Shanghai Electric recorded revenue of RMB 49.869 billion and a net profit of RMB 602 million for the first half of 2024. Shanghai Electric also achieved a gross profit margin of 19.2 percent.
In line with its strategy for sustainable growth, Shanghai Electric reduced its sales expenses to RMB 1.362 billion, while financial expenses dropped by 30.58 percent to RMB 202 million. Shanghai Electric’s research and development (R&D) investment remained stable at RMB 2.327 billion, consistent with the same period in 2023.
Shanghai Electric’s focus on high-end equipment manufacturing yielded significant results across its key divisions.
The energy equipment segment generated RMB 24.654 billion in revenue with a gross profit margin of 20.10 percent.
The industrial equipment division reported RMB 18.959 billion in revenue and a gross profit margin of 17.40 percent.
The integrated service business posted revenue of RMB 7.961 billion with a gross profit margin of 16.60 percent.
Shanghai Electric also secured new orders worth RMB 83.66 billion, marking an increase compared to the same period last year.
Innovation and Expansion in Energy Storage and Hydrogen Sectors
Shanghai Electric continued its leadership in energy storage and hydrogen sectors, expanding its portfolio with advanced technologies. Shanghai Electric’s energy storage solutions, including vanadium flow batteries and compressed air systems, achieved significant milestones, with its 300 MW compressed air energy storage station setting world records for single-unit power, scale, and conversion efficiency.
In the hydrogen sector, Shanghai Electric unveiled its Z-series alkaline electrolyzer, capable of producing up to 3,000 Nm³/h of hydrogen, solidifying its position as a full-spectrum provider covering production, storage, and utilization of hydrogen solutions.
Global Expansion Efforts
Shanghai Electric is supporting the global energy transition with high-profile projects across the Middle East, Europe, and Asia.
In Dubai, Shanghai Electric is leading the world’s largest standalone Concentrated Solar Power (CSP) and Photovoltaic (PV) project, expected to reduce carbon emissions by 1.6 million tons annually.
In Europe, Shanghai Electric made its debut in hydrogen equipment sales with a 5 MW PV hydrogen production project in France and exported vanadium flow battery products to Spain.
In Asia, Shanghai Electric Wind Power secured new orders in South Korea, Vietnam, and Indonesia, further solidifying its presence in the region.