Zoomlion 2025: Coordinated efforts in diversification and globalization to jointly chart a sustainable growth trajectory

转 from: Zoomlion Heavy Industry Science & Technology Co., Ltd.

【Xinhua Enterprise Insights, March 31】On the evening of March 30, Zoomlion Heavy Industry Science & Technology Co., Ltd. (hereinafter referred to as the “Company”) released its 2025 annual report. For the full year, the Company achieved operating revenue of RMB 52.107 billion, up 14.58% year over year; its attributable net profit was RMB 4.858 billion, up 38.01%; gross margin was 28.04%, with overall performance remaining steady; attributable net profit margin was 9.32%, up 1.58 percentage points year over year. For the full year, the Company achieved net operating cash flow of RMB 4.874 billion, up 127.53% year over year, and the ratio of net operating cash flow to attributable net profit reached 100%, hitting the highest level in recent years. Core indicators such as inventory also continued to improve, operating quality was significantly enhanced, and the Company achieved simultaneous growth in both quantity and quality. At the same time, the Company plans to distribute a cash dividend of RMB 2 for every 10 shares (including tax). Together with the interim dividend, the Company’s total cash dividend for fiscal year 2025 will be RMB 4 for every 10 shares (including tax).

Zoomlion Heavy Industry Science & Technology Co., Ltd. said that in 2025, the Company continued to anchor its strategy of “related diversification, globalization, and digitization,” deepened its transformation and upgrading toward high-end, intelligent, and green development, and accelerated its comprehensive shift from a “cyclical” company to a “growth-oriented, technology-driven” enterprise.

Advantageous segments stay solid and continue to lead; emerging segments accelerate growth; forward-looking layout for future industries

In 2025, the Company accelerated the implementation of its industrial- segment diversification development strategy, and made every effort to build a favorable pattern in which traditional advantageous industries and emerging industries develop in synergy, integrate and compete, and develop side by side. Advantageous industries strengthened the foundation for development, emerging industries gradually formed a new growth pole, and embodied intelligent robots are speeding up the drawing of the Company’s third growth curve for the future.

The Company continued to refine and strengthen its advantageous segments. Its three major product lines—concrete machinery, engineering lifting machinery, and construction lifting machinery—were comprehensively advanced for overseas transformation. The scale of overseas business and market standing continued to rise, and the overall export sales growth of the three product lines exceeded 20% year over year. The Company’s position in the domestic market remained solid. The concrete and engineering lifting product segments accelerated upward, with both scale and efficiency rising in tandem, while new energy concrete mixer trucks and domestic crawler cranes achieved a doubling-style growth.

Emerging segments are expanding and growing faster. Revenue from earthmoving machinery increased by approximately 45% year over year. The Company successfully moved into a “billion-yuan” scale. By comprehensively improving the micro-excavator product lineup, fully enhancing the performance of small, medium, and large excavators in all directions, and continuously leading green quarrying technologies for ultra-large tonnage, it successfully built a product matrix covering all scenarios, forming an industry-leading competitiveness. Mine machinery’s high-end equipment across all processes has been brought into comprehensive coordinated force. The products’ overall competitiveness remains industry-leading; domestically, the Company is accelerating its move into the high-end market. Overseas, newly added points illuminated 99 mines, and sales revenue increased by more than 3 times year over year. The technological leadership and product competitiveness of high-altitude operations machinery are evident, and the Company holds global pricing power in the ultra-high-meter range. In overseas multi-region market share, it remains leading; global market expansion and localized deployment progress in parallel. Its factory in Hungary was completed and put into production, and a multidimensional layout has been built up to accumulate new growth momentum for the future. Agricultural machinery focuses on building a complete set of product solutions for four major typical large-scale global agricultural work scenarios, forming a global lean manufacturing network. The coverage and penetration of domestic and overseas channels improved significantly, and overseas sales increased by more than 20% year over year.

