SHANTUI(SZ:000680) Zhi Tong Cai Jing·2025-08-28 09:09Core Viewpoint - Shantui Co., Ltd. is a leading player in the global bulldozer industry and aims to become a top provider of smart construction solutions globally [3][4]. Group 1: Company Overview - Shantui is dedicated to the research, manufacturing, sales, and service of a full range of construction machinery, including bulldozers, excavators, loaders, road machinery, mining trucks, and concrete equipment [3]. - The company has been the largest bulldozer manufacturer in China for 21 consecutive years since 2004, holding over 60% market share in the Chinese bulldozer market from 2010 to 2024 [3]. - Shantui has pioneered several industry breakthroughs, including the development of China's largest horsepower bulldozer, the first unmanned bulldozer in China, the world's first pure electric bulldozer, and the first AI bulldozer globally [3]. Group 2: Financial Performance - Shantui's revenue for the fiscal years 2022, 2023, 2024, and the first half of 2025 was approximately CNY 11.37 billion, CNY 11.36 billion, CNY 14.22 billion, and CNY 7.00 billion respectively [4][6]. - The net profit for the same periods was CNY 248 million, CNY 796 million, CNY 1.11 billion, and CNY 577 million respectively [4][6]. - The gross profit margin improved from 11.2% in 2022 to 19.4% in 2024, indicating enhanced profitability [6]. Group 3: International Expansion - As of June 30, 2025, Shantui has established 10 overseas subsidiaries, with a sales and service network covering over 160 countries and regions [4]. - The overseas revenue accounted for 52.1% of total revenue in 2024, increasing to 55.7% in the first half of 2025, positioning Shantui as a leading player in the international construction machinery market [4].