Zoomlion Heavy Industry Science & Technology Co., Ltd. (000157)

Equity Research Report　|　Industry: Construction Machinery & High-end Equipment Manufacturing　|　Report Date: September 13, 2026　|　As of the September 11, 2026 close; technical indicators also incorporate an intraday snapshot from September 11, 2026 and recalculations based on publicly available historical closing prices. Differences may exist across data sources due to adjustments, calculation timing, and indicator parameters.

This report was automatically compiled by AI based on publicly available information and is for reference only. It does not constitute investment advice.

1. Executive Summary

Zoomlion’s latest results show a combination of “revenue growth and earnings pressure”: revenue for the first half of 2026 was RMB 27.135 billion, up 9.17% year on year, while net profit attributable to shareholders was RMB 2.102 billion, down 23.97% year on year. Net profit attributable to shareholders excluding non-recurring items was only RMB 831 million, down 56.82% year on year. Net cash flow from operating activities during the same period was RMB 2.420 billion, up 38.12% year on year, but finance expenses rose from negative RMB 371 million in the same period of the previous year to RMB 924 million, indicating that overseas expansion, financing, and foreign-exchange factors are weighing on earnings quality.

The company’s growth mix continues to tilt toward overseas and emerging businesses. In the first half of 2026, overseas revenue was RMB 15.535 billion, accounting for 57.25% of total revenue; emerging-business revenue was RMB 12.545 billion, accounting for 46.23%. Full-year 2025 revenue was RMB 52.107 billion, up 14.58% year on year, while net profit attributable to shareholders was RMB 4.858 billion, up 38.01% year on year. Overseas revenue accounted for 58.56%. The company has 17 smart factories worldwide, 11 overseas production bases in 8 countries, and a relatively complete product portfolio covering construction machinery and agricultural machinery. Overseas localization and product diversification have become important measures for offsetting domestic real-estate and infrastructure cycles.

The company’s fundamentals still exhibit the characteristics of a diversified high-end equipment manufacturer. Construction machinery accounted for 88.74% of revenue in 2024, while agricultural machinery accounted for 10.22%. The revenue share of traditional cranes and concrete machinery fell from approximately 78.76% in 2021 to 50.13% in 2024. Overall gross margin was 28.17% in 2024. Gross margin on overseas sales was 32.05%, higher than the 24.06% gross margin on domestic sales, indicating that overseas markets and product-mix upgrades can improve profitability. However, materials consumption accounted for 90.10% of equipment-manufacturing operating costs, leaving earnings sensitive to materials, procurement efficiency for key components, and product-price competition.

As of September 11, 2026, the share price was RMB 6.52, close to the lower end of the 52-week range at RMB 6.49. Trailing P/E was approximately 13.4x and P/B was approximately 0.98x. The share price was below the main short-term moving averages, MACD was negative, and RSI was 27.846, within the technically oversold region. Fund flows showed combined net outflows of approximately RMB 41.1759 million from large and extra-large orders. Valuation is currently relatively low, but the market is already heavily reliant on subsequent earnings recovery, the realization of overseas growth, and improvements in earnings quality.

2. Company Overview

2.1 Basic Information

2.2 Main Businesses and Product Portfolio

• Construction machinery: Revenue of RMB 40.356 billion in 2024, accounting for 88.74% of total revenue, with a gross margin of 29.20%. Main products include concrete machinery, construction cranes, building hoists, earthmoving machinery, aerial work machinery, and mining machinery.
• Agricultural machinery: Revenue of RMB 4.650 billion in 2024, accounting for 10.22% of total revenue, with a gross margin of 12.25%. Products include tractors, combine harvesters, dryers, rice transplanters, corn harvesters, seeders, sugarcane harvesters, and related smart agricultural-machinery components.
• Financial services: Revenue of RMB 472 million in 2024, accounting for 1.04% of total revenue, with a gross margin of 96.43%.
• By product, crane revenue was RMB 14.786 billion, accounting for 32.51%; concrete machinery revenue was RMB 8.013 billion, accounting for 17.62%; aerial work machinery revenue was RMB 6.833 billion, accounting for 15.03%; earthmoving machinery revenue was RMB 6.671 billion, accounting for 14.67%; and other machinery and products generated revenue of RMB 4.053 billion, accounting for 8.91%.
• Emerging businesses include mining machinery, emergency equipment, Zoomlion New Materials, new-energy equipment, and related components.
• The revenue share of traditional cranes and concrete machinery declined from approximately 78.76% in 2021 to 50.13% in 2024, while the shares of earthmoving, aerial work, agricultural, mining, and other emerging businesses increased.

