XCMG — briefing note
China’s largest construction-and-mining machinery maker, betting heavily on electric and hydrogen heavy equipment
XCMG (Xuzhou Construction Machinery Group) is a state-owned heavy-equipment maker headquartered in Xuzhou, Jiangsu. It ranks third worldwide by construction-equipment sales — behind Caterpillar and Komatsu — and is the only Chinese OEM in the global top five (KHL Yellow Table 2026). For a delegation focused on mining electrification, XCMG matters because it is now shipping ultra-class battery and hydrogen machines that Western incumbents have mostly kept at prototype stage, including a record electric-equipment order for Australia’s Fortescue.
What they do
XCMG builds cranes (a historic strength), wheel loaders, excavators, road machinery, concrete equipment, and mining trucks and loaders. The group is the parent; the listed arm is XCMG Machinery (Shenzhen: 000425), public since 1996, in which the state-owned group holds a controlling stake (roughly 35–45% direct and indirect). Most published financials below are for the listco.
The electrification push is the headline. XCMG offers battery-electric and hydrogen variants across its heavy line:
- Battery-electric wheel loaders — the XC9150-EV (15 t class) runs a 1,002 kWh LFP pack co-developed with BYD. In February 2026 XCMG unveiled the XC9260BEWL, which it calls the world’s largest fully electric wheel loader (~127 t operating weight, ~783 kW drive), plus a battery-electric wheel dozer, both prototyped for Fortescue.
- Electric excavators — the XE215EV (25 t) uses a 400 kWh LFP battery with battery-swap, targeting ~8 hours of operation; smaller models (e.g. XE35E) round out the line.
- Hydrogen mining trucks — the 260 t XDE260H fuel-cell mining dump truck (with Shanghai THIKO), 1,864 kW peak, 236 kg onboard H2, deployed to a CHN Energy open-pit coal mine in Inner Mongolia.
Key financials
| Metric | Value | As-of / note |
|---|---|---|
| Revenue (listco) | CNY 104.51 bn (~USD 14.6 bn) | FY2025, +14.0% YoY |
| Revenue (listco) | CNY 91.66 bn (~USD 12.6 bn) | FY2024 |
| Net profit (listco) | CNY 5.98 bn (~USD 0.82 bn) | FY2024, +12.2% YoY |
| Net profit (listco) | RMB 4.36 bn (~USD 0.61 bn) | 1H2025, +16.6% YoY |
| Overseas revenue | RMB 48.6 bn, 48.2% of total | FY2025 (+16.6% YoY) |
| Global ranking | #3, ~USD 14.2 bn equipment sales, ~5.8% share | KHL Yellow Table 2026 |
| R&D staff | 7,619 | end-2024 |
| HQ | Xuzhou, Jiangsu | — |
Notes: FY2025 net profit figure not yet confirmed at full-year audited level here; 1H2025 core net profit was up ~35.6%. Full-group (parent) revenue runs higher than the listco — about CNY 120 bn in 2022 — so treat group-level figures separately from the 000425 numbers above. USD conversions approximate at ~7.15 CNY/USD.
Leadership
Chairman: Yang Dongsheng (杨东升) — confirmed in post across 2025 and into 2026. He fronted XCMG’s European strategy at Bauma 2025, met Brazil’s President Lula in October 2025, and joined a Xuzhou municipal delegation to Indonesia and Australia in May 2026.
Recent news
- May 2026 — KHL Yellow Table 2026 again places XCMG #3 globally (~USD 14.2 bn, ~5.8% share), highest-ranked Chinese OEM.
- May 2026 — Chairman Yang Dongsheng joined a Xuzhou delegation on trade visits to Indonesia and Australia, underscoring the internationalisation drive.
- Feb 2026 — XCMG presented two battery-electric ultra-class prototypes (XC9260BEWL loader, electric wheel dozer) to Fortescue as part of a ~USD 400 m electric-equipment order; testing in China was reported ongoing as of May 2026.
- Apr 2026 — XCMG’s hydrogen heavy truck completed China’s “Hydrogen Marathon” durability programme (≥500 km pure-hydrogen range), a CATARC-overseen verification.
