Core Insights - SANY International (00631.HK) reported a revenue of approximately RMB 12,236.6 million for the six months ending June 30, 2025, representing a year-on-year increase of about 13.8% [1] - The group's profit margin before tax for the same period was approximately 14.0%, an increase of about 3.3 percentage points compared to 10.7% for the six months ending June 30, 2024 [1] - The net profit for the period was approximately RMB 1,294.2 million, reflecting a year-on-year increase of about 31.1%, while the profit attributable to the owners of the parent company was approximately RMB 1,294.4 million, up by about 25.3% [1] - The profit growth significantly outpaced revenue growth, indicating a continued high-quality development and enhanced operational capability [1] - The company is steadily advancing its globalization strategy, with international revenue reaching RMB 4,018.9 million in the first half of 2025, a year-on-year increase of 5.4% [1] - The emerging industries developed by the company are rapidly growing, providing new profit growth points [1]

Company Information [Company Overview](index=1&type=section&id=Company%20Overview) Sany Heavy Equipment International Holdings Company Limited announced its unaudited condensed consolidated interim results for the six months ended June 30, 2025 - Sany Heavy Equipment International Holdings Company Limited announced its unaudited condensed consolidated interim results for the six months ended June 30, 2025[2](index=2&type=chunk) [Company Details](index=6&type=section&id=Company%20Details) The company, incorporated in the Cayman Islands, primarily manufactures and sells mining, logistics, oil, and new energy equipment in mainland China - The company was incorporated in the Cayman Islands on July 23, 2009, primarily engaged in manufacturing and selling mining equipment, logistics equipment, oil equipment, new energy manufacturing equipment, electric power, lithium batteries, energy storage systems, and accessories, and providing related services in mainland China[8](index=8&type=chunk) - The company's direct holding company is Sany Hong Kong Group Co., Ltd., and its ultimate holding company is Sany Heavy Equipment Investment Co., Ltd[8](index=8&type=chunk) Financial Highlights [Financial Performance Overview](index=1&type=section&id=Financial%20Performance%20Overview) For the six months ended June 30, 2025, the Group's revenue increased by 13.8% year-on-year to RMB 12,236.6 million, with profit before tax margin rising 3.3 percentage points to 14.0% 2025 H1 Key Financial Data | Indicator | 2025 H1 (RMB million) | 2024 H1 (RMB million) | YoY Growth/Change | | :--- | :--- | :--- | :--- | | Revenue | 12,236.6 | 10,756.1 | +13.8% | | Profit before tax margin | 14.0% | 10.7% | +3.3 percentage points | | Profit for the period | 1,294.2 | 987.0 | +31.1% | | Profit attributable to owners of the parent | 1,294.4 | 1,032.7 | +25.3% | | Basic earnings per share | 0.39 RMB | - | - | Condensed Consolidated Interim Financial Statements [Condensed Consolidated Interim Income Statement](index=2&type=section&id=Condensed%20Consolidated%20Interim%20Income%20Statement) For the six months ended June 30, 2025, the Group reported revenue of RMB 12,236.6 million, gross profit of RMB 2,898.7 million, and profit attributable to owners of the parent of RMB 1,294.4 million Condensed Consolidated Interim Income Statement (For the six months ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 12,236,558 | 10,756,056 | | Cost of sales | (9,337,876) | (8,130,487) | | Gross profit | 2,898,682 | 2,625,569 | | Other income and gains | 594,104 | 368,568 | | Selling and distribution costs | (576,305) | (563,037) | | Administrative expenses | (985,711) | (1,108,543) | | Net impairment losses on financial and contract assets | (93,846) | (54,159) | | Finance costs | (122,046) | (113,330) | | Profit before tax | 1,707,237 | 1,152,535 | | Income tax expense | (413,064) | (165,580) | | Profit for the period | 1,294,173 | 986,955 | | Profit attributable to owners of the parent | 1,294,383 | 1,032,749 | | Basic earnings per share (RMB) | 0.39 | 0.31 | [Condensed Consolidated Interim Statement of Comprehensive Income](index=3&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group's profit for the period was RMB 1,294.2 million, with total comprehensive income of RMB 1,252.6 million primarily due to exchange differences Condensed Consolidated Interim Statement of Comprehensive Income (For the six months ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Profit for the period | 1,294,173 | 986,955 | | Exchange differences on translation of financial statements | (41,553) | (3,548) | | Total comprehensive income for the period | 1,252,620 | 983,407 | | Attributable to owners of the parent | 1,252,830 | 1,029,201 | [Condensed Consolidated Interim Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total non-current assets were RMB 15,084.9 million, total current assets were RMB 28,553.6 million, and total equity was RMB 12,510.0 million Condensed Consolidated Interim Statement of Financial Position (As of June 30) | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Total non-current assets | 15,084,891 | 14,700,627 | | Total current assets | 28,553,556 | 26,227,101 | | Total current liabilities | 23,103,840 | 21,209,793 | | Net current assets | 5,449,716 | 5,017,308 | | Total non-current liabilities | 8,024,575 | 