2.3 Position in the Upstream and Downstream Value Chain and Cost-Profit Structure

Zoomlion operates in the midstream complete-machine manufacturing segment of the construction-machinery value chain. Upstream, it is connected to suppliers of steel, engines, hydraulic components, chassis, electrical control systems, and outsourced structural parts. Downstream, it serves construction contractors, real-estate and infrastructure developers, mining companies, agricultural operators, leasing companies, dealers, and overseas engineering customers. The company is not a resource-based enterprise and has no resource reserves in the sense of mineral reserves. Its core resources are primarily reflected in its product portfolio, manufacturing bases, R&D capabilities, smart factories, overseas channels, and key-component systems.

• Major inputs purchased and used include steel and high-strength steel, engines, hydraulic components such as hydraulic pumps, valves, and cylinders, chassis, electrical components and control systems, outsourced parts, and other machinery components.
• In 2024, equipment-manufacturing operating costs were RMB 32.668 billion, of which materials consumption was RMB 29.433 billion, accounting for 90.10%; labor costs were RMB 1.464 billion, accounting for 4.48%; and depreciation and amortization were RMB 470 million, accounting for 1.44%. The company’s earnings are relatively sensitive to materials prices, key-component prices, and procurement efficiency.
• According to 2024 procurement amounts compiled by Lianhe Ratings based on company materials, procurement included RMB 1.799 billion of steel, RMB 1.799 billion of electrical components, RMB 2.247 billion of chassis, RMB 3.636 billion of engines, RMB 2.670 billion of hydraulic components, RMB 6.822 billion of outsourced parts, RMB 2.770 billion of other purchased components, and RMB 4.650 billion of other procurement, totaling RMB 26.392 billion. This classification was compiled by the rating agency and does not represent the audited line-by-line disclosure in the company’s annual report; it cannot be directly equated with operating costs in the annual report.
• Procurement is conducted through a model in which the Supply Chain Management Department handles centralized procurement and individual business units execute procurement. Strategic materials such as hydraulic components, engines, and chassis are purchased centrally across business divisions. In 2024, procurement from the five largest suppliers amounted to RMB 3.717 billion, representing 15.16% of total annual procurement. No related-party procurement was included among the five largest suppliers. This concentration figure is based on 2024.
• There are numerous suppliers of steel, standard structural parts, and general outsourced parts. The company has some bargaining power through large-scale procurement, tender-based procurement, and centralized supply-chain management. Key components such as engines, hydraulic components, chassis, and electrical control systems have higher technical barriers, giving their suppliers greater bargaining power than suppliers of ordinary steel and general components.
• The company is generally a relative price taker for bulk raw materials such as steel and cannot fully or immediately pass raw-material cost increases on to customers. Profit improvement depends more on procurement cost reductions, falling materials prices, product-mix upgrades, and economies of scale.
• Major downstream customers include construction companies, real-estate and infrastructure developers, engineering-machinery leasing companies, mining and energy companies, ports, wind-power and large engineering-project customers, agricultural producers and agricultural-machinery dealers, as well as overseas dealers, end customers, and engineering contractors.
• In 2024, sales to the five largest customers totaled RMB 2.472 billion, representing 5.44% of total annual sales. No related-party sales were included. This figure is based on 2024; the research notes did not provide customer-concentration data for other years that could be cross-checked, and the latest annual report should be consulted.
• Downstream construction-machinery sales generally use installment payments, finance leases, mortgages, or dealer credit. Credit terms and collection conditions have a significant impact on actual profitability. Although customer concentration is low, the large number of customers and the complexity of channel and credit management remain important considerations.
• Cranes, concrete machinery, and tower cranes are highly dependent on real estate, infrastructure, and large engineering projects, making domestic demand cyclical. Overseas branding, certification, after-sales service, spare-parts supply, and localized channels affect product prices and gross margins.
• Customers for agricultural machinery and aerial work platforms are relatively dispersed. Product-mix upgrades and electrification can increase added value. Extra-large cranes, tower cranes, high-end aerial work platforms, and large mining equipment can command some premium based on technology, reliability, certification, and service capabilities, but the industry as a whole does not have the strong brand premium associated with consumer goods.
• The company’s products cover more than 170 countries and regions. It has more than 30 overseas primary business hubs, more than 390 secondary- and tertiary-level outlets, and more than 210 service and spare-parts warehouses. Overseas revenue accounted for more than half of total revenue for the first time in 2024, providing an important means of reducing exposure to domestic real-estate and infrastructure cycles.
• As of December 31, 2024, consolidated accounts receivable had a book balance of RMB 24.508 billion, equivalent to approximately 53.89% of 2024 revenue of RMB 45.478 billion. Accounts receivable at original value were RMB 28.874 billion and long-term receivables at original value were RMB 14.614 billion, totaling RMB 43.488 billion, equivalent to approximately 95.62% of revenue. Allowances for doubtful accounts receivable were RMB 4.366 billion, while allowances for doubtful long-term receivables were RMB 713 million. Accounts receivable turnover was approximately 194 days. Inventories had a book value of RMB 22.564 billion, equivalent to approximately 253 days of 2024 operating costs. Accounts payable were RMB 8.830 billion, equivalent to approximately 99 days of operating costs. These figures indicate significant downstream capital occupation. The business model has the characteristics of capital intensity, long payment cycles, and relatively high credit risk. Dispersed customers do not necessarily imply cash-flow safety or weak downstream bargaining power.
• On the supply side, procurement from the five largest suppliers represented 15.16% of total annual procurement in 2024, indicating relatively low concentration, and there was no related-party procurement. On the customer side, sales to the five largest customers represented 5.44% of total annual sales in 2024, also indicating low concentration, with no related-party sales. The supplier and customer concentration figures above are based on 2024. The research notes did not provide cross-checkable data for other years, and the latest annual report should be consulted.

