XCMG Construction Machinery (000425) Q2 2025 earnings summary

Executive summary

• Revenue reached ¥54.81 billion, up 8.04% year-over-year, maintaining domestic industry leadership.

• Net profit attributable to shareholders was ¥4.36 billion, up 16.63% year-over-year; operating cash flow rose 107.56%.

• International revenue grew 16.64% to ¥25.55 billion, now 46.61% of total revenue; export revenue up 21.1%.

• High-end, new energy, and aftermarket segments outpaced overall growth, with high-end product revenue up 41.44%.

• R&D investment increased 5.14% year-over-year, supporting innovation in new energy and intelligent products.

Financial highlights

• Gross margin improved by 0.7 percentage points to 22.03% year-over-year.

• Basic and diluted EPS were both ¥0.37, up from ¥0.32 last year.

• Cash and cash equivalents at period end were ¥20.04 billion, up from ¥15.46 billion at the start of the year.

• Total assets reached ¥176.36 billion, up 7.86% from year-end 2024.

• Net asset value attributable to shareholders was ¥60.43 billion.

Outlook and guidance

• Focus remains on high-quality growth, global expansion, and digital transformation.

• Strategic investments will continue in R&D, internationalization, and digitalization.

• No interim dividend, bonus shares, or capital increase from reserves planned for the half year.