In the third quarter, the overall sales of construction machinery at home and abroad weakened, 1-8 months, the main construction machinery products sold a total of 1.258 million units, down 1.8% from the same period last year, domestic sales fell for four consecutive months, export sales fell for two consecutive months, and infrastructure construction is closely related to excavators, loaders, etc. With the accelerated implementation of macro-control policies, the industry accelerates the transformation and upgrading to high-end, intelligent, green, international, and service-oriented, and major construction machinery enterprises accelerate the "expansion of foreign costs, reduce costs and increase profits, and the bottom of the construction machinery industry is expected to appear in 2024-2025.

Changsha construction machinery exports increased in price, 1-8 months, to Zoomlion, Sany Heavy Industry, Sunward Intelligent, Railway Construction Heavy Industry and other enterprises as the main body of the construction machinery industry export construction machinery 20.12 billion yuan, an increase of 29% year-on-year, accounting for 92.5% of the total export of construction machinery in Hunan in the same period.

A series of activities such as the 2024 Changsha International Construction Machinery Exhibition Southeast Asia Branch, the first construction machinery appraiser training course in Hunan, the advanced seminar on the improvement of the ability to transfer and transform the professional technology of intelligent manufacturing of construction machinery, and the second batch of pilot enterprises for the digital transformation of small and medium-sized enterprises in the construction machinery industry in Changsha City, such as the supply and demand docking roadshow of the second batch of pilot enterprises for the digital transformation of small and medium-sized enterprises in the construction machinery industry in Changsha City, have been successfully held.

Indonesia Jakarta International Construction Machinery and Mining Machinery Exhibition was successfully held; The National Standards Committee released the first batch of 7 national standards for electric construction machinery; China Construction Machinery Industry Association Remanufacturing and Recycling Branch was established; The preparation of the "15th Five-Year Plan" of the machinery industry is being closely deployed; List of the first (set) major equipment of five construction machinery enterprises in Xuzhou Province in Jiangsu Province.

1. Macro environment and industrial operation

01 International: The import rebate fee for Russian construction machinery and equipment will increase significantly

According to the Russian Machinery Network, the Russian Ministry of Industry and Trade proposed to discuss a plan to increase the tax on the return of imported equipment by 2030, which is expected to take effect on October 1, 2024, and only the categories of equipment that Russia and Belarus have been able to produce will be affected by the increase in the indexation of the tax rate of the return fee. This coefficient will change as the production of certain types of machines is mastered and there is an opportunity to supply the market with the required quantities. Under this scenario, the rebate tax rate for certain equipment will almost double in the six years to 2030. For example: for a truck weighing between 12 and 20 tons, the coefficient will be 17, compared to 9.57 currently; For truck tractors, the coefficient would be 29, compared to 16.4 now. For towed equipment, the coefficient is planned to be increased from 7.4 to 15.6. Since July 1, the tax rate of some categories of loaders and dump trucks has been raised. Tax on dump trucks and semi-trailers is now expected to increase by 70 to 85 percent by the end of 2024, followed by 10 to 20 percent per year. For construction machinery products such as DST (Road Construction Equipment), such as loaders, the rate increases by 15% every year. However, in some construction machinery categories, Russia's self-production rate is low, and the indexation of the recycle tax rate will also be postponed. For example, the tax on excavators will increase no earlier than 2026, and the tax on backhoe loaders will increase no earlier than 2028.

02 Domestic: Policies promote the industry to accelerate the transformation and upgrading to the "five modernizations".

Since the third quarter of this year, the implementation of macro-control policies has been accelerated, and the General Office of the State Council and the Ministry of Industry and Information Technology have successively issued the "Opinions on Promoting the High-quality Development of Service Trade with High-level Opening-up", "The Guiding Catalogue for the Promotion and Application of the First (Set) Major Technical Equipment (2024 Edition)" and "The Guide to Equipment Renewal and Technological Transformation in Key Industrial Industries", focusing on promoting the integrated development of service trade and construction machinery, the promotion and application of the first (set) major technical equipment, equipment renewal and technological transformation in key areas, and accelerating the industry to high-end. Intelligent, green, international, service-oriented transformation and upgrading.

