智通财经APP获悉，周五，玉柴国际(CYD.US)涨逾6%，报27.31美元。财报显示，2025年上半年，玉柴 国际营收同比增长34%至138亿元，毛利同比增长30.3%至18亿元；利润同比增长58.9%至5.35亿元。基 本和摊薄后每股收益同比增长65.8%至9.75元。发动机总销量同比增长29.9%至25.04万台。 ...

Financial Data and Key Metrics Changes - Revenue increased by 34% year over year to RMB 13.8 billion or $1.9 billion [7] - Gross profit rose by 30.3% year over year to RMB 1.8 billion or $257 million [7] - Operating profit increased by 42.3% year over year [7] - Profit attributable to equity holders rose by 52.2% year over year [21] - Earnings per share increased by 65.8% year over year to RMB 9.75 or $1.36 [22] Business Line Data and Key Metrics Changes - Truck and bus engine unit sales rose by 38% year over year [15] - Truck engine sales increased by 44.3% year over year, while heavy-duty truck market unit sales declined by 2.8% [8][16] - Overall bus engine unit sales increased by 8.9% year over year, contrasting with a 7.5% decline in the overall market [10][17] - Off-road market unit sales increased by 17.5% year over year, driven by a 31.5% increase in marine and power generation engine sales [10][18] Market Data and Key Metrics Changes - The truck and bus unit market sales, excluding gasoline and electric vehicles, declined by 2.6% year on year [8] - The heavy-duty truck segment experienced a negative growth of 2.8% year over year [9] - The overall market for daily duty bus unit sales declined by 30.5% [10] Company Strategy and Development Direction - The company views international markets, particularly the ASEAN region, as important drivers for future sales growth [13] - The company is enhancing its power generation business to service additional customers and application requirements [11] - Research and development is focused on new energy products, including alternative fuels such as hydrogen and methanol [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in future revenue, profits, and cash flow generation, as evidenced by a cash dividend of $50 per share [13] - The company is optimistic about maintaining its market share in the data center engine segment, which is currently above 10% [33] - Management noted that the demand for data center engines is strong, and they are cautious about expanding capacity due to market dynamics [58] Other Important Information - Cash and bank balances increased to RMB 7.8 billion or $1.1 billion [22] - Research and development expenses increased to RMB 551.7 million or $37.1 million, representing 4% of revenue [19] - Selling, general, and administrative expenses increased by 37.4% to RMB 962.5 million or $134.5 million [20] Q&A Session Summary Question: Plans to raise capacity for the joint venture - Management indicated sufficient capacity exists but is limited by component supply from Germany [27][28] Question: Guidance for full year unit sales - Management stated they do not provide guidance on unit sales [29] Question: Market share in long bore engines for data centers - Management confirmed market share is above 10% and expects to maintain it [32][33] Question: Initiatives to improve net return - Management did not provide a specific target date for net return improvement [34] Question: Average selling price increase for data center engines - Management noted no significant increase in average selling price for the first half [38][40] Question: Expansion from engine making to generation making - Management clarified they prefer not to compete with OEM customers in this area [41] Question: Reasons for strong market share in on-highway engines - Management attributed strong market share to new customers and successful product introductions [46][49] Question: Plans for capital operations or shareholder returns - Management indicated no specific plans for capital operations but noted a good track record of dividend payments [50][87] Question: Capacity for data center engines - Management confirmed a 30% increase in capacity by the end of the year [55][57] Question: Order visibility and delivery timelines - Management stated they have a full order book for the year and are starting to receive orders for 2026 [100]

