Financial Performance - In 2023, the company achieved a basic earnings per share of CNY 0.018, a significant improvement from a loss of CNY 0.228 in 2022[21]. - The weighted average return on equity increased to 0.53% in 2023, compared to -6.31% in the previous year[21]. - The company reported a decrease in credit impairment losses due to improved management of accounts receivable, contributing to the overall financial recovery[21]. - The company achieved total operating revenue of RMB 114.797 billion in 2023, a decrease of 2.4% compared to RMB 117.623 billion in 2022[22]. - The net profit attributable to shareholders was RMB 285.155 million, a significant improvement from a loss of RMB 3.566 billion in the previous year[22]. - The gross profit margin for the year was 18.8%, an increase of 2.6 percentage points year-on-year[30]. - The company reported a net cash flow from operating activities of RMB 7.797 billion, down 8.1% from RMB 8.483 billion in 2022[22]. Business Strategy and Development - The company plans not to distribute profits for the 2023 fiscal year, nor to increase capital through reserves, pending shareholder approval[4]. - The company emphasized a focus on high-quality development and core business responsibilities, leading to improved gross profit margins in certain business segments[21]. - The company focused on high-end equipment manufacturing, aiming to enhance its core competitive advantages in line with national energy policies[32]. - The company is committed to addressing potential risks as outlined in the management discussion and analysis section of the report[7]. - The company is actively exploring partnerships with universities and research institutions to build a stable innovation platform[47]. - The company aims to become a world-class equipment manufacturer by driving high-quality development through technological innovation and market expansion[48]. Market and Order Backlog - New orders totaled RMB 137.21 billion during the reporting period, with energy equipment orders amounting to RMB 75.22 billion[31]. - As of the end of the reporting period, the company had a backlog of orders worth RMB 265.76 billion, with energy equipment orders making up RMB 153.13 billion[31]. Technological Innovation - In 2023, Shanghai Electric was recognized for its significant contributions to technology innovation, receiving over 20 approvals for major R&D projects in areas such as renewable energy and artificial intelligence[44]. - The company achieved a breakthrough in the CAP1400 nuclear power technology, with the largest stainless steel forged main pipe in the world for pressurized water reactors[45]. - The company has developed a complete product system for coal-fired power equipment ranging from 10MW to 1350MW, achieving international advanced levels in economic, safety, and stability indicators[56]. Environmental and Social Responsibility - The company launched the "Double Carbon" action plan, aiming for carbon peak by 2030 and striving for carbon neutrality in operations by 2035[39]. - The company invested 800,000 yuan in poverty alleviation projects, specifically targeting three impoverished villages in Yunnan Province[174]. - The company has established environmental monitoring plans to ensure compliance with emission standards, with results publicly disclosed[170]. Risk Management - The company faced significant risks including market fluctuations, raw material price volatility, exchange rate risks, and overseas business challenges[7]. - The company recognizes the risks associated with raw material price fluctuations and will optimize its supply chain management to mitigate these risks[115]. - The company is committed to strengthening its management and risk control in overseas projects, addressing challenges such as rising labor and material costs due to macroeconomic and geopolitical uncertainties[116]. Corporate Governance - The company has a performance evaluation mechanism for senior management that aligns responsibilities with benefits and risks with returns[155]. - The company’s governance structure includes independent directors and supervisors to ensure compliance and oversight[134]. - The total pre-tax remuneration for the board members and senior management during the reporting period amounted to RMB 1,385.508 million[125]. Future Outlook - Future performance guidance suggests a positive outlook with expected growth in revenue and market share[121]. - The company provided guidance for the next fiscal year, projecting revenue growth of B% and an expected total revenue of $C million[128]. - The company aims to enhance its market expansion capabilities and drive high-quality development in traditional industries and new sectors, focusing on the industrial chain, innovation chain, supply chain, and talent chain[112].

