年度報告 2020 （ 於中華人民共和國註冊成立的股份有限公司 ） 000 000 NO NEW OFF OF OF ELE F -60 )) WWW.SHANGHAI-ELECTRIC.COM 二零二零年度報告 fy 業績摘要 (M 億元 公司總收入為 ¥ 1,372.85 同比上升 7.67% 公司每股基本收益為 ¥ 25 分 同比上升 8.70% 公司實現歸屬於本公司所有者利潤達 ¥ ¥ 37.58 億元 同比上升 7.34% ¥ 1,855.5 公司新增訂單 億元 同比上升 8.70% 自 董事會建議派發 2020年度末期股息每股人民幣 ¥ 7.178 分 二零二零年度報告 上海電氣集團股份有限公司 02 03 / 董事長致辭 42 / 董事會報告 64 / 重大事項 08 / 公司基本情況 77 / 獨立核數師報告 10 / 五年財務概要 92 / 合併及公司資產負債表 11 / 主要財務數據和指標 96 / 合併及公司利潤表 12 / 股本結構 98 / 合併及公司現金流量表 13 / 權益披露 99 / 合併股東權益變動表 16 / 董事、監事、高級管理人員和員工情況 101 / 公司股東權益變 ...

Financial Performance - Total revenue for the first half of 2020 reached RMB 53.237 billion, an increase of 0.53% compared to the same period last year[11]. - Profit attributable to shareholders for the first half of 2020 was RMB 1.522 billion, a decrease of 17.57% year-on-year[11]. - The company did not propose an interim dividend during the reporting period[11]. - Basic earnings per share were RMB 0.10, down 16.67% from the previous year[176]. - The company achieved total operating revenue of RMB 53.24 billion, an increase of 0.53% compared to the same period last year[191]. - Net profit attributable to shareholders was RMB 1.52 billion, a decrease of 17.57% year-on-year[191]. - The energy equipment segment reported operating revenue of RMB 19.29 billion, up 2.3% year-on-year, with a gross margin of 18.1%, an increase of 2.1 percentage points[193]. - The industrial equipment segment's operating revenue was RMB 20.46 billion, down 0.8% year-on-year, with a gross margin of 16.2%, a decrease of 2.2 percentage points[194]. - The integrated services segment achieved operating revenue of RMB 17.86 billion, an increase of 9.7% year-on-year, with a gross margin of 20.4%, down 1.6 percentage points[195]. Order and Backlog - New orders amounted to RMB 108.84 billion, representing a growth of 40.8% compared to the previous year[11]. - The backlog of orders at the end of the reporting period was RMB 294.37 billion, an increase of 20.5% from the end of the previous year[11]. - Energy equipment accounted for 48.3% of new orders, industrial equipment for 25.1%, and integrated services for 26.6%[11]. Strategic Initiatives - The company is focusing on the development of its "Xingyun Zhihui" industrial internet platform, integrating AI, big data, and cloud computing technologies[13]. - The company aims to enhance its digital ecosystem through a combination of hardware, industrial internet services, and e-commerce[13]. - The company is actively exploring new business models in the era of industrial internet[13]. - The company is focusing on the energy storage industry, leveraging opportunities from new energy consumption and infrastructure development[14]. - The company is advancing its research in lithium battery technology and vanadium flow batteries through its subsidiaries[14]. - The company is focusing on four transformations: digital transformation, product structure transformation, industrial form transformation, and business model transformation, to strengthen its strategic emerging industries in energy storage, new energy, and intelligent manufacturing[189]. Market and Economic Conditions - The impact of COVID-19 has led to significant economic uncertainty, but the company is adjusting its strategies to meet these challenges[13]. - Revenue from mainland China decreased by 2.47% to RMB 43.94 billion, while revenue from other countries and regions increased by 17.64% to RMB 9.30 billion[198]. Research and Development - The company has integrated its smart manufacturing solutions across nearly 100,000 devices, including electric equipment and elevators[14]. - The gas turbine intelligent service system has connected to 8 power plants and 14 units, accumulating a total of 100,000 operational hours[14]. - The company is advancing its research in lithium iron phosphate batteries and all-vanadium flow batteries through its Central Research Institute[179]. International Strategy - The company is advancing its international strategy by winning multiple overseas orders to mitigate the impact of declining domestic thermal power market demand[16]. - The company is committed to expanding its presence in overseas markets and along the "Belt and Road" initiative, positioning itself as a leading global energy engineering contractor[186]. Environmental and Smart Technology Initiatives - The company has secured contracts for smart ammonia optimization projects at the Shaanxi Guohua Jinjie Power Plant, marking its first order in the intelligent ammonia technology sector[14]. - Shanghai Electric has undertaken multiple smart energy demonstration projects, including