XCMG(SZ:000425) Chang Jiang Shang Bao·2025-12-29 23:46Core Viewpoint - XCMG Machinery (000425.SZ) is enhancing its investment value through share buybacks, dividends, and shareholder increases, while maintaining a strong focus on its core business and improving its fundamentals [2][11]. Shareholder Increase - XCMG Group, the controlling shareholder, increased its stake in XCMG Machinery by 1.7795 million shares on December 26, 2025, with an investment of 19.9692 million yuan, representing 0.015% of the total share capital at an average price of 11.22 yuan per share [4][5]. - The group plans to increase its holdings by no less than 80 million yuan and no more than 160 million yuan over the next six months [4][5]. Financial Performance - For the first three quarters of 2025, XCMG Machinery reported revenue of 78.157 billion yuan, a year-on-year increase of 11.61%, and a net profit attributable to shareholders of 5.977 billion yuan, up 11.67% year-on-year [3][11]. - Since the completion of its restructuring nearly three years ago, the company has achieved cumulative revenue of 262.665 billion yuan and a net profit of 17.279 billion yuan [3][12]. Dividend Policy - XCMG Machinery has a stable dividend policy, having distributed a total of 12.445 billion yuan in dividends since its listing [7][6]. - The company aims for annual cash dividends to be no less than 40% of the distributable profits for the next three years (2025-2027) [6]. Share Buyback - XCMG Machinery has spent 3.05 billion yuan on share buybacks in 2025, with plans to repurchase shares worth between 1.8 billion and 3.6 billion yuan for employee stock ownership plans [9][10]. - As of November 30, 2025, the company has repurchased 315 million shares, accounting for 2.68% of the total share capital, with a total expenditure of 2.75 billion yuan [9][10]. Market Position - XCMG Machinery is a leading player in the domestic construction machinery industry, with its main products, including truck cranes and road rollers, ranking first in the market [11]. - The company has maintained a strong focus on innovation and has accumulated 12,163 domestic patents, including 4,262 invention patents [13].