Breaking Down Shanghai Electric Wind Power Group Co., Ltd. Financial Health: Key Insights for Investors

Shanghai Electric Wind Power Group's recent numbers demand attention: first-half 2025 operating revenue surged to 2.66 billion RMB-a year-on-year rise of 118.61%-and quarterly revenue hit 1.89 billion RMB (+152.80% YoY), yet profitability remains strained with a first-half net loss of -278.92 million RMB (improved from -386.81 million RMB), full-year 2024 net loss of 787.45 million RMB and an EBITDA margin of -4.62%; balance-sheet strength shows total assets of 302.51 billion RMB, net assets of 54.017 billion RMB and a hefty cash position of 44.6 billion RMB that sits alongside a market cap of 25.97 billion RMB and a P/S of 2.19, while leverage and coverage metrics-debt/equity 61.5% and interest coverage -2.4x-highlight risks even as new orders of 109.81 billion RMB in H1 2025 point to substantial growth opportunities-read on for the detailed breakdown and what these figures mean for investors

Shanghai Electric Wind Power Group Co., Ltd. (688660.SS) - Revenue Analysis

• Operating revenue (H1 2025): ~2.66 billion RMB - +118.61% YoY
• Quarterly revenue (Q2 2025 ended June 30): 1.89 billion RMB - +152.80% YoY
• Full-year revenue (2024): 10.44 billion RMB - +3.20% YoY
• Employees: 1,628; revenue per employee: 7.32 million RMB
• Market capitalization: 25.97 billion RMB; Price-to-Sales (P/S): 2.19

• Revenue concentration: 2025 H1 and Q2 growth indicate a front-loaded recovery in demand or backlog conversion.
• Operational efficiency: revenue per employee at 7.32M RMB suggests relatively high productivity for the workforce size.
• Valuation context: P/S of 2.19 and market cap of 25.97B RMB price in expected revenue growth; investors are valuing forward topline acceleration.

Shanghai Electric Wind Power Group Co., Ltd. (688660.SS) - Profitability Metrics

• Net loss (H1 2025): -278.92 million RMB (improved from -386.81 million RMB in H1 2024)
• Net loss (FY 2024): -787.45 million RMB (improved from -1,271.27 million RMB in FY 2023)
• Basic loss per share from continuing operations (H1 2025): -0.21 RMB (vs -0.29 RMB in H1 2024)
• Gross profit (most recent period reported): 592.10 million RMB; gross profit margin: 5.67%
• EBITDA margin: -4.62% (year‑over‑year improvement of 68.87%)
• Operating margin: -8.69% (year‑over‑year improvement of 35.98%)

• Improving absolute net loss and EPS metrics suggest traction on cost control or revenue recovery relative to 2023/early‑2024 levels.
• Positive gross profit (592.10 million RMB) and a 5.67% gross margin indicate product‑level profitability despite negative operating and EBITDA margins.
• Substantial percentage improvements in EBITDA and operating margins (>35% and >68% measures) reflect faster improvement rates but from deeply negative bases; absolute margins remain negative.
• Watch working capital, SG&A and R&D trends and order backlog to assess whether margin improvements can continue and translate into sustained profitability.

Shanghai Electric Wind Power Group Co., Ltd. (688660.SS) Debt vs. Equity Structure

• Debt-to-equity ratio: 61.5% - indicates a moderate leverage posture relative to equity.
• Interest coverage ratio: -2.4x - operating income is insufficient to cover interest expense.
• Cash balance: ¥44.6 billion - a sizable liquidity buffer.
• Total assets (31 Dec 2024): ¥302.51 billion.
• Net assets (equity): ¥54.017 billion.
• Registered capital: ¥3.4 billion.

• Balance-sheet tension: large total liabilities (¥248.493bn) versus equity (¥54.017bn) point to significant non‑equity funding on the books.
• Liquidity offset: cash of ¥44.6bn materially offsets short-term pressure despite negative interest coverage.
• Leverage interpretation: the stated 61.5% D/E implies reported debt of ~¥33.22bn, which may reflect a narrower definition of "debt" versus total liabilities; reconcile with liability composition in financial notes.
• Operational stress: interest coverage of -2.4x signals earnings insufficient to meet interest - monitoring EBITDA and interest expense trends is critical.

Shanghai Electric Wind Power Group Co., Ltd. (688660.SS) - Liquidity and Solvency

• Net cash flow from operating activities (H1 2025): ≈ RMB 216.69 million - a recovery from negative cash flow of >RMB 2.53 billion in the prior year.
• Market capitalization: RMB 25.97 billion, signaling investor confidence in the company's outlook and balance-sheet prospects.
• Gross profit (H1 2025): RMB 592.10 million with a gross profit margin of 5.67% - an improvement in top-level profitability.
• EBITDA margin: -4.62%, representing a 68.87% improvement year-over-year (still negative, but materially improved).
• Operating margin: -8.69%, up 35.98% year-over-year, indicating progress but ongoing operational challenges.
• Registered capital: RMB 3.4 billion - the company's stated initial equity base.

