柳工“重生”：老牌国企如何“混”出活力“改”出动力？

Core Viewpoint - LiuGong has undergone significant transformation and modernization, leveraging mixed-ownership reform to enhance its operational efficiency and market competitiveness, leading to substantial growth in revenue and profitability [2][4][7]. Group 1: Company History and Development - LiuGong was established in 1958, evolving from a small factory to a leading engineering machinery manufacturer in China, with its first products including the 80-horsepower crawler bulldozer and the first wheeled loader in China [2]. - The company went public in 1993, becoming the first listed company in the engineering machinery sector in China [2]. Group 2: Technological Advancements - LiuGong has embraced smart manufacturing, with significant upgrades in its production processes, resulting in a 20% reduction in labor costs, a 71% decrease in quality feedback rates, and a 48% reduction in order delivery times [3]. - The company has invested in research and development, launching its first electric loader in 2019 and focusing on electric, digital, and automated machinery to meet evolving industry standards [6][8]. Group 3: Mixed-Ownership Reform - The mixed-ownership reform initiated in 2018 has been pivotal for LiuGong, allowing the company to attract strategic investors and restructure its governance, leading to a more market-oriented decision-making process [4][5]. - The reform resulted in a new shareholding structure, with LiuGong Group holding approximately 51%, external investors about 45.8%, and employees around 3.2% [5]. Group 4: Financial Performance - LiuGong's revenue grew from 7.01 billion to 27.52 billion from 2016 to 2023, reflecting a compound annual growth rate (CAGR) of approximately 22% [7]. - The company forecasts a net profit of 1.258 billion to 1.475 billion for 2024, representing a year-on-year growth of 45% to 70% [7]. Group 5: Market Position and Product Diversification - LiuGong has increased its market share in excavators to over 14% domestically and remains the leader in the loader market, including electric loaders [8]. - The company is diversifying its product offerings beyond traditional machinery to include aerial work platforms, agricultural machinery, and industrial vehicles, transitioning from a single product focus to a comprehensive solution provider [8].