Summary of Shanghai Electric Group (2727.HK) Conference Call Company Overview - **Company**: Shanghai Electric Group (SHE) - **Ticker**: 2727.HK - **Industry**: Energy Equipment Key Financial Highlights - **Net Profit**: Increased by 60.4% year-over-year (YoY) to Rmb1,207 million in 2025, with a net profit of Rmb142 million in 4Q25 compared to a net loss of Rmb230 million in 4Q24 [1][2] - **Operating Cash Inflow**: Decreased by 40.4% YoY to Rmb10.5 billion in 2025 due to increased purchases of goods and services [1] - **Gross Profit Margin**: Declined to 17.4% in 2025, down 0.7 percentage points YoY, with a margin of 16.3% in 2H25 [3] - **New Orders**: Total new orders in the energy equipment segment rose by 3.4% YoY to Rmb92.1 billion in 2025, but fell by 21.1% YoY to Rmb32.1 billion in 2H25 [4] Operational Insights - **Impairment Loss**: Reduced by 25.9% YoY to Rmb2,420 million in 2025, contributing positively to net profit [2] - **Disposal Gain**: Increased significantly by 13 times YoY to Rmb506 million, primarily from land reserves and storage [2] - **Finance Costs**: Increased by 49.8% YoY to Rmb830 million due to fluctuations in deposit interest rates and exchange rates [2] Segment Performance - **Energy Equipment Revenue**: - Wind Power: Revenue of Rmb13.7 billion in 2025, with a gross profit margin of 4.8%, down 2.2 percentage points YoY [9] - Coal-fired: Revenue of Rmb28.3 billion, with a gross profit margin of 26.7%, up 0.6 percentage points YoY [9] - Nuclear: Revenue of Rmb4.9 billion, with a gross profit margin of 16.3%, up 1.5 percentage points YoY [9] - **Industrial Equipment Revenue**: Total revenue decreased by 1.1% YoY to Rmb38.1 billion, with a gross profit margin of 16.2% [9] Market Outlook - **Target Price**: Set at HK$4.20, based on a price-to-book (P/B) ratio of 1.1x for 2025E, reflecting business transformation and increasing demand for renewable power capacity in China [11] - **Expected Returns**: Anticipated share price return of 7.1% and expected dividend yield of 0.5%, leading to a total expected return of 7.7% [5] Risks - **Order Flow**: Potential lower-than-expected order flow could impact performance [12] - **Margin Pressures**: Unexpected raw material price hikes may lead to lower margins [12] - **M&A Returns**: Lower-than-expected returns from potential mergers and acquisitions could pose risks [12] Additional Notes - **Dividend Resumption**: SHE announced its first dividend per share (DPS) of Rmb0.01425 in 2025, marking a return to dividend payments after four years [1] - **Future Guidance**: Further insights and details are expected to be discussed in the results meeting scheduled for 31 March 2026 [7]

呈交日期: 2026年4月1日 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: 2026年3月31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 第 1 頁 共 10 頁 v 1.2.1 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 (如上市) | 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 | ...

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: 2026年3月31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: 2026年4月1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 (如上市) | 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 | | ...