7,542,675 | | Net assets | 12,510,032 | 12,175,260 | | Total equity | 12,510,032 | 12,175,260 | Notes to the Condensed Consolidated Interim Financial Information [Basis of Preparation and Changes in Accounting Policies](index=6&type=section&id=Basis%20of%20Preparation%20and%20Changes%20in%20Accounting%20Policies) The interim financial information is prepared in accordance with IAS 34 and presented in RMB, with no significant impact from newly adopted IFRS amendments - The condensed consolidated interim financial information is prepared in accordance with International Accounting Standard 34 Interim Financial Reporting and presented in RMB[9](index=9&type=chunk) - The revised International Financial Reporting Standards (IFRS) accounting standards (amendment to IAS 21 Lack of Exchangeability) adopted for the first time in the current period did not have a significant impact on the condensed consolidated interim financial information[10](index=10&type=chunk)[11](index=11&type=chunk) [Operating Segment Information](index=7&type=section&id=Operating%20Segment%20Information) The Group operates in four reportable segments: mining equipment, logistics equipment, oil and gas equipment, and emerging industry equipment, with emerging industry equipment showing significant revenue growth - The Group's four reportable operating segments are: mining equipment, logistics equipment, oil and gas equipment, and emerging industry equipment[12](index=12&type=chunk) Segment Revenue (For the six months ended June 30) | Segment | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Mining equipment | 4,636,791 | 5,938,343 | | Logistics equipment | 3,680,398 | 3,282,225 | | Oil and gas equipment | 1,324,966 | 845,853 | | Emerging industry equipment | 2,594,403 | 689,635 | | Total | 12,236,558 | 10,756,056 | - Sales revenue from fellow subsidiaries for the six months ended June 30, 2025, was approximately **RMB 2,487.3 million**, a significant increase from RMB 1,269.5 million in the same period of 2024[18](index=18&type=chunk) [Revenue, Other Income and Gains](index=11&type=section&id=Revenue%2C%20Other%20Income%20and%20Gains) For the six months ended June 30, 2025, the Group's revenue from contracts with customers was RMB 12,236.6 million, primarily from industrial product sales in mainland China, with other income and gains increasing significantly Revenue from Contracts with Customers (For the six months ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue from contracts with customers | 12,236,558 | 10,756,056 | Revenue by Type of Goods or Services (For the six months ended June 30) | Type of goods or services | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Sale of industrial products | 11,198,732 | 10,519,113 | | Construction services | 584,109 | — | | Oilfield services | 276,105 | 24,340 | | Maintenance services and others | 126,525 | 174,427 | Other Income and Gains (For the six months ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Bank interest income | 118,623 | 59,234 | | Government grants | 293,842 | 170,929 | | Net exchange differences | 45,859 | 4,479 | | Net fair value gains | 59,574 | 57,752 | | Total other income and gains | 594,104 | 368,568 | [Profit Before Tax](index=14&type=section&id=Profit%20Before%20Tax) The Group's profit before tax is derived after deducting various expenses such as cost of inventories sold, service costs, depreciation, R&D costs, and employee benefits, while including net exchange differences and fair value gains Items Deducted/Included in Profit Before Tax (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Cost of inventories sold | 8,919,939 | 7,970,054 | | Cost of services provided | 330,587 | 128,164 | | Depreciation of property, plant and equipment | 394,051 | 289,924 | | Research and development costs | 701,742 | 813,063 | | Total employee benefit expenses | 1,162,962 | 1,272,542 | | Net impairment of financial and contract assets | 93,846 | 54,159 | | Net fair value gains | (59,574) | (57,752) | [Finance Costs](index=15&type=section&id=Finance%20Costs) For the six months ended June 30, 2025, the Group's finance costs totaled RMB 122.0 million, primarily consisting of interest on interest-bearing bank and other borrowings Finance Costs (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Interest on interest-bearing bank and other borrowings | 115,226 | 102,287 | | Interest on discounted bills | 5,407 | 9,812 | | Interest on lease liabilities | 1,413 | 1,231 | | Total | 122,046 | 113,330 | [Income Tax](index=15&type=section&id=Income%20Tax) The Group's income tax expense was RMB 413.1 million, with an effective tax rate of approximately 24.2%, reflecting varying tax rates for Hong Kong and mainland China operations, including preferential rates for high-tech enterprises - Hong Kong profits tax is provided at **8.25% to 16.5%**, while mainland China operating companies are subject to a 25% corporate income tax rate[27](index=27&type=chunk) - Eleven major operating companies (including Sany Heavy Equipment, Sany Marine Heavy Industry, etc.) are recognized as high-tech enterprises and are subject to a preferential corporate income tax rate of **15%**[29](index=29&type=chunk) Income Tax Expense (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Current — Hong Kong | 127,221 | 35,781 | | Current — Mainland China | 215,100 | 164,926 | | Deferred | 42,288 | (19,518) | | Total tax expense for the period | 413,064 | 165,580 | [Dividends](index=16&type=section&id=Dividends) Shareholders approved a final dividend of HKD 0.29 per share for the year ended December 31, 2024, totaling approximately RMB 983.7 million, with no interim dividend proposed for H1 2025 - Shareholders approved a final dividend of **HKD 0.29 per share** for the year ended December 31, 2024, totaling approximately **RMB 983.7 million**[31](index=31&type=chunk) - The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025[32](index=32&type=chunk) [Earnings Per Share Attributable to Ordinary Equity Holders of the Parent](index=17&type=section&id=Earnings%20Per%20Share%20Attributable%20to%20Ordinary%20Equity%20Holders%20of%20the%20Parent) For the six months ended June 30, 2025, basic earnings per share were RMB 0.39 and diluted earnings per share were RMB 0.35, both showing an increase from the prior year Earnings Per Share (For the six months ended June 30) | Indicator | 2025 (RMB) | 2024 (RMB) | | :--- | :--- | :--- | | Basic earnings per share | 0.39 | 0.31 | | Diluted earnings per share | 0.35 | 0.28 | - Basic earnings per share are calculated based on profit attributable to ordinary equity holders of the parent of **RMB 1,294.4 million** and a weighted average of **3,219.5 million** ordinary shares outstanding[34](index=34&type=chunk) - Diluted earnings per share calculation considers the potential dilutive effect of share options and convertible preference shares converting into ordinary shares[35](index=35&type=chunk) [Property, Plant and Equipment](index=17&type=section&id=Property%2C%20Plant%20and%20Equipment) As of June 30, 2025, the carrying amount of property, plant and equipment was RMB 8,185.1 million, with additions of RMB 645.5 million and depreciation of RMB 394.1 million during the period Changes in Property, Plant and Equipment (As of June 30) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Carrying amount at January 1 | 7,989,762 | 7,275,832 | | Additions | 645,513 | 1,229,866 | | Depreciation for the period/year | (394,051) | (548,985) | | Carrying amount at June 30/December 31 | 8,185,096 | 7,989,762 | [Trade and Bills Receivables](index=18&type=section&id=Trade%20and%20Bills%20Receivables) As of June 30, 2025, net trade receivables were RMB 13,041.6 million and bills receivables were RMB 755.2 million, with an impairment provision of RMB 798.7 million for trade receivables Trade and Bills Receivables (As of June 30) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade receivables (gross) | 13,840,233 | 11,692,009 | | Impairment | (798,661) | (718,022) | | Trade receivables (net) | 13,041,572 | 10,973,987 | | Bills receivables | 755,191 | 1,131,661 | Ageing Analysis of Trade Receivables (As of June 30) | Ageing | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 180 days | 8,850,894 | 7,447,691 | | 181 to 365 days | 2,665,291 | 2,242,741 | | 1 to 2 years | 1,358,170 | 1,142,848 | - The Group endorsed bills receivables with a carrying amount of **RMB 567.1 million** to suppliers to settle trade payables and continued to recognize them, as it retained substantially all risks and rewards[41](index=41&type=chunk) - The Group endorsed bills receivables with a carrying amount of **RMB 947.7 million** to suppliers and derecognized them, as substantially all risks and rewards were transferred[42](index=42&type=chunk) [Financial Assets at Fair Value Through Profit or Loss](index=20&type=section&id=Financial%20Assets%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) As of June 30, 2025, the Group's total financial assets at fair value through profit or loss amounted to RMB 2,069.4 million, primarily wealth management products issued by Chinese banks Financial Assets at Fair Value Through Profit or Loss (As of June 30) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Current | 1,966,880 | 2,393,996 | | Non-current | 102,500 | 57,500 | | Total | 2,069,380 | 2,451,496 | - Unlisted investments primarily consist of wealth management products issued by banks and other financial institutions in mainland China, and investments in limited liability partnerships and companies[43](index=43&type=chunk) [Trade and Bills Payables](index=21&type=section&id=Trade%20and%20Bills%20Payables) As of June 30, 2025, the Group's total trade and bills payables were RMB 12,051.1 million, with the largest portion due within 30 days, and RMB 914.6 million owed to fellow subsidiaries Ageing Analysis of Trade and Bills Payables (As of June 30) | Ageing | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 30 days | 6,556,471 | 5,776,501 | | 31 to 90 days | 3,860,448 | 1,572,728 | | 91 to 180 days | 1,306,412 | 3,245,574 | | Total | 12,051,100 | 11,213,230 | - Trade and bills payables include amounts due to fellow subsidiaries of **RMB 914.6 million**[45](index=45&type=chunk) [Interest-Bearing Bank and Other Borrowings](index=22&type=section&id=Interest-Bearing%20Bank%20and%20Other%20Borrowings) As of June 30, 2025, the Group's total interest-bearing bank and other borrowings were RMB 10,889.5 million, with varying interest rates and some borrowings secured by leased land or power charges Interest-Bearing Bank and Other Borrowings (As of June 30) | Type | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Total current borrowings | 4,612,267 | 4,250,167 | | Total non-current borrowings | 6,277,202 | 5,684,432 | | Total | 10,889,469 | 9,934,599 | - Secured bank and other