As the semi-annual reporting season for A-share listed companies draws to a close, the performance scorecard for domestic mining equipment makers is now in view.

Clearly, high-end equipment companies have demonstrated robust growth momentum, achieving year-on-year increases in both revenue and profits while continuing to optimize operational quality. In contrast, manufacturers focused on traditional general-purpose segments such as sand and gravel aggregates and conventional conveying equipment have faced downward pressure on revenue and earnings, hampered by sluggish downstream demand and intense price competition in a homogenized market. Meanwhile, companies operating in essential sectors like wear-resistant components and crushing and screening equipment have generally posted revenue gains, although some have experienced a temporary slowdown in profit growth due to ongoing R&D investment, expansion of distribution networks, and upfront costs from preliminary project pipelines.

Overseas markets deliver standout results

According to the half-year report, Shantui Construction Machinery Co., Ltd. posted steady growth in H1, with revenue reaching RMB 8.28 billion, up 18.19% year-on-year, and net profit attributable to shareholders hitting RMB 681 million, a 19.03% increase. During the first half of 2026, CITIC Heavy Industries Co., Ltd. showed resilient core business performance, recording operating revenue of RMB 4.025 billion, a 1.11% year-on-year uptick, and attributable net profit of RMB 209 million, up 2.95%. Notably, its net cash flow from operating activities turned positive to RMB 654 million, a reversal from the negative figure in the same period last year.

It is noteworthy that multiple companies highlighted impressive overseas market performance in their interim reports. With global metal and mineral prices maintaining elevated levels, overseas mining giants are continuously accelerating capital expenditure. This, combined with the high cost-performance advantages of domestic mining equipment, has spurred local manufacturers to quicken their globalization pace, resulting in overseas revenue and order volumes growing in both scale and value.

For instance, Jiangxi Naipu Mining Machinery and New Materials Co., Ltd. has achieved notable success in its global expansion. The company's overseas market performance stood out in H1 2026, generating revenue of RMB 290 million, a substantial 27.96% year-on-year surge, significantly outpacing the 11.16% growth in its domestic market. Its overseas share of total revenue climbed to 58.34%, up 3.46 percentage points from the same period last year.

Nanchang Mineral Systems Co., Ltd. likewise experienced rapid growth in its international business. In the first half of 2026, the company secured new overseas orders worth RMB 142 million, soaring 65.64% year-on-year and leading growth across all its business segments. In recent years, the company has consistently deepened its globalization strategy, establishing a multi-regional, comprehensive overseas business network, solidifying its presence in mature American sand-and-gravel markets while focusing on cracking high-end overseas metal mining markets and continuously refining its overseas warehousing and localized maintenance service systems.

Demand poised for continued release

"In the first half of the year, domestic demand exhibited a trend of structural recovery. On one hand, projects involving intelligent retrofit and expansion of large domestic coal mines, along with the upgrading of aging equipment, have progressed steadily, sustaining a steady demand for traditional coal machinery. On the other hand, the persistently high prices of non-ferrous metals such as copper and gold have significantly boosted enthusiasm for metal ore mining and beneficiation, driving a steady rise in demand for mining, processing, and core spare-part equipment," said Zhu Keli, Founding Dean of the Guoyan New Economic Research Institute.

A representative from Naipu Mining remarked: "Procurement needs from domestic mines are continuously evolving toward greater sophistication and higher-end requirements. Inefficient, energy-intensive, and less safe traditional equipment is gradually being phased out of the market. New-generation mining equipment that is energy-efficient, intelligently controlled, safe, and stable has become the top choice for mining companies, forcing the elimination of low-end capacity and creating substantial room for growth for quality leading enterprises."

Product technology iteration has become a core lever for mining equipment companies to capture market share. For example, Naipu Mining's forged composite liners, leveraging the performance advantages of the forging process, have demonstrated outstanding results in field tests across multiple mine sites, delivering a service life far superior to traditional cast steel liners and opening up a new market for mill barrel spare parts. Orders for this product continued to surge during the reporting period, and the company is still refining material formulas and manufacturing techniques to cement its technological edge.

Technological advancement and intelligent upgrades have indeed become a vital pathway for mining machinery firms to seize market opportunities and bolster their core competitiveness. According to a representative from Nanchang Mineral Systems, the company's R&D efforts this year focus on three core directions, pushing forward comprehensive upgrades to products and services. First, it is advancing intelligent upgrades of main machinery by iterating its intelligent cone crusher offerings to better suit the complex operating conditions of metal mines and broaden application scenarios. Second, it is filling gaps in beneficiation equipment by launching new products such as ceramic slurry pumps, continuously improving its full-process mineral processing product matrix and integrated service capabilities. Third, it is deepening its presence in the intelligent mining machinery arena by implementing cutting-edge R&D initiatives like intelligent operation-maintenance platforms, digital twins, and predictive maintenance, empowering the intelligent and efficient transformation of mine operations.

Looking ahead, Zhu Keli noted that the mining equipment industry's prospects are well-supported. Globally, prices for strategic metals like copper and gold remain elevated, prompting overseas miners to keep expanding capital expenditure and capacity. Domestically, mines are entering a cycle of concentrated replacement of aging equipment, and with continued policy support for intelligent upgrades, both new and replacement demand for mining equipment is expected to maintain steady release.