Core Viewpoint - The engineering machinery industry continues its recovery in the first half of 2025, driven by domestic demand from long-term government bond issuance, deepening equipment renewal policies, and accelerated energy transition. Core products such as excavators, concrete machinery, and cranes have seen comprehensive growth in domestic sales, while overseas markets remain robust, particularly in mineral development and energy infrastructure [1]. Company Performance Summary XCMG Machinery - Achieved operating revenue of 54.808 billion yuan, a year-on-year increase of 8.04%, and a net profit of 4.358 billion yuan, up 16.63%. The company shows a favorable development trend with growth in revenue, net profit, and cash flow, driven by internationalization, new energy, and aftermarket services [2][3]. - The earthmoving segment saw a revenue increase of 22.37%, making it the largest revenue segment, accounting for 31.05% of total revenue. Domestic sales share increased, with export revenue growing by 20% and aftermarket revenue up by 29% [3]. SANY Heavy Industry - Reported revenue of 44.534 billion yuan, a 14.96% increase, and a net profit of 5.216 billion yuan, up 46%. The excavator segment generated 17.497 billion yuan in sales, a 15% increase, maintaining the top position in the domestic market [5]. - Concrete machinery sales decreased by 6.49% to 7.441 billion yuan, while crane machinery sales increased by 17.89% to 7.804 billion yuan, with significant market share gains in various crane categories [6][7]. Zoomlion Heavy Industry - Recorded revenue of 24.855 billion yuan, a 1.3% increase, and a net profit of 2.765 billion yuan, up 20.84%. The crane segment accounted for 33.69% of total revenue, with earthmoving machinery exports growing over 33% [8]. LiuGong Machinery - Achieved revenue of 18.181 billion yuan, a 13.21% increase, and a net profit of 1.230 billion yuan, up 25.05%. The earthmoving machinery segment contributed 64.09% of total revenue, with both domestic and overseas markets showing strong growth [9]. Shantui - Reported revenue of 7.004 billion yuan, an 8.78% increase, with overseas revenue growing by 7.66% compared to the previous year [10]. Zhejiang Dingli - Achieved operating revenue of 4.336 billion yuan, a 12.35% increase, and a net profit of 1.052 billion yuan, up 27.63%. The company has shown resilience in a complex external environment [10]. Anhui Heli - Reported revenue of 9.390 billion yuan, a 6.18% increase, but net profit decreased by 4.60% to 0.796 billion yuan. Overseas revenue reached 4.016 billion yuan, up 15.20%, accounting for 43% of total revenue [11]. Market Dynamics - The engineering machinery industry is gradually improving, with domestic markets recovering and exports maintaining stable growth. Companies are actively seizing opportunities to enhance quality and efficiency while expanding their market presence [9][10].

新购置补贴对象为:完全依靠新型能源(电 力、氢燃料电池）驱动的叉车、装载机、挖掘 机,不含插电式混合动力或拖电式机械。 补贴原则和期限 国二及以下机械淘汰更新补贴发放工作按照 "总额控制、用完即止"原则实施,补贴实施期 相关推荐 政策 | 上海市鼓励国二非道路移动机械更新补贴资金管理办法 淘汰补贴对象为:装配柴油动力发动机,符 合国二及以下排放标准并于2016年3月31日及以 前生产,且已在本市编码登记的叉车、装载机、 挖掘机。 限为2025年5月28日至2026年9月30日。 申请淘汰并新购新能源机械补贴应符合以下条件: 2 1. 淘汰机械符合申请淘汰机械补贴条件的; 2. 新 购 置 机 械 应 为 新 能 源 机 械 , 且 在 本 市 编 码登记; 3.新购置新能源机械与淘汰机械编码登记所 有人一致; 4. 新 购 置 新 能 源 机 械 数 量 不 得 多 于 淘 汰 机 械 数量,可结合实际分批次申报。 1 四、郓贴标准 T 营、补贴机械应满足下列条件 申请淘汰机械补贴应符合以下条件: 1.机械已在天津市进行编码登记(不含2025年 9月30日24时后申请编码登记的机械）； 2.机械须交付经公开征 ...

