Financial Performance - Total operating revenue for Q1 2025 reached CNY 22,245,441 thousand, an increase of 8.06% compared to CNY 20,586,986 thousand in the same period last year[4] - Net profit attributable to shareholders of the listed company was CNY 292,299 thousand, a significant increase of 145.69% from CNY 32,009 thousand in the previous year[4] - Basic earnings per share rose to CNY 0.0188, reflecting a growth of 147.37% from CNY 0.0021 in the same period last year[5] - Operating profit for Q1 2025 was CNY 926,999 thousand, up from CNY 888,946 thousand in Q1 2024, reflecting a growth of 4.0%[19] - Net profit attributable to shareholders of the parent company for Q1 2025 was CNY 292,299 thousand, significantly higher than CNY 118,972 thousand in Q1 2024, marking a growth of 146.0%[20] - The company reported a total comprehensive income of CNY 716,343 thousand in Q1 2025, up from CNY 495,996 thousand in Q1 2024, representing a growth of 44.4%[20] Cash Flow and Assets - The net cash flow from operating activities was CNY -3,870,138 thousand, an improvement from CNY -6,932,238 thousand in the same period last year[5] - The company reported a net cash flow from operating activities of -CNY 3,870,138 thousand in Q1 2025, an improvement from -CNY 6,937,684 thousand in Q1 2024[22] - Cash inflow from operating activities totaled CNY 30,759,197 thousand in Q1 2025, compared to CNY 28,965,234 thousand in Q1 2024, indicating a growth of 6.2%[22] - Total current assets as of March 31, 2025, amount to 201,168,901 thousand RMB, a decrease from 203,788,781 thousand RMB as of December 31, 2024[15] - Cash and cash equivalents increased to 36,897,223 thousand RMB from 32,569,013 thousand RMB[15] - Total assets at the end of the reporting period were CNY 300,474,116 thousand, a slight decrease of 0.67% from CNY 302,504,988 thousand at the end of the previous year[5] - Total liabilities decreased to CNY 222,382,244 thousand in Q1 2025 from CNY 225,124,669 thousand in Q1 2024, a reduction of approximately 1.6%[19] - Total current liabilities decreased to 188,248,463 thousand RMB from 190,491,614 thousand RMB[16] Investments and Acquisitions - The company completed the acquisition of 100% equity in Shanghai Ningsheng Industrial Co., Ltd., which required retrospective adjustments to the financial data for Q1 2024[5] - Cash outflow from investment activities totaled $5,836,439, compared to $2,941,247 previously, reflecting increased investment[23] - The company did not receive any cash from issuing bonds in the current period, while it received $1,499,190 in the previous period[23] - The cash inflow from subsidiary investments was $11,520, which is a new entry compared to the previous period[23] Shareholder Information - Total number of common shareholders at the end of the reporting period is 754,930[11] - Shanghai Electric Holding Group Co., Ltd. holds 6,400,435,385 shares, accounting for 41.08% of total shares[11] - The company has a total of 313,642,000 H shares, representing 2.01% of the total issued share capital[12] - The company has not reported any significant changes in the shareholding structure or participation in margin financing activities[12] Research and Development - The company has committed to ongoing research and development of new products and technologies to enhance market competitiveness[5] - Research and development expenses for Q1 2025 were CNY 1,035,816 thousand, slightly increasing from CNY 1,014,255 thousand in Q1 2024[19] Accounting Standards - The company will not apply new accounting standards starting from 2025[24]

