China Yuchai International Announces Unaudited 2026 First Half-Year Financial Results

Rhea-AI Summary

China Yuchai International (NYSE: CYD) reported 1H 2026 revenue of RMB 14.7 billion (US$2.2 billion), up 13.9% year over year, on engine unit sales of 277,684, a 10.9% increase. Gross profit rose 36.5% to RMB 2.5 billion, lifting gross margin to 17.1% from 14.3%.

Operating profit increased 58.9% to RMB 988.2 million, with operating margin at 6.7%. Profit for the period was RMB 841.8 million, up 57.4%, and profit attributable to CYD shareholders grew 53.2% to RMB 560.6 million, driving basic EPS to RMB 14.94. Growth was supported by strong truck and off-road demand, especially heavy-duty trucks and marine & power generation, lower finance costs, and higher contributions from associates and joint ventures. Cash and bank balances reached RMB 8.1 billion, while loans fell to RMB 1.4 billion. The Company also gained control of fuel-injection specialist NYDK and paid a 2025 cash dividend of US$0.87 per share in July 2026.

Positive

• Revenue up 13.9% YoY to RMB 14.7 billion in 1H 2026
• Gross profit up 36.5% YoY; margin improved to 17.1% from 14.3%
• Operating profit up 58.9% YoY to RMB 988.2 million; 6.7% margin
• Profit attributable to shareholders up 53.2% to RMB 560.6 million
• Engine unit sales up 10.9% to 277,684; HD truck engines +47.3% YoY
• Marine & power generation engines unit sales up 42% YoY in 1H 2026
• Share of associates/JVs profit up 56.2% to RMB 95.9 million
• Finance costs down 16.0% YoY to RMB 27.0 million
• Loans and borrowings reduced to RMB 1.4 billion from RMB 2.0 billion
• 2025 cash dividend increased to US$0.87 per share from US$0.53

Negative

• Other operating income down 32.2% YoY to RMB 150.2 million
• Agricultural machinery engine sales declined 18.9% YoY in 1H 2026
• R&D expenses up 24.5% YoY to RMB 593.4 million (expensed)
• Income tax expense up 85.3% YoY; effective tax rate 20.4% vs 17.8%
• Trade and bills receivables rose to RMB 14.1 billion from RMB 11.0 billion
• Trade and bills payables increased to RMB 13.2 billion from RMB 11.6 billion

News Explained

NYDK is controlled through a 27.97% stake, but consolidation began April 1 and its June 30 assets and liabilities remain provisional.

The August 7, 2026 unaudited results include NYDK in consolidated results only from April 1, 2026, so the reported half-year does not include NYDK as consolidated for the full period.

Yuchai acquired a 27.97% equity interest in NYDK, became its second-largest shareholder, and obtained operational control through a concerted action agreement with NYDK's largest shareholder.

The release states that NYDK's assets and liabilities at June 30, 2026 were recognized at provisional values, leaving those balance-sheet line items as a specific accounting item to follow in later reporting.

Market Context

The tag-specific earnings record carried an average move of 4.58%. That history adds context to the ...

Analysis

The tag-specific earnings record carried an average move of 4.58%. That history adds context to the current profitability improvement, while low short positioning and the company’s operating execution remained factors to monitor.

Key Figures

Revenue: RMB 14.7 billion Gross profit: RMB 2.5 billion Gross margin: 17.1% +5 more

8 metrics

Revenue RMB 14.7 billion 1H 2026; up 13.9% versus 1H 2025

Gross profit RMB 2.5 billion 1H 2026; up 36.5% versus 1H 2025

Gross margin 17.1% 1H 2026 versus 14.3% in 1H 2025

Operating profit RMB 988.2 million 1H 2026; up 58.9% versus 1H 2025

Profit attributable to shareholders RMB 560.6 million 1H 2026; up 53.2% versus 1H 2025

Basic EPS RMB 14.94 1H 2026; up 53.2% versus 1H 2025

Engine unit sales 277,684 units 1H 2026; up 10.9% versus 1H 2025

Cash and bank balances RMB 8.1 billion As at June 30, 2026

Previous Earnings Reports

4 past events · Latest: Feb 24 (Positive)

