Zhejiang Zhongtian Technology Wins Contracts for Multiple Domestic and International Marine Energy Projects Worth 2.499 Billion Yuan

Zhongtian Technology has recently secured several marine energy projects both domestically and internationally, with a total bid amount of 2.499 billion RMB. On the evening of April 9, the company announced that its subsidiaries had received “Bid Notification Letters” and signed project contracts, confirming their success in winning these multiple marine energy projects.

In terms of domestic projects, the company has been awarded the following contracts: the Southern Power Grid’s Yangjiang Sanshan Island Offshore Wind Power Flexible Direct Current Transmission Project for subsea cables and accessories, with bidding contents including ±500kV DC submarine cables and related equipment; the China General Nuclear Power Corporation’s Yangjiang Fanshi No.2 Project for the supply and laying of 500kV submarine cables; and the China Resources Power’s Cangnan Phase II Offshore Wind Power Expansion Project, which involves the supply and laying of 66kV AC submarine cables. The total bid amount for these domestic projects is approximately 1.919 billion RMB.

For international projects, Zhongtian Technology has been awarded contracts for a Middle Eastern oil and gas project involving low and high voltage AC submarine cables and accessories; a high voltage submarine cable project in Vietnam with 110kV AC submarine cables and accessories; and a supply project for high voltage submarine cables and accessories in Brazil, which includes 138kV AC submarine optical-electrical composite cables and accessories. The total bid amount for these international projects is around 580 million RMB.

Zhongtian Technology indicated that its wholly-owned subsidiary, Zhongtian Technology Submarine Cable Co., Ltd., recognized as a “Manufacturing Industry Single Champion Demonstration Enterprise” by the Ministry of Industry and Information Technology, continues to make advancements in cutting-edge technologies for ultra-high voltage AC and DC submarine cables. The company has achieved remarkable progress in China’s DC voltage levels, contributing to national deep-sea technology strategies and global energy transformation.

The recent contracts for multiple offshore wind and oil gas projects represent a significant breakthrough for the company in the application of 500kV ultra-high voltage three-core AC submarine cables and ±500kV DC submarine cables, showcasing its exceptional technical strength, project management capabilities, and market competitiveness in the submarine cable sector. The total bid amount of approximately 2.499 billion RMB accounts for 5.55% of the company’s audited revenue for 2023, positively influencing the company’s future operational performance.

Looking ahead, the company plans to continue increasing its R&D investments and focus on the marine new energy sector, providing high-end and intelligent products to support the transformation of the national energy structure and contribute innovative solutions for global marine energy development.

Currently, the world is undergoing a transition in energy structure, with many countries strengthening support for offshore construction planning. According to a report from the Global Wind Energy Council, the installed capacity of offshore wind power globally is expected to grow at a compound annual growth rate of over 20% over the next decade. This growth will drive an increasing demand for submarine cables, which are essential for offshore power transmission.

As a leading domestic submarine cable enterprise, Zhongtian Technology possesses advanced technology and has established manufacturing bases in provinces such as Jiangsu, Guangdong, and Shandong. The company has a strong track record, having secured numerous landmark submarine cable contracts both domestically and internationally.

In response to an investor inquiry regarding the impact of U.S. tariffs and China’s retaliatory tariffs on the company, Zhongtian Technology clarified on April 9 that the amount of goods imported from the U.S. is minimal, with direct exports to the U.S. accounting for less than 0.01% of its total revenue. Overall, the U.S. tariff policies are not expected to significantly affect the company’s overseas operations.