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of the company [2][4]. Core Views - The company achieved a turnaround in 2023, reporting a revenue of 114.8 billion yuan, a decrease of 2.4% year-on-year, and a net profit attributable to shareholders of 285 million yuan, marking a return to profitability [2]. - The energy equipment segment showed growth, benefiting from a significant recovery in coal-fired power generation, with revenue increasing by 4.55% to 58.6 billion yuan and a gross margin improvement of 1.61 percentage points to 19.66% [2]. - New orders in coal and nuclear power saw substantial growth, with total new orders reaching 137.2 billion yuan, up 3.0% year-on-year, and a backlog of orders at 265.8 billion yuan at the end of 2023 [2]. - The company is focusing on high-end equipment manufacturing and expanding its presence in the renewable energy sector, particularly in hydrogen and photovoltaic technologies [2]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 114.8 billion yuan, with a net profit of 285 million yuan, compared to a loss of 3.57 billion yuan in 2022 [3]. - The revenue growth rate for 2024 is projected at 2.49%, with net profit expected to reach 671 million yuan, reflecting a growth rate of 135.17% [3]. Order Book and Market Position - The company secured new orders worth 137.2 billion yuan in 2023, with coal and nuclear power orders increasing by 84.2% and 52.6%, respectively [2]. - The backlog of orders at the end of 2023 was 265.8 billion yuan, ensuring long-term growth prospects for the company [2]. Strategic Focus - The company is concentrating on high-end equipment manufacturing and expanding into renewable energy sectors, including hydrogen and photovoltaic technologies [2]. - The hydrogen energy segment is being developed with a focus on providing comprehensive solutions across the entire industry chain [2]. Valuation and Forecast - The report projects a net profit of 7 billion yuan for 2024, with a price-to-earnings ratio of 98 for A-shares and 32 for H-shares [2][3].