Financial Performance - Total revenue for 2025 reached RMB 126.679 billion, an increase of 9.0% year-on-year[3] - Profit attributable to shareholders for 2025 was RMB 1.206 billion, up 60.3% year-on-year[4] - Basic earnings per share for 2025 increased to RMB 0.078, reflecting a 62.5% year-on-year growth[4] - New orders for 2025 amounted to RMB 172.8 billion, representing a 12.5% increase year-on-year[4] - Total operating revenue for the year ended December 31, 2025, reached RMB 126,678,586 thousand, an increase of 9.8% from RMB 116,186,116 thousand in 2024[7] - Net profit attributable to shareholders of the parent company was RMB 1,206,219 thousand, up 60.3% from RMB 752,480 thousand in the previous year[8] - The total comprehensive income for the year was RMB 3,147,009 thousand, an increase of 14.9% from RMB 2,739,374 thousand in 2024[8] - The company reported a total profit of RMB 5,021,912 thousand, a significant increase of 34.3% from RMB 3,739,745 thousand in 2024[7] Assets and Liabilities - Cash and cash equivalents as of December 31, 2025, were RMB 37.308 billion, up from RMB 32.569 billion in 2024[5] - Total assets as of December 31, 2025, were RMB 325.371 billion, compared to RMB 302.505 billion in 2024[6] - Total liabilities increased to RMB 245.464 billion in 2025, up from RMB 225.125 billion in 2024[6] - Shareholders' equity totaled RMB 79.907 billion as of December 31, 2025, compared to RMB 77.380 billion in 2024[6] - Accounts receivable as of December 31, 2025, amounted to RMB 54,810,769 thousand, slightly down from RMB 55,196,640 thousand in 2024[15] - Accounts payable as of December 31, 2025, totaled RMB 70,637,292 thousand, a rise of 16.6% from RMB 60,569,875 thousand in 2024[17] Operating Costs and Expenses - The company’s total operating costs increased to RMB 123,455,089 thousand, a rise of 9.9% from RMB 112,369,793 thousand in 2024[7] - Research and development expenses increased to RMB 6,164,014 thousand, representing a rise of 8.8% compared to RMB 5,664,514 thousand in 2024[7] - The main business cost for 2025 was RMB 101,221,886 thousand, up from RMB 91,687,743 thousand in 2024, indicating an increase of 10.3%[19] Dividends and Shareholder Returns - The board proposed a final dividend of RMB 0.01425 per share for the fiscal year 2025[4] - The company plans to distribute a cash dividend of RMB 0.1425 per share, totaling RMB 221.447 million, pending shareholder approval[31] - The board proposed a final dividend of RMB 1.425 per share, subject to approval at the upcoming annual general meeting[64] Business Developments and Projects - The company successfully delivered the world's first ITER project magnet cold test dewar and is involved in multiple key projects in the fusion energy sector[34] - The Jilin Taonan wind power coupled biomass green methanol integrated demonstration project has commenced production with an initial capacity of 50,000 tons per year, marking a significant milestone in green methanol production[34] - The company signed a cooperation agreement for a 2GW photovoltaic project in Saudi Arabia, the largest photovoltaic EPC project undertaken to date[38] - The company launched the LNK Smart Elevator Digital Solution 3.0, enhancing elevator efficiency and user experience through customized solutions[35] - The company has established a joint venture focused on the development and industrialization of robotic joint modules and actuators, achieving commercial order breakthroughs during the reporting period[35] Technological Innovations - The company launched its first self-developed humanoid robot "Suyuan," utilizing high-quality data models trained in industrial scenarios[39] - The company has made significant advancements in energy storage, with the successful delivery of a 300MW compressed air energy storage generator, marking a key progress in energy storage equipment manufacturing[37] - The company established a joint research institute with Tsinghua University to enhance collaborative innovation in advanced manufacturing and low-carbon energy[40] Corporate Governance and Financial Management - The group has canceled the supervisory board and revised its articles of association to enhance corporate governance[54] - The audit committee confirmed the financial statements for the year ending December 31, 2025, with no objections to the accounting policies used[63] - The company has complied with all applicable corporate governance codes, except for a deviation regarding the attendance of the chairman at the annual general meeting[60] Market and Segment Performance - The energy equipment segment generated operating revenue of RMB 75.024 billion, a 21.5% increase, driven by favorable domestic coal power policies[46] - The industrial equipment segment reported operating revenue of RMB 38.074 billion, a decrease of 1.5%, primarily due to the impact of the real estate sector on elevator business[47] - The integrated services segment's operating revenue was RMB 20.649 billion, remaining stable year-on-year, although project sales revenue declined[47] Debt and Financing - As of December 31, 2025, the total amount of bank and other borrowings and bonds was RMB 45.39 billion, a decrease of RMB 1.396 billion from the beginning of the year[48] - The debt ratio of the group was 40.22%, down 1.75 percentage points from the beginning of the year[52] - The group plans to invest up to RMB 2 billion in fixed-income trust plans, with a term from April 1, 2025, to March 31, 2026[57] - The group has initiated legal proceedings against China Energy Engineering Group for the recovery of RMB 1 billion in loans, with ongoing litigation for remaining debts[58]

EF001 EF001 | 發行人所發行上市權證/可轉換債券的相關信息 | | | --- | --- | | 發行人所發行上市權證/可轉換債券 | 不適用 | | 其他信息 | | | 其他信息 | 不適用 | | 發行人董事 | | | 於本公告日期，本公司執行董事為吳磊博士、朱兆開先生及王晨皓先生；本公司非執行董事為朱雲女士、朱佳琪先生及曹慶偉先 | | | 生；本公司獨立非執行董事為劉運宏博士、杜朝輝博士及陳信元博士。 | | 第 2 頁 共 2 頁 v 1.1.1 免責聲明 | 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 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 上海電氣集團股份有限公司 | | 股份代號 | 02727 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至二零二五年十二月三十一日止年度之末期股息 | | 公告日期 | ...