Zoomlion is a diversified high-end complete-equipment manufacturer in the midstream construction-machinery value chain. Its overall profit level is lower than that of upstream resource-based companies and strongly branded downstream companies, while its traditional businesses have midstream manufacturing and cyclical characteristics. Profit improvement depends primarily on overseas localization and expansion in high-margin markets; product-mix upgrades in aerial work, earthmoving, agricultural machinery, mining, and new energy; procurement and smart-manufacturing cost reductions; in-house development of key components; technology certification and service premiums; and receivables and credit-risk control, rather than simply passing through bulk raw-material costs.

3. Financial Data and Valuation Analysis

3.1 Recent Operating Performance

As of September 13, 2026, the latest disclosed periodic report was the 2026 interim report, disclosed on August 28, 2026. Basic EPS for the first half of 2026 was RMB 0.24, down 25.00% year on year. Net cash flow from operating activities was RMB 2.420 billion, up 38.12% year on year. Net profit attributable to shareholders excluding non-recurring items was approximately RMB 831 million, down approximately 56.82% year on year. Basic EPS for 2025 was RMB 0.56, up 36.59% year on year. Net cash flow from operating activities was RMB 4.874 billion, up 127.53% year on year. Net profit attributable to shareholders excluding non-recurring items was RMB 3.370 billion, up 31.93% year on year.

The company’s latest results show revenue growth but declining profits. In the first half of 2026, construction-machinery revenue was RMB 25.216 billion, up 11.40% year on year; agricultural-machinery revenue was RMB 1.685 billion, down 15.26%; and financial-services revenue was RMB 234 million, up 1.74%. Finance expenses rose from negative RMB 371 million in the same period of 2025 to RMB 924 million in the first half of 2026, while selling expenses increased 18.79% year on year and R&D expenses were RMB 1.433 billion. Overseas sales expansion was the main driver of revenue growth, but the decline in non-recurring-adjusted profit was significantly greater than the decline in attributable net profit, indicating pressure on earnings quality. In 2025, overseas revenue was RMB 30.515 billion, up 30.52% year on year and accounting for 58.56% of total revenue; domestic revenue was RMB 21.592 billion, down 2.29% year on year.

3.2 Earnings Forecasts

Institutional forecasts are primarily sourced from the earnings-forecast page of 10jqka and excerpts from research reports by Huaxi Securities and Caitong Securities. Before the interim report, the average forecast from approximately 27 institutions on 10jqka was net profit attributable to shareholders of RMB 5.971 billion, RMB 7.218 billion, and RMB 8.724 billion for 2026–2028, respectively, with EPS of RMB 0.69, RMB 0.83, and RMB 1.01. Following the interim report, the multi-institution average forecasts updated by 10jqka as of September 11, 2026, were net profit attributable to shareholders of RMB 5.498 billion, RMB 6.683 billion, and RMB 8.047 billion, respectively, with EPS of RMB 0.64, RMB 0.77, and RMB 0.93. These forecasts are not formal company guidance, and institutions differ in their assumptions regarding exchange rates, overseas revenue growth, and profit margins.

3.3 Valuation and Institutional Ratings

As of the September 11, 2026 close, the share price was RMB 6.52, total market capitalization was approximately RMB 56.39 billion, trailing P/E was approximately 13.4x, and P/B was approximately 0.98x. Different market-data platforms showed P/E of approximately 13.39–13.42x, which can broadly be understood as 13.4x P/E and 0.98x P/B. Based on the post-interim-report multi-institution average EPS forecasts from 10jqka, forward P/E for 2026–2028 was approximately 10.2x, 8.5x, and 7.0x, respectively. Based on Huaxi Securities’ forecasts, the figures were approximately 11.2x, 9.3x, and 7.9x; based on the more optimistic pre-interim-report consensus forecasts, they were approximately 9.4x, 7.9x, and 6.5x. Disclosed institutional target prices ranged from approximately RMB 9.00 to RMB 12.00, with a median of approximately RMB 10.90. Under another statistical basis, the 2026 target-price range over the past six months was RMB 9.00–11.19, with an average of approximately RMB 10.05. Institutional ratings were generally positive. Aggregated data showed 22 Buy ratings, 5 Overweight ratings, and 1 unrated recommendation. Current valuation is relatively low, but its reasonableness depends on subsequent earnings recovery. Exchange-rate volatility, overseas operating risks, the construction-machinery cycle, and weaker-than-expected demand recovery could result in further downward revisions to earnings forecasts.