Financial Performance - Total revenue for 2023 was RMB 114.797 billion, a decrease of 2.4% year-on-year[3] - Profit attributable to shareholders for 2023 was RMB 285 million, compared to a loss of RMB 3.566 billion in the previous year[3] - Basic earnings per share for 2023 was RMB 0.018, recovering from a loss of RMB 0.228 per share in the previous year[3] - Total operating revenue for 2023 was RMB 114,797,077 thousand, a decrease of 2.4% from RMB 117,623,118 thousand in 2022[6] - Net profit for 2023 was RMB 2,154,926 thousand, compared to a net loss of RMB 2,313,006 thousand in 2022, marking a significant turnaround[6] - Operating profit for 2023 was RMB 3,355,130 thousand, compared to an operating loss of RMB 2,024,458 thousand in the previous year[6] - The company reported a total comprehensive income of RMB 2,203,676 thousand for 2023, compared to a loss of RMB 1,823,011 thousand in 2022[7] - Basic and diluted earnings per share for 2023 were RMB 0.018, recovering from a loss of RMB 0.228 per share in 2022[7] - The company achieved total revenue of RMB 114.797 billion, a decrease of 2.4% compared to the previous year[49] - Net profit attributable to shareholders was RMB 285 million, a significant improvement from a net loss of RMB 3.566 billion in the same period last year[49] - Earnings per share for 2023 were RMB 0.018, recovering from a loss of RMB 0.228 per share in the previous year[49] Orders and Backlog - New orders for 2023 amounted to RMB 137.21 billion, representing a year-on-year increase of 3.0%[3] - The company has signed contracts with unfulfilled performance obligations amounting to RMB 44,288,870 thousand, with an expected revenue recognition of RMB 44,207,113 thousand in 2024[25] - As of the end of the reporting period, the total backlog of orders was RMB 265.76 billion, with energy equipment orders making up RMB 153.13 billion[33] - New orders received during the reporting period amounted to RMB 137.21 billion, with energy equipment orders accounting for RMB 75.22 billion[33] Assets and Liabilities - Cash and cash equivalents as of December 31, 2023, were RMB 30.165 billion, up from RMB 26.345 billion in the previous year[4] - Total assets as of December 31, 2023, were RMB 283.267 billion, a slight decrease from RMB 288.021 billion in the previous year[5] - Total liabilities as of December 31, 2023, were RMB 206.340 billion, compared to RMB 193.827 billion in the previous year[5] - Shareholders' equity as of December 31, 2023, was RMB 76.927 billion, down from RMB 94.194 billion in the previous year[5] - Long-term borrowings increased to RMB 30.894 billion from RMB 21.648 billion in the previous year[5] - Total bank and other borrowings and bonds amounted to RMB 46.047 billion as of December 31, 2023, an increase of RMB 6.991 billion from the beginning of the year[53] - The debt ratio increased to 41.59% from 33.08% at the beginning of the year, reflecting an increase of 8.51 percentage points[55] Cost Management and Expenses - The company’s total operating costs decreased to RMB 112,567,499 thousand in 2023 from RMB 117,467,341 thousand in 2022, indicating improved cost management[6] - Research and development expenses increased to RMB 5,369,294 thousand in 2023 from RMB 5,028,466 thousand in 2022, reflecting a focus on innovation[6] - The industrial equipment segment reported revenue of RMB 40.402 billion, remaining stable year-on-year, with a gross margin of 16.76%, an increase of 1.18 percentage points[50] - The integrated services segment generated revenue of RMB 21.387 billion, a decline of 19.92% year-on-year, but the gross margin improved to 13.65%, up 5.29 percentage points[50] Market and Business Segments - The energy equipment segment achieved revenue of RMB 58.648 billion, a year-on-year increase of 4.55%, with a gross margin of 19.66%, up 1.61 percentage points from the previous year[50] - Revenue from other countries and regions increased by 9.14% year-on-year, with a gross margin rise of 15.48 percentage points[52] - The company focused on high-end equipment manufacturing, leveraging national energy policies to enhance its core competitive advantages[34] - The company reported a significant increase in gross profit and gross profit margin in several business segments compared to the previous year[32] Innovation and Development - The company launched the TSTCBTC®3.0 autonomous train control signaling system, enhancing train control efficiency with advanced technologies like 5G[39] - The company has established a digital factory initiative, with several manufacturing plants recognized as smart factories, enhancing overall competitiveness through digitalization[40] - The company has developed a series of energy storage products, including lithium battery storage and vanadium flow storage technologies[47] - The company has been awarded over 20 major R&D projects covering areas such as new energy and artificial intelligence during the reporting period[45] - The company has established multiple technology expert studios to enhance internal collaboration and innovation capabilities[48] Corporate Governance and Future Plans - The board of directors proposed not to distribute a final dividend for the year 2023[3] - The company plans to focus on national strategic initiatives and enhance technological innovation and market expansion to achieve high-quality development in 2024[58] - The company aims to become a world-class equipment enterprise by driving high-quality development through technological innovation[58] - The company has complied with the corporate governance code requirements, although there was a temporary vacancy in the roles of chairman and CEO due to the departure of the previous chairman[62] - The audit committee has reviewed the annual performance for the year ending December 31, 2023[66] - No significant post-balance sheet events have occurred as of the date of the financial report[61] - The company has not engaged in the purchase, redemption, or sale of any listed securities during the reporting period[65] - All directors and supervisors confirmed compliance with the standard code regarding securities transactions throughout 2023[64]

