Sany Heavy Industry (600031) H1 2026 earnings summary

Executive summary

• Achieved revenue of RMB 53.31 billion in H1 2026, up 19.70% year-over-year; net profit attributable to shareholders reached RMB 5.69 billion, up 9.13% year-over-year.

• Overseas sales accounted for 61.33% of main business revenue, with overseas revenue up 21.82% year-over-year.

• All major product lines saw revenue growth, with strong performance in excavators, concrete machinery, and piling machinery.

• Continued high investment in R&D, digitalization, and green transformation, with 23.4 billion RMB in R&D expenses and 15 new energy products launched.

Financial highlights

• Operating income: RMB 53.31 billion (+19.70% YoY); net profit: RMB 5.69 billion (+9.13% YoY).

• Gross margin for main business: 27.93% (up 0.36 percentage points YoY); international business gross margin: 32.50% (up 1.32 percentage points YoY).

• Operating cash flow: RMB 9.77 billion (down 3.62% YoY).

• Q2 revenue: RMB 29.36 billion (+24.39% YoY); Q2 net profit: RMB 3.21 billion (+16.93% YoY).

• Total assets: RMB 181.15 billion (+4.53% from year-end 2025); net assets attributable to shareholders: RMB 92.08 billion (+4.25%).

Outlook and guidance

• Industry demand in China is recovering, driven by urban renewal and new energy infrastructure.

• Electrification and digitalization are long-term trends; company expects continued growth in overseas and new energy segments.

• Management remains focused on high-quality growth, risk control, and global expansion.