4. Recent News and Announcements

4.1 Chengyisheng Hong Kong Increases Its Zoomlion H-Share Holdings, Raising Its Combined Stake to 12.0049%

On September 11, 2026, Zoomlion disclosed the Announcement on the Shareholding Increase by a Shareholder Holding More Than 5% and Its Concert Parties Reaching an Integral Multiple of 1%. Chengyisheng (Hong Kong) Investment Management Co., Ltd. purchased 1.20 million Zoomlion H shares through the open market of the Hong Kong Stock Exchange on September 10, 2026, representing 0.0139% of the company’s total share capital. Following the increase, Chengyisheng Hong Kong and its concert parties held 1,038,250,603 shares, with their stake rising from 11.9911% to 12.0049% and reaching the 12% threshold. The increase did not result in a change of control. Zoomlion still has no controlling shareholder or actual controller. The increase involved H shares and was not an A-share secondary-market repurchase or a direct increase by A-share shareholders.

4.2 Revenue Increased in the First Half of 2026, but Attributable Net Profit and Non-Recurring-Adjusted Profit Declined

On August 28, 2026, Zoomlion disclosed its 2026 interim report and summary. Revenue for the first half of 2026 was RMB 27.135 billion, up 9.17% year on year. Net profit attributable to shareholders of the listed company was RMB 2.102 billion, down 23.97% year on year. Net profit attributable to shareholders excluding non-recurring items was RMB 831 million, down 56.82% year on year. The company did not propose a cash dividend, bonus share issue, or capitalization of capital reserves for the first half of 2026. No formal earnings forecast or revised earnings announcement for full-year 2026 had been identified in publicly available information as of September 13, 2026.

4.3 “Dual Improvement in Quality and Returns” Action Plan Discloses Progress in Emerging Businesses, Overseas Operations, and R&D

On August 28, 2026, the company disclosed the Announcement on Progress Under the “Dual Improvement in Quality and Returns” Action Plan. In the first half of 2026, emerging-business revenue was RMB 12.545 billion, accounting for 46.23% of total revenue; overseas revenue was RMB 15.535 billion, accounting for 57.25%; and R&D investment was RMB 1.571 billion. As of June 30, 2026, the company had filed a cumulative 20,296 patent applications, including 9,211 invention patents. The cumulative number of valid invention patents was 4,128. The company continues to promote the high-end, intelligent, and green upgrading of its construction-machinery strengths while developing emerging businesses such as earthmoving machinery, mining machinery, aerial work machinery, and agricultural machinery.

4.4 Company Reviews Historical Dividends and Buybacks; No New Buyback Plan Identified

The company disclosed that since its listing it had paid dividends 29 times, with total dividends exceeding RMB 32 billion, and had conducted share buybacks continuously over the past 5 years, with total repurchases of approximately RMB 5.3 billion. The approximately RMB 5.3 billion figure is the company’s summary of historical buybacks and does not indicate that a new buyback plan was being implemented in September 2026. In the 2026 interim report, the disclosure regarding the implementation progress of share buybacks during the reporting period was “not applicable.” As of September 13, 2026, no new A-share or H-share buyback plan, buyback progress announcement, or cancellation announcement for repurchased shares had been identified.

4.5 First Core Management Shareholding Plan Extended to April 27, 2032

On August 28, 2026, the company disclosed the Announcement on the Extension of the Core Management Shareholding Plan. The original term of the company’s first core management shareholding plan had been extended to April 27, 2027. The board agreed to extend the plan for another 60 months, to April 27, 2032. The 2026 interim report showed that the first employee shareholding plan held approximately 256.2 million shares at period-end, representing approximately 2.96% of total share capital, with 472 participants. The second core management shareholding plan held approximately 424.0 million shares, representing approximately 4.90% of total share capital, with 1,237 participants. Extension of the shareholding plan does not constitute a new purchase and does not directly result in an immediate change in share capital.

4.6 Heyi Sheng Investment Pledges an Additional 156 Million Shares; Cumulative Pledged Ratio Approximately 65.01%

The Announcement on the Pledge of Shares by a Shareholder Holding More Than 5% disclosed on July 17, 2026, showed that Changsha Zhonglian Heyi Sheng Investment Partnership (Limited Partnership) pledged an additional 156 million shares. The pledge began on July 15, 2026, and was used for financing. The number of shares pledged represented 22.87% of its holdings and 1.80% of the company’s total share capital. At the time of the announcement, Heyi Sheng Investment held approximately 682.2 million shares and had cumulatively pledged approximately 443.5 million shares, representing approximately 65.01% of its holdings and approximately 5.13% of the company’s total share capital. These figures are as of the July 17, 2026 announcement and cannot directly replace real-time pledge data as of September 13, 2026.