上海电气集团股份有限公司 独立董事 2023 年度述职报告（刘运宏） 本人作为上海电气集团股份有限公司（以下简称"公司"）独立董 事，严格按照《上市公司独立董事管理办法》《上海证券交易所上市 公司自律监管指引第 1 号——规范运作》等法律、法规和《公司章程》 的有关规定，忠实履行独立董事职责，切实发挥独立董事作用，现就 2023 年度履职情况报告如下： 一、独立董事的基本情况 （一）个人工作履历、专业背景以及兼职情况 刘运宏，47岁，现任公司独立非执行董事、中国人民大学国际并 购与投资研究所副所长，前海人寿（上海）研究所所长，国金证券股 份有限公司独立董事，上海农村商业银行股份有限公司独立董事，华 东政法大学经济法学专业博士研究生导师。曾在国泰基金管理有限公 司担任法律合规事务主管，在上海证券交易所从事博士后研究工作， 在航天证券有限责任公司担任投资银行总部总经理，在华宝证券有限 责任公司先后担任投资银行部总经理、总裁助理。毕业于中国人民大 学，持有法学博士学位，为经济学博士后、法学博士后、研究员职称。 （二）独立性情况 作为公司独立董事，任职期间，本人未在公司担任除独立董事以 外的其他职务。本人独立履行职责 ...

上海电气集团股份有限公司 普华永道中天特审字(2024)第 0572 号 (第一页,共三页) 上海电气集团股份有限公司董事会: 我们接受委托,对上海电气集团股份限公司(以下简称"上海电气")关于 2023 年度的募集资金存放与实际使用情况专项报告(以下简称"募集资金存 放与实际使用情况专项报告")执行了合理保证的鉴证业务。 上海电气管理层的责任是按照中国证券监督管理委员会公告[2022]15 号 《上市公司监管指引第 2 号一上市公司募集资金管理和使用的监管要求(2022 年修订)》、上海证券交易所颁布的《上海证券交易所上市公司自律监管指引 第 1 号 -- 规范运作(2023年 12 月修订)》《上海证券交易所上市公司自律监 管指南第1号 公告格式(2023年12月第二次修订)-第十三号上市公司募集资 金相关公告》编制募集资金存放与实际使用情况专项报告。这种责任包括设 计、执行和维护与募集资金存放与实际使用情况专项报告编制相关的内部控 制,保证募集资金存放与实际使用情况专项报告的真实、准确和完整,以及 不存在虚假记载、误导性陈述或重大遗漏。 普华永道中天会计师事务所(特殊普通合伙) 中国上海市黄浦区湖滨路2 ...

公司代码：601727 公司简称：上海电气 上海电气集团股份有限公司 2023 年度内部控制评价报告 上海电气集团股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以下简称企业内部 控制规范体系），结合本公司（以下简称公司）内部控制制度和评价办法，在内部控制日常监督和专项 监督的基础上，我们对公司2023年12月31日（内部控制评价报告基准日）的内部控制有效性进行了评价。 一. 重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性，并如实披露内 部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控制进行监督。经理层负责组织 领导企业内部控制的日常运行。公司董事会、监事会及董事、监事、高级管理人员保证本报告内容不存 在任何虚假记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个别及连带法 律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信息真实完整，提 高经营效率和效果，促进实现发展战略。由于内部控制存在的固有局限性，故仅能为实现上述目标提供 合理保证。此外，由于情况的变化可能 ...

上海电气集团股份有限公司 独立董事 2023 年度述职报告（习俊通） 本人作为上海电气集团股份有限公司（以下简称"公司"）独立董 事，严格按照《上市公司独立董事管理办法》《上海证券交易所上市 公司自律监管指引第 1 号——规范运作》等法律、法规和《公司章程》 的有关规定，忠实履行独立董事职责，切实发挥独立董事作用，现就 2023 年度履职情况报告如下： 一、独立董事的基本情况 （一）个人工作履历、专业背景以及兼职情况 习俊通，60岁，现任公司独立非执行董事，上海交通大学机械制 造及其自动化学科、机械系统与振动国家重点实验室教授、博士生导 师，上海智能制造研究院常务副院长、上海海得控制系统股份有限公 司独立董事、上海柏楚电子科技股份有限公司独立董事、上工申贝（集 团）股份有限公司独立董事、上海交大临港智能制造创新科技有限公 司总经理、上海市智能制造研发与转化功能型平台总经理。主要从事 数字化制造、智能制造技术领域的研究工作。曾获国家科技进步二等 奖、上海市科技进步、技术发明等奖项6项。主要学术兼职包括：中 国机械工程学会制造自动化专业委员会副主任、中国机械工程学会增 材制造专业委员会委员、中国智能制造产业技术创 ...

