With Revenue, Gross Margin, Order Volume, and Cash Flow All Achieving Simultaneous Growth in 2024
SHANGHAI, April 16, 2025 /PRNewswire/ -- Shanghai Electric [https://www.shanghai-electric.com/group_en/] 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/ [https://www.shanghai-electric.com/group_en/].
https://mma.prnewswire.com/media/2346204/Shanghai_Electric_logo.jpg [https://mma.prnewswire.com/media/2346204/Shanghai_Electric_logo.jpg]
Video - https://mma.prnewswire.com/media/2666148/Video.mp4 [https://mma.prnewswire.com/media/2666148/Video.mp4]
Logo - https://mma.prnewswire.com/media/2346204/Shanghai_Electric_logo.jpg [https://mma.prnewswire.com/media/2346204/Shanghai_Electric_logo.jpg]
View original content:https://www.prnewswire.co.uk/news-releases/shanghai-electric-reports-continued-growth-in-2024-as-its-clean-energy-and-high-end-equipment-push-expands-302430147.html [https://www.prnewswire.co.uk/news-releases/shanghai-electric-reports-continued-growth-in-2024-as-its-clean-energy-and-high-end-equipment-push-expands-302430147.html]
Video: https://mma.prnewswire.com/media/2666148/Video.mp4 Photo: https://mma.prnewswire.com/media/2346204/Shanghai_Electric_logo.jpg Shanghai ElectricCONTACT: Jin Shen, +86(21)33261246; Email: shenjin@shanghai-electric.com
