齐鲁晚报·齐鲁壹点 通讯员 万发真 李璐 张纪珍 朱剑锋 李晓 从技术引进到自主创新，从市场国际化到企业国际化，临工正以更加自主、自信的姿态开启全球化新征 程，书写一段中国高端制造企业走向全球的崭新叙事。 王志中表示，临工在产品技术、生产制造、企业管理、人工智能、信息化等方面，已经在市场竞争中具 备了相对优势，也具备了和国际品牌同台竞争的实力。临工将更坚决地推进"全面国际化"，不仅仅是卖 产品，更是将研发、营销、服务、配件、财务管理等全面推向全球。 "我们计划到2030年，外籍员工数量占集团总人数的三分之一左右，真正实现人才结构的国际化。"王志 中说，"临工已进入国际市场高速发展阶段，欢迎全球合作伙伴搭乘临工发展快车，共享临工发展成 果。" 临工提出了"海外再造一个新临工"的战略目标，即海外业务要达到与现在国内业务规模相当的水平，这 需要实现从"市场国际化"向"企业国际化"的根本转变。 如今，一个更加自主、更加国际化的临工正在亮相世界舞台。在中国制造业全球化升级的大背景下，临 工的探索与实践，无疑将成为中国高端制造企业国际化进程中的一个重要案例。 轮子是'巩固基本盘，开拓新增长点'；"另一个轮子是'加速全球化 ...

Core Viewpoint - XuGong Machinery has shown a significant increase in stock price and trading volume, indicating strong market interest and potential growth in the engineering machinery sector [1][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. The company specializes in the research, manufacturing, sales, and service of various types of construction machinery and parts [1]. - The main business revenue composition includes: earthmoving machinery (31.05%), other engineering machinery, parts, and others (28.09%), lifting machinery (19.11%), mining machinery (8.64%), aerial work machinery (8.34%), and piling machinery (4.77%) [1]. Financial Performance - For the first half of 2025, XuGong Machinery achieved operating revenue of 54.808 billion yuan, representing a year-on-year growth of 10.43%. The net profit attributable to shareholders was 4.358 billion yuan, with a year-on-year increase of 17.61% [2]. - Since its A-share listing, the company has distributed a total of 12.445 billion yuan in dividends, with 8.672 billion yuan distributed in the last three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders for XuGong Machinery reached 132,800, an increase of 22.00% compared to the previous period. The average circulating shares per person decreased by 18.27% to 60,981 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, holding 534 million shares (an increase of 14.7675 million shares), and China Securities Finance Corporation, holding 167 million shares (unchanged) [3].

Core Viewpoint - In the first half of 2025, the company's revenue increased by 8% year-on-year, with overseas market growth at 17%, accounting for 47% of total revenue. The earthmoving machinery segment grew by 22%, contributing 31% to total revenue. The net profit attributable to the parent company increased by 17%, indicating stable improvement in profitability and continuous enhancement of financial statement quality. The upward trend in both domestic and overseas engineering machinery markets is expected to continue, and the company's ongoing state-owned enterprise reform and expansion into emerging businesses like mining machinery present promising growth potential [1][5]. Revenue Summary - In the first half of 2025, the company reported revenue of 54.808 billion yuan, a year-on-year increase of 8.04%, with a net profit of 4.358 billion yuan, up 16.63%. In Q2 alone, revenue was 27.993 billion yuan, reflecting a 5.41% increase year-on-year, while net profit was 2.336 billion yuan, up 9.33% [2][3]. Market Performance - The overseas market and earthmoving machinery are the main drivers of revenue growth. In the first half of 2025, domestic revenue was 29.263 billion yuan, a 1.5% increase year-on-year, while overseas revenue reached 25.546 billion yuan, up 16.64%, accounting for 46.61% of total revenue. Earthmoving machinery revenue was 17.019 billion yuan, a 22.37% increase, making up 31.05% of total revenue [3][4]. Profitability Analysis - The company's net profit attributable to the parent company for the first half of 2025 was 4.358 billion yuan, a 16.63% increase. The gross margin and net margin were 22.03% and 8.06%, respectively, reflecting improvements of 0.7 percentage points and 0.6 percentage points year-on-year. This stable enhancement in profitability is attributed to improved market structure and the company's proactive state-owned enterprise reform and high-quality development initiatives [4][5]. Industry Outlook - The engineering machinery industry is experiencing a synchronized upward trend in both domestic and overseas markets. A new cycle of equipment replacement is beginning, with policies accelerating the elimination of outdated models. The overseas market remains robust, particularly in regions like Asia, Africa, and Latin America, while marginal improvements are noted in Europe and North America. The company's diverse product offerings and the growth potential of its mining machinery business, bolstered by recent asset injections, are expected to drive future growth [5]. Investment Forecast - The company is projected to achieve net profits of 7.513 billion yuan, 10.007 billion yuan, and 12.419 billion yuan for the years 2025 to 2027, representing year-on-year growth rates of 25.72%, 33.19%, and 24.10%, respectively. Corresponding price-to-earnings ratios are estimated at 15.17x, 11.39x, and 9.18x [6].

