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SANY Group Co., Ltd. was founded in 1989 by Liang Wengen, headquartered in Changsha, Hunan Province, and is a leading global manufacturer of construction machinery. The group owns multiple listed companies, including SANY Heavy Industry (SH, 600031), SANY International (HK, 00631), and SANY Renewable Energy (SH, 688349). Its main businesses cover three core areas: construction machinery, resource development and logistics equipment, and new energy and power equipment.
After more than 30 years of development, SANY Group started as a small local machinery factory in Hunan Province. In 2019, it became the first construction machinery enterprise in China to achieve sales "exceeding 100 billion RMB." In 2020, it sold 98,705 excavators, occupying 15% of the global excavator market, becoming the global sales champion. In 2025, the group's global revenue broke through 159.9 billion RMB, firmly staying in the top tier of the global industry. In May 2026, leveraging its strong globalization capabilities and deep brand influence, SANY Group was selected for the "Top 100 Global Competitiveness of Chinese Brands." At the World Brand Conference, it officially released the new brand proposition "Forging the Future Together," marking the brand's upgrade from the single-point value expression of "quality changes the world" to the systematic belief of "collaboratively creating the future with hardcore strength and sincere care."
SANY Group's company logo uses the letters "SANY" as the core identification element, steady and atmospheric, concise and powerful, conveying the brand mission of "quality changes the world" and the corporate vision of the "Three First-Class"—creating first-class enterprises, cultivating first-class talent, and making first-class contributions. The group adheres to the core value of "Customer First," with "machines replacing humans, intelligent and efficient" as its development direction, and is committed to becoming a leading force in the global equipment manufacturing field.
SANY Group's development history can be divided into six key stages.
Entrepreneurial Period (1986-1993) : In 1986, the four founders including Liang Wengen and Tang Xiuguo borrowed a dilapidated breeding farm in Daotong Village, Maotang Township, Lianyuan County, Hunan Province, raised 60,000 yuan of capital to establish the Lianyuan Maotang Welding Materials Factory. In the early stage of establishment, the enterprise focused on the R&D and production of small-scale welding materials. In 1989, after making profits with products such as non-ferrous solder, it established the predecessor of SANY Group, the "Lianyuan City Welding Materials Factory", in Maotang. In 1991, Xiang Wenbo officially joined the team. The team proposed the "Double Entry" strategy—entering central cities like Changsha and entering the equipment manufacturing industry of major industries. The factory was subsequently moved to Lianyuan City and renamed SANY Group Co., Ltd. Since then, the enterprise quickly cut into the construction machinery manufacturing field and began core technology breakthroughs.
Development Period (1994-2009) : In 1994, SANY Group officially entered Changsha, the capital of Hunan Province, and fully advanced into construction machinery manufacturing. The products covered concrete machinery, excavation machinery, and lifting machinery. In July 2003, the group's core enterprise SANY Heavy Industry was listed on the Shanghai Stock Exchange. In 2005, SANY Heavy Industry became the "First Stock Reform Share" of China's capital market, playing a pioneering role in the split-share structure reform. During this stage, SANY Heavy Industry launched China's first concrete pump truck and became the "World Pump King", and its concrete machinery business also grew to become the world's largest concrete machinery manufacturer.
International Expansion Period (2010-2013) : Starting from 2010, SANY took internationalization as its core strategy. In 2012, the group successfully acquired the global concrete machinery giant German Putzmeister. This "Dragon-Elephant Collaboration" acquisition event further consolidated SANY's leading position in the global concrete machinery market. In the same year, overseas sales broke through 10 billion yuan for the first time.
Transformation and Upgrade Period (2014-2020) : In 2019, the terminal sales of SANY Group's equipment sector broke through 100 billion yuan for the first time, becoming the first "exceeding 100 billion" construction machinery enterprise in China. In 2020, SANY excavator sales reached 98,705 units, surpassing international giants such as Caterpillar and Komatsu, becoming the global sales champion; since that year, the excavator machinery domestic market has held the sales champion for 15 consecutive years, and concrete machinery has stayed at the global No. 1 brand for 15 consecutive years.