Shanghai Electric Wind Power Group Co., Ltd. (688660.SS) - Valuation Analysis

• Price-to-Sales (P/S): 2.19 - implies market capitalization is valuing each RMB of trailing revenues at 2.19x.
• Market Capitalization: 25.97 billion RMB - reflects current equity market valuation and investor expectations for future revenue growth.
• Price-to-Earnings (P/E): Not applicable - the company reported a net loss, so a standard P/E multiple cannot be calculated.
• Registered Capital: 3.4 billion RMB - the company's formally registered initial equity base.
• Net Assets (Equity): 54.017 billion RMB - shows the book value of shareholder equity on the balance sheet.
• Cash & Cash Equivalents: 44.6 billion RMB - a substantial liquidity buffer to meet short-term obligations and support operations or investments.

• Liquidity perspective: Cash (44.6bn) covers a meaningful portion of market cap (≈171% of market cap) and is close to the book equity level, indicating strong liquid resources relative to market valuation.
• Valuation context: A P/S of 2.19 suggests investors are pricing in continued revenue growth or margin improvement despite current losses.
• Balance-sheet strength: Net assets (54.017bn) well exceed registered capital (3.4bn), signaling capital accumulation and retained earnings (or revaluations) over time.

Shanghai Electric Wind Power Group Co., Ltd. (688660.SS) - Risk Factors

Key financial and operational metrics for Shanghai Electric Wind Power Group Co., Ltd. (688660.SS) reveal several areas of elevated investor risk despite pockets of strength. Below are the principal risk drivers and contextual figures investors should monitor closely.

• First-half 2025 net loss: ≈ RMB 278.92 million - ongoing profitability pressure and potential need for operational or financing adjustments.
• Interest coverage ratio: -2.4x - operating income is insufficient to cover interest expenses, increasing refinancing and liquidity risk.
• Debt-to-equity ratio: 61.5% - moderate leverage that can amplify earnings volatility in downturns or rising-rate environments.
• Operating margin: -8.69% (YoY change +35.98%) - negative margin signals operational challenges despite year-over-year improvement.
• Market capitalization: RMB 25.97 billion - reflects investor expectations and relative confidence in future revenue growth despite current losses.
• Cash on hand: RMB 44.6 billion - substantial liquidity buffer that mitigates short-term solvency risk and supports potential capex or R&D investments.

Primary risk categories investors should weigh:

• Profitability risk - continued negative operating margin and recent net loss could pressure equity returns and valuation multiples.
• Coverage and refinancing risk - negative interest coverage heightens vulnerability to interest rate increases and debt rollover events.
• Leverage sensitivity - 61.5% debt-to-equity exposes the firm to macroeconomic shocks and supply-chain cost swings.
• Operational execution - improving YoY margin is positive, but sustained turnaround depends on cost control and project delivery.
• Market expectations vs. fundamentals - RMB 25.97 billion market cap implies growth assumptions that must be validated by upcoming results.
• Liquidity deployment risk - while RMB 44.6 billion cash reduces immediate solvency concerns, inefficient use could dilute shareholder value.

For strategic positioning, governance or ESG-related considerations and corporate objectives, see: Mission Statement, Vision, & Core Values (2026) of Shanghai Electric Wind Power Group Co., Ltd.

Shanghai Electric Wind Power Group Co., Ltd. (688660.SS) - Growth Opportunities

• Robust new orders: 109.81 billion RMB in H1 2025, signaling healthy demand and future revenue visibility.
• Large cash buffer: 44.6 billion RMB in cash and equivalents, offering flexibility for project financing, working capital and strategic investments.
• Market valuation: market capitalization of 25.97 billion RMB, reflecting investor appetite tied to revenue growth prospects.
• Capital base: registered capital of 3.4 billion RMB, indicating the company's initial equity foundation for expansion.
• Improving profitability: gross profit of 592.10 million RMB and a gross profit margin of 5.67%-an inflection point toward margin recovery.
• Operational performance: EBITDA margin at -4.62%, but improved by 68.87% year-over-year, showing operational trends heading in the right direction.

• Backlog conversion rate: speed and margin profile of converting the 109.81 billion RMB in orders into recognized revenue.
• Margin expansion: initiatives to lift gross margin above current 5.67% and push EBITDA into positive territory.
• Capex and R&D allocation: targeted investment to improve turbine efficiency and reduce LCOE, funded by the 44.6 billion RMB cash reserve.
• Geographic and product mix: penetration into higher-margin offshore and service businesses.
• Balance-sheet management: optimizing working capital to improve cash conversion given large project cycles.