Core Viewpoint - The company has demonstrated steady revenue growth and continuous improvement in profitability, with significant increases in both net profit and operating cash flow in the first half of 2025 [4]. Group 1: Financial Performance - In H1 2025, the company achieved operating revenue of 54.81 billion, a year-on-year increase of 8.0% (adjusted); net profit attributable to shareholders was 4.36 billion, up 16.6% (adjusted); and operating cash flow was 3.73 billion, increasing by 107.6% (adjusted) [4]. - The gross profit margin was 22.0%, up 0.7 percentage points (adjusted), while the net profit margin was 8.1%, an increase of 0.6 percentage points (adjusted) [4]. Group 2: Business Segments Performance - The earthmoving machinery segment reported revenue of 17.02 billion, a year-on-year increase of 22.4%; the lifting machinery segment generated revenue of 10.47 billion, up 3.7%; while the piling machinery segment saw revenue decline by 6.0% to 2.62 billion [5]. - The company maintained its leading position in traditional industries, with significant growth in the sales of excavators and loaders, and a remarkable 139.4% increase in sales of new energy loaders [5]. - In emerging industries, despite challenges in the mining machinery sector, revenue from open-pit mining equipment increased by 30%, and agricultural machinery revenue grew by 106% [5]. Group 3: International Market Expansion - The company actively expanded its international market presence, achieving overseas revenue of 25.55 billion, a year-on-year increase of 16.6%, with overseas revenue accounting for 46.6% of total revenue, up 3.4 percentage points [6]. - The company has established a global capacity allocation capability, with a local production rate of 50% in major overseas factories [6].

Investment Rating - The investment rating for the company is "Buy" [6][16] Core Views - The company has shown stable revenue growth, with a projected revenue of 548 billion yuan for H1 2025, representing an 8% year-on-year increase, and a net profit of 43.6 billion yuan, up 17% year-on-year [12][13] - The company is expected to benefit from overseas development in mining machinery, which is anticipated to enhance profitability [16] Financial Performance - For H1 2025, the company reported a revenue of 548 billion yuan, with a net profit of 43.6 billion yuan and a non-recurring net profit of 44.7 billion yuan, reflecting a 36% year-on-year increase [12][13] - The gross margin stood at 22.0%, an increase of 0.7 percentage points year-on-year, while the net profit margin was 8.1%, up 0.5 percentage points year-on-year [13] - The company’s cash flow from operating activities improved significantly, reaching 37.3 billion yuan, a 108% increase year-on-year [13] Segment Performance - Domestic revenue for H1 2025 was 292.6 billion yuan, a 2% increase year-on-year, while overseas revenue reached 255.5 billion yuan, up 17% year-on-year [14] - The company’s product performance showed that earthmoving machinery revenue increased by 22% year-on-year to 170 billion yuan, while crane revenue grew by 4% to 105 billion yuan [14] Future Projections - Revenue projections for 2025-2027 are 1,037 billion yuan, 1,160.6 billion yuan, and 1,301 billion yuan, with year-on-year growth rates of 13%, 12%, and 12% respectively [16] - Net profit projections for the same period are 127 billion yuan, 146.4 billion yuan, and 166.7 billion yuan, with growth rates of 30%, 22%, and 20% respectively [16] Strategic Developments - The company has successfully expanded its overseas business, securing large orders from global mining leaders such as Vale and BHP, and has integrated its mining machinery offerings through acquisitions [15][16]

