China Yuchai International (CYD) H2 2025 earnings summary

Executive summary

• Achieved strong sales and profit growth in both the second half and full year 2025, with significant increases in revenue, gross profit, and operating profit year-over-year.

• Revenue for 2H 2025 rose 33.5% year-over-year to RMB 11.8 billion, with full-year 2025 revenue up 38.9% to RMB 34.7 billion ($3.5 billion).

• Total engine unit sales grew 28.7% in 2H 2025 and 29.4% for FY 2025, outpacing market growth, especially in truck and bus segments.

• Expanded international presence with new agreements and deliveries in Vietnam, Mexico, and Germany, and increased R&D investment to support innovation.

• Net profit attributable to shareholders rose 66.3% to RMB 537.4 million ($76.5 million) for FY 2025.

Financial highlights

• Second half 2025 revenue rose 33.5% year-over-year to RMB 11.8 billion ($1.7 billion); gross profit up 58.4% to RMB 2.2 billion ($317 million); gross margin improved to 18.9%.

• Full year 2025 revenue increased 38.9% to RMB 34.7 billion ($3.5 billion); gross profit up 44.3% to RMB 4.1 billion ($578.7 million); gross margin at 16.5%.

• Operating profit for second half 2025 surged 993.1% year-over-year to RMB 469.2 million ($66.7 million); FY 2025 operating profit up 82.7% to RMB 1.1 billion.

• Basic and diluted EPS increased by 34.4% to RMB 14.32 ($2.04) for FY 2025.

• Cash and bank balances at year-end: RMB 7.9 billion ($1.1 billion), up from RMB 6.4 billion in 2024.

Outlook and guidance

• Demand from data centers expected to continue double-digit growth in 2026; overall non-data center sales expected to remain stable if government policies persist.

• Growth in heavy-duty truck engine segment anticipated to continue into 2026, supported by new OEM partnerships.

• R&D focus remains on new energy technologies, including hydrogen, methanol, ammonia engines, and readiness for upcoming emission standards.

• Management highlighted continued strong sales growth and expansion into overseas markets.

• A potential listing of the marine and genset subsidiary on the Hong Kong Stock Exchange is under review.