On the evening of October 29, Zoomlion Heavy Industry Science & Technology Co., Ltd. ("Zoomlion") released its third-quarter financial results for 2026. During the reporting period, the company achieved total operating revenue of RMB 40.019 billion, representing a year-on-year increase of 7.71%, driven by synchronized growth across domestic and international markets, with domestic revenue reaching RMB 16.882 billion (up 6.57% year-on-year) and overseas revenue expanding to RMB 23.137 billion (up 8.55% year-on-year).
Net profit attributable to shareholders of the listed company reached RMB 2.961 billion for the first nine months. Excluding temporary foreign exchange losses resulting from RMB appreciation, normalized net profit attributable to shareholders stood at RMB 3.781 billion, up 1.87% year-on-year. Notably, these unrealized FX losses stemmed from temporary accounting fluctuations on predominantly unsettled items at the end of the reporting period and involved no immediate operating cash outflows, underscoring the solid fundamentals and robust operational health of Zoomlion's core businesses.
For the first nine months, net operating cash flow surged 23.94% year-on-year to RMB 3.552 billion, while the cash-to-revenue ratio climbed 1.06 percentage points to 103.65%, sustaining an upward trajectory that validates the successful execution of the company's high-quality development strategy and steady enhancement in operational quality.
In the third quarter alone, the company marked a clear inflection point in earnings, staging a pronounced profitability recovery. Since the third quarter, Zoomlion has significantly bolstered non-GAAP performance compared to the first half of the year through dynamic product pricing, operational efficiency enhancements, product structure optimization, and tightened foreign exchange risk management. For Q3, Zoomlion generated revenue of RMB 12.884 billion, up 4.74% year-on-year, with gross margin rebounding to 27.76% (up 1.73 percentage points quarter-on-quarter); non-GAAP net margin improved by 4.26 percentage points quarter-on-quarter, driving non-GAAP net profit attributable to shareholders to RMB 757 million—a year-on-year increase of 5.39% and a sequential surge of 229.89%.
Broad-Based Global Expansion and Deepening Localized Footprint
During the period, Zoomlion continued to advance its "end-to-end, digitalized, and localized" strategic framework. International revenue reached RMB 23.137 billion in the first three quarters, up 8.55% year-on-year, accounting for 57.81% of total revenue—a 0.45 percentage point increase over the prior-year period. Sales flourished evenly across 10 key overseas regions—including Europe, Southeast Asia, Africa, South America, the Middle East, Central Asia, and South Asia—effectively mitigating the impact of single-market volatility on overall international performance.
The company's localized operating model has matured across global regions. Supported by more than 30 first-tier business hubs and over 550 sales and service outlets worldwide, Zoomlion has established rapid "hour-level" service response perimeters. Proactive forward-looking investments in global infrastructure now provide robust capacity to scale international revenue, offering significant headroom for future overseas expense ratio optimization as global revenues continue to expand.
Synergistic Momentum Across Core and Emerging Segments Strengthens Industry Leadership
In legacy core sectors, mobile cranes delivered standout performance in ultra-large tonnage categories, highlighted by batch deliveries of 4,000-tonne, 2,400-tonne, and 1,600-tonne all-terrain cranes, alongside substantial overseas shipments of ultra-large tonnage crawler cranes and large-tonnage knuckle boom cranes. Tower cranes maintained their global market leadership, achieving quarter-on-quarter sales revenue growth, steady margin expansion, and continuous operational quality improvement. Concrete machinery delivered comprehensive growth across its three main product lines—pump trucks, mixer trucks, and batching plants—leveraging flagship benchmark products and an integrated sales-service model to optimize product structure alongside sales growth, while continuously expanding export market share.
In emerging segments representing Zoomlion's second growth curve—such as earthmoving machinery, mining machinery, agricultural equipment, and aerial work platforms (AWPs)—the business divisions made comprehensive progress across R&D, manufacturing, product portfolio, market presence, distribution channels, and global brand equity.
Earthmoving machinery recorded robust domestic and international gains, underpinned by successful channel development and mature end-to-end sales and service support systems that enhanced brand recognition and influence; market share continued to climb across small, medium, and large-tonnage categories.
Mining machinery achieved rapid expansion both at home and abroad, bolstered by mature end-to-end mining process solutions; domestically, Zoomlion deepened partnerships with central and state-owned enterprises while diversifying its regional structure and customer base; overseas markets expanded rapidly across multiple geographies.
Aerial work platforms further elevated domestic operational quality and delivered solid overseas revenue growth, propelled by the launch of several globally competitive products tailored for international markets.
In agricultural machinery, Zoomlion completed delivery of the first unit of the world's highest-horsepower hybrid wheeled tractor, marking a pivotal milestone in the commercialization of Chinese agricultural machinery in the ultra-high-horsepower hybrid segment.
Industry analysts noted that amid a complex and challenging macro environment in 2026 characterized by geopolitical tensions, currency volatility, and shifting freight rates, Zoomlion has navigated external uncertainties with operational certainty. By focusing on international expansion, industrial breakthroughs, operational efficiency, management upgrades, and process transformation, the company has maintained steady, progressive growth, demonstrating formidable organic momentum and resilience. Furthermore, its increasingly mature global localization strategy establishes a solid foundation for the sustainable, long-term expansion of its overseas operations and global competitiveness.
