#China #Shanghai #Clean Energy #Shanghai Electric #High-End Equipment

Shanghai Electric Reports Continued Growth in 2024

Shanghai Electric, listed on the Hong Kong and Shanghai Stock Exchanges, has made headlines with its remarkable financial performance in 2024. The company's total revenue reached 116.19 billion RMB, showcasing its strong foothold in clean energy and high-end equipment manufacturing. This impressive growth was reported on April 16, 2025, indicating a robust recovery and expansion plan adapted to the increasing global demand for sustainable energy solutions.

A Series of Successful Innovations

The company highlighted its strengths in various clean energy sectors, including nuclear, wind, hydrogen, and energy storage technology. As global interest in renewable energy accelerates, Shanghai Electric has positioned itself as a key player in offering integrated solutions. President Zhu Zhaokai emphasized the company's commitment to achieving dual carbon emission goals, which focus on enhancing integrated solutions for wind, solar energy, and hydrogen storage.

Energy Sector Performance

In 2024, new contracts in the energy equipment sector surged to 89.1 billion RMB, an 18.45% increase compared to the previous year. The company showcased its innovative capabilities by introducing the Poseidon platform, a cutting-edge wind energy model boasting 18MW-25MW capabilities. This development is complemented by Asia's first dedicated service vessel for offshore deep-sea projects, underlining Shanghai Electric's commitment to advanced solutions in the renewable sector.

Moreover, Shanghai Electric has also made strides in energy storage by launching a vanadium-iron flow battery system that reduces electrolyte costs while maintaining high energy density. New inverter systems, including a model with 215 kW capacity, enhance power system flexibility, ensuring high efficiency in energy consumption.

Advancements in Hydrogen Energy

In hydrogen energy, the company’s alkaline electrolyzer series Z has gained international certification for its efficiency, offering a significant reduction in costs while enhancing productivity. They've also tested a new PEM electrolyzer with a capacity of 300 Nm3/h, showcasing their dedication to improving performance and stability in hydrogen production.

As a crucial step towards a sustainable future, Shanghai Electric has become China's first producer of green methanol, recognized with the ISCC EU certification. This process utilizes agricultural biomass for methanol production through advanced gasification and wind energy technologies.

Exceptional Growth in Industrial Equipment

2024 marked a breakthrough for Shanghai Electric in high-end industrial equipment manufacturing, with new orders valued at 42.293 billion RMB. The company intensified its focus on technological innovations that promote sustainable growth within the aviation sector. Gradual shifts from foreign to domestic sourcing of essential components—such as aviation blades and precision gears—indicate a robust market demand bolstered by innovation-driven growth.

Automation and Digital Solutions

In the realm of automation, Shanghai Electric continues to provide large-scale precision grinding machines and CNC equipment, featuring over 200 types and 600 specifications. These offerings are widely utilized in major civilian aircraft production lines, demonstrating Shanghai Electric's exceptional expertise in supporting complex manufacturing processes.

The acquisition of Ningsheng Industrial has enhanced the company's capabilities in robotics and digital solutions, reflecting a strategic move towards integrating advanced technologies into their operations.

Expansion of Integrated Services

2024 also saw an increase in integrated services, with new orders hitting 22.214 billion RMB—a growth of 13.02% year-over-year. Shanghai Electric is expanding its reach beyond thermal power to encompass new energy and distributed energy markets. The company is creating international sales points and accelerating technical development to meet increasing global demand.

Additionally, it aims to foster deeper integration between manufacturing and services. This includes tailored supply chain solutions and lifecycle management services critical to enhancing operational efficiency.

Sustainable Financial Management

Moreover, Shanghai Electric successfully reduced management costs and financial expenses in 2024 while adhering to ESG objectives. Their implementation of a carbon emission management platform has led to a reduction of 23,000 tons of CO2 emissions. Ten of the company’s plants have also been recognized as ‘smart factories’ in Shanghai, showcasing the alignment between operational excellence and sustainability.

With R&D expenses reaching 5.67 billion RMB — a rise of 5.5% — the company is focusing on groundbreaking solutions in gas and wind turbine networks. By the end of 2024, Shanghai Electric held 6,823 valid patents, further solidifying its position as a leader in innovation.

In conclusion, Shanghai Electric's formidable performance in 2024 exemplifies its unwavering commitment to pioneering advancements in clean energy and high-end equipment manufacturing. With an eye towards future growth and sustainability, the company is well-positioned to contribute substantially to the global energy transition.