SANY(SH:600031) Chang Jiang Shang Bao·2025-08-26 23:17Core Viewpoint - Sany Heavy Industry reported a strong recovery in operating performance for the first half of 2025, with significant increases in both revenue and net profit compared to the previous year [1][2]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 44.78 billion yuan, a year-on-year increase of approximately 14.64% [2][3]. - The net profit attributable to shareholders exceeded 5.2 billion yuan, reflecting a year-on-year growth of 46% [1][2]. - The company’s revenue and net profit both showed a marked improvement compared to the same period in 2024, where revenue had decreased by 2.16% and net profit had increased by only 4.80% [1]. Market Dynamics - Sany Heavy Industry's revenue growth was driven by strong domestic and international market performance, with domestic revenue growing by 21.42% and international revenue by 11.72% [3]. - The overseas market accounted for 60.26% of the company's main business revenue, with sales covering over 150 countries and regions [3]. Product Performance - The sales revenue for excavators reached 17.497 billion yuan, up 15% year-on-year, maintaining the top position in the domestic market [4]. - Concrete machinery sales were 7.441 billion yuan, a decrease of 6.49%, while crane machinery sales increased by 17.89% to 7.804 billion yuan [4]. - Road machinery sales surged by 36.83% to 2.159 billion yuan, showcasing strong demand [4]. Research and Development - The company invested approximately 2.226 billion yuan in R&D during the first half of 2025, applying for 246 patents, of which 131 were invention patents [5][6]. - Sany Heavy Industry launched over 30 new energy products and established a global R&D system to cater to local market needs [7]. Financial Health - The company maintained a high cash dividend payout ratio, proposing a cash dividend of 2.614 billion yuan, which accounts for 50.11% of the net profit attributable to shareholders [1][7]. - As of June 30, 2025, the company reported a net operating cash flow of 10.134 billion yuan, a year-on-year increase of 20.10% [7].