Company Overview - China Yuchai International Limited (CYD) holds a 76.4% equity interest in Guangxi Yuchai Machinery Company Limited (GYMCL)[9] - Yuchai has a total engine production capacity of 600,000 units per annum[11] - Yuchai has over 3,000 domestic service stations throughout China[11] Market and Sales - China's GDP is targeted to grow approximately 5% for 2025[20] - In 2024, commercial vehicle industry unit sales reached 1 million, a YoY decrease of 9.9%[20] - In 2024, total truck sales increased by 15% YoY, with the HD segment accounting for 43% of total truck sales[24] - In 2024, total bus sales approximated 300,000 units, an increase of 28% YoY[24] - China Yuchai's total unit sales in 2024 (excluding NEV) were 344,486 units[31] Financial Performance - In 2024, the company's revenue reached RMB 19.1 billion[128] - The gross profit percentage in 2024 was 14.7%[136] - The profit after tax in 2024 was RMB 0.5 billion[136] - As of 2024, the company's cash and bank balance was RMB 6.4 billion[137] - In 2024, a share buyback was conducted for approximately US$ 39.8 million[142]

智通财经APP获悉，玉柴国际(CYD.US)公布了2025年上半年财务业绩。H1营收同比增长34%至138亿元 (人民币，下同)。毛利同比增长30.3%至18亿元。利润同比增长58.9%至5.35亿元。基本和摊薄后每股收 益同比增长65.8%至9.75元。发动机总销量同比增长29.9%至25.04万台。业绩公布后，截至发稿，该公 司股价盘前上涨8.91%，报28美元。 ...

Company Overview - China Yuchai International Limited is a leading powertrain solution provider in China, specializing in the design, manufacture, assembly, and sale of a variety of engines for trucks, buses, pickups, construction, agricultural equipment, and marine applications [5] - The company offers a comprehensive portfolio of powertrain solutions, including diesel, natural gas, and new energy products such as pure electric, hybrid, and fuel cell systems [5] - In 2024, Yuchai sold 356,586 engines, solidifying its position as a leading manufacturer and distributor of engines in China [5] Financial Results Announcement - China Yuchai will release its 2025 unaudited first-half year financial results on August 8, 2025, before the market opens for trading [1] - A conference call for the investment community is scheduled for 8:00 A.M. Eastern Daylight Time on the same day, hosted by the President and CFO of China Yuchai [2] Participation Details - Analysts and institutional investors can participate in the conference call by registering at least one hour prior to the scheduled start time [3] - A simultaneous webcast will be available on the investor relations section of the company's website, and participants are encouraged to join at least 10 minutes prior to the start [4]

Summary of AIDC Diesel Power Generation Industry Update Industry Overview - The global computing power investment is expected to continue growing, with short-term growth around 40%, then tapering to below 20% [1][2] - New computing power is projected to reach 50 billion Flops in 2025 and may reach 100 billion Flops by 2028, driving demand for diesel engines [1][2] Market Size Estimation - The global demand for diesel generator sets is estimated at approximately 15,000 units in 2025, increasing to 27,000-30,000 units by 2028 [1][4] - Research institutions estimate an annual increase of about 38 GW in power, corresponding to approximately 24,400 units, with a market size of around 36.6 billion RMB [1][4] - The long-term market size could reach 50 billion RMB [1][4] Key Players in the Industry - Major global diesel engine manufacturers include Cummins, Caterpillar, MTU, Weichai, Yuchai, and Shanghai Liyuan, which hold significant market shares [1][5] - These companies' capacity expansion rates have not kept pace with the 40% demand growth, leading to ongoing supply-demand tension [1][6][7] Company-Specific Insights Weichai Power - Weichai Power is expected to ship over 1,000 units of AIDC diesel engines in 2025, a significant increase from 380 units in 2024 [1][8] - The company benefits from Baudouin technology and support from PSI, enhancing its performance in the heavy-duty truck sector [1][8] Yuchai International - Yuchai International, in partnership with MTU, has shown strong performance in high-end data center