Shanghai Electric: Impairment provisions, connected transactions revealed

Shanghai Electric Group reported a net impact from impairment provisions decreasing its pre-tax profit by RMB1,500.52 million for the first three quarters of 2025. This includes RMB1,220.37 million in credit impairment loss, primarily from bad debts on receivables, and RMB280.15 million in asset impairment loss, mainly due to inventory write-downs and fixed asset impairments.

Concurrently, the company entered into new Financial Services and Daily Connected Transaction Framework Agreements with SEGC, its controlling shareholder, effective January 1, 2026, for three years. These agreements cover a range of services including deposits, loans, bill discounting, and various comprehensive services, with proposed annual caps for transactions reaching up to RMB18,000 million for loans and bill discounting by 2028. These transactions are subject to reporting, announcement, and annual review requirements under listing rules.