SANY INT'L's stock plummeted 6.45% during intraday trading on Thursday, significantly underperforming its sector peers.

The sharp decline was triggered by the company's first-quarter earnings disclosure, which revealed a net profit attributable to shareholders of approximately 509 million yuan, representing a 19.8% year-over-year decrease despite a 13.2% increase in revenue. Gross profit also declined by 3.5% to about 1.379 billion yuan, reflecting margin compression due to rising raw material costs in its emerging business segments, including silicon wafers, silicon materials, and battery cells.

Additionally, selling pressure intensified due to contagion from peer Zhongchuang Zhiling's disappointing Q1 results, which had already heightened market concerns over coal equipment demand weakness and contributed to a nearly 4% drop in SANY INT'L's stock the previous day.