CROSBY Research – Sany Heavy Equipment (631 HK/NR): 9M25’s momentum on track for a promising FY25

3 November 2025

Sany Heavy announced its 3Q25 business update with revenue increased 14.1% YoY to Rmb18.1bn in 9M25. Net profit grew by 22.9% YoY to Rmb1.7bn in 9M25. Through comprehensive initiatives to enhance operational quality and efficiency, combined with disciplined cost control, the company recorded improved gross profit margins in roadheaders, small port machinery and oil and gas equipment. Thus, its blended GPM remained relatively stable at the level of 24.0% as of 9M25.