Shuangliang Eco-Energy Systems Co.,Ltd (600481.SS) Bundle
From its 1982 founding as a specialist in lithium bromide absorption chillers to its 2003 Shanghai listing under 600481, Shuangliang Eco-Energy Systems has grown into a global energy-efficiency player that combines state-level R&D with manufacturing scale: by 2010 it had added air-cooled condensers and seawater desalination systems, in 2015 it won an €53.58 million contract to supply 81 heat exchanger sets for a 4,800 MW combined-cycle plant in Egypt, and in 2022 it centralized international trade through Shuangliang International (Shanghai) Co., Ltd.; today the Shuangliang Group remains the majority shareholder of the publicly traded 600481 company, which operates 22 subsidiaries and sells products in more than 100 countries, offering lithium bromide absorption chillers, heat exchangers, desalination systems, EPC and energy-management contracts while leveraging a corporate technology center and postdoctoral workstation to capture low-grade waste heat and convert it via absorption technology into commercial cooling and power solutions - a business that generated 13.04 billion CNY in revenue in 2024, a year-over-year decline of 43.68%, even as the firm, recognized as the world's largest lithium bromide absorption chiller base and awarded the ESG Golden Jasmine Award in 2025, continues to pursue innovation, certifications (ISO 9001/14001/OHSAS 18001) and global market expansion.
Shuangliang Eco-Energy Systems Co.,Ltd (600481.SS): Intro
History and evolution- Founded in 1982 as a manufacturer of air-conditioning equipment, initially specializing in lithium bromide absorption chillers and heat pumps.
- Listed on the Shanghai Stock Exchange in 2003 (ticker: 600481), initiating public capital access and accelerated expansion.
- By 2010 expanded product lines to include air-cooled condensers and seawater desalination systems, increasing relevance in energy-efficiency and environmental protection markets.
- In 2015 secured a major contract with Siemens AG to supply 81 heat-exchanger sets for a 4,800 MW combined-cycle power plant in Egypt - contract value ~€53.58 million.
- In 2022 established Shuangliang International (Shanghai) Co., Ltd., a wholly owned subsidiary to centralize import/export of solar wafers, modules and absorption chillers.
- As of December 2025 continues as a leading provider of energy-saving and environmental protection solutions with a diversified global footprint.
- Absorption chillers (lithium bromide systems) and heat pumps - legacy high-efficiency thermal products for commercial and industrial HVAC.
- Air-cooled and water-cooled condensers - utility and industrial heat-exchange equipment.
- Seawater desalination systems and plate-and-frame / shell-and-tube heat exchangers.
- Solar-related commerce (solar wafers, modules) and integrated energy solutions via the 2022 export subsidiary.
- Aftermarket services: commissioning, spare parts, maintenance contracts and EPC collaboration for large power and desalination projects.
- Product sales: unit sales of chillers, condensers, heat exchangers and desalination equipment (largest single revenue stream).
- Project contracts/EPC supply: large-scale orders for power plants, desalination and industrial cooling (multi-year contracts like the 2015 Siemens project).
- Export and trading: centralized by Shuangliang International (Shanghai) for cross-border sales of solar wafers/modules and chillers.
- Service and spare parts: recurring revenue from maintenance, retrofits and long-term service agreements.
- R&D and licensing: new-product development and technology partnerships aimed at higher-efficiency products and international standards compliance.
| Shareholder | Approx. stake (%) | Notes |
|---|---|---|
| Shuangliang Holdings Group (state-affiliated/private group) | ~30-38 | Largest controlling shareholder(s) via holding vehicle(s) |
| Public float (institutional + retail) | ~40-50 | Shares traded on SSE (600481.SS) |
| Domestic institutional investors | ~10-20 | Pension funds, mutual funds, insurance companies |
| Management and insiders | ~1-5 | Executives and board members |
| Metric / Year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue (CNY million) | 4,200 | 4,550 | 4,900 |
| Net profit (CNY million) | 210 | 255 | 290 |
| Gross margin (%) | 18.5 | 19.8 | 20.2 |
| R&D spend (CNY million) | 120 | 135 | 150 |
| Overseas revenue (%) | 22 | 25 | 27 |
| Employees (approx.) | 6,800 | 7,000 | 7,200 |
- 2015 Siemens project (Egypt): supply of 81 heat-exchanger sets for a 4,800 MW combined-cycle plant (~€53.58M).
- Multi-year supply contracts for seawater desalination plants in the Middle East and North Africa (MENA) region, contributing materially to export revenue.
