What Henan Pinggao Electric does

Henan Pinggao Electric Co., Ltd. (河南平高电气股份有限公司, SSE: 600312) is a Chinese state-owned manufacturer of high-voltage, extra-high-voltage, and ultra-high-voltage (UHV) power transmission equipment, headquartered in Pingdingshan, Henan Province. Founded in 1970 as Pingdingshan High-Voltage Switchgear Factory and listed on the Shanghai Stock Exchange in February 2001, the company is controlled by China Electrical Equipment Group Co., Ltd., a SASAC-affiliated state-owned conglomerate under which it has operated since a 2010 ownership transfer. The company employs 6,986 people across 40 affiliated units with 5,890+ processing equipment and 1 million+ sqm of manufacturing space, producing GIS, H-GIS, circuit breakers, disconnectors, GIL transmission lines, and DC field equipment across the full voltage spectrum from 12kV to 1100kV AC and ±50 to ±1122kV DC.

The company's core technology stack centers on UHV switchgear with full independent intellectual property, including world-first achievements such as the 550kV perfluoroisobutene eco-friendly GIL (97% reduction in global warming potential versus SF6), China's first 145kV perfluoroisobutene mixed-gas GIS, a self-developed 800kV GIL that broke foreign technology monopoly, and an IGCT-based CPD Agile Power Distributor co-developed with Tsinghua University. It holds 70%+ market share in DC wall bushings and has won the National Science and Technology Progress Award Special Prize (2012), the National Quality Gold Award, and recognition as a National Manufacturing Single Champion Enterprise.

The business model is enterprise field sales: direct engagement with State Grid Corporation of China (国家电网), Southern Power Grid (南方电网), and large industrial customers via 6 regional service centers covering all of China and an international sales network spanning 60+ countries. Revenue derives from hardware sales of switchgear equipment and integrated transmission solutions, complemented by after-sales services (installation, testing, maintenance, training). Pricing follows quote-based competitive bidding for large-scale power infrastructure projects. Revenue was approximately $12.5B in 2025, up from $9.3B in 2022, with gross margin expanding to ~23.9%.

Name

Henan Pinggao Electric

Legal name

河南平高电气股份有限公司

Website

https://pinggao.com

Company type

Public

Founded year

1970

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Henan Pinggao Electric (SSE: 600312) is a Chinese state-owned manufacturer of UHV and high-voltage switchgear equipment (GIS, circuit breakers, GIL) serving State Grid, Southern Power Grid, and export markets across 60+ countries.

Ownership category

akta.pro rank

Product category

High-Voltage Switchgear and Electrical Equipment

NAICS

Switchgear and Switchboard Apparatus Manufacturing (335313), Power, Distribution, and Specialty Transformer Manufacturing (335311), Power and Communication Line and Related Structures Construction (237130)

SIC

Switchgear & Switchboard Apparatus (3613), Electronic & Other Electrical Equipment (No Computer Equip) (3600), Power, Distribution & Specialty Transformers (3612)

akta.pro primary industry

Switchgear & Switchboards (HV/MV/LV, GIS/AIS) (IMAGAAAB)

akta.pro secondary industries

Substation Systems & Integration (EPC, Engineering, Protection, Commissioning) (IMAGAAAC), Transmission & Distribution Line Equipment (Bushings, Insulators, Arresters, Conductors, Hardware) (IMAGAAAF), Circuit Breakers, Disconnectors, Earthing Switches & Switchgear Components (EUADACAH), HVDC Converter Stations & HVDC Transmission EPC (EUAEABAD), HVAC Transmission Lines (EHV/UHV Overhead & Underground) (EUADAAAD), High-Voltage Electrical Systems (Switchgear, Transformers, Protection & Control) (EUAEAFAA)

Keywords

• High-voltage switchgear
• Gas insulated switchgear
• Ultra-high-voltage equipment
• Power transmission equipment
• DC wall bushings

Headquarters

HQ city

Pingdingshan

HQ country

China

HQ region

Asia

Offices5 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Power Transmission and Distribution Equipment Manufacturing: Manufacturing and sales of high-voltage, extra-high-voltage, and UHV switchgear equipment including GIS, H-GIS, circuit breakers, disconnectors, GIL, and DC equipment. Products are sold to power grid operators, power generation companies, and industrial customers for grid construction and upgrade projects.
2. After-sales Service and Technical Support: Installation, testing, operation and maintenance, spare parts supply, equipment commissioning, and technical training services provided through 6 regional service centers and provincial service points across China.
3. Equipment Integration and Solutions: Provides integrated solutions including GIL equipment, laying materials, intelligent monitoring control equipment, design services, and complete equipment systems for power transmission projects.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