Financial Performance - Total operating revenue for Q1 2025 reached RMB 22,245,441 thousand, an increase of 8.06% compared to RMB 20,586,986 thousand in the same period last year[8] - Net profit attributable to shareholders of the listed company was RMB 292,299 thousand, a significant increase of 145.69% from RMB 32,009 thousand year-on-year[8] - Basic earnings per share rose to RMB 0.0188, reflecting a 147.37% increase from RMB 0.0021 in the previous year[8] - Operating profit for Q1 2025 was 926,999 thousand RMB, up from 888,946 thousand RMB in Q1 2024, reflecting a growth of 4.9%[20] - The company reported a total comprehensive income of 716,343 thousand RMB for Q1 2025, up from 495,996 thousand RMB in Q1 2024, representing a growth of 44.4%[20] - The company reported a net profit excluding non-recurring items of RMB 205,498 thousand, compared to a loss of RMB 119,582 thousand in the same period last year[8] Assets and Liabilities - Total assets as of March 31, 2025, were RMB 300,474,116 thousand, a decrease of 0.67% from RMB 302,504,988 thousand at the end of the previous year[8] - The total assets of the company amounted to 300,474,116 thousand RMB, slightly down from 302,504,988 thousand RMB in the previous period[17] - Total liabilities decreased to 222,382,244 thousand RMB from 225,124,669 thousand RMB, indicating a reduction of approximately 1.64%[17] - Non-current assets totaled 99,305,215 thousand RMB, a slight increase from 98,716,207 thousand RMB in the previous period[17] - The company’s total equity rose to 78,091,872 thousand RMB from 77,380,319 thousand RMB, indicating a growth of 0.92%[17] Cash Flow - Cash flow from operating activities showed a net outflow of RMB 3,870,138 thousand, an improvement from RMB 6,932,238 thousand in the same period last year[8] - In Q1 2025, cash inflow from operating activities totaled CNY 30,759,197 thousand, an increase from CNY 28,965,234 thousand in Q1 2024, representing a growth of approximately 6.2%[24] - Cash outflow from operating activities in Q1 2025 was CNY 34,629,335 thousand, slightly down from CNY 35,902,918 thousand in Q1 2024, indicating a decrease of about 3.5%[24] - The net cash flow from operating activities for Q1 2025 was -CNY 3,870,138 thousand, an improvement compared to -CNY 6,937,684 thousand in Q1 2024[24] - Cash inflow from investment activities in Q1 2025 was CNY 2,912,244 thousand, down from CNY 3,770,615 thousand in Q1 2024, a decline of approximately 22.7%[25] - Cash outflow from investment activities in Q1 2025 was CNY 5,836,439 thousand, significantly higher than CNY 2,941,247 thousand in Q1 2024, representing an increase of about 98.5%[25] - The net cash flow from investment activities for Q1 2025 was -CNY 2,924,195 thousand, contrasting with a positive net cash flow of CNY 829,368 thousand in Q1 2024[25] - Cash inflow from financing activities in Q1 2025 was CNY 5,583,169 thousand, a decrease from CNY 6,258,630 thousand in Q1 2024, reflecting a decline of approximately 10.8%[25] - The net cash flow from financing activities for Q1 2025 was CNY 435,182 thousand, down from CNY 1,426,398 thousand in Q1 2024, indicating a decrease of about 69.5%[25] - The ending cash and cash equivalents balance for Q1 2025 was CNY 29,832,052 thousand, down from CNY 33,705,655 thousand in Q1 2024, a reduction of approximately 11.5%[25] - The company reported a cash flow impact from exchange rate changes of CNY 14,684 thousand in Q1 2025, compared to -CNY 3,239 thousand in Q1 2024, showing a positive shift[25] Research and Development - Research and development expenses for Q1 2025 were 1,035,816 thousand RMB, compared to 1,014,255 thousand RMB in Q1 2024, showing a slight increase of 2.1%[19] Acquisitions - The company completed the acquisition of 100% equity in Shanghai Ningsheng Industrial Co., Ltd., which required retrospective adjustments to the financial data for Q1 2024[10] Non-recurring Items - Non-recurring gains and losses totaled RMB 86,801 thousand, with significant contributions from government subsidies and asset disposals[12]

Core Viewpoint - Shanghai Electric reported significant improvement in Q1 2025 performance, with total revenue increasing by 8.06% and net profit soaring by 145.69% compared to the same period last year [1][2]. Financial Performance - Q1 net profit attributable to shareholders reached 292 million yuan, a year-on-year increase of 145.69% [2]. - Total revenue for the quarter was 22.245 billion yuan, reflecting an 8.06% growth from the previous year [2]. - The adjusted net profit after excluding non-recurring items turned from a loss of 1.2 billion yuan last year to a profit of 205 million yuan [1][2]. Profitability and Cash Flow - Basic earnings per share increased to 0.0188 yuan, up 147.37% year-on-year [4][6]. - Operating cash flow improved, with a net outflow of 3.87 billion yuan, a reduction of approximately 30.7 billion yuan compared to the previous year [1][6]. - Investment income for the quarter was 514 million yuan, a 13% increase year-on-year, with significant contributions from joint ventures [6]. Business Structure and Efficiency - The company’s main business revenue and gross profit increased, enhancing overall performance, particularly in the fields of new energy and intelligent manufacturing [1][5]. - Inventory rose from 3.455 billion yuan to 3.963 billion yuan, indicating increased project advancement and stockpiling [6]. - Accounts receivable remained stable, suggesting effective collection efforts, while the reduction in pledged funds from 26.2 billion yuan to 16.4 billion yuan reflects efforts to optimize asset structure [6]. Asset and Liability Management - As of the end of Q1 2025, total assets stood at 300.474 billion yuan, a slight decrease of 0.67% from the previous year [7]. - Shareholder equity increased by 0.69% to 53.559 billion yuan, indicating a healthy financial structure [7]. - Short-term borrowings slightly increased, but overall liquidity pressure remains due to substantial current liabilities [7]. Industry Position and Strategic Outlook - Shanghai Electric is a leading comprehensive equipment manufacturing group in China, with a focus on energy equipment, industrial equipment, and integrated services [8]. - The company is actively expanding into new energy and high-end equipment manufacturing sectors to address challenges and opportunities arising from energy transition and industrial upgrades [8].

