Zoomlion Expands Global Footprint with Over 140 Countries and Regions Covered, Strengthens Global Market Presence

Rhea-AI Summary

Zoomlion has significantly expanded its global market presence, now covering over 140 countries and regions. In May, the company opened a comprehensive customer center in southern Vietnam. In 2023, Zoomlion achieved an impressive overseas revenue of 17.9 billion RMB (US$2.47 billion), a 79.2% year-on-year increase, with overseas income accounting for nearly 40% of the total.

Zoomlion has established over 30 primary business hubs and more than 350 secondary retail locations worldwide, employing over 3,000 people overseas. Their strategic global expansion includes new retail locations and subsidiaries in Laos, Australia, Thailand, Malaysia, Nigeria, and Oman. Zoomlion's engineering cranes have secured the highest market share in Turkey and Central Asia.

Looking forward, Zoomlion plans to optimize its overseas businesses by enhancing digital transformation, boosting risk-control capabilities, and building an efficient management system to accelerate future growth.

Positive

• Zoomlion covers over 140 countries and regions.
• Overseas revenue reached 17.9 billion RMB (US$2.47 billion) in 2023, a 79.2% increase year-on-year.
• Overseas income accounts for nearly 40% of total revenue.
• Over 30 primary business hubs and 350 secondary retail locations established globally.
• More than 3,000 overseas employees.
• Engineering cranes have the highest market share in Turkey and Central Asia.
• New retail locations and subsidiaries in Laos, Australia, Thailand, Malaysia, Nigeria, and Oman.
• Expansion strategy includes digitization and localization to reduce supply chain costs and enhance delivery efficiency.

Negative

• Rapid international expansion can elevate operational risks.
• High dependency on overseas revenue might expose the company to geopolitical and economic instability.
• Managing over 3,000 overseas employees may lead to increased administrative and operational costs.

CHANGSHA, China, June 12, 2024 /PRNewswire/ -- Zoomlion Heavy Industry Science & Technology Co., Ltd. ("Zoomlion," 01157.HK) opened its comprehensive customer center in southern Vietnam in May, marking a significant step in expanding its global market network. As of now, Zoomlion's world-leading solutions serve customers in over 140 countries and territories, enhancing its reputation as a leading manufacturer of advanced equipment. By prioritizing localization and digitization, Zoomlion continues to deepen its global operations and achieve new heights in international development.

Zoomlion's efforts in market expansion have yielded impressive results. In 2023, Zoomlion achieved an overseas revenue of 17.9 billion RMB (US$2.47 billion), a year-on-year increase of 79.2%, with overseas income accounting for nearly 40% of the total.

Zoomlion has also set up over 30 primary business hubs and more than 350 secondary retail locations worldwide, with the number of its overseas employees exceeding 3,000, allowing the company to further extend its business networks by penetrating key cities from major regional centers. This expansion is crucial in reinforcing the company's global presence.

Zoomlion's rapid growth trajectory in the international market is fueled by its effort to establish an end-to-end, digitized, and localized business system on a global scale, shifting from regional growth to comprehensive, full-scale business expansion. This model effectively reduces the costs across the entire supply chain and enhances product delivery efficiency.

Now, Zoomlion is strategically increasing its global presence through the establishment of new retail locations and subsidiaries, including the inauguration of an agricultural machinery store in Laos, an earthmoving machinery store in Australia, and 6S stores in Thailand, with new subsidiaries established in key markets such as Malaysia, Nigeria, and Oman. Zoomlion's engineering cranes have secured the highest market share in Turkey and Central Asia, with its local teams in Saudi Arabia, Malaysia, Vietnam, and Kenya pushing up its market position in these countries.

Looking forward, Zoomlion will continue to unlock new growth opportunities by focusing on its end-to-end business model while synergizing R&D, manufacturing, logistics, sales, and services to achieve seamless operations. Zoomlion aims to optimize its overseas businesses by accelerating digital transformation, enhancing its risk-control capabilities, and building an efficient management system for personnel, products, operations, services, and finances. This strategy will turbocharge the Company's ability to establish a high-end global value chain and speed up our future growth.

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SOURCE Zoomlion

FAQ

What recent expansion did Zoomlion undertake?

In May, Zoomlion opened a comprehensive customer center in southern Vietnam, expanding its global market network.

How much revenue did Zoomlion generate overseas in 2023?

In 2023, Zoomlion achieved an overseas revenue of 17.9 billion RMB (US$2.47 billion), a 79.2% year-on-year increase.

What percentage of Zoomlion's total revenue comes from overseas?

Nearly 40% of Zoomlion's total revenue comes from overseas.

How many countries does Zoomlion operate in?

Zoomlion operates in over 140 countries and regions.

What is the stock symbol for Zoomlion?

The stock symbol for Zoomlion is ZLIOY.

Where has Zoomlion set up new retail locations recently?

Zoomlion has set up new retail locations in Laos, Australia, Thailand, Malaysia, Nigeria, and Oman.

How many overseas employees does Zoomlion have?

Zoomlion has more than 3,000 overseas employees.

Which markets do Zoomlion's engineering cranes dominate?

Zoomlion's engineering cranes have the highest market share in Turkey and Central Asia.