• The Cummins of China.

• Diesel Engines: Manufactures and sells a wide range of diesel engines used in commercial vehicles, passenger vehicles, marine applications, and power generation.
• Natural Gas Engines: Produces and distributes natural gas engines for buses, trucks, power generation, and other industrial applications.

China Yuchai International (CYD) primarily sells its products, which are diesel engines, to other companies (Business-to-Business or B2B).

According to its annual filings, no single customer accounted for more than 10% of China Yuchai International's total net revenue in 2023, 2022, or 2021. Therefore, there are no individually named "major customers" that meet this threshold to list.

Instead, China Yuchai International serves a diverse base of Original Equipment Manufacturers (OEMs) across various sectors in China and internationally. These OEMs integrate Yuchai engines into their final products. The primary categories of customers include:

• Vehicle Manufacturers: Companies producing heavy-duty trucks, light-duty trucks, buses, and some passenger vehicles. Examples of such companies (though not named as major customers by CYD due to revenue concentration disclosures) include:
  • Foton Motor (Shanghai: 600166.SS)
  • Dongfeng Motor Group (Hong Kong: 0489.HK)
  • Yutong Bus (Shanghai: 600066.SS)
• Construction Equipment Manufacturers: Companies that produce excavators, loaders, bulldozers, and other heavy machinery.
• Marine and Power Generation Equipment Manufacturers: Companies that produce engines for marine vessels (e.g., fishing boats, passenger ships) and generator sets for various industrial and commercial applications.
• Agricultural Equipment Manufacturers: Companies producing tractors, harvesters, and other farming machinery.

Weng Ming Hoh, President & Director
Mr. Hoh Weng Ming has over 35 years of professional experience across Singapore, Malaysia, New Zealand, Hong Kong SAR, and the People's Republic of China. He previously served as the Financial Controller of China Yuchai International from 2002 to 2003, and later as Chief Financial Officer of Hong Leong Asia Ltd, China Yuchai's parent company, from 2011 to 2013. He also held the position of Chief Financial Officer of China Yuchai International from 2008 to 2011 and acted as President before his appointment as President in 2013. His prior experience includes roles at Johnson Electric Industrial Manufactory Limited as Group Controller, and as Deputy General Manager and Financial Controller for Henan Xinfei Electric Co., Ltd., a subsidiary of Hong Leong Asia Limited. He also served as Managing Director for the Simplex Group in Asia and Chief Financial Officer for Contimach Limited, a member of Fenner PLC. Mr. Hoh is a Director of Guangxi Yuchai Machinery Company Limited and HL Global Enterprises Limited. He holds a Bachelor of Commerce degree in Accountancy and a Master of Business Administration.

Choon Sen Loo, Chief Financial Officer
Mr. Choon Sen Loo was appointed Chief Financial Officer of China Yuchai International effective June 3, 2021, bringing over 23 years of experience in financial operations. Before joining China Yuchai, he spent more than 15 years at Cameron International Corporation, where he held various finance leadership positions in Asia, Europe, and the Middle East, including Regional Finance Director for Asia Pacific, and later for the Middle East & Africa. During his tenure at Cameron, he also served as Country Controller, Finance Manager, and Internal Auditor. Cameron International Corporation was acquired by Schlumberger Limited in 2016. Mr. Loo began his career as an auditor at Baker Tilly Malaysia and was a Financial Controller for a subsidiary of a listed company in KLSE based in Papua New Guinea. He earned a Bachelor of Commerce degree in Finance and Accounting from Curtin University of Technology, Australia, and is a CPA in Australia.

Li Hanyang, Director
Mr. Li Hanyang was appointed as a Director of China Yuchai International Limited on May 12, 2021. He also serves as the Chairman of Guangxi Yuchai Machinery Company Limited ("Yuchai") and Guangxi Yuchai Machinery Group Company Limited ("GY Group"), which is a major shareholder of China Yuchai. Mr. Li started his career with Yuchai in 1993 as a production preparation section chief and was promoted to deputy general manager of Yuchai in 2000. In 2002, he transferred to GY Group and has since held various managerial positions including chief engineer, director, chairman, and party secretary of GY Group and its subsidiaries.

Stephen Ho Kiam Kong, Director
Mr. Stephen Ho Kiam Kong is a Director of China Yuchai International Limited and also serves as the Executive Director and Chief Executive Officer of Hong Leong Asia Ltd, the parent company of China Yuchai. He sits on the boards of HL Technology Systems Pte Ltd, Hong Leong (China) Limited, Well Summit Investments Limited, and other affiliated companies. Mr. Ho has extensive experience in finance, treasury, and risk management from his previous executive positions at Wilmar International Limited and the Dutch multinational corporate, Royal Philips.

Kelvin Lai (Lai Tak Chuen), General Manager of Operations
Mr. Lai Tak Chuen, Kelvin, is the General Manager of Operations at China Yuchai International Limited. Concurrently, he also holds the position of Chief Business Controller at Guangxi Yuchai Machinery Company Limited. Mr. Lai's career includes over 14 years at Rolls-Royce International Limited, where he held various positions overseeing power generation and industrial power businesses across the Greater China Region, including Taiwan.

