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 2023 reached RMB 116.19 billion, a 1.2% increase from RMB 114.80 billion in 2022[18]. - Net profit attributable to shareholders was RMB 752.48 million, down 6.3% from RMB 803.35 million in the previous year[18]. - Cash flow from operating activities increased significantly by 127.3% to RMB 17.64 billion compared to RMB 7.76 billion in 2022[18]. - Total assets grew by 5.7% to RMB 302.50 billion from RMB 286.17 billion at the end of 2022[18]. - The company reported a decrease in net assets attributable to shareholders by 4.6% to RMB 53.19 billion from RMB 55.73 billion at the end of 2023[18]. - The company achieved total operating revenue of RMB 116.186 billion, with a gross margin of 18.6%[26]. - The net profit attributable to shareholders was RMB 752 million, resulting in a basic earnings per share of RMB 0.048[26]. - The company reported a net cash flow from operating activities of RMB 17.614 billion in the fourth quarter[21]. - The company experienced a decrease in diluted earnings per share by 7.7% compared to the previous year[19]. - The company’s net profit after deducting non-recurring gains and losses was RMB -119.582 million in the first quarter[21]. Strategic Plans and Development - The company plans not to distribute profits for the 2024 fiscal year, pending shareholder approval[3]. - The company plans to continue focusing on high-quality development and enhancing core competitiveness in response to market challenges[26]. - The company plans to focus on high-quality development and core competitiveness, aligning with national strategies and enhancing industrial capabilities by 2025[38]. - The company aims to enhance its core competitiveness and achieve high-quality development by focusing on high-end, green, and intelligent equipment[104]. - The company plans to significantly expand its "wind-solar-storage-hydrogen" core equipment industry to support the transition to a new power system[104]. - The company is committed to aligning its development strategies with national policies and regional development plans[106]. - The company is actively participating in the national energy transition strategy to build a new power system dominated by renewable energy, enhancing its core competitiveness[109]. Acquisitions and Investments - The acquisition of 100% equity in Ning Shen Industrial by Shanghai Electric Automation Group was completed, with net profits of RMB 520 million and RMB 300 million for 2023 and 2024 respectively[18]. - The company completed the acquisition of a 48.18% stake in Shanghai Electric Industrial Co., Ltd. for a total consideration of RMB 10.004 billion[97]. - The company plans to acquire the equity of Shanghai Ningsheng Industrial Co., Ltd. held by Shanghai Electric Holding Group Co., Ltd.[120]. - The company is focusing on expanding its market presence through strategic acquisitions and partnerships, as evidenced by recent proposals[120]. Research and Development - The total R&D investment for the reporting period amounted to 5.694 billion yuan, representing 4.9% of the operating revenue[74]. - The company has 3,925 R&D personnel, accounting for 9.75% of the total workforce[72]. - The company is advancing its research and development efforts, establishing a key laboratory focused on resource thermal conversion and recycling, aligned with national carbon neutrality goals[32]. - The company is investing in R&D, with a budget increase of G% aimed at developing next-generation products and technologies[127]. Market and Product Development - The company secured new orders totaling RMB 153.6 billion during the reporting period[26]. - New orders in energy equipment amounted to RMB 89.1 billion, including RMB 32.62 billion for coal-fired power equipment and RMB 7.89 billion for nuclear power equipment[26]. - The company launched the world's largest 10MW wind turbine and the first 16MW offshore low-frequency unit, catering to high-capacity and offshore wind power needs[31]. - The company is actively expanding its market presence in aviation and intelligent transportation, securing contracts for aircraft assembly lines and smart transportation systems[29]. - The company is enhancing its service capabilities in the gas turbine lifecycle, marking the successful completion of its first major overhaul project, which strengthens its technical service capacity[50]. Environmental and Social Responsibility - The company invested 84.21 million yuan in environmental protection during the reporting period[162]. - Total investment in social responsibility projects reached 5.131 million yuan in 2024, focusing on donations and public welfare[176]. - The company allocated 900,000 yuan for poverty alleviation and rural revitalization projects in 2024, supporting various initiatives[176]. - The company has established an emergency response plan for environmental incidents, ensuring compliance with national regulations[171]. Governance and Compliance - A standard unqualified audit report was issued by Ernst & Young Hua Ming Accounting Firm[6]. - The company has established a governance structure that includes a board of directors, supervisory board, and management team, ensuring effective operation and compliance with regulations[114]. - The company has not faced any significant differences in governance practices compared to regulatory requirements[114]. - The company has conducted multiple shareholder meetings in 2024, all of which passed resolutions without any objections[114]. Risk Management - The company faces significant risks including market fluctuations, raw material price volatility, and foreign exchange risks[5]. - The company is strengthening its risk management and monitoring of overseas projects due to rising labor and material costs influenced by macroeconomic and geopolitical uncertainties[111]. - The company is increasing the use of hedging tools to manage foreign exchange risks associated with its export and import contracts[110]. Legal Matters - The company is facing significant litigation involving its subsidiary, Shanghai Electric Communication Technology Co., which has filed lawsuits against multiple parties for payment and damages totaling approximately RMB 545.08 million[188]. - The company has been involved in multiple legal proceedings, with several cases currently on hold pending the outcomes of related cases[188]. - The company signed a supply and service contract with Reliance Infra Projects (UK) Limited worth $1.311 billion for a large coal-fired power plant project in India[189].

