PR88882

SHENZHEN, China, April 7, 2021 /PRNewswire=KYODO JBN/ --

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 owners of

the Company 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 dividends of RMB 0.7178 for every ten shares.

Despite the challenges brought about by the COVID-19 pandemic, Shanghai

Electric achieved excellent results by reducing the impact across various

business segments. The Energy Equipment Business Segment has maintained steady

performance and achieved revenue of RMB 55.96 billion — a 21.8% increase

year-on-year that was mainly attributed to the rapid growth of wind turbines

and components business. The Company also grew revenue from its Integrated

Services Business Segment, which encompasses Energy Engineering and Services,

Environmental Engineering and Services, Automation Engineering and Services,

the Industrial Internet service, Financial Services, International Trade

Services and more. This segment rose 17.9% year-on-year to RMB 52.232 billion,

with the uptick driven by accelerated growth in Energy Engineering and Services.

At the same time, Shanghai Electric has made significant strides in the reform

of institutional mechanisms, integrated development of technologies, investment

in scientific research and innovation, the development of smart solutions, and

the construction of its Industrial Internet SEunicloud Platform — making steady

progress on the road to become a world-class enterprise.

In 2020, the Company successfully 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,

and completed the mixed-ownership reform of Shanghai Renmin Electrical

Apparatus Works (SREAW) and Shanghai Centrifuge Institute Co., Ltd.

Furthermore, in order to drive the consumption of new energies and achieve

green and sustainable development, Shanghai Electric proactively promoted

energy transformation and its comprehensive energy services comprising "wind,

solar, hydro, thermal and storage integration" and "source, grid, load and

energy storage integration". The Company also increased investment in R&D and

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, as well as 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. At the same time, Shanghai Electric developed eight

preliminary industry solutions, which include wind power smart operation and

maintenance, thermal power remote operation and maintenance, machine tool

operation and maintenance, energy storage battery and distributed energy.

Looking ahead, Shanghai Electric will continue to implement its "three steps

forward" development philosophy with an orientation towards strategy,

problem-solving and results. The Company will continue to develop its

comprehensive smart energy services, in a bid to accelerate the industry

towards a digitalized, connected and intelligent future.

Source: Shanghai Electric