borrowings bear interest at annual rates ranging from **1.77% to 3.98%**, while unsecured borrowings bear interest at **1.75% to 4.35%**[46](index=46&type=chunk) - Some bank loans are secured by the Group's leased land and power charge pledges, and Sany Group Co., Ltd. provides guarantees for certain bank loans[48](index=48&type=chunk) [Government Grants](index=23&type=section&id=Government%20Grants) As of June 30, 2025, the Group's total government grants were RMB 1,683.2 million, with RMB 293.8 million transferred to the income statement during the period, primarily for property, plant, equipment, or R&D projects Government Grants (As of June 30) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | At January 1 | 1,765,642 | 1,916,665 | | Received during the period/year | 198,778 | 257,888 | | Transferred to income statement during the period/year | (293,842) | (425,668) | | At June 30/December 31 | 1,683,160 | 1,765,642 | - Government grants are primarily used for certain projects involving the purchase of property, plant and equipment or for research and development project funding[47](index=47&type=chunk) [Share Capital](index=24&type=section&id=Share%20Capital) As of June 30, 2025, the company's total issued and fully paid share capital was RMB 318.9 million, including ordinary and convertible preference shares, with 16,813,599 new ordinary shares issued for share awards Issued and Fully Paid Share Capital (As of June 30) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Total issued and fully paid share capital | 318,941 | 317,394 | - For the six months ended June 30, 2025, the company issued **16,813,599 new ordinary shares** for share awards[50](index=50&type=chunk) - Convertible preference shares are convertible into ordinary shares of the company at any time and have the same rights as ordinary shares to receive declared dividends[49](index=49&type=chunk) [Commitments](index=25&type=section&id=Commitments) As of June 30, 2025, the Group's capital commitments amounted to approximately RMB 1,186.7 million, primarily for buildings, plant, and machinery Capital Commitments (As of June 30) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Buildings | 349,296 | 432,905 | | Plant and machinery | 837,404 | 772,588 | | Total | 1,186,700 | 1,205,493 | Business Review [Principal Products](index=26&type=section&id=Principal%20Products) The Group's products are categorized into four segments: mining equipment, logistics equipment, oil and gas equipment, and emerging industries, covering a wide range of specialized machinery and new energy solutions - The Group's products are divided into four major segments: mining equipment, logistics equipment, oil and gas equipment, and emerging industries[53](index=53&type=chunk) - Mining equipment includes roadheader equipment, coal mining equipment, engineering tunnel boring machines, mining transportation vehicles, and smart mining operation systems[53](index=53&type=chunk) - Emerging industries include solar modules, hydrogen production equipment, power battery modules, and energy storage systems[53](index=53&type=chunk) [Overall Business Performance](index=26&type=section&id=Overall%20Business%20Performance) In H1 2025, the Group achieved revenue of RMB 12,236.6 million, a 13.8% year-on-year increase, and profit for the period of RMB 1,294.2 million, up 31.1%, driven by global, digital, and low-carbon strategies - The Group continued to implement its globalization, digitalization, and low-carbon operation strategies, achieving steady business development[54](index=54&type=chunk) Overall Business Performance (2025 H1) | Indicator | 2025 H1 (RMB million) | YoY Growth | | :--- | :--- | :--- | | Revenue | 12,236.6 | +13.8% | | Profit for the period | 1,294.2 | +31.1% | | Profit attributable to shareholders | 1,294.4 | +25.3% | | International revenue | 4,018.9 | +5.4% | - The rapidly developing second curve created by emerging industries has become a new profit growth point[54](index=54&type=chunk) [Financial Performance Analysis](index=27&type=section&id=Financial%20Performance%20Analysis) The Group's H1 2025 revenue grew by 13.8% due to global strategy, increased sales in key segments, and acquisitions, leading to a 3.3 percentage point rise in profit before tax margin despite a slight decrease in gross margin - Revenue increase was primarily due to the deep implementation of globalization, digitalization, and low-carbon strategies, leading to significant increases in revenue from large port machinery, oil and gas equipment, emerging industries, and overseas mining vehicles, as well as new revenue streams from the acquisition of lithium energy business[55](index=55&type=chunk) - Other income and gains increased by **61.2%** to **RMB 594.1 million**, mainly due to increased government grants and bank interest income[56](index=56&type=chunk) - Gross margin decreased by **0.7 percentage points** to **23.7%**, primarily due to an increased proportion of sales revenue from products with relatively lower gross margins[58](index=58&type=chunk) - Research and development expenses decreased by **13.7%** to **RMB 701.7 million**, with its proportion to revenue decreasing by **1.9 percentage points** to **5.7%**, mainly due to changes in R&D system management and focus on core product R&D[61](index=61&type=chunk) - Profit before tax margin increased by **3.3 percentage points** to **14.0%**, mainly