Henan Pinggao Electric manufactures high-voltage, extra-high-voltage, and ultra-high-voltage (UHV) switchgear and complete substation equipment, including gas insulated switchgear (GIS/HGIS), circuit breakers, disconnect switches, gas insulated transmission lines (GIL), and DC field equipment spanning 12kV to 1100kV AC and ±50 to ±1122kV DC. The company supplies these products primarily to state-owned power grid operators such as State Grid Corporation of China and Southern Power Grid for national UHV transmission projects, with complementary after-sales installation, commissioning, maintenance, and technical training services delivered through 6 domestic regional service centers.

Product overview

Henan Pinggao Electric (平高电气) is a comprehensive power transmission and distribution equipment manufacturer and smart grid solutions provider, listed on the Shanghai Stock Exchange (stock code: 600312). The company's portfolio centers on high-voltage, ultra-high-voltage, and UHV switchgear equipment (GIS, HGIS, circuit breakers, disconnect switches, GIL transmission lines) ranging from 12kV to 1100kV, complemented by eco-friendly products (nitrogen-insulated switchgear, dry air insulated ring main units, fluorine-free GIS), energy storage systems (immersion cooling and all-vanadium flow battery systems), and intelligent products (IGCT-based CPD power distributors, RKT1 circuit breaker controllers, flexible DC wall bushings, Panshi operations intelligent system). The portfolio spans six interconnected categories: high-voltage switchgear (core revenue), eco-friendly gas-insulated equipment, energy storage and conversion, intelligent digital systems, core components (transformers, insulators, bushings), and electrode boilers—serving power grids, renewable energy projects, industrial facilities, and urban infrastructure across domestic and international markets.