Core Viewpoint - The report from Zhongyou Securities indicates that XCMG achieved a net profit attributable to shareholders of 4.358 billion yuan in the first half of the year, representing a year-on-year increase of 16.63% [1] - The company has raised its rating to "Buy" due to improved operational performance and quality [1] Financial Performance - The company reported a net profit excluding non-recurring items of 4.467 billion yuan, which is a year-on-year increase of 35.57% [1] - Revenue from various product segments includes: - Crane machinery: 10.474 billion yuan, up 3.74% - Earth-moving machinery: 17.019 billion yuan, up 22.37% - Piling machinery: 2.615 billion yuan, down 6.02% - Aerial work machinery: 4.572 billion yuan, up 1.00% - Mining machinery: 4.733 billion yuan, up 6.32% - Other engineering machinery and parts: 15.395 billion yuan, up 2.87% [1] Customer Structure - Sales revenue from high-quality domestic customers increased by 6% year-on-year [1] - The tracking of major opportunity projects saw a year-on-year increase of 34% [1] Incentive Plan - The company announced an equity incentive plan to align the interests of management with those of shareholders [1]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [3]. Core Views - The company reported steady performance in its 2025 H1 results, achieving revenue of 248.55 billion yuan, a year-on-year increase of 1.3%, and a net profit attributable to shareholders of 27.65 billion yuan, up 20.84% year-on-year [1]. - The company plans to distribute a mid-term dividend of 1.73 billion yuan, reflecting its value attributes and a distribution rate of 62.56% [3]. - The company has maintained a strong cash flow performance with a net operating cash flow of 17.52 billion yuan, a year-on-year increase of 112% [1]. Financial Performance Summary - In terms of gross margin, the company achieved a gross margin of 28.1%, up 0.2 percentage points year-on-year, and a net profit margin of 11.7%, up 1.3 percentage points year-on-year [1]. - Domestic sales revenue was 110.4 billion yuan, down 11.59% year-on-year, while international sales revenue reached 138.15 billion yuan, up 14.66% year-on-year, with significant growth in regions like Africa [1]. - The company’s traditional product lines, including concrete machinery and lifting machinery, maintained solid domestic market positions, with overall export sales increasing by over 13% [2]. Product Segment Analysis - Concrete machinery revenue was 48.69 billion yuan, up 15.66% year-on-year, with a gross margin of 22.7% [2]. - Earthmoving machinery revenue reached 42.93 billion yuan, up 22.11% year-on-year, with a gross margin of 29.53% [2]. - High-altitude machinery revenue was 25.92 billion yuan, down 34.47% year-on-year, while agricultural machinery revenue was 19.88 billion yuan, down 15.16% year-on-year [2]. Profit Forecast - The profit forecast has been adjusted, with expected net profits attributable to shareholders for 2025, 2026, and 2027 projected at 48.0 billion yuan, 57.7 billion yuan, and 71.2 billion yuan respectively [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady revenue growth and improved profitability in the first half of 2025, with revenue reaching 54.808 billion yuan, up 8.04% year-on-year, and net profit attributable to shareholders at 4.358 billion yuan, up 16.63% year-on-year [5][6] - The company is focusing on international expansion and optimizing its product structure, which has led to a higher growth rate in profit compared to revenue [6] - The company’s gross margin is 22.03%, an increase of 0.70 percentage points year-on-year, and the net margin is 8.06%, up 0.58 percentage points year-on-year [6] Summary by Sections Financial Performance - In 2025 H1, the company achieved a revenue of 54.808 billion yuan, with a net profit of 4.358 billion yuan, and a non-recurring net profit of 4.467 billion yuan [5] - The second quarter of 2025 saw a revenue of 27.993 billion yuan, a year-on-year increase of 5.41%, and a net profit of 2.336 billion yuan, up 9.33% year-on-year [5][6] Business Segments - The sales revenue from core products showed growth, with specific segments like lifting machinery and earth-moving machinery increasing by 3.74% and 22.37% respectively [6] - Revenue from new energy and high-end products grew by 9.43% and 41.44% year-on-year [6] Market Position - The company’s overseas market revenue reached 25.546 billion yuan in 2025 H1, a year-on-year increase of 16.64%, with overseas revenue accounting for 46.61% of total revenue [6] - The company has a comprehensive market share of 5.52% in the engineering machinery sector, an increase of 1.16 percentage points [8][9] Future Projections - Revenue projections for 2025-2027 are 101.08 billion yuan, 113.568 billion yuan, and 130.48 billion yuan, with year-on-year growth rates of 10.28%, 12.35%, and 14.89% respectively [10] - Net profit projections for the same period are 8.202 billion yuan, 9.531 billion yuan, and 11.676 billion yuan, with growth rates of 37.25%, 16.20%, and 22.50% respectively [10]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q2 non-net profit attributable to shareholders increased by 50% year-on-year, exceeding market expectations, indicating a positive outlook for revenue growth in the second half of the year [2] - The company's profitability remains robust, with a notable improvement in profit quality, as evidenced by a sales gross margin of 28.1% and a net profit margin of 11.7% for the first half of 2025 [3] - The main business is experiencing a domestic and international resonance, with significant progress in emerging business segments, including construction machinery and agricultural machinery [4] Financial Performance Summary - For H1 2025, total revenue reached 24.85 billion yuan, a year-on-year increase of 1.3%, with a net profit attributable to shareholders of 2.76 billion yuan, up 20.8% year-on-year [2] - The company's sales gross margin for H1 2025 was 28.1%, an increase of 0.2 percentage points year-on-year, while the net profit margin was 11.7%, up 1.3 percentage points year-on-year [3] - The company reported a significant increase in operating cash flow, reaching 1.75 billion yuan in H1 2025, a year-on-year increase of 112.5%, indicating improved profit quality [3] Emerging Business Segments - The company has made substantial advancements in its emerging business segments, including the introduction of new products in earthmoving machinery and agricultural machinery, as well as the development of humanoid robots [4]

Core Viewpoint - The company has demonstrated strong financial performance in the first half of 2025, with significant growth in net profit and sales across various business segments, particularly in traditional and emerging markets [2][3]. Financial Performance - The company achieved a net profit of 1.23 billion yuan, representing a year-on-year increase of 25.05% - The non-recurring net profit reached 1.146 billion yuan, up by 27.01% - The gross profit margin improved by 0.22 percentage points, and the return on equity increased by 0.99 percentage points [2]. Business Segments - The traditional earthmoving business generated revenue of 11.7 billion yuan, growing by 17% - Loader revenue increased by over 20%, with electric loader global sales surging by 193% - Excavator revenue rose by 25%, with domestic and overseas sales increasing by 31% and 22% respectively, leading to a market share increase of 1.6 percentage points domestically and 0.5 percentage points globally [2]. Overseas Market Performance - The company achieved record highs in overseas product sales, major client revenue, overall income, and net profit in the first half of the year - The overseas gross profit margin improved by 1.5 percentage points, with significant growth in emerging markets such as South Asia, Indonesia, and Central Asia, exceeding 40% [3]. Strategic Goals - The company announced its 14th Five-Year Plan, aiming for 60 billion yuan in revenue by 2030, with international revenue accounting for over 60% and a net profit margin of no less than 8% - The strategy focuses on core earthmoving machinery, development of mining equipment, industrial vehicles, and emerging businesses [4]. Investment in Indonesia - The company plans to invest 500 million yuan in a high-level manufacturing plant in Indonesia, expected to be operational by 2026 - This facility aims to meet the demand in Southeast Asia and mature markets in Europe and North America [5]. Financial Outlook - The company noted an increase in accounts receivable and a decline in operating cash flow, primarily due to overseas expansion and installment sales credit policies - The outlook for the second half of 2025 remains positive, with expectations of continued growth in the domestic construction machinery industry and favorable conditions in emerging markets [6].