New Stock Report | Sany Heavy Industry (600031.SH) conducted a hearing at the Hong Kong Stock Exchange, becoming the world's third largest and China's largest construction machinery company.

According to the disclosure by the Hong Kong Stock Exchange on October 12th, Sany Heavy Industry Co., Ltd. (referred to as Sany Heavy Industry) (600031.SH) went through the listing hearing on the main board of the Hong Kong Stock Exchange, with CITIC SEC as its exclusive sponsor. Based on the cumulative revenue of core engineering machinery products from 2020 to 2024, Sany Heavy Industry is the third largest engineering machinery company in the world and the largest in China. The prospectus indicates that Sany Heavy Industry was established in 1994 and is an innovative-driven global leader in the engineering machinery industry. Since its establishment, Sany Heavy Industry has transformed from operating in a single category and a single country to a diversified product range and global operation through internal development, strategic acquisitions, and joint ventures. Sany Heavy Industry has a leading diversified product portfolio in the industry, catering to different types of customer operational needs, covering major categories such as excavators, concrete machinery, cranes, piling machinery, road machinery, as well as rapidly growing products like dump trucks and fire trucks. The company provides tailored products and solutions for various scenarios such as earthwork engineering, public buildings, roads and bridges, airport runways, building construction, mining operations, energy development, port logistics, etc. As one of the first Chinese engineering machinery companies to venture overseas, Sany Heavy Industry considers globalization as an important development strategy and has implemented it throughout its development. Since completing its first batch of product exports in 2002, the company has focused on transforming and upgrading towards a global enterprise, continually improving its global layout, achieving integration in operations, products, services, R&D, and manufacturing. In the past performance period, the company has successfully sold products to more than 150 countries and regions including Germany, the UK, France, Indonesia, India, Saudi Arabia, the US, Brazil, etc. By 2024, overseas market revenue accounted for 62.3% of total revenue, with a compound annual growth rate of overseas revenue from 2022 to 2024 reaching 15.2%, consistently higher than the industry average in China according to Frost & Sullivan data. Sany Heavy Industry continues to invest heavily in research and development. As of April 30, 2025, Sany Heavy Industry has a total of 21 research and development centers worldwide, with 17 located domestically and 4 overseas in Germany, Japan, and the US. In the past performance period, the company's cumulative R&D expenses amounted to RMB 19.59 billion. According to Frost & Sullivan data, Sany Heavy Industry's R&D expenses as a percentage of revenue exceed the average level of industry peers globally during the same period. The prospectus states that if there are changes in market demand for the company's products and services, or if the engineering machinery market fails to achieve expected growth or lacks growth momentum, its sales and profitability could be significantly adversely affected. Financially, Sany Heavy Industry maintains industry-leading levels in terms of revenue scale, profitability, and operating quality, continuously creating value for shareholders. With continuous overseas expansion, the company's overall revenue in the past performance period showed a stable recovery trend due to the continuous rise in overseas income. Revenue increased by 18.4% from RMB 24.848 billion in the four months ending April 30, 2024 to RMB 29.426 billion in the four months ending April 30, 2025, with overseas revenue accounting for RMB 16.8837 billion, 57.4% of the total revenue in the four months ending April 30, 2025.