XCMG(SZ:000425) Chang Jiang Shang Bao·2025-08-31 22:40Core Viewpoint - XCMG Machinery has shown continuous growth and vitality since its restructuring three years ago, with significant increases in revenue and profit in the first half of 2025 [1][3]. Financial Performance - In the first half of 2025, XCMG Machinery achieved operating revenue of 54.808 billion yuan, a year-on-year increase of 8.04% [1][3]. - The net profit attributable to shareholders was 4.358 billion yuan, up 16.63% year-on-year, while the net profit after deducting non-recurring gains and losses reached 4.467 billion yuan, growing by 35.57% [1][3]. - The gross profit margin for the first half of 2025 was 22%, an increase of 0.7 percentage points compared to the previous year [1][3]. - The net cash flow from operating activities was 3.725 billion yuan, reflecting a substantial year-on-year growth of 107.56% [1][3]. Product Performance - XCMG Machinery's main products, including truck cranes, truck-mounted cranes, and road rollers, rank first in the domestic industry [1][4]. - The earthmoving machinery segment saw a revenue increase of 22.37% in the first half of 2025, with domestic sales leading the industry [4]. - The heavy machinery segment, particularly the wheeled crane division, has turned positive in domestic sales after four years of decline, with export revenue also increasing [4]. Internationalization and R&D - XCMG Machinery has accelerated its global expansion, with overseas revenue reaching 25.546 billion yuan, a year-on-year increase of 16.64%, accounting for 46.61% of total revenue [1][6]. - The company has invested 2.635 billion yuan in R&D in the first half of 2025, marking a 5.14% increase year-on-year, and has added 218 new invention patents [7]. - XCMG Machinery has established over 50 overseas subsidiaries and more than 300 overseas dealers, with products sold in over 190 countries and regions [6].