Embodied intelligent robots are drawing the growth curve of the future. Zoomlion Heavy Industry Science & Technology Co., Ltd. has newly developed 3 categories and 6 new robot products. It has already formed a product matrix including multiple models, such as full-size wheeled humanoid robots, biped humanoid robots, and four-legged robot dogs. After 2 to 3 rounds of iteration, it has achieved engineering implementation. Dozens of robots have carried out data collection and application verification in scenarios such as pre-assembly, sorting, loading, and quality inspection at the Company’s intelligent factories, accelerating industrialization and on-the-ground deployment. It has also initiated the construction of a complete-robot manufacturing factory, which will gradually advance small-batch production.

Globalization strategy advances in depth, and localization deployment is continuously strengthened

Over the past four years, the Company’s overseas revenue has achieved an average annual compound growth rate of 52%, leading the industry. During the reporting period, the Company’s overseas revenue was RMB 30.515 billion, up 30.52% year over year; overseas revenue accounted for 58.56% of revenue, up 7.15 percentage points year over year. By region, growth was prominent in Africa, Southeast Asia, and Australia and New Zealand, while the Middle East, Latin America, and Europe and the Americas increased across the board. In terms of product influence, the export market share of lifting machinery has remained leading. Export market shares for earthmoving machinery, mine machinery, concrete machinery, foundation construction machinery, high-altitude operations machinery, and others continued to improve. The Company is accelerating the application of green and intelligent technologies, driving continuous product upgrades and steadily enhancing global competitiveness.

The Company has continued to deepen and fully implement its overseas direct-sales business system featuring “end-to-end, digital, and localized” capabilities. Localization build-out has advanced in an all-round way, and it has built an overseas-market advantage for long-term competition. The Company has already established more than 430 overseas outlets worldwide, more than 220 service parts warehouses, and its products cover more than 170 countries and regions. It has more than 9,000 overseas employees, including approximately 6,000 localized employees. The Company also has more than 10 overseas production bases in countries such as Italy, Germany, Mexico, Brazil, Turkey, the United States, Hungary, and India. The global localized supply chain ecosystem has continued to improve. With the continuous deployment of global R&D centers, manufacturing plants, supply chain systems, sales networks, and service teams, as well as the continuous improvement of brand recognition, the Company has laid a solid foundation for long-term, stable growth in international markets. The overseas market’s huge upside will continue to provide solid growth momentum for the Company.

Global transformation not only brings tremendous development space to the Company’s businesses across all segments, but also results in overseas markets with strong profitability, large market scale, and high operating quality, thereby continuously improving the Company’s performance stability and visibility.

Plans to distribute RMB 2 cash dividend per 10 shares, sustaining high-proportion dividends to enhance investment value

The cash dividends disclosed in the annual report are also quite substantial. The Company plans to distribute cash dividends to all shareholders again, proposing a cash dividend of RMB 2 for every 10 shares (including tax). In addition, the Company has already conducted an interim dividend, proposing a cash dividend of RMB 2 for every 10 shares (including tax). With the interim dividend added, the Company’s total cash dividend for fiscal year 2025 will be RMB 4 for every 10 shares (including tax). The full-year dividend payout ratio exceeds 71.21%, and the dividend level continues to lead the industry.

Since the Company’s listing, after excluding this dividend distribution plan, Zoomlion Heavy Industry Science & Technology Co., Ltd. has cumulatively implemented dividends 28 times, with cumulative dividend amounts of approximately RMB 306.1 billion. The historical overall dividend payout ratio is approximately 47%. In recent years, the Company has continued to carry out large-scale share repurchases, with a cumulative repurchase amount of approximately RMB 50 billion. The Company’s shareholder return policy has long remained at an industry-leading level.

Industry experts said that with the rollout of the “15th Five-Year Plan” and the start of the “2025–2029” period, domestic demand in the engineering machinery industry is recovering steadily, and overseas demand remains strong. Globalization, high-end development, electrification, and intelligentization have become the core directions of development for the industry. Zoomlion Heavy Industry’s industrial layout is diversified, its overseas localization system is mature, and its electrification and intelligentization R&D is leading. Emerging segments are growing strongly, and future industries such as embodied intelligent intelligence are accelerating their implementation. Operating quality continues to improve, and in the future the Company is expected to fully seize industry opportunities to achieve more resilient, high-quality, and sustainable development, creating greater value for shareholders. (Liu Chengkun)

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