The construction machinery industry continues to recover, with domestic sales of excavators increasing by nearly 20% year-on-year in the first 10 months

According to statistics from the China Construction Machinery Association, in October 2025, major domestic excavator manufacturers sold a total of 18,096 units of various excavators, marking a year-on-year increase of 7.77%. Of these, domestic sales reached 8,468 units, up 2.44% year-on-year, while exports totaled 9,628 units, rising 12.9% year-on-year. Additionally, 16 electric excavators were sold.

Overall, in the first 10 months of this year, major domestic excavator manufacturers sold a total of 192,135 excavators, marking a 17% year-on-year increase. Among these, domestic sales reached 98,345 units, up 19.6% year-on-year, while exports totaled 93,790 units, rising by 14.4% year-on-year.

During the same period, the sales of loaders surged significantly, with domestic sales increasing by over 30% year-on-year. According to statistics from the China Construction Machinery Association, in October, major domestic loader manufacturers sold a total of 10,673 loaders, marking a 27.7% year-on-year growth. Among these, domestic sales reached 5,372 units, up 33.2% year-on-year, while exports totaled 5,301 units, rising 22.6% year-on-year. Additionally, 2,707 electric loaders were sold.

From January to October 2025, domestic loader manufacturers sold a total of 104,412 loaders, marking a year-on-year increase of 15.8%. Among these, domestic sales reached 55,368 units, up 21.8% year-on-year, while exports totaled 49,044 units, rising by 9.69% year-on-year.

According to statistics from the China Construction Machinery Industry Association, in October, the average monthly working hours for major construction machinery products was 80.9 hours, down 9.03% year-on-year but up 3.62% month-on-month. The monthly operation rate of major construction machinery products stood at 55%, down 10.1 percentage points year-on-year and down 0.16 percentage points month-on-month.

Excavator sales reflect the demand for new additions and replacements of equipment as "assets," while the operating rate indicates the actual utilization intensity of equipment as "production tools." Industry experts note that the divergence between the two reflects changes in the current economic structure and industry drivers. With sustained policy efforts and the advancement of projects, operating data is expected to improve accordingly.

From the performance of leading construction machinery companies, the industry's recovery trend continues to emerge. In the first three quarters, Sany Heavy Industry (600031, 21.320, 0.23, 1.09%), XCMG (000425, 11.310, 0.16, 1.43%), and Zoomlion (000157, 8.670, 0.12, 1.40%) all achieved year-on-year growth in both revenue and net profit.

Among them, Sany Heavy Industry reported a net profit increase of over 46% year-on-year to 7.136 billion yuan, with revenue rising by 13.56% to 65.741 billion yuan. XCMG achieved the highest revenue growth, increasing by 11.61% to 78.157 billion yuan, while its net profit stood at 5.977 billion yuan, up 11.67% year-on-year. Zoomlion recorded a net profit growth of over 24% to 3.92 billion yuan, with revenue rising by 8.06% to 37.156 billion yuan.