In the first half of 2025, the semi-annual reports of construction machinery enterprises, such as SANY, XCMG, and LIUGONG etc, showed that the industry is recovering and the internationalization strategy has achieved remarkable results. However, the growth in accounts receivable of some enterprises has attracted attention.
SANY
In the first half of 2025, its revenue reached 44.534 billion yuan, a year-on-year increase of 15.0%. Revenue from the domestic market was 18.231 billion yuan, with a year-on-year growth of 20.0%. Revenue from the overseas market stood at 21.302 billion yuan, rising by 11.7% year-on-year.
This performance mainly benefited from the accelerated rebound of the domestic market and the growth of emerging markets such as Africa.
XCMG
In the first half of the year, its revenue amounted to 54.808 billion yuan, a year-on-year increase of 8.04%.
Revenue from earth-moving machinery was 17.019 billion yuan, up 22.37% year-on-year.
Export revenue reached 21.123 billion yuan, growing by 21.1% year-on-year.
Although non-recurring gains and losses led to fluctuations in net profit, the profitability of its core business has been enhanced.
LIUGONG
In the first half of the year, its revenue totaled 18.181 billion yuan, a year-on-year increase of 13.21%.
Revenue from overseas business was 8.523 billion yuan, rising by 10.52% year-on-year, accounting for 46.88% of the total revenue.
The growth rate of domestic sales of earth-moving machinery was higher than the industry average, and the growth rate of overseas sales was 19% higher than the industry average.
INDUSTRY TRENDS
The construction machinery industry presents a “dual-drive” characteristic:
Domestic market rebound rapidly: Domestic sales of excavators increased by 22.9%, and those of road rollers rose by 15.4%.
Overseas market continue to growth : XCMG ‘s overseas revenue increased by 16.64%, and SANY ‘s revenue in the African market grew by 40.5%.
However, attention should be paid to the risk of accounts receivable (the ending balance of XCMG’s accounts receivable increased by 12.68%), which may affect cash flow and capital turnover efficiency.