03 Downstream: The growth of macro investment has slowed down, and the operating rate has shown a rising trend

In the overall demand of the construction machinery market, infrastructure and real estate account for more than 60%. The real estate market is sluggish, the willingness of real estate enterprises to start construction is low, and the issuance of special bonds is slow, which directly leads to the insufficient operating rate of construction machinery and equipment, the decline in the willingness to purchase equipment on the demand side, and the decline in equipment sales. From January to August, infrastructure investment (excluding power investment) increased by 4.4% year-on-year, slowing down by 0.5 percentage points from the previous July, slowing down for five consecutive months; Real estate development investment fell by 10.2%, the same decline as from January to July, and the real estate market continued to be in adjustment; From the perspective of operating rate, since 2024, the operating rate of construction machinery in the country from March to July has been weaker than that of the same period last year, and the overall market is still in a downward channel, and the operating rate has increased in August, slightly higher than the level of the same period last year.

04 The overall sales of China's key machine products at home and abroad weakened

From the perspective of product sales, according to the data of China Construction Machinery Industry Association, from January to August, the main construction machinery products sold a total of 1.258 million units, of which 756,200 units were sold domestically and 501,800 units were exported, accounting for about 40% of export sales. Among them, the export sales volume of lifting work platforms, road rollers and graders was greater than that of domestic sales, accounting for 50.58%, 58.30% and 85.73% of the total sales respectively; The export sales volume of excavators and loaders also accounted for a large proportion, reaching about 49%; The export sales volume of aerial work platforms from January to August was only 84 units, accounting for 3.54% of the total sales.

From the perspective of import and export trade volume, according to customs data, China's construction machinery import and export trade volume from January to August 2024 was 36.403 billion US dollars, a year-on-year increase of 4.55%. Among them, the import value was 1.751 billion US dollars, a year-on-year decrease of 0.14%; The export value was 34.653 billion US dollars, a year-on-year increase of 4.8%.

05 The revenue and profit of overseas leading enterprises declined significantly in the second quarter

Among the three major overseas construction machinery leaders, in addition to Komatsu's revenue and profit that benefited from foreign exchange income, Caterpillar and John Deere's revenue and profit have declined significantly. Caterpillar's revenue in the second quarter was about $16.69 billion, down 3.6% year-on-year, and the company's net profit was about $2.68 billion, down 8.2% year-on-year. In North America, sales were roughly flat year-over-year, while sales in Europe, Africa and the Middle East (EAME) were down 27 percent and in Asia Pacific were down 15 percent. Caterpillar said the decline in sales was primarily due to changes in dealer inventory. In the Asia-Pacific region, adverse exchange rate effects also played a significant role, particularly in relation to the Japanese yen. Komatsu's revenue in the second quarter was about 0.96 trillion yen, an increase of 6.7% year-on-year, and its operating profit was about 0.15 trillion yen, an increase of 5.7% year-on-year. Excluding the impact of foreign exchange, the company's revenue in the second quarter was 0.80 trillion yen, down 5.7% year-on-year. In North America, Komatsu Construction Equipment sales increased 12.5 percent to 261.5 billion yen, and in Central and South America, they increased 12.8 percent to 165.7 billion yen, but sales in these two regions actually decreased when currency effects are not accounted for. In Asia, sales fell by 10.8% to JPY 98 billion due to poor performance in Indonesia, the largest market. In addition to being the world's leading construction machinery, John Deere is also a global leader in agricultural machinery. In order to exclude the impact of agricultural machinery, only the company's construction and forestry machinery business is considered. From May to July, the company's construction and forestry machinery revenue was about 3.24 billion US dollars, a year-on-year decrease of 13.5%, and the operating profit was about 450 million US dollars, a year-on-year decrease of 37.4%. With the exception of Central Europe & CIS, revenue declined in all regions.

06 Major construction machinery enterprises to speed up the "expansion of foreign investment, reduce costs and increase profits"

Construction machinery listed companies have released semi-annual reports, according to the statistics of 16 enterprises, nearly 6 percent of the company's revenue year-on-year positive growth. From the perspective of revenue, Weichai Power leads the entire industry with a revenue of 112.49 billion, and is also the only enterprise in the industry with a revenue of more than 100 billion; The four major OEMs XCMG, Sany, Zoomlion and Liugong led the whole machine enterprise with a revenue scale of 496.32, 387.38, 245.35 and 16.060 billion yuan respectively. In terms of revenue changes, Shantui led the industry with a positive year-on-year growth of 33.81%, and the revenue growth of Zhejiang Dingli and Aidi Precision was also more than 20%. In terms of net profit, Liugong performed the best, leading the industry with a year-on-year growth of 60.2%, while Weichai Power and China Lonking ranked second and third with positive growth of 51.41% and 49.19% respectively. From the perspective of overseas income, Sany Heavy Industry, Sunward Intelligence, and Weichai Power accounted for more than 50% of the overseas revenue, Sany Heavy Industry accounted for the highest proportion of overseas revenue, reaching 60.77%, and Zoomlion, Liugong Machinery, Shantui Co., Ltd., and XCMG Machinery accounted for more than 40% of the overseas revenue.

