Zoomlion Reports 20 Percent Increase in International Sales Revenue in 2020, Aims to Deepen Localization in 2021

Rhea-AI Summary

Zoomlion Heavy Industry Science & Technology Co., Ltd. reported a projected net profit of 7 to 7.5 billion yuan ($1.08-$1.16 billion) for 2020, reflecting a growth of 60-72% year-on-year. The company attributes its success to strong international sales despite global economic downturns, driven by significant investments in R&D and localization strategies. Zoomlion aims to enhance its global presence, having hired over 200 local employees in various countries during the pandemic. The company anticipates a recovery in the global economy in 2021 and plans to extend its business resources internationally.

Positive

• Projected net profit of 7 to 7.5 billion yuan ($1.08-$1.16 billion), indicating 60-72% year-on-year growth.
• Profit after deduction of non-recurring gains and losses increased by 74-93.5% year-on-year.
• Strong upward trend in international sales revenue during 2020.
• Over 200 local employees hired across international markets, boosting localization rate to over 85%.

Negative

• None.

CHANGSHA, China, Feb. 10, 2021 /PRNewswire/ -- Zoomlion Heavy Industry Science & Technology Co., Ltd. (Zoomlion) has published an attributable net profit of 7 to 7.5 billion yuan ($US1.08-1.16 billion) in its 2020 performance forecast released on January 20, achieving 60-72 percent year-on-year growth. Profit after deduction of non-recurring gains and losses increased by 74-93.5 percent year-on-year.

Despite the downtrend in the global economy, Zoomlion's sales revenue in international markets saw a strong upward trend in 2020. Li Bin, deputy general manager of Zoomlion Overseas Company, attributed the achievement to the company's core competitiveness, especially big investments in research and development as well as carrying out an integrated localization strategy.

Zoomlion's R&D program for 4.0 intelligent machinery has brought a lineup of industry-leading technologies and products to customers worldwide, and as Chinese employees have been unable to travel abroad due to the COVID-19 pandemic, Zoomlion is hiring more local employees to expand the businesses in international markets.

"We'll continue investing in R&D for international markets, we have more engineers to study the overseas market and develop usable models," said Li. "It's a good time to hire more local employees to assist our business worldwide."

During the pandemic, Zoomlion hired over 200 local employees across different international markets including Indonesia, Thailand, Russia, UAE, Saudi Arabia and more. The company's localization rate in terms of talent has exceeded 85 percent.

For Zoomlion, it is a big challenge to manage international talents from different cultures and religious backgrounds, and the company shows full respect to every employee. Zoomlion uses internet platforms such as Zoom and WeChat for meetings and shares the company's core values and vision through social media platforms including Facebook, Twitter, and YouTube.

"In 2021, from our estimation, there'll be a recovery in the global economy. It is our plan to extend our global business with more resources. We will continue to collaborate with our partners, colleagues and customers around the world to create a beautiful and sustainable future together," remarked Li.

About Zoomlion

Founded in 1992, Zoomlion Heavy Industry Science & Technology Co., Ltd. (01157.HK) is a high-end equipment manufacturing enterprise that integrates engineering machinery, agricultural machinery, and financial services. The company now sells more than 600 cutting-edge products from 56 product lines covering ten significant categories.

View original content:http://www.prnewswire.com/news-releases/zoomlion-reports-20-percent-increase-in-international-sales-revenue-in-2020-aims-to-deepen-localization-in-2021-301225540.html

SOURCE Zoomlion

FAQ

What is Zoomlion's projected net profit for 2020?

Zoomlion's projected net profit for 2020 is between 7 to 7.5 billion yuan ($1.08-$1.16 billion).

How much did Zoomlion's profit increase year-on-year?

Zoomlion's profit is expected to increase by 60-72% year-on-year.

What were the main factors behind Zoomlion's international sales growth in 2020?

Zoomlion attributed its international sales growth to strong core competitiveness, significant R&D investments, and an integrated localization strategy.

How many local employees did Zoomlion hire during the pandemic?

Zoomlion hired over 200 local employees across various international markets during the pandemic.

What is Zoomlion's plan for 2021 regarding international business?

Zoomlion plans to extend its global business with more resources and anticipates a recovery in the global economy in 2021.