From late August to early September, the 2026 half-year reports of China's three construction machinery giants rolled in one after another. SANY Heavy Industry, XCMG and Zoomlion all posted positive revenue growth, and each one's overseas revenue share was higher than the last — yet the income statements hide a common "enemy": foreign exchange losses. On the same day, October 29, SANY Heavy Industry and Caterpillar will release their third-quarter results in succession. This same-day showdown between the Chinese and US leaders is fast becoming the best window onto the global construction machinery landscape. This article breaks down the report figures company by company to reveal the industry's true momentum.

Core Data from the Big Three's Half-Year Reports

First, the hard numbers. The three companies' operating performance in the first half of 2026 is as follows:

| Company | Revenue | YoY | Net Profit Attributable to Parent | YoY | Overseas Revenue Share |

|------|---------|------|-----------|------|------------|

| SANY Heavy Industry | RMB 53.506 billion | +19.49% | RMB 5.690 billion | +9.13% | 61.33% |

| XCMG Machinery | RMB 54.808 billion | +8.0% | RMB 4.358 billion | +16.63% | 46.61% |

| Zoomlion | RMB 27.135 billion | +9.17% | RMB 2.102 billion | -23.97% | 57.25% |

A few details worth noting:

  • XCMG overtook SANY in revenue scale, taking the top spot in the domestic industry at RMB 54.808 billion — but SANY's growth rate (+19.49%) was clearly faster, and the gap between the two is narrowing.
  • XCMG has the best profit quality: net profit attributable to parent excluding non-recurring items reached RMB 4.467 billion, up 35.57% year on year, with both attributable net profit and adjusted net profit hitting record highs; operating cash flow was RMB 3.725 billion, doubling year on year (+107.56%).
  • SANY grew fastest but its adjusted profit declined: revenue grew nearly 20%, yet adjusted net profit fell 13.45% year on year — a gap that again points to FX.
  • Zoomlion saw the largest decline in headline profit: net profit attributable to parent of RMB 2.102 billion, down 23.97% year on year.

Overseas Revenue: The Watershed Where the Share Keeps Climbing

If "going global" was still a bonus point in past years, in the first half of 2026 it has become a matter of survival. All three giants pushed their overseas revenue share above 46%, with SANY reaching 61.33% — meaning that for every RMB 10 SANY earns, more than RMB 6 comes from markets outside China.

Comparison of the Big Three's overseas revenue share

By region, SANY's overseas sales revenue was RMB 32.040 billion, up 21.82% year on year: Asia-Pacific & Oceania RMB 13.44 billion (+17.38%), Europe RMB 6.93 billion (+12.68%), the Americas RMB 6.31 billion (+24.70%), and Africa RMB 5.36 billion (+47.66%). Africa was the fastest-growing market, which corroborates the recovering demand in emerging markets noted in September working hours turn positive: a signal of the domestic demand inflection point. Even more critical is profitability: SANY's overseas core business gross margin rose to 32.50%, up 1.32 percentage points year on year and above its historical level.

XCMG's overseas revenue was RMB 25.546 billion, up 16.64% year on year, with the share climbing steadily from 29.07% in its 2022 half-year report to 46.61%; export revenue alone was RMB 21.123 billion, up 21.1% year on year, hitting a record high. XCMG's playbook is anchoring major accounts: mining giants such as BHP, Rio Tinto, Vale and Australia's FMG place bulk orders, making mining equipment the spearhead of its overseas push.

Zoomlion's overseas revenue was RMB 15.535 billion, up 12.45% year on year, accounting for 57.25%. The highlight is regional balance: Europe, Africa, Southeast Asia, the Middle East, Central Asia and South America hold balanced shares, effectively hedging volatility in any single market, with the Latin American market growing more than 80% year on year. In addition, XCMG's aftermarket revenue grew 33.23% year on year — for why the aftermarket is the next gold mine, see Global Construction Machinery Aftermarket: How the $54.3 Billion Repair Pie Gets Divided.

The FX Trap: The Truth Behind Rising Revenue but Falling Profit

This is the most caution-worthy signal of this earnings season. All three giants grew revenue, yet profits diverged sharply — the core variable being FX losses driven by RMB exchange rate fluctuations.

