XCMG(SZ:000425) Xin Lang Cai Jing·2025-10-30 10:49Core Insights - XuGong Machinery reported a revenue of 78.157 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 13.72% [1] - The net profit attributable to shareholders was 5.977 billion yuan, up 12.59% year-on-year, while the net profit excluding non-recurring items was 6.002 billion yuan, reflecting a 22.76% increase [1] - The basic earnings per share stood at 0.51 yuan, with a weighted average return on equity of 9.92% [1] Financial Performance - The gross profit margin for the first three quarters was 22.33%, a decrease of 1.30 percentage points year-on-year, while the net profit margin was 7.78%, an increase of 0.04 percentage points compared to the same period last year [1] - In Q3 2025, the gross profit margin was 23.02%, down 0.63 percentage points year-on-year but up 1.03 percentage points quarter-on-quarter; the net profit margin was 7.14%, down 1.29 percentage points year-on-year and down 1.38 percentage points quarter-on-quarter [1] Expense Management - Total operating expenses for the company were 9.257 billion yuan, a decrease of 1.386 billion yuan year-on-year, with an expense ratio of 11.84%, down 3.64 percentage points from the previous year [2] - Sales expenses decreased by 17.99% year-on-year, while management expenses increased by 17.20%, and R&D expenses rose by 14.43%; financial expenses saw a significant reduction of 83.74% [2] Shareholder Dynamics - As of the end of Q3 2025, the total number of shareholders was 106,100, a decrease of 26,700 from the end of the previous half-year, representing a decline of 20.10% [2] - The average market value of shares held per shareholder increased from 687,800 yuan at the end of the previous half-year to 1,274,000 yuan, an increase of 85.22% [2] Company Overview - XuGong Machinery, established on December 15, 1993, and listed on August 28, 1996, is located in Xuzhou Economic and Technological Development Zone, Jiangsu Province [2] - The company's main business includes the research, manufacturing, sales, and service of various types of construction machinery and parts, with revenue composition as follows: earthmoving machinery 31.05%, other construction machinery and parts 28.09%, lifting machinery 19.11%, mining machinery 8.64%, aerial work machinery 8.34%, and piling machinery 4.77% [2] Industry Classification - XuGong Machinery belongs to the machinery equipment sector, specifically in the engineering machinery category, and is associated with concepts such as hydropower station, engineering machinery, waste classification, carbon neutrality, and hydropower [3]