Zoomlion 2025 Annual Report: Driving Diversification and Globalization in Tandem to Depict a Sustainable Growth Curve

​On the evening of March 30, Zoomlion Heavy Industry Science and Technology Co., Ltd. released its 2025 annual report. The company achieved full-year revenue of RMB 52.11B, a year-on-year increase of 14.58%, and attributable net profit of RMB 4.86B, a year-on-year increase of 38.01%.

On the evening of March 30, Zoomlion Heavy Industry Science and Technology Co., Ltd. released its 2025 annual report. The company achieved full-year revenue of RMB 52.11B, a year-on-year increase of 14.58%, and attributable net profit of RMB 4.86B, a year-on-year increase of 38.01%; gross margin was 28.04%, with overall performance remaining steady and sound; attributable net margin was 9.32%, up 1.58 percentage points year over year. The company achieved net operating cash flow of RMB 4.87B for the full year, a year-on-year increase of 127.53%, and the ratio to attributable net profit reached 100%, setting a new high in recent years. Key indicators such as inventories also continued to improve, with a significant enhancement in operating quality, enabling a simultaneous rise in both quantity and quality. Meanwhile, the company plans to distribute a cash dividend of RMB 2 per 10 shares (tax included). Together with the interim dividend, the company’s total cash dividends for fiscal year 2025 will be RMB 4 per 10 shares (tax included).

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

Strong and stable leading performance in advantaged segments, with emerging segments accelerating growth; forward-looking industry planning for the future

In 2025, the company accelerated the implementation of its strategy for diversified development of industrial segments, and worked to build a favorable pattern in which traditional advantaged industries and emerging industries coordinate, integrate, and develop competitively. Advantaged industries have reinforced the foundation for development, while emerging industries have gradually formed a new growth engine. Embodied intelligent robots are accelerating the drawing of a third growth curve for the future.

Advantaged segments have continued to be optimized and strengthened. Three major product lines—concrete machinery, construction lifting machinery, and building lifting machinery—have comprehensively advanced overseas transformation. The scale and market position of overseas business have continued to improve, and the overall export sales growth of the three product lines exceeded 20% year on year. Its domestic market position remains solid: the concrete and construction hoisting product segments have accelerated upward, with both scale and efficiency improving in parallel. New energy concrete mixer trucks and domestic crawler cranes have achieved growth on a doubling basis.

Emerging segments are accelerating growth and expanding in strength. Revenue from earthmoving machinery increased by about 45% year on year. It successfully entered the RMB 10 billion-plus scale range. By comprehensively improving the small-to-mid excavator product spectrum, enhancing the performance of mid-to-large excavators in all directions, and continuously leading green mine technologies for extra-large tonnage, the company successfully built a product matrix covering all scenarios, forming an industry-leading competitive capability. Mining machinery’s end-to-end, high-end equipment has been comprehensively empowered to drive force together; the products’ overall competitive strength remains industry-leading. Domestically, it is accelerating into the high-end market. Overseas, newly added points have lit up 99 mines, with sales revenue increasing by more than 3 times year on year. The technological leadership and product competitiveness of aerial work machinery are evident, giving it global pricing power in the ultra-high-meter segment. Its overseas market share in multiple regions is leading as well; globalization market expansion and localized deployment proceed in tandem. Its factory in Hungary has been completed and put into operation. Multi-dimensional deployment is accumulating new momentum for future growth. Agricultural machinery focuses on building a complete product solution set for four major typical global large-scale agricultural operation scenarios, establishing a global lean manufacturing network. Both the coverage and penetration of domestic and international channels have improved significantly, and overseas sales have grown by more than 20% year on year.

Embodied intelligent robots are drawing the growth curve of the future. Zoomlion Heavy Industry Science and Technology Co., Ltd. has newly developed 3 categories and 6 types of new robot products. A product matrix has already been formed, including a variety of full-size wheeled humanoid robots, dual-foot humanoid robots, and four-legged robot dogs. After undergoing 2 to 3 rounds of iteration, engineering implementation has been achieved. Tens of robots carry out data collection and application verification in scenarios such as pre-assembly, sorting, loading, and quality inspection in the company’s intelligent factories, accelerating industrialization and landing on the ground. Construction of a finished-unit manufacturing factory has already been initiated, which will gradually advance small-batch production.

