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China Yuchai International Ltd. (NYSE: CYD) is a Bermuda holding company renowned for its significant contributions to the engine manufacturing industry. As a subsidiary of the Singapore-based Hong Leong Asia, China Yuchai operates predominantly through its majority-owned subsidiary, Guangxi Yuchai Machinery Company Limited (GYMCL). Established in 1951, GYMCL engages in the production, assembly, and distribution of a broad range of light, medium, and heavy-duty diesel engines. These engines cater to a variety of applications, including trucks, buses, passenger vehicles, construction equipment, marine vessels, and agricultural machinery.
China Yuchai's product portfolio extends beyond diesel engines to include natural gas and hybrid engines. The company has also ventured into new energy solutions, significantly contributing to the global push for environmentally sustainable technologies. A recent notable project includes the development of a ferroalloy off-gas power generation system designed to harness hazardous gases emitted during silicon-manganese alloy production. This innovation not only mitigates greenhouse gas emissions but also enhances industrial safety and energy efficiency.
In 2023, GYMCL sold over 313,493 engines, cementing its status as a leading engine manufacturer in China. Through regional sales offices and authorized customer service centers, the company ensures widespread distribution and robust after-sales support across the country. GYMCL's commitment to research and development has fostered a reputable brand name known for high-quality and reliable products. This dedication is reflected in their financial performance, with a revenue of RMB 18.0 billion (US$ 2.5 billion) and a gross profit margin of 16.2% for FY 2023.
China Yuchai is actively involved in strategic partnerships and equity incentive plans aimed at aligning employee interests with long-term company growth. Their recent initiatives include the appointment of key personnel to the Audit and Compensation Committees, and an equity incentive plan for employees of GYMCL and its subsidiaries. Additionally, the company's focus on green energy solutions is evident with the debut of hydrogen fuel cell buses in Beijing, developed through a joint venture with Beijing Xing Shun Da Bus Co., Ltd.
Financially, China Yuchai maintains a strong balance sheet, enabling continued investment in innovative technologies and market expansion. The company has also announced a share buyback plan, authorizing repurchases up to US$40 million or four million shares, funded through operating cash flow and existing cash reserves.
China Yuchai's strategic direction and robust financial health underscore its potential for sustainable growth and its pivotal role in the engine manufacturing sector. For more information, please visit http://www.cyilimited.com.
China Yuchai International (NYSE: CYD) has announced a significant advancement in the wind energy sector through its subsidiary, Guangxi Yuchai Foundry Company The company has launched the QT700-10 turbine fan main shaft, developed using proprietary high-strength and high-elongation ductile iron material.
Key points:
- The first batch of QT700-10 shafts has been successfully tested for 6 months
- Production capacity expanded to 1,000 units annually
- 15%-30% weight reduction compared to conventional products
- Compatible with wind turbines of 5MW capacity and above
- A 5MW turbine can generate 5,000 kilowatt-hours of electricity per hour
This innovation demonstrates China Yuchai's commitment to advancing clean energy technology and expanding its offerings in the renewable energy sector.
China Yuchai International (NYSE: CYD) has announced its Annual General Meeting (AGM) on August 7, 2024, at 9:00 a.m. (Singapore Time) at the Grand Copthorne Waterfront Hotel Singapore.
Shareholders will discuss and vote on several key matters, including the adoption of the audited financial statements for the year ended December 31, 2023, and increasing the Directors' fee limit from $250,000 to $552,384. Additional agenda items include re-electing Directors, authorizing the Board to fill vacancies, and re-appointing Ernst & Young LLP as the independent auditors.
Shareholders registered as of June 21, 2024, can attend and vote. Proxy voting is also available with instructions to be followed as per the proxy form.
China Yuchai International (NYSE: CYD) announced a share buyback plan approved by its Board of Directors. The company may repurchase up to $40 million or 4 million of its ordinary shares, whichever comes first, through open market purchases, private negotiations, or other legal means. The buybacks will be funded from the company's operating cash flow and existing cash balance. This plan aims to optimize shareholder value and can be adjusted, suspended, or discontinued at any time. The repurchased shares will be held as treasury shares.
China Yuchai International (NYSE: CYD) announced the approval of two equity incentive plans for its subsidiaries, Guangxi Yuchai Machinery Company (GYMCL) and Guangxi Yuchai Marine and Genset Power (MGP). The plans will increase MGP's registered capital by RMB28 million (US$3.94 million), representing 6.54% of MGP's equity. Selected employees of GYMCL will contribute RMB82.88 million (US$11.66 million) to acquire this equity at RMB2.96 per RMB1.0 registered capital. The equity plans will take effect upon GYMCL shareholders' approval on June 20, 2024. The plans aim to align employee interests with long-term company growth. An estimated share-based expense of RMB48.81 million (US$6.87 million) will be amortized over six years.
On May 21, 2024, China Yuchai International launched 50 green energy buses equipped with Yuchai Xingshunda hydrogen fuel cells in Beijing. These buses utilize Yuchai's 82kW and 125kW hydrogen fuel cell systems, which offer over 43% and 45% energy efficiency respectively and a service life of over 15,000 hours. The 82kW system is suitable for lighter vehicles while the 125kW system is for heavier applications. This initiative aligns with China's 'double carbon' goal, aiming for higher energy efficiency, zero emissions, and low noise. The launch signals the company's commitment to advancing hydrogen technology and sustainable transportation.
China Yuchai International (NYSE: CYD) announced that its subsidiary, Yuchai, has been appointed as a Committee Member of the new Hydrogen Combustion Engine Innovation Consortium. This Consortium aims to develop hydrogen combustion engines for various industries in line with China's 'double carbon' goals. Yuchai's expertise in hydrogen combustion engines has led to its appointment, with a focus on contributing to China's low-carbon and zero-carbon internal combustion engine development.
Yuchai has been a pioneer in hybrid power systems and new energy products, releasing several new energy power system products in 2019. The company's engines using alternative fuels like hydrogen will support China's emission reduction goals. At the 2024 World Internal Combustion Engine Conference, Yuchai showcased its progress in hydrogen engine research and development, aligning with China's carbon neutrality objectives.
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