
Core Viewpoint - Sany Heavy Industry reported a significant increase in net profit and revenue for the first half of 2025, driven by growth in both domestic and international sales [1][3]. Financial Performance - In H1 2025, Sany Heavy Industry achieved 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]. - The company's net profit margin improved to 11.65%, an increase of 2.5 percentage points compared to the previous year [3]. Business Segmentation By Industry - The engineering machinery sector generated revenue of 43.65 billion yuan, with a gross margin of 27.57%, reflecting a revenue increase of 15.39% and a cost increase of 14.12% year-on-year [2]. By Product - Excavators contributed 17.497 billion yuan in revenue, with a gross margin of 32.74%, showing a 15% increase in revenue year-on-year [2]. - Concrete machinery revenue was 7.441 billion yuan, but saw a decline of 6.49% year-on-year [2]. - Cranes generated 7.804 billion yuan, with a revenue increase of 17.89% [2]. By Region - Domestic sales reached 17.349 billion yuan, a 21.42% increase year-on-year, while international sales were 26.302 billion yuan, up 11.72% [2][3]. - The overseas market accounted for 60.26% of total revenue, with Africa showing the highest growth at 40.48% [3]. Market Dynamics - The engineering machinery industry is experiencing a recovery, with a reported 16.8% increase in excavator sales in H1 2025 [4]. - Major infrastructure projects, such as the Yarlung Tsangpo River hydropower project with an investment of approximately 1.2 trillion yuan, are expected to boost domestic demand [4]. Dividend Policy - Sany Heavy Industry plans to distribute a dividend of 0.31 yuan per share, totaling 2.614 billion yuan, which represents 50.11% of the net profit attributable to shareholders [4].