Zoomlion disclosed explicitly in its half-year report: excluding the impact of one-off FX losses from RMB appreciation, net profit attributable to parent was RMB 2.802 billion, up 17.19% year on year. In other words, roughly RMB 700 million in booked FX losses turned a company growing profit 17% into one showing a 24% profit decline on paper. The wide scissors gap between SANY's adjusted net profit (RMB 4.682 billion, -13.45%) and its attributable net profit (RMB 5.690 billion, +9.13%) likewise reflects the distortion from FX and non-recurring gains and losses.

The higher a company's overseas revenue share, the greater its FX risk exposure. This is also a lesson China's construction machinery sector must learn as it upgrades from "product exports" to "industrial globalization": only by building plants, warehouses and hiring local staff overseas can local-currency receipts and payments hedge exchange rate risk. SANY rolled off the first sample excavator at its Brazilian manufacturing base in the first half of the year, Zoomlion's intelligent access equipment plant in Hungary was completed and put into production, and XCMG is advancing its "1+14+N" global operating system — all moving capacity and supply chains next to their markets.

The Global Landscape: The Gap to Caterpillar in the Yellow Table 2026

Zoom out to the global stage. KHL Group's Yellow Table 2026 shows that the world's top 50 construction machinery manufacturers generated combined 2025 sales of $246.528 billion, up 3.8% year on year and an all-time high. The top ten, in order: Caterpillar, Komatsu, XCMG, John Deere, Liebherr, SANY, Volvo Construction Equipment, Hitachi Construction Machinery, JCB, and Sandvik.

Schematic of the global top 50 construction machinery landscape

Two key observations:

XCMG holds steady at third globally, with 2025 construction machinery sales of about $14.2 billion and a global share of roughly 5.8% — the only Chinese company in the global top five; SANY ranks sixth.

The scale gap with Caterpillar remains enormous. Caterpillar's annual sales are roughly four times XCMG's. Caterpillar's Q2 2026 report showed that the AI data center and infrastructure boom continue to drive demand, and the company even raised its full-year sales growth guidance. The combined overseas revenue of China's Big Three still struggles to shake Caterpillar's global dominance.

Komatsu is a different case of pressure: hit by US tariffs, its FY2025 net profit declined despite higher sales; after beating expectations in Q1 FY2026, management hinted it may follow peers in raising prices in North America. Tariffs are rewriting the global pricing rulebook.

October 29: The Same-Day Showdown Between SANY and Caterpillar

The next date worth watching is October 29. SANY Heavy Industry has announced it will hold a board meeting that day to review third-quarter results, and Caterpillar will publish its Q3 2026 report the same day. Same day, same industry, two leaders at different scales — the third-quarter reports will directly test two judgments:

  • Whether Chinese brands' high overseas growth can continue under pressure from RMB appreciation;
  • How much longer Caterpillar can ride the data center and mining demand tailwind.

Combined with the latest research data, September 2026 saw accelerated domestic excavator sales and continued high export growth, loaders posted positive growth in both domestic and overseas sales, and industry momentum remains on an upward path. Mega projects such as the Yarlung Tsangpo River hydropower project are coming online one after another, providing a floor for long-term domestic demand. If you are weighing the timing of an equipment purchase, the market consensus is: the domestic demand inflection point has appeared and export momentum continues — but choosing the right brand and service network matters more than waiting for a price cut.

Three Takeaways for Buyers

  • Look at the service network, not just the price: SANY has more than 500 overseas subsidiaries and dealers and nearly 1,000 overseas parts warehouses; Zoomlion has 30-plus tier-one air hubs, 530-plus service outlets and 300-plus spare parts warehouses worldwide; XCMG has more than 2,000 overseas service and spare parts outlets — buying equipment is essentially buying ten years of service.
  • Watch the aftermarket cost: the machine is only the beginning; repairs, parts and used-equipment residual value determine total lifecycle cost. To control this spending, the [Used Equipment Inspection and Parts Purchasing Guide](https://equipnode.com/zh/blog-news-20261016.html) is worth bookmarking.
  • Match equipment selection to local conditions in emerging markets: high-growth markets such as Africa and Latin America demand heat resistance, dust resistance and easy repairability — requirements quite different from domestic operating conditions.

EquipNode specializes in global construction machinery trade, with products and services covering more than 150 countries and regions, providing new and used equipment turnkey solutions and localized service support to customers in Africa, Latin America, Southeast Asia, the Middle East and other markets. For the latest quotes and selection advice on SANY, XCMG, Zoomlion and other brands, please contact our sales team for a tailored proposal.