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Summary of Excavator Industry Conference Call Industry Overview - The excavator industry in China has shown significant growth in 2025, particularly in the small excavator segment, which accounted for 77% of total excavator sales, marking a 29% year-on-year increase [1][6] - Large excavators represented 10% of total sales with a 4% year-on-year increase, but their actual purchase value has significantly increased due to higher unit prices and tonnage [1][6] - The overall domestic excavator sales are projected to grow by approximately 20% in 2025, totaling around 120,000 units [1][9] Export Performance - In the first nine months of 2025, small excavators made up 43% of exports, with a 12% year-on-year growth, while large excavators accounted for 23% with a remarkable 48% growth [1][7] - Major export markets include Indonesia (15% share, 31% growth) and Russia (13% share, 1.32% growth), while the U.S. market has seen a decline of 2.3% [1][8][12] - The overall export growth for excavators is expected to be around 15% for 2025 [1][10] Domestic Market Dynamics - The increase in domestic sales is attributed to several factors, including the procurement of equipment by state-owned enterprises for overseas projects, particularly in resource-rich provinces [2] - The rise in small excavator market share is driven by increasing labor costs, leading companies to opt for machinery over manual labor [2][5] - Coastal regions like Jiangsu and Anhui have seen increased excavator purchases, primarily for export to Southeast Asia, Africa, and Central Asia [2][3] Financial Health of Dealers - Dealers have experienced an improvement in profitability, with the loss ratio decreasing from 81% in April 2023 to 53% [5] - However, profits have significantly contracted, with typical profits dropping from several million to hundreds of thousands [5] Future Projections - The domestic market is expected to grow by 13-14% in 2026, while the external market may face long-term challenges due to trade tensions [11] - The competitive landscape is intensifying, particularly in the electric loader segment, which has seen rapid development and increased market penetration [13][14] Additional Insights - The overall operating rate in the construction sector saw a decline in Q2 but rebounded towards the end of September [4] - Electric loaders are primarily used domestically due to insufficient charging infrastructure for exports, although some manufacturers are exploring solutions for overseas applications [16] - The price of mainstream electric loaders has decreased significantly, from over 600,000 yuan to around 350,000 yuan, due to competitive pressures [17]