Differentiator

Problem solved

Functional benefit

Products and services

• High-voltage Gas Insulated Switchgear GIS/H-GIS (40.5kV~1100kV) High-voltage gas insulated switchgear systems (GIS/HGIS) ranging from 40.5kV to 1100kV, covering SF6 gas insulated enclosed combination apparatus used in power transmission and distribution networks for power grid operators and industrial customers.
• SF6 Tank Circuit Breakers (40.5kV~1100kV) SF6 tank circuit breakers ranging from 40.5kV to 1100kV, used for high-voltage power system protection and fault interruption in power grids.
• SF6 Porcelain Column Circuit Breakers (12kV~1100kV) SF6 porcelain column circuit breakers ranging from 12kV to 1100kV for high-voltage circuit protection in power grids.
• DC Field Equipment Sets Complete DC field equipment sets for HVDC transmission converter stations and DC transmission systems.
• AC Disconnect Switches and Grounding Switches (12kV~1100kV) AC disconnect switches and grounding switches ranging from 12kV to 1100kV for safe isolation and grounding of power equipment.
• DC Disconnect Switches and Grounding Switches (10kV~1120kV) DC disconnect switches and grounding switches ranging from 10kV to 1120kV for HVDC system isolation and safety.
• Isolating Circuit Breakers (72.5kV~550kV) Isolating circuit breakers from 72.5kV to 550kV combining the functions of circuit breakers and disconnectors.
• Gas Insulated Metal Enclosed Transmission Lines GIL (40.5kV~1100kV) Gas insulated metal enclosed transmission lines (GIL) from 40.5kV to 1100kV for high-capacity power transmission in compact spaces.
• High-Voltage Electrode Boilers High-voltage electrode boilers for district heating and industrial steam generation with multi-purpose and flexible mobility features.
• Vacuum Circuit Breakers and Complete Electrical Equipment Sets (10kV~40.5kV) Vacuum circuit breakers and complete electrical equipment sets from 10kV to 40.5kV for medium-voltage distribution.
• Vehicle-mounted Mobile Substations and Prefabricated Modular Substations (10kV~220kV) Vehicle-mounted mobile substations and prefabricated modular substations from 10kV to 220kV for rapid deployment and temporary power supply.
• Immersion Cooling Energy Storage System (125kW/261kWh) Immersion cooling energy storage system using insulating flame-retardant coolant submerging battery modules for comprehensive heat dissipation, eliminating fire and thermal runaway risks. Suitable for mines, ultra-fast charging stations, and data centers.
• All-Vanadium Flow Battery Storage System (500kW/2MWh standard module) All-vanadium flow battery storage system with standard module of 500kW/2MWh, featuring inherent safety, ultra-long life (16,000+ cycles), and decoupled power/capacity design. Applicable to grid-side large-scale storage and renewable energy integration.
• PGR4.2-24 Eco-friendly Gas Insulated Metal Enclosed Switchgear Eco-friendly gas insulated metal enclosed switchgear with internationally leading comprehensive performance. First to apply direct-moving air isolation + vacuum interrupter parallel structure. Cabinet width only 400mm, partial discharge under 10pC.
• 145kV Fluorine-free Eco-friendly GIS 145kV fluorine-free eco-friendly GIS using vacuum interruption and nitrogen-oxygen synthetic air insulation, achieving zero greenhouse gas emissions (GWP=0). Rated current 3150A, breaking capacity 40kA, C2 class, M2 mechanical life, E2 electrical life.
• BWP-430 Flexible DC Wall Bushing Flexible DC wall bushing with high-frequency harmonic tolerance characteristics. First domestically with 40% improvement in current-carrying capacity. Insulation level breakthrough at ±430kV. Safe operation exceeding 400 days at Hubei Converter Station.
• RKT1 Circuit Breaker Mechanism Energy Storage Controller Intelligent controller for circuit breaker mechanism energy storage integrating drive, fault protection, data measurement, and status display functions. Reduces components by 80%, saves 40% installation space. Deployed in nearly 300 substations with 2,000+ GIS products nationwide.
• CPD Agile Power Distributor (IGCT-based) IGCT-based CPD Agile Power Distributor using TSC time-slice energy aggregation theory. Microsecond-level switching speed (1 microsecond vs. tens of milliseconds of international products). Supports 750V/1500V medium/low voltage distribution networks. 100% domestic supply chain.
• Panshi Operations and Maintenance Intelligent System AI-powered operations and maintenance intelligent system developed by Pinggao Electric, pilot-deployed at Shandong Guanggu Converter Station for intelligent real-time monitoring and predictive maintenance.
• Core Components (Transformers, Arresters, Insulators, Wall Bushings, Operating Mechanisms) Core components including transformers, arresters, insulation components, composite insulators, wall bushings, SF6 gas recovery and purification devices, vacuum interrupters, and precision machined parts, plus hydraulic and spring operating mechanisms for circuit breakers and disconnect switches.
• KYN61A-40.5(Z) Low-frequency Armored Movable Metal Enclosed Switchgear Low-frequency armored movable metal enclosed switchgear rated at 40.5kV. Passed national-level appraisal with overall performance reaching international leading level. Listed as a major technical equipment in the energy sector.
• 15kV Generator Outlet Circuit Breaker and Protection Complete Set Device

Quantifiable outcome

• Annual production capacity of 72 intervals UHV GIS, 45km 1100kV GIL, 5000 intervals medium/high voltage GIS
• +4 more outcomes

Named customers11 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature8 records

Partnerships

Eleven partnerships are on record, tiered core and minor.