Same Type Pattern 4 events

Date	Event	Sentiment	24h Move	Catalyst
Feb 24	Full-year earnings	Positive	-12.8%	Strong FY2025 revenue, profit, margin and engine-volume growth
Aug 08	1H earnings	Positive	+11.8%	Revenue, engine sales, gross profit and operating profit growth
Feb 25	Full-year earnings	Positive	+5.2%	Revenue, gross profit, engine sales and EPS growth
Aug 12	1H earnings	Positive	+14.1%	Revenue, gross profit, engine sales and operating profit growth

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Tag-specific earnings events aligned positively in three of four cases, while the February 2026 results event diverged with a -12.79% reaction.

Key Terms

ifrs accounting standards, sg&a, deferred tax assets, concerted action agreement

4 terms

ifrs accounting standards financial

"reported using the IFRS Accounting Standards as issued by the International Accounting"

International Financial Reporting Standards (IFRS) are a set of common rules for preparing company financial reports so numbers like profit, assets and debt are presented consistently across countries. Think of them as a standardized recipe or blueprint that helps investors compare businesses the same way they would compare cars using the same list of features; consistent reporting reduces surprises and makes it easier to assess value, risk and performance.

sg&a financial

"Selling, general and administrative ("SG&A") expenses increased by 12.2%"

SG&A stands for Selling, General, and Administrative expenses. It includes the costs a company spends on selling products, running the business day-to-day, and managing staff, like advertising, rent, and salaries. These expenses matter because they affect how much profit a company can make from its sales.

deferred tax assets financial

"primarily due to higher profits and the utilization of deferred tax assets"

An item on a company’s balance sheet showing tax benefits it can use later to reduce future tax bills — think of it as an IOU from the tax system for past losses or timing differences. It matters to investors because it can boost future cash flow and apparent value if the company expects profits ahead, but those benefits vanish if the company cannot generate taxable income and the asset must be reduced.

concerted action agreement regulatory

"We entered into a concerted action agreement with the largest shareholder of NYDK"

A concerted action agreement is a formal or informal arrangement where two or more shareholders or parties agree to coordinate their votes, buying or selling, or other decisions about a company’s securities. It matters to investors because coordinated holdings can change who controls a company, trigger regulatory disclosure or takeover rules, and affect share prices—like a small group agreeing to vote together can steer the outcome for all shareholders.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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SINGAPORE, Aug. 7, 2026 /PRNewswire/ -- China Yuchai International Limited (NYSE: CYD) ("China Yuchai International" or the "Company"), one of the largest powertrain solution manufacturers through its main operating subsidiary in China, Guangxi Yuchai Machinery Company Limited ("Yuchai"), announces today its unaudited consolidated financial results for the first half-year ended June 30, 2026 ("1H 2026"). The financial information presented herein for 1H 2026 and the first half-year of 2025 ("1H 2025") is reported using the IFRS Accounting Standards as issued by the International Accounting Standards Board.

Financial Highlights for 1H 2026

• Revenue increased by 13.9% to RMB 14.7 billion (US$2.2 billion) compared with RMB 12.9 billion in 1H 2025;
• Gross profit increased by 36.5% to RMB 2.5 billion (US$368.7 million) compared with RMB 1.8 billion in 1H 2025. Gross margin was 17.1% in 1H 2026 compared with 14.3% in 1H 2025;
• Operating profit increased by 58.9% to RMB 988.2 million (US$145.1 million) compared with RMB 621.7 million in 1H 2025;
• Profit for the period increased by 57.4% to RMB 841.8 million (US$123.6 million) compared with RMB 534.8 million in 1H 2025;
• Profit attributable to CYD shareholders rose by 53.2% to RMB 560.6 million (US$82.3 million) compared with RMB 365.8 million in 1H 2025;
• Basic earnings per share were 53.2% higher at RMB 14.94 (US$2.19) compared with RMB 9.75 in 1H 2025. Diluted earnings per share were RMB 14.81 (US$2.17) in 1H 2026;
• Total number of engines sold increased by 10.9% to 277,684 units compared with 250,396 units in 1H 2025.