due to a decrease in the ratio of selling and distribution costs and administrative expenses to revenue, and an increase in other income[64](index=64&type=chunk) - Profit attributable to owners of the parent increased by **25.3%** to **RMB 1,294.4 million**[66](index=66&type=chunk) [Liquidity and Capital Resources](index=29&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2025, the Group's total current assets were RMB 28,553.6 million, total current liabilities were RMB 23,103.8 million, and the asset-liability ratio was 63.5%, with positive operating cash flow and increased working capital days Asset and Liability Status (As of June 30) | Indicator | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | | :--- | :--- | :--- | | Total current assets | 28,553.6 | 26,227.1 | | Total current liabilities | 23,103.8 | 21,209.8 | | Total assets | 43,638.4 | 40,927.7 | | Total liabilities | 31,128.4 | 28,752.5 | | Asset-liability ratio | 63.5% | 63.2% | - Gross trade and bills receivables increased by **13.8%** to **RMB 14,595.4 million**, with trade receivables increasing by 18.4% and bills receivables decreasing by 33.3%[68](index=68&type=chunk) - Interest-bearing bank and other borrowings increased to **RMB 10,889.5 million**, mainly to meet the development needs of emerging industries and daily operations[69](index=69&type=chunk) Cash Flow (For the six months ended June 30) | Cash flow type | 2025 H1 (RMB million) | 2024 H1 (RMB million) | | :--- | :--- | :--- | | Net cash inflow from operating activities | 368.4 | (152.9) | | Net cash inflow from investing activities | 92.6 | (346.7) | | Net cash inflow from financing activities | 460.5 | 1,734.0 | - Average inventory turnover days increased by **24 days** to **106 days**, mainly due to increased inventory in emerging industries and increased overseas stock to ensure timely delivery to overseas markets[71](index=71&type=chunk) - Trade and bills receivables turnover days increased by **2 days** to **204 days**, mainly due to an increased proportion of revenue from products with relatively longer collection cycles[71](index=71&type=chunk) - Trade and bills payables turnover days increased by **40 days** to **228 days**, mainly due to the implementation of offline settlement and extended contract payment cycles[72](index=72&type=chunk) - Financial guarantee contracts have provisions of **RMB 20.7 million** for outstanding loans and lease amounts of **RMB 5,075.7 million**[73](index=73&type=chunk) [Employees and Remuneration Policy](index=31&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had 7,843 full-time employees, with a focus on talent development and incentive programs including year-end bonuses, share option schemes, and equity award plans - As of June 30, 2025, the Group had **7,843 full-time employees**[75](index=75&type=chunk) - The Group motivates employees by providing training, year-end bonuses, and implementing share option schemes and equity award plans[75](index=75&type=chunk) [Significant Investments, Acquisitions and Disposals](index=31&type=section&id=Significant%20Investments%2C%20Acquisitions%20and%20Disposals) Sany Marine Heavy Industry (Hunan) and Sany Heavy Steel Structure agreed to sell certain tower assets to Sany Tower Technology for approximately RMB 52.9 million, with no other significant transactions during the reporting period - Sany Marine Heavy Industry (Hunan) and Sany Heavy Steel Structure have agreed to sell certain tower assets to Sany Tower Technology for a total consideration of approximately **RMB 52.9 million**[76](index=76&type=chunk) - For the six months ended June 30, 2025, there were no other significant investments held, nor any significant acquisitions or disposals of subsidiaries, associates, and joint ventures[77](index=77&type=chunk) [Pledged Assets](index=32&type=section&id=Pledged%20Assets) As of June 30, 2025, the Group's pledged bank deposits of approximately RMB 88.0 million were for bank acceptance bill guarantees, with leased land and power charge pledges securing bank loans - Pledged bank deposits of approximately **RMB 88.0 million** are used as guarantees for bank acceptance bills[79](index=79&type=chunk) - Leased land of approximately **RMB 677.4 million** and power charge pledges of approximately **RMB 64.6 million** are used to secure bank loans[79](index=79&type=chunk) [Foreign Exchange Risk](index=32&type=section&id=Foreign%20Exchange%20Risk) As of June 30, 2025, the Group held cash and bank balances denominated in foreign currencies, such as USD and EUR, equivalent to approximately RMB 4,296.7 million, and will monitor and consider hedging foreign exchange risk - The Group's cash and bank balances denominated in foreign currencies such as USD and EUR amounted to approximately **RMB 4,296.7 million**[80](index=80&type=chunk) - The Group will monitor the risks it is exposed to and will consider hedging significant currency risks when necessary[80](index=80&type=chunk) [Events After the Reporting Period](index=32&type=section&id=Events%20After%20the%20Reporting%20Period) As of the announcement date, there were no significant events for the Group after June 30, 2025 - There were no significant events for the Group after June 30, 2025, and up to the date of this announcement[81](index=81&type=chunk) Corporate Governance and Other Information [Social Responsibility](index=32&type=section&id=Social%20Responsibility) The Group