the "Internet + Smart Energy" project in Chongming, Shanghai[14]. - The company is actively promoting the application of internet technology in distributed energy and new energy sectors[14]. Employee and Governance - As of June 30, 2020, the company employed approximately 34,078 people, an increase from 33,720 people a year earlier[49]. - The company has implemented various employee incentive plans and training programs to enhance performance and development[49]. - The board of directors confirmed compliance with the corporate governance policies and regulations during the reporting period[60]. Financial Position - Total assets as of June 30, 2020, were RMB 289.05 billion, an increase of 3.04% from the end of the previous year[32]. - Total liabilities increased to RMB 192.57 billion, a growth of 1.93% compared to the end of the previous year[36]. - The company's cash flow from operating activities was negative RMB 16.03 billion, compared to negative RMB 10.22 billion in the same period last year[32].

Financial Performance - The company achieved a net profit attributable to shareholders of ¥3.72 billion, an increase of 24.81% year-on-year[6]. - Basic earnings per share were ¥0.25, reflecting a year-on-year growth of 25%[6]. - Total operating revenue reached ¥127.51 billion, up 26.0% compared to the previous year[9]. - The company reported a significant increase in net profit under Chinese accounting standards to RMB 3,501,037 thousand from RMB 3,016,525 thousand in the previous year[29]. - The total revenue for the year reached RMB 127.5 billion, up from RMB 101.2 billion in the previous year[27]. - The annual profit attributable to the owners of the company was RMB 3,719,804 thousand, an increase of 25.0% from RMB 2,980,460 thousand in the previous year[191]. - The total comprehensive income for the year was RMB 6,039,967 thousand, compared to RMB 5,185,335 thousand in 2018, reflecting a growth of 16.5%[196]. - The company reported a net profit before tax of RMB 7,263,034 thousand, compared to RMB 6,008,116 thousand in 2018, showing an increase of 20.9%[191]. Order and Revenue Growth - New orders amounted to ¥170.79 billion, representing a year-on-year increase of 30.6%[6]. - New orders in the energy equipment segment accounted for 3.1%, while integrated services made up 48.8% of the total[10]. - Shanghai Electric achieved new nuclear equipment orders amounting to RMB 1.48 billion, representing a growth of 5.5% compared to the previous year[11]. - The company reported new wind power equipment orders of RMB 22.38 billion, representing a year-on-year increase of 72.2%[12]. - New gas turbine equipment orders amounted to RMB 6.55 billion, reflecting a significant year-on-year growth of 630.7%[12]. - New orders in the energy engineering and services sector amounted to RMB 55.62 billion, a year-on-year increase of 27.1%[16]. - The total orders for intelligent manufacturing equipment reached RMB 105.3 billion, an increase of 35.7% compared to the previous year[14]. Market Position and Strategy - The company is focusing on the transformation from traditional energy equipment to new energy equipment and from high-energy-consuming manufacturing to intelligent manufacturing[10]. - The company aims to become a provider of system solutions and data operators in smart cities, smart energy, and intelligent manufacturing[10]. - Shanghai Electric maintained its leading position in the domestic offshore wind market, winning multiple projects including the Guangdong Jieyang Shenchuan 200MW project[11]. - The company aims to become a global leader in the full lifecycle service of wind power, focusing on creating greater value for users[11]. - The company aims to become a leader in the domestic energy storage industry, leveraging its technological research in the field[12]. - The company has initiated the split of its wind power business for a listing on the Sci-Tech Innovation Board, which is expected to accelerate development and innovation[12]. Research and Development - The company received multiple provincial and ministerial awards for its R&D projects, including a first-class award for a high-efficiency supercritical turbine unit[9]. - The company is investing heavily in R&D, with a budget allocation of 8 billion RMB for new technologies and innovations in the upcoming year[51]. - The company launched several new technologies, including a 35kW fuel cell engine system and a 7MW offshore wind turbine[116][117]. - The company has established a gas turbine technology center to support the development of its gas turbine industry and product line[12]. Financial