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Shanghai Electric Reports Continued Growth in 2024

Shanghai Electric, a major player in the clean energy sector, has reported outstanding financial results for the year 2024, with a total revenue reaching RMB 116.19 billion. This remarkable achievement is attributed to the company’s significant focus on nuclear power, wind energy, energy storage, and hydrogen technologies, aligning with the global push for sustainable and clean energy solutions.

The continued surge in demand for clean energy has positioned Shanghai Electric as a leading manufacturer and innovator. As of the end of December 2024, the company’s total assets amounted to approximately 302.51 billion yuan, reflecting robust financial health and operational success.

Focus on Dual Carbon Goals

The company’s President, Zhu Zhaokai, emphasized the commitment to dual carbon goals and the integration of various energy sources, including wind, solar, and hydrogen storage solutions. Shanghai Electric aims to leverage its technological innovations and global presence to contribute significantly to the global energy transition.

In 2024, the energy equipment sector thrived, with new orders totaling an impressive 89.1 billion yuan, marking an 18.45% increase from the previous year. Shanghai Electric has not only maintained its leadership in clean energy solutions but has also unveiled several cutting-edge innovations across multiple sectors.

Innovations in Clean Energy Technology

In the wind power sector, the launch of the Poseidon platform model, with capacities ranging from 18MW to 25MW, has positioned the company ahead of the curve. This platform utilizes advanced distributed energy storage technologies and is designed for offshore applications, including island microgrids and floating turbines. Furthermore, Shanghai launched Asia's first operation and maintenance mother ship for deep-sea projects, enhancing its operational capabilities in challenging environments.

In energy storage, the introduction of a 250kW-class vanadium-iron liquid flow battery has significantly reduced electrolyte costs while maintaining energy density. The advancements in inverter systems, notably the new 2x2.6MW and 215kW models, enhance the flexibility of power systems.

In terms of hydrogen energy, the Z-series alkaline electrolyzer, which has received TÜV certification, meets rigorous international standards, improving efficiency and reducing operational costs. Additionally, Shanghai Electric has pioneered full-process ISCC EU certification for its green methanol production, utilizing agricultural biomass through innovative gasification and wind-to-hydrogen technologies.

Breakthroughs in High-End Manufacturing Equipment

The high-end industrial manufacturing sector has also flourished, with new orders amounting to 42.293 billion yuan in 2024. Shanghai Electric has accelerated its technological advancements to foster sustainable growth in aerospace manufacturing. The advancements in domestic substitutes for crucial aviation components such as blades, bearings, and precision gears highlight the company's commitment to innovation.

The automation segment has seen significant growth as well, featuring a range of solutions that include large-scale precision grinders and CNC machine tools, which are essential in major civil airliner production lines. The company also enhanced its capabilities in the robotics industry, exemplified by the complete acquisition of Ningsheng Industrial.

Integrated Services and Sustainable Development

The increase in integrated services, with new orders totaling 22.214 billion yuan, emphasizes Shanghai Electric's commitment to broadening its energy engineering services beyond traditional thermal power to new and distributed energy markets. This strategic shift has allowed the company to expand its reach globally and improve its service offerings.

Shanghai Electric has also made strides in sustainability by launching a carbon management platform that has successfully reduced carbon emissions by 23,000 tons. Recognition of ten of its factories as “Shanghai Smart Factories” underlines the focus on technological innovation and sustainable practices.

Moreover, the company's research and development expenses reached 5.67 billion yuan, a 5.5% increase from the previous year, reinforcing its commitment to breakthroughs in gas turbines and grid-type wind turbines. By the end of 2024, Shanghai Electric held a robust portfolio of 6,823 valid patents, further solidifying its position as a frontrunner in the clean energy sector.

For more information about Shanghai Electric, visit their official website at Shanghai Electric.