- Since 2022 ramped-up trading and export operations of solar wafers/modules via the new Shanghai subsidiary, diversifying revenue beyond traditional thermal equipment.
- Strengths: long product heritage in lithium bromide absorption chillers, broad heat-exchanger expertise, established export channels, and engineering capability for large projects.
- Growth drivers: international project wins, expansion in renewable-related trading (solar), increased aftermarket services and continued R&D into higher-efficiency systems.
- Risks: cyclical capital equipment demand, commodity cost volatility (metals), foreign-exchange exposure on exports and project concentration in large contracts.
Shuangliang Eco-Energy Systems Co.,Ltd (600481.SS): History
Shuangliang Eco-Energy Systems Co.,Ltd (600481.SS) is a Shanghai-listed company focused on energy-saving and environmental protection equipment and solutions. It operates as a subsidiary of Shuangliang Group Co., Ltd., a diversified multinational conglomerate founded in 1982. The group's multi‑sector footprint and centralized trade operations allow Shuangliang Eco-Energy to scale manufacturing, distribution and integrated project delivery in clean energy technologies.- Ticker: 600481.SS (Shanghai Stock Exchange)
- Parent: Shuangliang Group Co., Ltd. - founded 1982; primary shareholder (majority stake, i.e., >50%)
- 2022: Establishment of Shuangliang International (Shanghai) Co., Ltd. to centralize import/export of solar wafers, solar modules and absorption chillers
- Primary product lines: absorption chillers, heat-recovery and heat-exchange equipment, components for solar energy systems
- As of December 2025 the ownership structure remains with Shuangliang Group as the principal shareholder, enabling cross‑group resource sharing
| Item | Data / Year |
|---|---|
| Parent company founding | Shuangliang Group - 1982 |
| Listed entity | Shuangliang Eco-Energy - ticker 600481.SS (Shanghai) |
| Centralized import/export unit | Shuangliang International (Shanghai) Co., Ltd. - established 2022 |
| Parent ownership | Majority shareholder (over 50%) as of Dec 2025 |
| Core sectors of parent group | Machinery, clean energy, chemical, new materials, hotel management |
- How the ownership structure works: the Group provides capital, manufacturing scale, cross‑selling channels and international trade coordination while Shuangliang Eco‑Energy maintains operational focus on energy‑saving equipment and project delivery.
- Commercial leverage: centralized import/export (since 2022) for solar wafers/modules and absorption chillers reduces logistics and procurement costs and supports export sales growth.
Shuangliang Eco-Energy Systems Co.,Ltd (600481.SS): Ownership Structure
Shuangliang Eco-Energy Systems Co.,Ltd (600481.SS) positions itself as an energy-saving and environmental protection enterprise focused on central air-conditioning systems and energy-efficient solutions. The company emphasizes innovation-driven growth through significant in-house R&D capacity and a centralized group structure that supports operational efficiency and market reach.- Mission and values: energy saving, emission reduction, environmental protection, and sustainable development.
- R&D strength: state-level corporate technology center and a postdoctoral research center drive advanced technology development.
- Brand recognition: holder of the China Well-known Mark, reflecting strong industry reputation.
- Corporate scope: operates 22 subsidiary companies, including Shuangliang International (Shanghai) Co., Ltd., to centralize management and enhance efficiency.
- Core product categories:
- Lithium bromide absorption chillers
- Heat exchangers
- Seawater desalination systems
- Supporting components and system integration services
| Item | Detail |
|---|---|
| Ticker | 600481.SS |
| Number of subsidiaries | 22 (including Shuangliang International (Shanghai) Co., Ltd.) |
| R&D centers | State-level corporate technology center; postdoctoral research center |
| Brand status | China Well-known Mark |
| Primary markets | Commercial & industrial HVAC, desalination, energy systems integration |
| Strategic focus (as of Dec 2025) | Sustainable development, environmental responsibility, innovation-driven growth |
- How it works (product-to-solution flow):
- R&D develops advanced absorption and heat-exchange technologies.
- Manufacturing produces systems and components at centralized subsidiaries.
- Systems integration teams deliver turnkey HVAC and desalination projects.
- After-sales and service extend asset life and drive recurring revenue.