Revenue was RMB 14.7 billion (US$2.2 billion) compared with RMB 12.9 billion in 1H 2025, a 13.9% year-over-year ("YoY") growth.

Engine sales reached 277,684 units in 1H 2026, an increase of 10.9% compared with 250,396 units in 1H 2025. This growth was driven by stronger performance in the truck segment, as well as in off–road applications, particularly construction machinery and marine & power generation. 

Total truck engine unit sales were up 20.4% YoY in 1H 2026, outperforming the 5.8% YoY growth in overall commercial truck (excluding gasoline and electric vehicles) sales reported by the China Association of Automobile Manufacturers ("CAAM") in the same period. Heavy–duty ("HD") truck engine unit sales increased by 47.3% YoY, compared with the 13.1% YoY growth in HD truck sales reported by CAAM. Light–duty ("LD") truck engine unit sales rose by 23.6%, contrasted with a decline in LD truck sales according to CAAM. Medium–duty truck engine unit sales also grew 7.9% YoY.

Engine unit sales to off–road markets increased by 7.7% YoY in 1H 2026. The growth was primarily driven by strong demand in the marine and power generation markets, where engine unit sales increased by 42% YoY. Sales for industrial applications rose by 15.8% YoY, while engine sales for agricultural machinery declined by 18.9% in the same period.

Gross profit increased by 36.5% to RMB 2.5 billion (US$368.7 million), from RMB 1.8 billion in 1H 2025. The increase was mainly due to higher sales volume, better sales mix and reduced warranty expenses. Overall gross margin was 17.1% in 1H 2026 compared with 14.3% in 1H 2025. Increased sales of larger engines enhanced the gross profit margin in 1H 2026 YoY.

Other operating income, net decreased by 32.2% to RMB 150.2 million (US$22.1 million), compared with RMB 221.4 million in 1H 2025. The decrease was mainly attributable to lower government grants, and the absence of technology licensing fees income in 1H 2026 as compared with that of 1H 2025.

Research and development ("R&D") expenses increased by 24.5% to RMB 593.4 million (US$87.1 million), compared with RMB 476.7 million in 1H 2025, due to higher experimental and personnel costs and a lower level of capitalized project costs. Total R&D expenditures, including capitalized costs, were RMB 622.5 million (US$91.4 million), representing 4.2% of revenue in 1H 2026, as compared to RMB 551.7 million and 4.3% of revenue in 1H 2025.

Selling, general and administrative ("SG&A") expenses increased by 12.2% to RMB 1.1 billion (US$158.5 million), from RMB 962.5 million in 1H 2025. This increase was driven by higher personnel expenses and legal, professional & consultancy fees compared with 1H 2025. SG&A expenses represented 7.4% of revenue for 1H 2026 compared with 7.5% of revenue in 1H 2025.

Operating profit increased by 58.9% to RMB 988.2 million (US$145.1 million), compared to RMB 621.7 million in 1H 2025. The operating margin increased to 6.7%, in contrast with 4.8% in 1H 2025. Higher operating profit and operating margin were achieved by increased sales and gross margin combined with controlled growth in operating expenses.

Finance costs decreased by 16.0% to RMB 27.0 million (US$4.0 million), compared with RMB 32.2 million in 1H 2025, primarily due to reduced term loans during the period. 

The share of financial results of the associates and joint ventures grew by 56.2% to a profit of RMB 95.9 million (US$14.1 million), compared with RMB 61.4 million in 1H 2025. The increase was mainly driven by higher profits at MTU Yuchai Power Company Limited ("MTU JV").

Income tax expense increased by 85.3% to RMB 215.3 million (US$31.6 million), compared with RMB 116.2 million in 1H 2025, primarily due to higher profits and the utilization of deferred tax assets. The effective income tax rate increased to 20.4% compared with 17.8% in 1H 2025.

Net profit attributable to equity holders of the Company increased by 53.2% to RMB 560.6 million (US$82.3 million), compared with RMB 365.8 million in 1H 2025.

