new information, future events or otherwise, except as required under the applicable law.
Revenue and Profit Surge, Driven by "AI + Health Care" Value Empowerment SHANGHAI and HONG KONG, April 24, 2025 /PRNewswire/ -- Ping An Healthcare and Technology Company Limited ("Ping An Good Doctor", "Ping An Health" or "the Company", Stock Code: 1833.HK) announced its first-quarter results for the three months ended March 31, 2025. In the first quarter of 2025, the Chinese economy continued its upward trajectory, accelerating the construction of a new development pattern with the expansion of domestic demand as a strategic cornerstone. Facing new opportunities, Ping An Health consolidated its foundation in health and senior care, continued to implement its strategy of synergies between health care and insurance. It is committed to representing payers, integrating suppliers, providing the best cost-effective health and senior care services, and building professional family doctors and senior care concierges to make customers "worry-free, time-saving, and money-saving." During the period, Ping An Health's overall operations were stable, demonstrating strong resilience and potential. The Company recorded revenue of RMB1.06 billion, a year-on-year increase of 25.8%; adjusted net profit hit RMB57.9 million, with revenue returning to double-digit growth and profitability accelerating. Among them, revenue of integrated finance business ("F-end") and corporate health management business from corporate clients ("B-end") increased by 43% year-on-year, and the number of B-end paying users increased by over 45%. Synergies between Health Care and Insurance Unleash Potential, F/B-End Revenue Grows Rapidly During the period, the Company continued to deeply synergize with the "integrated finance + health and senior care" strategy through models such as "insurance + health care" and "insurance + senior care," achieving steady growth in performance. F-end business continued to deepen the "collaboration between health care and claim settlement" and the "insurance + health and senior care membership" mode, helping Ping An Group's core integrated finance business enhance product competitiveness and realize the continuous release of synergy potential. By the end of 2024, customers enjoying service benefits from the health and senior care ecosystem covered approximately 70% of the new business value of life insurance. Over 21 million Ping An Life Insurance customers used health management services, with the usage rate of health management services increasing by 2.1 percentage points year-on-year, of which the proportion of new contractual customers using health management services was nearly 79%. B-end business accelerated the expansion of corporate health management business. The Company created a differentiated product service matrix through in-depth research on needs of employee health management and comprehensively renewed the "commercial insurance + health protection entrustment + medical and health services" product system, providing comprehensive, high-quality, and cost-effective corporate employee health management service systems for different customers. During the period, the Company's cumulative number of enterprises served exceeded 2,100, and the number of B-end paying users increased by over 45%. Consolidating the Construction of Two Service Hubs, Strengthening the Resilience of Health and Senior Care Services In recent years, residents' health awareness has significantly improved. In order to better meet residents' health consumption needs and continuously improve the service capacity of health and senior care integration, Ping An Health continuously built two high-quality service hubs centered around family doctors and senior care concierges, based on the "worry-free, time-saving, and money-saving" value concept. Centering on medical, health, and senior care service scenarios, the Company also upgraded its "online, in-store, in-home, and in-company" service network. During the period, the Company's family doctor membership was over 20 million. At the same time, based on the dual certification of Peking University International Hospital and the World Organization of Family Doctors (WONCA), its family doctor service level continued to develop and improve. The Company constantly explored the standardization and authoritative certification path of "Internet + medical care, senior care, nursing, and health" and family doctor services with authoritative experts in the industry, promoting the high-quality development of family doctor signing services. Among them, the "Ping An Family Doctor" team obtained the graduation certificate of the first Continuing Professional Development (CPD) program for family doctors organized by WONCA. It marks that Ping An Family Doctor's professional ability has been internationally recognized and symbolizes the successful integration of China's family doctor training system with international standards. In addition, based on the "3-in-1" senior care concierge, focusing on the senior care scenarios of "medical care, housing, nursing and entertainment", Ping An Health continued to deepen the standardized service system for home-based senior care, and constantly polished the coverage of the high-quality service network. In 2024, the contribution of home-based senior care customers to the