On the evening of March 30, ZOOMLION released its 2025 Annual Report. The company achieved a total revenue of 52.107 billion yuan for the year, a year-on-year increase of 14.58%, and a net profit attributable to shareholders of the parent company of 4.858 billion yuan, a year-on-year increase of 38.01%. The gross profit margin was 28.04%, maintaining overall stability. The net profit margin attributable to shareholders of the parent company was 9.32%, a year-on-year increase of 1.58 percentage points. The company achieved a net operating cash flow of 4.874 billion yuan for the year, a year-on-year increase of 127.53%. The ratio of net operating cash flow to net profit attributable to shareholders of the parent company reached 100%, a new high in recent years. Core indicators such as inventory also continued to improve, significantly enhancing the quality of operations and achieving growth in both volume and quality. Additionally, the company plans to distribute a cash dividend of 2 yuan (tax included) for every 10 shares. Including the interim dividend, the company's total cash dividend for the 2025 fiscal year will be 4 yuan (tax included) for every 10 shares.
ZOOMLION stated that in 2025, the company will continue to anchor its strategy of "related diversification, globalization, and digitalization," deepen its high-end, intelligent, and green transformation and upgrade, and accelerate its full transition from a "cyclical" to a "growth-oriented, technology-driven" enterprise.
Dominant Sectors Maintain a Solid Lead, Emerging Sectors Accelerate Growth, and Future Industries Are Proactively Positioned
In 2025, the company accelerated its strategy of diversified development across industrial sectors, focusing on building a favorable structure where traditional dominant industries and emerging industries develop in synergy and competition. Dominant industries have solidified the foundation for development, emerging industries are gradually forming new growth poles, and embodied intelligent robotics are rapidly shaping the third growth curve for the future.
Dominant sectors continue to be optimized and strengthened. The three dominant product lines—concrete machinery, engineering cranes, and construction cranes—have comprehensively advanced their overseas transformation, with continued growth in overseas business scale and market position. The overall export sales of these three product lines increased by over 20% year-on-year. The domestic market position remains solid. The concrete and engineering crane product sectors are accelerating their upward momentum, with simultaneous growth in scale and profitability. New energy mixer trucks and domestic crawler crane products have achieved exponential growth.
Emerging sectors are accelerating their growth. Revenue from earthmoving machinery increased by approximately 45% year-on-year, successfully reaching the 10-billion-yuan scale. By comprehensively improving its range of mini and small excavators, enhancing the performance of medium and large excavators across the board, and continuing to lead in ultra-large-tonnage green mining technology, the company has successfully built a product matrix covering all scenarios, establishing industry-leading competitiveness. Mining machinery has achieved synergistic development of high-end equipment across all processes, with its comprehensive product competitiveness leading the industry. Domestically, it is rapidly advancing into the high-end market. Overseas, it has newly equipped 99 mines, with sales revenue increasing by over 300% year-on-year. Aerial work machinery demonstrates significant technological leadership and product competitiveness, holding global pricing power in the ultra-high-reach segment. It holds a leading market share in multiple overseas regions, with global market expansion and localization efforts advancing in parallel. The Hungarian factory has been completed and put into operation, and multi-dimensional initiatives are accumulating new momentum for future growth. Agricultural machinery focuses on creating complete product solutions for four typical large-scale agricultural operation scenarios worldwide, building a global lean manufacturing network. The coverage and penetration of both domestic and international channels have significantly improved, with overseas sales increasing by over 20% year-on-year.
Embodied intelligent robotics are shaping the future growth curve. ZOOMLION has newly developed six new robot products across three major categories, forming a product matrix that includes full-size wheeled humanoid robots, bipedal humanoid robots, and quadrupedal robot dogs. These products have undergone two to three rounds of iteration and have been engineered for production. Dozens of robots are currently undergoing data collection and application validation in scenarios such as pre-assembly, sorting, material feeding, and quality inspection at the company's smart factories, accelerating their industrialization. Construction of a complete robot manufacturing plant has also begun, which will gradually advance to small-batch production.
Globalization Strategy Deepens, Localization Efforts Strengthen
The company's overseas revenue has achieved a compound annual growth rate of 52% over the past four years, leading the industry. During the reporting period, the company's overseas revenue reached 30.515 billion yuan, a year-on-year increase of 30.52%. The proportion of overseas revenue was 58.56%, an increase of 7.15 percentage points year-on-year. Regionally, Africa, Southeast Asia, Australia, and New Zealand showed outstanding growth, while the Middle East, Latin America, Europe, and the Americas saw comprehensive improvement. In terms of product influence, the export market share of cranes remains a leader, while the export market shares of earthmoving machinery, mining machinery, concrete machinery, foundation construction machinery, and aerial work machinery continue to increase. The company is accelerating the application of its green and intelligent technologies, driving continuous product upgrades and enhancing its global competitiveness.
The company continues to deepen and refine its "end-to-end, digital, and localized" overseas direct sales system, with comprehensive advancements in localization to build long-term competitive advantages in overseas markets. The company has established over 430 overseas outlets and more than 220 service and spare parts warehouses worldwide. Its products are available in over 170 countries and regions, with an overseas workforce exceeding 9,000, including approximately 6,000 local employees. Furthermore, it operates over 10 overseas production bases in countries such as Italy, Germany, Mexico, Brazil, Turkey, the United States, Hungary, and India, continuously strengthening its global localized supply chain ecosystem. The continuous expansion of R&D centers, manufacturing plants, supply chain systems, sales networks, and service teams across the globe, combined with growing brand recognition, has laid a solid foundation for the company's long-term, stable growth in international markets. The vast potential of overseas markets will continue to provide a strong impetus for the company's growth.
The globalization transformation has not only created immense growth opportunities for all of the company's business segments but has also enhanced the stability and visibility of its performance, thanks to the strong profitability, large scale, and high operational quality of overseas markets.
Proposal to Distribute a Cash Dividend of 2 Yuan per 10 Shares, Enhancing Investment Value Through Consistently High Payout Ratios
The cash dividend disclosed in the annual report is also quite substantial. The company proposes to once again distribute cash dividends to all shareholders, with a proposed cash dividend of 2 yuan (tax included) for every 10 shares. In addition, the company has already distributed an interim dividend of 2 yuan (tax included) for every 10 shares. Including the interim dividend, the company's total cash dividend for the 2025 fiscal year will be 4 yuan (tax included) for every 10 shares, with an annual dividend payout ratio exceeding 71.21%, keeping its dividend level at the forefront of the industry.
Since its listing, excluding the current dividend plan, ZOOMLION has distributed dividends 28 times, with a cumulative total of approximately 30.61 billion yuan and a historical overall dividend payout ratio of about 47%. In recent years, the company has continued to carry out large-scale share buybacks, with a cumulative repurchase amount of approximately 5 billion yuan. The company's shareholder return policy has long been at a leading level in the industry.
Industry experts state that with the start of the "15th Five-Year Plan," the domestic demand in the construction machinery industry is steadily recovering while overseas demand remains strong. Globalization, high-end development, electrification, and intellectualization have become the core development directions for the industry. ZOOMLION boasts a diversified industrial layout, a mature overseas localization system, and leadership in electrification and intelligent R&D. Its emerging sectors are showing strong growth, future-oriented industries like embodied intelligence are accelerating their implementation, and its operational quality continues to improve. The company is well-positioned to fully seize industry opportunities, achieve more resilient, high-quality, and sustainable development, and create greater value for its shareholders.