2. Industrial development in Hunan

01 The provincial government issued a policy to promote the extension of the construction machinery industry

In the third quarter, the General Office of the Hunan Provincial People's Government successively issued the "Hunan Province Measures to Accelerate the Integration and Innovation and Development of Domestic and Foreign Trade" and the "Hunan Province" Two Industries Integration and Progress" Action Plan (2024-2027), which focuses on promoting the development of the after-market such as enterprise remanufacturing export and overseas after-sales service, and encourages enterprises to develop general integration general contracting and system solutions, equipment industrial design, equipment manufacturing and installation and commissioning, remote operation and maintenance, fault diagnosis, data processing and other related services.

02 Shen Xiaoming, Secretary of the Provincial Party Committee, investigated the development of construction machinery industry

On July 23, Shen Xiaoming, Secretary of the Hunan Provincial Party Committee, investigated the development of construction machinery industry in Changsha. Secretary Xiaoming successively visited Hunan Wuxin Tunnel Intelligent Equipment Co., Ltd., Hunan Guozhong Zhilian Construction Machinery Research Institute Co., Ltd., Sany Zhilian Heavy Truck Industrial Park, Hunan Huaxun Emergency Equipment Co., Ltd., Changsha Sante Hydraulic Technology Co., Ltd., inspected the production workshop, testing platform, etc., focusing on understanding the R&D and supply of common key technologies and the transformation of achievements, the coordinated development of the upstream and downstream of the industrial chain, and the expansion of product markets. Shen Xiaoming pointed out that it is necessary to adhere to scientific and technological innovation to lead industrial innovation, deepen industrial transformation and upgrading, improve quality and efficiency, and consolidate the dominant position of Hunan's construction machinery industry. It is necessary to vigorously enhance the independent supporting and local supporting capacity of construction machinery and equipment, increase the introduction of key parts and components supporting enterprises, and strive to make up for the shortcomings of industrial development. It is necessary to actively promote the development of the construction machinery remanufacturing industry, extend the industrial chain, open up market space, and cultivate new industrial growth points.

03 The export volume of local construction machinery increased and the price increased

In the first half of 2024, the main listed companies of Hunan Construction Machinery achieved revenue of 71.717 billion yuan, a year-on-year decrease of 1.6%; net profit was 6.872 billion yuan, an increase of 5.7% year-on-year; Overseas revenue was 38.299 billion yuan, a year-on-year increase of 12.4%, accounting for 53.4% of total revenue, an increase of about 6.7 percentage points over the same period last year. The overseas revenue of Sany Heavy Industry and Sunward Intelligent reached about 60%, 60.77% and 59.16% respectively, and Zoomlion's overseas revenue accounted for 49.11%.

From the perspective of export trade volume, in the first eight months, Hunan construction machinery exports were 21.75 billion yuan, an increase of 24.1% over the same period last year. Among them, Hunan exported 2.76 billion yuan to the European Union (27 countries), an increase of 99.9%, Hunan exported 9.69 billion yuan of construction machinery to other BRICS countries, an increase of 37.8%, and among the top five countries in the export of construction machinery, other BRICS countries Russia, Saudi Arabia, India and Brazil occupied four seats. Changsha exported 20.12 billion yuan of construction machinery, an increase of 29%, accounting for 92.5% of the total export of construction machinery in Hunan in the same period. The reasons are: first, the recognition of "Made in China" in overseas markets continues to increase; Second, the technical content and added value of Changsha construction machinery have increased; In addition, fluctuations in overseas tariffs and increased logistics costs have also pushed up the value of exports.

