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SANY Heavy Industry Reports Financial Results: 35.87% Up in International Sales Revenue

CHANGSHA, China, Sept. 5, 2023 /PRNewswire/ — Leading global heavy machinery manufacturer SANY Heavy Industry (“SANY”) reported its H1 2023 financial results on August 30. Its operating revenue is down by 0.38% to 39.496 billion yuan (US$ 5.44 billion), while the net profit attributable to shareholders of listed companies increased by 29.07% to 3.4 billion yuan (US$ 468.3 million). The net cash flow from business activities was 402 million yuan (US$ 55.37 million).

In Q2 2023, SANY’s operating income was 21.709 billion yuan (US$ 2.99 billion), a 10.93% increase year-on-year; the net profit attributable to shareholders of listed companies reached 1.888 billion yuan (US$ 260 million), up 80.81% year-on-year.

The half-year 2023 in numbers
The half-year 2023 in numbers

Substantial growth in overseas markets with strengthened competitive advantages

SANY has enhanced its international competitiveness and achieved a historic leap of performance growth – the international sales revenue in H1 2023 amounted to 22.466 billion yuan (US$ 3.09 billion), a sharp increase of 35.87% year-on-year accounting for 56.88% of total operating revenue.

As SANY continues to evolve its global business composition, the company is expanding the scope of its globalization strategy. SANY now operates in over 180 countries and regions, with Europe and North America showing the fastest growth. The following products achieved the most significant sales increases overseas in H1 2023:

  • Excavation machinery: 9.957 billion yuan (US$ 1.37 billion), up 31.79%
  • Concrete machinery: 4.508 billion yuan (US$ 620.91 million), up 13.74%
  • Hoisting machinery: 3.763 billion yuan (US$ 518.3 million), up 57.68%
  • Road machinery and more: 4.238 billion yuan (US$ 583.72 million), up 61.21%

SANY’s intelligent manufacturing factories in Indonesia, India, and the U.S. are further boosting production capacities overseas with the applications of more than 100 advanced manufacturing technologies as well as online production management achieved through digitalized systems.

Strategic roadmap towards “dual carbon” goals and sustainable development

SANY invested 2.875 billion yuan (US$ 395.86 million) into R&D in H1 2023 centering on the strategies of globalization, digitalization, and decarbonization. The company advances electrification development to bring high-quality, low-consumption electric products, leading the industry trends of low carbon.

In addition to tackling over 20 key electrification technologies in H1 2023, SANY launched more than 130 new products, including the world’s first electric rotary drilling rig, the new-generation 710S concrete pump, the world’s first electric telescopic crawler crane SCE800TB-EV, largest tonnage 200-ton truck crane, and first hydrogen mixer truck with self-developed fuel cell system.

“SANY is confident of the growth in overseas markets and will continue to advance our strategic roadmap, especially scaling up investment into R&D with strong commitments to sustainable development goals to lead the industry towards high-quality and intelligent development,” said Xiang Wenbo, rotating chairman of SANY Group and chairman of SANY Heavy Industry.

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