first-year premium of life insurance per piece increased by 3 times. In the first quarter, the company launched three new services in the "housing, nursing, and entertainment" alliances, including the launch of the new "safety emergency services" in 20 cities, the "caring managers" to bridge the last mile of caregiving, and the provision of spiritual care services through high-quality educational resources and travel and residence bases. By the end of the period, the number of home-based senior care service users entitled to benefits increased by 15% compared with the end of 2024. Medical AI Value Empowerment Helps Improve the Quality and Efficiency of Health and Senior Care Services During the period, the Company accelerated the construction of its AI capabilities, continuously carried out the deployment of the DeepSeek large language model and deepened the verification in real-world health and senior care scenarios. Through the doctor's workbench Ping An Doctor's HomeTM under the large multi-modal medical AI model Ping An Medical Master®, the Company has built 12 series of business model groups to help improve the efficiency of family doctor services by approximately 62%. The self-developed AI-powered diagnosis system has covered the diagnostic knowledge of more than 2,000 diseases, with a triage accuracy of over 99% and an auxiliary diagnostic accuracy of over 95%. The newly created Al health manager helps the improvement rate of abnormal indicators in chronic diseases reach 90%. The Company has launched "Ping An Xin Yi," a new AI-powered digital doctor service that leverages the Al model supported by digital human technology and extensive medical data. Acting as a digital avatar of real doctors, its provides users with diverse services, including online consultation, offline medical assistance, report and test result interpretation, and medication reminders, now covering more than 20 practical medical scenarios. In addition, the Company is committed to its CARE sustainable development strategy guided by the principle of "Technology for Humanity, Healthcare with Warmth," and fully carried out the "Yilu Jianxing" national health literacy improvement series of actions. By entering industrial parks and enterprises, and through health knowledge popularization, special screenings, and public welfare free clinics, it contributes to achieving health for all. During the period, with its outstanding achievements in sustainable development, Ping An Health was recognized as a "2025 Forbes China ESG Benchmark in Industry Development." Li Dou, Chairman and CEO of Ping An Health, said: "Looking ahead, under the guidance of Healthy China 2030, Ping An Health will continue to deepen technological empowerment, consolidate data security, practice social responsibility. We are also committed to advancing the high-quality development of the medical and health industry, simultaneously creating long-term value for users, shareholders, and society."
Revenues at 17.6391 trillion won, operating profit at 7.4405 trillion won, net profit at 8.1082 trillion won Both revenues, operating profit achieve 2nd highest quarterly records and operating margin improves for 8th consecutive quarters Company will strive to continue profit-centered growth based on AI memory leadership SEOUL, South Korea, April 24, 2025 /PRNewswire/ -- SK hynix Inc. (or "the company", www.skhynix.com) announced today that it recorded 17.6391 trillion won in revenues, 7.4405 trillion won in operating profit (with an operating margin of 42%), and 8.1082 trillion won in net profit (with a net margin of 46%) in the first quarter this year. Both revenues and operating profit are the 2nd highest records following last quarter when the company achieved its best quarterly results. Operating margin improved by 1%p compared to the previous quarter to 42%, resulting in 8th consecutive quarterly growth. SK hynix explained that memory market ramped up faster than expected due to competition to develop AI systems and inventory accumulation demand. The company responded to the demand with an expansion in sales of high value-added products such as 12-layer HBM3E and DDR5. The company believes the strong financial results despite a low seasonality reflect its outstanding competitiveness compared to the past. The company plans to focus on enhancing the business fundamentals to achieve distinguished financial outcome, even in times of market correction. Based on the financial result, cash and cash equivalents increased by 0.2 trillion won to 14.3 trillion won at the end of the first quarter, compared to the end of 2024, leading to an improvement in the debt and net debt ratio to 29% and 11%, respectively. SK hynix will continue to strengthen collaboration with supply chain partners to meet customer needs despite demand fluctuation amid global uncertainties. Due to the characteristics of the HBM market that supply volume is mutually agreed a year in advance, the company maintains its earlier projection that HBM demand will approximately double compared to the last year. As a result, sales of 12-layer HBM3E are expected to favorably increase to account for over 50% of total HBM3E revenues in the second quarter. In addition, the company started to supply LPCAMM2[1], high performance memory module for AI PC, to customers in the first quarter and plans to supply SOCAMM[2], a