- How it makes money:
- Equipment sales (chillers, heat exchangers, desalination units)
- Project engineering and installation contracts
- Maintenance, spare parts and long-term service agreements
- Technology licensing and OEM partnerships via subsidiaries
Shuangliang Eco-Energy Systems Co.,Ltd (600481.SS): Mission and Values
Shuangliang Eco-Energy Systems Co.,Ltd (600481.SS) focuses on reducing industrial and commercial energy consumption and lowering environmental impact through advanced thermal management and water treatment technologies. The company's mission emphasizes converting waste heat into usable energy, minimizing carbon emissions, and delivering lifecycle energy solutions to clients worldwide.- Core mission: maximize energy efficiency and resource reuse through absorption refrigeration, heat exchange, and desalination technologies.
- Values: innovation-led R&D, product quality and safety, customer-centric services, and measurable sustainability outcomes.
- Strategic focus: industrial decarbonization, distributed energy systems, and water-energy nexus solutions.
- Lithium bromide absorption chillers - use low-temperature heat sources (e.g., flue gas, waste steam, or solar thermal) to produce chilled water for HVAC and industrial processes.
- Plate and shell-and-tube heat exchangers - transfer thermal energy efficiently between process streams, reducing primary energy demand.
- Seawater and brackish water desalination systems - thermally driven distillation and multi-effect evaporators that can be integrated with waste-heat sources.
- Energy management contracts and EPC (Engineering, Procurement, Construction) - deliver turn-key projects including design, installation, commissioning, and performance guarantees.
- After-sales, remote monitoring, and consulting - performance optimization, predictive maintenance, and lifecycle support to maximize returns on installed systems.
- State-level enterprise technology center and post-doctoral workstation - focus areas: absorption technology, low-grade heat utilization, materials for corrosion resistance and fouling mitigation.
- Certifications: ISO 9001 (quality), ISO 14001 (environmental), OHSAS 18001/ISO 45001 (occupational health & safety) across major plants.
- R&D intensity: sustained investment in product development, field trials, and digital monitoring platforms to improve COP (coefficient of performance) and operational uptime.
| Revenue Stream | Description | Typical Contract Structure |
|---|---|---|
| Equipment sales | Absorption chillers, heat exchangers, desalination units | One-time sale + warranty |
| EPC / Turn-key projects | Design, procurement, construction for industrial & commercial customers | Milestone payments, final acceptance tests |
| Energy performance contracts (EMC) | Project financing and shared-savings based delivery | Guaranteed energy savings, long-term payments |
| After-sales & services | Maintenance, spare parts, remote monitoring | Service agreements (annual/ multi-year) |
| Technology & consulting | Feasibility studies, system optimization, retrofits | Fee-for-service or integrated into EPC |
- Installed base: several thousand absorption and thermal systems globally serving HVAC and industrial process markets.
- Annual revenue (approx.): RMB 4-6 billion range in recent years, with equipment & EPC comprising the majority of sales and after-sales/services growing as a recurring component.
- R&D staff: dozens to low-hundreds across the state-level center and post-doctoral teams supporting product iterations and field validation.
- Typical system efficiency: lithium bromide absorption chillers achieve useful COPs in the range of 0.6-1.0 when driven by low-grade heat (varies with application and heat source temperature).
- Project financing: increasing use of energy performance contracting and shared-savings models to lower customer upfront capital requirements.
| Metric / Capability | Data / Description |
|---|---|
| Primary products | Lithium bromide absorption chillers, heat exchangers, desalination systems |
| R&D platforms | State-level tech center; post-doctoral workstation |
| Certifications | ISO 9001, ISO 14001, OHSAS 18001 (site-dependent) |
| Service offerings | EPC, EMC (energy management contracts), after-sales, consulting |
| Geographical reach | Domestic China-focused projects with increasing overseas contracts in Asia, Middle East and coastal desalination markets |
Shuangliang Eco-Energy Systems Co.,Ltd (600481.SS): How It Works
Shuangliang Eco-Energy Systems Co.,Ltd (600481.SS) is an industrial technology and engineering company focused on energy-saving and environmental protection equipment and solutions. Founded as part of the broader Shuangliang Group, the company has evolved from manufacturing core heat-transfer equipment into a provider of integrated energy systems and services with overseas reach and diversified revenue streams. History, Ownership & Mission- Founded within the Shuangliang Group conglomerate; publicly listed on the Shanghai Stock Exchange under ticker 600481.SS.
- Ownership structure: mix of institutional shareholders, group-affiliated holdings and public float (major shareholders include parent-group related entities and financial institutions - typical for large Chinese industrial listed firms).
- Mission: deliver energy-efficient, low-carbon thermal and desalination technologies to industry and commercial customers, supporting China's carbon-reduction and water-security goals.
- Product portfolio: lithium bromide absorption chillers, plate-and-shell and plate heat exchangers, seawater desalination systems, industrial boilers, and ancillary equipment.
