Sany Heavy Industry (600031) H2 2025 earnings summary

Executive summary

• Achieved revenue of RMB 89.2 billion in 2025, up 14.7% year-over-year; net profit attributable to shareholders reached RMB 8.41 billion, up 41.2% year-over-year.

• Operating cash flow hit RMB 19.98 billion, up 34.8% year-over-year, reaching a historical high.

• International business revenue was RMB 55.86 billion, accounting for 64% of total, with overseas growth led by Africa (+55.3%), Asia-Pacific (+16.2%), and Americas (+8.5%).

• New energy product sales surged 115% year-over-year to RMB 8.64 billion.

Financial highlights

• Gross margin improved to 27.7%, up 1.07 percentage points year-over-year.

• Net profit margin reached 9.5%, up 1.7 percentage points year-over-year.

• Basic and diluted EPS were RMB 0.9834, up 39.7% year-over-year.

• Net assets attributable to shareholders rose 22.8% to RMB 88.33 billion.

• Total assets increased 13.9% to RMB 173.3 billion.

Outlook and guidance

• Expects continued market recovery in 2026, driven by infrastructure, urbanization, and new energy demand.

• Will focus on global expansion, digital transformation, and low-carbon product innovation.

• Plans to strengthen risk management, optimize product structure, and enhance profitability.