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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$40 million or four million shares, funded through operating cash flow and existing cash reserves.
China Yuchai's strategic direction and robust financial health underscore its potential for sustainable growth and its pivotal role in the engine manufacturing sector. For more information, please visit http://www.cyilimited.com.
China Yuchai International Limited (NYSE: CYD) reported its unaudited financial results for the second half (2H) and full fiscal year (FY) of 2022. Revenue for 2H 2022 was RMB 7.5 billion (US$ 1.1 billion), down from RMB 8.6 billion in 2H 2021. Total engine sales decreased by 18.1% to 140,345 units. Despite lower sales, gross profit remained stable at RMB 1.3 billion, with a gross margin increase to 17.0%. For FY 2022, revenue dropped to RMB 16.0 billion (US$ 2.3 billion) from RMB 21.3 billion in FY 2021. Basic earnings per share were RMB 3.06 (US$ 0.44) compared to RMB 0.46 in 2H 2021. The company maintains a strong balance sheet amid challenging market conditions.
China Yuchai International Limited (NYSE: CYD) announced the appointment of Mr. Wong Hong Wai as a Director, effective March 1, 2023. Mr. Wong brings over 35 years of experience across China, Germany, Japan, Singapore, Switzerland, and the U.S. He previously held significant roles at General Motors, including M&A, strategic alliances, and risk management. His expertise is expected to enhance the company's future success. With this appointment, the board comprises 10 members, including three independent directors. Mr. Wong's qualifications include a Bachelor's in Engineering and an MBA from the National University of Singapore.
On February 9, 2023, China Yuchai International Limited (NYSE: CYD) announced new investments aimed at expanding its subsidiary, Yuchai Xin-Lan New Energy Power Technology Co., Ltd.. Three unrelated investors have committed a total of RMB 70 million, enhancing working capital for developing high-power electric drive systems and hybrid technologies. Currently, Yuchai Xin-Lan is 87.7% owned by Guangxi Yuchai Machinery Company Limited (GYMCL). The funds will support production capacity for innovative energy technologies, including fuel cell systems and electric drive systems.
China Yuchai International Limited (NYSE: CYD) will release its 2022 unaudited second half and full year financial results on February 23, 2023, before market open. An earnings conference call is scheduled for 8:00 A.M. EST on the same date, hosted by President Weng Ming Hoh and CFO Choon Sen Loo. Analysts must register in advance, while others can access a live webcast via the investor relations section of the company's website. China Yuchai, through its subsidiary, Guangxi Yuchai Machinery Company Limited, produces a range of engines and diesel generators, having sold 456,791 engines in 2021.
China Yuchai International Limited (NYSE: CYD) announces the successful delivery of hybrid engines for gas-electric buses produced by Yutong Group Co., Ltd. in Nanjing. These buses, powered by Yuchai's YCA07N model, enhance public transport with low emissions and comfort. More than 1,200 units have been ordered by a long-time customer, highlighting Yuchai's reputation for reliability and performance in the hybrid engine market. The YCA07N engines, with a power range of 190-260 horsepower, also secure orders in major cities, reinforcing Yuchai's market presence.
China Yuchai International Limited (NYSE: CYD) announced the transfer of its subsidiaries, Guangxi Yuchai Deyou Engine Systems Co., Ltd. and MTU Yuchai Power Company Limited, to its wholly owned subsidiary, Guangxi Yuchai Marine and Genset Power Co., Ltd. This restructuring aims to consolidate marine and power genset operations, enhancing product lines and service offerings. GYMCL, the operating subsidiary, is a leading engine manufacturer in China, selling 456,791 engines in 2021 and serving various sectors including automotive and marine applications.
China Yuchai International Limited (NYSE: CYD) announces that its subsidiary, Guangxi Yuchai Machinery Company Limited (GYMCL), has been removed from the U.S. Department of Commerce's Unverified List. This update follows previous communications in October and December 2022. GYMCL continues its operations without major impacts to its supply chain. The company is recognized as a leading engine manufacturer in China, having sold 456,791 engines in 2021. For further inquiries, investor relations can be contacted via email or phone.
On December 5, 2022, China Yuchai International Limited (NYSE: CYD) announced an update regarding its subsidiary, Guangxi Yuchai Machinery Company Limited (GYMCL). Following a previous release on October 16, 2022, the U.S. Department of Commerce conducted an end-use check on GYMCL. As of this announcement, GYMCL continues to operate normally without any major supply chain disruptions. The Company remains committed to providing updates on any significant developments in the future.
China Yuchai International Limited (NYSE: CYD) announced that its subsidiary, Guangxi Yuchai Machinery Co., Ltd. (GYMCL), has been added to the U.S. Department of Commerce's Unverified List. This action was taken due to an inability to verify GYMCL's operations satisfactorily. Despite this addition, GYMCL's business continues to operate normally without significant supply chain disruptions. U.S. exporters engaging with GYMCL will need to perform additional due diligence. The company will inform stakeholders of material developments as they arise.
China Yuchai International Limited (NYSE: CYD) announced a significant order for 100 heavy-duty truck engines from Jianghuai Heavy Duty Truck (JAC HD Truck) on September 15, 2022. The order includes YCK08 and YCK11 engines for JAC HD Truck's 8×4 heavy-duty trucks, dump trucks, and 6×4 semi-trailers. These engines comply with National VI emission standards. The partnership with JAC HD Truck highlights the engines' low fuel consumption and high reliability, gaining recognition in the northern China market.
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