Core Viewpoint - Linyi Lingong Machinery Group Co., Ltd. has completed the acquisition of 70% equity in Shandong Lingong Engineering Machinery Co., Ltd. from Volvo Construction Equipment, gaining full ownership of Shandong Lingong [1] Cooperation History - Volvo signed an agreement in 2006 and officially acquired 70% of Shandong Lingong in 2007, marking 19 years of cooperation [3][4] Post-Transaction Landscape - Lingong Group will fully control Shandong Lingong, including ownership and management rights. The acquisition was approved by the State Administration for Market Regulation on July 17, 2025 [6] Transaction Reasons - Both parties view the transaction as a result of "friendly negotiations" and believe it will benefit their long-term development [9] Perspectives from Volvo - Strategic Focus: Volvo aims to refocus on new technology transformation and enhance customer interaction after the sale [12] - Financial Impact: The sold Shandong Lingong business accounts for about 2% of Volvo Group's revenue, having a minimal impact on overall income [13] - Global Adjustments: Volvo is also making strategic adjustments globally, including acquiring Swecon to enhance sales and service capabilities in Europe [13] Perspectives from Lingong Group - Internationalization and Autonomy: Lingong Group states that the acquisition is necessary for accelerating international development and enhancing global market layout [12] - Transformation of Cooperation Results: Lingong Group acknowledges the successful 19-year partnership with Volvo, indicating readiness for independent development [12] Future Development Plans - Lingong Group plans to accelerate product innovation and industrial upgrading, deepen global market layout, and enhance brand competitiveness and industry influence [15]

Core Viewpoint - Caterpillar Inc. (CAT.US) has issued a warning to investors, projecting that tariffs could impact the company by up to $1.8 billion this year, exceeding previous guidance provided in early August [1][5]. Summary by Sections Tariff Impact - The company estimates that the net impact of new tariffs in the third quarter will be between $500 million and $600 million, with an annual net impact projected to be between $1.5 billion and $1.8 billion [3][5]. - This updated annual tariff impact range is higher than the previous guidance of $1.3 billion to $1.5 billion given on August 5, which included a maximum of $500 million for the third quarter [5]. Financial Performance - Caterpillar's performance outlook is significant as it is one of the largest manufacturers of mining and construction machinery globally. The company's second-quarter results already reflected the pressure from tariffs, with cost levels reaching the upper limit of the estimates disclosed in April [3]. - The company also indicated that it expects its adjusted operating profit margin for the year to be close to the lower end of its target range [4]. Market Reaction - Following the announcement, Caterpillar's stock price fell by as much as 3.6% in after-hours trading, ultimately closing down by 2.75% [7]. Sales and Revenue Outlook - Despite the adjustments in tariff impact, Caterpillar emphasized that these changes are not expected to affect its sales and revenue outlook released in August [6].

Core Viewpoint - The construction machinery industry is experiencing a decline in average working hours and operating rates, indicating potential challenges in demand and utilization [1][2]. Monthly Working Hours Summary - In August 2025, the average working hours for major construction machinery products was 78.4 hours, a year-on-year decrease of 9.45% and a month-on-month decrease of 2.92% [1]. - Specific working hours for various machinery types in August 2025 include: - Excavators: 63.3 hours - Loaders: 96.3 hours - Truck Cranes: 113 hours - Crawler Cranes: 92 hours - Tower Cranes: 48.9 hours - Road Rollers: 40.5 hours - Pavers: 51 hours - Rotary Drilling Rigs: 72.1 hours - Off-road Mining Dump Trucks: 128 hours - Concrete Pump Trucks: 42.4 hours - Concrete Mixers: 67.7 hours - Forklifts: 95.7 hours [1]. Monthly Operating Rate Summary - The operating rate for major construction machinery products in August 2025 was 55.1%, a year-on-year decrease of 6.83 percentage points and a month-on-month decrease of 1.14 percentage points [2]. - Specific operating rates for various machinery types in August 2025 include: - Excavators: 54.8% - Loaders: 57.9% - Truck Cranes: 71.9% - Crawler Cranes: 57.5% - Tower Cranes: 39.5% - Road Rollers: 47% - Pavers: 60.4% - Rotary Drilling Rigs: 42% - Off-road Mining Dump Trucks: 41.2% - Concrete Pump Trucks: 36.6% - Concrete Mixers: 33.1% - Forklifts: 58.4% [2]. Historical Data Review - The average working hours for major construction machinery products in July 2025 was 80.8 hours, a year-on-year decrease of 6.91% [5]. - The average working hours in June 2025 was 77.2 hours, a year-on-year decrease of 9.11% [5]. - The average working hours in May 2025 was 84.5 hours, a year-on-year decrease of 3.86% [5]. - The average working hours in April 2025 was 90.1 hours, a year-on-year increase of 3.20% [5]. - The average working hours in March 2025 was 90.1 hours, a year-on-year increase of 6.53% [5]. - The average working hours in February 2025 was 46.4 hours, a year-on-year increase of 70.3% [5]. - The average working hours in January 2025 was 74.6 hours, a year-on-year increase of 3.61% [5].