Basic earnings per share were RMB 14.94 (US$2.19) compared with RMB 9.75 in 1H 2025, both based on a weighted average of 37,518,322 shares. Diluted earnings per share were RMB 14.81 (US$2.17) based on a weighted average of 37,845,508 shares, compared with RMB 9.75 based on a weighted average of 37,518,322 shares in 1H 2025. The Company adopted the China Yuchai International Limited 2025 Equity Incentive Plan with a duration of 10 years, and granted share options in August 2025 and December 2025 respectively, with a total of 820,000 share options granted as of December 31, 2025. No comparable share options were granted in 1H 2025.

Balance Sheet Highlights as at June 30, 2026

• Cash and bank balances were RMB 8.1 billion (US$1.2 billion) compared with RMB 7.9 billion at the end of 2025;
• Trade and bills receivables were RMB 14.1 billion (US$2.1 billion) compared with RMB 11.0 billion at the end of 2025;
• Inventories were RMB 5.8 billion (US$844.5 million) compared with RMB 5.6 billion at the end of 2025;
• Trade and bills payables were RMB 13.2 billion (US$1.9 billion) compared with RMB 11.6 billion at the end of 2025;
• Short-term and long-term loans and borrowings were RMB 1.4 billion (US$210.1 million) compared with RMB 2.0 billion at the end of 2025.  

Mr. Weng Ming Hoh, President of China Yuchai International, commented, "Our revenue witnessed a 13.9% YoY increase to RMB 14.7 billion (US$2.2 billion), with a 10.9% YoY increase in unit sales to 277,684 units. Our higher sales of larger engines improved both our average selling price and profitability as our diluted earnings per share grew by 51.9% to US$2.17."

"For 1H 2026, our marine and power generation business recorded strong growth, with unit sales rising 42% YoY to 44,544 units. Sales to AI data centers by the MTU JV and Yuchai's own brand totaled approximately 1,800 units."

"We continued to introduce new innovative products in 1H 2026. Commercial minibuses equipped with Yuchai's YCY24-65kW Flywheel Range Extender System (YC-FRS) were launched in Hong Kong. This new technology seamlessly integrates flywheel, engine crankshaft and alternator into a single unit designed for city transportation vehicles."

"We acquired a 27.97% equity interest in Nanyue Fuel Injection Systems Co., Ltd (previously known as Nanyue Diankong (Hengyang) Industrial Technology Company Limited) ("NYDK") and became the second-largest shareholder of NYDK. We entered into a concerted action agreement with the largest shareholder of NYDK and secured operational control over NYDK. NYDK is a national high-tech and industry leader specializing in fuel injection systems covering common rail systems, unit pumps and mechanical pumps. This acquisition helps secure the supply of our key powertrain components."

"At the end of June 2026, cash and bank balances totaled approximately US$1.2 billion, despite lower borrowings. Our solid financial position continues to empower Yuchai's ongoing investment in new product development, and further establishment of our presence in selected international markets to support future growth. To enhance shareholder returns, a cash dividend of US$0.87 per ordinary share for 2025 was paid in July 2026, compared with US$0.53 per ordinary share for 2024, paid in 2025," Mr. Hoh concluded.

Exchange Rate Information

The Company's functional currency is the U.S. dollar and its reporting currency is Renminbi. The translation of amounts from Renminbi to U.S. dollars is solely for the convenience of the reader. Translation of amounts from Renminbi to U.S. dollars has been made at the rate of RMB 6.8109 = US$1.00, the rate quoted by the People's Bank of China at the close of business on June 30, 2026. No representation is made that the Renminbi amounts could have been, or could be, converted into U.S. dollars at that rate or at any other certain rate on June 30, 2026 or at any other date.

Unaudited 1H 2026 Conference Call 

A conference call and audio webcast for the investment community has been scheduled for 8:00 A.M. Eastern Daylight Time on August 7, 2026. The call will be hosted by the President and Chief Financial Officer of China Yuchai International, Mr. Weng Ming Hoh and Mr. Choon Sen Loo, respectively, who will present and discuss the financial results of the Company followed by a Q&A session.