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之內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴該等 內容而引致之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） 自願性公告 召開2025年年度業績說明會 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條由上海電氣集團股份有限公司 （「本公司」）作出。 本公司於2026年3月31日在上海證券交易所網站（www.sse.com.cn）披露《上海電氣2025年年度報 告》，為便於廣大投資者更全面深入地瞭解本公司2025年度的經營成果、財務狀況，本公司計劃 於2026年4月15日舉行2025年年度業績說明會，就投資者關心的問題進行交流。 一、說明會類型 本次投資者說明會以網絡互動形式召開，本公司將針對2025年度經營成果及財務指標的具體情況 與投資者進行互動交流和溝通，在信息披露允許的範圍內就投資者普遍關注的問題進行回答。 * 二、說 ...

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之內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴該等內容 而引致之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） 關於掛牌轉讓房地產的進展公告 本公告乃由上海電氣集團股份有限公司（「本公司」）董事會根據香港聯合交易所有限公司證券 上市規則（「上市規則」）第13.09條、證券及期貨條例（香港法例第571章）第XIVA部之內幕消 息條文（定義見上市規則）及參考上市規則第13.10B條作出。 一、交易概述 茲提述本公司日期為2025年12月30日的公告，內容有關本公司通過上海聯合產權交易所（「聯合產 權交易所」）公開掛牌轉讓本公司所屬上海市閔行區臨春路188號房地產及附屬設施（「標的資 產」），掛牌價格為2025年8月31日標的資產的評估值人民幣16,634.06萬元（最終以經國資有權部 門備案的評估值為準）（「本次交易」）。除文義另有指明外，本公 ...

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之內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因 倚賴該等內容而引致之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） 關於計提減值準備的公告 為客觀、公允地反映本公司2025年度財務狀況和經營狀況，按照《企業會計準則》的相關規定，本公司對 截至2025年12月31日的各類資產進行了減值測試，對存在減值跡象的資產計提減值準備。本公司2025年度 對信用減值損失計提金額人民幣249,019萬元，轉回金額人民幣145,952萬元；對資產減值準備計提損失金額 人民幣218,618萬元，轉回金額人民幣79,719萬元。綜上，本公司2025年度計提減值準備對本公司2025年度 稅前利潤影響淨額為減少人民幣241,966萬元。 二、計提減值準備相關說明 1、信用減值損失 2025年度本公司計提的信用減值損失主要是應收票據壞賬損失、應收賬款壞賬損失、其他應收款及 ...