04 Overseas exhibitions promote enterprises to accelerate their overseas expansion

On August 22, the Southeast Asia branch of the 2024 Changsha International Construction Machinery Exhibition kicked off in Kuala Lumpur, Malaysia, with nearly 100 well-known brand exhibitors of construction machinery around the world, such as Sany, Zoomlion, Liugong, Hyundai, JCB, Sunward, Longgong, Shantui, Shandong Lingong, Tongli Heavy Industry, Shandong Qiyun, Wuxin Tunnel Installation, Hunan Youzuan, etc. On the same day, the signing ceremony of economic and trade cooperation was held at the 2024 China (Changsha) Construction Machinery Remanufacturing (Second-hand) Equipment Economic and Trade Matchmaking Conference (Malaysia). Hunan Construction Machinery Remanufacturing Equipment Export Industry Alliance signed a strategic cooperation agreement with Malaysia's Selangor and Kuala Lumpur Machinery and Hardware Merchants Association, and Changsha Gizwits Digital Link Technology Co., Ltd. signed a cooperation agreement with Chenggong Machinery (M) Co., Ltd. According to the agreement, China and Malaysia will focus on deepening cooperation in the export of construction machinery remanufacturing (second-hand) equipment and mutual recognition of standards, further improve economic and trade exchanges between the two sides, and jointly create a new model for Changsha's construction machinery remanufacturing (second-hand) equipment exports to Malaysia and other countries in Southeast Asia.

05 Talent training activities empower industrial development

On September 10, 35 trainees of the first construction machinery appraiser training course in Hunan successfully obtained the qualification certificate. Hunan's first construction machinery appraiser training course by Changsha Manufacturing Development Promotion Center, Changsha Construction Machinery Industry Chain Office, Xiangtan Municipal Bureau of Commerce sponsored, Changsha Construction Machinery Industry Association, Hunan Construction Machinery Remanufacturing Equipment Export Industry Alliance undertakes, the training course aims to cultivate a group of high-quality, high-ability construction machinery appraisers, empowering the development of the construction machinery remanufacturing market. From September 18th to 22nd, undertaken by the China Construction Machinery Society, Hunan Association for Science and Technology, Changsha Construction Machinery Industry Association, Hunan Guozhong Zhilian Construction Machinery Research Institute, Hunan Mechanical Engineering Society, etc., the "Advanced Seminar on the Improvement of Professional Technology Transfer and Transformation Ability of Construction Machinery Intelligent Manufacturing" was held in Changsha, and more than 100 professional and technical personnel from the national construction machinery industry, scientific research and management personnel participated. Focusing on the new national strategic requirements and the characteristics of the construction machinery industry, this seminar offers training courses in the form of theme reports, seminars, academic exchanges, on-site teaching, on-site training, etc., so as to promote the technical personnel and management personnel in the field of construction machinery to improve their professional skills, improve their theoretical level, and help a new round of technology transfer and transformation in the field of construction machinery.

06 The second batch of digital transformation of small and medium-sized enterprises was launched

On September 14, the second batch of pilot enterprises for the digital transformation of small and medium-sized enterprises in Changsha's construction machinery industry held a roadshow for supply and demand docking. The event was hosted by Changsha Municipal Bureau of Industry and Information Technology, Changsha Enterprise Service Center, Industrial Development Bureau of Changsha Economic Development Zone Management Committee, Changsha Construction Machinery Industry Chain Office, Changsha Construction Machinery Industry Association, Hunan Guozhong Zhilian Construction Machinery Research Institute Co., Ltd., and co-organized by Sany Science and Technology City and Sany Zhongchuang Incubator. At present, the digital transformation of small and medium-sized enterprises in Changsha's construction machinery industry has formed a demand combing research model of "one enterprise and one table", and sorted out 69 needs, corresponding to 38 third-level scenarios. At the same time, more than 100 industry service providers have been brought together through the public service platform, and 159 digital solutions and products have been created. At the meeting, 6 integrated service providers in the construction machinery industry and 79 enterprises in the second batch of transformation implementation enterprises were accurately docked, and worked together to get through the pain points, difficulties and blockages in the process of digital transformation. At the event, 53 companies and service providers reached a contract of diagnosis intention.

07 Changsha construction machinery field added 3 "national teams"

On September 4, the SME Information Network announced the list of the sixth batch of specialized, special and new "little giant" enterprises. Hunan has 64 companies shortlisted. Among them, there are 35 enterprises in Changsha, accounting for about 55%. The shortlisted enterprises in Changsha occupy the mainstream in cutting-edge industries such as new materials, new energy, integrated circuits, artificial intelligence, and biomedicine, and three companies in the field of construction machinery, Hunan Lantian Intelligent Equipment Technology Co., Ltd., Hunan Zoomlion Emergency Equipment Co., Ltd., and Sunward Intelligent Special Equipment Co., Ltd. were selected.

