[Ningbo Daily] Haiyue Electric: Building a Powerful “Heart” for Distribution Systems

Reporter Jin Lu, Intern Reporter Wang Jiabin

The distribution cabinet is the “heart” of the power distribution system, ensuring a reliable power supply.

Recently, with the successful completion of several tendering projects, the 400V low-voltage distribution cabinets developed and manufactured by Ningbo Haiyue Electrical Appliance Manufacturing Co., Ltd. have been installed at the Ningbo Center Tower—a landmark project that epitomizes “Ningbo’s height.” “These distribution cabinets will provide power to the tower’s high-rise elevator and lighting systems, air-conditioning equipment, and other critical facilities,” said Zhang Leiming, Chairman of Haiyue Electrical, in an interview.

Haiyue Electric, located in Luotuo Subdistrict of Zhenhai District, has been deeply engaged in the power industry for more than 20 years. The distribution cabinets and distribution boxes used in residential communities and households are precisely the company’s flagship products.

Today, Haiyue Electric’s products are deployed in landmark projects both at home and abroad, including the Kasombo Project in the Democratic Republic of the Congo, the Huayue SCM Mine in Indonesia, the Beijing Winter Olympics Press Center, and Hangzhou West Railway Station, serving as another vivid testament to “Made in Ningbo.”

Distribution cabinets manufactured by Haiyue Electric. (Photo provided by the interviewed company.)

In the “red ocean” of the power industry, what has enabled Haiyue Electric to rise to a leading position?

“While maintaining the superior performance of our existing products, we are proactively developing new products that meet market demand, ensuring that we excel in both new and established offerings,” Zhang Leiming revealed the key to success.

According to Zhang Leiming, “legacy products” refer to power equipment that supports the company’s traditional real estate business. Although the growth rate of these businesses is slowing, their high market share makes them the company’s cash cows. “New products,” on the other hand, are centered on the new-energy sector, primarily photovoltaic power generation. Despite their lower market share, these businesses boast rapid growth and are poised to become the company’s star segments in the future.

In the 2023 Ningbo Municipal Directory of Recommended High-Quality Products, Haiyue Electric had six products listed, including both “established products” such as packaged substations and high-voltage automatic reactive power compensation devices, as well as “new products” like electric vehicle charging piles and photovoltaic equipment.

Today, “new products” account for more than 25% of Haiyue Electric’s total business volume, emerging as a new growth driver for the company.

Haiyue Electric’s transformation and development has by no means been smooth sailing; it has also encountered numerous ups and downs.

That year, the slogan “Houses are for living in, not for speculation” swept the nation. Zhang Leiming keenly sensed a shift in the market dynamics: “Relying solely on real estate projects has left our company with little room for further growth. Before the tide turns, we must develop products that can adapt to the evolving market.” With this in mind, he led Haiyue Electric in seizing the new opportunity and made a bold move into the photovoltaic sector.

Zhang Leiming’s decision was the right one. A few years later, the state began to provide strong support for the photovoltaic industry. As policy incentives were rolled out one after another, China’s PV sector gradually took off, and Haiyue Electric also found new growth opportunities in this emerging field.

However, when it comes to a company’s core competitiveness, Zhang Leiming remains modest.

“In fact, our industry doesn’t have particularly high technical barriers. What we focus on is maintaining product stability and reliability throughout mass production,” he said.

It was precisely by targeting this “work with no technical barriers” that Haiyue Electric spent countless days and nights perfecting its craft.

Day after day of “solitude” has not dulled Haiyue Electric’s edge. Adhering to the principle that “reliability comes first,” Haiyue Electric prefers to move at a measured pace, steadfastly avoiding reckless expansion and carefully striking the right balance between profitability and reputation. Today, the company’s traditional distribution cabinet orders remain stable, while its “new products”—such as photovoltaic systems and charging stations for new-energy vehicles—are thriving.

Currently, Haiyue Electric holds nearly 30 patents for inventions and utility models, with its products sold across numerous regions nationwide and exported to overseas markets.

This year, Haiyue Electric’s newly invested factory is set to begin operations, aiming to establish a green, state-of-the-art, intelligent manufacturing facility that, once fully operational, will generate annual output value of RMB 2 billion. “We are striving to achieve the ‘small goal’ of taking the company public within five years,” Zhang Leiming said with full confidence.