LIUGONG(SZ:000528)2025-08-30 11:26Financial Performance - The company achieved an operating revenue of 18.181 billion CNY in the first half of 2025, a year-on-year increase of 13.21% [2] - Domestic revenue reached 9.658 billion CNY, growing by 15.69%, while overseas revenue was 8.523 billion CNY, up by 10.52% [3] - The international business accounted for 46.88% of total revenue, providing a solid foundation for the company's development [3] - Net profit attributable to shareholders was 1.230 billion CNY, reflecting a growth of 25.05% [3] - The gross profit margin increased by 0.22 percentage points, and the return on equity rose by 0.99 percentage points [3] Business Segments - Traditional earthmoving business revenue was 11.7 billion CNY, with a growth of 17% [3] - Loader revenue grew by over 20%, and electric loader sales surged by 193%, leading the industry in electrification [3] - Excavator revenue increased by 25%, with domestic and overseas sales rising by 31% and 22% respectively [3] - Emerging business segments, including industrial vehicles and lifting machinery, also showed significant profit growth [3] International Expansion - The company is accelerating its global layout, with overseas sales and net profit reaching historical highs in the first half of 2025 [4] - The overseas gross profit margin improved by 1.5 percentage points, with revenue from major industry clients increasing [4] - Emerging markets, particularly in South Asia, Indonesia, and Central Asia, saw growth rates exceeding 40% [4] Strategic Goals - The company aims to achieve a revenue target of 60 billion CNY by 2030, with international revenue exceeding 60% and a net profit margin of no less than 8% [5] - Key strategies include focusing on core earthmoving machinery, developing mining equipment, and enhancing global operational capabilities [5] Market Outlook - The Chinese engineering machinery industry is expected to continue its growth recovery in the second half of 2025, driven by equipment renewal cycles and increased investments in infrastructure [10] - The European market is anticipated to show slight recovery due to accelerated infrastructure projects and rising electrification [10] - Despite uncertainties in overseas markets, emerging markets are expected to maintain stable growth, supported by political and economic stability [10]