Financial Performance - Total revenue for 2024 reached RMB 116.186 billion, an increase of 1.2% year-on-year[3] - Profit attributable to shareholders for 2024 was RMB 0.752 billion, up from RMB 0.285 billion in the previous year, with a restated profit of RMB 0.803 billion[3] - Basic earnings per share for 2024 were RMB 0.048, compared to RMB 0.018 (restated) in the previous year[3] - Total operating revenue for the year ended December 31, 2024, was RMB 116,186,116 thousand, an increase of 1.2% from RMB 114,797,077 thousand in 2023[6] - Net profit for the year ended December 31, 2024, was RMB 2,695,410 thousand, slightly up from RMB 2,673,117 thousand in 2023, reflecting a growth of 0.8%[6] - Total comprehensive income for the year was RMB 2,739,374 thousand, slightly up from RMB 2,721,867 thousand in 2023, showing an increase of 0.6%[7] - The total profit for the fiscal year 2024 was RMB 3.739 billion, slightly down from RMB 3.813 billion in 2023[26] Assets and Liabilities - Total assets as of December 31, 2024, were RMB 302.505 billion, up from RMB 286.165 billion in the previous year[4] - Current assets totaled RMB 203.789 billion, an increase from RMB 191.914 billion in the previous year[4] - Total liabilities increased to RMB 225.125 billion from RMB 206.311 billion year-on-year[5] - Cash and cash equivalents rose to RMB 32.569 billion from RMB 30.252 billion year-on-year[4] - Accounts receivable as of December 31, 2024, totaled RMB 55,196,640 thousand, a decrease from RMB 58,427,795 thousand in 2023, representing a decline of about 5.0%[16] - The provision for bad debts decreased to RMB 17,649,203 thousand from RMB 17,949,869 thousand, showing a reduction of approximately 1.7%[16] - The company's accounts payable increased to RMB 60,569,875 thousand from RMB 59,610,479 thousand, marking an increase of about 1.6%[17] - The overdue accounts payable exceeding one year amounted to RMB 9,862,544 thousand, compared to RMB 9,679,202 thousand in 2023, indicating an increase of approximately 1.9%[18] Revenue Segmentation - Main business income reached RMB 109,436,027 thousand, up from RMB 108,096,600 thousand in the previous year, indicating a growth of about 1.2%[21] - The energy equipment segment generated revenue of RMB 61.758 billion, a 5.3% increase year-on-year, driven by favorable domestic coal power policies[43] - The industrial equipment segment reported revenue of RMB 38.649 billion, a decline of 4.3% year-on-year, primarily due to the impact of the real estate sector on elevator business[43] - The integrated services segment achieved total revenue of RMB 20.735 billion, a decrease of 3.0% compared to the same period last year, primarily due to a decline in engineering project sales[44] Research and Development - Research and development expenses increased to RMB 5,664,514 thousand in 2024, compared to RMB 5,369,294 thousand in 2023, marking a rise of 5.5%[6] - The company’s research and development efforts continue to focus on new technologies and products, although specific figures were not disclosed in the provided content[20] - The company has increased R&D investment and established partnerships with domestic universities and research institutions to foster innovation and technology transfer[36] Strategic Initiatives - The company operates in sectors including energy equipment, industrial equipment, and integrated services, focusing on innovation and market expansion strategies[9] - The company focused on integrating into national strategies and optimizing industrial development, actively participating in key national projects[31] - The company plans to focus on green and low-carbon transformation across its core industries, actively expanding into energy storage technologies[38] Dividends and Shareholder Actions - The company proposed not to distribute a final dividend for the fiscal year 2024[3] - The board recommended not to distribute a final dividend for the year ending December 31, 2024, pending shareholder approval[68] - The company has not repurchased or redeemed any of its listed securities during the reporting period[65] Compliance and Governance - The board of directors confirmed compliance with the Hong Kong Listing Rules, but noted deviations from certain governance codes[62] - The audit committee reviewed