Machinery Industry

By the end of 2015, Yantai had 663 machinery industrial enterprises above designated size, generating revenue of 432.85 billion yuan from their major businesses and gaining profits of 34.27 billion yuan, a year-on-year increase of 2.9 percent and 2.5 percent respectively. The revenue and profits accounted for 28.2 percent and 31.1 percent of that of the city’s total industries above designated size.

In 2015, the city recognized 20 leading industrial enterprises, six of which are machinery equipment manufacturing companies, accounting for a quarter of the total. Seventeen of fifty key industrial enterprises recognized by the government are also machinery manufacturers, accounting for one third of the total.

Therefore, the city has formed a oceanographic engineering and hi-tech shipbuilding enterprises cluster headed by CIMC Raffles and Penglai Zhongbai Jinglu Ship Industry Co, a numerical control machine tool enterprises cluster led by Yantai Universal Machine Tool Equipment Co and Doosan Machine Tools China, and an engineering machinery manufacturing enterprises cluster represented by Fangyuan Group and Shandong Hongda Construction Machinery Group.

The industry has also made numerous achievements. Jereh Group's oil and gas exploitation equipment industrial design center has been recognized as state-level by Ministry of Industry and Information Technology. Core products of six companies including Yantai ETDZ Bosen Technology Development Co have been recognized as key technological equipment in Shandong.

Famous brands have also been built and several companies such as Moon Group, Jereh Group, Shandong Longji Machinery Co, and Yantai Longyuan Power Technology Co were also listed.

A cooperation project between Jereh Group and a Pakistani oil company has been included in a $46 billion cooperation deal signed between President Xi Jinping and Pakistani leaders.