XUZHOU, China , May 13, 2025 /PRNewswire/ -- XCMG Machinery ("XCMG", SHE:000425), a global leader in construction machinery, has published its 2024 Annual Report, showcasing exceptional performance with net profit attributable to shareholders reaching CNY 5.976 billion ( USD 821.866 million ), representing a remarkable 12.2 percent increase year-on-year. The company’s total revenue remained consistently strong at CNY 91.66 billion ( USD 12.61 billion ). XCMG continues to solidify its leading position within China’s dynamic construction machinery industry. Notably, its non-deductible net profit soared to CNY 5.762 billion ( USD 792,435 million ), marking a significant 28.14 percent year-on-year growth. The group’s gross profit margin and net profit margin demonstrated continuous improvement, fueled by a substantial increase in operating cash flow of 60.18 percent year-on-year, reaching CNY 5.720 billion ( USD 786,660 million ). Furthermore, the net sales margin experienced an encouraging rise of 0.89 percent year-on-year, settling at 6.53 percent in 2024. A key indicator of XCMG’s global expansion, overseas revenue witnessed sustained growth, reaching CNY 41.687 billion ( USD 5.73 billion ) – a 12 percent year-on-year increase – and accounting for 45.48 percent of total revenue.

XCMG’s commitment to innovation is evident in its increased R&D investment, which rose by 11.1 percent in 2024, totaling approximately CNY 5.6 billion ( USD 772.8 million ), representing 6.11 percent of revenue. By the end of 2024, the company boasted a dedicated R&D workforce of 7,619 employees, a 12.13 percent expansion. Throughout the year, XCMG secured over 1,600 new authorized patents, with more than 750 being patents for invention, highlighting its technological advancements. 2024 marked a year of significant breakthroughs for XCMG, driven by accelerated development in intelligent transformation, digitalization, and networked operation, demonstrably showcasing high-quality development momentum. XCMG is proactively leading the transformation, unswervingly pursuing the new industrialization path powered by AI, and accelerating innovative, high-quality development with its own distinctive characteristics.

Specifically, XCMG HANYUN focuses on the three major sectors of intelligent manufacturing, internet of vehicles, and unmanned applications scenarios, leveraging HANYUN OS and AI technologies as core components. Underpinning this high-quality development and sustainable performance is XCMG’s commitment to sharing its success with investors through cash dividends, share buybacks, and comprehensive equity incentives. In 2024, XCMG maintained cash dividends at CNY 2.127 billion ( USD 292,521 million ), demonstrating its dedication to shareholder value. The company will continue its share repurchase program, allocating no less than CNY 1.8 billion ( USD 247,550 million ) for equity incentives and employee stock ownership plans, alongside dedicating a minimum of CNY 300 million ( USD 41.258 million ) to share cancellations through repurchases.

Looking ahead, XCMG’s strong growth trend continued into the first quarter of 2025, reporting an operating income of CNY 26.815 billion ( USD 3.69 billion ), a 10.92 percent year-on-year increase; net profit of CNY 2.022 billion ( USD 278,081 million ), a year-on-year increase of 26.37 percent; deducted non-net profit of CNY 2.007 billion ( USD 276,018 million ), a year-on-year increase of 36.88 percent, and operating cash flow was up nearly 2.6 times.