XCMG Machinery's Annual Report 2024 Emphasizes High-Quality Development for New Industrialization
In a substantial display of corporate resilience, XCMG Machinery (SHE: 000425), a prominent name in the global construction machinery industry, has unveiled its 2024 Annual Report showcasing strong financial results. The company reported a net profit attributable to shareholders of 5.976 billion CNY (approximately 821.866 million USD), reflecting a noteworthy year-on-year growth of 12.2%. Meanwhile, the total revenue remained robust at 91.66 billion CNY (12.61 billion USD), indicating the firm's solid standing despite fluctuating market conditions.
XCMG's upward trajectory is further supported by significant gains in non-deductible net profit, which surged to 5.762 billion CNY (around 792.435 million USD), marking a remarkable annual increase of 28.14%. Concurrently, the group experienced considerable improvement in both gross profit margin and net profit margin. Notably, operating cash flow skyrocketed by 60.18% year-on-year to reach 5.720 billion CNY (approximately 786.660 million USD). The net sales margin also witnessed an increase of 0.89% from the previous year, settling at 6.53% for 2024.
Foreign revenue contributions played a crucial role in XCMG's financial triumphs, surging to 41.687 billion CNY (approximately 5.73 billion USD), which accounts for 45.48% of total revenue. This constitutes a 12% increase compared to the previous year, demonstrating XCMG's successful global expansion efforts.
Research and development (R&D) continues to be a priority for XCMG, with investments climbing by 11.1% to around 5.6 billion CNY (772.8 million USD), accounting for 6.11% of the total revenue. By the end of 2024, the firm employed 7,619 R&D personnel, reflecting a 12.13% increase. The company also received over 1,600 new authorized patents during the year, outpacing the introduction of 750 invention patents.
2024 served as a pivotal year for XCMG, marked by accelerated advancements in intelligent transformation, digitization, and networking operations, all contributing to its high-quality development trajectory. XCMG is at the forefront of advocating for a new industrialization approach, driven by artificial intelligence, while fostering innovation unique to its brand.
XCMG HANYUN, a key dimension of this initiative, aims to emphasize three core areas: intelligent manufacturing, vehicle internet technology, and driverless application scenarios, leveraging HANYUN OS and AI technologies.
XCMG's commitment to high-quality development is mirrored in its dedication to rewarding investors through various means, including dividends, stock repurchases, and employee incentive programs. In 2024, cash dividends remained firm at 2.127 billion CNY (292.521 million USD), highlighting the company's confidence in its long-term growth potential. The firm plans to continue its stock repurchase program, allocating at least 1.8 billion CNY (247.550 million USD) for equity incentives and employee stock ownership plans, with an additional commitment of 300 million CNY (41.258 million USD) for share buybacks.
As 2025 unfolds, XCMG maintains its upward trend, reporting an operational revenue of 26.815 billion CNY (3.69 billion USD) in the first quarter of 2025, representing a 10.92% year-on-year increment. The net profit reached 2.022 billion CNY (278.081 million USD), up 26.37% from last year, while the non-deductible net profit also exhibited robust growth of 36.88% year-on-year, totaling 2.007 billion CNY (276.018 million USD). Furthermore, operating cash flow nearly doubled, instilling confidence in stakeholders and setting the stage for a promising year ahead.
In conclusion, XCMG Machinery's staunch dedication to high-quality development and pioneering advancements in industrial innovation sets a strong foundation for continued growth and profitability, positioning the company favorably within the competitive landscape of the construction machinery sector.
XCMG's upward trajectory is further supported by significant gains in non-deductible net profit, which surged to 5.762 billion CNY (around 792.435 million USD), marking a remarkable annual increase of 28.14%. Concurrently, the group experienced considerable improvement in both gross profit margin and net profit margin. Notably, operating cash flow skyrocketed by 60.18% year-on-year to reach 5.720 billion CNY (approximately 786.660 million USD). The net sales margin also witnessed an increase of 0.89% from the previous year, settling at 6.53% for 2024.
Foreign revenue contributions played a crucial role in XCMG's financial triumphs, surging to 41.687 billion CNY (approximately 5.73 billion USD), which accounts for 45.48% of total revenue. This constitutes a 12% increase compared to the previous year, demonstrating XCMG's successful global expansion efforts.
Research and development (R&D) continues to be a priority for XCMG, with investments climbing by 11.1% to around 5.6 billion CNY (772.8 million USD), accounting for 6.11% of the total revenue. By the end of 2024, the firm employed 7,619 R&D personnel, reflecting a 12.13% increase. The company also received over 1,600 new authorized patents during the year, outpacing the introduction of 750 invention patents.
2024 served as a pivotal year for XCMG, marked by accelerated advancements in intelligent transformation, digitization, and networking operations, all contributing to its high-quality development trajectory. XCMG is at the forefront of advocating for a new industrialization approach, driven by artificial intelligence, while fostering innovation unique to its brand.
XCMG HANYUN, a key dimension of this initiative, aims to emphasize three core areas: intelligent manufacturing, vehicle internet technology, and driverless application scenarios, leveraging HANYUN OS and AI technologies.
XCMG's commitment to high-quality development is mirrored in its dedication to rewarding investors through various means, including dividends, stock repurchases, and employee incentive programs. In 2024, cash dividends remained firm at 2.127 billion CNY (292.521 million USD), highlighting the company's confidence in its long-term growth potential. The firm plans to continue its stock repurchase program, allocating at least 1.8 billion CNY (247.550 million USD) for equity incentives and employee stock ownership plans, with an additional commitment of 300 million CNY (41.258 million USD) for share buybacks.
As 2025 unfolds, XCMG maintains its upward trend, reporting an operational revenue of 26.815 billion CNY (3.69 billion USD) in the first quarter of 2025, representing a 10.92% year-on-year increment. The net profit reached 2.022 billion CNY (278.081 million USD), up 26.37% from last year, while the non-deductible net profit also exhibited robust growth of 36.88% year-on-year, totaling 2.007 billion CNY (276.018 million USD). Furthermore, operating cash flow nearly doubled, instilling confidence in stakeholders and setting the stage for a promising year ahead.
In conclusion, XCMG Machinery's staunch dedication to high-quality development and pioneering advancements in industrial innovation sets a strong foundation for continued growth and profitability, positioning the company favorably within the competitive landscape of the construction machinery sector.
Topics Heavy Industry & Manufacturing）
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