Analysts and institutional investors may participate in the conference call by registering at: https://register-conf.media-server.com/register/BIc272d6a9866e4edf9de866564468c2d6 at least one hour before the scheduled start time. A reply email will be sent with instructions and phone numbers to join the call. 

For all other interested parties, a simultaneous webcast can be accessed at the investor relations section of the Company's website located at http://www.cyilimited.com. Participants are encouraged to join the webcast at least 10 minutes prior to the scheduled start time. The recorded webcast will be available on the website shortly after the earnings call.

About China Yuchai International

China Yuchai International, through its principal operating subsidiary, Guangxi Yuchai Machinery Company Limited ("Yuchai"), is one of the leading powertrain solutions manufacturers in China. Founded in 1951, Yuchai maintains a reputable brand name, a strong research and development team, and a significant market share in China. Yuchai specializes in the design, manufacture, and sale of light-, medium- and heavy-duty engines for trucks, buses, pickups, construction and agricultural machinery, and marine and power generation applications. It delivers a comprehensive portfolio of powertrain solutions, spanning traditional diesel and natural gas engines to alternate fuels and new energy products, including pure electric, range extenders, hybrid, and fuel cell systems. Through an extensive network of regional sales offices and authorized customer service centers, Yuchai distributes engines directly to auto OEMs and distributors while providing after-sales services across China and globally. In 2025, Yuchai sold 461,309 engines and reported total revenue of RMB 24.6 billion. For more information, please visit http://www.cyilimited.com.

Safe Harbor Statement:

This news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words "believe", "expect", "anticipate", "project", "targets", "optimistic", "confident that", "continue to", "predict", "intend", "aim", "will" or similar expressions are intended to identify forward-looking statements. All statements other than statements of historical fact are statements that may be deemed forward-looking statements. These forward-looking statements, including, but not limited to, statements concerning China Yuchai International's and the joint ventures' operations, financial performance and condition, are based on current expectations, beliefs and assumptions which are subject to change at any time. China Yuchai International cautions that these statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors such as government and stock exchange regulations, competition, political, economic and social conditions around the world and in China, including those discussed in the Company's Form 20-Fs under the headings "Risk Factors", "Results of Operations" and "Business Overview" and other reports filed with the Securities and Exchange Commission from time to time. All forward-looking statements are applicable only as of the date they are made and China Yuchai International specifically disclaims any obligation to maintain or update the forward-looking information, whether of the nature contained in this release or otherwise, in the future.

For more information:

Investor Relations
Kevin Theiss
Tel: +1-212-510-8922
Email: cyd@bluefocus.com

-- Tables Follow –

 

CHINA YUCHAI INTERNATIONAL LIMITED UNAUDITED CONSOLIDATED INCOME STATEMENTS For the first half-years ended June 30, 2026 and 2025 (RMB and US$ amounts expressed in thousands, except per share data)
	First Half of 2026		First Half of 2025
	RMB '000	US$ '000	RMB '000		US$ '000
Revenue*	14,666,429	2,153,376	12,877,928		1,890,782
Cost of sales *	(12,155,207)	(1,784,670)	(11,038,464)		(1,620,706)
Gross profit	2,511,222	368,706	1,839,464		270,076
Other operating income, net	150,201	22,053	221,436		32,512
Research and development expenses	(593,402)	(87,125)	(476,693)		(69,990)
Selling, general and administrative expenses	(1,079,811)	(158,542)	(962,491)		(141,316)
Operating profit	988,210	145,092	621,716		91,282
Finance costs	(27,044)	(3,971)	(32,194)		(4,727)
Share of results of associates and joint ventures **	95,907	14,081	61,407		9,016
Profit before tax	1,057,073	155,202	650,929		95,571
Income tax expense	(215,272)	(31,607)	(116,159)		(17,055)
Profit for the period	841,801	123,595	534,770		78,516
Attributable to:
Equity holders of the Company	560,602	82,309	365,790		53,706
Non-controlling interests	281,199	41,286	168,980		24,810
	841,801	123,595	534,770		78,516
Earnings per share
- Basic	14.94	2.19	9.75		1.43
- Diluted	14.81	2.17	9.75		1.43
Unit sales	277,684		250,396
Note: * As disclosed in the Company's 2025 Second Half-Year and Full Year Financial results announcement, Revenue and Cost of Sales for first half of 2025 were adjusted downwards by RMB 928,239 thousand to RMB 12,877,928 thousand with the corresponding cost of sales reduced by RMB 928,239 thousand to RMB 11,038,464 thousand. There were no changes to the Gross Profit, Operating Profit, Profit before tax and Profit for the period.  ** NYDK's financial results for the three months ended March 31, 2026 were reflected in the share of results of associates and joint ventures. NYDK's financial results have been consolidated since April 1, 2026 following Yuchai's acquisition of control over NYDK on March 31, 2026. The assets and liabilities relating to NYDK as at December 31, 2025 and June 30, 2026 have been recognized based on their provisional values.