4.7 Investor-Relations Activities Focus on Overseas Operations, Receivables, Exchange Rates, and Robotics

The company disclosed investor-relations activity records on September 1 and September 4, 2026. The activities involved the 2026 interim-results briefing and investor-relations activities on September 2, 2026. Investors focused on overseas-business growth, the potential of agricultural machinery, robotics and intelligentization, overseas receivables and balance-sheet quality, and the impact of exchange-rate fluctuations on profits. The company stated that it would optimize natural hedging arrangements based on the currencies and maturities of domestic and overseas operations, receipts and payments, financing, and assets and liabilities; strengthen the identification and management of foreign-exchange exposure; and reduce exchange-rate risk through contract pricing, RMB- or U.S.-dollar-denominated pricing, and financial hedging. Such information comes from investor-relations activity records and does not constitute audited financial data or a legally binding earnings commitment.

4.8 No New Earnings Forecast, Shareholder Reduction, Regulatory, or M&A Matters Identified as of September 13, 2026

As of September 13, 2026, a review of announcements issued in September 2026 and at the end of August 2026 did not identify any new full-year earnings forecast, revised earnings pre-increase announcement, or revised earnings pre-decrease announcement for September 2026. No new reduction plan or implementation announcement by major shareholders was identified. No announcement was identified regarding regulatory penalties, formal investigations, disciplinary action, or responses to major inquiries. No new material acquisition, asset sale, major equity acquisition, or restructuring plan was identified. The interim report mentioned investment and M&A-related risks, but this was a risk disclosure and did not indicate that a new M&A transaction had recently occurred. The statement “not identified” only means that the relevant matter was not found in the public announcements and related pages reviewed; it does not mean that no undisclosed matter exists or that no matter below the disclosure threshold has occurred.

4.9 Company Identity and Listing Information

A-share stock code 000157 corresponds to Zoomlion Heavy Industry Science & Technology Co., Ltd., whose A shares are listed on the Shenzhen Stock Exchange. The company has also issued H shares, with Hong Kong stock code 01157. The above stock codes, company name, and exchanges were verified through the company’s 2026 interim report.

5. Share-Price Performance and Technical Analysis

5.1 Price Overview

5.2 Technical Indicators

As of September 11, 2026, Zoomlion’s closing price was RMB 6.52, close to the lower end of the 52-week price range and the lower Bollinger Band. The share price was below MA5, MA10, and MA20, and the short-term moving averages were in a bearish alignment. MACD was negative, and no clear technical reversal signal had emerged. RSI(14) was 27.846 and Stochastic RSI was 0, showing that the stock was technically oversold in the short term, but oversold conditions alone do not confirm a trend reversal. The share price had retreated from a late-August high and declined for three consecutive sessions from September 9 to 11. At the same time, combined large- and extra-large-order net outflows on September 11 were approximately RMB 41.1759 million, while trading activity was relatively low recently. Overall, the stock showed a weak retreat at low levels.

5.3 Short-Term Outlook (Next Week, Scenario Analysis for Reference Only)

⚠️ Risk warning: The following content is a subjective scenario analysis based on closing data as of September 11, 2026. It does not constitute investment advice or a definitive forecast of future actual price movements.

1. Key Technical Levels

2. Scenarios for the Coming Week (Subjective Weightings, Not Statistical Probabilities)

• Consolidation (relatively higher weighting, approximately 60%; this weighting is a subjective judgment based on current technical indicators and fund flows, not a statistical probability): The share price fluctuates within RMB 6.47–6.66. Conditions include no high-volume breakdown near RMB 6.47–6.49, turnover value remaining within the recent normal range of approximately RMB 150–300 million, and resistance emerging around RMB 6.60–6.66. This scenario is based on the share price being close to the lower Bollinger Band and RSI entering oversold territory, while MACD remains negative and major fund flows remain negative.
• Weak downside (medium weighting; this weighting is a subjective judgment based on current technical indicators and fund flows, not a statistical probability): The share price breaks below the RMB 6.45–6.49 support zone, and the short-term observation range may move down to RMB 6.30–6.40. Conditions include continued net outflows from large orders, a clear increase in daily turnover value accompanied by a close below RMB 6.45, or simultaneous weakness in the construction-machinery sector and the broader market. RMB 6.30–6.40 is only an observation range inferred from prior price structure and is not a confirmed support level.
• Stronger rebound (lower weighting; this weighting is a subjective judgment based on current technical indicators and fund flows, not a statistical probability): The share price regains RMB 6.60–6.66, followed by the possibility of recovery toward RMB 6.80–6.85 and then RMB 7.00–7.10. At least two of the following conditions would need to be met: the close moves back above RMB 6.66; daily turnover value rises above RMB 350 million; extra-large and large orders record continuous net inflows; and the MACD green bars shorten while RSI rises from low levels. These are scenario ranges, not a single-point price forecast.

