Shanghai Electric Group Co Ltd

Shanghai Electric reported first-half 2026 operating revenue of CNY 63.332 billion, up 16.6% year-on-year, with net profit attributable to shareholders of CNY 970 million, up 18.2%, and new orders totaling CNY 100.39 billion. Of those new orders, the Energy Equipment segment accounted for CNY 64.24 billion, including CNY 12.39 billion for wind power equipment, CNY 11.44 billion for energy storage equipment, CNY 4.57 billion for nuclear power equipment, and CNY 20.23 billion for coal-fired power generation equipment, while Industrial Equipment contributed CNY 21.25 billion and Integrated Services CNY 14.91 billion. By segment, Energy Equipment revenue rose 21.4% to CNY 36.558 billion, Industrial Equipment revenue edged up 1.9% to CNY 18.954 billion, and Integrated Services revenue climbed 31.5% to CNY 10.862 billion. Overseas, Shanghai Mitsubishi Elevator won the Dubai Palm Island Phase II contract to supply 700 high-end elevators, the power transmission and distribution business won a contract for high- and low-voltage switchgear at a hyperscale data center in Finland in its first large-scale entry into Europe's high-end market, and the company signed the Minety Phase II Stonehill Energy Storage Project at 50 MW/150 MWh in the UK. The company also secured the EPC contract for the Lanzhou New Area 100,000-ton/year biomass green methanol project Phase I, holds offshore wind orders exceeding 2 GW, and saw its SUYUAN 2.0 humanoid robot make its domestic debut.

Shanghai Electric has secured the contract for Unit 3 of the Sarawak Samalaju Combined Cycle Gas Turbine Project in Malaysia, its first overseas heavy-duty gas turbine order, for a 500 MW project. Under the agreement, the company will deliver a full EPC turnkey solution for the gas-fired power plant along with a 25-year long-term service agreement covering all major equipment. Every core component, from gas turbines and steam turbines to generators, heat recovery steam generators and air-cooled systems, will be manufactured in-house by Shanghai Electric, which will also be the sole provider of the long-term maintenance and service program. Shanghai Electric's heavy-duty gas turbine lineup currently features two principal models with output ratings of 300 MW and 78 MW, and the company has delivered 103 units to date, with total installed capacity from commissioned projects exceeding 21,000 MW. Units covered by its long-term service and maintenance programs have accumulated more than 1.3 million operating hours, and with robust production capacity across both turbine classes, Shanghai Electric says it can offer new units for delivery as early as 2028. Beyond the Malaysian energy developer that awarded the current contract, project developers in Indonesia, Thailand, the Philippines and Vietnam have also expressed strong interest in placing orders.

Shanghai Electric released its 2026 interim report, with total operating revenue of 63.332 billion yuan, up 16.63% year-on-year, and net profit attributable to the parent company of 970 million yuan, up 18.18% year-on-year. Net cash inflow from operating activities was 3.259 billion yuan, up 107.84% year-on-year. The company's asset-liability ratio was 75.74%, gross margin was 18.27%, return on equity was 1.75%, and diluted earnings per share was 0.06 yuan. The number of shareholders was 649,100, and the top ten shareholders held 68.14% of the shares.

Shanghai Electric, through its wholly-owned subsidiary Shanghai Electric Hong Kong, established a new BVI subsidiary as the issuer and completed the issuance and listing of 1.5 billion yuan offshore renminbi green bonds. The bonds were listed on the Hong Kong Stock Exchange on 20 August 2026, with an annual interest rate of 1.8 percent and a term of three years. The company has obtained the National Development and Reform Commission's review and registration certificate for corporate foreign debt, with an issuance size not exceeding the equivalent of 500 million euros.

China Central Depository & Clearing supported Shanghai Electric's overseas subsidiary in successfully issuing a 1.5 billion yuan free trade zone offshore bond, making it the world's first corporate free trade zone offshore bond. The bond has a maturity of three years and a coupon rate of 1.8 percent, while also setting a record for the largest single issuance size in the free trade zone offshore bond market and becoming the first free trade zone offshore bond listed on the Hong Kong Stock Exchange. The issuance attracted active subscriptions from investors in Hong Kong, Macau, Southeast Asia, the Middle East, Europe and other regions, marking the expansion of free trade zone offshore bond issuers from financial institutions to high-quality corporate entities. As a leading enterprise in China's high-end equipment manufacturing sector, Shanghai Electric used the free trade zone offshore bond to carry out offshore renminbi financing, effectively broadening the company's cross-border financing channels.

