中国银河（601881）证券发布研报称，2025年12月挖机内外销增速+10.9%/+26.9%，中挖和大挖内销均 实现正增长，大挖出口增速仍亮眼。11月汽车/履带式/随车起重机、叉车、升降工作平台内销同比均双 位数增长。海外，欧美需求有所恢复，矿山机械需求强劲，24年国内品牌出口量占全球(不含中国)需求 比例为19.2%，尚有较大提升空间。 12月国内开工小时数同比仍走弱；11月小松海外开工小时数；北美和印尼同比正增长，欧洲和日本同比 下滑 协会数据，12月工程机械主要产品月平均工作时长为76.5小时，同比下降18.6%，环比下降9.19%；主要 产品月开工率为51.8%，同比下降12.5个百分点，环比下降4.72个百分点。据小松官网，25年11月北 美、欧洲、日本、印尼小松挖掘机开工小时数分别为60.4h、71.2h、43.2h、210.6h，同比分别 +3.0%、-1.8%、-2.9%、+2.8%。 1-11月中国工程机械出口额同比+12.4%；约翰迪尔预期北美大型农机行业26年下滑15-20% 据海关，25年1-11月我国工程机械出口额累计537.56亿美元，同比+12.4%。约翰迪尔26年行业预测： ...

智通财经APP获悉，12月25日，中国工程机械工业协会发布2025年11月升降工作平台租赁景气度指数。2025年11月升降工作平台出租率指数为653点，环 比略降2.8%，同比上涨4.7%。总体看11月份各机型环比出租率指数有涨有跌，其中14~16m机型出租率指数环比跌幅最大，达到15.7%，36~39m以上机型 环比涨幅最大，达到6.5%。 2025年11月绝大多数机型出租率指数同比处于普涨态势，30m以上机型的涨幅都超过了两位数，40m以上机型涨幅最大，达到21.0%，所有机型当中仅 14~16m机型出租率指数同比处于下降状态，降幅为11.4%。（出租率是以台天数为基准进行计算，100%出租率对应1000点。） 2025年11月升降工作平台租赁行业租金价格指数 2025年11月升降工作平台租赁行业出租率指数 租金价格指数 根据上报数据统计计算，2025年11月升降工作平台租金价格指数环比微降0.7%，总体看10月份各机型租金价格指数环比波动很小，36~39m机型降幅最 大，仅为4.5%。其他机型环比基本处于持平状态。而2025年11月升降工作平台租金价格指数同比下降9.5%，所有机型租金价格指数同比均处在 ...

Excavator Market Overview - In November 2025, a total of 20,027 excavators were sold, representing a year-on-year increase of 13.9%. Domestic sales accounted for 9,842 units (up 9.11%), while exports reached 10,185 units (up 18.8%) [1][2]. - Cumulatively, from January to November 2025, 212,162 excavators were sold, marking a 16.7% increase year-on-year. Domestic sales were 108,187 units (up 18.6%), and exports were 103,975 units (up 14.9%) [2]. Loader Market Overview - In November 2025, 11,419 loaders were sold, showing a significant year-on-year growth of 32.1%. Domestic sales were 5,671 units (up 29.4%), and exports were 5,748 units (up 34.8%) [4][5]. - For the period from January to November 2025, a total of 115,831 loaders were sold, reflecting a year-on-year increase of 17.2%. Domestic sales reached 61,039 units (up 22.5%), while exports totaled 54,792 units (up 11.9%) [5]. Electric Excavator Market - In November 2025, 19 electric excavators were sold, categorized by weight: 5 units under 6 tons, 2 units between 6-10 tons, 1 unit between 10-18.5 tons, and 11 units between 18.5-28.5 tons [3]. Electric Loader Market - November 2025 saw the sale of 2,935 electric loaders, with the following breakdown: 38 units under 3 tons, 181 units at 3 tons, 7 units at 4 tons, 1,738 units at 5 tons, 823 units at 6 tons, 138 units at 7 tons, 3 units at 8 tons, and 4 units over 8 tons [6]. Grader Market Overview - In November 2025, 650 graders were sold, reflecting a year-on-year increase of 24%. Domestic sales were 111 units (up 24.7%), and exports were 539 units (up 23.9%) [7]. - From January to November 2025, a total of 7,568 graders were sold, marking a year-on-year increase of 7.79%. Domestic sales were 1,335 units (up 29.5%), while exports were 6,233 units (up 4.06%) [7]. Crane Market Overview - In November 2025, 1,536 truck cranes were sold, with a year-on-year growth of 16.6%. Domestic