LIUGONG(SZ:000528)2025-10-28 09:24Financial Performance - In the first three quarters of 2025, the company achieved a revenue of CNY 25.76 billion, representing a year-on-year growth of 12.71% [3] - The net profit attributable to shareholders was CNY 1.458 billion, with a year-on-year increase of 10.37% [3] - The company experienced a quarterly decline in net profit of 32.47% due to impairment losses in the tower crane business [3] Domestic Market Insights - The core earthmoving business showed strong growth, particularly in excavators, with sales growth outpacing the industry [3] - The domestic market for excavators and loaders is expected to continue double-digit growth in 2026, driven by demand from project upgrades and government policies [4] International Market Performance - Overseas sales and revenue maintained double-digit growth, exceeding budget targets, with emerging markets showing revenue growth of over 20%, and some regions reaching up to 80% [3] - The company’s international business revenue grew by 11% year-on-year, with a balanced revenue distribution across nine major regions [5][10] Impairment and Risk Management - The company recorded an impairment of CNY 689 million in the first three quarters, with CNY 299 million in Q3 alone, primarily due to the tower crane business [8] - The company aims to reduce the impairment ratio to around 1% of revenue through enhanced risk management and asset quality optimization [9] Strategic Outlook - The company plans to focus on structural growth opportunities in various markets and business segments to ensure sustained revenue and profit growth [3] - The "15th Five-Year" strategic plan emphasizes innovation and transformation to drive high-quality development [6] Project Developments - The company has made significant progress in the Yaxia project, establishing a dedicated task force and achieving key milestones in client engagement and product development [11] - A comprehensive service guarantee system has been implemented to enhance customer support and operational efficiency [12]