Shanghai Electric Showcases Robust Mid-Year Financial Performance, Recording High-Speed Growth for Low-Carbon and Renewable Energy Businesses
- New orders for nuclear and high-efficiency clean thermal power equipment increased 182.33% and 386.67%, respectively, driving revenue and profit to record highs.
- Operating revenue was RMB 53.078 billion in H1 2023, up 5.54% from the previous year.
- Energy equipment, industrial equipment, and integrated services orders totaled RMB 82.01 billion, up 38.4% year-over-year, bringing the order backlog to RMB 284.18 billion as of June, up 5.8%.
- Profit rose 63.4% to RMB 518 million.
- Shanghai Electric received RMB 7.815 billion in nuclear orders in H1, up 182.33%.
- Last year's record for orders for coal-fired power generation equipment was quadrupled, reaching RMB 22.679 billion in H1.
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Shanghai Electric advanced low-carbon transformation and clean and renewable energy pledges to support
Operating revenue was
Energy Equipment Business Leads Growth
A global leader in energy equipment, the company has been upgrading its industrial structure to help clients go green. Energy equipment business H1 operating revenue was
Shanghai Electric received
Last year's record for orders for coal-fired power generation equipment was quadrupled, reaching
Driving New Energy Transition
With its Dual-Carbon Action Plan, Shanghai Electric made significant progress towards its low-carbon goals of carbon peak before 2035 and carbon neutrality across the value chain by 2055. This opens the door to expanding into solar and hydrogen energy, demonstrating
Shanghai Electric demonstrated its expertise with a 500kW/3000kWh vanadium redox flow battery energy storage system, showcasing its technical prowess in vanadium redox flow batteries (VRFB).
The company is also leading the way in next-generation N-type photovoltaic technologies by increasing capacity and R&D for high-efficiency heterojunction solar cells and modules this year. H1 2023 saw several overseas photovoltaic projects connect to the grid. Shanghai Electric is also constructing the world's largest CSP-PV complex in
Cutting-Edge Industrial Solutions
In H1 2023, Shanghai Electric's industrial equipment business had an operating income of
Shanghai Electric is delivering advanced manufacturing solutions for aviation, with subsidiary Broetje recently delivering heavy-duty robots to Gulfstream Aerospace Corporation. Another subsidiary, Thales Transport & Security, recently launched an autonomous train control signaling system equipped with 5G and obstacle detection.
Integrated Services Ushers Smarter Future
Shanghai Electric's integrated services business achieved an operating income of
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SOURCE Shanghai Electric