Core Viewpoint - The loader market in China is showing positive growth trends, with significant increases in both domestic and export sales in August 2025 compared to the previous year [1][2]. Sales Data Summary - In August 2025, a total of 9,440 loaders were sold, marking a year-on-year increase of 13.3%. Domestic sales accounted for 4,774 units (up 18.3%), while exports reached 4,666 units (up 8.69%) [1][2]. - Cumulatively, from January to August 2025, 83,209 loaders were sold, reflecting a year-on-year growth of 12.9%. Domestic sales totaled 44,945 units (up 20.2%), and exports were 38,264 units (up 5.3%) [2]. Electric Loader Market Overview - In August 2025, 2,477 electric loaders were sold, with the breakdown as follows: - Under 3 tons: 15 units - 3 tons: 117 units - 4 tons: 1 unit - 5 tons: 1,529 units - 6 tons: 720 units - 7 tons: 88 units - 8 tons: 3 units - Over 8 tons: 1 unit - Skid steer loaders: 3 units [3][4]. Monthly Sales Trends - Monthly domestic sales of loaders in 2025 showed fluctuations, with notable increases in April (7,191 units, up 35.4%) and February (4,505 units, up 63%). However, January saw a slight decline (3,706 units, down 1.01%) [5]. - The sales data from previous months indicates a recovery trend in the loader market, particularly in the first half of 2025, following a challenging period in 2024 [5][6][8]. Industry Insights - The engineering machinery industry is experiencing a recovery, with expectations of improved performance in the coming months. Factors contributing to this outlook include increased domestic demand and a shift towards electric machinery [9][12].

Core Viewpoint - The excavator market in China is showing signs of recovery with significant year-on-year growth in sales for both domestic and export markets in August 2025, indicating a positive trend for the engineering machinery industry [1][2]. Sales Data Summary - In August 2025, a total of 16,523 excavators were sold, representing a year-on-year increase of 12.8%. Domestic sales accounted for 7,685 units (up 14.8%), while exports reached 8,838 units (up 11.1%) [1][2]. - Cumulatively, from January to August 2025, 154,181 excavators were sold, marking a 17.2% increase compared to the same period last year. Domestic sales totaled 80,628 units (up 21.5%), and exports were 73,553 units (up 12.8%) [2]. Monthly Sales Trends - Monthly domestic sales data for 2025 shows fluctuations, with notable increases in early months: - January: 5,405 units (down 0.3%) - February: 11,640 units (up 99.4%) - March: 19,517 units (up 28.5%) - April: 12,547 units (up 16.4%) - May: 8,392 units (down 1.48%) - June: 8,136 units (up 6.2%) - July: 7,306 units (up 17.2%) - August: 7,685 units (up 14.8%) [4]. Electric Excavator Sales - In August 2025, a total of 31 electric excavators were sold across various weight categories, indicating a growing interest in electric machinery within the industry [3]. Historical Context - The excavator market faced significant declines in 2023, with domestic sales dropping for 13 consecutive months. However, the recent data suggests a potential turnaround in the market dynamics [9]. Industry Outlook - The engineering machinery industry is expected to continue its recovery, supported by improved demand and market conditions, as indicated by the recent sales trends and expert insights [8][9].

