SANY Heavy Industry Achieves Milestone with H1 Financial Results

SANY Heavy Industry Reports Impressive Financial Performance

During a period marked by steady international business growth, SANY Heavy Industry has showcased remarkable performance in its latest half-year results, revealing that overseas revenue accounted for 62.23% of its core business revenue.

Overview of Financial Results

In the 2024 half-year financial report, SANY Heavy Industry reported an operating revenue of 38.74 billion yuan (approximately 5.45 billion USD) for the first half of the year, indicating a slight decline of 1.95% compared to the previous year. Despite this decrease in revenue, the net profit attributable to shareholders of listed companies saw an increase of 4.80%, reaching 3.57 billion yuan (about 503 million USD).

Growth Amidst Challenges

Even in a challenging global market, SANY has maintained a firm commitment to high-quality development principles. This has led to an impressive surge in net cash flow from operations, increasing by 2,204.61% to 8.44 billion yuan (around 1.19 billion USD).

Increasing International Presence

During the first half of 2024, SANY advanced its global strategy by enhancing its research and development capabilities as well as expanding its manufacturing footprint. The company focused significantly on aftermarket services and built sustainable operational capabilities on a global scale.

Strong International Sales

SANY's international revenue was robust, with reported international sales revenue reaching 23.54 billion yuan (3.31 billion USD), reflecting a year-on-year growth of 4.79%. This revenue accounted for a notably high percentage of the company’s overall performance.

Regional Highlights

The African market demonstrated remarkable growth, recording a 66.71% increase in revenue to 2.31 billion yuan (325 million USD). In addition, the Asia and Australia regions contributed significantly with 9.17 billion yuan (1.29 billion USD), marking a growth of 2.55%. The European market achieved stable growth of 1.08% with 8.27 billion yuan, while the Americas faced a slight decline of 4.19%, yielding 3.79 billion yuan.

Commitment to Decarbonization

In 2024, SANY has amplified efforts in new energy product development. The company has launched over 80 new energy products this year, with notable market breakthroughs, including a substantial order for 200 units of the SW956E electric wheel loader known for its cutting-edge energy-saving features.

Innovative Technologies

SANY’s dedication to research and development has resulted in around 30 patents granted for low-carbon technologies. Among these innovations is the pioneering P2-MT hybrid power technology which reduces power interruptions in heavy-duty vehicles, showcasing their commitment to advancing fuel efficiency.

Investing in R&D and Innovation

SANY’s strategic focus on globalization, digitalization, and decarbonization has led to significant investments in research and development. In the first half of this year, the company dedicated 2.61 billion yuan (367 million USD) towards R&D, employing 6,320 R&D personnel, of whom 39% hold postgraduate degrees or higher.

Intellectual Property Advancement

The company has demonstrated proactive initiative through the application of 575 patents, including 357 invention patents, with a significant number granted, indicating their active engagement and leadership in technological advancement.

Introduction of Innovative Products

In addition to its financial results, SANY has unveiled numerous innovative products during the first half of 2024, including the SY2000 mining excavator, the third generation RC medium excavator, the 33-meter pump truck, and the advanced STC2000C8-8 truck crane.

Frequently Asked Questions

What were SANY Heavy Industry's operating revenues for H1 2024?

SANY Heavy Industry reported operating revenues of 38.74 billion yuan (approximately 5.45 billion USD) for the first half of 2024.

How much did SANY's net profit increase by during the reporting period?

The net profit attributable to shareholders of listed companies increased by 4.80%, reaching 3.57 billion yuan (around 503 million USD).

What percentage of SANY's revenue came from international sales?

International sales accounted for 62.23% of SANY's main business revenue.

How much did SANY invest in R&D in the first half of 2024?

SANY allocated 2.61 billion yuan (367 million USD) towards research and development in the first half of 2024.

Can you name some innovative products launched by SANY in 2024?

Some new products introduced by SANY include the SY2000 mining excavator, the STC2000C8-8 truck crane, and the new generation RC medium excavator.

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