XUZHOU, China, July 12, 2024 /PRNewswire – XCMG Machinery (SHE: 000425, "XCMG") has secured the 63rd position in the "China’s 500 Most Valuable Brands 2024" by World Brand Lab, with a brand value of CNY 127.136 billion (USD $17.474 billion). This achievement marks its eleventh consecutive year at the top of the construction machinery sector, reflecting its sustained leadership and innovative strategies.
XCMG Machinery Ranks 63rd in China’s Most Valuable Brands 2024, Leads Construction Equipment Industry for 11th Year
The ranking by World Brand Lab is based on comprehensive analysis, including consumer research, competitive analysis, and forecasts of future corporate revenue. Adjusted annual business revenue, brand added-value index, and brand strength coefficient are key metrics used in this evaluation. Celebrating its 21st year of reporting in 2024, the entry threshold has risen from CNY 500 million to CNY 38.26 billion since inception.
Dr. Steve Woolgar, Chairman of the Academic Committee of World Brand Lab and Emeritus Professor of Marketing at University of Oxford, said, "Over the past 20 years, I have witnessed the remarkable rise of Chinese brands, some of which have already had a strong global influence."
XCMG Machinery exemplifies this trend with operations extending to over 190 countries and regions along the Belt and Road initiative routes. The company boasts more than six million followers on social media, showcasing a dynamic branding style frequently featured at major international events.
The World Brand Lab assesses brand loyalty through the use of iTrust Rating’s evaluation data. It gauges brand leadership, notably in ESG (Environmental, Social, and Governance) aspects, by referencing the ESG database of SuperFinance. Furthermore, it leverages carbon emission evaluations by Carboncare International to push for the implementation of a "carbon emission score" label on brands.
In terms of sustainability measures taken by XCMG Machinery as part of their commitment to environmental stewardship:
In 2022, the Company launched an PoA for peak carbon and carbon neutrality, outlining and detailing planning, implementation and actual safeguard measures of sustainable transformation paths. In 2023 alone, new energy usage accounted for approximately 19.64%. Charging stations provided about 804906.89 kWh to external users. Reductions included wastewater by approximately 86,207.25 tons and waste gas emissions by around 16,599,903 cubic meters. Compliance with hazardous waste treatment reached 100%.
To further promote sustainable business practices globally, XCMG released its Environmental Social Governance Report for 2023.
Where more detailed information can be learned at https://www.xcmgglobal.com/.
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