Shanghai Electric reports increased revenue amidst leadership and strategy shifts

Shanghai Electric Group (HKEX: 2727) reported its 2024 financial results showing a total revenue of RMB 116.186 billion, a 1.2% increase year-over-year. The group also announced the appointment of Wu Lei as the new chairman of the Board, succeeding the previous chairman and several other adjustments to board and executives to help better support their new goal of “serving national strategies, aligning closely with national needs, developing new quality productive forces, building core competitiveness, and achieving high-quality development”. A number of initiatives were launched in 2024 that helped promote the company’s alignment with strategy including a 300 MW F-class heavy-duty gas turbine prototype, customized offshore wind SOV’s, a first set of million-level nuclear power protective rings, and a 2x9 MW dual-drive mill motor. Looking ahead to 2025, the company plans to focus on industrial capacity upgrades, core technology breakthroughs, and governance optimization.