At the end of August, the performance of major listed companies in construction machinery for the first half of the year was basically disclosed. Among the 18 construction machinery enterprises including XCMG Machinery, Sany Heavy Industry, Zoomlion Heavy Industry, Liugong Machinery, Shantui Co., Ltd., nearly 80% of them achieved a "double increase" in revenue and net profit.
Among them, the top companies XCMG Machinery and Sany Heavy Industry saw a double increase in revenue and net profit growth, while Zoomlion's revenue growth slightly narrowed. Liugong Machinery and Shantui Co., Ltd. saw a decline in net profit growth from a relatively high base last year, but still maintained positive year-on-year growth.
In addition, Weichai Power and Anhui Heli increased revenue but did not increase profits in the first half of the year, while Shanhe Intelligent increased profits but did not increase revenue. Xiamen Engineering Group's net profit and revenue both decreased year-on-year.
From the perspective of revenue, compared with the same period in 2024, Sany Heavy Industry, XCMG Machinery, Taiyuan Heavy Industry, Quanchai Power and Chinese Loong Group achieved a positive revenue in the first half of 2025, with the growth rate of Taiyuan Heavy Industry exceeding 30%; In terms of net profit, Yutong Heavy Industry, Taiyuan Heavy Industry, Shanhe Intelligent, Quanchai Power, and Zhejiang Dingli have returned to positive growth in net profit, while Sany Heavy Industry, Yutong Heavy Industry, and Shanhe Intelligent have achieved a year-on-year increase of over 40% in net profit.
As expected, keywords such as "positive performance growth," "improved profitability," "increased proportion of overseas revenue," and "rapid development of new energy" frequently appear in business reviews.
Among the top enterprises, XCMG Machinery achieved a revenue of approximately 54.80832 billion yuan in the first half of the year, a year-on-year increase of 8.04%; The net profit attributable to the parent company was 4.358 billion yuan, a year-on-year increase of 16.63%, and the operating cash flow was 3.725 billion yuan, a year-on-year increase of 107.56%.
Sany Heavy Industry achieved a revenue of 44.534 billion yuan, a year-on-year increase of 14.96%; Net profit attributable to the parent company was 5.216 billion yuan, a year-on-year increase of 46.00%; The net operating cash flow was 10.134 billion yuan, a year-on-year increase of 20.11%. Among them, the sales revenue of mining machinery increased by 15.00% year-on-year, the sales revenue of lifting machinery increased by 17.89% year-on-year, the sales revenue of pile driving machinery increased by 15.05% year-on-year, and the sales revenue of road machinery increased by 36.83% year-on-year; The coverage of new energy products has been improved, and more than 30 new energy products have been launched in total.
Zoomlion achieved a revenue of 24.855 billion yuan, a year-on-year increase of 1.30%; Net profit attributable to the parent company was 2.765 billion yuan, a year-on-year increase of 21%; The net operating cash flow was 1.752 billion yuan, a year-on-year increase of 112%, with a cash collection rate of 99%; 206 new host products have been launched, including 76 4.0 (leading domestic) high-end series products and 20 new energy products; There are 1755 research projects under study, including nearly 300 research projects on new technologies such as digitization, intelligence, and greening, accounting for about 17%.
Liugong Machinery's performance continues to maintain a growth trend, achieving a revenue of 18.181 billion yuan, a year-on-year increase of 13.21%, and a net profit attributable to the parent company of 1.23 billion yuan, a year-on-year increase of 25.05%. Among them, the global sales of the loader sector increased by 193% year-on-year; The sales revenue of the excavator sector increased by 25% year-on-year, and the net profit increased significantly by over 90% year-on-year.
In addition, from the semi annual reports of various enterprises, we can also see that "overseas markets" are one of the main sources of performance growth for many companies, and the momentum of overseas markets remains strong.
Led by Sany Heavy Industry, in the first half of 2025, Sany Heavy Industry achieved overseas sales revenue of 26.302 billion yuan, a year-on-year increase of 11.72%, with overseas revenue accounting for 60.26% of its main business revenue; XCMG Machinery's overseas revenue was 25.546 billion yuan, a year-on-year increase of 16.64%, accounting for 44.6%; Zoomlion's overseas revenue was 13.815 billion yuan, a year-on-year increase of 15%, accounting for 55.58%; Liugong Machinery's overseas revenue was 8.523 billion yuan, a year-on-year increase of 10.52%, accounting for 46.88%; Shantui Group's overseas revenue was 3.902 billion yuan, a year-on-year increase of 7.66%, accounting for 55.71%.
At present, the domestic stock game has shifted towards global competition, and the depth of overseas layout determines the ceiling of enterprises. According to customs data, from January to July 2025, the import and export trade volume of construction machinery in China was 35.076 billion US dollars, a year-on-year increase of 10.5%; The export amount reached 33.486 billion US dollars, a year-on-year increase of 10.8%. Construction machinery enterprises have entered a new stage of going global and still have growth potential!
