Sany Heavy Equipment International Holdings Company Limited (“Sany International”) reported interim revenue of RMB 14.75 billion for the six months ended 30 June 2026, a 20.5% increase versus the prior-year period. The expansion was propelled by strong demand for mining and port machinery, as well as rapid overseas growth, yet profitability came under pressure.

Gross profit reached RMB 3.26 billion, up 12.4%, while the gross margin narrowed to 22.1% from 23.7% due to a higher mix of lower-margin products. Operating cost inflation and reduced other income—down 11.5%—compressed the profit before tax to RMB 1.56 billion, 8.7% lower year-on-year. Net profit attributable to shareholders declined 5.9% to RMB 1.22 billion; basic earnings per share fell to RMB 0.35 from RMB 0.39.

Segment performance showed sharp divergence. Mining equipment revenue almost doubled to RMB 3.73 billion (+97.5%), driven by hybrid mining trucks. Large port machinery sales advanced 62.6% to RMB 1.96 billion, and small port machinery rose 15.0% to RMB 1.95 billion. Power battery revenue increased 67.5% to RMB 1.72 billion. Overseas turnover surged 69.5% to RMB 6.81 billion, representing 46% of total sales; mining trucks abroad grew 185.5% to RMB 3.39 billion.

Operational metrics improved. Operating cash inflow climbed 47.9% to RMB 545.03 million. Inventory days shortened by eight to 98, receivables days improved by fourteen to 190, and payables days by fifteen to 213. The group’s gearing ratio edged up to 67.1% from 63.5%, reflecting expansion funding; interest-bearing borrowings stood at RMB 11.31 billion. Net operating cash partly financed an investment outflow of RMB 2.03 billion, largely tied to wealth-management purchases.

Research and development expenditure rose 4.6% to RMB 733.80 million, equivalent to 5.0% of revenue (1H25: 5.7%), as focus shifted to core products. Selling and distribution costs increased 25.5% to RMB 723.03 million, raising the ratio to revenue to 4.9%.

Total assets expanded 9.9% year-on-year to RMB 47.95 billion, while total equity advanced 6.5% to RMB 13.32 billion. The board did not declare an interim dividend; the final dividend for FY25 of HK$0.35 per share (RMB 1.15 billion) was approved in May and partially paid during the period.

Management reiterated commitment to globalization, digitalization, and low-carbon strategy, with emphasis on planning transformation, AI integration, and prudent operations to sustain high-quality growth amid volatile macro conditions.