and confirmed the audited financial statements for the year ending December 31, 2024, without objections to the accounting policies used[67] Acquisitions and Investments - The company completed the acquisition of 2,637 production equipment units for RMB 277.207 million[56] - The company acquired 100% equity of Ning Sheng Industrial Co., Ltd. for RMB 3.082 billion, after adjusting for profit distribution[57] - The acquisition of 4.4415% equity in Shanghai Jiyou Machinery Technology Co., Ltd. was terminated after failing to pass the shareholders' meeting[55] Operational Highlights - The company secured new orders totaling RMB 153.6 billion during the reporting period, with RMB 89.1 billion from energy equipment and RMB 42.29 billion from industrial equipment[30] - The company successfully completed the assembly and ignition of the domestically developed 300MW F-class heavy-duty gas turbine prototype, contributing to national strategic projects[31] - The company achieved 100% localization capability for the main pump of the Hualong series nuclear reactor and initiated mass production of turbine blades for heavy-duty gas turbines[31] - The company launched the world's largest 10MW wind turbine and the first 16MW offshore low-frequency unit, catering to high-capacity offshore wind power needs[35] Financial Ratios and Metrics - The company's total bank and other borrowings and bonds amounted to RMB 46.786 billion as of December 31, 2024, an increase of RMB 739 million from the beginning of the year[48] - The debt ratio of the company was 41.97%, up 1.30 percentage points from the beginning of the year[51]

Financial Performance - Total operating revenue for the reporting period reached RMB 26,726,654 thousand, an increase of 5.67% year-on-year[4] - Net profit attributable to shareholders of the listed company decreased by 32.20% for the reporting period, amounting to RMB 156,565 thousand[5] - Basic earnings per share for the reporting period was RMB 0.010, down 32.43% compared to the same period last year[5] - Total operating revenue for the first three quarters of 2024 was RMB 76,595,171, a decrease of 2.9% compared to RMB 78,371,349 in the same period of 2023[12] - Net profit for the first three quarters of 2024 reached RMB 2,561,632, representing an increase of 5.9% from RMB 2,417,518 in the previous year[13] - Operating profit increased to RMB 3,385,780, up 14.6% from RMB 2,951,443 in the first three quarters of 2023[13] - Basic earnings per share for the first three quarters of 2024 were RMB 0.049, a slight decrease from RMB 0.053 in the same period of 2023[14] Assets and Liabilities - Total assets at the end of the reporting period were RMB 290,140,126 thousand, reflecting a 2.43% increase from the end of the previous year[5] - As of September 30, 2024, total current assets increased to RMB 193,768,379 thousand from RMB 191,826,718 thousand, reflecting a growth of approximately 1.01% year-over-year[9] - Total non-current assets reached RMB 96,371,747 thousand, up from RMB 91,439,849 thousand, indicating a growth of around 5.5%[10] - Total liabilities increased to RMB 212,250,770 thousand from RMB 206,339,927 thousand, reflecting a rise of about 2.2%[11] - The company's short-term borrowings rose to RMB 9,959,092 thousand from RMB 8,272,416 thousand, an increase of approximately 20.4%[10] - Long-term borrowings decreased to RMB 28,904,900 thousand from RMB 30,893,868 thousand, showing a decline of about 6.4%[11] - The total equity attributable to shareholders increased to RMB 24,337,527 thousand from RMB 24,128,752 thousand, reflecting a growth of approximately 0.87%[11] Cash Flow - The net cash flow from operating activities for the year-to-date was RMB 37,086 thousand, with no applicable comparison for the reporting period[5] - Cash flow from operating activities generated a net amount of RMB 37,086, a significant recovery from a net outflow of RMB 4,159,474 in the same period last year[15] - Cash paid for the acquisition of fixed assets, intangible assets, and other long-term assets was 2,485,196, a decrease from 2,588,307[16] - Cash paid for investments was 4,905,946, down from 8,033,735[16] - Net cash flow from investing activities was 59,207, compared to -208,423 in the previous period[16] - Cash inflow from financing