本人作为上海电气集团股份有限公司（以下简称"公司"）独立董 事，严格按照《上市公司独立董事管理办法》《上海证券交易所上市 公司自律监管指引第 1 号——规范运作》等法律、法规和《公司章程》 的有关规定，忠实履行独立董事职责，切实发挥独立董事作用，现就 2023 年度履职情况报告如下： 一、独立董事的基本情况 （一）个人工作履历、专业背景以及兼职情况 徐建新，68岁，现任公司独立非执行董事、上海朴易投资管理有 限公司高级副总裁、上海矽睿科技股份有限公司独立董事、上海锦江 国际酒店股份有限公司独立董事。于1982年2月起至1997年11月担任 上海财经大学会计学讲师、副教授。于1997年11月起至2014年12月担 任东方国际（集团）有限公司副总会计师、董事、财务总监、总经济 师。于2015年1月起至今担任上海朴易投资管理有限公司高级副总裁。 毕业于上海财经大学，持有博士学位，为教授级高级会计师、中国注 册会计师。 （二）独立性情况 上海电气集团股份有限公司 独立董事 2023 年度述职报告（徐建新） | 独立董事姓名 | 专门委员会职务 | 应出席会议次数 | 出席次数 | | --- | --- | --- ...

上海电气集团股份有限公司 对 2023 年度会计师事务所履职情况的评估报告 根据《国有企业、上市公司选聘会计师事务所管理办法》等有关 规定，现将上海电气集团股份有限公司（以下简称"公司"）对普华永 道中天会计师事务所（特殊普通合伙）（以下简称"普华永道中天"） 2023 年度审计工作中的履职情况进行评估。具体情况如下： 一、2023 年年审会计师事务所基本情况 2023 年 3 月 29 日，公司董事会五届七十八次会议审议通过《关 于续聘普华永道中天会计师事务所（特殊普通合伙）担任公司 2023 年度审计机构的预案》，同意继续聘请普华永道中天担任公司 2023 年 度审计机构。2023 年 6 月 28 日，公司 2022 年年度股东大会审议通 过上述议案。 二、2023 年度会计师事务所履职情况 按照公司与普华永道中天签订的 2023 年度审计业务约定书，普 华永道中天遵循《中国注册会计师审计准则》和其他执业规范及职业 道德规范，对公司 2023 年年度财务报告及财务报告内部控制的有效 性进行了审计，出具了审计报告；同时对公司募集资金存放与实际使 用情况、控股股东及其他关联方占用资金情况、涉及上海电气集团财 ...

证券代码：601727 证券简称：上海电气 编号：临 2024-021 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。 上海电气集团股份有限公司（以下简称"公司"）于 2024 年 3 月 28 日在上海市四川中路 110 号公司会议室以现场结合通讯方式召开 了公司董事会五届九十一次会议。应参加本次会议的董事 8 人，实际 参加会议的董事 8 人。公司监事蔡小庆、韩泉治、袁胜洲列席会议。 本次会议由吴磊董事长主持，会议符合《公司法》和《公司章程》的 有关规定。会议审议并通过以下决议： 一、公司 2023 年度总经理工作报告 表决结果：8 票同意，0 票反对，0 票弃权。 二、公司 2023 年度财务决算报告 表决结果：8 票同意，0 票反对，0 票弃权。 本报告尚须提交公司股东大会审议。 三、公司 2023 年度利润分配预案 经普华永道中天会计师事务所（特殊普通合伙）审计，2023 年本 公司按中国会计准则编制的母公司报表净利润为人民币 283,994 千元， 2023 年初未分配利润为人民币-1,226,536 千元，应付普 ...