China Yuchai International (CYD) H1 2025 earnings summary

Executive summary

• Revenue grew 34% year-over-year to RMB 13.8 billion ($1.9 billion) in H1 2025, with engine unit sales up 29.9% to 250,396 units, outperforming the broader market.

• Gross profit rose 30.3% to RMB 1.8 billion ($257 million), and operating profit increased 42.3% to RMB 631.7 million ($86.9 million); operating margin improved to 4.5%.

• Net profit attributable to equity holders grew 52.2% to RMB 365.8 million ($51.1 million); EPS was up 65.8% to RMB 9.75 ($1.36).

• Growth was driven by strong sales in truck, bus, and off-road engines, with truck engine sales up 44.3% and bus engine sales up 8.9%, despite market declines.

• Expansion in ASEAN markets included new production in Thailand and strategic cooperation in Vietnam.

Financial highlights

• Revenue increased 34% year-over-year to RMB 13.8 billion ($1.9 billion); engine unit sales rose 29.9% to 250,396 units.

• Gross profit rose 30.3% to RMB 1.8 billion ($257 million); gross margin was 13.3% (down from 13.7% in H1 2024).

• Operating profit increased 42.3% to RMB 631.7 million ($86.9 million); operating margin improved to 4.5%.

• Net profit attributable to equity holders grew 52.2% to RMB 365.8 million ($51.1 million); EPS was RMB 9.75 ($1.36).

• Cash and bank balances reached RMB 7.8 billion ($1.1 billion) as of June 30, 2025, up from RMB 6.4 billion at end-2024.

Segment performance

• Truck engine unit sales up 44.3% year-over-year, outperforming a 2.6% market decline; heavy-duty truck engine sales up 40.7%.

• Bus engine unit sales increased 8.9% year-over-year, with heavy-duty bus engine sales up 14.4%.

• Off-road market unit sales grew 17.5%, led by a 31.5% increase in marine and power generation engines.

• Industrial application engine sales rose 27.2% year-over-year; agricultural equipment engine sales saw modest growth.

• Data center engine shipments totaled 1,000 units in H1 2025, with most sales in the domestic market.