Financial Performance - The total revenue for 2024 reached ¥1,161.86 billion, representing a year-on-year increase of 1.2%[8] - The net profit attributable to shareholders for 2024 was ¥7.52 billion, with a basic earnings per share of ¥0.048[8] - In 2023, the company's revenue was RMB 114,797 million, a decrease of 2.4% compared to 2022's RMB 117,623 million[40] - The pre-tax profit for 2023 was RMB 3,813 million, a significant recovery from a loss of RMB 1,711 million in 2022[40] - The net profit attributable to shareholders in 2023 was RMB 803 million, compared to a loss of RMB 3,302 million in 2022[40] - The gross profit margin for 2024 was reported at 18.6%[8] - Net profit attributable to shareholders decreased by 6.3% to 752.48 million from 803.35 million[42] - Revenue grew by 1.2% to 116.19 billion compared to 114.80 billion in the prior year[42] - Operating cash flow increased significantly by 127.3% to 17.64 billion from 7.76 billion[42] Market and Orders - New orders for the company amounted to ¥1,536.0 billion, an increase of 11.9% year-on-year[11] - In the energy equipment sector, new orders totaled ¥891.0 billion, including ¥326.2 billion for coal-fired power equipment and ¥78.9 billion for nuclear power equipment[11] - The company has expanded its market presence in various sectors, including aerospace, high-speed rail, and medical equipment[18] - The company is actively participating in national key projects, focusing on core technologies to support national strategic needs[12] Research and Development - The company is investing $50 million in R&D for new technologies aimed at enhancing product efficiency and sustainability[5] - Research and development expenses increased by 5.51% to RMB 5.665 billion compared to the previous year[129] - The company’s subsidiary won the second prize in the National Science and Technology Progress Award for its core technology in large-capacity lithium-ion battery manufacturing[22] - The company achieved a 25 g/kWh reduction in coal consumption for its coal-fired units through the implementation of advanced heating and efficiency improvement technologies[139] Corporate Governance - The company is focused on maintaining compliance with regulatory requirements during the transition of its board and management[51] - The company has a strong emphasis on governance and oversight, as evidenced by the roles of independent directors and the supervisory board[56] - The company is committed to enhancing its corporate governance structure to align with best practices in the industry[57] - The board consists of eight directors, including three executive directors and three independent non-executive directors, with a third of the board being independent[89][90] Sustainability and Environmental Initiatives - The company is committed to implementing a carbon management service platform to systematically promote green and low-carbon management practices[30] - The company is committed to green and low-carbon development, aligning with national carbon neutrality goals[87] - The company emphasizes sustainable development as a key strategic focus, promoting circular economy and resource efficiency[195] - The company is actively developing clean energy and green technologies, focusing on ultra-low and near-zero emissions[195] Strategic Plans and Future Outlook - The company aims to enhance its core competitiveness and achieve high-quality development by focusing on national strategic needs and advancing new productive forces by 2025[31] - The company plans to continue optimizing its supply chain management platform to improve procurement efficiency and coverage[30] - The company intends to pursue mergers and acquisitions, research and development, and joint ventures to expand its core business areas and explore new markets[172] - Future outlook remains positive, with a projected annual growth rate of 15% over the next three years[10] Employee and Management Information - The total remuneration paid to all directors, supervisors, and senior management at the end of the reporting period amounted to RMB 16.79818 million[74] - The number of employees in the parent company is 152, while the total number of employees in major subsidiaries is 40,108, resulting in a combined total of 40,260 employees[77] - The company has focused on training core employees, especially leadership and strategically critical talent, to enhance business development and human capital[79] - The company has established a salary growth mechanism linked to business performance and labor productivity, emphasizing performance-based pay adjustments[78] Financial Position and Debt - As of December 31, 2024, the total bank and other borrowings and bonds amounted to RMB 46.786 billion, an increase of RMB 739 million from the beginning of the year[180] - The company's debt ratio was 41.97%, up from 40.67% at the beginning of the year, representing an increase of 1.30 percentage points[184] - The total amount of non-collateral loans as of December 31, 2024, was USD 70 million, EUR 221.714 million, and HKD 815 million, with significant reductions in previous year amounts[180] Acquisitions and Investments - The company completed the acquisition of 100% equity in Ning Sheng Industrial for a cash consideration of RMB 308,242.11 million on October 18, 2024[159] - The company holds various equity stakes in listed companies, with a total investment value of RMB 1,125,900 thousand, reflecting a diverse investment portfolio[162] Customer and Supplier Relations - The company’s top five customers contributed RMB 7.44 billion, accounting for 6.40% of total annual sales, with related party sales amounting to RMB 1.74 billion[134] - The company’s top five suppliers accounted for RMB 4.78 billion in procurement, representing 4.91% of total annual procurement, with related party procurement at RMB 1.69 billion[135]