applications and has gained qualifications for AI DC diesel power supply from leading domestic internet companies [1][9] - The company is expected to have a favorable trend in domestic substitution [1][9] Supply and Demand Dynamics - The supply of diesel engines is currently very tight, particularly due to the rapid investment in global data centers [2][10] - The demand for AIDC diesel power generation is expected to grow by about 40% in 2025, but supply growth remains inconsistent, exacerbating the supply-demand imbalance [10] Financial Performance - Cummins reported a 19% year-over-year revenue growth in its Power Generation segment, with EBITDA as a percentage of revenue rising from 18% to 23.6% [3][11] - This growth is attributed to increased demand for data center power generation, better pricing, and internal operational improvements [11] Domestic Substitution Opportunities - Chinese companies like Weichai Power and Yuchai International have significant potential for domestic substitution, supported by technology and market positioning [1][12] - Weichai Power's capabilities in natural gas engines and Yuchai's strong performance in high-end applications position them well for growth in the global AI DC market [12][13]

Group 1 - China Yuchai International Limited declared a cash dividend of US$0.53 per ordinary share for the year ended December 31, 2024, to be paid on July 7, 2025, to shareholders of record as of June 25, 2025 [1] - The company is a leading powertrain solution provider in China, primarily through its subsidiary Guangxi Yuchai Machinery Company Limited, which specializes in various engine types for multiple applications [2] - In 2024, Yuchai sold a total of 356,586 engines, including diesel, natural gas, and new energy products such as pure electric and hybrid engines [2]

Group 1 - China Yuchai International Limited (NYSE: CYD) is a vertically integrated and cash-rich company that specializes in engine production [1] - The company has a strong balance sheet, indicating financial stability [1] - There are positive indicators for the company, including cycles inflection and a significant deep value discount [1]

Group 1 - China Yuchai (CYD) is a notable stock in the Auto-Tires-Trucks sector, currently outperforming its peers with a year-to-date return of approximately 62.5% compared to the sector's average return of -20.1% [4] - The Zacks Rank for China Yuchai is 1 (Strong Buy), indicating strong analyst sentiment and an improving earnings outlook, with a consensus estimate for full-year earnings having increased by 19.1% in the past quarter [3][4] - The Automotive - Original Equipment industry, to which China Yuchai belongs, has an average loss of 6.9% this year, further highlighting CYD's superior performance within its industry [6] Group 2 - Xos, Inc. (XOS) is another stock in the Auto-Tires-Trucks sector that has shown strong performance, with a year-to-date return of 19.8% and a Zacks Rank of 2 (Buy) [5] - The Automotive - Domestic industry, which includes Xos, has experienced a decline of 27% this year, indicating that XOS is also outperforming its industry despite the overall negative trend [6]

Part I [Key Information](index=7&type=section&id=Item%203.%20Key%20Information) The company faces principal risks from its dependence on the Chinese economy, evolving NEV policies, supply chain reliance, and potential U.S. delisting - The company's business heavily relies on the Chinese economy and government policies, especially regarding emissions standards and New Energy Vehicles (NEVs)[32](index=32&type=chunk)[36](index=36&type=chunk)[37](index=37&type=chunk) - Sales to the **top five customers** constituted **39.1% of total revenue** in 2024, with the largest customer group contributing **16.2%**[42](index=42&type=chunk) - China's transition to NEVs poses a significant competitive threat, with **12.9 million NEV units sold** in 2024, representing **40.9% of total vehicle sales**[51](index=51&type=chunk) - The company faces risks from PRC regulations on overseas listings and stringent cybersecurity laws (CSL, DSL, PIPL) impacting data handling[92](index=92&type=chunk)[140](index=140&type=chunk) - The Holding Foreign Companies Accountable Act (HFCAA) poses a delisting risk if PCAOB inspections are hindered, though 2022 inspections vacated prior negative determinations[147](index=147&type=chunk)[150](index=150&type=chunk) [Information on the Company](index=49&type=section&id=Item%204.