low-power DRAM module for AI servers, when demand ramps up. [1] Low-Power Compression Attached Memory Module (LPCAMM2): LPDDR5X-based module solution that provides power efficiency and high performance as well as space savings. It has the performance effect of replacing two existing DDR5 SODIMMs with one LPCAMM2 [2] Small Outline Compression Attached Memory Module (SOCAMM): A low-power DRAM-based memory module for AI server For NAND, the company plans to actively respond to demand for high-capacity eSSD, while maintaining profitability-first operation with cautious approach for investment. "In compliance with the 'Capex Discipline', SK hynix will focus on products with demand feasibility and profitability to enhance investment efficiency," said Kim Woohyun, Chief Financial Officer. "As an AI memory leader, we will strengthen collaboration with partners and carry out technological innovation in efforts to continue profit growth with industry-leading competitiveness." 1Q25 Financial Results (K-IFRS) *Unit: Billion KRW 1Q25 QoQ YoY 4Q24 Change 1Q24 Change Revenues 17,639.1 19,767.0 -11 % 12,429.6 42 % Operating Profit 7,440.5 8,082.8 -8 % 2,886.0 158 % Operating Margin 42 % 41 % 1%p 23 % 19%p Net Income 8,108.2 8,006.5 1 % 1,917.0 323 % * Financial information of the earnings is based on K-IFRS* Please note that the financial results discussed herein are preliminary and speak only as of April 24, 2025. Readers should not assume that this information remains operative at a later time. About SK hynix Inc. SK hynix Inc., headquartered in Korea, is the world's top tier semiconductor supplier offering Dynamic Random Access Memory chips ("DRAM") and flash memory chips ("NAND flash") for a wide range of distinguished customers globally. The Company's shares are traded on the Korea Exchange, and the Global Depository shares are listed on the Luxembourg Stock Exchange. Further information about SK hynix is available at www.skhynix.com, news.skhynix.com. Media ContactSK hynix Inc.Global Public Relations Technical LeaderKanga Kong, Minseok Jang, Sooyeon Lee E-Mail: global_newsroom@skhynix.com
BEIJING, April 18, 2025 /PRNewswire/ -- So-Young International Inc. (Nasdaq: SY) ("So-Young" or the "Company"), the leading aesthetic treatment platform in China connecting consumers with online services and offline treatments, today announced that it filed its annual report on Form 20-F for the fiscal year ended December 31, 2024 with the Securities and Exchange Commission on April 18, 2024. The annual report is available on the Company's investor relations website at https://ir.soyoung.com/. The Company will provide a hard copy of its annual report containing the audited consolidated financial statements, free of charge, to its shareholders and ADS holders upon request. Requests should be submitted to ir@soyoung.com. About So-Young International Inc. So-Young International Inc. (Nasdaq: SY) ("So-Young" or the "Company") is the leading aesthetic treatment platform in China connecting consumers with online services and offline treatments. The Company provides access to aesthetic treatments through its online platform and branded aesthetic centers, offering curated treatment information, facilitating online reservations, delivering high-quality treatments, and developing, producing and distributing optoelectronic medical equipment and injectable products. With its strong brand recognition, digital reach, affordable treatments and efficient supply chain, So-Young is well-positioned to serve its audience over the long term and grow along the medical aesthetic value chain. Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Among other things, the Financial Guidance and quotations from management in this announcement, as well as So-Young's strategic and operational plans, contain forward-looking statements. So-Young may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about So-Young's beliefs and expectations, are forward-looking statements. Forward looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: So-Young's strategies; So-Young's future business development, financial condition and results of operations; So-Young's ability to retain and increase the number of users and medical service providers, and expand its service offerings; competition in the online medical aesthetic service industry; changes in So-Young's revenues, costs or expenditures; Chinese governmental policies and regulations relating to the online medical aesthetic service industry, general economic and business conditions globally and in China; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company's filings with the Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the press release, and So-Young undertakes no duty to update such information, except as required under applicable law. For more information, please contact:So-Young Investor RelationsMs. Mona QiaoPhone: +86-10-8790-2012E-mail: ir@soyoung.com Christensen In ChinaMs. Dee WangPhone: +86-10-5900-1548E-mail: dee.wang@christensencomms.com In USMs. Linda BergkampPhone: +1-480-614-3004Email: linda.bergkamp@christensencomms.com
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 Reports Continued Growth in 2024 as Its Clean Energy and High-End Equipment Push Expands. "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/.
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