XCMG Embarks on a New Journey to Engage with the World
July 17,2026

The Globalization Path of the Manufacturing Industry

Shifting from competing on price and scale to competing on technology and ecosystem

How can Chinese construction machinery complete self-evolution in this profound transformation, moving from cost advantage to value leadership, is a common question faced by the industry.

XCMG's answer is: to engage in dialogue with the world in a new language — from "selling equipment" to "creating scenarios". Internally, making the heavy industrial symbols light and perceptible; externally, deepening and extending the brand foundation of Made in China.

Stability and Progress on a Hundred Billion Foundation

XCMG's annual report shows that in 2025, XCMG Machinery achieved a revenue of 100.823 billion yuan, a year-on-year increase of 8.37%; net profit attributable to the parent company was 6.572 billion yuan, a year-on-year increase of 8.96%; net cash flow from operating activities was 14.142 billion yuan, a significant year-on-year increase of 148.42%.

In the heavy asset, long cycle industry of construction machinery, a cash flow increase close to 1.5 times indicates a substantial improvement in the quality of enterprise operations — no longer solely relying on scale expansion, but shifting towards "meticulous cultivation" of internal growth.

Breaking down the business data, the "stability" and "progress" of XCMG Machinery each have their own focus.

Looking at the domestic market, revenue was 52.224 billion yuan, a year-on-year increase of 1.70%, securing the basic market share against the backdrop of a slowing industry growth; overseas revenue was 48.599 billion yuan, a year-on-year increase of 16.58%, accounting for 48.20% of total revenue.

By product, earthmoving machinery revenue was 30.131 billion yuan, a year-on-year increase of 25.49%, the fastest growing segment; crane machinery revenue was 20.983 billion yuan, a year-on-year increase of 11.03%, maintaining steady growth; mining machinery revenue was 9.377 billion yuan, a year-on-year increase of 23.83%.

"Behind these numbers is a continuously deepening R&D moat.

In 2025, XCMG Machinery's R&D investment reached 5.925 billion yuan, with 8,286 R&D personnel, accounting for 27.18% of the total workforce. As of the end of the reporting period, XCMG Machinery has a total of 12,423 valid authorized patents, including 4,913 invention patents, and has established 46 provincial-level or above R&D platforms.

Chinese machinery competing on technology

▲The world's first crane XCA4000 in wind power lifting

Currently, the autonomous controllable rate of the Xuzhou construction machinery industry chain has exceeded 90%, covering 20 industrial categories, accounting for 85% of the national variety; crane machinery and pile machinery sales rank first in the world, and 17 types of segmented products sales rank first in the country. With XCMG as the "leader", Xuzhou has built a "1+100+1000" innovation matrix, continuously promoting the autonomous supply capability of core components and key materials.

The significant improvement in cash flow, the continuous increase in overseas proportion, and the structural breakthrough of new energy and intelligent products are essentially crossing cycles in a more robust manner.

Advance into the Global Market

The thickness of the operational foundation must ultimately be tested in the breadth of the global market.

Annual report data shows that nearly half of XCMG's revenue comes from overseas, which also reflects that the enterprise's growth engine is undergoing structural transformation.

Ecosystem of Chinese construction machinery

▲XCMG tower cranes help build the Saudi EPCC clinker cement production line project

XCMG Machinery stated in the annual report that after more than 30 years of international exploration and practice, XCMG has formed a four-in-one global development model of export trade, overseas greenfield construction, cross-border mergers and acquisitions, and global R&D. It has moved from the initial stage of trade exports "going out" to the stage of cultivating localization "going in", and at the same time, it is accelerating towards

Self-evolution of Chinese machinery industry