%20Information%20on%20the%20Company) CYI is a Bermuda-based holding company primarily owning a 76.4% stake in Yuchai, a leading Chinese powertrain manufacturer expanding into new energy products and international markets - The company's primary operating asset is its **76.4% ownership** in Guangxi Yuchai Machinery Company Limited (Yuchai)[153](index=153&type=chunk)[156](index=156&type=chunk) - Yuchai is expanding its new energy product portfolio, including hydrogen combustion engines, range extenders, and full electric power systems, via its subsidiary Yuchai Simlan[173](index=173&type=chunk)[183](index=183&type=chunk)[190](index=190&type=chunk) Yuchai Engine Sales Breakdown (2022-2024) | Product Category | 2022 Units Sold | 2023 Units Sold | 2024 Units Sold | % Change (2024 vs 2023) | | :--- | :--- | :--- | :--- | :--- | | Light-duty engines | 94,340 | 72,875 | 101,676 | +39.5% | | Medium-duty engines | 162,018 | 169,498 | 164,986 | -2.7% | | Heavy-duty engines | 58,336 | 62,611 | 76,002 | +21.4% | | **Total Engines Sold** | **321,256** | **313,493** | **356,586** | **+13.7%** | - Yuchai possesses a total production capacity of approximately **633,000 units per year**, with an additional **30,000 units** for new energy products, and commenced operations at a new Thailand factory in 2024[203](index=203&type=chunk)[205](index=205&type=chunk) - In 2024, Yuchai signed a 15-year technology licensing agreement with Vietnam's Kim Long Motor for **US$28 million** in total fees[222](index=222&type=chunk) [Operating and Financial Review and Prospects](index=79&type=section&id=Item%205.%20Operating%20and%20Financial%20Review%20and%20Prospects) In FY2024, revenue grew 6.0% to RMB 19.1 billion, driven by a 13.7% increase in engine sales, leading to improved gross margin and a 13.1% rise in net profit Key Financial Performance (2023 vs. 2024) | Metric | 2023 (RMB'000) | 2024 (RMB'000) | % Change | | :--- | :--- | :--- | :--- | | Revenue | 18,046,349 | 19,133,575 | +6.0% | | Gross Profit | 2,543,473 | 2,818,501 | +10.8% | | Operating Profit | 609,449 | 596,974 | -2.0% | | Profit for the year | 422,856 | 491,742 | +16.3% | | Profit Attributable to Equity Holders | 285,518 | 323,055 | +13.1% | | Basic EPS (RMB) | 6.99 | 8.21 | +17.5% | Cash Flow Summary (2024) | Cash Flow Item | Amount (RMB'000) | | :--- | :--- | | Net cash from operating activities | 779,416 | | Net cash from investing activities | 113,101 | | Net cash used in financing activities | (526,635) | - Capital expenditures in 2024 totaled **RMB 537.9 million**, primarily for expanding and upgrading Yuchai's production capacity and technology development[308](index=308&type=chunk) - The company has significant off-balance sheet arrangements, including **RMB 1.0 billion** in discounted bills receivable with recourse and **RMB 1.4 billion** in endorsed bills to suppliers with recourse as of December 31, 2024[311](index=311&type=chunk)[312](index=312&type=chunk) [Directors, Senior Management and Employees](index=94&type=section&id=Item%206.%20Directors,%20Senior%20Management%20and%20Employees) The company's Board comprises nine members, with majority designation by Hong Leong Asia, and its 2014 Equity Incentive Plan expired, while new equity schemes diluted subsidiary interests - The Board of Directors consists of **nine members**, with the controlling shareholder, Hong Leong Asia, having the right to elect a majority via a special share[315](index=315&type=chunk) - The company's 2014 Equity Incentive Plan expired in May 2024, with all **270,000 outstanding options** expiring unexercised in July 2024[359](index=359&type=chunk)[364](index=364&type=chunk) - In 2024, new equity schemes at Yuchai and MGP diluted Yuchai's interest in MGP from **100% to 93.46%**, and the company's effective interest in MGP from **76.4% to 71.4%**[96](index=96&type=chunk)[97](index=97&type=chunk) Employee Count by Location | As of December 31, | Singapore | PRC | Others | Total | | :--- | :--- | :--- | :--- | :--- | | 2022 | 15 | 8,583 | 122 | 8,720 | | 2023 | 15 | 8,036 | 126 | 8,177 | | 2024 | 15 | 8,802 | 113 | 8,930 | [Major Shareholders and Related Party Transactions](index=110&type=section&id=Item%207.