sales were 780 units (up 25.8%), and exports were 756 units (up 8.46%) [8]. - Cumulatively, from January to November 2025, 18,063 truck cranes were sold, showing a decline of 1.38% year-on-year. Domestic sales were 9,773 units (down 1.02%), and exports were 8,290 units (down 1.8%) [9]. Forklift Market Overview - In November 2025, 119,749 forklifts were sold, representing a year-on-year increase of 14.1%. Domestic sales were 75,242 units (up 23.9%), while exports were 44,507 units (up 0.7%) [11]. - From January to November 2025, a total of 1,340,405 forklifts were sold, marking a year-on-year increase of 14.2%. Domestic sales were 843,005 units (up 14.3%), and exports were 497,400 units (up 14%) [11]. Roller Market Overview - In November 2025, 1,392 rollers were sold, showing a year-on-year increase of 39.3%. Domestic sales were 427 units (up 23.1%), and exports were 965 units (up 48%) [12]. - Cumulatively, from January to November 2025, 16,118 rollers were sold, reflecting a year-on-year increase of 23%. Domestic sales were 6,024 units (up 17.4%), while exports were 10,094 units (up 26.5%) [12]. Paver Market Overview - In November 2025, 79 pavers were sold, indicating a year-on-year decline of 11.2%. Domestic sales were 62 units (up 14.8%), while exports were 17 units (down 51.4%) [13]. - From January to November 2025, a total of 1,431 pavers were sold, marking a year-on-year increase of 27.9%. Domestic sales were 1,023 units (up 38.1%), and exports were 408 units (up 7.94%) [14]. Aerial Work Platform Market Overview - In November 2025, 9,824 aerial work platforms were sold, reflecting a year-on-year decline of 22.4%. Domestic sales were 4,416 units (up 20.7%), while exports were 5,048 units (down 39.9%) [15]. - From January to November 2025, a total of 150,845 aerial work platforms were sold, indicating a year-on-year decline of 30.1%. Domestic sales were 59,440 units (down 43.4%), and exports were 91,405 units (down 17.5%) [15]. High-altitude Work Vehicle Market Overview - In November 2025, 422 high-altitude work vehicles were sold, showing a year-on-year decline of 6.01%. Domestic sales were 387 units (down 10.8%), while exports were 35 units (up 133%) [16]. - From January to November 2025, a total of 4,562 high-altitude work vehicles were sold, marking a year-on-year increase of 32%. Domestic sales were 4,351 units (up 31.3%), and exports were 211 units (up 50.7%) [16].

智通财经APP获悉，据中国工程机械工业协会对平地机主要制造企业统计，2025年11月当月销售各类平 地机650台，同比增长24%，其中国内销量111台，同比增长24.7%；出口量539台，同比增长23.9%。 2025年1—11月，共销售平地机7568台，同比增长7.79%；其中国内销量1335台，同比增长29.5%；出口 6233台，同比增长4.06%。 据中国工程机械工业协会对汽车起重机主要制造企业统计，2025年11月当月销售各类汽车起重机1536 台，同比增长16.6%，其中国内销量780台，同比增长25.8%；出口量756台，同比增长8.46%。 2025年1—11月，共销售汽车起重机18063台，同比下降1.38%；其中国内销量9773台，同比下降 1.02%；出口8290台，同比下降1.8%。 据中国工程机械工业协会对履带起重机主要制造企业统计，2025年11月当月销售各类履带起重机329 台，同比增长66.2%，其中国内销量109台，同比增长102%；出口量220台，同比增长52.8%。 2025年1—11月，共销售履带起重机3030台，同比增长26.5%；其中国内销量960台，同比增长27. ...