Globalization strategy is being pushed deeper, and localized deployment is being continuously strengthened

Over the past four years, the company’s overseas revenue has achieved a compound annual growth rate of 52%, leading the industry. In the reporting period, overseas revenue was RMB 30.515 billion, up 30.52% year on year. Overseas revenue accounted for 58.56% of total revenue, up 7.15 percentage points year on year. In terms of regions, growth was prominent in Africa, Southeast Asia, and Australia-New Zealand; meanwhile, the Middle East, Latin America, and Europe and the Americas improved across the board. In terms of product influence, the market share of crane machinery exports remained leading, while market shares for earthmoving machinery, mining machinery, concrete machinery, foundation construction machinery, aerial work machinery, and others continued to rise. The company is accelerating the application of green and intelligent technologies, driving continuous product upgrades and improving its global competitiveness.

The company continues to deepen and fully implement its overseas business direct-sales system featuring “end-to-end, digitalization, and localization.” Localization initiatives are being advanced comprehensively to build long-term competitive advantages in overseas markets. The company has already set up more than 430 overseas outlets worldwide, over 220 service spare-parts warehouse facilities, and its products cover more than 170 countries and regions. The number of overseas employees exceeds 9,000, including about 6,000 localized employees. In countries such as Italy, Germany, Mexico, Brazil, Türkiye, the United States, Hungary, and India, the company has more than 10 overseas production bases. The company’s global localized supply-chain ecosystem continues to be improved. The ongoing layout of global R&D centers, manufacturing plants, supply-chain systems, sales networks, and service teams, along with continuous improvement in brand awareness, have laid a solid foundation for the company’s long-term stable growth in international markets. The overseas market’s vast upside will continue to provide solid growth momentum for the company.

Global transformation not only brings tremendous development opportunities for the company’s businesses across various segments, but also gives overseas markets stronger profitability, larger market scale, and higher operating quality—thereby continuously improving the stability and visibility of the company’s performance.

Plan to distribute a cash dividend of RMB 2 for every 10 shares; continue high proportion of dividends to enhance investment value

The cash dividend disclosed in the annual report is also quite substantial. The company plans to distribute a cash dividend to all shareholders again: RMB 2 per 10 shares (tax included). In addition, the company has conducted an interim dividend, which is also RMB 2 per 10 shares (tax included). With the interim dividend included, the company’s total cash dividend for fiscal year 2025 will be RMB 4 per 10 shares (tax included). The full-year dividend payout ratio exceeds 71.21%, and the dividend level continues to lead the industry.

Since the time of listing, after excluding this dividend plan, Zoomlion Heavy Industry Science and Technology Co., Ltd. has cumulatively implemented dividends 28 times, with total dividend amount of approximately RMB 30.61 billion. Its historical overall dividend payout ratio is about 47%. In recent years, the company has continued to carry out large-scale share buybacks, with cumulative buyback amount of approximately RMB 5.0 billion. The company’s shareholder return policy has long remained at an industry-leading level.

Industry experts said that as the “14th Five-Year Plan into the 15th Five-Year Plan” period gets underway, the current domestic demand in the construction machinery industry is steadily recovering and overseas demand continues to be strong. Globalization, high-end development, electrification, and intelligentization have become the core directions for industry development. Zoomlion Heavy Industry Science and Technology Co., Ltd. has a diversified industrial layout, a mature overseas localization system, and leading electrification and intelligentization R&D. Emerging segments are showing strong growth momentum. Future industries such as embodied intelligent robots are accelerating deployment, and operating quality continues to improve. In the future, the company is expected to seize industry opportunities fully, achieve higher-quality, more resilient, and sustainable development, and create greater value for shareholders.

(Note: Information from listed companies is for reference only. There are risks in the market; investors should be cautious when entering the market.)

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