%20Major%20Shareholders%20and%20Related%20Party%20Transactions) Hong Leong Asia is the controlling shareholder with 48.70% ownership and a special share, while significant related party transactions occur with the GY Group and its affiliates Major Shareholders (as of Dec 31, 2024) | Identity of Person or Group | Number of Shares | Percentage | | :--- | :--- | :--- | | Hong Leong Asia Ltd | 18,270,965 | 48.70 % | | Coomber Investments Limited | 7,537,160 | 20.10 % | | Shah Capital Management | 4,345,471 | 11.58 % | - A special share held by a Hong Leong Asia affiliate grants the right to elect a majority of directors and provides veto power over shareholder resolutions[379](index=379&type=chunk) - Significant related party transactions with the GY Group and its affiliates included **RMB 2.1 billion** in engine and parts sales and **RMB 1.9 billion** in parts and supplies purchases in 2024[390](index=390&type=chunk)[869](index=869&type=chunk) - The company charges Yuchai an annual management and consulting fee, which was **US$1.0 million** plus a supplemental fee of **RMB 6 million** for fiscal year 2023[354](index=354&type=chunk)[388](index=388&type=chunk) [Financial Information](index=116&type=section&id=Item%208.%20Financial%20Information) This section covers legal proceedings, particularly historical disputes with Yuchai's minority shareholder, and details the company's dividend distributions, primarily sourced from Yuchai - The company has engaged in past legal proceedings with Yuchai and the GY Group over corporate governance, now intended to be managed via Reorganization and Cooperation Agreements[395](index=395&type=chunk)[396](index=396&type=chunk) Dividend History (2020-2024) | Fiscal Year | Dividend paid by Company (per share) | Dividend paid/payable by Yuchai to Company (RMB'000) | | :--- | :--- | :--- | | 2020 | US$ 1.70 | 151,796 | | 2021 | US$ 0.40 | 115,654 | | 2022 | US$ 0.28 | 155,411 | | 2023 | US$ 0.38 | 191,553 | | 2024 | - | (Approved for payment) | - Dividends from Yuchai are subject to PRC regulations, requiring tax liabilities and statutory reserve contributions, and are subject to a **10% withholding tax** for the company as a non-resident enterprise[398](index=398&type=chunk)[466](index=466&type=chunk) [Additional Information](index=119&type=section&id=Item%2010.%20Additional%20Information) As a foreign private issuer, the company's corporate governance differs from NYSE standards, and it is subject to exchange controls in Bermuda and China, with specific tax implications across Bermuda, Singapore, PRC, and U.S. jurisdictions - As a foreign private issuer, the company is exempt from certain NYSE corporate governance rules, including requirements for a majority of independent directors or fully independent committees[407](index=407&type=chunk)[423](index=423&type=chunk) - The company is non-resident for Bermuda exchange control, allowing free fund transfers, but its Chinese subsidiary Yuchai is subject to PRC foreign exchange controls on currency conversion and remittance[445](index=445&type=chunk)[448](index=448&type=chunk) - Under PRC tax law, dividends from Yuchai are subject to a **10% withholding tax**, while Yuchai benefits from a reduced **15% Enterprise Income Tax rate** under the High Technology Incentive Scheme[466](index=466&type=chunk)[476](index=476&type=chunk) - For U.S. federal income tax purposes, the company believes it was not a Passive Foreign Investment Company (PFIC) for 2024, though this status is subject to annual re-evaluation[495](index=495&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=143&type=section&id=Item%2011.