Zoomlion Reports Record Overseas Revenue Growth for H1, 2024

Zoomlion has announced a remarkable 43.90% increase in overseas revenue for the first half of 2024, reaching 12.048 billion RMB. This marks the highest growth rate in the company's history, driven by a significant 51.95% rise in exports. Overseas revenue now constitutes 49.10% of Zoomlion's total revenue, a notable 14.32% increase compared to the same period last year.

The company's strong performance in the international market is a result of its innovative "end-to-end, digitalization, localization" strategy. This strategy has enabled Zoomlion to streamline operations, cut costs, and improve service quality by connecting manufacturers directly with customers through digital technology.

For the first half of 2024, Zoomlion's overseas revenue growth outpaced that of other major engineering machinery companies. The company is confident that the vast potential of the global market will continue to fuel its expansion, with a goal to become a leading global brand in both engineering and agricultural machinery.

Over the past few years, Zoomlion has consistently increased its overseas revenue. In 2023, the company's international revenue reached 17.905 billion RMB, marking a 123.68% increase from 2021’s 5.789 billion RMB. The gross profit margin also improved significantly, rising from 23.49% in 2021 to 32.23% in 2023.

"By focusing on our end-to-end, digital, and localized strategy, we have achieved record-breaking overseas revenue growth," said Zhan Chunxin, Chairman of Zoomlion. "Our strategy has proven effective in enhancing efficiency and reducing costs, which is reflected in our outstanding financial results."

Zoomlion’s localization efforts have been instrumental in this success. As of June 2024, the company has established over 30 primary airports and 370 secondary service points internationally, with nearly 15 overseas bases and factories. More than 3,000 employees work in these international locations, achieving a localization rate above 80%. Additionally, Zoomlion's global R&D, production, and service teams, along with the Overseas Academy for staff training, have strengthened its local operations.

The company also leverages digital technology to integrate business systems, providing real-time information on customer needs, order status, and payments. This has led to reduced costs, faster delivery times, and more efficient operations.

In terms of product performance, Zoomlion’s earth-moving machinery saw a 19.89% increase in sales, reaching 3.516 billion RMB in the first half of 2024. The aerial work platform segment also experienced significant growth, with sales of 3.955 billion RMB, up 17.75% from the previous year.

The company’s advancements in agricultural and mining machinery have further bolstered its growth. Agricultural machinery revenue increased by 112.51%, while mining machinery also saw substantial gains.

"Zoomlion’s exceptional overseas performance highlights the effectiveness of our global strategy and high-quality products," added Zhan Chunxin. "As we move forward, we anticipate continued strong performance in global markets, reinforcing China’s role in the global economy."

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