Core Insights - In November, excavator sales increased by 13.9% year-on-year, with domestic sales up by 9.11% and exports up by 18.8% [2][4] - Loader sales in November rose by 32.1% year-on-year, with domestic sales increasing by 29.4% and exports by 34.8% [2][4] - The electrification rate in November was 25.7%, a month-on-month increase of 0.34 percentage points, with a cumulative rate of approximately 23.35% for the first eleven months [2][4] Excavator and Loader Sales - Total excavator sales in November reached 20,027 units, with domestic sales at 9,842 units and exports at 10,185 units [2][4] - Total loader sales in November amounted to 11,419 units, with domestic sales at 5,671 units and exports at 5,748 units [2][4] Other Product Performance - In October, various machinery categories showed strong growth, including truck cranes with a domestic sales increase of 41.7% and crawler cranes with an overall increase of 71.4% [3] - However, the aerial work platform segment faced challenges, with a significant decline in sales [3] Working Hours and Utilization Rates - The average working hours for major construction machinery products in November were 84.2 hours, a year-on-year decrease of 13% but a month-on-month increase of 4.08% [3] - The average utilization rate for major products was 56.5%, down 12.1 percentage points year-on-year but up 1.5 percentage points month-on-month [3] Export Performance - From January to October, excavator exports totaled $8.52 billion, reflecting a year-on-year increase of 25.9% [4] - Notable market fluctuations were observed, with some markets like Belgium and the Philippines experiencing declines, while others like Russia showed significant growth [4] Industry Outlook - The industry is expected to maintain an upward trend in both domestic and international sales, driven by recovery in demand from Europe and North America, as well as strong demand in mining machinery in Australia and Latin America [4] - Key players in the industry include SANY Heavy Industry, XCMG, LiuGong, and Zoomlion, along with core component manufacturers like Hengli Hydraulic [4]

Investment Rating - The industry is rated as "Positive" for the next 12 months, indicating an expected increase in performance relative to the CSI 300 index [2][29]. Core Views - The construction machinery sector is experiencing a recovery in October, with continued growth in excavator and loader sales. The demand growth logic is clear, supported by favorable domestic construction activity. The "14th Five-Year Plan" emphasizes expanding domestic demand and effective investment, which is expected to boost the industry further as key projects are implemented and equipment renewal policies deepen [2][29]. - The overseas market is also showing promise, with major regions maintaining high levels of construction activity. Recent tariff disruptions have weakened, and leading domestic machinery companies are accelerating their overseas market expansion. Chinese construction machinery products are competitive in terms of technology maturity and cost-effectiveness, making international market development a key focus for the industry [2][29]. Industry News - In October, China's construction machinery import and export trade amounted to USD 4.844 billion, a year-on-year increase of 0.07%. The export value was USD 4.668 billion, up 1.29% year-on-year, while imports decreased by 24.2% to USD 176 million [10][11]. - The average operating rate of construction machinery in October was 45.56%, a month-on-month increase of 1.4%, with significant growth in the operating rates of lifting equipment [11][10]. - The rental rate index for aerial work platforms in October was 660 points, showing a slight month-on-month decline but a year-on-year increase of 4.6% [10][11]. Company Announcements - China Railway Signal & Communication Corp won ten significant projects from September to October, with a total bid amount of approximately RMB 2.539 billion, which is about 7.82% of the company's audited revenue for 2024 [19][20]. - Jin Di Precision Machinery and Dong Pei Industrial signed a strategic cooperation letter of intent to explore collaboration in humanoid robot components [21]. Market Review - From November 19 to November 25, the CSI 300 index fell by 1.70%, while the machinery equipment sector declined by 2.31%, underperforming the CSI 300 by 0.60 percentage points [22][23]. - As of November 25, the price-to-earnings ratio (TTM) for the machinery equipment sector was 30.33 times, with a valuation premium of 131.21% compared to the CSI 300 [23].