actively practices corporate social responsibility, promotes low-carbon development, strengthens R&D capabilities, and implements globalization, digitalization, and low-carbon transformation strategies - The Group actively practices corporate social responsibility, is committed to promoting low-carbon development, and drives globalization, digitalization, and low-carbon transformation strategies by strengthening independent R&D capabilities[82](index=82&type=chunk) - Products such as the EBZ260H full-rock roadheader, upgraded electric heavy forklifts, and pure water hydraulic supports contribute to mine water protection and green transformation of the coal industry, and promote the deep transformation of industrial vehicles towards "intelligence, green, and scenario-based" development[82](index=82&type=chunk)[83](index=83&type=chunk) - The Group actively engages in industry and university-enterprise collaborations to explore innovative paths for AI-driven industrial intelligence[83](index=83&type=chunk) [Corporate Governance](index=33&type=section&id=Corporate%20Governance) The company is committed to establishing sound corporate governance practices, complying with the Corporate Governance Code in Appendix C1 of the Listing Rules, and ensuring business transparency to create shareholder value - The company is committed to establishing sound corporate governance practices and procedures to be accountable to shareholders with transparency and responsible institutions[84](index=84&type=chunk) - The company has adopted the Corporate Governance Code set out in Part 2 of Appendix C1 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and has complied with all applicable code provisions for the six months ended June 30, 2025[84](index=84&type=chunk) [Compliance with the Model Code for Securities Transactions by Directors](index=34&type=section&id=Compliance%20with%20the%20Model%20Code%20for%20Securities%20Transactions%20by%20Directors) The company has adopted the Model Code in Appendix C3 of the Listing Rules as its code of conduct for directors' securities transactions, and all directors confirmed compliance - The company has adopted the Model Code set out in Appendix C3 to the Listing Rules as its own code of conduct for securities transactions[85](index=85&type=chunk) - All directors confirmed that they have complied with the required standards set out in the Model Code for the six months ended June 30, 2025[85](index=85&type=chunk) [Audit Committee](index=34&type=section&id=Audit%20Committee) The Audit Committee, comprising three independent non-executive directors with Mr. Pan Zhaoguo as chairman, has reviewed the Group's unaudited interim financial statements for H1 2025 - The Audit Committee is composed of three independent non-executive directors, with Mr. Pan Zhaoguo as chairman[86](index=86&type=chunk) - The Audit Committee has held meetings to discuss audit, internal control, risk management, and financial reporting matters, and has reviewed the Group's unaudited interim financial statements for the six months ended June 30, 2025[86](index=86&type=chunk) [Review of Interim Financial Statements](index=34&type=section&id=Review%20of%20Interim%20Financial%20Statements) The Group's interim financial statements for the six months ended June 30, 2025, were not audited or reviewed by external auditors but were reviewed by the Audit Committee - The Group's interim financial statements for the six months ended June 30, 2025, have not been audited or reviewed by the company's external auditors[87](index=87&type=chunk) - The interim financial statements were reviewed by the Audit Committee before being recommended to the Board for approval[87](index=87&type=chunk) [Interim Dividend](index=34&type=section&id=Interim%20Dividend) The Board of Directors resolved not to declare an interim dividend for the six months ended June 30, 2025 - The Board of Directors resolved not to declare an interim dividend for the six months ended June 30, 2025[88](index=88&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=34&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) For the six months ended June 30, 2025, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities, and no treasury shares were held - For the six months ended June 30, 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[89](index=89&type=chunk) - As of June 30, 2025, the company did not hold any treasury shares[89](index=89&type=chunk) [Publication of Information on Websites](index=35&type=section&id=Publication%20of%20Information%20on%20Websites) This announcement is published on the HKEX and company websites, and the interim report will be available and dispatched to shareholders in due course - This announcement is published on the HKEX website www.hkexnews.hk and the company's website www.sanyhe.com[90](index=90&type=chunk) - The company's interim report for the six months ended June 30, 2025, will be available on the same websites and dispatched to shareholders in due course[90](index=90&type=chunk) [Board of Directors](index=35&type=section&id=Board%20of%20Directors) As of the announcement date, the Board comprises executive directors Mr. Liang Zaizhong, Mr. Qi Jian, and Mr. Fu Weizhong, non-executive directors Mr. Tang Xiuguo and Mr. Xiang Wenbo, and independent non-executive directors Mr. Pan Zhaoguo, Mr. Hu Jiquan, Mr. Yang Shuyong, and Ms. Zhou Lan - The executive directors are Mr. Liang Zaizhong, Mr. Qi Jian, and Mr. Fu Weizhong[92](index=92&type=chunk) - The non-executive directors are Mr. Tang Xiuguo and Mr. Xiang Wenbo[92](index=92&type=chunk) - The independent non-executive directors are Mr. Pan Zhaoguo, Mr. Hu Jiquan, Mr. Yang Shuyong, and Ms. Zhou Lan[92](index=92&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部 分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 SANY HEAVY EQUIPMENT INTERNATIONAL HOLDINGS COMPANY LIMITED 三一重裝國際控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：631） 中期業績線上投資者推介會 承董事會命 三一重裝國際控股有限公司 董事長 三一重裝國際控股有限公司（「本公司」，連同其附屬公司統稱為「本集團」）董事（「董 事」）會（「董事會」）謹此宣佈，為使本公司股東（「股東」）及潛在投資者更加了解本集 團業務，本公司將會於2025年8月29日（星期五）上午10時正通過線上舉行截至2025 年6月30日止六個月的中期業績投資者推介會。