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Shanghai Electric releases 2020 annual results

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Shanghai Electric releases 2020 annual results

Shanghai Electric (the “Company”) (SEHK: 02727, SSE: 601727), the world’s leading manufacturer and supplier of electric power generation equipment, industrial equipment and integration services, has released its audited results for the fiscal year ended 31 December 2020.

In 2020, the Company achieved total revenue of RMB 137.285 billion, a year-on-year increase of 7.67%, and the net profit attributable to the Company’s owners increased 7.34% year-on-year to RMB 3.758 billion. New orders grew to RMB 185.55 billion, and orders on hand rose to RMB 276.09 billion, a year-on-year increase of 8.7% and 14.7%, respectively. The Company proposed to pay a final dividend of RMB 0.7178 for every ten shares.

The Energy Equipment Business Segment has maintained steady performance and achieved revenue of RMB 55.96 billion — a 21.8% increase year-on-year — largely driven by the rapid growth of wind turbines and components business.

Bloomberg New Energy Finance (BNEF) has ranked Shanghai Electric the world’s Top 10 Wind Turbine Manufacturers in 2020.  Shanghai Electric continues to lead China’s offshore wind power market with an installed capacity of 1.26GW and comes second after Siemens Gamesa in the global offshore wind power market.

In 2020, the Company obtained approval from the Listing Committee of Shanghai Stock Exchange for listing its subsidiary, Shanghai Electric Wind Power Group Co., Ltd. (“SEWP”), on the Science and Technology Innovation Board. Furthermore, the Company also increased investment in R&D. It successfully launched the world’s first black start wind turbine project with a capacity of over 5MW — establishing the complete technological capabilities for a smart energy solution.

Committed to cultivating renewable energy and energy storage, Shanghai Electric officially launched multiple smart solutions throughout 2020. Last year, the Company put its Shanghai Electric Guoxuan Nantong lithium battery industrial base into operation and its integrated wind-solar Smart Energy project in Shanghai’s Minhang Industrial Zone and Shanghai Electric Golmud Meiman Minhang energy storage power station in Golmud City, Qinghai Province.

Shanghai Electric added nearly 30,000 new devices to its “SEunicloud” industrial internet platform in the 2020 fiscal year, with assets value totalling RMB 24.7 billion. The Company also developed and integrated 15 industry applications, ranging from equipment networking and fault diagnosis to energy planning. Simultaneously, Shanghai Electric developed eight preliminary industry solutions, including wind power smart operation and maintenance, thermal power remote operation and maintenance, machine tool operation and maintenance, energy storage battery, and distributed energy.

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