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Emerging Segments Account for over 20% of Total Revenue; Zoomlion Sees Broad Blue Ocean Market

2022-04-01

    On March 30, Zoomlion released its 2021 annual report. The company secured operating revenue of RMB 67.131 billion, up 3.11% year over year, according to the report. During the reporting period, emerging segments such as aerial work machinery, earthmoving machinery, new building materials, agricultural machinery and smart agriculture were responsible for more than 20% of the Company's revenue, a year-on-year increase of nearly 6 percentage points – with gradually increased contribution.

    Through the recent years, Zoomlion has been focusing its business plan on three major segments: construction machinery, agricultural machinery + smart agriculture, and Zoomlion New Materials. The annual report suggests that Zoomlion continued to keep construction machinery stabilized and improved in 2021, with the annual sales revenue of RMB 63.523 billion in this respect, up 3.49% over the prior year. Among them, the competitiveness of the three major products of concrete machinery, engineering hoisting machinery and construction hoisting machinery continued to grow with a solid market position.

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An intelligent assembly workshop of Excavation Machinery Park at Zoomlion Smart Industry City

    Also, Zoomlion continued to take all-round steps to make new breakthroughs in such addressable markets as earthmoving machinery and aerial work platforms in 2021. In earthmoving machinery, the sales revenue increased by more than 21% compared to the same period in the prior year. At present, the pattern of "Weinan + Changsha" dual manufacturing bases has taken shape, connecting and interacting with the south and north regions respectively on an industrial scale. The sales volume of medium and large excavator products with relatively good profitability saw a substantial growth, and the overall market share increased at a steady pace.

    In aerial work machinery, the sales of Zoomlion aerial work machinery were RMB 3.351 billion in 2021, a substantial increase of 310.76% year-on-year. At present, aerial work machinery has had full coverage of the product spectrum of 4-68 meters, making Zoomlion the altitude equipment manufacturer with the most complete models in China. With the launch of the world's highest straight boom product, the world's highest electric boom crane and other high-quality products, Zoomlion continued to improve the market presence of its products and customer satisfactory, with the market share among the top three in the industry in China. Alongside, it also performed well in overseas markets, with its operations across 58 countries and regions on five continents, including those upscale markets such as Europe and the United States.

    The ever-evolving trend of the comprehensive, whole-process mechanization of crop planting, along with the country’s increasingly enhanced policy support for “high-end equipment”, “smart agriculture” and other related sectors, also gave a new, big boost to Zoomlion's intelligent agricultural machinery and smart agricultural segments. In 2021, the commercialization of AI-enabled intelligent agricultural machinery picked up the pace, and the reliability of harvesting machinery and power machinery products was fully updated. The market share of wheat machines, dryers, rotary tillers, balers and rice throwers stayed in the forefront of the industry in China.

    In 2021, Zoomlion's new building materials business was fully rolled out. The dry-mixed mortar equipment business growed at a stable pace, securing a solid place among the few on top in terms of domestic market share. At present, the new materials business features five established major systems, with a focus on the R&D of 96 products for Green Wall and Greenfield projects.

    While consolidating its main business, Zoomlion continued its strong run into emerging segments, laying a solid foundation for performance growth and opening up new development space. Looking into the future, Zoomlion will further diversify its operations, accelerate emerging segments, and expand its market influence in the new blue ocean market.

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