Shaangu Power Builds 'Second Growth Curve' Through Service-Oriented Manufacturing Transformation
Shaangu Power (601369.SH), a Chinese turbomachinery manufacturer, has transformed its revenue structure so that services and operations now contribute about two-thirds of total revenue, according to its 2025 annual report. In the first half of 2026, the company reported revenue of 4.988 billion yuan (up 2.44%) and operating cash flow of 509 million yuan (up 109.95%). The company has achieved technical breakthroughs in compressed air energy storage and secured the world’s largest CAES project. Overseas sales contracts surged 95.67% in H1 2026.
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Shaangu Power's 4.76% Dividend Yield Puts It in Top 10 of Low-Volatility ETF
Shaangu Power (陕鼓动力), a rare equipment manufacturer among top holdings of CSI Dividend Low Volatility ETFs, has achieved a rolling dividend yield of 4.76% based on its 2025 actual payout versus its September 21 closing price of 9.04 yuan per share. The company reported operating cash flow of 509 million yuan in the first half of 2026, up 109.95% year-on-year, with revenue of 4.988 billion yuan, up 2.44%. Its service and operations segments now account for about two-thirds of total revenue, with energy infrastructure operations becoming the largest revenue source at 4.646 billion yuan. The company has built a long-term cash flow model through aftermarket services including备件 (spare parts), maintenance, and gas supply contracts lasting 20-30 years. In compressed air energy storage, Shaangu has achieved full technical coverage from 10MW to 350MW and secured the world's largest project by capacity. Overseas sales contracts surged 95.67% in H1 2026. The company announced plans to acquire a 36.06% stake in Qinfeng Gas via share issuance to consolidate gas operations.
Read sourceShaangu Power Builds 'Second Growth Curve' Through Service-Oriented Manufacturing Transformation
Shaangu Power (601369.SH), a Chinese turbomachinery manufacturer, is undergoing a deep transformation from equipment sales to service-oriented manufacturing, with service and operations now contributing about two-thirds of its revenue. The company's 2025 annual report shows energy conversion equipment revenue of 3.066 billion yuan (about one-third of total), industrial services revenue of 1.693 billion yuan, and energy infrastructure operations revenue of 4.646 billion yuan (up 17.26% year-on-year, nearly half of total revenue). In the first half of 2026, Shaangu reported revenue of 4.988 billion yuan (up 2.44%), operating cash flow of 509 million yuan (up 109.95%), and a gross margin of 22.26% (up 1.61 percentage points). The company has paid cumulative dividends of 7.991 billion yuan since listing, with a payout-to-financing ratio of about 4.7 times. Analysts from Guojin Securities forecast 2026 net profit attributable to shareholders of approximately 900 million yuan, up 20% year-on-year. The company has won multiple investor relations awards from Securities Times and China Securities Journal.
Read sourceShaangu Power's Service Transformation Drives Second Growth Curve, Revenue Shifts to Services
Shaangu Power (601369.SH), a Chinese turbomachinery manufacturer, is undergoing a deep transformation from equipment maker to service-oriented energy systems provider. According to its 2025 annual report, service and operations now account for about two-thirds of total revenue, with energy infrastructure operations alone contributing 46.46 billion yuan, up 17.26% year-on-year. The company's strategy, termed 'dual-wheel drive' of technological and business model innovation, focuses on generating recurring cash flows across the full equipment lifecycle. In the first half of 2026, revenue reached 49.88 billion yuan, up 2.44%, while operating cash flow surged 109.95% to 5.09 billion yuan. The company has won multiple investor relations awards from Securities Times and China Securities Journal. Analysts at Guojin Securities forecast 2026 net profit attributable to shareholders of approximately 9 billion yuan, up 20% year-on-year. Donghai Securities issued an 'overweight' rating on September 18. The article also highlights a 95.67% increase in overseas sales contracts and breakthroughs in emerging fields like compressed air energy storage and CCUS.
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Shaangu Power's Service-Oriented Manufacturing Shift: Services and Operations Now Two-Thirds of Revenue
According to a report from China Securities Journal, Shaangu Power (Shaanxi Blower (Group) Co., Ltd.) has fundamentally transformed its revenue structure over the past decade through a service-oriented manufacturing strategy. Company financials show that for 2025, energy conversion equipment revenue was 3.066 billion yuan (about one-third of total), while industrial services and energy infrastructure operations combined contributed roughly two-thirds of revenue. The latter, including gas supply operations, grew 17.26% year-on-year to 4.646 billion yuan. In the first half of 2026, overseas and chemical market sales contracts surged 95.67% and 123.46% respectively. The company is also advancing in green technologies, with a high-furnace energy recovery turbine upgrade boosting power generation by 21.77% and reducing CO2 emissions by about 15,000 tons annually. Financially, Shaangu reported H1 2026 revenue of 4.988 billion yuan (up 2.44%), operating cash flow of 509 million yuan (up 109.95%), and a gross margin of 22.26% (up 1.61 percentage points). The company's static P/E ratio of 20.63 is less than half the industry average of 43.33. An industry insider noted that the decade-long exploration of service-oriented manufacturing has now materialized into a quantifiable revenue structure for Shaangu Power.
Shaangu Power Builds 'Second Growth Curve' Through Service-Oriented Manufacturing
Shaangu Power, a Chinese equipment manufacturer listed in 2010, is undergoing a deep transformation from a pure equipment maker to a service-oriented manufacturing company, aiming to become a 'world-class energy equipment system solution provider.' The company's strategy, initiated around 2001 and formalized in 2017, shifts revenue from one-time equipment sales to continuous cash flows covering the full equipment lifecycle. In the first half of 2026, Shaangu Power reported revenue of 4.988 billion yuan (up 2.44% year-on-year) and operating cash flow of 509 million yuan (up 109.95%). The company's service and operations segment now accounts for about two-thirds of its total revenue. Key technological achievements include the AVH150 axial compressor and a 300MW compressed air energy storage system. The company has also won multiple investor relations and dividend return awards from Chinese financial media. Analysts from Donghai Securities and Guojin Securities have given the stock an 'overweight' rating.
Read sourceShaangu Power Builds 'Second Growth Curve' Through Service-Oriented Manufacturing Transformation
Shaangu Power (601369.SH), a Chinese turbomachinery manufacturer, is undergoing a strategic transformation from equipment sales to service-oriented manufacturing, creating a 'second growth curve.' According to its 2025 annual report, service and operations now contribute approximately two-thirds of revenue, with energy infrastructure operations alone accounting for nearly half (46.46 billion yuan, up 17.26% year-on-year). The company's model extends revenue across the full equipment lifecycle. In the first half of 2026, revenue reached 49.88 billion yuan (up 2.44%), operating cash flow surged 109.95% to 5.09 billion yuan, and gross margin improved to 22.26%. The company has invested heavily in R&D, including a 15.21% increase in R&D spending in H1 2026. It has won multiple investor relations awards. Analysts at Donghai Securities rate the stock 'overweight,' and Guojin Securities forecasts 2026 net profit of approximately 9 billion yuan, up 20% year-on-year. The article attributes these forecasts and opinions to the respective analysts.
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