26亿，三一重工拿出上市以来最强半年分红

Core Viewpoint - Sany Heavy Industry's net profit for the first half of the year is approaching last year's total, indicating a strong recovery in the construction machinery industry driven by domestic and overseas demand [1][4]. Financial Performance - Sany Heavy Industry reported operating revenue of 44.534 billion yuan, a year-on-year increase of 14.96%, and a net profit of 5.216 billion yuan, up 46% year-on-year [1]. - In Q2, the net profit reached 2.745 billion yuan, an 11% increase from Q1 and a 37.76% increase year-on-year, marking the best quarterly performance since Q3 2021 [1]. - The company plans to distribute a cash dividend of 3.1 yuan per 10 shares, totaling 2.614 billion yuan, which represents 50.11% of its net profit for 2025 [1][3]. Industry Context - The construction machinery industry is characterized by strong cyclicality, with a recovery phase beginning in 2021 after a downturn [1][4]. - The domestic demand is supported by long-term government bond issuance, equipment renewal policies, and accelerated energy transition [4]. Sales and Market Performance - From January to July, domestic manufacturers sold 137,700 excavators, a year-on-year increase of 17.8%, with domestic sales of 72,900 units, up 22.3% [5]. - Sany Heavy Industry's overseas sales revenue reached 26.302 billion yuan, accounting for 60.26% of its main business revenue, with an 11.72% year-on-year increase [5][7]. Profitability and Margins - The company's net profit margin improved to 11.65%, a year-on-year increase of 2.5 percentage points [7]. - The gross profit margin for overseas main business was 31.18%, up from 30.14% year-on-year, significantly higher than the domestic margin [7]. Product and Regional Performance - The Asia-Pacific region remains the main revenue driver for Sany Heavy Industry, with revenue of 11.455 billion yuan, a 16.3% increase [9]. - The company launched over 80 new products in overseas markets and established a global warehousing network [8]. Asset and Cash Flow - As of June 30, Sany Heavy Industry's overseas asset scale reached 50.034 billion yuan, accounting for 32.57% of total assets [10]. - The net cash flow from operating activities was 10.134 billion yuan, a year-on-year increase of 20.11% [10].