China Yuchai H2 Revenue Jumps 33.5% to RMB11.8B, Net Profit Up 77.7%
China Yuchai’s H2 2025 revenue rose 33.5% to RMB 11.8 billion, with gross profit up 58.4% at RMB 2.2 billion, lifting gross margin to 18.9%. Net profit climbed 77.7% to RMB 275.7 million, supported by 28.7% engine sales growth driven by heavy-duty truck and bus units.
1. H2 2025 Financial Highlights
In H2 2025, China Yuchai reported revenue of RMB 11.8 billion, up 33.5% year-over-year, with gross profit rising 58.4% to RMB 2.2 billion and gross margin expanding to 18.9%. Operating profit surged 193.1% to RMB 469.2 million, while net profit increased 77.7% to RMB 275.7 million and diluted EPS reached RMB 4.57.
2. Engine Sales Performance
Total engine unit sales rose 28.7% to 210,913 units, driven by a 49.2% increase in truck and bus engine sales that outpaced market growth. Off-road engine volumes grew 7.5%, led by over 22% gains in industrial and marine genset segments, offsetting weaker agricultural engine demand.
3. Expense and Margin Analysis
R&D expenses climbed 48% to RMB 874.9 million, representing 8.3% of revenue, due to higher experimental costs, increased personnel expenses and fuel cell development impairments. SG&A expenses rose 4.9% to RMB 1.1 billion but declined as a revenue percentage to 9.4%, contributing to a 4.0% operating margin up from 1.8% in H2 2024.
4. FY 2025 Overview
For fiscal year 2025, revenue reached RMB 24.7 billion, up 28.9% from 2024, with gross profit of RMB 4.1 billion and a 16.5% margin. Growth was driven by strong engine sales across heavy-duty, industrial and marine segments, complemented by cost reduction initiatives.