The company's share-based payment expenses for 2024 amounted to 866 million yuan, an increase of 587 million yuan year-on-year. Excluding the impact of share-based payment expenses, full-year net profit grew 18.39% year-on-year. The company's full-year gross profit margin was 28.17%, up 1.04 percentage points year-on-year, with gross margins improving in both domestic and overseas markets; the net profit margin was 8.81%, up 0.80 percentage points year-on-year. Meanwhile, the company plans to distribute a cash dividend of 3 yuan per 10 shares (tax inclusive). 

Zoomlion stated that in 2024, the company went all out to accelerate its transformation and upgrading toward diversification, globalization, and digitalization, and actively cultivated new growth curves. These transformation initiatives significantly enhanced the stability of the company's development, injected a steady stream of momentum, and enabled the enterprise to break free from the industry's cyclical influences and enter a sustainable development track.

Traditional advantageous industries maintain a solid position, while industrial diversification transformation yields fruitful results

Zoomlion is leading the wave of intelligent, green, and high-end development in construction machinery and agricultural machinery, and is redefining "high-end products" through digitalization, intelligence, and green development.

In 2024, the company's traditional advantageous industries, such as engineering cranes, construction tower cranes, and concrete machinery, maintained solid positions. Among them, it ranked first in market share for 35-ton and 55-ton truck cranes, first in the industry for crawler crane revenue, and first in the industry for market share of crawler cranes above 1,000 tons. Its tower crane market share remained firmly first in the industry, with notable sales growth in medium- and large-sized and customized high-end tower crane products. Its market share for pump trucks and mixer trucks remained firmly among the top two in the industry, ranking first in market share for long-boom pump trucks and mixing plants, while sales of electric mixer trucks grew 90% year-on-year.

Emerging segments continued to make breakthroughs. Among them, the market share of medium and large excavators in earthmoving machinery ranked among the industry leaders, the dealer network for mini and small excavators has basically covered major domestic sales markets, and export growth continued to lead the industry. Leveraging the advantages of high-end, green products and the empowerment of large-scale intelligent manufacturing, mining machinery's "excavator-truck combination" products repeatedly achieved outstanding results in competition with leading domestic and international manufacturers, forming a momentum of rapid development. Aerial work machinery has ranked among the global top six, with a domestic market rental rate exceeding 70% and overseas sales exceeding demand. Agricultural machinery accelerated the improvement of its domestic and overseas market layout, with its sales ranking rising to fifth among domestic brands; it ranked first in market share for dryers, remained among the top two in the industry for wheat harvesters, and entered the industry's top three in market share for mid-to-high-end 200-horsepower tractors.

Under diversified transformation, the company's sources of revenue and profit are more diversified, more stable, and of higher quality. Data show that the company's domestic revenue from businesses highly correlated with domestic real estate further dropped to about 13% of total revenue, while revenue from emerging segments has exceeded 48% and is still being vigorously developed. Aerial work machinery is efficiently advancing the integration of overseas localized resources, and there is still considerable room to increase its penetration in the domestic market; mining machinery not only has high added value but also features a large market scale, stable revenue, and a high proportion of aftermarket revenue. Continued breakthroughs in emerging segments have brought the company new growth curves and significantly reduced its cyclical nature.

Overseas revenue accounts for 51.41%, with remarkable results in globalization transformation

During the reporting period, the company's overseas revenue was 23.380 billion yuan, up 30.58% year-on-year, and the proportion of overseas revenue further rose to 51.41%, up 13.37 percentage points year-on-year. The company's overseas revenue posted a three-year compound annual growth rate of 59.26%. Overseas markets have high gross margins and large market capacity. Globalization transformation has brought huge market space to all of the company's business segments and has also substantially reduced the company's cyclical nature.

