Shanghai Electric's Impressive 2023 Q1 Financial Results Reflect Business Growth Momentum with Multiple Technological Breakthroughs

80MW class ultra-high-speed variable frequency conversion explosion-proof synchronous motor has been successfully developed

China's first set of 920-bore marine crankshaft forgings have been delivered to China Communications Construction Group

SHANGHAI, May 31, 2023 /PRNewswire/ -- Shanghai Electric (SEHK:2727, SSE:601727) recently released revenue data for the first quarter of 2023, showing a massive year-on-year increase of 2802.32%. The impressive results go hand-in-hand with multiple successful projects the Company has been involved in of late, including the No. 3 nuclear power unit of the Fangchenggang Nuclear Power Plant in south China's Guangxi Zhuang Autonomous Region that recently connected to the power grid. The Shanghai Yanji intelligent manufacturing project implemented by Shanghai Electric was also successfully launched in the first quarter, and 40 wind turbines at a Shanghai Electric-developed wind power project in Inner Mongolia were successfully delivered and hoisted.

Also in the first quarter, Shanghai Electric won an award for best ESG practice for a listed company and the Forbes Best Case Award for its 2022 Industrial Sustainability in China: Exploration and Practice white paper, solidifying institutional and market recognition for the Company's corporate management and sustainable development.

"Shanghai Electric has persistently kept scientific and technological innovation at the core of our brand with innovation being the main driving force of our high-quality development. We remain committed to remaining at the vanguard of global peak carbon and carbon neutrality goals. Our full implementation of innovation-driven development has accelerated the realization of self-proprietary cutting-edge technology, comprehensively enhancing the Company's competitiveness in the global green economy," Shanghai Electric President Liu Ping shared at the recent International Forum on China Brand Development held in Shanghai.

Shanghai Electric continues to promote technological innovation and sustainable industrial transformation, with a constant eye on long-term development. Recent notable achievements include:

• The 80MW ultra-high-speed frequency conversion explosion-proof synchronous motor independently developed by Shanghai Electric's Shanghai Electric Machinery Factory successfully passed appraisal and was officially released, marking Shanghai Electric's development in large-capacity compressors, setting a new milestone in the field of high-speed electric drives.
• The delivery ceremony of China's first set of 920-bore marine crankshaft forgings was recently held in Shanghai Electric SHMP Casting and Forging Company's 10,000-ton press workshop. In China, crankshaft forgings for large marine diesel engines with a bore diameter of 700mm have long been reliant on imports and limited to forging blanks for models with a bore diameter of 600mm and below. With the development of super-large ocean-going ships, super-large marine diesel engines with a bore diameter of 900mm and above have become mainstream products in the market, meaning Shanghai Electric is well-positioned for more independent growth in this field moving forward.
• Leadership from Saudi Arabia's ACWA Power visited Shanghai Electric to introduce its 2030 new energy development plan and to hold an in-depth exchange of views to discuss the implementation of project promotion and the expansion of strategic cooperation in new energy fields such as hydrogen energy, photovoltaics, seawater desalination, and waste-to-energy.
• Shanghai Electric's 50MW photovoltaic project in Branston, UK, passed a two-year warranty test and received the final handover certificate and contract warranty letter, marking Shanghai Electric's first photovoltaic engineering, procurement, and completed construction (EPC) project to be put into operation in the country. The final handover certificate is an important milestone for Shanghai Electric to continue developing the UK photovoltaic power market, and it has accumulated valuable experience for the implementation of new energy EPC projects in Europe and other high-end markets in the future.

For more information about Shanghai Electric for its Q1 business opportunities and overall performance, please visit https://www.shanghai-electric.com/group_en/.

About Shanghai Electric

Shanghai Electric Group Company Limited (SEHK:2727, SSE:601727), a leading global supplier of industrial-grade eco-friendly smart system solutions with a presence around the world, is dedicated to smart energy, intelligent manufacturing, and the integration of digital intelligence. With the focus on low-carbon development and digital transformation by opening up new arenas and promoting new growth drivers, Shanghai Electric will strive to be a leader in the pursuit of to peak carbon dioxide emissions before 2030 and achieve carbon neutrality before 2060, new energy equipment production, and high-end equipment localization, utilizing the boundless opportunities in an innovative industrial ecosystem along with global partners.

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