3. Fund-Flow and Liquidity Background

As of September 11, 2026, turnover rate was 0.45%, turnover value was approximately RMB 206 million, and trading volume was approximately 31.66 million shares. Public historical market data for the most recent 10 trading days showed turnover value of approximately RMB 154–662 million and turnover rates of approximately 0.33%–1.37%. The simple 10-day averages were approximately RMB 253 million for turnover value and 0.54% for turnover rate. Turnover value on September 11 was below the RMB 662 million recorded on the sharp decline of August 28 and the RMB 341 million recorded on September 2. Turnover was within the recent normal-to-low range, indicating that the stock was not undergoing a high-turnover panic sell-off. Shareholder-structure data as of June 30, 2026, are lagged relative to market conditions and cannot directly represent real-time holdings on September 11, 2026. The ten largest tradable shareholders held approximately 5.046 billion shares in aggregate, representing approximately 58.53% of the free float; the ten largest shareholders held approximately 58.33% of total share capital. As of that date, the total number of shareholder accounts was 216,120, up from 190,575 as of March 31, 2026. According to 10jqka, 641 major institutions held approximately 3.802 billion shares, representing approximately 53.78% of the tradable A shares. This included 632 funds holding approximately 306 million shares, representing approximately 3.93% of the free float; 1 insurance company, representing approximately 2.08% of the free float; and 1 private-equity fund, representing approximately 0.98% of the free float. The ten largest shareholders mainly included Hong Kong Securities Clearing Company Nominees, state-owned shareholders, and employee and management shareholding plans. Public funds were not the primary source of concentrated holdings. Compared with December 31, 2025, major institutional holdings had declined by approximately 336 million shares, and the number of funds had decreased by 173. These structures indicate relatively high equity concentration, but quarterly data show an increase in the number of shareholder accounts and a limited fund-holding ratio. Short-term shareholding stability requires further observation. Existing data alone cannot determine real-time order-book depth or slippage. If turnover value increases while the share price continues to break below RMB 6.45, this would more likely represent a high-volume decline than effective buying support.

If turnover value reaches or exceeds RMB 350 million for two consecutive sessions and the closing price rises above RMB 6.66, this could be viewed as an observation signal of improved short-term fund participation. The threshold is based on the recent 10-day average turnover value of approximately RMB 253 million and recent trading characteristics; it is not a statistically validated buy or sell signal.

4. Points to Monitor (Observation Framework Only, Not Trading Instructions)

• Observe whether the RMB 6.47–6.52 area can stabilize on declining volume. After a break below RMB 6.45, monitor whether the price structure below continues to deteriorate. This is an observation framework, not a trading instruction.
• Observe whether RMB 6.60–6.66 can be recovered with increased turnover value. This area is the key resistance level for the short-term rebound scenario. This is an observation framework, not a trading instruction.
• Observe whether major fund flows shift from recent net outflows to continuous net inflows, and cross-check the trend against MACD green bars and RSI movements. This is an observation framework, not a trading instruction.
• Observe whether turnover value reaches or exceeds RMB 350 million for two consecutive sessions and coincides with a close above RMB 6.66. This is an observation framework, not a trading instruction.

The above scenario analysis is based on closing data as of September 11, 2026, as well as historical prices and technical-indicator calculations. Short-term share-price movements will also be affected by news, fund flows, the broader market, and other factors. Technical indicators themselves have lagging effects and limitations. This analysis does not guarantee future actual price movements and does not constitute a buy or sell recommendation. Investors should independently assess the latest market information and bear their own investment risks.

6. Industry Landscape and Competitor Analysis

6.1 Industry Status

China’s construction-machinery industry is relatively concentrated, with XCMG Machinery, Sany Heavy Industry, and Zoomlion forming the first tier, while LiuGong, Shantui, Sunward Intelligent, and other companies compete in the market. The industry is shifting from a domestic incremental market to an installed-base replacement market. Overseas markets, electrification, intelligentization, and in-house development of core components have become the main development directions.

6.2 Competitive Landscape

• Among listed construction-machinery companies in 2024, XCMG Machinery, Sany Heavy Industry, and Zoomlion ranked among the leaders by revenue. Industry CR3 was approximately 60.53% and CR5 approximately 73%. These figures were compiled by a third-party industry research institution rather than published as unified market-share statistics by the China Construction Machinery Industry Association and represent an estimated basis.
• The domestic market remains in a bottoming phase. Real-estate-related tower cranes, concrete machinery, and some cranes remain under pressure. Excavators and loaders have shown some recovery, while equipment-renewal policies and replacement demand have provided industry support.
• Overseas markets are the primary source of industry growth. China’s construction-machinery exports were approximately US$43.51 billion in 2024, up 6.3% year on year. The industry is gradually shifting from product exports toward integrated overseas expansion encompassing R&D, manufacturing, supply chains, sales, services, and financing.
• Electrification and intelligentization are raising industry entry barriers. Sales of electric loaders increased approximately 240% year on year in 2024, while the electrification penetration rate of aerial work machinery exceeded 90%. Competition has expanded from traditional mechanical performance and pricing to batteries, electric drives, electronic controls, software, remote operations and maintenance, and smart manufacturing.
• Value-chain competition has expanded from complete machines to core components such as engines, hydraulic components, chassis, electronic control systems, and batteries. Zoomlion is enhancing value-chain control through key-component centers, smart factories, and new-energy component R&D, but it remains a model in which complete-machine manufacturers lead while some key components are purchased externally.
• KHL’s 2024 Yellow Table was based on full-year 2023 sales. XCMG Machinery, Sany Heavy Industry, Zoomlion, LiuGong, and Shantui ranked fourth, sixth, twelfth, nineteenth, and thirty-first globally, respectively. These rankings reflect historical industry standing and cannot be directly interpreted as real-time market shares in 2024.

