SANY Heavy Industry Reports Strong Half-Year Results

(Steady international business growth brought overseas revenue accounting for 62.23% of its core business revenue)

SHANGHAI, Sept. 8, 2024 /PRNewswire/ -- SANY Heavy Industry (SANY) announced its 2024 half-year financial report on August 30. The company reported 38.74 billion yuan (5.45 billion USD) in operating revenue for H1 2024, down 1.95% year-on-year, while the net profit attributable to shareholders of listed companies increased by 4.80% to 3.57 billion yuan (503 million USD).

Despite the challenging global market, the company, insisting on the principle of "high-quality development", achieved a surge in net cash flow from operating by 2,204.61% to 8.44 billion yuan (1.19 billion USD).

Rapid international growth

In the first half part of 2024, SANY further drove globalization by expanding the global R&D and manufacturing layout, enhancing the aftermarket construction, and building sustainable capabilities for global operations.

In the H1 of this year, SANY saw sustainable growth in its international revenue. The company recorded an international sales revenue for the main business of 23.54 billion yuan (3.31 billion USD), marking a year-on-year growth of 4.79% and accounting for 62.23% of its main business revenue.

Among these, the African region boasted a notable year-on-year increase of 66.71% to 2.31 billion yuan (325 million USD), while the Asia and Australia region contributed 9.17 billion yuan (1.29 billion USD), rising 2.55%. The European region generated 8.27 billion yuan, a stable growth of 1.08%, and the Americas market brought in 3.79 billion yuan, down by 4.19%.

Leading the decarbonization transition

In 2024, SANY has escalated its R&D efforts in new energy products. As of now, more than 80 new energy products have been listed this year with multiple ones achieving breakthroughs in the market. For instance, the SW956E electric wheel loader gained an order of 200 units from Indonesia with its advanced energy-saving technology, including self-developed VCU and Intelligent variable frequency air conditioner.

In terms of technology R&D, SANY has obtained about 30 granted patents related to low-carbon technologies, including the industrial first P2-MT hybrid power technology that reduces power interruptions during gear shifting in heavy-duty vehicles and achieves considerable fuel savings through rational calibration of the software, filling the technology gap for hybrid products.

Significant R&D and innovation results

Guided by the strategy of "Globalization, Digitalization, Decarbonization", SANY significantly invested in R&D. In the first half year of 2024, the company allocated 2.61 billion yuan (367 million USD) in R&D. SANY owned 6,320 R&D personnel, 39% of whom hold postgraduate degrees or higher.

Regarding intellectual property, SANY applied for 575 patents, with 357 being invention patents and 351 granted.

Additionally, SANY has released a number of innovative products in the H1 2024, including the SY2000 mining excavator, the third generation RC medium excavator, the 33-meter pump truck, and the STC2000C8-8 truck crane.

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SOURCE SANY Group