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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$40 million or four million shares, funded through operating cash flow and existing cash reserves.
China Yuchai's strategic direction and robust financial health underscore its potential for sustainable growth and its pivotal role in the engine manufacturing sector. For more information, please visit http://www.cyilimited.com.
On May 14, 2021, China Yuchai International Limited (NYSE: CYD) announced the appointment of Mr. Li Hanyang as a Director, effective May 12, 2021. He replaces Dr. Han Yiyong, who retired on April 30, 2021. Mr. Li has a long history with the company, having served in various key roles since 1993, and he is currently the Chairman of the Board for GYMCL, its main operating subsidiary. China Yuchai continues to manufacture and sell a wide range of engines and power generators, achieving significant market share in China.
On March 17, 2021, China Yuchai International Limited (NYSE: CYD) announced the appointment of Mr. Li Hanyang as Chairman of its operating subsidiary, Guangxi Yuchai Machinery Company Limited (GYMCL), effective March 11, 2021. Mr. Li, a long-time employee with extensive management experience in engineering and production, replaces retiring Chairman Mr. Yan Ping. GYMCL, established in 1951, is a leading manufacturer of various engines in China, having sold 430,320 engines in 2020. The Board is optimistic that Mr. Li's expertise will aid in achieving strategic objectives.
China Yuchai International Limited (CYD) reported its 2H 2020 and FY 2020 unaudited financial results. 2H 2020 revenue rose by 18.1% to RMB 10.6 billion (US$ 1.6 billion), driven by a 31.8% increase in engine sales to 217,138 units. However, net earnings decreased by 6.4% to RMB 243.2 million (US$ 37.3 million). For FY 2020, revenue increased by 14.2% to RMB 20.6 billion (US$ 3.2 billion), but gross margin declined to 15.5%. R&D expenses grew significantly, reflecting ongoing development of new engine technologies.
China Yuchai International Limited (NYSE: CYD) will release its 2020 unaudited second half and annual financial results on February 24, 2021, before market opens. A conference call for analysts and investors is scheduled for the same day at 8:00 A.M. EST. The call will be hosted by the President and CFO, Weng Ming Hoh, alongside Dr. Thomas Phung, discussing financial results and business outlook. Interested parties can join via phone or access a webcast at the company’s website. GYMCL, a subsidiary, is a leading manufacturer of engines in China.
China Yuchai International Limited (CYD) reported preliminary Q3 and nine-month results for 2020, showing significant revenue growth amid COVID-19 challenges. For Q3, revenue reached RMB 5.4 billion, up from RMB 3.3 billion in 2019. Unit sales surged to 118,488 engines compared to 70,140 last year. Net earnings attributable to shareholders rose to RMB 108.4 million, up from RMB 50.3 million. For the first nine months, revenue increased to RMB 15.4 billion, with net earnings of RMB 414.1 million versus RMB 395.3 million in 2019.
China Yuchai International Limited (NYSE: CYD) has revised its financial reporting schedule from quarterly to semi-annual and annual reporting. The next financial results will be released in 2021 for H2 2020 and the fiscal year ending December 31, 2020. The Board of Directors believes this change will enhance focus on long-term strategic goals amidst evolving automotive technology. The Company remains dedicated to long-term shareholder value and compliance with SEC and NYSE regulations.
On August 31, 2020, China Yuchai International Limited (NYSE: CYD) appointed Mr. Stephen Ho Kiam Kong as a new director. He brings extensive experience from his roles as CEO of Hong Leong Asia Ltd and former CFO at Wilmar International. Mr. Ho has a proven track record in financial management and holds significant knowledge of the Chinese market. His appointment enhances the board, which now consists of nine members, including three independent directors. The board believes Mr. Ho's expertise will contribute positively to the company's strategic direction.
China Yuchai International Limited (CYD) reported robust financial results for Q2 2020, with revenue soaring by 34.7% to RMB 6.5 billion ($925.2 million), and net earnings up 66.4% to RMB 244.7 million ($34.6 million). The gross margin was 14.5%, slightly lower than 14.7% in Q2 2019. Total engines sold increased 32.0% to 145,278 units. For H1 2020, revenue rose by 10.3% to RMB 10.0 billion ($1.4 billion), though net profit decreased to RMB 305.7 million ($43.2 million).
The company continues to invest in R&D, focusing on advanced engine standards.
China Yuchai International Limited (NYSE: CYD) will announce its unaudited second quarter 2020 financial results on August 12, 2020, before market opening. The announcement will be followed by a conference call at 8:00 A.M. EDT, featuring President Weng Ming Hoh and CFO Dr. Thomas Phung discussing results and future outlook. Interested participants can join via dial-in or audio webcast. China Yuchai, through its subsidiary GYMCL, is a major manufacturer of engines for various applications in China, selling 376,148 engines in 2019.
China Yuchai International Limited (NYSE: CYD) announced the resignation of Mr. Tan Eng Kwee as a Director, effective immediately. Mr. Tan's departure includes leaving his non-voting observer role on the Audit Committee as of July 20, 2020. He joined the Board in 2019, and the Board expressed gratitude for his contributions. China Yuchai, through its subsidiary GYMCL, is a leading manufacturer and distributor of engines in China, including diesel and hybrid engines, with a significant market share.
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