誠邀各位股東、潛在投資者及關注 本公司發展及資本市場的人士參加此線上投資者推介會。 擬參加線上投資者推介會的投資者請於北京時間2025年8月29日（星期五）上午9時45 分前透過鏈接https://sanymt.webex.com/sanymt ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部 分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 SANY HEAVY EQUIPMENT INTERNATIONAL HOLDINGS COMPANY LIMITED 香港，2025年8月13日 於本公告日期，執行董事為梁在中先生、戚建先生及伏衛忠先生，非執行董事為唐 修國先生及向文波先生，以及獨立非執行董事為潘昭國先生、胡吉全先生、楊樹勇 先生及周蘭女士。 （於開曼群島註冊成立之有限公司） （股份代號：631） 董事會會議通告 三一重裝國際控股有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈，將於 2025年8月28日（星期四）舉行董事會會議，藉以（其中包括）(i)審議及批准本公司及 其附屬公司於截至2025年6月30日止六個月中期業績及其刊發；(ii)審議宣派中期股 息（如有）；及(iii)處理任何其他事務。 承董事會命 三一重裝國際控股有限公司 董事長 梁在中 三一重裝國際控股有限公司 ...

Group 1 - The core viewpoint is that the Chinese construction machinery industry is experiencing significant growth, with excavator sales reaching 17,138 units in July 2025, a year-on-year increase of 25.2% [1] - Domestic sales accounted for 7,306 units, reflecting a growth of 17.2%, while exports reached 9,832 units, marking a substantial increase of 31.9% [1] - The government plans to issue 1.3 trillion yuan in ultra-long special bonds, an increase of 300 billion yuan from the previous year, to support infrastructure investment and stimulate demand for construction machinery [1] Group 2 - Zhejiang Securities suggests that the Chinese construction machinery industry is transitioning from import substitution to global supply, recommending a focus on industry leaders [2] - Everbright Securities highlights strong performance in both domestic and export sales in July, indicating a positive outlook for the industry driven by ongoing demand and policy support [2] - The report emphasizes that the internationalization and electrification of the construction machinery sector will likely benefit leading companies, with projects like the Yajiang and Xinjiang railways expected to further boost demand [2] Group 3 - Relevant companies in the Hong Kong stock market include Zoomlion Heavy Industry (000157), SANY International (00631), China Longgong (03339), and Zhengzhou Coal Mining Machinery (00564) [3]

Group 1 - The core viewpoint of the articles highlights the growth in the excavator sales in July 2025, with a total of 17,138 units sold, representing a year-on-year increase of 25.2% [1] - Domestic sales accounted for 7,306 units, showing a year-on-year growth of 17.2%, while exports reached 9,832 units, marking a significant increase of 31.9% [1] - The government plans to issue long-term special bonds amounting to 1.3 trillion yuan, an increase of 300 billion yuan from the previous year, which is expected to support infrastructure investment and subsequently boost equipment demand [1] Group 2 - Zheshang Securities reports that the Chinese construction machinery industry is a global advantage and is expected to transition from import substitution to global supply [2] - The report indicates that domestic demand for construction machinery is expected to improve marginally, with projects like the Yajiang and Xinjiang-Tibet railways driving new demand [2] - Everbright Securities notes that both domestic sales and exports of construction machinery performed well in July, with ongoing support from government policies ensuring sustained recovery in mid-term demand [2] Group 3 - Relevant companies in the construction machinery sector listed on the Hong Kong Stock Exchange include Zoomlion Heavy Industry (01157), SANY International (00631), China Longgong (03339), and Zhengzhou Coal Mining Machinery Group (00564) [3]

Core Viewpoint - 招银国际 reaffirms "Buy" rating for SANY International (00631) based on a 2025 P/E ratio of 11 times, maintaining a target price of HKD 8.7 [1] Financial Performance - SANY International announced a profit warning, forecasting a 25-35% year-on-year increase in net profit for the first half of 2025, amounting to RMB 1.23-1.33 billion [1] - The expected net profit growth rate for the second quarter of 2025 is projected to be between 16-35%, aligning with the expectations of 招银国际 [1] Market Drivers - The positive performance is attributed to strong growth in large port equipment and stable demand for tunneling machines and domestic mining trucks, indicating that SANY International is returning to a growth trajectory this year [1] Earnings Forecast - 招银国际 maintains its earnings forecast for SANY International for the years 2025-2027 but acknowledges potential for upward adjustments in the current profit predictions [1]

报告指，三一国际昨日发盈喜，预告2025年上半年净利润同比增长25-35%至12.3-13.3亿元人民币， 反 映2025年第二季净利润增速将达到16-35%，符合该行的预期。此次公布的业绩再次印证了该行的正面 观点，受惠于大型港口设备强劲增长，以及掘进机和国内矿卡需求趋于稳定，三一国际今年正重回增长 轨道。该行暂时维持对公司的2025-27年盈利预测不变，但该行认为目前的盈利预测存在上调空间。 智通财经APP获悉，招银国际发布研报称，重申三一国际(00631)"买入"评级，基于11倍2025年市盈率， 维持目标价8.7港元。 ...

