PR85530

SHANGHAI, Sept. 10, 2020 /PRNewswire=KYODO JBN/ --

Shanghai Electric (SEHK: 02727, SSE: 601727), the world's leading manufacturer

and supplier of electric power generation equipment, industrial equipment and

integration services, recently released their 2020 Half-Year Financial Report.

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Key Takeaways from Shanghai Electric 2020 Half-Year Financial Report

-Year-on-year gross revenue increase of 0.53%

-Combined increase in new orders for energy equipment, integration services and

industrial equipment of 40.75%

-Increase in wind power orders of 505.84%

-Growing focus on Industrial Digitalization sector and smart city development

Representing a growth of 0.53%, the gross revenue increase of nearly RMB 280

million was categorized by a huge number of new orders for energy equipment,

integration services and industrial equipment. The largest growth was observed

in new orders for the energy equipment sector which more than doubled since the

same timeframe in 2019, to over RMB 52 billion. For the other major sectors,

industrial equipment recorded RMB 27 billion in new orders and integration

services orders increased by RMB 2 billion from the first half of 2019, to

nearly RMB 29 billion in new orders.

Underpinning the energy equipment sector's major growth in the first 6 months

of 2020, new orders for new energy equipment jumped to RMB 47 billion. Mainly

used in energy storage and the production of electricity through solar, wind

and biomass, these equipment orders accounted for close to 80% of the sector's

total. The remaining 20% was in traditional energy production from coal, gas

and nuclear power.

Within new energy, orders for wind power equipment alone increased by 505.84%

year-on-year. This increase was in part due to technological breakthroughs in

development and production of China's highest capacity operational wind

turbine, the 8MW-167 offshore turbine, and the June announcement of the Group's

intention to IPO its wind power division. Apart from wind, Shanghai Electric

has also been focusing on nuclear power equipment with a recorded 244.8%

increase in new orders in the first half of 2020. These developments all

reflect Shanghai Electric's focus on capturing the enormous emerging market for

renewable and new energy solutions.

Apart from renewables, Shanghai Electric has also been focused on engineering

the future of smart cities. Identifying four major technical areas to be

transformed, the Group has been working alongside local government authorities

and other large local partners to make smart cities a reality. Through building

the city, providing smart energy solutions, manufacturing and transportation,

Shanghai Electric is set to play a key role in developing China's smart cities

of the future.

Due to this focus, development in smart manufacturing, transportation and

services also features in the Group's Half-year Financial Report with an

increase in new orders for smart transportation engineering and services of

over 3,716% to RMB 2.2 billion. Comprised of four main digital service areas:

cloud, supply chain, e-commerce and smart contracts, the Group has launched the

award-wining Industrial Internet SEunicloud Platform, seeking to accelerate the

evolution of work and retool the energy industry.

Source: Shanghai Electric