证券代码：601727 证券简称：上海电气 编号：临 2025-014 上海电气集团股份有限公司 关于计提减值准备的公告 1、信用减值损失 2024 年公司计提的信用减值损失主要是应收票据坏账损失、应 收账款坏账损失、其他应收款及长期应收款坏账损失。 1 公司信用减值损失的确认依据及计算方法为： 根据《企业会计准则第 22 号——金融工具确认和计量》，对于以 摊余成本计量的金融资产、以公允价值计量且其变动计入其他综合收 益的债务工具投资、合同资产、应收融资租赁款、财务担保合同和贷 款承诺等，以预期信用损失为基础确认损失准备。 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。 2025 年 3 月 28 日，上海电气集团股份有限公司（以下简称"公 司"或"本公司"）董事会五届一百零八次会议审议通过《关于公司 2024 年度计提减值准备的议案》，具体情况如下： 一、计提减值准备情况概述 为客观、公允地反映公司 2024 年度财务状况和经营状况，按照 《企业会计准则》的相关规定，公司对截至 2024 年 12 月 31 日的各 类资产 ...

证券代码：601727 证券简称：上海电气 编号：临 2025-015 重要内容提示： 一、公司 2024 年度可供分配利润情况和利润分配预案 经安永华明会计师事务所（特殊普通合伙）审计，2024 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 903,068 千元，期 初未分配利润为人民币-942,542 千元，期末可供分配利润为人民币- 1 上海电气集团股份有限公司（以下简称"公司"）2024 年度拟 不进行利润分配，也不以资本公积金转增股本。 本次拟不进行利润分配的原因为：根据《上海证券交易所股 票上市规则》及《公司章程》的相关规定，公司母公司在当年 盈利且累计未分配利润为正的情况下采取现金分红。鉴于公 司 2024 年末母公司累计可分配利润为负，因此不具备实施现 金分红的条件。本次利润分配预案尚需提交公司 2024 年年度 股东大会审议。 本次利润分配预案不涉及可能触及《上海证券交易所股票上 市规则（2024 年 4 月修订）》第 9.8.1 条第一款第（八）项规 定的可能被实施其他风险警示的情形。 39,474 千元。 经公司董事会五届一百零八次会议审议通过，公司 2024 年度利 润分配预 ...

上海电气集团股份有限公司 涉及财务公司关联交易的专项说明 2024年度 Ernst & Young Hua Ming LLP Level 17, Ernst & Young Tower Oriental Plaza, 1 East Chang An Avenue Dongcheng District Beijing, China 100738 安永华明会计师事务所（特殊普通合伙） 中国北京巿东城区东长安街 1 号 东方广场安永大楼 17 层 邮政编码: 100738 ey.com Tel 电话·: +86 10 5815 3000 Fax 传真·: +86 10 8518 8298 涉及财务公司关联交易的专项说明 安永华明（2025）专字第70002087_B04号 上海电气集团股份有限公司 上海电气集团股份有限公司董事会： 我们审计了上海电气集团股份有限公司的2024年度财务报表，包括2024年12月31 日的合并及公司资产负债表，2024年度的合并及公司利润表、股东权益变动表和现金 流量表以及相关财务报表附注，并于2025年3月28日出具了编号为安永华明（2025） 审字第70002087_B01号的无保 ...