activities totaled 18,608,106, down from 22,051,130[16] - Cash outflow for debt repayment was 16,292,365, an increase from 10,948,325[16] - Net cash flow from financing activities was -417,795, an improvement from -5,972,405[16] - The net increase in cash and cash equivalents was -380,959, compared to -10,198,908 previously[16] - The ending balance of cash and cash equivalents was 37,892,760, up from 33,586,200[16] Inventory and Expenses - Cash and cash equivalents rose to RMB 35,490,279 thousand, up from RMB 30,164,902 thousand, representing an increase of about 17.5%[9] - Inventory increased significantly to RMB 37,606,582 thousand from RMB 32,423,705 thousand, marking a rise of approximately 15.9%[9] - Total operating costs decreased to RMB 73,830,854, down 3.4% from RMB 76,466,863 in the previous year[12] - Research and development expenses for the first three quarters of 2024 were RMB 3,692,774, an increase of 3.3% compared to RMB 3,574,916 in 2023[12] - The company reported a decrease in tax expenses to RMB 424,500, down 11.6% from RMB 480,027 in the previous year[12] Other Financial Metrics - The weighted average return on net assets decreased by 0.14 percentage points to 0.29% for the reporting period[5] - Non-recurring gains and losses totaled RMB 106,747 thousand for the reporting period, with a significant impact from government subsidies[6] - The company reported a decrease in net profit attributable to shareholders after excluding non-recurring gains and losses, with a year-to-date increase of 744.33%[8] - Other comprehensive income after tax showed a loss of RMB 16,662, compared to a gain of RMB 95,957 in the previous year[13] - The company focused on its core responsibilities during the reporting period, which contributed to the changes in profit margins[7] - The company's contract liabilities rose to RMB 52,313,774 thousand from RMB 44,207,113 thousand, indicating an increase of about 18.3%[10]

Financial Performance - In the first half of 2024, Shanghai Electric reported total revenue of RMB 49.869 billion, a decrease of 6.0% compared to the same period last year[8]. - The net profit attributable to shareholders of the parent company for the first half of 2024 was RMB 602 million, an increase of 2.0% year-on-year[9]. - Basic earnings per share for the first half of 2024 were RMB 0.039, up 2.6% from the previous year[9]. - The total revenue for the reporting period was RMB 49.87 billion, a decrease of 6.0% compared to the same period last year[18]. - The net profit attributable to shareholders was RMB 6.02 billion, an increase of 2.0% year-on-year[18]. - The energy equipment segment generated revenue of RMB 24.65 billion, down 3.98% year-on-year, primarily due to insufficient new orders in the wind power equipment business[19]. - The industrial equipment segment reported revenue of RMB 18.96 billion, a decline of 3.31% year-on-year, influenced by the real estate sector[20]. - The integrated services segment achieved revenue of RMB 7.96 billion, a significant decrease of 22.44% year-on-year, mainly due to lower sales from engineering projects[21]. - The gross profit margin for the reporting period was 19.2%, an increase of 1.9 percentage points compared to the same period last year[9]. - The company reported a total profit of RMB 2,403,171 thousand, an increase of 32% from RMB 1,822,273 thousand in the first half of 2023[53]. - The company reported a decrease in other comprehensive income of RMB 6,928,000 for the period, compared to an increase of RMB 1,209,000 in the previous year[57]. Orders and Contracts - New orders received during the reporting period amounted to RMB 83.66 billion, with energy equipment orders totaling RMB 48.45 billion[9]. - Industrial equipment orders reached RMB 22.58 billion, while integrated services orders were RMB 12.63 billion[9]. - Shanghai Electric Group successfully undertook 14 nuclear island main equipment contracts and produced 12 units of nuclear island main equipment during the reporting period[12]. - Shanghai Electric's turbine generator set for the Zhangzhou Nuclear Power Unit 1 successfully completed its non-nuclear steam turbine test on the first attempt, representing the first unit of the domestically developed "Hualong One" design with a rated power of 1200MW[12]. - Shanghai