Shanghai Electric renews elevator deal, announces board change and Q3 briefing

Shanghai Electric Group's subsidiary, SMEC, renewed its MESMEE Purchase Framework Agreement on October 30, 2025, to buy elevator products and services from MESMEE for three years, starting January 1, 2026. This is a continuing connected transaction, with MESMEE being 60% owned by Mitsubishi Electric and SMEC being 40% owned by Mitsubishi Electric. The proposed annual caps for these purchases are 200 million yuan for 2026, 2027, and 2028, based on high-end elevator market predictions and past transaction estimates.

Concurrently, Dr. XU Jianxin resigned as an independent non-executive director after six years of service, effective October 30, 2025. Dr. CHEN Xinyuan has been nominated as his successor, with his appointment subject to shareholder approval. The board acknowledged Dr. XU's contributions and confirmed his independence throughout his tenure.

The company also announced a voluntary briefing session on its 2025 third quarterly results, to be held online at the SSE Roadshow Center on November 11, 2025, from 15:00 to 16:00. Key executives, including chairman Dr. WU Lei and cfo Mr. WEI Xudong, will participate to discuss operating results and financial position.