Zhejiang Chint Electrics Projects 39 Billion Yuan Net Profit for 2024 Amid Collaborative Industry Growth

Zhengtai Electric’s New Growth Momentum through Collaboration in the Supply Chain

On April 29, Zhengtai Electric (601877) released its annual report for 2024 and the quarterly report for the first quarter of 2025. The company reported a revenue of 64.519 billion yuan in 2024, marking a 12.70% year-on-year increase. The net profit attributable to shareholders reached 3.874 billion yuan, reflecting a 5.10% increase compared to the previous year. In the first quarter of 2025, the company achieved a net profit of 1.163 billion yuan, which is a 7.65% year-on-year growth.

The annual report highlights Zhengtai Electric’s commitment to “strengthening integration and innovation to promote collaborative development.” The company is focused on developing two major industrial clusters: smart electrical appliances and green energy, enhancing both localized capabilities and digital management proficiency to accelerate its growth. Amid the challenges posed by new tariffs, Zhengtai Electric has maintained a solid business foundation while adapting to changing market dynamics.

Building a Collaborative Chain for Smart Appliances

Founded in August 1997, Zhengtai Electric is one of the core enterprises of Zhengtai Group and specializes in low-voltage electrical equipment. The company went public on the Shanghai Stock Exchange in January 2010. Zhengtai Electric is primarily engaged in the research, development, production, and sales of distribution electrical appliances, terminal electrical equipment, control systems, power devices, automation control systems, and more. Additionally, the company is involved in the development and operation of photovoltaic power plants, EPC project contracting, and the production of inverters and energy storage systems.

In terms of business segments, Zhengtai Electric’s smart electrical appliance division generated 21.704 billion yuan in revenue in 2024, an increase of 2.79%. The company emphasized its continued focus on high-value, high-potential industries and core regional markets within the smart appliance sector, significantly enhancing its efficient delivery and ongoing service capabilities through deepened collaboration across the industrial chain. The digital wave has further improved operational efficiency and overall competitiveness.

In the domestic market for smart appliances, Zhengtai Electric seized new opportunities created by renewable energy, the development of new power systems, and infrastructure initiatives. The company concentrated on specialized markets such as power grids, renewable energy sites, and smart city projects, achieving both scale and profitability in its domestic business.

While solidifying its domestic market presence, Zhengtai Electric is also reshaping its international business landscape. The company is focusing on high-potential regions such as Europe, the Middle East, North Africa, and Asia-Pacific, deepening strategic partnerships with key clients and accelerating its “global localization” strategy through differentiated service approaches.

In Europe, Zhengtai Electric has maintained stable growth in traditional component channels while gradually establishing new growth curves in Germany and France. In the Asia-Pacific region, the company is leveraging its production capacity in Singapore to create new business opportunities. In emerging markets in West Asia and Africa, it is exploring new models with dual headquarters in Saudi Arabia and Dubai.

Innovating to Create a Green Industrial Ecosystem

In the residential photovoltaic sector, Zhengtai Electric reported revenue of 31.826 billion yuan in 2024, with a net profit of 2.861 billion yuan. The company added over 13 GW of installed capacity during the year, with a trading volume exceeding 8 GW. The total installed capacity of power plants held by Zhengtai Electric surpassed 19 GW. The report indicates that Zhengtai Aneng, a subsidiary, relies on a comprehensive lifecycle quality management system and advanced operational capabilities to deliver high-quality solutions to clients.

In 2024, Zhengtai Aneng actively expanded its channel network, recruiting nearly 3,700 agents and covering 29 provincial-level administrative regions. The company has consistently maintained the highest market share for several years, focusing on building a brand matrix and diverse cooperation networks.

In the power plant business, Zhengtai Electric is contributing to the global green energy transition through the development and operation of renewable energy projects, including solar, wind, and energy storage. Domestically, the company established Zhejiang Province’s first tidal flat energy storage project—the Wenzhou Leqing Bay shared energy storage project—pioneering a new model for coastal resource utilization. The company is also advancing the construction of the 300 MW wind farm in Su Bei, enhancing the green energy layout in Northwest China, and partnering with Weilai Energy to explore the “energy storage + battery swap” market.

Internationally, Zhengtai Electric is focusing on precise market expansion and resource integration, accelerating project implementation and optimizing global supply chain layouts. In the inverter sector, Zhengtai Power is building a global business presence, strengthening its position in North America and South Korea, while also making inroads into European markets.

Notably, Zhengtai Electric continues to increase its R&D investment and cultivate talent, achieving significant breakthroughs across various fields. In 2024, R&D expenses rose by 7.47% to 1.267 billion yuan, with R&D investments across product lines accounting for 3% to 12% of sales revenue. The company achieved a new product launch rate exceeding 90% and holds nearly one hundred core technologies and patents related to photovoltaic inverters and energy storage products, attaining certifications from developed countries such as UL and VDE.

In 2024, Zhengtai Electric received multiple awards, including the “Polar Star Cup” for influential PCS suppliers in energy storage, and was recognized as a technical center and smart factory in Shanghai. Looking ahead, 2025 is a pivotal year for both consolidating achievements from the 14th Five-Year Plan and strategizing for the 15th Five-Year Plan. Facing new technological challenges and industry transformations, Zhengtai Electric is poised to focus on integrated industrial development and global localization by building a digital strategy framework and fostering new growth opportunities for high-quality development.