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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) announced the successful integration of its 3.5-ton electric drive axle in an EV light-duty bus through its subsidiary Yuchai Xin-Lan. This marks its entry into the full electric light-duty bus market in Nanning, set for rollout in Q3 2022. Additionally, the Yuchai 300kW powertrain system is featured in China’s first smart mining truck, enhancing payload efficiency and reducing emissions. The company is optimistic about growth in these sectors, as indicated by President Weng Ming Hoh.
On September 12, 2022, China Yuchai International Limited (NYSE: CYD) announced the dissolution of its subsidiary, Vietnam Yuchai Machinery Services Co., Ltd. This decision stems from a restructuring initiative aimed at optimizing overseas operations. Following this change, sales to the Vietnamese market will now be managed through the headquarters of Guangxi Yuchai Machinery Company Limited (GYMCL). GYMCL, a leading engine manufacturer in China, produced 456,791 engines in 2021, showcasing its significant market presence.
China Yuchai International Limited (NYSE: CYD) reported its unaudited financial results for 1H 2022, revealing a 32.2% decline in revenue to RMB 8.6 billion (US$1.3 billion). Despite this decrease, gross profit increased to RMB 1.4 billion with a gross margin improvement to 15.9%. Net profit dropped to RMB 93.7 million (US$14 million), with EPS at RMB 2.29 (US$0.34), down from RMB 6.21 last year. Engine sales plummeted by 36.6% to 180,911 units. The company maintained stable cash reserves, paying dividends of US$0.40 per share in July.
China Yuchai International Limited (NYSE: CYD) will release its 2022 unaudited first half financial results on August 10, 2022, before the market opens. The earnings call is scheduled for 8:00 A.M. EDT, featuring President Weng Ming Hoh and CFO Choon Sen Loo presenting the financial results and business outlook. A Q&A session will follow the presentation. Participants can register for the call via a provided link, and a webcast will be accessible through the company's investor relations page.
China Yuchai International Limited (NYSE: CYD) announced the successful passing of all resolutions at its virtual Annual General Meeting held on July 22, 2022. The meeting followed the Notice of Annual General Meeting dated June 21, 2022. China Yuchai, through its subsidiary, Guangxi Yuchai Machinery Company Limited, is a leading manufacturer of various engines in China, having sold 456,791 engines in 2021. The company specializes in engine production for vehicles and machinery, including diesel, natural gas, and hybrid varieties.
China Yuchai International Limited (NYSE: CYD) has launched the YCK16H, the largest hydrogen internal combustion heavy-duty engine in China, featuring a 15.93-liter displacement and 560 horsepower. This engine is designed for various commercial vehicles and utilizes advanced technologies like high-pressure direct injection and twin scroll turbocharger for improved performance. The YCK16H accommodates multiple hydrogen fuel types, supporting China's goal for reduced emissions. This follows the previous launch of the YCK05H engine in December 2021, underpinning China Yuchai's commitment to clean energy solutions.
China Yuchai International Limited (NYSE: CYD) has declared a cash dividend of US$0.40 per ordinary share for the fiscal year ending December 31, 2021. This dividend will be paid to shareholders on July 15, 2022, with a record date of July 6, 2022. The company, via its subsidiary Guangxi Yuchai Machinery Company Limited, specializes in manufacturing a wide range of engines and diesel generators, achieving sales of 456,791 engines in 2021.
China Yuchai International Limited (NYSE: CYD) will hold its Annual General Meeting virtually on July 22, 2022, at 8:00 A.M. New York Time. Shareholders registered by May 31, 2022, can attend online. Key agenda items include adopting the financial statements for the year ended December 31, 2021, approving an increase in Directors' fees from US$250,000 to US$538,493, re-electing retiring Directors, and reappointing Ernst & Young LLP as auditors. Shareholders are encouraged to vote online before the meeting.
China Yuchai International Limited (NYSE: CYD) announced the formation of a new joint venture, Suzhou Yuxing Automobile Technology Co., Ltd., to enhance engine services across China. The joint venture, owned by various partners including Guangxi Yuchai Machinery Monopoly Development Co., Ltd. (30% stake), aims to improve service platforms for vehicles powered by Yuchai engines. The total registered capital is RMB 5 million. President Weng Ming Hoh emphasized the venture will foster better customer relationships.
China Yuchai International Limited (NYSE: CYD) announced that its YCA05210-D40 engine has been certified for off-road Tier 4 emission standards, effective December 2022. This model, offering a maximum power of 140kW, targets the communication, power, industrial, and mining sectors. The YCA05 series utilizes advanced emission technologies to significantly reduce pollutants while promoting energy efficiency. President Weng Ming Hoh emphasized the commitment to expanding their Tier 4 engine portfolio to enhance air quality and address market demands in China.
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