Producer
Jiangsu Hengli Hydraulic Co., Ltd.
Changzhou, Jiangsu-based Chinese hydraulic components company (Shanghai Stock Exchange: 601100); founded 1990. ~$1.42B trailing twelve-month revenue (Sep 2025); $21.3B market cap. World's largest manufacturer of hydraulic cylinders for excavators (~30% global excavator cylinder market share). Also produces piston pumps, hydraulic motors, mobile control valves, industrial hydraulic valves, cartridge valves, electric drives/controls, precision castings. Agriculture and forestry machinery is a stated target sector alongside construction, tunnel boring, mining. Primarily serves Chinese ag OEM market (XCMG, SANY, Zoomlion, domestic tractor OEMs) with growing international exports to 20+ countries. Entry into rotary pumps/motors is more recent; cylinder dominance is core position.
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Inputs supplied
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Goods downstream
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Stories
What they make
1 input Jiangsu Hengli Hydraulic Co., Ltd. supplies
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What else they do
Business segments
The company's full revenue map — where this supply-chain role fits within their broader business.
Hydraulic Cylinders
55%Hydraulic Pumps & Motors
20%Hydraulic Valves & Controls
15%Electric Drives & Precision Castings
10%
Intelligence
What's known
Sourced claims about this company's role in supply chains — chokepoints, concentration, incidents, dual-use connections.
Did you know2023
Hengli Hydraulics cylinders appear in three distinct supply chains that US policymakers treat as entirely separate: agricultural machinery (tractor implement-lift cylinders for Chinese OEMs exported globally), construction equipment (30% global excavator cylinder market), and tunnel boring machines (TBM shield push cylinders). A single US tariff action targeting Chinese hydraulic components would simultaneously raise costs for agricultural equipment serving US farmers, construction equipment for US infrastructure projects, and the underground infrastructure projects that rely on TBMs for subways and water systems. The three procurement communities -- farm equipment buyers, construction contractors, and civil infrastructure agencies -- have no shared lobbying voice and are unlikely to coordinate against such a tariff. Hengli's cross-sector footprint creates a hidden aggregate exposure that no single-sector analysis would reveal.
Jiangsu Hengli Hydraulic Co., Ltd. ↗Concentration2022
Jiangsu Hengli Hydraulic (Changzhou, China) controls approximately 30% of the global market for excavator hydraulic cylinders — the most concentrated single-company position in any major hydraulic component sub-segment. At $21.3B market cap with $1.42B revenue, Hengli is valued at a 15x sales multiple, reflecting the market's belief in its structural dominance. For agricultural equipment, Hengli primarily supplies Chinese OEMs with implement-lift and steering cylinders. As China continues to export more agricultural machinery, Hengli's cylinders follow those machines globally — creating indirect Western ag equipment exposure to a Chinese company with ~30% of a critical subsystem market.
Morningstar Equity Research ↗Origin2023
Jiangsu Hengli Hydraulic was founded in 1990 in Changzhou, Jiangsu -- the same manufacturing corridor that produces roughly 60% of China's textile machinery and a significant share of its industrial equipment. Founder Tang Yujun started the company as a small hydraulic cylinder workshop during Deng Xiaoping's coastal opening, riding the 1990s Chinese construction boom. Hengli went public on the Shanghai Stock Exchange in 2009 and used capital market access to systematically acquire German and Japanese hydraulic technology licenses. By 2015 it had achieved 30% global market share in excavator cylinders -- the most concentrated position held by any single company in any major hydraulic sub-segment worldwide. The $21B market capitalization reflects not just revenue but the market's recognition that Hengli holds a structural position in infrastructure spending globally: if an excavator is digging anywhere in the world, there is a 30% chance a Hengli cylinder is doing the digging.
Jiangsu Hengli Hydraulic Co., Ltd. ↗