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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 (CYD) announced two innovative powertrain systems at the 2021 China International Agricultural Machinery Exhibition. The IE-Power hybrid powertrain, designed for heavy-duty tractors, boosts performance by 10%-30% while lowering fuel consumption. YCK16, a diesel engine suitable for large agricultural applications, offers 580-775 horsepower and complies with National VI emissions standards. President Weng Ming Hoh highlighted the company's commitment to technologies that meet growing agricultural demands, indicating a strategic advantage in a transitioning market.
China Yuchai International Limited (NYSE: CYD) announced a collaboration through its subsidiary, Yuchai Xin-Lan New Energy Power Technology, with Beijing Xing Shun Da Bus Co., Ltd. to develop hydrogen energy applications in Beijing, Tianjin, and Hebei. This initiative includes forming a joint venture to manufacture fuel cell powertrain systems for diverse applications. President Weng Ming Hoh emphasized the project's alignment with increasing energy demand and sustainable solutions.
China Yuchai International Limited (NYSE: CYD) announced a partnership with the Government of Nanning Municipality to enhance production capacity for new energy technologies. This initiative is spearheaded through the establishment of Yuchai Xin-Lan New Energy Power Technology Co., Ltd. with an investment of RMB 500 million. The project focuses on developing hydrogen fuel cell buses and electric power technologies for various sectors including public transportation and logistics, marking a significant step towards sustainable energy solutions.
China Yuchai International Limited (NYSE: CYD) reported a 26.8% increase in revenue for the first half of 2021, reaching RMB 12.6 billion (US$ 2.0 billion). While gross profit rose to RMB 1.6 billion (US$ 251.4 million), the gross margin fell to 12.9% from 14.8% the previous year. Operating profit decreased by 18.5% to RMB 499.8 million (US$ 77.4 million), translating to earnings per share of RMB 6.21 (US$ 0.96), down from RMB 7.48. Total engines sold increased by 33.8% to 285,342 units, and cash dividends of US$1.70 per share were paid in July 2021.
China Yuchai International Limited (NYSE: CYD) will release its 2021 unaudited first half financial results on August 11, 2021, before markets open. A conference call, hosted by President Weng Ming Hoh and CFO Choon Sen Loo, will occur at 8:00 A.M. EDT the same day. Analysts and investors can dial in or access a webcast via the company's website. Founded in 1951, China Yuchai's subsidiary, Guangxi Yuchai Machinery Company Limited, is a leading engine manufacturer in China, producing various engines and diesel power generators.
China Yuchai International Limited (NYSE: CYD) announced that all resolutions from its June 22, 2021, Notice of Annual General Meeting were approved during its virtual meeting held on July 23, 2021. The company, through its subsidiary Guangxi Yuchai Machinery Company Limited, is a leading manufacturer of engines for various applications in China. In 2020, it sold 430,320 engines, showcasing a strong market presence and reliable after-sales support. China Yuchai emphasizes forward-looking statements regarding its operations and potential risks, including the impact of the COVID-19 pandemic.
China Yuchai International Limited (NYSE: CYD) has announced its upcoming Annual General Meeting (AGM) scheduled for July 23, 2021, at 8:00 a.m. EDT, which will be conducted virtually due to COVID-19 restrictions. Shareholders listed as of June 7, 2021 can attend and vote online using a unique control number. Key agenda items include the adoption of audited financial statements for the year ending December 31, 2020, approval for an increase in directors' fees, re-election of directors, and appointment of independent auditors. Further details are elaborated on their investor relations website.
China Yuchai International Limited (NYSE: CYD) announced a cash dividend of US$1.70 per ordinary share for the fiscal year ended December 31, 2020. This dividend will be paid on July 8, 2021, to shareholders of record as of the close of business on June 29, 2021. The company, a major manufacturer of engines for various applications in China, sold 430,320 engines in 2020 and maintains significant market share. The announcement reflects the company's commitment to returning value to its shareholders.
On June 3, 2021, China Yuchai International Limited (CYD) announced the resignation of Chief Financial Officer Dr. Thomas Phung Khong Fock, effective June 1, 2021. Appointed as his successor is Mr. Loo Choon Sen, who brings over 23 years of financial experience, having recently worked with Schlumberger Limited and TechnipFMC. The board expressed gratitude for Dr. Phung's contributions since 2016 while welcoming Mr. Loo to advance the company's financial operations.
China Yuchai International Limited (NYSE: CYD) has entered a strategic partnership with Guangxi Shenlong Automobile Manufacturing to develop new energy vehicles. This collaboration focuses on integrating Yuchai's advanced powertrain systems, including the ISG power generation and e-CVT hybrid systems, to enhance product offerings. The partnership aims to utilize both companies' supply chains, particularly targeting growth in southeast Asian markets. Yuchai’s established presence in supplying various energy systems has already seen success with recent deliveries of new energy buses to local transit operators.
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