[Total Excavator Sales in May Increased by 2.1%, Domestic Sales Fell Short of Expectations] According to statistics from the China Construction Machinery Industry Association, a total of 18,202 excavators of various types were sold in May 2025, up 2.1% YoY. Among them, domestic sales reached 8,392 units, down 1.5% YoY, while exports stood at 9,810 units, up 5.4% YoY. In May, domestic excavator sales fell 1.5% YoY, with the growth rate declining by 17.8 percentage points from the previous value, falling short of expectations. The main reasons were the overconsumption of demand due to high sales growth at the beginning of the year and the weakening of the operating rate of construction machinery, which affected confidence on the demand side. Although domestic excavator sales fell YoY in May, sectors such as real estate and infrastructure have shown a marginal improvement trend since the beginning of the year. Meanwhile, with policy support, replacement demand is also expected to accelerate, and domestic excavator sales for the whole year are expected to maintain growth.