08 Dynamic information of major construction machinery enterprises

3. Industry development and local dynamics

01 Indonesia Jakarta International Construction Machinery and Mining Machinery Exhibition was successfully held

From September 11 to 14, 2024, the Construction Indonesia & Mining Indonesia International Exhibition in Jakarta was grandly opened at the Jakarta Convention and Exhibition Center. Indonesia, as the largest economy and populous country in Southeast Asia, has invested heavily in infrastructure construction, real estate development and mining resources development in recent years, and the demand for construction machinery, construction equipment and mining machinery continues to rise. The exhibition is one of the largest and most influential industry events in Indonesia and even Southeast Asia. At the exhibition, more than 1,300 global mining equipment companies participated in the exhibition, including XCMG, Sany Heavy Industry, Zoomlion and other Chinese enterprises participated in the exhibition.

02 The first batch of 7 national standards for electric construction machinery was released

On August 5, at the on-site promotion meeting of the exchange of experience in the standardization and stability of electric construction machinery, the State Administration of Market Supervision (National Standards Committee) issued the first batch of 7 national standards for electric construction machinery, and the standards were implemented when they were released. This batch of standards covers all aspects of the industrial chain such as terminology, complete machine, energy consumption test methods, power battery safety, etc., and will focus on outstanding problems such as high energy consumption, high noise, and serious environmental pollution of traditional internal combustion engine construction machinery: on the one hand, it can standardize the technical requirements urgently needed for industrial transformation and development, unify upstream and downstream technical specifications, and open up the breakpoints and blocking points of industrial chain development; On the other hand, it also gives a unified technical basis and test specifications for the purchase and testing of equipment, which is conducive to accelerating the marketization process of electric construction machinery and laying a technical foundation for the upgrading of construction machinery and equipment.

03 China Construction Machinery Industry Association Remanufacturing and Recycling Branch was established

On August 31, the inaugural meeting of the Remanufacturing and Recycling Branch of China Construction Machinery Industry Association and the Construction Machinery Remanufacturing and Recycling Development Forum were held in Changshu, Jiangsu. More than 130 representatives from enterprises, institutions and scientific research institutes in the field of remanufacturing in the construction machinery industry attended the meeting. Su Zimeng, president of China Construction Machinery Industry Association, asked the remanufacturing and recycling branch to actively implement the circular economy promotion law and relevant system regulations after the establishment of the branch, give full play to the advantages, highlight the key points, strengthen the relevant standardization and level ability evaluation work, adhere to market leadership, accelerate collaborative innovation, and contribute to the further promotion of the development of circular economy.

04 The preparation of the "15th Five-Year Plan" of the machinery industry was launched

On September 13, the China Machinery Industry Federation organized a kick-off meeting for the preparation of the "15th Five-Year Plan" of the machinery industry in Beijing to deploy the relevant work of the planning. Xu Niansha, president of the China Machinery Federation, stressed that the preparation of the "15th Five-Year Plan" of the machinery industry should closely follow the characteristics of the times, one is to pay close attention to the changes in the international security environment and political environment, the second is to pay close attention to the profound changes in the global economic situation, and the third is to pay close attention to the changes in the global scientific and technological environment.

05 List of the first (set) major equipment of five enterprises in Xuzhou and Jiangsu Province

On September 19, the Jiangsu Provincial Department of Industry and Information Technology announced the list of the first (set) major equipment in Jiangsu Province in 2024, Xuzhou Xuzhou Dayi Heavy Forging Technology Co., Ltd., XCMG Construction Machinery Co., Ltd., Xuzhou Jing'an Heavy Industry Machinery Manufacturing Co., Ltd., XCMG Fire Safety Equipment Co., Ltd., Jiangsu Jitri Road Engineering Technology and Equipment Research Institute Co., Ltd. produced 20MN heavy-duty digital fast forging hydraulic equipment, XC9350 electric drive tire loader, TRD7095 chain knife wall-forming machine, XGS70K mobile lifting work platform and XZJ15120XGC (JTC400A) traffic cone collection engineering vehicle were selected.

