Strengthening Innovation and High-Quality Development, XCMG Machinery Ranks Highest Among All Chinese Construction Machinery Companies on the 2023 Fortune China 500
XUZHOU, China, Aug. 4, 2023 /PRNewswire/ -- XCMG Machinery ("XCMG", SHE:000425) ranks 212th in the 2023 Fortune China 500 List released by Fortune China on July 25 in Beijing, the highest among all Chinese construction machinery companies, with a total revenue of USD 13,946.8 million and a profit of USD 640.3 million in the fiscal year of 2022.
As a globally leading provider of construction machinery and sustainable development solutions, XCMG now exports to 191 countries and regions, with a market share increase of 2.42 percent. XCMG is seeing continued success in 2023, as the first quarter reported a revenue of 23.9 billion yuan, among which the overseas revenue exceeded 10.6 billion yuan, setting a record in the history of a single quarter and accounting for 45% of operating revenue.
XCMG is pivoting through an economic downturn that is affecting the industry by prioritizing technological innovation and internationalization to grow with resiliency. In 2022, XCMG invested 5.75 billion yuan into R&D, a 6.13 percent increase year over year. By the end of 2022, XCMG held 9,742 legally licensed patents, including 2,458 innovation patents and 183 overseas patents.
The construction machinery industry is at the turning point of its intelligent and sustainable transition and transformation. According to Counterpoint, one in three construction machines sold in 2022 had embedded connectivity, and the market sector is expected to see an annual growth rate of 11 percent over the next eight years. XCMG was one of the top five players that together captured 60 percent of connected construction machine shipments in 2022.
Promoting new industrialization as the foundation of digital transformation, XCMG has focused on building the digital and intelligent infrastructures for product development as well as services.
At the 2nd Hurun China Metaverse Summit held on July 20 in Guangzhou, XCMG was named a Top 200 enterprise on the list of "Hurun China Metaverse Companies with the Greatest Potential 2023" for its potential in the field of metaverse.
"XCMG is committed to providing advanced, sustainable solutions for our global customers, leveraging our leading advantages of innovative technology R&D, a comprehensive supply chain, and a global operation network, as well as intelligent manufacturing capabilities, to create greater value for our global customers," said Yang Dongsheng, CEO and Chairman of XCMG.
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