Electric signed long-term service contracts for gas turbine projects with Sheneng Group and Danyang Huahai, expanding its service capabilities in the gas-steam combined cycle equipment sector[12]. Technological Innovation - The company emphasized the importance of technological innovation and talent development to enhance core competitiveness[9]. - The company signed comprehensive strategic cooperation agreements with Shanghai Jiao Tong University and Tsinghua University to enhance innovation and research collaboration[10]. - The company achieved 100% localization of the Hualong series axial seal nuclear main pump and initiated mass production of F-class G50 heavy gas turbine blades[10]. - The company launched the world's largest offshore floating platform generator, addressing the demand for large-capacity generators in domestic floating power stations[10]. - The company released a new generation of Z series alkaline electrolyzer products with hydrogen production scales ranging from 50 to 3000 Nm³/h, focusing on efficiency and cost-effectiveness[11]. - The company introduced the world's largest 16MW low-frequency offshore wind turbine and established the largest wind power testing platform globally[11]. - The company developed a series of energy storage products, including lithium battery storage and vanadium flow storage, to enhance capabilities in the energy storage sector[11]. - The company achieved significant breakthroughs in high-temperature superconducting magnetic confinement fusion technology with the successful plasma discharge of the world's first full high-temperature superconducting tokamak device[10]. - The company is actively promoting the development of hydrogen energy technology across the entire industry chain, including production, storage, and utilization[11]. Market and Strategic Goals - Shanghai Electric is committed to supporting high-quality industrial development and advancing its strategic goals[9]. - The company plans to enhance its core competitiveness and align with national strategies for high-quality development in the second half of 2024[24]. - The company is focused on high-end equipment manufacturing and has secured multiple orders for ultra-supercritical unit products, reflecting its competitive advantages in the market[12]. - The company is actively engaging in the new energy system construction, leveraging national energy policies to strengthen its core competitive advantages[12]. - The company plans to continue its market expansion and enhance its product offerings in the upcoming quarters[56]. - The company is actively pursuing market expansion and technological innovation across its business segments[89]. Financial Position and Assets - The total assets at the end of the reporting period were RMB 282.30 billion, a slight decrease of 0.34% from the previous year[22]. - The total liabilities of the group as of June 30, 2024, were RMB 204.669 billion, down RMB 1.671 billion or 0.8% from December 31, 2023[26]. - The net current assets of the group were RMB 22.488 billion as of June 30, 2024, a decrease of RMB 1.614 billion compared to December 31, 2023[26]. - The total amount of bank and other borrowings and bonds was RMB 48.252 billion as of June 30, 2024, an increase of RMB 2.205 billion from December 31, 2023[27]. - The group’s capital expenditure for the reporting period was approximately RMB 2.001 billion, compared to RMB 2.662 billion in the first half of 2023, primarily for production technology optimization and equipment updates[30]. - The group’s debt ratio increased to 41.86% as of June 30, 2024, up from 41.59% at the beginning of the year, reflecting a 0.27 percentage point increase[30]. - The company’s total assets as of June 30, 2024, amounted to RMB 77,625,741,000, with total liabilities of RMB 53,400,522,000, resulting in total equity of RMB 24,225,219,000[57]. Employee and Governance - As of June 30, 2024, the group had approximately 40,321 employees, a decrease from about 41,196 employees on June 30, 2023[35]. - The company has not implemented any equity incentive plans, employee stock ownership plans, or other employee incentive measures during the reporting period[35]. - The company has established a wage growth mechanism linked to labor productivity, ensuring performance-based