Management and Governance - The total pre-tax remuneration for the reporting period for senior management was CNY 1,989.52 million[44]. - The company has a strong management team with extensive experience in the equipment manufacturing industry, with Zheng Jianhua having over 30 years of experience[45]. - The company emphasizes the importance of corporate governance as a key to success and regularly reviews its practices to align with the latest developments[85]. - The board of directors consists of nine members, including four executive directors and three independent non-executive directors, ensuring a diverse professional background[85]. - The company has established a balanced and effective governance structure to monitor financial performance and ensure management accountability[85]. Risk Management - The company has established a comprehensive risk management and internal control system to enhance operational effectiveness and risk prevention capabilities[102]. - The board of directors is responsible for overseeing the effectiveness of the risk management and internal control systems, with annual reviews conducted by the audit committee[102]. - The company anticipates potential market risks due to fluctuations in fixed asset investment and macroeconomic changes[131]. Environmental and Social Responsibility - The management team emphasized a commitment to sustainability, aiming for a 50% reduction in carbon emissions by 2025[46]. - The company contributed a total of RMB 11.77 million to public welfare projects, including charity donations and educational support in 2019[142]. - The company is actively promoting environmental governance in response to national policies, including waste classification in 46 major cities[124]. Future Outlook - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 110 billion RMB[55]. - The company plans to enhance its digital transformation strategy, with an investment of 200 million RMB in IT infrastructure to improve customer engagement and service delivery[65]. - The company aims to maintain healthy growth in operating income in 2020 compared to 2019, focusing on energy equipment, industrial equipment, and integrated services[131].

Financial Performance - For the first half of 2019, Shanghai Electric achieved operating revenue of RMB 52.956 billion, an increase of 3.28% compared to the same period last year[12]. - The net profit attributable to shareholders for the first half of 2019 was RMB 1.843 billion, up 4.5% year-on-year, with basic earnings per share of RMB 0.1235, reflecting a 3.09% increase[12]. - Revenue for the first half of 2019 was RMB 52.96 billion, a year-on-year increase of 3.28% compared to RMB 51.27 billion in the same period of 2018[30]. - Gross profit for the same period was RMB 9,587,401 thousand, up 9.2% from RMB 8,780,582 thousand in 2018[52]. - Operating profit increased to RMB 3,960,602 thousand, representing a 28.8% rise from RMB 3,074,463 thousand in the previous year[52]. - The company reported a net profit of RMB 1,843,477 thousand for the period, contributing to the overall increase in equity[57]. - The company reported a total comprehensive income of RMB 2,859,181 thousand for the period, slightly down from RMB 2,943,474 thousand in 2018[53]. - The company reported a net profit attributable to ordinary shareholders of the parent company for the six months ended June 30, 2019, was RMB 1,827,951,000, compared to RMB 1,764,016,000 for the same period in 2018, representing an increase of approximately 3.5%[102]. Order and Backlog - New orders during the reporting period amounted to RMB 77.54 billion, representing a 6.5% increase from the previous year[13]. - As of the end of the reporting period, the total backlog of orders was RMB 255.66 billion, with unfulfilled orders amounting to RMB 73.13 billion[13]. - New wind power equipment orders reached RMB 5.72 billion, a year-on-year increase of 40.0%[14]. - The total backlog of wind power equipment orders at the end of the reporting period was RMB 23.87 billion, an increase of 14.6% from the beginning of the year[14]. - New nuclear island equipment orders amounted to RMB 1.01 billion, a year-on-year increase of 12.0%[14]. - The total backlog of nuclear island equipment orders at the end of the reporting period was RMB 11.56 billion, a decrease of 4.1% from the beginning of the year[14]. - New environmental equipment orders reached RMB 10.05 billion, a year-on-year increase of 282.8%; total orders on hand for environmental equipment at the end of the reporting period were RMB 13.14 billion, up 158.4% from the beginning