With growing brand value and influence, XCMG’s export revenue in H1 2022 marks over 157% year-on-year growth

XUZHOU, China, September 14, 2022 /PRNewswire/ — XCMG Construction Machinery Co., Ltd. (SHE:000425) reported 38.204 billion yuan (US$5.52 billion) on half-yearly revenue of June 30th, a 28.23% year-over-year decline on a smaller decline compared to the industry average. XCMG’s revenue from export amounted to 12.488 billion yuan (US$1.8 billion), a 157.28% year-over-year increase.

According to the simulated financial statements after the completion of the physical asset reorganization, “New XCMG” ranks No. 1 in China the construction machinery industry in terms of total revenue and net profit. Additionally, XCMG’s interim dividend plan has a proposed dividend of 2.3 yuan per 10 shares (taxes included).

After five years of rapid growth, the construction machinery industry showed a downward trend from the second quarter of 2021 which has continued to date, and China internal market is undergoing cyclical adjustment. Facing the challenges, XCMG has mapped out a new industry layout of “5 Pillars and 10 Strategic Emerging Industries” with a continued focus on core businesses:

  • The Hoisting Equipment BU continues to lead the highly competitive market with a 3.1% increase in market share and breakthroughs in all-terrain crane sales in high-end European/American markets;
  • The market share of crawler cranes increased by 8.1%. XCMG expanded the business scope of truck mounted cranes and explored new opportunities for profitable growth;
  • XCMG Fire-fighting Safety Equipment maintained its No. 1 position in aerial fire trucks and aerial boom lifts and launched the construction of the second phase of its new base;
  • XCMG Environment Technology increased market share and gross profit margin;
  • Revenues of small construction machinery, maintenance machinery, forklifts and information industry increased by 100.3, 18.3, 89.5 and 23.4% year on year the other.

“New XCMG” consolidates its leading position in the overseas market

In the first half of 2022, XCMG’s foreign entities achieved exceptional performance, with revenues increasing by 71.8%. XCMG Brazil’s first-half revenue exceeded that of the 2021 annual total and achieved a significant increase in profit and global metrics. Company registration and site selection for XCMG’s North American projects has been completed, and german swing revenues reversed, while India Schwing has become a benchmark for collaborative development with a 68.5% increase in turnover. XCMG India is officially operational and the subsidiary of the group in Uzbekistan posted revenue growth of 69.1% year-on-year.

“The “new XCMG” will adhere to realizing high-quality transformation, upgrading and development; continue to advance digital technologies supported by world-class software platforms; and strengthen technology R&D information such as big data, AI, 5G, industry IoT and digital twin; while further expanding and stabilizing the innovation chain, industry and supply chain to to create critical competitive advantages for growth and profit,” said Lu Chuanpresident of XCMG.

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