Sany Heavy Industry (600031) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 reached RMB 44.53 billion, up 14.96% year-over-year; net profit attributable to shareholders was RMB 5.22 billion, up 46.00% year-over-year.

• Operating cash flow increased 20.11% year-over-year to RMB 10.13 billion.

• Domestic and international sales both grew, with overseas revenue accounting for 60.26% of main business income.

• The board proposed a cash dividend of RMB 3.10 per 10 shares, pending shareholder approval.

Financial highlights

• Gross margin for main business improved, with international business gross margin rising to 31.18%.

• Basic and diluted EPS were RMB 0.6175, up 46.19% year-over-year.

• Net assets attributable to shareholders at period end were RMB 73.49 billion, up 2.13% from year-end 2024.

• Total assets reached RMB 153.62 billion, up 0.97% from year-end 2024.

• Non-recurring losses (net) were RMB -193 million, mainly due to fair value changes and investment losses.

Outlook and guidance

• Management expects continued industry recovery, driven by infrastructure investment, equipment renewal, and energy transition.

• Risks from macro policy, global trade, commodity prices, and exchange rates remain.