Financial Performance - Total revenue for 2025 reached RMB 126.679 billion, an increase of 9.0% year-on-year[3] - Profit attributable to shareholders for 2025 was RMB 1.206 billion, up 60.3% year-on-year[4] - Basic earnings per share for 2025 increased to RMB 0.078, reflecting a 62.5% year-on-year growth[4] - New orders for 2025 amounted to RMB 172.8 billion, representing a 12.5% increase year-on-year[4] - Total operating revenue for the year ended December 31, 2025, reached RMB 126,678,586 thousand, an increase of 9.8% from RMB 116,186,116 thousand in 2024[7] - The total comprehensive income for the year was RMB 3,147,009 thousand, an increase of 14.9% from RMB 2,739,374 thousand in 2024[8] - The company reported a total profit of RMB 5,021,912 thousand, a significant increase of 34.3% from RMB 3,739,745 thousand in 2024[7] - The company achieved total operating revenue of RMB 126.679 billion, an increase of 9.0% compared to the same period last year[45] - Net profit attributable to shareholders reached RMB 1.206 billion, representing a 60.3% increase year-on-year[45] Assets and Liabilities - Cash and cash equivalents as of December 31, 2025, were RMB 37.308 billion, up from RMB 32.569 billion in 2024[5] - Total assets as of December 31, 2025, reached RMB 325.371 billion, compared to RMB 302.505 billion in 2024[6] - Total liabilities increased to RMB 245.464 billion in 2025, up from RMB 225.125 billion in 2024[6] - Shareholders' equity totaled RMB 79.907 billion as of December 31, 2025, compared to RMB 77.380 billion in 2024[6] - Accounts receivable as of December 31, 2025, stood at RMB 54,810,769 thousand, slightly down from RMB 55,196,640 thousand in 2024[15] - Accounts payable as of December 31, 2025, totaled RMB 70,637,292 thousand, a rise of 16.6% from RMB 60,569,875 thousand in 2024[17] - The aging analysis of accounts payable shows that over one year, the amount was RMB 10,023,196 thousand in 2025, compared to RMB 9,862,544 thousand in 2024, marking an increase of 1.6%[18] - As of December 31, 2025, the total amount of bank and other borrowings and bonds was RMB 45.39 billion, a decrease of RMB 1.396 billion from the beginning of the year[48] - The debt ratio of the group was 40.22%, down 1.75 percentage points from the beginning of the year[52] Dividends and Shareholder Returns - The board proposed a final dividend of RMB 0.01425 per share for the fiscal year 2025[4] - The proposed final dividend for the fiscal year 2025 is RMB 0.1425 per share, amounting to a total distribution of RMB 221.447 million[31] - The board proposed a final dividend of RMB 1.425 per share, subject to approval at the upcoming annual general meeting[64] - The company plans to repurchase A-shares with an estimated amount between RMB 150 million and RMB 300 million, with a maximum repurchase price of RMB 12.29 per share[62] - As of August 13, 2025, the company completed the repurchase of 39,687,456 A-shares, totaling RMB 299.9777 million[62] Research and Development - Research and development expenses increased to RMB 6,164,014 thousand, representing a rise of 8.8% compared to RMB 5,664,514 thousand in 2024[7] - The company received multiple awards for its R&D projects, including the Anhui Provincial Science and Technology Progress Special Award for the EAST project[42] - The company established a joint research institute with Tsinghua University to enhance collaborative innovation in advanced manufacturing and low-carbon energy technologies[40] Strategic Initiatives and Projects - The company is engaged in various sectors including energy equipment, industrial equipment, and integrated services, focusing on innovation and market expansion[10] - The company’s financial services segment includes corporate finance, leasing, and asset management, indicating a strategic diversification[10] - The company is actively participating in national key projects, including the ITER project and the CRAFT project, contributing to advancements in clean energy technology[34] - The company has launched the first phase of a green methanol production project with an annual capacity of 50,000 tons, marking a significant step in sustainable energy solutions[34] - The company signed a cooperation agreement for a 2GW photovoltaic project in Saudi Arabia, the largest photovoltaic EPC project it has undertaken to date[38] - The company achieved significant breakthroughs in the Central Asian energy market with the award of a 1GW wind power project in Kazakhstan[38] - The company is actively developing various energy storage technologies, including compressed air, flow batteries, and flywheel storage, to provide comprehensive energy solutions[37] Operational Efficiency - The company’s operating costs increased to RMB 123,455,089 thousand, up 9.9% from RMB 112,369,793 thousand in 2024[7] - The company is focused on enhancing management efficiency and resource allocation to stimulate corporate vitality and improve overall operational effectiveness[43] - The group plans to focus on technological innovation and digitalization as core drivers for future growth, aiming for high-quality development under the "14th Five-Year Plan" strategy[54] Market Performance - The energy equipment segment generated operating revenue of RMB 75.024 billion, up 21.5% year-on-year, driven by favorable domestic coal power policies[46] - The industrial equipment segment reported operating revenue of RMB 38.074 billion, a decline of 1.5% year-on-year, primarily due to the impact of the real estate sector on elevator business[47] - The integrated services segment maintained operating revenue of RMB 20.649 billion, remaining flat year-on-year, with a gross margin of 11.1%[47] - The operating income from mainland China was RMB 108.05 billion, with a gross margin of 19.3%, reflecting a decrease of 0.2 percentage points year-on-year[50] Legal and Governance - The group has canceled the supervisory board and revised its articles of association to enhance corporate governance[54] - The audit committee confirmed the financial statements for the year ended December 31, 2025, with no objections to the accounting policies used[63] - The company has complied with all applicable corporate governance codes, except for a deviation regarding the attendance of the chairman at the annual general meeting[60] - The group has initiated legal proceedings against China Energy Engineering Group for the recovery of RMB 1 billion in loans, with partial repayments received[58]

2025 上海电气集团股份有限公司 可持续发展报告 CONTENTS 目录 | 报告编制说明 | 03 | | | --- | --- | --- | | 05 | 董事长致辞 | | | 06 | 总裁致辞 | | | 07 | 走进上海电气 | | | 13 | 专题一："十五五"可持续发展蓝图 | | | 15 | 专题二：从装备智造到场景落地 | 打造全价值链可持续发展生态 | | 可持续发展管理 | 19 | | 治理筑基：引领责任革新 | 党建引领 | 35 | | --- | --- | | 公司治理 | 36 | | 责任品牌 | 39 | | 风险管理 | 40 | | 商业道德 | 45 | | 信息安全与隐私保护 | 49 | 高端制造：升级产业版图 | 自主创新 | 55 | | --- | --- | | 知识产权 | 63 | | 质量管理 | 66 | | 客户服务 | 73 | | 绿色低碳：守护绿水青山 | | | --- | --- | | 强化管理体系 | 119 | | 环境合规管理 | 125 | | 应对气候变化 | 134 | | 能源资源利用 | 144 | | ...