SANY INT'L (00631) saw its shares decline by over 7% again, hitting an intraday low of HK$7.88. This represents a drop of more than 50% from its peak in March this year. As of the latest update, the stock was down 7.39%, trading at HK$7.9 with a turnover of HK$69.3923 million.

The company recently disclosed its first-quarter results, reporting consolidated revenue of approximately RMB 6.651 billion, a year-on-year increase of 13.2%. However, profit attributable to owners of the parent company was about RMB 509 million, marking a decrease of 19.8% compared to the same period last year.

The decline in net profit was primarily attributed to an increased proportion of revenue from products with slightly lower gross margins in the logistics equipment business, leading to a decrease in the overall product gross margin. Additionally, rising prices of raw materials such as silicon wafers, silicon materials, and battery cells impacted the new industry segment, further reducing its overall product gross margin.

Analysts note that while robust demand for mining equipment and the trend toward electrification continue to drive market share growth for the company, losses from its emerging businesses will still require time to resolve.