6.3 Major Competitors

Zoomlion, XCMG Machinery, and Sany Heavy Industry are all part of China’s first tier of construction-machinery companies, competing across cranes, concrete machinery, earthmoving equipment, and overseas markets. Compared with XCMG’s advantages in overall scale and product breadth and Sany’s advantages in the global expansion of excavators and concrete machinery, Zoomlion is more differentiated in tower cranes, building hoists, extra-large lifting equipment, and agricultural-machinery diversification. In aerial work platforms, it competes directly with Zhejiang Dingli. The company’s future competitiveness will depend on localized overseas manufacturing and channels, product-mix upgrades, intelligent electrification, key-component capabilities, and receivables-risk control.

7. Risk Factors

• As the share of overseas business continues to increase, the company faces operating risks related to exchange-rate volatility, collection of overseas receivables, local certification and after-sales services, spare-parts supply, channel development, and localized manufacturing. Overseas revenue accounted for 57.25% of total revenue in the first half of 2026. The company has explicitly highlighted exchange rates and the quality of its overseas balance sheet. If these risks intensify, revenue realization, gross margin, and cash flow could be affected.
• The company has significant downstream capital occupation, and credit-impairment risk cannot be ignored. As of the end of 2024, the book balance of accounts receivable was RMB 24.508 billion and the original value of long-term receivables was RMB 14.614 billion. Together, they were equivalent to approximately 95.62% of 2024 revenue. Accounts receivable turnover was approximately 194 days, while inventory had a book value of RMB 22.564 billion. Low customer concentration does not equate to collection safety. Changes in collections from construction, real-estate, infrastructure, leasing, and overseas customers could affect profits and cash flow.
• Revenue growth in the first half of 2026 did not translate into profit growth. Net profit attributable to shareholders declined 23.97% year on year, while non-recurring-adjusted net profit declined 56.82%. Finance expenses rose from negative RMB 371 million in the same period of the previous year to RMB 924 million, and selling expenses increased 18.79% year on year. If overseas expansion investment, financing costs, or exchange-rate effects persist, future margins and earnings forecasts may remain under pressure.
• Construction machinery remains the company’s core business. It accounted for 88.74% of revenue in 2024. Cranes, concrete machinery, and tower cranes are sensitive to cycles in real estate, infrastructure, and large engineering projects. The domestic market remains in a bottoming phase. If the recovery of the real-estate chain, infrastructure construction, or equipment-renewal demand falls short of expectations, traditional strengths may face pressure on sales volumes, prices, and capacity utilization.
• Materials consumption accounted for 90.10% of equipment-manufacturing operating costs in 2024. Engines, hydraulic components, chassis, and electrical control systems are partly sourced externally. If steel and key-component prices rise or supplier bargaining power increases, while the company cannot pass costs on to customers in a timely manner, gross margins in construction machinery and agricultural machinery could be compressed.
• Agricultural machinery carries volatility risk. Agricultural-machinery revenue was RMB 1.685 billion in the first half of 2026, down 15.26% year on year, while its gross margin was only 12.25% in 2024, significantly below that of financial services and construction machinery. If agricultural-machinery demand, channel sales, or product-mix improvement falls short of expectations, the contribution of diversification to overall earnings may be weaker than expected.
• The technical picture remains weak. As of the September 11, 2026 close, the share price of RMB 6.52 was below MA5, MA10, and MA20, MACD was negative, and combined large- and extra-large-order net outflows were approximately RMB 41.1759 million. Although RSI and Stochastic RSI indicated oversold conditions, they did not confirm a trend reversal. If support near RMB 6.45 fails, short-term price volatility could increase further.
• The company has no controlling shareholder or actual controller. As of the July 2026 announcement, Heyi Sheng Investment had pledged approximately 65.01% of its holdings, including an additional pledge of 156 million shares for financing. These pledge figures are not real-time data as of September 13, 2026, but if share-price volatility or financing conditions change, the pledge status and equity-stability risks of relevant shareholders will require monitoring.

