By the end of 2025, one of the leading companies in China's electrical equipment industry, China XD, will once again attract market attention with an impressive performance report. As of the end of 2025, the company has won a total of 11.5 billion yuan in procurement projects for State Grid Corporation of China, with the announced bid amount on December 30th alone reaching 1.447 billion yuan. This series of large orders not only confirms the company's core position in the domestic power transmission and distribution equipment field, but also reflects that under the wave of energy transformation and new infrastructure, the construction of China's ultra-high voltage power grid is entering a new acceleration period.

Deeply cultivating ultra-high voltage and casting the cornerstone of employment performance

The strong performance of China Xidian is rooted in its profound accumulation and full industry chain capability in the field of ultra-high voltage core equipment. Since its integration into the "national team" of China Electric Equipment Group in 2021, the company's technological synergy and market advantages have been further highlighted. As the "main artery" of power transmission, the investment in core equipment of ultra-high voltage engineering accounts for nearly a quarter, and China Xidian's product line almost fully covers key equipment such as transformers, composite appliances, and converter valves.

Market data has proven its leadership position: by 2024, the company's market share in converter transformers and composite appliances will reach 27% and 37% respectively, firmly ranking first in the industry. The main transformer and switch businesses, with revenues of 9.2 billion and 8.5 billion yuan respectively in 2024, form a solid foundation for the company's steady growth. From 2020 to 2024, the compound annual growth rate of the company's revenue and net profit reached 8.65% and 44.17% respectively, demonstrating strong growth momentum.

Domestic infrastructure support and opportunities and challenges for going global coexist

The demand in the domestic market provides a certain growth track for China Xidian. During the 14th Five Year Plan period, 19 ultra-high voltage projects planned and constructed by China are continuously being implemented, and the annual investment of State Grid Corporation of China in 2025 alone is expected to exceed 650 billion yuan. At the same time, the global wave of power grid upgrades and data center construction has generated huge overseas market demand.

China XD has successfully won the bid for many international projects in Brazil, Türkiye, Bangladesh, Malaysia and so on. In 2024, the overseas revenue increased by 24.56% year-on-year to 2.825 billion yuan, and in 2025, it achieved the first overseas breakthrough of high-voltage DC conversion switchgear. However, there are also challenges on the road to going global, as the gross profit margin of its overseas business is significantly lower than that of its domestic business. How to improve the profitability of the international market is an important issue facing the company.

Technological breakthroughs lead value, financial stability responds to cycles

Facing the future, China Xidian is climbing towards higher value links in the industrial chain through technological innovation. In 2025, the company successfully developed the world's highest single capacity 750 megavolt ampere flexible DC transformer and has provided high-end products such as solid-state transformers for data centers. These high value-added businesses are expected to continue to drive overall profitability improvement. The company's R&D investment continues to grow, with a year-on-year increase of 17.69% in R&D expenses in the first three quarters of 2025.

It should be noted that due to the long delivery cycle of ultra-high voltage products, the accounts receivable in the company's financial statements are relatively large, but at the same time, the accounts payable scale has also reached a new high, reflecting the company's active production and strong position in the supply chain. Balancing scale expansion, technological investment, and financial stability will be the key to the steady growth of China West Electric. Keywords: Construction Strategy News, Construction Engineering

From undertaking billions of orders from State Grid to competing in the global market, the development trajectory of China West Electric is closely synchronized with the upgrading pace of China's power infrastructure. Against the strategic backdrop of energy security and green transformation, China West Electric, which combines technological depth and market breadth, is standing at the intersection of the domestic ultra-high voltage construction cycle and the global demand for power equipment. Its future performance will continue to receive market attention. Editor/Yang Beihua