Shanghai Electric Group Co. began marketing so-called pearl bonds in the Shanghai free-trade zone on Wednesday, marking the first bond sale in almost three years by a non-financial company as authorities reopen the market with tighter rules. The energy equipment maker backed by the municipality set initial price guidance around 2.4%, according to a person familiar. The revival follows a 2023 crackdown that halted purchases of pearl bonds by domestic banks after the market became a popular avenue for debt-ridden local government financing vehicles to raise money. Year-to-date issuance in the FTZ bond market has surged to more than five times last year’s level over the same period, though total sales have only reached $512 million, a fraction of the $19 billion market. The new three-year notes are being sold through an overseas subsidiary and will be guaranteed by the company’s Hong Kong subsidiary with a keepwell deed from Shanghai Electric Group.

Shanghai Electric showcased a comprehensive portfolio of embodied intelligence solutions at the 2026 World Artificial Intelligence Conference in Shanghai. The display featured the SUYUAN bipedal humanoid robot with 41 degrees of freedom, the TUOYUAN industrial wheeled humanoid robot, and an autonomous pipe inner-wall chamfering robot with positioning accuracy within 1 millimeter. The company also launched 51 industrial-grade AI agents under its StarCloud Intelligent Manufacturing series, covering R&D, production, and maintenance. Additionally, Shanghai Electric released an AI-Native Smart Factory Technology White Paper proposing an architecture that gives factories self-perception, self-decision, and self-execution capabilities.

Shanghai Electric has released an earnings forecast, estimating that net profit attributable to owners of the parent for the first half of 2026 will be between 920 million yuan and 1 billion yuan, representing a year-on-year increase of about 12% to 22%. During the reporting period, improved operations in certain core business segments, along with non-recurring gains from government grants recognised in the period and the disposal of equity in some subsidiaries, jointly provided positive support for profitability.

On the evening of July 20, nearly 100 companies listed on the Shanghai Stock Exchange disclosed a flurry of positive news, covering buybacks, increased holdings, upbeat earnings, interim dividends, and long-term insurance capital investment. On that day, 16 companies announced new buyback plans with a combined upper limit of 4.5 billion yuan, and 9 companies announced new shareholding increase plans with a combined upper limit of 6.875 billion yuan, bringing the total to 11.375 billion yuan. Another 30 companies released progress updates on buybacks and increased holdings. On the semi-annual earnings front, 15 Shanghai-listed companies reported positive results. Shanghai International Port Group expects a net profit attributable to shareholders of approximately 8.47 billion yuan for the first half, up about 5.35 percent year-on-year. Shanghai Electric expects a net profit of 920 million to 1 billion yuan, up about 12 to 22 percent. Putailai expects a net profit of 1.4 billion to 1.5 billion yuan, up 32.66 to 42.14 percent. Jihua Group achieved a net profit of 474 million yuan, surging 1,272.52 percent. Bank of Chongqing posted a net profit of 3.518 billion yuan, up 10.28 percent. Ten companies disclosed interim dividend plans. The controlling shareholders or chairmen of six companies—Chint Electrics, Yiwu China Commodities City, Industrial Securities, Juhua Group, Hualu Hengsheng, and Hundsun Technologies—proposed interim dividends. The controlling shareholder of Shanghai Airport proposed raising the interim dividend payout ratio. Several companies' shareholders pledged not to reduce holdings or terminated reduction plans early. For example, the controlling shareholder and actual controller of Keli Sensing voluntarily committed not to reduce holdings, and Bethel Automotive announced that its shareholder did not reduce holdings and terminated the reduction plan early. In the insurance sector, China Pacific Insurance, Ping An Insurance, and New China Life Insurance expressed firm support for capital market development, vowing to leverage the advantages of insurance funds, adhere to long-term and prudent investment principles, support the cultivation of new quality productive forces, act as patient capital in the market, and firmly implement profit distribution policies by optimizing dividend frequency and carrying out interim dividends to enhance shareholder returns.

Shanghai Electric Wind Power has been selected for the S&P Global Energy 2026 Tier 1 Clean Energy Technology wind turbine manufacturer list. The list is published by S&P Global Energy to help outstanding clean energy technology suppliers stand out in a competitive market, with evaluation dimensions covering market influence, cumulative equipment shipments, market share, global production capacity layout, key financial indicators, and sustainability factors. Shanghai Electric Wind Power is a STAR Market-listed subsidiary of Shanghai Electric Group, with over two decades of deep experience in the wind power industry. Its cumulative offshore wind installations have ranked first in China for 11 consecutive years, and in the first half of 2026 its market share of new offshore wind orders reached 52.27 percent. The company's international footprint has expanded to regions including Central and Eastern Europe, Southeast Asia, and the Middle East. Notably, in partnership with Oman's Mawarid Group, it is co-building the Middle East's first wind turbine manufacturing base in the Duqm Special Economic Zone, with an initial planned annual capacity of 1 gigawatt.