salary adjustments[35]. - The board has reviewed and monitored the company's corporate governance policies and compliance with legal and regulatory requirements, affirming adherence to the Corporate Governance Code[43]. - There were significant changes in the board and senior management, including the election of Wu Lei as Executive Director and Chairman, and the appointment of several new Vice Presidents[45]. Legal and Compliance Issues - The communications company has initiated lawsuits against multiple entities, including a claim for RMB 392.97 million against Harbin Industrial Investment Group[33]. - The communications company is also pursuing RMB 787.96 million from Fushen Industrial Company, with ongoing litigation[33]. - A claim of approximately RMB 2.089 billion is being sought from Nanjing Changjiang Electronic Information Industry Group, with the case currently suspended[33]. - Jiangsu Zhongli Group has filed a lawsuit against the communications company for a total of approximately RMB 545.08 million, including interest and legal fees[33]. - The company has ongoing arbitration cases with claims totaling approximately USD 1.46 billion related to equipment supply contracts[149]. - The company has received a ruling from the Singapore International Arbitration Centre requiring a guarantor to pay a total of USD 1.46 billion, which includes unpaid project payments and related legal fees[149]. Taxation and Financial Management - The total tax expenses for the first half of 2024 amounted to RMB 581,584 thousand, compared to RMB 335,934 thousand in the same period of 2023, indicating a significant increase[124]. - The company has obtained high-tech enterprise certification, allowing it to apply a preferential tax rate of 15% for several subsidiaries until 2026[118]. - The total income tax calculated based on applicable tax rates for the first half of 2024 was RMB 651,376 thousand, reflecting the company's profitability[124]. - The income tax expense for the current period was RMB 581,584 thousand, up from RMB 335,934 thousand in the previous year, reflecting a significant increase in tax obligations[125].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或 因依賴該等內容而引致的任何損失承擔任何責任。 SHANGHAI ELECTRIC GROUP COMPANY LIMITED 上海電氣集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：02727） 二零二四年中期業績 * 業績摘要 上海電氣集團股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈本公司及其附屬 公司（「本集團」或「上海電氣」）截至二零二四年六月三十日止六個月（「報告期」）的 中期業績，該業績未經審核，但已經本公司審核委員會（「審核委員會」）審閱。本公司截 至二零二四年六月三十日止六個月中期業績根據中國企業會計準則編製。 | --- | --- | |-------|---------------------------------------------------------------------| | | | | ► | 二零二四年上半年營業總收入為人民幣 498.69 億元，較上年同期下降 6.0% ...

研究报告 Research Report 14 Jul 2024 上海电气 Shanghai Electric Group Company Limited (2727 HK) 火电和核电订单高增,业绩不断修复 Retrieving from high growth of thermal and nuclear power orders [Table_yemei1] 观点聚焦 Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$1.50 目标价 HK$2.02 HTI ESG 4.0-3.0-4.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$53.86bn / US$6.90bn 日交易额 (3 个月均值) US$1.21mn 发行股票数目 2,924mn 自由流通股 (%) 89% 1 年股价最高最低值 HK$1.90-HK$1.38 注:现价 HK$1.50 为 2024 年 7 月 12 日收盘价 Titl ...

Financial Performance - Total revenue for the first quarter of 2024 was RMB 20,586,986 thousand, representing a decrease of 3.30% compared to the same period last year[6]. - Operating income for the same period was RMB 20,446,608 thousand, down by 3.31% year-on-year[7]. - Net profit attributable to shareholders of the listed company was RMB 32,009 thousand, a significant decline of 91.27% compared to the previous year[7]. - Basic and diluted earnings per share were both RMB 0.0021, reflecting a decrease of 91.06% year-on-year[7]. - Operating profit for Q1 2024 was 801,983, down 11.5% from 906,960 in Q1 2023[19]. - Net profit for Q1 2024 was 553,200, a decline of 20.2% compared to 693,072 in Q1 2023[20]. - Other comprehensive income after tax for Q1 2024 was -144,167, compared to -64,440 in Q1 2023, indicating a worsening position[20]. Assets and Liabilities - Total assets at the end of the reporting period were RMB 278,649,841 thousand, a decrease of 1.63% from the end of the previous year[7]. - Total assets decreased to 278,649,841 from 283,266,567, a reduction of 1.9%[16]. - Total liabilities decreased to 201,405,088 from 