The Chinese construction machinery industry is continuously recovering. According to the latest statistics from the China Construction Machinery Industry Association on major excavator manufacturers, 22,142 excavators of various types were sold in April 2025, a year-on-year increase of 17.6%. Among them, the domestic sales volume was 12,547 units, a year-on-year increase of 16.4%; The export volume was 9,595 units, a year-on-year increase of 19.3%. From January to April, a total of 83,514 excavators were sold, a year-on-year increase of 21.4%; Among them, the domestic sales volume was 49109 units, a year-on-year increase of 31.9%; 34,405 units were exported, a year-on-year increase of 9.02%.
As a barometer of the construction machinery industry, the bi-directional growth of excavators in both domestic and international markets reflects the sustained release of domestic infrastructure investment and equipment renewal demand, as well as the significant achievements of Chinese construction machinery enterprises' global layout, further consolidating the industry's recovery trend.
The construction machinery market continues to improve
Against the backdrop of sustained industry recovery, leading enterprises are seizing market opportunities with differentiated advantages, outlining a clear upward trend for the industry.
Sany Heavy Industry Co., Ltd. (hereinafter referred to as Sany Heavy Industry), a leading domestic construction machinery enterprise, performed excellently in the first quarter of 2025, with a revenue of 21.049 billion yuan, a year-on-year increase of 19.18%; The net profit was 2.471 billion yuan, with a year-on-year growth rate of 56.40%.
XCMG Machinery achieved a revenue of 26.815 billion yuan in the first quarter, a year-on-year increase of 10.92%; The net profit was 2.022 billion yuan, a year-on-year increase of 26.37%, showing a steady growth trend.
Zoomlion Heavy Industry Science and Technology Co., Ltd. (hereinafter referred to as Zoomlion) achieved a revenue of 12.117 billion yuan and a net profit attributable to the parent company of 1.41 billion yuan in the first quarter, a year-on-year increase of 53.98%, with significant performance growth.
According to the first quarter report data of Guangxi Liugong Machinery Co., Ltd. (hereinafter referred to as Liugong), from January to March 2025, the company's total operating revenue was 9.149 billion yuan, a year-on-year increase of 15.24%.
From individual enterprise growth to overall industry leap, the recovery trend shows comprehensiveness and sustainability. Su Zimeng pointed out that in the first quarter, the sales of major products in the industry and the economic benefits of enterprises continued to grow. According to statistics, the association's key contact enterprise groups saw a year-on-year increase of 16.7% in operating revenue and 32.8% in total profit. Although market fluctuations still exist, through the combination of long and short, addressing both symptoms and root causes, and implementing comprehensive policies, the overall business quality and economic benefits of enterprises have maintained stable growth in the face of significant fluctuations in market sales. Industry expectations have further increased, and development confidence continues to strengthen.
Regarding the medium to long term trend of the industry, Lu Chuan, Deputy Secretary of the Party Committee and President of XCMG Construction Machinery Co., Ltd., believes that the overall market for construction machinery will stabilize and enter an upward cycle. In the next 2-3 years, the market will maintain a stable and upward development trend. Unlike the previous boom cycle, which was significantly driven by real estate, the current boom cycle lacks short-term real estate driving factors, and will be mainly characterized by the penetration and improvement of new energy intelligent equipment and the replacement demand for equipment updates. Therefore, it can be judged that the sustainability of the industry's upward cycle will be more sustainable.
Xiang Wenbo, the chairman of Sany Heavy Industry and Sany Group, judged that the domestic construction machinery market continued to improve, the demand for infrastructure investment, new urbanization, mines, water conservancy projects and other projects would further recover, and the market was expected to accelerate its recovery, superimposed on the continued implementation of ultra-long term special treasury bond and other policies. In addition, the increased penetration rate of new energy products will further drive the industry's growth with the demand for replacement; In terms of overseas markets, the infrastructure and mining markets will maintain a high level of prosperity.
The internationalization process is steadily advancing
Construction machinery companies continue to have a strong development trend in overseas markets. According to the financial report data released by the company, overseas markets have become the core support for revenue growth and a key driving force for the sustained development of the industry.
In the first quarter of 2025, Zoomlion's overseas revenue reached 6.568 billion yuan, accounting for 54.2% of the total revenue, a year-on-year increase of 15.17%, with significant contributions to the overseas market. Guo Xuehong, Vice President of Zoomlion, stated that Zoomlion actively builds a global market network, focusing on mature markets in Europe and America, emerging economies in Southeast Asia, energy hubs in the Middle East, and developing countries in Africa. It has established business "airports" in more than 40 key countries, built over 400 overseas service outlets, and strengthened market coverage. At the same time, utilizing digital platforms to achieve end-to-end market sales services, real-time monitoring of market dynamics, and precise matching of demand. The international market coverage continues to increase, driving sustained high-speed growth in overseas performance. In 2024, the company's overseas revenue was 23.38 billion yuan, a year-on-year increase of 30.58%, with overseas revenue accounting for over 51%.
XCMG Machinery's overseas revenue in 2024 was 41.687 billion yuan, a year-on-year increase of 12%. The proportion of overseas revenue jumped from 29.67% in 2022 to 45.48% in 2024, demonstrating significant achievements in its global layout. Lu Chuan pointed out that the overseas market is an important increment, and enterprises need to implement the "the Belt and Road" initiative, speed up the leap from product export to brand globalization, so as to consolidate the global competitiveness of China's construction machinery brands.
Sany Heavy Industry's overseas main business revenue in 2024 was 48.513 billion yuan, a year-on-year increase of 12.15%, with overseas revenue accounting for 63.98%, setting a new historical high. Taking globalization as the primary strategy, Sany Group has established a channel system covering more than 400 overseas subsidiaries, joint ventures and agents. The localization rate of overseas personnel is nearly 70%, and 15 manufacturing plants (including upgraded plants in the United States and Germany, and new bases in Indonesia, South Africa and Turkey) are deployed globally. According to Ru'an, the Senior Vice President of Sany Group, its products have achieved market share leadership in at least one category in 122 countries and regions. In 2024, its overseas business contributed nearly half of its revenue and over half of its profits, becoming the "ballast stone" for the company's high-quality development. Its path of headquarters in China, research and development manufacturing in China, and global market radiation provides a model for industry globalization.
Currently, the globalization of the industry is standing at a new starting point. In Lu Chuan's view, in recent years, Chinese construction machinery enterprises have taken advantage of the trend and achieved the internationalization of technology, capital, brand, and talent from trade exports, forming a four in one international development model of product exports, overseas factory construction, cross-border mergers and acquisitions, and global collaborative research and development, with continuous growth in export amounts. Overseas markets not only absorb most of China's construction machinery production capacity, but more importantly, effectively hedge the risks of the domestic market downturn cycle.
The research report of Donghai Securities also mentioned that overseas, domestic enterprises are laying out overseas pre-sales and after-sales networks, establishing local production capacity overseas, entering a period of accelerated globalization, and gradually increasing market penetration rate.
Looking ahead to the sustained recovery of the construction machinery industry throughout the year, challenges cannot be ignored. Yu Mengsheng, President of Linyi Lingong Machinery Group Co., Ltd. and Chairman of Lingong Heavy Machinery Co., Ltd., reminded that the rapid growth of China's construction machinery exports is essentially a reflection of industrial upgrading. Chinese construction machinery leading enterprises have performed well in overseas markets, but Chinese companies still need to shift from a price war to a value war in international competition, and enhance brand added value through technological reliability and service standardization. At the same time, the industry must be proactive and build a strong safety barrier for going global.