中联重科三季报里的全球化信号：超半数营收来自海外

Zoomlion Heavy Industry Science & Technology Co., Ltd. posted solid Q3 results: revenue reached 40.019 billion yuan (about $5.6 billion) in the first three quarters, up 7.71% year on year, with both domestic and overseas markets growing. Overseas revenue rose 8.55% to 23.137 billion yuan, now accounting for 57.8% of total sales — a clear sign that the Changsha-based machinery maker has become a genuinely global operator.

中联重科三季报表现稳健：前三季度营收400.19亿元（约56亿美元），同比增长7.71%，境内外市场双双增长。其中境外营收231.37亿元，同比增长8.55%，占总营收57.81%——这家长沙工程机械企业已经真正成为全球化运营商。

That global footprint is backed by infrastructure: more than 550 sales and service outlets, 30-plus regional hubs, and an "hour-level" service network spanning Europe, Southeast Asia, Africa, South America, the Middle East and Central Asia. Traditional strengths — large-tonnage cranes, concrete pumps, tower cranes — remain solid, while earthmoving, mining, agricultural and aerial-work equipment are rapidly expanding. In Q3, profitability showed clear signs of recovery: gross margin rebounded to 27.76%, up 1.73 percentage points quarter-on-quarter, while ex-one-off net profit grew 5.39% year-on-year. Operating cash flow also strengthened, pointing to steadier earnings quality.

全球化背后是实打实的网络：550余个销服网点、30多个区域业务枢纽，覆盖欧洲、东南亚、非洲、南美、中东、中亚的“小时级”服务圈。传统优势板块——大吨位起重机、混凝土泵车、塔机——继续保持领先，而土方、矿山、农机、高机等新业务正在快速起量。进入第三季度，公司盈利端出现明显修复——单季毛利率环比回升，扣非净利润同比、环比双双改善，经营现金流同步增强。