Shanghai Electric Shares A Long-term Cooperation Opportunity with Siemens, Strengthening Innovation in New Energy and Healthcare

SHANGHAI, July 11, 2023 /PRNewswire/ -- Shanghai Electric (SEHK:2727, SSE:601727) ("the Company") discussed the long-term cooperation opportunity with Siemens to boost technological innovation in the healthcare and energy sectors in a recent visit paid by the top executives from Siemens Healthineers and Siemens Energy. The two energy and healthcare groups are poised to seek greater collaboration in support of building a healthier and greener China, leveraging China and Germany's elevated bilateral ties and intensifying collaboration on climate action to push sustainability and innovation for multiple sectors.

On July 5th, a visit by Elisabeth Staudinger, Managing Board Member at Siemens Healthineers, to Shanghai Electric's headquarters was received by Leng Weiqing, Chairlady of the Board at Shanghai Electric, followed by a trip by Karim Amin, Executive Vice President at Siemens Energy, on the same day. During the meetings, Shanghai Electric held talks with the high-level delegates from Siemens, its long-standing partner in new energy and high-end medical equipment, to discuss the fruitful outcomes of their collaboration that have driven innovation in China's healthcare sector and seek possibilities to upgrade their synergy to develop greener solutions for energy storage and new energy sources.

"The collaboration between Shanghai Electric and Siemens has allowed us to fully take advantage of our expertise and capabilities in different industries, markets, and technologies to enhance our product R&D and innovation, with teams at the two companies yielding numerous impressive achievements over the past decades. We look forward to further strengthening our partnership with Siemens to propel the domestic innovation of medical equipment, improve China's public health facilities at the grassroots level, and empower China to build a safe, low-carbon, and efficient energy system, benefiting more Chinese citizens by jointly delivering more high-quality healthcare and sustainable energy solutions," said Leng Weiqing.

Highlighting the growing demand for healthcare services in China, Elisabeth Staudinger stressed that China's 14th Five-Year Plan, which lays out the strategy to enhance domestic medical equipment manufacturing and technological innovation, will bring more cooperation opportunities for the two companies. "Siemens Healthineers wishes to work hand in hand with Shanghai Electric to speed up the development of China's medical sector, improve China's health and hygiene standards, and contribute towards the realization of the 'Healthy China 2030' vision," she said.

Karim Amin acknowledged the remarkable achievements of collaboration between Shanghai Electric and Siemens and offered insights into Siemens Energy's business development. "Siemens Energy aims to deepen strategic cooperation with Shanghai Electric to support China's effort to achieve energy transformation. It means that we will ramp up investment in R&D, actively explore new applications of new technology, and offer products and services with better quality. As we bring more technical support to help China accelerate toward the "dual carbon" goal, we also anticipate joining hands with Shanghai Electric to achieve more breakthroughs in the new energy sector," he said.

The visit came after the top official of China held the first in-person government consultations with German Chancellor Olaf Scholz since the outbreak of COVID-19 in June, during which the top officials of the two countries expressed their willingness to strengthen cooperation on low-carbon development and accelerate their transition to a more climate-friendly economy. As Beijing and Berlin continue to jointly work on issues such as decarbonizing industrial processes, doubling down on policies for the switch to climate-friendly mobility, and constructing the circular economy, new opportunities will be presented to the two companies to build upon their twenty-year partnership to catalyze innovation for renewable technology and healthcare.

Since the acquisition of Westinghouse Electric over two decades ago, Siemen has been a key partner of Shanghai Electric in the energy sector, with the two companies co-developing clean, efficient power solutions with a joint venture, Shanghai Electric Power Generation Equipment. Boasting a 40 percent market share, the company has surpassed RMB 150 billion in revenue with its coal-fired power generation equipment, which has set numerous records for performance, capacity, and low carbon emissions.

2022 marks the beginning of a new partnership between Shanghai Electric and Siemens Healthineers, through which the two companies look to promote domestic innovation in medical equipment across China and improve access to quality medical resources for healthcare institutions nationwide. The two companies have confirmed deep cooperation across various areas in an agreement that encompasses business systems, product development, and after-sales services, facilitating Shanghai Electric's growth in the booming medical sector of China.

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 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.

For more information, please visit https://www.shanghai-electric.com/group_en/

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