Sany Heavy Equipment International Holdings reported 2025 revenue of RMB 24.33 billion, up 11.11% year-on-year, with profit attributable to shareholders rising 61.54% to RMB 1.78 billion. Basic earnings per share reached RMB 0.51, while diluted EPS stood at RMB 0.48.
The board recommended a final dividend of HK$0.35 per ordinary share and the same amount per preference share, alongside the 0.01% preferred distribution on convertible preference shares. The payout is subject to shareholder approval and is scheduled for around 30 June 2026.
Gross profit increased 10.39% to RMB 5.42 billion, maintaining a margin of 22.30%. Profit before tax rose 53.28% to RMB 2.18 billion, lifting the pre-tax margin to 9.0%. The effective tax rate declined to 19.80% from 24.90% a year earlier.
Segment performance • Mining equipment: revenue RMB 8.99 billion (37% of total), down 17.50%. • Logistics equipment: revenue RMB 8.02 billion (33%), up 10.57%. • Oil & Gas equipment: revenue RMB 2.75 billion (11%), up 47.15%. • Emerging industry equipment: revenue RMB 4.57 billion (19%), up 141.88%.
International markets contributed RMB 9.23 billion, climbing 13.00% and accounting for 38% of total sales.
Cost structure and expenses Cost of sales rose 11.28% to RMB 18.91 billion, in line with topline growth. Selling and distribution expenses increased 5.60% to RMB 1.36 billion, reducing the selling-expense ratio to 5.58% (-0.31 ppt). R&D spending declined 5.83% to RMB 1.44 billion, equal to 5.90% of revenue (-1.10 ppt).
Balance-sheet highlights Total assets expanded to RMB 44.92 billion (+9.75%), while total liabilities grew to RMB 31.75 billion (+10.45%). Cash and cash equivalents totalled RMB 6.06 billion. Interest-bearing borrowings reached RMB 11.06 billion, lifting the gearing ratio (net debt to equity plus net debt) to 63.90% from 63.20%. Contracted but unprovided capital commitments stood at RMB 0.70 billion.
Operational metrics Inventory turnover lengthened to 108.5 days (+14.5 days). Trade-and-bills-receivable days increased slightly to 201.5 days (+2.4 days), while trade-and-bills-payable days extended to 225.6 days (+18.2 days).
Management outlook The board reaffirmed its strategic focus on globalisation, digitalisation and decarbonisation, targeting sales of RMB 57.50 billion and a 24% gross margin by 2028. No post-balance-sheet events were reported.
The annual general meeting is scheduled for 28 May 2026; the register of members will close from 21 to 28 May 2026 for AGM eligibility and from 4 to 9 June 2026 for dividend entitlement.
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