- Service offerings: engineering, procurement & construction (EPC), energy management contracts (EMC), performance contracting, after-sales maintenance, consulting and spare parts supply.
- Go-to-market: direct sales to large industrial and institutional customers, EPC project contracts, partnering with local agents and distributors in overseas markets (sold in more than 100 countries and regions).
- Equipment sales - one-time and modular product sales (absorption chillers, heat exchangers, desalination units).
- Project contracting (EPC) - turnkey system delivery including design, procurement, installation and commissioning; higher-ticket, longer-cycle revenue.
- Energy management and performance contracts - recurring revenue from guaranteed energy savings and shared-savings models.
- After-sales, maintenance and spare parts - recurring service revenue, extended warranties and upgrade contracts.
- Consulting and technical services - feasibility studies, retrofits and optimization projects that feed equipment and EPC orders.
| Metric | 2023 (CNY) | 2024 (CNY) | YoY change |
|---|---|---|---|
| Annual Revenue | ≈23.17 billion | 13.04 billion | -43.68% |
| Primary revenue drivers | Strong equipment & EPC backlog | Weaker order intake; lower equipment shipments | - |
| Geographic reach | 100+ countries/regions | 100+ countries/regions | - |
- Order intake: bids and contracts (EPC, equipment orders, EMCs) -> recognized as revenue over time for EPC and per delivery for equipment.
- Project execution: procurement and manufacturing of core equipment (heat exchangers, chillers, desalination modules) followed by installation and commissioning.
- Revenue recognition: product sales on delivery; EPC and long-term contracts recognized over the contract term; EMCs often generate recurring service revenue tied to performance metrics.
- After-sales/recurring income: service agreements and parts margins stabilize cashflows, while EPC margins and large equipment orders drive peak profitability.
- Recognized as a China Well-known Mark - helps procurement positions in domestic and certain international tenders.
- Integrated manufacturing footprint and experience in thermal systems reduce project risk and control costs.
- Global sales footprint (>100 markets) diversifies demand exposure across regions and sectors.
- Diversifying revenue streams: expanding EMCs, service contracts, and overseas EPC projects to reduce reliance on single large equipment cycles.
- Expanding global presence: deeper penetration into Southeast Asia, Middle East, Africa and Latin America to capture desalination and industrial cooling demand.
- Technology upgrades: increasing efficiency of absorption chillers and heat exchangers to align with decarbonization trends.
Shuangliang Eco-Energy Systems Co.,Ltd (600481.SS): How It Makes Money
Background & Mission Shuangliang Eco-Energy Systems Co.,Ltd (600481.SS) manufactures energy-saving and environmental protection equipment with a mission to deliver high-efficiency thermal management solutions and promote sustainable building and industrial cooling. The company emphasizes innovation, product quality, and customer satisfaction as core drivers of revenue and long-term value. Market Position Shuangliang is the world's largest manufacturing base for lithium bromide absorption chillers and is recognized domestically as a China Well-known Mark. Its product portfolio and brand strength support broad market penetration:- Global reach: products sold in more than 100 countries and regions
- Industry recognition: awarded the ESG Golden Jasmine Award in 2025
- Core product leadership: dominant position in absorption chillers and thermal systems
- Equipment sales - large-scale industrial chillers, absorption systems, heat pumps, and other energy-saving hardware sold to commercial, industrial, and district cooling projects.
- Project contracting & EPC services - design, engineering, procurement and construction for integrated thermal and energy systems.
- After-sales & maintenance - long-term service contracts, spare parts, and performance upgrades.
- R&D-driven product upgrades and licensing - new technologies and proprietary processes improving margins and enabling premium pricing.
| Metric | Value |
|---|---|
| Annual revenue (2024) | 13.04 billion CNY |
| Revenue change (YoY, 2024) | -43.68% |
| Geographic reach | >100 countries and regions |
| Major recognition | ESG Golden Jasmine Award (2025) |
- Publicly listed: Shanghai Stock Exchange ticker 600481.SS
- Ownership mix: institutional shareholders, retail investors, and strategic industrial partners (typical for large PRC manufacturing listed entities)
- ESG & governance focus: recent awards and disclosures reflect increasing emphasis on sustainability and compliance
- Energy-transition tailwinds: demand for low-carbon heating/cooling and industrial energy efficiency is a structural growth driver.
- Export potential: established presence in 100+ markets supports incremental international growth.
- Innovation focus: ongoing R&D and product quality improvements (as of Dec 2025) aim to recover margins and regain revenue growth.
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