206,339,927, a reduction of 2.0%[16]. - Equity attributable to shareholders of the listed company was RMB 52,700,043 thousand, down by 0.19% compared to the end of the previous year[7]. - Non-current assets increased to 92,694,572 from 91,439,849, an increase of 1.4%[16]. Cash Flow - The net cash flow from operating activities was negative RMB 6,932,238 thousand, indicating a significant cash outflow[7]. - Cash inflow from operating activities for Q1 2024 was RMB 28,964,683 thousand, an increase of 7.6% compared to RMB 25,982,534 thousand in Q1 2023[24]. - Net cash flow from operating activities for Q1 2024 was -RMB 6,932,238 thousand, an improvement from -RMB 9,230,945 thousand in Q1 2023[24]. - Total cash outflow from operating activities was RMB 35,896,921 thousand in Q1 2024, compared to RMB 35,213,479 thousand in Q1 2023[24]. - Cash received from the sale of goods and services in Q1 2024 was RMB 27,727,378 thousand, an increase from RMB 24,875,004 thousand in Q1 2023[24]. - The company reported a decrease in cash received from tax refunds to RMB 146,335 thousand in Q1 2024 from RMB 153,249 thousand in Q1 2023[24]. Investment and Financing Activities - Cash inflow from investment activities for Q1 2024 was RMB 3,770,615 thousand, up from RMB 3,308,145 thousand in Q1 2023[25]. - Net cash flow from investment activities for Q1 2024 was RMB 829,368 thousand, a significant recovery from -RMB 1,161,426 thousand in Q1 2023[25]. - Cash inflow from financing activities for Q1 2024 was RMB 6,258,630 thousand, compared to RMB 3,707,886 thousand in Q1 2023, reflecting a 68.5% increase[25]. - Net cash flow from financing activities for Q1 2024 was RMB 1,426,398 thousand, slightly down from RMB 1,454,807 thousand in Q1 2023[25]. - The ending cash and cash equivalents balance for Q1 2024 was RMB 33,594,008 thousand, down from RMB 34,767,565 thousand in Q1 2023[25]. Expenses - Research and development expenses for Q1 2024 were 1,014,255, up from 985,482 in Q1 2023, reflecting a growth of 2.5%[19]. - The company reported a decrease in total operating costs to 19,994,249 from 21,245,908, a decline of 5.9%[19]. - Non-operating income and expenses totaled RMB 151,591 thousand, with government subsidies contributing RMB 135,333 thousand[10]. - The company reported a fair value loss of RMB 249 million on financial assets, which was a significant factor in the decline of net profit[12].

Financial Performance - Total revenue for 2023 was ¥1,147.97 billion, a decrease of 2.4% year-on-year[1]. - Net profit attributable to shareholders was ¥2.85 billion, a turnaround from a net loss of ¥35.66 billion in the previous year[3]. - Basic earnings per share for 2023 was ¥0.018, compared to a loss of ¥0.228 per share in the previous year[3]. - The company reported a pre-tax profit of RMB 3.3 billion in 2023, recovering from a pre-tax loss of RMB 2.0 billion in 2022[22]. - Operating profit for 2023 was RMB 3.4 billion, a significant improvement from an operating loss of RMB 2.0 billion in the previous year[22]. - The net cash flow from operating activities was RMB 7.8 billion, a decrease of 8.09% from RMB 8.5 billion in 2022[22]. - The company reported a significant increase in revenue, achieving a total of 100 billion RMB for the fiscal year, representing a 15% year-over-year growth[37]. - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 12%[41]. - The company reported a significant increase in revenue, achieving a total of 100 billion CNY for the fiscal year 2023, representing a 15% year-over-year growth[46]. - The company provided guidance for the next fiscal year, projecting a revenue growth of 10% to 110 billion CNY[46]. Order and Backlog - New orders amounted to ¥1,372.1 billion, with energy equipment orders totaling ¥752.2 billion[4]. - The company’s backlog of orders reached ¥2,657.6 billion, with energy equipment orders at ¥1,531.3 billion[4]. Research and Development - Research and development expenses increased by 6.78% to RMB 53.69 billion[97]. - The company is investing heavily in R&D, allocating 8% of its revenue, which amounts to 8 billion RMB, towards new technologies[42]. - The company’s R&D personnel count reached 3,885, accounting for 9.21% of the total workforce, with 115 holding doctoral degrees[104]. - The company has been awarded