AsiaNet 89621

XUZHOU, China, May 20, 2021 /PRNewswire=KYODO JBN/ --

- Operating revenue of $3.88 billion, up 80.40% year-on-year

- Operating cash flow increased by 1502.97% year-on-year

- Net profit attributable to shareholders of listed companies reached $268.18

million, a year-on-year increase of 182.44% and a record high for a single

quarter

- Receivables financing is down 46.26% year-on-year

Leading construction machinery manufacturer XCMG (SHE:000425) released its

First Quarter 2021 Earnings Report (the "Report") on April 28, hitting record

highs in both revenue and profit to mark a new milestone in business growth in

the post COVID-19 era.

The Report shows XCMG Construction Machinery's significantly increased

investment into R&D reached $112.73 million, a 44.63% increase year-on-year.

Taking intelligent manufacturing (IM) as an example, XCMG has forged multiple

intelligent production lines including the world's first intelligent production

line for crane turntables and established the first full value chain factory

across the construction machinery industry that independently networked in 5G

with Multi-access Edge Computing capacity to support R&D, production and more.

With industry-leading technological innovation capabilities, comprehensive

integrated solution sets and strong international development ability, XCMG

Construction Machinery is making steady progress across various operational

indicators.

XCMG's landmark achievements throughout the first quarter include:

- Delivery of over 400 units of construction machinery equipment to Belt and

Road Initiative (BRI) countries;

- The world's largest crawler crane XGC88000 once again set a new hoisting

record after successfully installing a 2,600-ton tower equipment at the

Shenghong refinery project construction site;

- Delivery of customized GR2605 graders to Rio Tinto;

- "Hanyun" industrial internet platform was named in the top 3 industrial

internet new infrastructure projects;

- Launch of a key digital product, XCMG-Global Service System (X-GSS).

XCMG's rapid business development in the first quarter of 2021 has built upon

the outstanding foundation of 2020, especially the quick and effective response

to the COVID-19 pandemic and active market development efforts. According to

XCMG Construction Machinery's disclosed 2020 annual report, its revenue last

year was $11.49 billion, with hoisting, piling, scraping and engineering

machinery spare parts achieving revenues of $4.11 billion, $1.14 billion, $1.03

billion and $2.74 billion respectively, and year-on-year increases of 27.15%,

24.05%, 4.70% and 34.68%.

In the meantime, the company's main sector income scale has hit a new record.

The revenue of wheeled cranes has exceeded $3.11 billion, revenue of core

components has surpassed $1.55 billion and the revenue of foundation machinery

over $1.24 billion. The incomes of road, loading and crawler crane machineries

have all exceeded $77.63 million.

To further boost the company's overall competitiveness, XCMG Construction

Machinery resumed trading on April 21 and disclosed its overall listing plan,

combining mining machineries (highest domestic market share among domestic

brands), excavators and tower cranes (top two domestic market share) and

concrete machinery (top three domestic market share) into listed companies as a

whole to optimize XCMG's company structure and layout. With this merger, XCMG

will achieve full integration of resources and fully realize business synergies.

"With the overlapping effects and momentum of the capital market, the overall

value of XCMG is expected to rapidly improve, and the profitability of the

company will be unleashed even further in the future, as well as continuous

improvements to our comprehensive service capabilities," said Wang Min,

chairman and CEO of XCMG.

After the merger, XCMG will enhance their core competitive strengths and

industry influence through in-depth integration of assets, personnel, branding

and management, bringing high performance flexibility and elasticity to the

brands.

SOURCE:  XCMG

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   Link: http://asianetnews.net/view-attachment?attach-id=391644

   Caption: XCMG Releasing First Quarter 2021 Earnings Report, Hits Record Single Quarter

Highs with 80.40% YoY Increased on Operating Revenue.