Major Events - Tianyue Advanced (02631) plans to globally offer 47.7457 million H-shares from August 11 to August 14 [1] - Hengrui Medicine (01276) has its injection drugs listed in the proposed breakthrough treatment varieties public notice [1] - Shoucheng Holdings (00697) invests in Southern Universal Data Center REIT and Southern Runze Technology Data Center REIT [1] - Boyaa Interactive (00434) is included in the MSCI Global Small Cap Index [1] Financial Performance - Yum China (09987) reports a net profit of $507 million, an increase of 1.6% year-on-year [1] - Master Kong Holdings (00322) announces a profit attributable to shareholders of 2.271 billion yuan, up 20.5% year-on-year [1] - Q Tech (01478) reports a profit of 308 million yuan, a significant increase of 167.59% year-on-year [1] - Hang Wan Technology (01523) announces a net profit of approximately $21.665 million, up about 13.4% year-on-year, with a dividend of 12.34 HK cents per share [1] - Ruipu Lanjun (00666) reports a gross profit of approximately 829 million yuan, a year-on-year growth of 177.8% [1] - Kingdee International (00268) sees a revenue increase of 11.24% to 3.192 billion yuan, with strong growth in cloud business [1] - Yuyuan Group (00551) reports a profit attributable to shareholders of $171 million, a decrease of 7.2% year-on-year [1] - Boyaa Interactive (00434) reports a profit attributable to shareholders of 226 million HKD, down 27.8% year-on-year [1] - Chongqing Machinery and Electric (02722) expects a net profit attributable to shareholders to increase by about 50% year-on-year [1] - Anton Oilfield Services (03337) anticipates a significant profit increase of 41.6% to 60.5% year-on-year [1] - Sany International (00631) expects a net profit of approximately 1.234 billion to 1.332 billion yuan, an increase of 25% to 35% year-on-year [1] - Datang Renewable (01798) reports a cumulative power generation of approximately 21.3563 million MWh in the first seven months, an increase of 11.75% year-on-year [1] - China Jinmao (00817) reports a cumulative contracted sales amount of 61.807 billion yuan in the first seven months, up 23.12% year-on-year [1] - New Town Development (01030) reports a cumulative contract sales amount of approximately 11.99 billion yuan in the first seven months, down 55.66% year-on-year [1] - Dongfeng Motor Group (00489) reports automobile sales of approximately 978,500 units in the first seven months, a decrease of about 8.9% year-on-year [1] - Hopson Development Holdings (00754) reports a total contracted sales amount of approximately 9.047 billion yuan in the first seven months, down 12.49% year-on-year [1] - Yuyuan Group (00551) reports a net operating income of approximately $667.5 million in July, a year-on-year decrease of 1.9% [1]

Core Viewpoint - SANY International (00631) expects a net profit of approximately RMB 1.234 billion to RMB 1.332 billion for the six months ending June 30, 2025, representing a 25% to 35% increase compared to the first half of 2024 [1] Group 1: Financial Performance - The anticipated increase in net profit is attributed to the implementation of globalization, digitalization, and low-carbon strategies, leading to significant revenue growth in large port machinery, oil and gas equipment, and overseas sales of mining trucks [1] - The acquisition of lithium energy business completed on July 22, 2024, is expected to provide a new source of revenue for the company [1] - Initiatives aimed at improving quality and efficiency, as well as cost reduction measures, have resulted in a notable increase in gross profit margins for tunneling machines, small port machinery, and oil and gas equipment products [1]