of the year[15]. - New coal-fired power generation equipment orders amounted to RMB 3.99 billion, a year-on-year increase of 1827.5%; total orders on hand for coal-fired power generation equipment at the end of the reporting period were RMB 55.14 billion, down 6.1% from the beginning of the year[15]. - New gas turbine equipment orders reached RMB 4.05 billion, a year-on-year increase of 258.4%; total orders on hand for gas turbine equipment at the end of the reporting period were RMB 10.87 billion, up 50.9% from the beginning of the year[15]. Segment Performance - The renewable energy and environmental equipment segment reported sales revenue of RMB 8.71 billion, a 22.8% increase year-on-year, although the gross margin decreased by 1.6 percentage points to 13.0%[22]. - The industrial equipment segment generated RMB 21.03 billion in revenue, a 4.2% increase year-on-year, with a gross margin of 18.0%, down 0.3 percentage points[23]. - The efficient clean energy equipment segment saw revenue decline by 10.7% to RMB 15.33 billion, with a gross margin of 11.6%, down 0.9 percentage points[24]. - The modern services segment achieved revenue of RMB 11.44 billion, a 10.0% increase year-on-year, with a gross margin of 24.6%, up 7.4 percentage points[25]. Assets and Liabilities - Total assets at the end of the reporting period were RMB 254.69 billion, an increase of 16.55% from the previous year[27]. - Total liabilities increased to RMB 166.59 billion, marking a 15.0% rise from RMB 144.89 billion at the end of 2018[31]. - Current assets amounted to RMB 180.20 billion, accounting for 70.8% of total assets, with a year-to-date increase of RMB 28.47 billion[31]. - The debt ratio as of June 30, 2019, was 30.18%, a decrease of 3.34 percentage points from the beginning of the year[32]. - The total amount of interest-bearing bank and other borrowings and bonds amounted to RMB 35.843 billion, an increase of RMB 3.154 billion compared to the beginning of the year[32]. - The company's borrowings and bonds due within one year were RMB 20.810 billion, an increase of RMB 10.459 billion compared to the beginning of the year[32]. Research and Development - Research and development expenditure rose by 8.90% to RMB 1.59 billion, compared to RMB 1.46 billion in the same period last year[30]. - The company has developed a fuel cell engine system with complete independent intellectual property rights and is working on stack and membrane electrode technologies[15]. Corporate Governance and Compliance - The board of directors confirmed compliance with the standards set out in the corporate governance code during the reporting period[50]. - The audit committee reviewed the accounting policies and discussed risk management and internal controls during the reporting period[50]. - The company emphasizes communication with investors and actively participates in investor relations forums[50]. Employee and Management - The employee count increased to approximately 33,720 as of June 30, 2019, up by about 4,028 from the previous year, primarily due to the consolidation of Suzhou Tianwo Technology Co., Ltd.[42]. - The company has implemented an employee stock incentive plan, granting 136.5 million A-shares at a price of RMB 3.03 per share, which is 60% of the fair market price of RMB 5.044 per share[41]. - The company has established a mechanism to synchronize wage growth with labor productivity improvements, ensuring timely payment of salaries and social insurance for employees[42]. Investment and Capital Structure - The total amount of funds raised from the A-share placement is RMB 30.00 billion, with RMB 25.49 billion (84.97%) allocated to changed purposes[35]. - The company has completed the asset restructuring and A-share placement, issuing a total of 877,918,006 A-shares at RMB 7.55 per share[33]. - The company intends to use RMB 3.42 billion of raised funds to acquire 100% equity of Wujiang Taihu Industrial Waste Treatment Co., Ltd. and RMB 7.56 billion to acquire 100% equity of Ningbo Haifeng Environmental Protection Co., Ltd.[37]. Market Expansion and New Projects - The company has officially entered the European offshore wind market, winning a bid for a 200MW offshore wind project[14]. - The company is actively promoting the development of smart nuclear power and innovative business models, transitioning from equipment sales to "equipment integration + technical services"[14]. - The company has constructed a complete industrial chain in the environmental protection sector, focusing on power station environmental protection, solid waste treatment, and water treatment[14].