 

 

CHINA YUCHAI INTERNATIONAL LIMITED SELECTED UNAUDITED CONSOLIDATED FINANCIAL POSITION ITEMS For the periods ended June 30, 2026 and December 31, 2025 (RMB and US$ amounts expressed in thousands)
	June 30, 2026 (Unaudited)		December 31, 2025 (Audited)
	RMB '000	US$ '000	RMB '000
Cash and bank balances	8,101,695	1,189,519	7,913,083
Trade and bills receivables	14,053,750	2,063,420	11,005,377
Inventories	5,751,490	844,454	5,565,489
Trade and bills payables	13,203,865	1,938,637	11,648,031
Short-term and long-term loans and borrowings	1,430,682	210,058	2,020,020
Equity attributable to equity holders of the Company	10,157,545	1,491,366	9,580,961

 

 

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SOURCE China Yuchai International

FAQ

How did China Yuchai (NYSE: CYD) perform financially in 1H 2026 versus 1H 2025?

China Yuchai reported 1H 2026 revenue of RMB 14.7 billion, up 13.9% year over year. According to the company, profit for the period rose 57.4% to RMB 841.8 million, while profit attributable to shareholders increased 53.2% to RMB 560.6 million.

What were China Yuchai’s earnings per share (EPS) for 1H 2026 and how did they change year over year?

China Yuchai’s basic EPS for 1H 2026 was RMB 14.94, up 53.2% from RMB 9.75. According to the company, diluted EPS was RMB 14.81, compared with RMB 9.75 in 1H 2025, reflecting higher profitability and option grants.

How did engine sales volumes and key segments trend for China Yuchai (CYD) in 1H 2026?

Engine unit sales reached 277,684 in 1H 2026, a 10.9% year-over-year increase. According to the company, truck engine sales rose 20.4%, with heavy-duty engines up 47.3%, while marine and power generation engine units increased 42%, and agricultural machinery engine sales fell 18.9%.

What is notable about China Yuchai’s NYDK acquisition and control in 2026?

China Yuchai acquired a 27.97% equity interest in NYDK and secured operational control via a concerted action agreement. According to the company, NYDK is a high-tech fuel injection systems specialist, and the deal is intended to secure key powertrain component supply.

What was China Yuchai’s cash, debt, and equity position as of June 30, 2026?

As of June 30, 2026, China Yuchai held RMB 8.1 billion in cash and bank balances. According to the company, short- and long-term loans totaled RMB 1.4 billion, while equity attributable to shareholders was RMB 10.2 billion, indicating a net cash position.

How much dividend did China Yuchai (CYD) pay for 2025 and when was it paid?

China Yuchai paid a cash dividend of US$0.87 per ordinary share for 2025 in July 2026. According to the company, this compared with a dividend of US$0.53 per ordinary share for 2024, paid in 2025, reflecting higher shareholder returns.

When is China Yuchai’s 1H 2026 earnings conference call and how can investors join?

The 1H 2026 conference call is scheduled for 8:00 A.M. EDT on August 7, 2026. According to the company, analysts and institutions must register via the provided Media Server link, while other investors can access a simultaneous webcast in the investor relations section of its website.