CYD Filings — China Yuchai International Limited - FilingSpy
CYD
China Yuchai International Limited
A maker of diesel and natural-gas engines, China Yuchai International builds the power plants that move trucks, buses, construction equipment, and farm machinery across China and beyond. Its roots go back to 1951, when a small machinery repair workshop opened in Yulin, Guangxi; the name "Yuchai" cleverly fuses the "Yu" of Yulin with "chai," the Chinese word for diesel. Today it ranks among the world's largest engine builders and was the first Chinese industrial firm to list on the New York Stock Exchange, in 1994.
20-F · Fiscal year ended Dec 31, 2025 · SEC filing ↗
Engine unit sales rose 29.4% to 461,309, driving revenue up 28.9% and net profit up 66.3% in FY 2025.
Engine unit sales rose 29.4% to 461,309, the largest annual increase in the company's reported history. rose 28.9% to RMB 24.7B and widened to 16.5% from 14.7% as truck and bus engine sales grew 42.8% and heavy-duty mix lifted profit, with attributable to shareholders up 66.3% to RMB 537.4M. The business returned to growth across all segments, but customer concentration and NEV policy risk remain.
Key takeaways
Engine unit sales increased 29.4% to 461,309, with truck and bus engines up 42.8% and off-road up 13.0%, driving up 28.9% to RMB 24.7B.
rose 44.3% to RMB 4.1B and expanded to 16.5% from 14.7% on higher volume, a shift to heavy-duty engines, and cost reductions.
attributable to shareholders grew 66.3% to RMB 537.4M even as expenses rose 37.3% and rose 14.3%, aided by lower .
Section summaries
Quantitative and Qualitative Disclosures About Market Risk
Market risk arises from variable-rate RMB borrowings and net foreign-currency exposures in SGD, EUR, and USD, managed via a fixed/floating debt mix and natural hedging.
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Interest rate risk stems from variable-rate RMB borrowings tied to PBOC directives; the company uses a mix of fixed and floating rates.
A 50 parallel shift in rates would change 2025 pre-tax profit by RMB 10.1 million (US$1.5 million), down from RMB 12.5 million in 2024.
Foreign currency risk is concentrated in SGD, USD, and EUR, arising from cash balances, trade , and in non-functional currencies.
grew 82.7% to RMB 1.1B and was RMB 2.7B, up from RMB 779.4M in 2024, on higher and inflows.
The company launched off-road engines K16, K18, K20 and a VTF power generation engine, and opened a production facility in Thailand as part of international expansion.
What changed
Top five customer concentration: flagged after it rose to 39.1% in 2024; in 2025 the top five were 35.5% of and the largest group 17.1%, tied to a competitor.
Engine unit sales: flagged after a 13.7% rise to 356,586 in 2024; in 2025 they rose 29.4% to 461,309, the largest increase in the reported record.
: flagged after a 37.1% drop to $108.6M in 2024; in 2025 it was RMB 2.7B, up from RMB 779.4M, reversing the decline.
: followed after 14.7% in 2024; in 2025 it widened to 16.5% on volume and heavy-duty mix, continuing the recovery from 13.9% in 2021.
HLGE Singapore listing and S$68M loan were flagged to watch in prior years; this filing states the company holds 49.1% of HLGE but does not report loan or listing status.
What to watch
Top five customer share and the 17.1% largest-group share in 2026, given the competitor-customer overlap.
Engine unit sales in 2026 after the 29.4% rise, as NEVs reached 40.9% of China vehicle sales in 2024.
trajectory as National VIb and Tier-4 costs persist against the 16.5% level.
HLGE listing status and S$68M loan repayment or extension, not updated in this filing.
Net SGD exposure was RMB 98.2 million, EUR RMB 14.0 million, and USD RMB 94.6 million at year-end 2025.
A 10% strengthening of the SGD, EUR, and USD would increase pre-tax profit by RMB 9.8 million, RMB 1.4 million, and RMB 9.5 million, respectively.
Translation exposure is managed by incurring debt in the operating currency so operating cash flows repay local-currency obligations, minimizing income-statement exchange differences.
Key risks include China macro/NEV policy shifts, customer concentration, competition, supply chain, and evolving PRC regulatory and geopolitical uncertainties.
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China's push for new energy vehicles and carbon neutrality targets may structurally reduce demand for diesel engines, requiring costly R&D adaptation.
Sales to the top five customers represented 35.5% of 2025 , with the largest group at 17.1%, creating significant customer concentration risk.
Intense competition from domestic players and international JVs pressures pricing and margins, compounded by competitors that are also key customers.
Dependence on single-source suppliers and volatile raw material/energy prices exposes production to disruption and .
Newly emphasized risks include AI integration challenges, ongoing PRC investigations of former senior personnel, and potential subsidiary listing complexities.
Geopolitical tensions, U.S.-China trade policy dynamics, and PRC regulatory changes (CSRC, CAC, data security) create material operational and capital markets uncertainty.
China Yuchai International is a Bermuda holding company whose main asset is a 76.4% stake in Yuchai, a Chinese manufacturer of diesel, natural gas, and new energy engines.
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Yuchai designs and sells light-, medium-, and heavy-duty engines for trucks, buses, construction, agriculture, marine, and power generation, with total 2025 unit sales of 461,309, up 29.4% .
The company offers solutions including diesel, natural gas, hybrid, pure electric, and fuel cell systems, and has launched new off-road engines (K16, K18, K20) and a VTF series power generation engine in 2025.
Yuchai's engines comply with China's National VIb on-road and Tier-4 off-road emission standards, and it is developing hydrogen, methanol, and ammonia combustion engines to meet future regulations.
Sales are primarily to Chinese OEMs and distributors, with the top five customers representing 35.5% of 2025 ; the top customer, a leading automaker that also competes with Yuchai, accounted for 17.1%.
Yuchai operates primary manufacturing in Yulin City, Guangxi, with an annual production capacity of approximately 633,000 units, and has expanded internationally with a new production facility in Thailand.
The company holds a 49.1% interest in HLGE, a Singapore-listed group engaged in hospitality and property development in Malaysia, as part of a diversification strategy to reduce financial dependence on Yuchai.
Revenue rose 28.9% to RMB 24.7B and net profit attributable to shareholders grew 66.3% to RMB 537.4M, driven by a 29.4% surge in engine unit sales.
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Total engine unit sales increased 29.4% to 461,309 units, with truck and bus engine sales up 42.8% and off-road engine sales up 13.0%.
rose 44.3% to RMB 4.1 billion and expanded to 16.5% from 14.7%, driven by higher volume, a mix shift to heavy-duty/high-horsepower engines, and cost reductions.
grew 82.7% to RMB 1.1 billion despite a 37.3% increase in R&D expenses and a 14.3% rise in SG&A expenses, which were partly offset by lower provisions.
Net cash from operating activities was RMB 2.7 billion, a significant increase from RMB 779.4 million in 2024, primarily due to higher and inflows.
The company held RMB 7.9 billion in cash and bank balances as of December 31, 2025, with total outstanding bank borrowings of RMB 2.0 billion, all unsecured and incurred by Yuchai.