Zhong Guo Ji Jin Bao·2025-05-16 06:24Core Viewpoint - Zoomlion has successfully transformed its business model to achieve sustainable growth by focusing on globalization, diversification, and intelligence, thereby mitigating the cyclical nature of the engineering machinery industry [2][13]. Globalization Breakthrough - The company's overseas revenue accounted for 54.2% in Q1 2025, up from 51% in 2024, marking a significant structural shift from reliance on the domestic market to a focus on international business [4][3]. - The globalization strategy, initiated under the "dual circulation" framework in 2020, involves establishing a global operational system with local production bases and a direct market connection, eliminating intermediaries [4][5]. Diversification of Business Matrix - In 2024, new business segments contributed 48% of total revenue, indicating a successful reduction in dependence on real estate-related income [6][7]. - The company has integrated traditional businesses with emerging sectors such as aerial machinery, agricultural machinery, and mining machinery, creating a balanced growth model [6][7]. Intelligent Transformation - The company has invested 21.544 billion yuan in R&D from 2018 to 2024, focusing on industrial internet, artificial intelligence, and intelligent robotics to upgrade products from machinery to intelligent systems [10][11]. - The introduction of advanced products, including the world's largest all-terrain crane and electric drive dump trucks, showcases the company's commitment to innovation and self-sufficiency [11][12]. Financial Performance - In Q1 2025, the company reported a net profit of 1.41 billion yuan, a year-on-year increase of 53.98%, with a gross margin of 28.7%, reflecting improved profitability due to increased overseas revenue [4][13]. - The company's asset-liability ratio has reached its lowest level since 2012, indicating strong financial health and cash flow resilience [13].