Aug 31, 2024 06:46 PM
BUSINESS
Exports Prop Up Profits of Chinese Excavator-Makers Amid Domestic Sales Slump
00:00/00:00
Listen to this article
1x
Subscribe now
Listen to the full version
Listen to the full version
A batch of excavators, road rollers and cranes manufactured by Sany are set to be exported to Europe on Aug. 23 at Taicang Port in Jiangsu. Photo: VCG
What’s new: Excavator exports by Chinese construction machinery makers outpaced domestic sales in the first six months, underpinning profits, as the country’s protracted real estate crisis pushed manufacturers to grow their business elsewhere.
Top construction machinery maker Sany Heavy Industry Co. Ltd. (600031.SH) generated 14.3 billion yuan ($2 billion) in revenue from domestic sales, a 11.7% decrease year-on-year, whereas overseas revenue grew 4.8% to 23.5 billion yuan, according to its half-year earnings released Thursday.
You've accessed an article available only to subscribers
VIEW OPTIONS
Download our app to receive breaking news alerts and read the news on the go.
Get our weekly free Must-Read newsletter.
- RELATED
Share this article
Open WeChat and scan the QR code
- DIGEST HUB
Digest Hub
Back
Explore the story in 30 seconds
- Chinese excavator exports outpaced domestic sales in H1 due to a real estate crisis.
- Sany Heavy Industry saw a 4.8% increase in overseas revenue, making up 62.2% of its total revenue.
- Zoomlion Heavy Industry’s overseas revenue rose 43.9%, reaching 49.1% of their total, against a backdrop of a 20.5% drop in domestic sales.
AI generated, for reference only
Who’s Who
- Sany Heavy Industry Co. Ltd.
- Sany Heavy Industry Co. Ltd. generated 14.3 billion yuan ($2 billion) in domestic revenue, a 11.7% year-on-year decline, and 23.5 billion yuan in overseas revenue, a 4.8% increase. International sales accounted for 62.2% of its total revenue. Total revenue was 38.7 billion yuan, down 2% year-on-year, while profit rose 4.8% to 3.6 billion yuan. Their key foreign markets include Asia-Pacific, Europe, and the Americas.
- Zoomlion Heavy Industry Science and Technology Co. Ltd.
- Zoomlion Heavy Industry Science and Technology Co. Ltd. reported a 43.9% increase in overseas revenue to 12 billion yuan in the first half, making up 49.1% of its total revenue. Domestic sales fell 20.5% to 12.5 billion yuan due to the real estate market downturn. Total revenue was 24.5 billion yuan, up 1.9% year-on-year, while profit surged 12.2% to 2.3 billion yuan.
AI generated, for reference only
What Happened When
- First half of 2024：
- Sany generated 14.3 billion yuan in domestic revenue and 23.5 billion yuan in overseas revenue.
- First half of 2024：
- Sany's international sales accounted for 62.2% of total revenue.
- First half of 2024：
- Zoomlion's overseas revenue rose 43.9% to 12 billion yuan.
- First half of 2024：
- Zoomlion's domestic sales tumbled 20.5% to 12.5 billion yuan.
- First half of 2024：
- Total floor space of buildings for which construction has begun dropped 23.7% to 380 million square meters.
- First six months of 2024：
- Excavator exports by Chinese construction machinery makers outpaced domestic sales.
- Thursday, August 29, 2024：
- Sany Heavy Industry Co. Ltd. released its half-year earnings.
- Friday, August 30, 2024：
- Zoomlion Heavy Industry Science and Technology Co. Ltd. released its half-year results.
AI generated, for reference only
- PODCAST
- MOST POPULAR
Sign in with Google
Sign in with Facebook
Sign in with 财新