Harbin Electric's stock soared 5.06% during intraday trading on Monday, marking a significant upward movement for the energy equipment manufacturer.

The surge follows the company's release of strong annual financial results, which showed revenue reaching RMB 45.698 billion, up 19.33% year-over-year, while net profit attributable to shareholders surged 58.18% to RMB 2.666 billion. The company's balance sheet also improved significantly with total assets growing 9.33% to RMB 78.663 billion.

Additionally, Harbin Electric benefited from positive sentiment in the gas turbine sector, where Chinese manufacturers are expected to accelerate their global market share amid strong worldwide demand. Industry reports indicate global gas-fired power expansion is constrained by production capacity, with backlogs extending to 2030, creating favorable conditions for established players like Harbin Electric.