8. Conclusion and Outlook

Zoomlion’s medium- and long-term growth drivers primarily come from overseas revenue expansion, the scaling of emerging businesses, and manufacturing and product-mix upgrades. Overseas revenue accounted for 57.25% of total revenue in the first half of 2026, while construction-machinery revenue increased 11.40% year on year. The company is also continuing to develop earthmoving, mining, aerial work, agricultural machinery, new energy, and intelligentization businesses. Institutional forecasts put average net profit attributable to shareholders for 2026–2028 at RMB 5.498 billion, RMB 6.683 billion, and RMB 8.047 billion, respectively. This indicates that the market still expects overseas operations, economies of scale, and structural improvements to drive a gradual earnings recovery, although these forecasts are not formal company guidance.

In the short term, the key question is whether revenue growth can translate into growth in non-recurring-adjusted profit, as well as the impact of finance expenses, selling expenses, exchange rates, and overseas receivables on profits and cash flow. As of the end of 2024, the company had accounts receivable of RMB 24.508 billion and inventory of RMB 22.564 billion, giving its business model the characteristics of long payment cycles, capital intensity, and relatively high credit risk. Although operating cash flow improved in the first half of 2026, non-recurring-adjusted profit declined significantly. The technical picture remains weak at low levels. Future performance will depend on the combined effects of earnings delivery, the quality of overseas operations, receivables-risk control, and market fund flows.

Data Sources

• Zoomlion (000157)_Company Announcements_Zoomlion: 2024 Annual Report Summary_Sina Finance_Sina.com
• Zoomlion Introduction_About Zoomlion_Zoomlion Heavy Industry Science & Technology Co., Ltd.
• Zoomlion (000157)_Company Announcements_Zoomlion: 2024 Annual Report_Sina Finance_Sina.com
• Zoomlion (000157)_Company Announcements_Zoomlion: 2024 Annual Report Summary_Sina Finance_Sina.com
• Zoomlion (000157)_Company Announcements_Zoomlion: 2024 Annual Report_Sina Finance_Sina.com
• Zoomlion Heavy Industry Science & Technology Co., Ltd. 2024
• Zoomlion (000157)_Company Announcements_Zoomlion: 2021 Annual Report_Sina Finance_Sina.com
• China’s Construction-Machinery Industry Has High Market Concentration, with XCMG Machinery and Sany Heavy Industry Leading
• Updated: How the positions of the world’s top OEMs have changed in 2024 - KHL Group
• 2024 Economic Operations Report of the Machinery Industry
• Zoomlion: 2026 Interim Report_Stock Channel_Securities Star
• Zoomlion: Summary of the 2026 Interim Report_Announcement Summary_Data Analysis_Stocks_Securities Star
• Zoomlion (000157)_Company Announcements_Zoomlion: 2025 Annual Report_Sina Finance_Sina.com
• Zoomlion (000157) Earnings Forecast_F10_10jqka Financial Services
• Zoomlion (000157) Earnings Forecast_F10_10jqka Financial Services
• Zoomlion (000157.SZ) Stock Quotes_Historical Data_Main Fund Flows - Dabolang Data
• Zoomlion (000157) Stock Information - Data Platform
• Single-Stock Research
• Zoomlion Heavy Industry Science & Technology Co., Ltd. 2026 Interim Report Summary
• Zoomlion (000157)_Company Announcements_Zoomlion: Announcement on the Shareholding Increase by a Shareholder Holding More Than 5% and Its Concert Parties Reaching an Integral Multiple of 1%_Sina Finance_Sina.com
• Zoomlion (000157)_Company Announcements_Zoomlion: Announcement on Progress Under the “Dual Improvement in Quality and Returns” Action Plan_Sina Finance_Sina.com
• Zoomlion Heavy Industry Science & Technology Co., Ltd. 2026 Interim Report Summary_Shanghai Securities News
• Stock Code: 000157　　Stock Name: Zoomlion　　Announcement No.: 2026-024
• Zoomlion (000157)_Company Announcements_Zoomlion: Investor-Relations Management Information 20260901_Sina Finance_Sina.com
• Zoomlion (000157) Company Announcements_Sina Finance_Sina.com
• Zoomlion (000157)_Company Announcements_Zoomlion: 2026 Interim Report_Sina Finance_Sina.com
• Zoomlion (000157) - Historical Trading Data | Daban Ke
• Zoomlion (000157) Stock Price Trend Technical Analysis_Future Forecast_Trading Suggestions_Investing.com
• Zoomlion (000157)_Fund Flows_Securities Star
• Zoomlion (000157) Latest Developments_F10_10jqka Financial Services

This report was automatically retrieved, compiled, and generated by AI based on publicly available information. Information is current as of the September 11, 2026 close; technical indicators also incorporate an intraday snapshot from September 11, 2026 and recalculations based on publicly available historical closing prices. Differences may exist across data sources due to adjustments, calculation timing, and indicator parameters. Information may differ in timeliness. Specific data should be verified against the company’s formal announcements and authoritative data terminals. This report is for information organization and research reference only and does not constitute investment advice. Investors should make independent judgments and bear their own investment risks.