New Energy and Intelligence Leap Period (2021-2024) : In 2021, SANY launched China's first new energy heavy truck and became the sales champion of that year. In 2023, the group released the SAC24000T all-terrain crane, breaking the wheel crane maximum tonnage record again. During this stage, SANY invested billions of yuan to build the Changsha No. 18 Smart Lighthouse Factory, fully launching the digital transformation process.
Global Leadership and Strategic Upgrade Period (2025-Present) : In 2025, SANY Group's operations achieved a historical breakthrough—electric product sales broke through 20 billion yuan, and the proportion of overseas income rose to 64%. In October 2025, SANY Heavy Industry successfully listed on the Hong Kong Stock Exchange, building an A+H dual platform structure. SANY Group is deeply transforming from a traditional construction machinery manufacturer to a "robot company" and "AI-native company. In 2026, SANY Group celebrates its 40th anniversary of founding, with the group's global revenue reaching 159.9 billion yuan, and released the new brand proposition, marking the brand positioning and strategic intention upgrading from a construction machinery enterprise of "China Leading" to a global "Technology Co-Creation" brand.
SANY Group's product map covers three major sectors: construction machinery, new energy commercial vehicles, and new energy equipment.
Construction Machinery Sector: Centered on SANY Heavy Industry, the product line covers six core categories: excavation machinery, concrete machinery, lifting machinery, road machinery, piling machinery, and port machinery. In 2025, excavator revenue reached 34.544 billion RMB, concrete machinery revenue 15.738 billion RMB, lifting machinery revenue 15.563 billion RMB, road machinery revenue 3.757 billion RMB, and piling machinery revenue 2.821 billion RMB. The market share of each main product ranks first in the industry in most domestic sub-sectors.
New Energy Commercial Vehicles Sector: Centered on SANY Heavy Truck and SANY Engineering Vehicle, the product matrix covers multiple categories such as electric heavy trucks, electric dump trucks, and electric tractors. In 2025, SANY new energy heavy truck sales broke through 30,000 units, and the cumulative in-service fleet of electric heavy trucks exceeded 40,000 units, ranking at the top of domestic new energy heavy truck sales for many consecutive years. New energy products such as electric mixer trucks and electric dump trucks have witnessed explosive growth. Total sales of new energy products for the year reached 8.64 billion RMB, a year-on-year increase of 115%. In March 2026, SANY Heavy Truck released its "1+7" full-series new product matrix, with battery capacity covering 318 kWh to 882 kWh, achieving full scenario coverage from trunk line transportation, composite working conditions, short-distance hauling, to city distribution. In the same month, SANY Engineering Vehicle released the world's first new energy dump truck exclusive sub-brand "TAI" (Transportation-Advanced-Innovation). The sub-brand's strategic positioning is for mining projects and heavy-load scenarios, and it launched eight models of the 2026 series covering all scenarios.
New Energy Equipment Sector: SANY Hydrogen Energy focuses on green hydrogen equipment fields such as electrolyzers, hydrogen production systems, and BOP integration, maintaining long-term strategic investment. SANY Wind Power Equipment has accumulated clear technical advantages in low wind speed and offshore wind power fields and has achieved scaled capacity.
SANY Group submitted a report card with record-high revenues, net profit, and cash flow in 2025.
Main Construction Machinery Business Data: In 2025, SANY Heavy Industry's full-year operating income reached 89.231 billion yuan, a year-on-year increase of 14.73%; net profit attributable to shareholders was 8.408 billion yuan, a year-on-year increase of 41.18%, with growth far exceeding the income growth. Net cash flow from operating activities was 19.975 billion yuan, a year-on-year increase of 34.84%, reaching the highest level in history. Gross margin reached 27.5%, net profit margin was 9.5%, increasing by 1.1 and 1.7 percentage points respectively year-on-year. In Q1 2026, the company continued the growth momentum, achieving total operating income of 24.1 billion yuan, a year-on-year increase of 14%, with revenue growth exceeding 10% for seven consecutive quarters.
New Energy Heavy Truck Market Performance: In 2025, SANY new energy heavy truck sales broke through 30,000 units, a year-on-year increase of 156%, with market share exceeding 20%. From 2021 to 2024, SANY Heavy Truck electric heavy truck sales ranked first in the domestic market for four consecutive years. In 2025, SANY followed XCMG (35,400 units, 15.3%) with 33,600 units and 14.6% market share, ranking second in the industry. FAW ranked third with 32,400 units and 14.0%, and the three leading enterprises together occupied more than 40% of the market share, forming a "Three-Pillar Structure" pattern. In the charging tractor sub-segment, SANY still maintains the leading position as industry first.