over 20 major R&D projects, covering areas such as new energy, energy storage, and artificial intelligence, as part of its commitment to technological innovation[13]. Technological Advancements - The company achieved significant milestones in nuclear power, including winning contracts for high-temperature gas-cooled reactor equipment[4]. - The company has made advancements in nuclear fusion technology, securing key projects for core equipment supply[4]. - The company launched the TSTCBTC®3.0 autonomous train control signal system, enhancing train control efficiency with the latest technologies such as 5G[8]. - The company successfully delivered the world's first full-height superconducting tokamak device HH-70 and the first EXL-50U compact fusion device vacuum chamber[105]. Market Expansion and Strategy - The company is focusing on high-end equipment manufacturing and capitalizing on national energy policy opportunities[4]. - The company is actively expanding its new energy layout, focusing on technologies such as wind, solar, and hydrogen storage[8]. - The company plans to expand its overseas presence, focusing on over 50 countries and regions involved in the Belt and Road Initiative, with more than 20 overseas branches established[116]. - The company aims to enhance its sales and project support capabilities across multiple regions, driven by the development of new energy resources[116]. Financial Position - The total assets of Shanghai Electric Group as of December 31, 2023, were RMB 283.3 billion, down 1.65% from RMB 288.0 billion in 2022[22]. - The net assets attributable to shareholders decreased by 3.76% to RMB 52.8 billion in 2023 from RMB 54.9 billion in 2022[22]. - The company’s total liabilities increased to RMB 206.34 billion in 2023 from RMB 193.83 billion in 2022, representing a growth of approximately 6.8%[192]. - The company’s total equity as of December 31, 2023, was RMB 76,926,640 thousand, a decrease from RMB 94,194,167 thousand at the end of 2022[200]. Governance and Management - The company has experienced a stable leadership structure with board members' terms extended to ensure continuity[28]. - The company emphasizes the importance of maintaining a strong governance structure to support its strategic objectives[28]. - The board of directors consists of eight members, including three executive directors and three independent non-executive directors, with independent directors accounting for one-third of the board during the reporting period[65]. - The company has established a robust risk management and internal control system, deemed effective and sufficient for ongoing operations[84]. Environmental and Social Responsibility - The company has committed approximately RMB 5.088 million to social responsibility initiatives, including charity donations and educational support[138]. - The company is actively developing clean energy and green technologies, focusing on areas such as ultra-low emissions and resource utilization[139]. - The company adheres to sustainable development as a strategic focus, promoting circular economy and resource efficiency[139]. Legal and Compliance - The company is involved in various litigation matters, including cases related to its subsidiaries and performance commitments[158]. - The company has engaged auditors to report on the related transactions in accordance with the Hong Kong accounting standards[155]. - The company confirmed compliance with the Hong Kong Listing Rules regarding related transactions, ensuring they are conducted on normal commercial terms[156].

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]

智通财经APP讯，上海电气(02727)发布公告，2024年1月30日，该公司五届八十九次董事会审议通过 《关于内德控股有限公司(Nedfast holdingB.V.)申请不超过1.35亿欧元银行借款的议案》，同意公司控股 子公司上海集优铭宇机械科技有限公司(以下简称"集优铭宇")下属全资子公司内德控股向金融机构借 款，借款总额不超过1.35亿欧元，借款期限不超过三年，借款利率约为Euribor+1.8%。同意集优铭宇为 上述借款提供担保，担保方式为连带责任保证担保，担保期限不超过三年。 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2023年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 上海電氣集團股份有限公司 呈交日期: 2023年12月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 | 02727 | 說明 | 不適用 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,924,482,000 | RMB | | | 1 RMB | | 2,924,482,000 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 2,924,482,000 | RMB | | | 1 RMB | | 2,924,482,000 | ...