财报 | 柳工2025上半年实现营业总收入181.81亿元，同比增长13.21%

Core Viewpoint - LiuGong's performance in the first half of 2025 shows continued growth, with total revenue reaching 18.181 billion yuan, a year-on-year increase of 13.21%, and net profit attributable to shareholders of 1.23 billion yuan, up 25.05% [1] Revenue Breakdown - Domestic business achieved revenue of 9.658 billion yuan, growing by 15.69% year-on-year [2] - Overseas business revenue reached 8.523 billion yuan, with a year-on-year growth of 10.52%, accounting for 46.88% of total revenue, indicating that overseas operations have become a "ballast stone" for LiuGong's performance [2] Market Performance - LiuGong's core business segment, earth-moving machinery, has consistently outperformed industry growth rates, with domestic sales growth exceeding industry levels and overseas sales growth surpassing the industry average by 19 percentage points [2] - In a challenging global construction machinery market, LiuGong's overseas business achieved counter-cyclical growth, with market share in earth-moving machinery increasing by 1 percentage point [2] Product Strategy - LiuGong's dual strategy of "product portfolio + comprehensive solutions" has strengthened its competitive advantage, launching over 60 innovative products globally [2] - The company has seen steady growth in loader market share and significant increases in excavator sales, with large excavator monthly shipments reaching historical highs [2] Regional Growth - LiuGong's revenue structure is balanced across various marketing regions, with strong growth in emerging markets such as South Asia, the Middle East, Central Asia, Indonesia, and Africa, some exceeding 80% growth [3] - The dealer network has expanded to over 400, with more than 1,300 service points, significantly enhancing channel coverage in key countries and regions [3] New Growth Areas - LiuGong is advancing its mining machinery business with electric, intelligent, and large-scale equipment solutions, achieving a 42% year-on-year increase in overseas sales [4] - The high-altitude machinery segment has seen significant improvements in sales, revenue, and net profit, with net profit growth exceeding 100% [4] - The industrial vehicle segment also reported double-digit growth in sales, revenue, and net profit, with breakthroughs in new energy and intelligent technology [4] Innovation and Standards - LiuGong's pre-stressed business maintained stable growth, with overseas performance particularly strong, and contract amounts increasing by 34.5% year-on-year [4] - The company has received 27 patent authorizations, including 12 inventions, and has led the revision of the international standard ISO 14655, marking a significant milestone in international regulatory influence [4]