Profitability and Cash Flow: In 2025, SANY Heavy Industry's net profit growth far exceeded revenue growth, showing significant effects of cost reduction, efficiency increase, and product structure optimization. The net cash flow from operating activities created a historical highest level, with sufficient book cash, providing solid financial guarantee for continuous R&D investment and capacity expansion.
SANY Group has built a core technology system covering four sectors: electrification, intelligence, automation, and global R&D platform.
Electrification Technology and "Three-Electric" Self-Control: SANY has been laying out electrification technology since 2019. By 2025, it achieved 100% self-control of the three core components—battery, electric drive, and electronic control—and electric product sales broke through 20 billion RMB. In the SANY Heavy Truck sector, in 2026, it launched the "Magic Cube" technology brand, fully building "Magic Drive" dual-motor central drive technology, "Magic Tower Battery" low-profile high-energy cell technology, and "Magic Platform Architecture" modular universal chassis design as its three core technology pillars. Among them, "Magic Drive" adopts a dual-motor, four-intermediate-shaft full helical gear design, achieving odd-even cross-shifting without power interruption, thoroughly solving the industry problem of power interruption and rollback tendency when heavy-load vehicles shift gears on slopes. The system has a rated power of 420 kW, peak power of 500 kW, and a functional safety level reaching the highest automotive industry standard, ASIL D. In the construction machinery field, SANY Heavy Industry's "three-electric" system also achieved 100% self-control, and the "Source-Grid-Load-Storage-Vehicle Electrification" ecosystem is steadily advancing. In 2025, star products such as the world's first smart hybrid pump truck, the SY175EW electric wheel excavator, and the SAC2500E7PHEV hybrid all-terrain crane were unveiled together, showcasing SANY's comprehensive layout in electrification in the construction machinery field.
Intelligent Driving and Automation Technology: SANY Heavy Truck released the Smart Transport 3.0 intelligent fleet management system. The full-link digitization of "person-vehicle-electricity-cargo-finance" is achieved through driving behavior scoring, smart charging control, and dangerous driving AI recognition functions, enabling intelligent operation where one person manages over 100 vehicles. The system implements a "free, open, stable" strategy, aiming to guide the entire industry's digital transformation with "zero-cost entry." In the construction machinery field, the unmanned paver and compactor fleet set an industry record of 20 consecutive days of non-stop construction on the Jingha Expressway. Smart port integrated solutions have been deployed in multiple ports at home and abroad. The Beijing Daxing International Airport 5G unmanned intelligent parking lot project also introduced SANY's full set of unmanned technology and smart management system (covering an intelligent collaborative operation system). The group is operating unmanned transport overall solutions and contracting projects in large mining areas such as Xinjiang, providing a highly replicable demonstration path for the intelligent transformation of mines and promoting the exploration of unmanned operation effects in overseas mining projects.
International Standard Compliance and Global R&D Platform: In 2025, the SANY Jiangshan 636C obtained EU type approval for complete vehicles (a high-standard whole vehicle access certification for pure electric heavy trucks), becoming China's first long-range electric tractor for batch sales to Europe. SANY Group has set up global R&D centers in Europe, the USA, Japan, and other places, and has built multiple manufacturing bases overseas, continuously strengthening global product development capabilities.
Overseas markets have become the strongest engine for SANY Group's performance growth.
Operating Income and Globalization Progress: In 2025, SANY Heavy Industry achieved overseas income of 55.856 billion yuan, a year-on-year increase of 15.14%, accounting for about 64% of total revenue. Overseas business gross margin reached 31.64%, nearly 11 percentage points higher than the domestic market, and the profit contribution ratio further increased. SANY Heavy Industry successfully listed on the Hong Kong Stock Exchange in October 2025, building an A+H dual platform listing structure, accelerating global capital layout.