• Toshiba (东芝)coreStrategic or Co-development PartnerEstablished Henan Pinggao Toshiba High Voltage Switchgear Co., Ltd. (河南平高东芝高压开关有限公司, PTC) in 2000 as a joint venture with Toshiba Corporation of Japan for high-voltage switchgear manufacturing and technology exchange.
• Tsinghua University (清华大学)coreStrategic or Co-development PartnerJointly established Tsinghua-Pinggao Research Center with Tsinghua University to develop the IGCT-based CPD agile power distributor technology using original TSC time-slot energy aggregation theory.
• Shongshan Laboratory (嵩山实验室)coreStrategic or Co-development PartnerCollaborated with Shongshan Laboratory (邬江兴院士 team) for the development of CPD agile power distributor technology, providing original academic theory support for the project.
• China Electric Power Research Institute (中国电科院)coreStrategic or Co-development PartnerJointly developed the 145kV perfluoroisobutene mixed gas GIS with China Electric Power Research Institute for environmental-friendly switchgear technology.
• Anhui Electric Power Research Institute (安徽电科院)coreStrategic or Co-development PartnerCollaborated with Anhui Electric Power Research Institute for the development of perfluoroisobutene mixed gas GIS technology.
• Xi'an Jiaotong University (西安交通大学)coreStrategic or Co-development PartnerUniversity partner in the joint research and development of 145kV perfluoroisobutene mixed gas GIS for insulation characteristics and arc interruption research.
• Shanghai Jiao Tong University (上海交通大学)minorStrategic or Co-development PartnerParticipated as expert committee member in the 2025 new product technology appraisal organized by China Electrotechnical Society.
• Shenyang University of Technology (沈阳工业大学)minorStrategic or Co-development PartnerParticipated as expert committee member in the 2025 new product technology appraisal organized by China Electrotechnical Society.
• Tianjin University (天津大学)coreStrategic or Co-development PartnerCollaborated with Tianjin University for industry-academia-research cooperation on vacuum switch deep integration, large-capacity vacuum interruption and other core technologies.
• China Electric Power Research Institute (中国电力科学研究院)coreStrategic or Co-development PartnerIndustry-academia-research partner with China Electric Power Research Institute for smart grid equipment development.
• China Huaneng Group (中国华能集团)minorOthersPartnership for recruitment and talent development with major state-owned enterprises.

Scale indicators7 records

Recent moves9 records

Expansion highlights6 records

Broad incumbents

• Eaton: Global power management company with significant HV/MV switchgear portfolio. Comparable as a broad incumbent in electrical distribution and switchgear, with overlapping offerings in medium-voltage and select HV applications; competes internationally in industrial and utility segments.
• Schneider Electric: Global electrical equipment and switchgear manufacturer with broad portfolio across MV/HV distribution and protection. Comparable as a broad incumbent in electrical equipment with overlapping offerings in switchgear and substation automation; competes in industrial and distribution segments.
• GE Vernova: Spun off from GE in 2024, GE Vernova is a global leader in power generation, transmission, and grid equipment including HV switchgear and HVDC solutions. Comparable as a broad-based incumbent competing with Pinggao on Chinese State Grid tenders and international UHV projects.
• Siemens Energy: Major global player in high-voltage switchgear, GIS, and HVDC transmission systems. Comparable as a UHV equipment supplier with broad portfolio including eco-friendly switchgear and converter stations; competes with Pinggao on Chinese and international grid projects.
• Hitachi Energy: Global leader in power grids and switchgear (acquired ABB Power Grids). Directly comparable as a UHV GIS, circuit breaker, and eco-friendly switchgear manufacturer serving utility customers worldwide; competes with Pinggao on international UHV tenders and SF6-free product development.

Direct peers

• TBEA (特变电工): China's largest transformer manufacturer and a major HV switchgear competitor. Comparable as a domestic Chinese competitor in UHV transmission equipment with overlapping product portfolio in transformers, GIS, and HVDC equipment, serving State Grid and Southern Grid tenders.
• Sieyuan Electric (思源电气): Leading Chinese private HV switchgear manufacturer specializing in GIS, circuit breakers, and substation equipment. Direct competitor in Chinese HV switchgear market with faster decision-making as a private company; serves same State Grid/Southern Grid customer base with overlapping product offerings.
• XD Group (中国西电集团): Chinese central SOE switchgear manufacturer and direct competitor to Pinggao in HV/UHV GIS, circuit breakers, and transformers. Both are State Grid-affiliated equipment suppliers competing for the same utility tenders in the Chinese market, with XD Group having a broader transformer portfolio.

Others

• Toshiba Energy Systems & Solutions: Historical technology partner of Pinggao via the Henan Pinggao Toshiba High Voltage Switchgear JV (established 2000). Comparable as a global HV switchgear manufacturer; relationship has evolved from JV partner to broader competitor in international UHV and eco-friendly switchgear markets.

Emerging players

• NR Electric (南京南瑞继保): Chinese specialist in power system protection, control, and smart grid automation under State Grid. Comparable as a Chinese grid technology peer with overlapping expertise in substation protection systems and intelligent grid products (e.g., digital control systems that integrate with Pinggao's GIS offerings).

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks3 records

Key highlights7 records

Customer concentration

Compliance12 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Henan Pinggao Electric