SANY Heavy Industry reported solid interim results for the six months ended 30 June 2026, underpinned by robust overseas demand and a recovery in domestic infrastructure spending.

Revenue and Profitability • Group revenue rose 19.49% year on year to RMB53.51 billion, driven by stronger sales of excavating, concrete and piling machinery. • Net profit attributable to shareholders increased 9.13% to RMB5.69 billion. • Gross profit expanded 20.79% to RMB14.95 billion, lifting the gross margin 0.30 percentage points to 27.94% on better product mix and higher overseas margins. • Basic and diluted earnings per share were RMB0.6217.

Segment Performance • Excavating machinery remained the largest contributor, generating RMB21.31 billion (+21.77%). • Concrete machinery revenue reached RMB9.02 billion (+21.25%). • Hoisting machinery delivered RMB8.45 billion (+8.22%). • Piling machinery surged 63.11% to RMB2.19 billion on infrastructure upgrades. • Road machinery posted RMB2.28 billion (+5.52%). • Financial services produced RMB0.20 billion.

Geographical Mix Overseas markets generated RMB32.19 billion, accounting for 61.33% of principal business revenue and rising 21.82% year on year. Domestic sales were RMB21.31 billion.

Cost Structure Selling expenses grew 19.42% to RMB3.50 billion and R&D expenditure increased 8.23% to RMB2.34 billion, reflecting ongoing investment in international channels and new-energy products. Finance costs swung to a RMB1.65 billion expense, mainly from foreign-exchange losses.

Balance Sheet and Liquidity • Total assets stood at RMB181.15 billion, up 4.53% from year-end 2025. • Net assets attributable to shareholders reached RMB92.08 billion, a 4.25% increase. • Cash and cash equivalents declined to RMB7.76 billion (31 December 2025: RMB14.91 billion) due to higher investing outflows. • Total borrowings fell to RMB13.62 billion from RMB18.39 billion, reducing long-term debt by 34.00%. • Operating cash flow remained strong at RMB9.77 billion, down 3.62% year on year.

Capital Commitments and Guarantees Outstanding capital commitments not yet provided for amounted to RMB1.15 billion. Guarantees for customer financing totalled RMB10.55 billion, while overdue payments advanced on behalf of customers were RMB3.55 billion and fully provisioned.

Strategic Progress Management highlighted accelerated globalization, continued investment in new-energy solutions and expansion of “lighthouse” intelligent factories. Overseas sales offices, localized manufacturing in Brazil and new product launches—including electric excavators and hybrid cranes—reinforced the growth trajectory.

Outlook The Board reiterated focus on high-quality growth, emphasizing global channel expansion, digital and green product innovation, tight working-capital control and prudent risk management. No interim dividend was declared.

Auditor Transition Following the company’s decision to prepare all financial statements under China Accounting Standards for Business Enterprises (CASBE), Ernst & Young Hua Ming LLP has become the sole auditor for both A- and H-share reports, replacing Ernst & Young.

No material acquisitions, disposals or share repurchases were recorded during the period.