Core Viewpoint - The engineering machinery industry in China is undergoing a transformation towards high-quality development, with a focus on new opportunities and innovations driven by macro policies and technological advancements [1][10]. Meeting Organization - The meeting is organized by the China Construction Machinery Industry Association, specifically the Earthmoving Machinery Branch and the Engineering Machinery Components Branch [2][10]. - The event will take place on September 23, 2025, from 13:00 to 16:00 at the China International Exhibition Center (New Hall) in Beijing [2][12]. Meeting Agenda - The agenda includes a preparatory meeting for the council elections of the Earthmoving Machinery Branch and the Engineering Machinery Components Branch [12]. - The main content will involve industry leaders analyzing national policies and future development trends, as well as discussions by experts on the current state and future direction of the industry [4][5][14]. - The election of the eighth council members for the Earthmoving Machinery Branch and the sixth council members for the Engineering Machinery Components Branch will be conducted [6][7][14]. Participation - Representatives from manufacturers, suppliers, dealers, users, and media related to the earthmoving machinery and engineering machinery components industries are invited to attend [3][13]. Registration and Contact - The meeting is free to attend, and participants are requested to register by sending a response form via email by September 16, 2025 [8][17].

Core Viewpoint - The acquisition of KCL Lifttrucks Ltd. by Terberg Group marks a strategic integration aimed at enhancing sales and service capabilities in the Asia-Pacific region, operating under the new identity of Terberg KCL [2][4]. Group 1: Strategic Goals and Market Position - The acquisition aligns with Terberg's strategic goal of providing localized operational support, offering innovative and sustainable customized solutions to clients [4]. - Terberg KCL will provide a full range of Terberg specialty vehicles in the Asia-Pacific market, focusing on high-performance, low-emission equipment solutions [4]. - Terberg KCL aims to play a key role in the transformation of green logistics infrastructure as a proponent of electric transportation solutions in Asia [4]. Group 2: Leadership and Experience - The leadership team of Terberg KCL boasts over 120 years of cumulative industry experience, known for innovation, reliability, and high-quality customer service [6]. - The integration is expected to leverage global expertise and local service capabilities to create greater value for customers and accelerate growth [6]. Group 3: Terberg Group Overview - Terberg Group has over 150 years of history as a family-owned business, dedicated to developing, manufacturing, and modifying specialty vehicles and systems for various industries [7]. - The company emphasizes sustainable growth and continuous innovation as its core values [7].

Core Viewpoint - Bobcat, acquired by Doosan Group, has shown significant growth since its acquisition, achieving record sales in 2023 but facing a decline in 2024 due to market conditions [1][5][12]. Group 1: Sales Performance - Bobcat's sales increased from $2.6 billion in 2006 to approximately $7.08 billion in 2023, marking over 170% growth in 18 years [1][2]. - In 2023, Bobcat achieved sales of 9.76 trillion KRW (approximately $7.08 billion), but projected a decline to 8.55 trillion KRW (approximately $6.2 billion) in 2024, a decrease of 12.38% [1][12]. Group 2: Business Strategy - The company has expanded its business scope beyond micro construction equipment to include logistics, landscaping, and electrification [2][4]. - Bobcat maintains a North America-centric business structure, with 70% of its sales still coming from this region, which provides a competitive advantage amid tariff uncertainties [6][12]. Group 3: Global Expansion and Diversification - Bobcat has pursued a strategy of market diversification through product line expansion and acquisitions, including the acquisition of Schiller Ground Care's lawn mower division in 2019 and Doosan's industrial vehicle division in 2021 [11][14]. - The company has established production bases and R&D centers in various countries, including the Czech Republic, China, and India, to support its global operations [7][12]. Group 4: Financial Strategy and Shareholder Returns - Following its listing on the Korean stock market in 2016, Bobcat has adopted a shareholder-friendly policy, committing to return 40% of consolidated net profits to shareholders and establishing a minimum annual dividend of 1,600 KRW per share [15][16].