上海电气集团股份有限公司 关于 2024 年度对上海电气集团财务有限 责任公司的风险持续评估报告 根据《上海证券交易所上市公司自律监管指引第 5 号——交易与 关联交易》的规定，上海电气集团股份有限公司（以下简称"公司"） 结合上海电气集团财务有限责任公司（以下简称"财务公司"）提供的 《金融许可证》、《营业执照》等有关证件资料，并审阅包括资产负债 表、利润表、现金流量表等在内的财务公司的定期财务报告，对财务 公司的经营资质、业务和风险状况进行了评估。具体情况报告如下： 一、财务公司基本情况 名称：上海电气集团财务有限责任公司 法定代表人：冯淳林 注册资本：人民币 30 亿元 股东结构（截至 2024 年 12 月 31 日）： | | 股东名称 | 持股比例 | | --- | --- | --- | | 1 | 上海电气集团股份有限公司 | 74.625% | | 2 | 上海电气香港有限公司 | 8% | | 3 | 上海电气控股集团有限公司 | 5% | | 4 | 上海电气集团香港有限公司（注） | 4.75% | | 5 | 上海机电股份有限公司 | 2.625% | | 6 | 上海汽轮机厂有限 ...

年 环境、社会及管治报告 年度报告 上海电气集团股份有限公司 上海电气集团股份有限公司 上海电气集团股份有限公司 专题 走进上海电气 彰显国有企业担当 争当世界一流装备企业 报告编制说明 本报告中提供之政策及数据涵盖集团总部、内设机构、分公司、全资及控股子公司，环境数据涵盖集团下属重要生产 型附属公司，部分案例涉及重要控股、参股公司。数据披露范围为 2024 年 1 月 1 日至 2024 年 12 月 31 日。除特殊 说明外，报告中涉及的货币均为人民币，密度数据以上海电气 2024 年年报营业收入数据为基准。 数据来源及可靠性保证 本报告的数据和案例主要来源于集团统计报告和相关文件，报告未经第三方审验。集团董事会承诺本报告不存在任何 虚假记载、误导性陈述，并对其内容真实性、准确性和完整性负责。 确认及批准 本报告经管理层确认后，于 2025 年 3 月 28 日获董事会批准通过。 概览 上海电气集团股份有限公司（下称"上海电气"、"集团"、 "公司"和"我们"）从 2010 年开始首度编写并披露 2009 年度社会责任报告，并自 2016 年起披露其环境、社会及管治（下称"ESG"）报告，每年定期发布。本 ...

上海电气集团股份有限公司 董事会审核委员会2024年度履职报告 一、审核委员会基本情况 截至报告期末，公司董事会审核委员会由独立董事徐建新先 生、刘运宏先生、杜朝辉先生（于2024年9月18日获委任）和非执 行董事邵君先生（于2024年3月6日获委任）组成，徐建新先生任 审核委员会主席。审核委员会原委员独立董事习俊通先生和非执 行董事姚珉芳女士分别于2024年9月18日和2024年2月23日离任。 二、审核委员会2024年度会议召开情况 报告期内，公司审核委员会根据《上市公司治理准则》、《公 司章程》及其他有关规定，积极履行职责，具体如下： 2024年，公司审核委员会共召开了10次会议，时任委员均亲 自出席了全部会议。就公司的定期报告、年度内控评价报告、年 度风险管理评价报告、对外担保、聘用会计师事务所、聘任财务 负责人等相关议题发表了意见，并听取了公司审计工作、业绩预 告等事项的汇报，同时对相关会议决议进行了签字确认。 报告期内，审核委员会召开情况具体如下： 召开日期 会议内容 重要意见和建议 2024 年 1 月 15 日 2024 年第 一次审核 委员会 审议通过《关于投资建设临夏永靖县盐锅峡 260M ...

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 2024 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2024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 ...

证券代码：601727 证券简称：上海电气 编号：临 2025-016 上海电气集团股份有限公司 关于续聘会计师事务所的公告 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。 重要内容提示： 上海电气集团股份有限公司（以下简称"公司"或"本公司"）拟 续聘安永华明会计师事务所（特殊普通合伙）（以下简称"安 永华明"）在 2025 年度为公司提供财务报告及内部控制审计 相关服务。 一、拟聘任会计师事务所的基本情况 （一）机构信息 1、基本信息 安永华明会计师事务所（特殊普通合伙），于 1992 年 9 月成立， 2012 年 8 月完成本土化转制，从一家中外合作的有限责任制事务所 转制为特殊普通合伙制事务所。安永华明总部设在北京，注册地址为 北京市东城区东长安街 1 号东方广场安永大楼 17 层 01-12 室。截至 2024 年末拥有合伙人 251 人，首席合伙人为毛鞍宁先生。安永华明 一直以来注重人才培养，截至 2024 年末拥有执业注册会计师逾 1700 人，其中拥有证券相关业务服务经验的执业注册会计师超过 1500 人， ...