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SHANGHAI ELEC GP UNSP/ADR (SIELY) is a prominent player in the energy sector, specializing in cutting-edge nuclear power technology. Shanghai Electric, a key participant in the world's first nuclear power plant project to feature Gen IV nuclear power technology, recently achieved a milestone with the successful commercial operation of the Shidaowan High-Temperature Gas-Cooled Reactor Pebble-bed Module (HTR-PM) demonstration project. This groundbreaking project marks China's advancement in nuclear energy innovation, emphasizing safe, reliable, and sustainable power sources to support carbon neutrality goals. Shanghai Electric's contributions to the project include supplying essential equipment such as reactor pressure vessels, turbines, and control systems, showcasing its expertise in the industry. With a focus on HTGR technology, Shanghai Electric is at the forefront of developing safer and more efficient nuclear power solutions, solidifying its position as a leader in the global energy sector.
Shanghai Electric has successfully completed the first hydro test for the molten salt tank at the Parabolic Trough Plant-II of the Mohammed bin Rashid Al Maktoum Solar Park, conducted on May 9. This test marks a significant progress in the world's largest CSP project, which will generate 950MW of clean energy. The solar tower, rising 260m, will be the tallest of its kind, ensuring energy availability around the clock. Despite challenges like labor shortages during Ramadan, the team achieved timely results, showcasing the project's commitment to renewable energy and China's Belt and Road Initiative.
Shanghai Electric Wind Power Group held its IPO on the Shanghai Stock Exchange's Sci-Tech Innovation Board on May 19, 2021, marking a significant milestone in its history. The IPO proceeds will enable the company to enhance product development, digital transformation, and boost testing capabilities while optimizing its capital structure. As a leader in China's offshore wind industry, Shanghai Electric ranks among the top ten global wind turbine manufacturers, with a notable capacity of newly installed turbines. The company aims to leverage this opportunity to drive green energy initiatives and align with China's carbon neutrality goals.
Shanghai Electric has released its 2020 Corporate Social Responsibility Report, marking its 12th CSR and 5th ESG report. Highlighting its commitment to governance and product excellence, the report emphasizes performance in smart energy and intelligent manufacturing, amidst COVID-19 challenges. The company committed RMB 4.75 billion to R&D, an 8.55% year-on-year increase, representing 3.47% of total operating income. Additionally, various initiatives to support environmental conservation and social responsibility, including donations during the pandemic, were outlined.
Shanghai Electric reported a total revenue of RMB 137.285 billion for the fiscal year ending December 31, 2020, marking a 7.67% increase year-on-year. The net profit attributable to the owners rose by 7.34% to RMB 3.758 billion. New orders reached RMB 185.55 billion, with orders on hand at RMB 276.09 billion, reflecting increases of 8.7% and 14.7% respectively. The Energy Equipment Segment achieved RMB 55.96 billion in revenue, driven by wind turbine growth. A final dividend of RMB 0.7178 per ten shares was proposed.
On March 4, 2021, Shanghai Electric partnered with the Dalian Institute of Chemical Physics to establish a Proton Exchange Membrane (PEM) Hydrogen Production Technology R&D Center. This collaboration aims to develop Megawatt Modular PEM Hydrogen Production Equipment, marking a significant step in Shanghai Electric's green hydrogen initiatives. With strong government support, the hydrogen energy market in China is set to grow, potentially accounting for 10% of the energy market by 2050, with an output value exceeding RMB 10 trillion. The company is leveraging its resources to expand in the hydrogen production sector.
On February 22, 2021, Shanghai Electric Guoxuan New Energy Technology Co., Ltd and Pacific Green Technologies, Inc. signed a memorandum of understanding to collaborate on the manufacturing of battery energy storage systems. This partnership aims to enhance Shanghai Electric Guoxuan's presence in the global high-end energy storage market. Pacific Green will lead project implementation through its subsidiary, while Shanghai Electric Guoxuan will utilize its expertise in lithium battery systems. The company is known for its advanced lithium battery technologies and has established a significant industrial base aimed at high-capacity production.
Shanghai Electric reported a 0.53% year-on-year increase in gross revenue for the first half of 2020, totaling nearly RMB 280 million. The company experienced a significant 40.75% rise in new orders across energy equipment, integration services, and industrial equipment, with wind power orders surging 505.84%. Notably, new orders for energy equipment reached over RMB 52 billion, while smart transportation engineering orders skyrocketed over 3,716% to RMB 2.2 billion. These developments reflect Shanghai Electric's commitment to renewable energy and smart city initiatives.
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