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to interest rate risk from variable-rate borrowings and foreign currency risk from various currencies, managing these through debt mix and derivative instruments - A **50 basis point change** in interest rates would impact the company's profit before tax by approximately **RMB 12.5 million (US$1.7 million)** for 2024[509](index=509&type=chunk) Foreign Currency Exposure (Net Assets/Liabilities) as of Dec 31, 2024 | Currency | Net Exposure (RMB'000) | | :--- | :--- | | Singapore Dollar | 126,011 | | Euro | 7,687 | | US Dollar | 69,047 | | Others | (3,438) | Foreign Currency Sensitivity (Impact on Profit Before Tax from 10% Strengthening) | Currency | 2024 Impact (RMB'000) | | :--- | :--- | | Singapore Dollar | 12,601 | | Euro | 769 | | US Dollar | 6,905 | Part II [Controls and Procedures](index=85&type=section&id=Item%2015.%20Controls%20and%20Procedures) Management and the independent auditor concluded that the company's disclosure controls and internal control over financial reporting were effective as of December 31, 2024 - Management concluded that the company's disclosure controls and procedures were effective as of December 31, 2024[521](index=521&type=chunk) - Based on the COSO 2013 framework, management concluded that the company's internal control over financial reporting was effective as of December 31, 2024[525](index=525&type=chunk) - The independent registered public accounting firm provided an unqualified attestation report on the effectiveness of the company's internal control over financial reporting as of December 31, 2024[526](index=526&type=chunk) [Corporate Governance and Other Matters](index=86&type=section&id=Item%2016.%20Corporate%20Governance%20and%20Other%20Matters) This section details corporate governance, including the audit committee financial expert, Code of Conduct, a terminated share buyback plan, and cybersecurity risk management oversight Principal Accountant Fees (2023-2024) | Fee Type | 2023 (RMB'000) | 2024 (RMB'000) | | :--- | :--- | :--- | | Audit fees | 8,426 | 10,613 | | Audit-related fees | 352 | 216 | | Tax fees | 173 | 10 | | All other fees | 224 | 432 | | **Total** | **9,174** | **11,271** | - The company adopted and terminated a share buyback plan in 2024, repurchasing **3.34 million shares** for approximately **US$39.8 million**[538](index=538&type=chunk)[539](index=539&type=chunk) - The company maintains a cybersecurity risk management program, with the Audit Committee providing oversight and management responsible for assessment and implementation guided by PRC laws[545](index=545&type=chunk)[546](index=546&type=chunk)[551](index=551&type=chunk) Part III [Financial Statements](index=90&type=section&id=Item%2018.%20Financial%20Statements) This section presents the audited consolidated financial statements for 2022-2024, with an unqualified auditor opinion, noting a critical audit matter regarding development cost capitalization and a reclassification of warranty expenses - The independent auditor, Ernst & Young LLP, issued an unqualified opinion on the consolidated financial statements and internal control over financial reporting as of December 31, 2024[565](index=565&type=chunk)[572](index=572&type=chunk) - A critical audit matter was identified concerning the capitalization of development costs, totaling **RMB 204.3 million** in 2024, due to complex management judgment in qualifying activities and expenses[569](index=569&type=chunk)[571](index=571&type=chunk) Consolidated Statement of Financial Position (Abridged) | Metric (RMB'000) | Dec 31, 2023 | Dec 31, 2024 | | :--- | :--- | :--- | | Total Assets | 25,757,618 | 27,048,094 | | Total Liabilities | 13,581,993 | 14,748,529 | | Total Equity | 12,175,625 | 12,299,565 | | - Equity attributable to equity holders | 9,226,528 | 9,164,625 | - Assurance-type warranty expenses were reclassified from selling, general and administrative expenses to cost of sales for 2024, with comparative figures adjusted accordingly and no impact on operating profit[270](index=270&type=chunk)[912](index=912&type=chunk)