Harbin Electric (01133.HK) issued a profit warning, it is expected that the loss for the year ended 2021 is between RMB 40-45 billion, compared with a loss of RMB 7 million in the previous year. Mainly affected by the reduction of traditional power generation equipment industry demand and rising raw material prices, lower product prices, higher costs, resulting in a substantial decrease in gross profit; offshore power station general contracting projects produce large losses; and the company deepened internal reform, leading to increased management costs.