Investment Rating - The investment rating for SANY Heavy Industry is "Buy" (maintained) [1] Core Views - The company reported a total revenue of 44.78 billion yuan for the first half of 2025, representing a year-on-year growth of 14.64%, with a net profit attributable to shareholders of 5.22 billion yuan, up 46.00% year-on-year [5] - The performance exceeded market expectations, with significant growth across most product lines, except for a slight decline in concrete machinery [8] - The company plans to distribute a mid-term dividend of 2.10 yuan per share, totaling 2.614 billion yuan, with a payout ratio of 50.11% [8] - The profit forecast has been raised due to better-than-expected demand in the construction machinery industry and improvements in profit margins [8] Financial Data and Profit Forecast - Total revenue projections for 2025 are estimated at 89.07 billion yuan, with a year-on-year growth rate of 13.6% [7] - The net profit attributable to shareholders is projected to be 8.52 billion yuan for 2025, reflecting a year-on-year growth of 42.6% [7] - Earnings per share are expected to be 1.01 yuan for 2025, with a price-to-earnings ratio of 21 [7] - The company’s gross margin is expected to remain stable at around 27.1% for 2025 [7]