By the end of October, the first three quarters' performance reports of major listed construction machinery companies had been largely released. Among the 16 construction machinery companies surveyed, including XCMG, Sany Heavy Industry, Zoomlion, Liugong Machinery, and Shantui Construction Machinery, nearly 70% achieved double-digit growth in both revenue and net profit.
Looking at the revenue data, the construction machinery industry showed a moderate growth trend in the first three quarters of 2025. Leading companies such as XCMG, Sany Heavy Industry, and Zoomlion continued to play a stabilizing role. XCMG ranked first with revenue of 78.157 billion yuan, achieving stable growth in both revenue and net profit. Sany Heavy Industry achieved a 13.27% year-on-year increase in revenue, while its net profit reached 7.136 billion yuan, a growth rate of 46.58%. Zoomlion achieved a net profit of 3.92 billion yuan, a year-on-year increase of 24.89%, with its profit growth significantly exceeding its revenue growth.
Companies like LiuGong Machinery, Shantui Construction Machinery, Zhejiang Dingli, Weichai Power, Hengli Hydraulic, and Hangcha Group also achieved double-digit growth in both revenue and profit, demonstrating their competitive advantages and strong operational resilience in their respective niche markets.
Furthermore, while some companies experienced slow or even slight revenue growth, they achieved significant profit increases through cost reduction, efficiency improvement, and management optimization. Sunward Intelligent, despite a slight 2.08% decrease in revenue, saw its net profit surge by 117.57% year-on-year; Yutong Heavy Industry also achieved a high net profit growth of 43.16% despite a 4.58% decline in revenue.
Anhui Heli, while seeing a 10.94% increase in revenue, experienced a 4.88% decline in net profit, demonstrating a situation where increased revenue did not translate into increased profit. Construction Machinery and Xiamen Construction Machinery remained in difficulty, with revenue declining by 10.65% and 23.30% respectively, both incurring losses, and a significant year-on-year decline in net profit, reflecting the immense pressure they faced in adapting to market demand restructuring.
From an industry chain perspective, the performance of core component companies was also commendable. Hengli Hydraulics and Aidi Precision both achieved double-digit profit growth; Weichai Power maintained stable growth of approximately 5% in both revenue and net profit, demonstrating a large scale and stable trend, reflecting a positive trend of coordinated development between complete machine manufacturers and core component suppliers.
From the financial reports of various companies, keywords such as "positive performance growth," "improved profitability," and "increased overseas revenue share" frequently appear in the company performance reviews. This means that "overseas markets" are one of the main sources of performance growth for many companies, and the momentum in overseas markets remains strong, while the weak demand situation in the domestic market has not fundamentally improved.
In summary, the performance of the construction machinery industry in the first three quarters of 2025 exhibits the following characteristics and trends:
Globalization becomes a key growth engine: The steady growth of leading companies such as XCMG, Sany, and Zoomlion largely benefits from their in-depth internationalization strategies, effectively offsetting the cyclical fluctuations in the domestic market.
Electrification and intelligent transformation contribute new momentum: The industry is accelerating its transformation towards electrification and intelligentization, and companies that have made early investments are gradually reaping rewards in terms of product premiums and market share. This is also an important reason why the profit growth rate of some companies is higher than their revenue growth rate.
Significant Results Achieved in Internal Management Efficiency: Despite limited revenue growth, many companies have achieved significant increases in net profit through refined management, supply chain optimization, and cost control, indicating that the industry is shifting from "scale expansion" to "quality and efficiency."
Market Concentration Continues to Rise: Increased performance differentiation has intensified industry consolidation, with resources and orders further concentrating on leading companies. The Matthew effect is becoming increasingly pronounced, squeezing the survival space of small and medium-sized enterprises lacking core competitiveness.
According to customs data, from January to September 2025, China's total exports of construction machinery products reached US$43.92 billion, a year-on-year increase of 13.4%. In September alone, construction machinery exports reached US$5.271 billion, a year-on-year increase of 29.6%. Currently, the competition for domestic market share in China has shifted to global competition, and the depth of overseas expansion has become a key factor determining a company's future development!