Group 1: Grader Sales - In October 2025, a total of 634 graders were sold, representing a year-on-year increase of 4.11%, with domestic sales of 102 units (up 22.9%) and exports of 532 units (up 1.14%) [1] - From January to October 2025, 6,918 graders were sold, marking a 6.48% increase year-on-year, with domestic sales of 1,224 units (up 29.9%) and exports of 5,694 units (up 2.5%) [1] Group 2: Truck Cranes - In October 2025, 1,422 truck cranes were sold, showing a year-on-year growth of 15%, with domestic sales of 738 units (up 41.7%) and exports of 684 units (down 4.47%) [2] - For the period from January to October 2025, a total of 16,527 truck cranes were sold, reflecting a year-on-year decline of 2.78%, with domestic sales of 8,993 units (down 2.82%) and exports of 7,534 units (down 2.72%) [2] Group 3: Crawler Cranes - In October 2025, 336 crawler cranes were sold, which is a significant year-on-year increase of 71.4%, with domestic sales of 97 units (up 54%) and exports of 239 units (up 79.7%) [3] - From January to October 2025, 2,701 crawler cranes were sold, representing a year-on-year increase of 22.9%, with domestic sales of 851 units (up 21.6%) and exports of 1,850 units (up 23.6%) [3] Group 4: Truck-Mounted Cranes - In October 2025, 1,907 truck-mounted cranes were sold, reflecting a year-on-year increase of 10.2%, with domestic sales of 1,528 units (up 2.41%) and exports of 379 units (up 59.2%) [4] - From January to October 2025, a total of 20,909 truck-mounted cranes were sold, marking a year-on-year increase of 5.87%, with domestic sales of 16,271 units (up 3.01%) and exports of 4,638 units (up 17.3%) [4] Group 5: Tower Cranes - In October 2025, 329 tower cranes were sold, which is a year-on-year decrease of 6.8%, with domestic sales of 199 units (down 16.7%) and exports of 130 units (up 14%) [5] - From January to October 2025, a total of 4,463 tower cranes were sold, reflecting a year-on-year decline of 30.6%, with domestic sales of 2,384 units (down 50.4%) and exports of 2,079 units (up 28.3%) [5] Group 6: Industrial Vehicles - In October 2025, 114,250 forklifts were sold, showing a year-on-year increase of 15.9%, with domestic sales of 70,388 units (up 16.2%) and exports of 43,862 units (up 15.4%) [6] - From January to October 2025, a total of 1,220,656 forklifts were sold, representing a year-on-year increase of 14.2%, with domestic sales of 767,763 units (up 13.4%) and exports of 452,893 units (up 15.5%) [6] Group 7: Rollers - In October 2025, 1,162 rollers were sold, indicating a year-on-year increase of 19.3%, with domestic sales of 421 units (up 6.85%) and exports of 741 units (up 27.8%) [8] - From January to October 2025, a total of 14,726 rollers were sold, reflecting a year-on-year increase of 21.6%, with domestic sales of 5,597 units (up 17%) and exports of 9,129 units (up 24.6%) [8] Group 8: Pavers - In October 2025, 103 pavers were sold, which is a year-on-year increase of 21.2%, with domestic sales of 63 units (up 8.62%) and exports of 40 units (up 48.1%) [9] - From January to October 2025, a total of 1,352 pavers were sold, marking a year-on-year increase of 31.3%, with domestic sales of 961 units (up 39.9%) and exports of 391 units (up 14%) [9] Group 9: Aerial Work Platforms - In October 2025, 9,120 aerial work platforms were sold, reflecting a year-on-year decrease of 38.8%, with domestic sales of 3,856 units (down 41.8%) and exports of 5,264 units (down 36.3%) [10] - From January to October 2025, a total of 141,021 aerial work platforms were sold, indicating a year-on-year decline of 30.6%, with domestic sales of 55,024 units (down 45.7%) and exports of 85,997 units (down 15.6%) [10] Group 10: High-altitude Work Vehicles - In October 2025, 322 high-altitude work vehicles were sold, showing a year-on-year increase of 5.23%, with domestic sales of 319 units (up 16.8%) and exports of 3 units (down 90.9%) [11] - From January to October 2025, a total of 4,140 high-altitude work vehicles were sold, reflecting a year-on-year increase of 37.7%, with domestic sales of 3,964 units (up 37.6%) and exports of 176 units (up 40.8%) [11]

