2024-04-25 08:55Financial Performance - Total revenue for 2023 was ¥1,147.97 billion, a year-on-year decrease of 2.4%[2] - Net profit attributable to shareholders was ¥2.85 billion, compared to a net loss of ¥35.66 billion in the previous year[2] - Basic earnings per share for 2023 was ¥0.018, an increase from a loss of ¥0.228 per share in the previous year[2] - Operating profit for 2023 was RMB 3,355 million, compared to an operating loss of RMB 2,024 million in the previous year[40] - Total assets decreased by 1.65% to RMB 283,267 million in 2023 from RMB 288,021 million in 2022[40] - Net assets attributable to shareholders decreased by 3.76% to RMB 52,798 million in 2023 from RMB 54,862 million in 2022[40] - Cash flow from operating activities was RMB 7,797 million, a decrease of 8.09% from RMB 8,483 million in 2022[40] - The company reported a revenue increase of 15% year-over-year, reaching 5.2 billion RMB in the latest quarter[61] - The company achieved a net profit of CNY 8 billion, up 20% compared to the previous year, driven by strong demand in renewable energy sectors[68] - The company reported a net profit of RMB 283,994 thousand for the fiscal year 2023, with an opening retained earnings of RMB -1,226,536 thousand, resulting in a year-end distributable profit of RMB -942,542 thousand[197] Order and Backlog - New orders for 2023 amounted to ¥1,372.1 billion, with energy equipment orders totaling ¥752.2 billion[8] - As of the end of the reporting period, the total backlog of orders was ¥2,657.6 billion, with energy equipment orders at ¥1,531.3 billion[9] Market Expansion and Strategy - The company is actively expanding its market presence in smart transportation, winning bids for various urban rail signal projects[15] - Shanghai Electric plans to expand its market presence in Southeast Asia, targeting a 30% increase in market share by 2025[68] - The company is focusing on enhancing its technological innovation capabilities and market expansion to align with national strategies for high-quality development[28] - The company aims to achieve high-quality development by focusing on national strategies and enhancing operational quality, with a goal to improve net asset return rate and increase the proportion of strategic emerging industries[168] Research and Development - Research and development expenses amounted to RMB 53.69 billion, representing 4.71% of total operating revenue[147] - The company has approved over 20 major R&D projects, covering areas such as renewable energy, energy storage, and artificial intelligence[24] - The company has a total of 3,885 R&D personnel, accounting for 9.21% of the total workforce[147] - The company is investing CNY 5 billion in R&D for new energy technologies, aiming to launch three new products by the end of 2024[68] Technological Innovation - The company achieved a breakthrough in the CAP1400 nuclear power technology, which is the largest stainless steel forged main pipe in the world for pressurized water reactors[25] - Shanghai Electric launched a new generation of 16+ MW offshore wind turbine, which is the largest single-unit capacity offshore wind turbine globally at the time of bidding[26] - The company has developed a series of energy storage products, including lithium battery storage and vanadium flow storage, to support the new energy sector[25] - The company is committed to advancing the "dual carbon" goals by focusing on the "wind, solar, and hydrogen" core equipment industry and promoting the synergy between resource development and equipment manufacturing[168] Corporate Governance - The board of directors consists of eight members, including three executive directors and two non-executive directors, with recent changes due to elections and age-related departures[76] - The company has adopted the standard code of conduct for securities trading by directors, ensuring compliance throughout the year[92] - The independent non-executive directors confirmed their independence annually as per the Hong Kong listing rules[96] - The company has established a risk management system and regularly evaluates its effectiveness[103] Employee and Management - The total remuneration paid to all directors, supervisors, and senior management during the reporting period amounted to RMB 13.85508 million[75] - The company has focused on training core employees, especially leadership and strategically critical talent, to enhance business development and human capital value[82] - The company has a total of 32,688 male employees and 9,502 female employees, indicating a significant gender disparity in the workforce[79] Environmental and Sustainability Initiatives - The company launched the "Double Carbon" action plan, aiming for carbon peak by 2030 and carbon neutrality in its operations by 2035[17] - The company aims to achieve carbon neutrality by 2030, aligning with global sustainability goals[61] - The company is actively developing software related to carbon peak and carbon neutrality, aiming to provide a one-stop digital solution for green low-carbon development[154] Financial Management and Risks - The group has non-collateral borrowings totaling USD 337 million and EUR 456 million, with corresponding amounts in RMB of 2.387 billion and 3.589 billion respectively[181] - The company will optimize its supply chain management to mitigate risks associated with fluctuations in raw material prices, which can significantly impact profit levels[176] - The company faces market risks due to the strong correlation between the equipment manufacturing industry and national economic growth, as well as intensified competition in the renewable energy sector[175]