- FY2025 results — listco revenue CNY 104.51 bn (+14.0%); overseas revenue reached 48.2% of total.
- Oct 2025 — Brazil’s President Lula met Yang Dongsheng, signalling expanded XCMG investment in the Americas (local-manufacturing “glocalization”).
Relevance to the visit
For an audience tracking mining electrification and the decarbonisation of heavy industry, XCMG is the Chinese counterpart to Caterpillar and Komatsu — and, on electric heavy equipment, arguably ahead in bringing ultra-class machines to market. Caterpillar and Komatsu have led on autonomy and trolley-assist diesel, and run early battery-electric and hydrogen pilots; XCMG (alongside domestic rival Sany) has moved fast on series-ready battery loaders/excavators with swap and BYD-sourced LFP packs, and on fuel-cell mining trucks. Domestically, Sany is XCMG’s closest peer and the two trade places near the top of the Chinese OEM table.
The Fortescue order is the most directly relevant data point: an Australian iron-ore major buying the largest battery loaders and dozers built to date from a Xuzhou OEM, with prototypes assembled at the plant the delegation may see. Worth probing on the visit: battery vs hydrogen split for mine-site duty cycles, charging/swap infrastructure economics, total-cost-of-ownership claims vs diesel, and how XCMG sources cells and power electronics (the BYD partnership). Hydrogen economics quoted by XCMG (~RMB 25/kg, ~RMB 2 m/yr saving per 260 t truck vs diesel) are vendor figures and should be treated as such.
Sources
- KHL Yellow Table 2026 ranking: https://www.xcmgglobal.com/news/news-detail-794.htm
- FY2024 annual report summary: https://www.prnewswire.com/in/news-releases/empowering-new-industrialization-xcmg-machinerys-2024-annual-report-highlights-high-quality-development-302453650.html
- FY2024 net profit +12.2%: https://www.marketscreener.com/quote/stock/XCMG-CONSTRUCTION-MACHINE-6496817/news/XCMG-Construction-Machinery-s-2024-Net-Profit-Up-12-2-Y-Y-49737990/
- 1H2025 record results: https://www.prnewswire.com/news-releases/xcmg-reports-record-breaking-half-year-results-driving-innovation-and-global-expansion-302543530.html
- FY2025 revenue / overseas share: https://eulerpool.com/en/stock/XCMG-Construction-Machinery-Stock-CNE000000FH0/Revenue
- Chairman Yang Dongsheng (Indonesia/Australia visit): https://www.prnewswire.com/news-releases/xcmg-vorstandsvorsitzender-yang-dongsheng-begleitet-die-delegation-aus-xuzhou-auf-wirtschafts–und-handelsbesuchen-in-indonesien-und-australien-302781156.html
- Yang Dongsheng / Lula meeting Oct 2025: https://www.prnewswire.com/news-releases/brazilian-president-lula-meets-xcmg-chairman-yang-dongsheng-welcoming-further-investment-and-innovation-302593864.html
- Fortescue battery loader/dozer prototypes: https://electrek.co/2026/02/13/xcmg-unveils-worlds-biggest-all-electric-wheel-loader-for-fortescue/
- Fortescue prototype testing ongoing (May 2026): https://im-mining.com/2026/05/22/testing-of-large-xcmg-battery-prototypes-in-china-for-fortescue-ongoing/
- XE215EV battery-swap electric excavator: https://electrek.co/2025/04/10/xcmg-launches-xe215ev-battery-swap-electric-excavator-ahead-of-bauma/
- Hydrogen “Hydrogen Marathon” verification: https://www.prnewswire.com/apac/news-releases/xcmg-hydrogen-powered-heavy-truck-completes-hydrogen-marathon-verification-advancing-low-carbon-heavy-transport-302749797.html
- 260 t hydrogen mining truck (XDE260H): https://chinahydrogen.substack.com/p/260-tons-hydrogen-mining-truck-showcases
- Group vs listco structure: https://en.wikipedia.org/wiki/XCMG