Group 1 - The core viewpoint of the report indicates that domestic construction machinery demand remains under pressure, but small excavators continue to see growth in domestic sales, supported by stock updates, machine replacements, agricultural water conservancy, and urban renovation projects. Future large-scale engineering projects and the opening of mining rights in Xinjiang and Inner Mongolia are expected to boost medium and large excavator sales [1] - In September, excavator domestic sales reached 9,249 units, a year-on-year increase of 21.5%, while export sales reached 10,609 units, a year-on-year increase of 29%. The structure of domestic sales shows rapid growth in small excavators, while medium and large excavators face pressure [1] - The sales of loaders in September totaled 10,530 units, a year-on-year increase of 30.5%, with domestic sales at 5,051 units (up 25.6%) and exports at 5,479 units (up 35.3%). The electrification rate in September was 24.56%, a decrease of 1.68 percentage points month-on-month [1] Group 2 - The average working hours for major construction machinery products in September were 78.1 hours, a year-on-year decrease of 13.3%, while the average operating rate was 55.2%, a year-on-year decrease of 9.08 percentage points [3] - In September, the operating hours of Komatsu excavators in North America and Europe showed significant recovery, with year-on-year growth rates of 10.2% and 7.3%, respectively [3] - The report highlights a trend towards high-end, electrified, and intelligent equipment in the industry, with various companies showcasing new electric and intelligent products at BICES 2025 [4]

Group 1: Excavator Market Overview - In September 2025, a total of 19,858 excavators were sold, representing a year-on-year increase of 25.4%. Domestic sales accounted for 9,249 units, up 21.5%, while exports reached 10,609 units, up 29% [1][2] - From January to September 2025, a total of 174,039 excavators were sold, marking an 18.1% increase year-on-year. Domestic sales were 89,877 units, up 21.5%, and exports were 84,162 units, up 14.6% [2] Group 2: Loader Market Overview - In September 2025, 10,530 loaders were sold, reflecting a 30.5% year-on-year growth. Domestic sales were 5,051 units, up 25.6%, and exports were 5,479 units, up 35.3% [5][6] - For the period from January to September 2025, a total of 93,739 loaders were sold, which is a 14.6% increase year-on-year. Domestic sales reached 49,996 units, up 20.7%, while exports were 43,743 units, up 8.31% [6] Group 3: Electric Excavator Sales - In September 2025, 31 electric excavators were sold, with 5 units under 6 tons, 17 units between 18.5 to 28.5 tons, 1 unit between 28.5 to 40 tons, and 8 units over 40 tons [3] Group 4: Grader Market Overview - In September 2025, 634 graders were sold, showing a year-on-year increase of 21.9%. Domestic sales were 99 units, up 6.45%, and exports were 535 units, up 25.3% [8] - From January to September 2025, a total of 6,284 graders were sold, which is a 6.73% increase year-on-year. Domestic sales were 1,122 units, up 30.6%, while exports were 5,162 units, up 2.64% [8] Group 5: Crane Market Overview - In September 2025, 1,561 truck cranes were sold, reflecting a year-on-year increase of 21.9%. Domestic sales were 764 units, up 40.7%, and exports were 797 units, up 7.99% [9] - For the period from January to September 2025, a total of 15,105 truck cranes were sold, which is a 4.17% decrease year-on-year. Domestic sales were 8,255 units, down 5.47%, and exports were 6,850 units, down 2.55% [9] Group 6: Forklift Market Overview - In September 2025, 130,380 forklifts were sold, representing a year-on-year increase of 23%. Domestic sales were 81,119 units, up 29.3%, and exports were 49,261 units, up 13.9% [15] - From January to September 2025, a total of 1,106,406 forklifts were sold, marking a 14% increase year-on-year. Domestic sales were 697,375 units, up 13.1%, while exports were 409,031 units, up 15.5% [15] Group 7: Roller Market Overview - In September 2025, 1,392 rollers were sold, showing a year-on-year increase of 32.2%. Domestic sales were 551 units, up 45.4%, and exports were 841 units, up 24.8% [16] - From January to September 2025, a total of 13,564 rollers were sold, which is a 21.8% increase year-on-year. Domestic sales were 5,176 units, up 18%, while exports were 8,388 units, up 24.3% [16] Group 8: Paver Market Overview - In September 2025, 132 pavers were sold, reflecting a year-on-year increase of 22.2%. Domestic sales were 82 units, up 32.3%, and exports were 50 units, up 8.7% [17] - From January to September 2025, a total of 1,249 pavers were sold, which is a 32.2% increase year-on-year. Domestic sales were 898 units, up 42.8%, while exports were 351 units, up 11.1% [17] Group 9: Aerial Work Platform Market Overview - In September 2025, 12,416 aerial work platforms were sold, showing a year-on-year decrease of 23.8%. Domestic sales were 5,334 units, down 32.7%, and exports were 7,082 units, down 15.3% [19] - From January to September 2025, a total of 131,901 aerial work platforms were sold, which is a 30% decrease year-on-year. Domestic sales were 51,168 units, down 46%, while exports were 80,733 units, down 13.7% [19] Group 10: High-altitude Work Vehicle Market Overview - In September 2025, 484 high-altitude work vehicles were sold, reflecting a year-on-year increase of 48%. Domestic sales were 456 units, up 42.9%, and exports were 28 units, up 250% [20] - From January to September 2025, a total of 3,818 high-altitude work vehicles were sold, marking a 41.4% increase year-on-year. Domestic sales were 3,645 units, up 39.8%, while exports were 173 units, up 88% [20]