Financial Performance - The company reported a total of 2,505.35 MW in new orders during the reporting period, representing an increase of 461.55% compared to the same period last year [4] - Cumulative orders on hand reached 18,101.65 MW, up 98.79% year-on-year, with 4,494.40 MW of these being awarded but not yet contracted [4] Asset Impairment - The company has decided to recognize an asset impairment provision totaling 12,237.38 million RMB for the first quarter of 2025, which will reduce the operating profit by 7,743.63 million RMB after considering reversals [13] - Specific provisions include 753.57 million RMB for inventory impairment due to a decline in product sales prices and fluctuations in raw material costs [9] - The company plans to add a provision of 292.27 million RMB for contract asset impairment, which will increase operating profit by 1,216.73 million RMB after considering reversals [11] Governance and Insurance - The company is proposing to purchase liability insurance for its directors, supervisors, and senior management for the period from July 1, 2025, to June 30, 2026, with a compensation limit of up to 200 million RMB [17] - The insurance premium is expected to be no more than 900,000 RMB, including VAT [17] Shareholder Meeting - The annual shareholder meeting is scheduled for May 23, 2025, with both on-site and online voting options available [23][24] - The meeting will discuss various matters, including the independent director's annual report [25]

Group 1 - The first Embodied Intelligent Robot Games will be held from April 24 to 26 in Wuxi, with representatives from Yushu and Xiaomi participating in discussions [1] - Tesla CEO Elon Musk announced significant progress in the humanoid robot Optimus, with thousands expected to be operational in Tesla factories by the end of the year [1] - Tesla is increasingly betting on the future of autonomous driving and robotics, including self-driving taxis and humanoid robots [1] Group 2 - Tesla indicated that while it continues to innovate in manufacturing and operational cost reduction, long-term profits related to hardware are expected to accelerate alongside AI, software, and fleet operations profits [1] - New vehicle plans, including more affordable models, are still expected to begin production in the first half of this year, despite reports of potential delays [1] - A report from Open Source Securities highlighted the successful hosting of the world's first humanoid robot half marathon in Beijing, showcasing China's leading position in high-intensity robotic sports [1] Group 3 - According to招商证券, artificial intelligence is a key battleground for major powers, and robots, as the ultimate carriers of AI, are expected to benefit significantly [2] - The report suggests a positive outlook for the humanoid robot sector in the medium to long term, recommending investment opportunities in core components and control systems [2] Group 4 - The related industry chain stocks in Hong Kong include UBTECH (09880), Yujian (02432), Xiaomi Group (01810), SUTENG (02498), Delta Electronics (00179), Horizon Robotics-W (09660), JINLI Permanent Magnet (06680), and Shanghai Electric (02727) [3]