In 2024, Zoomlion's global sales network continued to expand. It has established more than 400 overseas outlets worldwide, owns more than 210 service and spare parts warehouses, and its products cover more than 170 countries and regions. It has more than 6,300 overseas employees, including 4,400 localized employees; the Hungary plant is being accelerated, and the company's total overseas manufacturing capacity exceeds 10 billion. The continuous improvement of R&D centers, manufacturing plants, sales networks, and service teams around the world, along with the continuous enhancement of brand recognition, has laid a solid foundation for the company's stable and high growth in international markets, and the enormous space in overseas markets will continue to provide solid growth momentum for the company.

Zoomlion stated that the company participates in global competition by leveraging its comprehensive advantages in corporate culture, business philosophy, digital technology, R&D innovation, and products and services. With its "end-to-end, digital, localized" overseas development strategy, it has built a marketing system that directly connects with customers and markets, and through a management framework of "performance partnership, pyramid-shaped management, and twin platform," it keeps overseas business operations efficiently driven and promotes long-term sustainable growth in overseas performance.

Digital transformation continues to advance, reshaping management and the competitive landscape

Relying on decades of industrial heritage and massive accumulated industrial data, as well as years of sustained investment in the industrial internet, Zoomlion has formed an industry-leading digital foundation and is comprehensively advancing its digital transformation, achieving end-to-end connection from R&D and supply chain to market and marketing. Operations have become more standardized, transparent, and efficient, and operational quality and efficiency have been comprehensively improved.

In 2024, the four main machine parks of Zoomlion's globally leading intelligent manufacturing cluster, "Zoomlion Smart Industrial City," were put into operation, becoming a global benchmark for "multi-variety, small-batch" discrete manufacturing. While greatly enhancing the company's competitive advantages, they will also provide excellent training scenarios and data for the future development of the company's embodied intelligence business.

The era of artificial intelligence will drive deep integration between the construction machinery industry and fields such as the internet, big data, and cloud computing, forming a new industrial ecosystem. In 2024, Zoomlion launched two humanoid robot prototypes and will establish a robot training ground and a simtireal simulation platform. Relying on Zoomlion's industry-unique "trinity" technology foundation of industrial internet, artificial intelligence, and intelligent robots, each of the company's products is expected to become "robotized" in the future, with capabilities for standalone intelligence and fleet collaboration, reshaping the industry's competitive landscape.

At present, Zoomlion ranks first in the industry in the number of invention patent applications for digital technologies such as big data and cloud computing, and its industrial internet level is at the forefront of the industry. It leads the country in capabilities for empowering the aggregation and sharing of industrial resources, the integrated utilization of industrial data, and industrial production and services. In the future, Zoomlion will integrate industrial chain resources through a platform-based strategy to enhance overall competitiveness.

Plans to distribute a cash dividend of 3 yuan per 10 shares, fully demonstrating institutional and mechanism advantages

The cash dividend disclosed in the annual report is also quite substantial. The report shows that the company plans once again to distribute cash dividends to all shareholders, with a proposed cash dividend of 3 yuan per 10 shares (tax inclusive). Meanwhile, as of the disclosure date of the annual report, the company had repurchased a total of more than 160 million yuan under the share repurchase proposal approved in 2024, which is intended to be cancelled.

Since listing, excluding the current plan, Zoomlion has distributed dividends 25 times, with a cumulative dividend amount of approximately 26.3 billion yuan and an overall historical dividend payout ratio of about 43%. At the same time, over the past five years, the company has continued to carry out large-scale share repurchases, with a cumulative repurchase amount of approximately 5 billion yuan. The company's shareholder return policy has long been at the industry-leading level.

Industry experts said that Zoomlion, relying on its distinctive "end-to-end, digital, localized" globalization strategy, leading digital technology foundation, and diversified transformation, has significant competitive advantages. Against the backdrop of the implementation of domestic equipment renewal policies and accelerated breakthroughs by domestic brands in overseas markets, this is conducive to the company seizing market opportunities and achieving sustainable, high-quality development.