Overseas contributions account for 64% of revenue, Sany Heavy Industry accelerates globalization: net profit increased by over 40% last year

On March 30th, Sany Heavy Industry (600031) disclosed its latest annual report, revealing that by 2025, the company will achieve revenue of 89.23B yuan, a year-on-year increase of 14.73%; net profit of 8.41B yuan, a year-on-year increase of 41.18%. The company stated that during the reporting period, the revenue growth was mainly due to increases in both domestic and international sales year-over-year, and profit growth benefited from sustained market demand recovery and effective implementation of cost reduction and efficiency improvement measures.

The announcement shows that in 2025, Sany Heavy Industry’s construction machinery products achieved a production volume of 117,554 units, a year-over-year increase of 17.75%; sales of 114,115 units, a year-over-year increase of 16.82%.

Overseas markets continue to be the core engine driving Sany Heavy Industry’s performance growth. In 2025, the company accelerated its comprehensive operational upgrade from “product exports” to “industry going overseas,” achieving overseas revenue of 55.86B yuan, a year-over-year increase of 15.14%, accounting for approximately 64% of total revenue. Meanwhile, benefiting from increased overseas sales scale, improved product structure, and ongoing cost reduction and efficiency measures, the company’s overseas gross profit margin rose to 31.64%, nearly 11 percentage points higher than the domestic market.

Regionally, Africa continued its high-growth trend, with a year-over-year growth rate exceeding 55%, generating about 8.31 billion yuan in revenue; the Asia-Australia region, as the largest overseas market, achieved revenue of 23.89 billion yuan, a 16.17% increase; Europe and the Americas regions generated revenues of 12.5 billion yuan and 11.16 billion yuan, respectively, with year-over-year growth rates of 1.5% and 8.52%. By the end of 2025, the company’s overseas product sales had covered more than 150 countries and regions.

Additionally, on October 28th last year, Sany Heavy Industry officially listed on the Main Board of the Hong Kong Stock Exchange. This marked a key step in the company’s capital deployment and globalization strategy, successfully establishing a dual-platform listing pattern of A+H shares. It was disclosed that from 2022 to 2024, the company’s overseas revenue compound annual growth rate reached 15.2%.

In terms of business segments, in 2025, Sany Heavy Industry’s main products such as excavators and concrete machinery maintained the largest domestic market share, with global shares also increasing. Excavator revenue reached 34.54B yuan, a 13.73% increase; concrete machinery revenue was 15.74B yuan, up 9.53%; crane, road machinery, and pile-driving machinery achieved revenues of 15.56B yuan, 3.76B yuan, and 2.82 billion yuan, with respective year-over-year increases of 18.67%, 25.18%, and 35.81%.

Notably, the company’s new energy products, such as electric mixer trucks and electric dump trucks, experienced explosive growth, with annual sales reaching 8.64 billion yuan, a 115% increase.

Furthermore, during the reporting period, the net cash flow from operating activities was 19.98 billion yuan, a year-over-year increase of 34.8%, reaching a record high.

Sany Heavy Industry stated in its annual report that in 2025, the domestic construction machinery industry entered a new stage of moderate recovery and structural optimization. Under the combined catalysis of policies for “large-scale equipment renewal,” a package of macro-increment policies, and the trend of “machines replacing people,” domestic market confidence steadily rebounded. The overseas construction machinery market demonstrated strong resilience, with robust demand in emerging markets such as Africa and Southeast Asia, and Chinese construction machinery manufacturers’ global market share and profitability steadily increased.

Looking at the excavator data, which reflects the “barometer” of the construction machinery industry, in 2025, major domestic excavator manufacturers sold a total of 235.3k units, a 17% increase. Among them, domestic sales were 118.5k units, up 17.9%; exports were 116.7k units, up 16.1%.

Looking ahead to 2026, Sany Heavy Industry believes that the construction machinery market is expected to continue its positive trend. Domestically, infrastructure investment, new urbanization, mining, and water conservancy projects will further release demand under supportive policies. Coupled with the gradual implementation of ultra-long-term special government bonds and local government debt funds, the market is expected to accelerate its recovery. Additionally, the increasing penetration of new energy and intelligent products will stimulate a large replacement demand, further driving industry growth. Overseas markets will maintain high levels of infrastructure and mining investment. Despite uncertainties from geopolitical and trade barriers, Chinese construction machinery manufacturers are actively pursuing “localization” global deployment and technological innovation, further achieving dual growth in global market share and brand value.

As of the midday close on March 31st, Sany Heavy Industry’s stock price was 19.28 yuan per share, with a total market capitalization of 177.28 billion yuan.