Group 1: Grader Sales - In September 2025, a total of 634 graders were sold, representing a year-on-year increase of 21.9%, with domestic sales of 99 units (up 6.45%) and exports of 535 units (up 25.3%) [1] - From January to September 2025, 6,284 graders were sold, marking a 6.73% increase year-on-year, with domestic sales of 1,122 units (up 30.6%) and exports of 5,162 units (up 2.64%) [1] Group 2: Truck Crane Sales - In September 2025, 1,561 truck cranes were sold, a year-on-year increase of 21.9%, with domestic sales of 764 units (up 40.7%) and exports of 797 units (up 7.99%) [2] - From January to September 2025, total sales of truck cranes reached 15,105 units, a decline of 4.17% year-on-year, with domestic sales of 8,255 units (down 5.47%) and exports of 6,850 units (down 2.55%) [2] Group 3: Crawler Crane Sales - In September 2025, 285 crawler cranes were sold, reflecting a year-on-year increase of 33.2%, with domestic sales of 110 units (up 66.7%) and exports of 175 units (up 18.2%) [3] - From January to September 2025, 2,365 crawler cranes were sold, representing an 18.2% increase year-on-year, with domestic sales of 754 units (up 18.4%) and exports of 1,611 units (up 18.1%) [3] Group 4: Truck-Mounted Crane Sales - In September 2025, 2,131 truck-mounted cranes were sold, a year-on-year increase of 22%, with domestic sales of 1,585 units (up 29.8%) and exports of 546 units (up 3.8%) [4] - From January to September 2025, total sales of truck-mounted cranes reached 19,002 units, a year-on-year increase of 5.46%, with domestic sales of 14,743 units (up 3.08%) and exports of 4,259 units (up 14.6%) [4] Group 5: Tower Crane Sales - In September 2025, 529 tower cranes were sold, a year-on-year decrease of 7.68%, with domestic sales of 249 units (down 29.7%) and exports of 280 units (up 27.9%) [5] - From January to September 2025, total sales of tower cranes were 4,134 units, a decline of 31.9% year-on-year, with domestic sales of 2,185 units (down 52.2%) and exports of 1,949 units (up 29.4%) [5] Group 6: Industrial Vehicle Sales - In September 2025, 130,380 forklifts were sold, representing a year-on-year increase of 23%, with domestic sales of 81,119 units (up 29.3%) and exports of 49,261 units (up 13.9%) [6] - From January to September 2025, total sales of forklifts reached 1,106,406 units, a year-on-year increase of 14%, with domestic sales of 697,375 units (up 13.1%) and exports of 409,031 units (up 15.5%) [6] Group 7: Roller Sales - In September 2025, 1,392 rollers were sold, reflecting a year-on-year increase of 32.2%, with domestic sales of 551 units (up 45.4%) and exports of 841 units (up 24.8%) [8] - From January to September 2025, total sales of rollers reached 13,564 units, a year-on-year increase of 21.8%, with domestic sales of 5,176 units (up 18%) and exports of 8,388 units (up 24.3%) [8] Group 8: Paver Sales - In September 2025, 132 pavers were sold, a year-on-year increase of 22.2%, with domestic sales of 82 units (up 32.3%) and exports of 50 units (up 8.7%) [9] - From January to September 2025, total sales of pavers reached 1,249 units, marking a year-on-year increase of 32.2%, with domestic sales of 898 units (up 42.8%) and exports of 351 units (up 11.1%) [9] Group 9: Aerial Work Platform Sales - In September 2025, 12,416 aerial work platforms were sold, a year-on-year decrease of 23.8%, with domestic sales of 5,334 units (down 32.7%) and exports of 7,082 units (down 15.3%) [10] - From January to September 2025, total sales of aerial work platforms reached 131,901 units, a year-on-year decrease of 30%, with domestic sales of 51,168 units (down 46%) and exports of 80,733 units (down 13.7%) [10] Group 10: High-altitude Work Vehicle Sales - In September 2025, 484 high-altitude work vehicles were sold, a year-on-year increase of 48%, with domestic sales of 456 units (up 42.9%) and exports of 28 units (up 250%) [11] - From January to September 2025, total sales of high-altitude work vehicles reached 3,818 units, a year-on-year increase of 41.4%, with domestic sales of 3,645 units (up 39.8%) and exports of 173 units (up 88%) [11]