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- **Revenue Surge**: 34% YoY growth to RMB 13.8 billion, outpacing market declines in truck and bus segments.
- **Data Center Dominance**: 650 genset engines shipped to data centers in H1, with JV MTU contributing 350 units.
- **Capacity Expansion**: Yuchai engine capacity to increase 30% by Q4 2025, but JV constrained by component shortages.
- **Financial Strength**: Net profit up 52.2%, cash balance of RMB 7.8 billion, and dividend payout of USD 0.53 per share.
- **Global Expansion**: ASEAN market penetration via Thailand production and Vietnam tech licensing.

**【CEO Opening Remarks】**
- **Revenue Growth**: First-half 2025 revenue rose 34% YoY to RMB 13.8 billion (USD 1.9 billion), driven by strong engine sales across all segments.
- **Market Outperformance**: Unit sales exceeded market growth in truck, bus, and off-road segments. Heavy-duty truck engine sales grew 40.7% YoY vs. -2.8% market decline.
- **New Energy Expansion**: Power generation engines for data centers saw 31.5% YoY growth in marine and genset markets. MTU Yuchai JV launched Series 4000 engines, with plans to add MTU 2000 and Yuchai VC series models.
- **International Expansion**: ASEAN market penetration via Thailand subsidiary and Vietnam tech licensing agreements.
- **Financial Strength**: Cash balance of RMB 7.8 billion (USD 1.1 billion) and dividend payout of USD 0.53 per share.

**【CFO Financial Commentary】**
- **Revenue & Profit**: Operating profit up 42.3% YoY to RMB 621.7 million (USD 86.9 million). Net profit rose 52.2% to RMB 365.8 million (USD 51.1 million), with EPS up 65.8% to RMB 9.75.
- **Cost Management**: Gross margin maintained at 13.3%, with SG&A expenses growing 27.4% due to personnel costs. R&D spend rose 21.1% to RMB 476.7 million (USD 66.6 million), but R&D intensity fell to 4.0% of revenue.
- **Balance Sheet**: Trade receivables up 44% to RMB 12.7 billion (USD 1.8 billion), offset by stable inventory levels.

**【Q&A Highlights】**
- **Capacity Constraints**: Yuchai engine production capacity to expand 30% by Q4 2025, but JV MTU Yuchai limited by German component supply.
- **Data Center Engines**: 650 units shipped to data centers in H1 2025, with JV MTU contributing 350 units. Full-year demand exceeds current capacity.
- **Market Share**: >10% global market share in long-bore genset engines, with plans to maintain share through OEM partnerships.
- **Dividend Policy**: No buyback plans, but dividend payout to continue based on cash flow.
- **Export Growth**: Export sales driving off-road engine growth, with 27.2% YoY rise in industrial applications.


China Yuchai International Limited (CYD) Q1 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

CYD

CYD fundamentals

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