4. Expert views

Goldman Sachs predicts that the domestic construction machinery market is expected to bottom out in 2024-2025

Recently, Goldman Sachs released a research report focusing on the capacity cycle of seven major industries: photovoltaic, lithium battery, new energy vehicles, air conditioning, steel, power semiconductors and construction machinery. These seven industries represent not only China's manufacturing industry (accounting for 6.6% of GDP in 2023), but also excess capacity (contributing 21.9% of GDP growth in 2023), and are also typical examples of manufacturing going overseas (the average share of overseas markets has grown rapidly from 27.0% in 2020 to 37.0% in 2023).

This research report comprehensively analyzes the operating status and development trends of the seven major industries from the aspects of the balanced relationship between market supply and demand, the average capacity utilization rate of the industry, cash flow, profit margin, debt ratio and capital expenditure. It also regards more than 50% of the enterprises in the industry as a "tipping point" for the industry to see the profitability and debt pressure (EBITDA interest coverage multiple less than five times) reaching a period when it cannot drive capital acquisition and expansion, and combining with the changing trend of the demand-side market (asset expenditure/sales) as the industry has bottomed out. Analyzing the current construction machinery industry with this analytical framework, the research report believes that: 1. Market supply and demand: In 2023, the construction machinery production capacity will be about 7.2 times the domestic market demand, 1.1 times the global demand, and the capacity utilization rate will be about 30.0%. 2. Business status: In the first quarter of 2024, the price of construction machinery products will be flat year-on-year, and 74.0% of enterprises will have zero or negative operating net cash flow. 3. Enterprises going overseas: In 2023, the supply of China's construction machinery products will account for 33.0% of the world's total supply, and the export volume will account for 53.0% of the production capacity; Compared to 2020, the export volume in 2023 has doubled, and the overseas market share has increased from 11.0% to 21.0%, of which 21.0% of the products are sold to the United States and the European Union. 4. Overseas market competitiveness: the production cost of domestic construction machinery is 8.0%~46.0% lower than that of overseas counterparts on average; 5. Industry development prospects: With the stabilization of new real estate starts and the industry entering the equipment renewal cycle, the domestic market demand is expected to bottom out in 2024-2025. However, with equipment replacement being the only supporting factor, the level of normalization demand is likely to be lower than in previous years. Structural oversupply will continue. Brief comment: The domestic market demand for construction machinery will bottom out in 2024-2025, which is already the consensus of most practitioners in the industry. From January to July, the domestic sales of excavators were 59,600 units, a year-on-year increase of 6.23%; The domestic sales of loaders were 33,400 units, and the year-on-year decline narrowed to 0.36%. Obviously, from the domestic sales data of major products such as excavators and loaders, the domestic market demand for construction machinery has bottomed out.

Ye Jingsheng: The future service model of construction machinery

The economic downturn, overcapacity, and the adjustment of the real estate industry have led to the shrinking of the construction machinery market, the price war has intensified, and the loss of customers in the market after the service is serious. On the one hand, OEMs can rely on data to understand customer behavior, reach users more easily through apps and social media, and further reduce their dependence on agents. On the other hand, electrification has further shrunk the aftermarket potential, and there is less room for single-brand agents to survive. After electrification, the price war is more fierce, and the demand for services is reduced, so OEMs have to ask themselves a heart-wrenching question: "What value can dealers bring us?" That's right, service is an important reason why OEMs need dealers. Unfortunately, Chinese agents generally do not pay attention to service, and the characteristics of service fragmentation and inefficiency make it extremely difficult for the service to break even, let alone expect the aftermarket to make money. Due to the scattered construction and remote location, it is often a few hours on the road and a few minutes of maintenance, if it is not possible to take into account the timeliness and profitability, it is difficult for a single brand agent to bear the high cost of service, and the customer cannot afford the high price of service. In the future, multi-brand services can increase revenue, improve the problem of fragmentation and inefficiency to a certain extent, and are the sustainable development of customer service. From 2016 to 2017, the author started a business on the "Started" service platform, and did more than 50 brands of excavator maintenance services, and achieved good economic benefits. In addition, the use of the Internet platform combined with the remote service support system can ensure the timely response to customer needs, through the automatic matching of accessories and technicians, to find local resources at the fastest speed, and to provide services in the most economical way to meet customer needs.

Editors: Chen Jinxia and Zhou Lingmin

Contact number: 0731-86848083, 18008486910

E-mail address: chenjx@gzzl.ac.cn

Mailing address: No. 3, East Third Road, Economic Development Zone, Changsha City, Hunan Province