上海亚化咨询有限公司创始合伙人郑春临表示，绿色甲醇市场是政策驱动的市场，国际和各国政策对绿色甲醇的需求将起到决定性作用，在"双碳"目标指引 下，绿色甲醇产业发展长期向好。 相关数据显示，当前全球范围内已有的绿色甲醇年产能约50万吨，我国绿色甲醇规划产能已超过1000万吨，产业发展势头强劲。 "当前船用绿色燃料生产项目需同时满足通过绿色认证、有竞争力的成本两大目标，对项目地点和项目资源，包括生物质资源、风光绿电资源、运输条件等 有很高的要求。因此，具备竞争力的绿色甲醇产能未来是有限的。"郑春临说。 新华财经长春4月22日电（记者王晓林）国际海事组织4月11日宣布，批准《国际防止船舶造成污染公约》附件六修正案草案，强制实施国际海事组织净零排 放框架。这是世界上首个将整个行业领域的强制性排放限制和温室气体定价相结合的框架。 近年来，使用以绿色甲醇等为代表的绿色燃料逐渐成为国际航运业响应国际海事组织要求、实现碳减排的主要手段。在此背景下，上海电气集团于2024年开 始在吉林省洮南市建设风电耦合生物质绿色甲醇一体化示范项目。依托当地新能源资源密集、土地与水资源充沛、区位交通便利等自然地理条件，以及自主 研发的核心技术， ...

记者日前从上海电气获悉，作为上海国资国企中的重要一员，上海电气近年来陆续通过完成整体上市、入主赢合科技、分拆电气风电上市、收购上海发那科机器人等实际行动诠释了市值管理的深 上海市国资委提出推动监管企业将市值管理融入国资国企改革，健全常态化市值维护机制，推动股票回购增持作为基础性制度安排，建立股价异常波动快速响应机制，严格规范股份减持行为。上 在投资者关系管理方面，上海电气积极利用业绩路演、投资者沟通会等多种形式，与投资者建立起了高效、顺畅的沟通渠道。据统计，上海电气坚持办高质量的投资者沟通会，去年组织境内投资 上海电气在市值管理过程中，始终将ESG（环境、社会责任和公司治理）理念融入其中。自2016年以来，公司已连续8年披露ESG报告，并获得较高国际评级。通过业务驱动和内在驱动双引擎， 上海电气相关负责人表示，未来将紧紧围绕"深化国有企业改革，持续优化国有经济布局"的战略部署，在上海国资委指导下，以"形成核心竞争力"为目标，不断巩固发展优势、培育新增长极， ...

近日，上海市闵行区江川路街道办事处、上海市闵行第一房屋征 收事务所有限公司已与公司就本次收储签订《非居住房屋拆迁补偿协 议》。 证券代码：601727 证券简称：上海电气 编号：临 2025-026 上海电气集团股份有限公司 关于土地收储的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、交易概述 2024 年 12 月 30 日，上海电气集团股份有限公司（以下简称"公 司"）董事会五届一百零四次会议审议通过《关于上海市沪闵路 1111 号土地收储的议案》，同意公司将持有的上海市沪闵路 1111 号土地使 用权由上海市闵行区江川路街道办事处实施收储，收储总价为人民币 39,561.57 万元。 关于上述土地收储事项的具体情况，详见公司于 2024 年 12 月 31 日在上海证券交易所网站（www.sse.com.cn）披露的相关公告。 二、交易进展情况 由于签约时间的变化，公司已披露的拟签订协议中，"除上述补 偿外，若公司在 2025 年 2 月 28 日前签订《非居住房屋拆迁补偿协 议》，且公司妥善处理好租赁户 ...

证券代码：601727 证券简称：上海电气 编号：临 2025-025 上海电气集团股份有限公司 2、"持股比例"，按公司截至本公告日的总股本 15,579,809,092 股 计算。"股份种类"中，A 股指人民币普通股，H 股指境外上市外资 股。 根据《上市公司股份回购规则》、《上海证券交易所上市公司自律 监管指引第 7 号——回购股份》等相关规定，现将公司董事会披露回 购股份决议前一个交易日（即 2025 年 4 月 10 日）登记在册的前十大 股东和前十大无限售条件股东的名称、持股数量及持股比例公告如下： | 序号 | 股东名称 | 持股数量（股） | 持股比例 | 股份种类 | | --- | --- | --- | --- | --- | | 1 | 上海电气控股集团有限公司 | 6,400,435,385 | 41.08% | 股 A | | 2 | 香港中央结算（代理人）有 | 2,920,048,970 | 18.74% | H 股 | | | 限公司 | | | | | 3 | 上海国有资本投资有限公司 | 707,399,555 | 4.54% | A 股 | | 4 | 申能（集团）有限 ...