SH Electric Posts 60% Surge in 2025 Net Profit, Lifts Dividend as Energy Equipment Drives Growth

Shanghai-based SH Electric reported FY2025 revenue of RMB 126.68 billion, up 9.0% year on year, while net profit attributable to shareholders jumped 60.3% to RMB 1.21 billion. Basic earnings per share rose to RMB 0.078, a 62.5% increase. Gross profit margin stood at 17.9%.

Revenue growth was led by the Energy Equipment segment, where sales climbed 21.5% to RMB 75.02 billion and margin reached 18.4%. Industrial Equipment revenue slipped 1.5% to RMB 38.07 billion amid property-sector weakness, with margin at 16.2%. Integration Services was broadly stable at RMB 20.65 billion, but margin narrowed to 11.1%.

Order intake remained robust: new contracts totalled RMB 172.80 billion, up 12.5%. Energy Equipment accounted for RMB 92.13 billion of the 2025 intake, including RMB 26.59 billion in coal-fired power, RMB 22.97 billion in wind power, RMB 13.08 billion in energy storage and RMB 9.89 billion in nuclear power. Industrial Equipment orders reached RMB 44.48 billion, while Integration Services added RMB 36.19 billion.

By geography, Mainland China generated 85% of revenue (RMB 108.05 billion, +10.7% YoY) with a 19.3% margin. Overseas sales were RMB 18.63 billion, flat year on year, and carried a 10.2% margin.

Total assets rose to RMB 325.37 billion (2024: RMB 302.50 billion) and equity attributable to shareholders inched up to RMB 54.69 billion. The group’s gearing ratio eased to 40.22%, improving 1.75 percentage points from year-end 2024. Interest-bearing borrowings and bonds declined by RMB 1.40 billion to RMB 45.39 billion; 36% of these fall due within one year.

Liquidity remained solid with cash and bank balances of RMB 37.31 billion. Inventories increased to RMB 47.30 billion (2024: RMB 34.55 billion), and accounts receivable were broadly stable at RMB 37.03 billion.

Capital management actions included completion of a RMB 299.98 million A-share buyback (39.69 million shares, cancelled in August 2025) and issuance of science-technology innovation bonds. The board proposes a final cash dividend of RMB 0.01425 per share, totalling approximately RMB 221.45 million, pending shareholder approval.

Management highlighted a focus on advancing high-end equipment manufacturing, accelerating strategic emerging segments such as energy storage and green fuels, and deepening overseas expansion. For 2026, priorities include digitalisation, green development and reinforcing the balance sheet to support further growth.