Global Sales and Service Network: As of the end of 2025, SANY overseas sales covered over 150 countries and regions, deeply cooperating with over 400 high-quality overseas distributors in more than 100 countries and regions, with 1,900 marketing and service outlets, and owning over 3,000 overseas service engineers. The company has established a overseas market channel system covering over 400 overseas subsidiaries, joint ventures, and distributors. In 2025, 60 models were promoted globally to the market. Among the year-on-year growth rates of overseas sales income by region, the Africa region was the most prominent with a year-on-year growth of 55%, followed by the Asia-Pacific region (16%), Americas region (9%), and Europe region with a year-on-year growth of 1.5%. SANY Heavy Industry's excavator machinery and concrete machinery product overseas export volumes continue to maintain the industry's first position.
New Energy Heavy Truck Overseas Breakthrough: In 2025, the proportion of SANY electric vehicle export sales revenue is expected to reach 40%. With SANY Jiangshan 636C and other main models obtaining European certification and mass sales locally, the overseas market share continues to expand; the target for the proportion of electric vehicle export sales in 2026 is 50%. On April 16, 2026, SANY Heavy Truck and Saudi giant Alkhorayef Commercial Company (ACC) signed a strategic cooperation agreement, clarifying the 2026 procurement plan for 750 units of SANY Heavy Trucks. This cooperation will deeply promote SANY's layout in the Middle East market. SANY Marine Engineering's overseas revenue proportion reached 63% in 2025, and the 2026 target is to further break through 70%.
SANY Group is accelerating the overall operation upgrade from a single "product export" to "industry going global", playing an increasingly important role in the wave of global supply chain reconstruction.
Standing at the milestone of 2026, the 40th anniversary of SANY Group's founding, SANY Group's future development blueprint takes "Technology as Soul, AI as Tool, Global Layout" as the core thread. During SANY's "15th Five-Year Plan" period, it will accelerate the transformation to "robot company" and "AI-native company", comprehensively upgrading brand value and global competitiveness.
Intelligence and Automation Roadmap: SANY has invested more than 50% of R&D investment in the reserve and development of electrification and intelligence technologies, focusing on the R&D of forward-looking disruptive technologies that can realize true automation. SANY Heavy Truck has clearly proposed the goal of "building unmanned trucks in the next four years", and has planned a full-link landscape from fixed route automation, inter-provincial unmanned drop-and-pull transport to large-scale unmanned electric heavy trucks operating on public roads. In construction machinery, SANY accelerates the marketization and commercial landing of unmanned cluster collaborative systems, promoting smart mining, smart ports, and unmanned construction solutions to output to more domestic and international scenarios.
Deepening Penetration of Electrification Ecosystem: In the electric heavy truck sector, SANY judges that the second half of 2026 is very likely to become the true "first year" of trunk line logistics electrification. Based on the "1+7" full series new product matrix and the continuous iteration of "Magic Cube" technology, SANY will further promote new energy heavy trucks from resource transportation and muck within 300km to longer distance fields such as trunk line logistics. SANY Heavy Industry will focus on improving the penetration rate of construction machinery electrification, R&D of core components for large-scale equipment electrification, and strengthening electrification supporting infrastructure ecosystem construction, creating a full-scenario "Source-Grid-Load-Storage-Vehicle Electrification" ecosystem. SANY Hydrogen Energy continues to focus on electrolyzers, hydrogen production systems, and BOP integration, with long-termism deepening the green hydrogen equipment track, providing full-stack new energy equipment solutions to the terminal of the hydrogen production industry chain.
Deepening Globalization and Brand Elevation: On the basis of differentiated layout in major continents, SANY Group will continue to deep-dive into growth markets such as Africa, Middle East, and Southeast Asia, accelerate the establishment of overseas manufacturing bases and local service networks, and enhance brand influence in the global construction machinery track. Through the released brand proposition "Forging the Future Together", SANY has shifted from the "introverted" brand narrative of self-improvement for the past 40 years to an "extroverted" long-term strategy with global vision and emphasizing cross-border cooperation and co-creation. With three-fold driving force of artificial intelligence, electrification, and globalization, it is moving towards world-class brands. Facing the future, SANY Group plans to reach a revenue target of 145.6 billion yuan by 2028, continuing to steer with technological innovation, with "Global First-Class, Centennial SANY" as the beacon, and write a new chapter of Chinese high-end equipment manufacturing industry participating in the global competition pattern.
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