China Yuchai International (CYD) primarily operates in the manufacturing, assembly, and sale of various engines. The addressable markets for its main products and services, predominantly in China, are sized as follows:

Diesel Engines

The market for multi-cylinder diesel engines in China recorded sales of 307,200 units in August 2024, with cumulative sales reaching 2.7171 million units from January to August 2024. The overall diesel engine market size in China is forecast to increase by USD 39.1 billion at a compound annual growth rate (CAGR) of 3.29% between 2023 and 2028. This growth is largely driven by demand from the Asia-Pacific region. Within China, the commercial vehicles segment holds a dominant 45% share of the diesel engines market due to extensive demand from the logistics and transportation sectors. The China single-cylinder diesel engine market is projected to grow from USD 1.40 billion in 2020 to USD 1.83 billion in 2034, driven by the increasing use of compact construction machinery and stable demand from agricultural and non-road machinery industries.

Natural Gas Engines

The natural gas engine market globally is estimated to be valued at USD 5.6 billion in 2025 and is projected to reach USD 8.4 billion by 2035, growing at a CAGR of 4.1%. Specifically for China, the rising use of natural gas for power generation is creating significant demand for gas engines. The natural gas generator market in China is expected to reach US$ 2,462.5 million by 2030, with a CAGR of 14.1% from 2025 to 2030.

Marine Engines

The global marine engines market is estimated to be valued at USD 9.2 billion in 2025 and is projected to reach USD 13.4 billion by 2035, with a CAGR of 3.8%. China is a significant contributor to this market, projected to register a CAGR of 5.1% for marine engines between 2025 and 2035. In 2023, the global marine diesel engine market reached 117.013 billion yuan (RMB), with China's marine diesel engine market alone reaching 39.995 billion yuan (RMB). The global marine propulsion engines market was estimated at USD 15,789.3 million in 2022 and is predicted to expand at a CAGR of 4.4% from 2023 to 2030, reaching USD 22,218.5 million by 2030. The marine propulsion engines market in China held the largest revenue share within the Asia Pacific market in 2022.

Generator Sets (Power Generation Engines)

The China generator sets market generated a revenue of USD 6,515.1 million in 2025 and is expected to reach USD 11,348.8 million by 2030, growing at a CAGR of 11.7% from 2026 to 2030. Another estimate projects the China Genset market to grow from 5.54 USD billion in 2024 to 10.2 USD billion by 2035. The diesel fuel type segment is expected to dominate the China Generator Sets Market.

1. Growth in Traditional Engine Segments and Market Share Gains: China Yuchai International has demonstrated strong growth in its core engine sales for trucks and buses. In the first half of 2025, the company's truck and bus engine unit sales rose by 38.0% year-over-year, significantly outperforming the commercial vehicle market in China, which experienced a 2.6% decline in the same period. This indicates ongoing market share gains, which are expected to continue to drive revenue. The company attributes this to customer OEMs increasingly favoring Yuchai's engines over competitors' offerings. Furthermore, "new subsidies on truck replacement" in China for 2025 are likely to continue stimulating new truck purchases, benefiting CYD.
2. Expansion into New Energy and High-Horsepower Engines: The company is actively focusing on new energy products and high-horsepower engines. This includes the introduction of new gas engine offerings that are highly adaptive for the trailer market. The launch of new generation high-horsepower generator engines, such as the YC16VTF, further positions CYD to capitalize on growing demand, particularly in sectors like data centers for backup power generation. This strategic diversification into advanced and alternative fuel powertrains is expected to contribute to future revenue.
3. Increased Sales in Off-Road and Industrial Applications: China Yuchai is experiencing robust growth in its off-road engine markets, specifically driven by strong sales in marine and power generation applications. In the first half of 2025, engine sales to the marine and power generation markets increased by 31.5% year-over-year. Sales for industrial applications also saw a significant rise of 27.2% year-over-year in the first half of 2025. This expansion into diverse industrial sectors is a key revenue driver.
4. Overseas Market Expansion: The company is actively pursuing growth opportunities in overseas ventures, particularly highlighting Southeast Asia. Expanding its global footprint beyond its primary market in China is expected to open new revenue streams and customer bases for China Yuchai International.

Share Repurchases

• China Yuchai International initiated a share buyback plan on June 7, 2024, authorizing the repurchase of up to $40 million worth of its ordinary shares or 4 million shares.
• The company terminated this share buyback plan on October 31, 2024.
• As of the termination date, China Yuchai had repurchased 3,339,968 shares for approximately $39.8 million, reducing its outstanding shares from 40,858,290 to 37,518,322.

Outbound Investments

• Several of China Yuchai's joint ventures, including MTU Yuchai Power, Y&C Engine, and Purem Yuchai, achieved profitability in fiscal year 2024.
• An indirect subsidiary of China Yuchai is exploring a potential listing on a foreign stock exchange, with preliminary work having commenced in August 2025.

Capital Expenditures

• Total research and development (R&D) expenditures, including capitalized costs, were RMB 1.2 billion (US$165.4 million) in fiscal year 2024, representing 6.2% of revenue.
• In fiscal year 2023, total R&D expenditures, including capitalized costs, amounted to RMB 1.1 billion, representing 5.9% of revenue.
• The primary focus of these expenditures includes enhancing engine efficiency and performance for National VI and Tier-4 emission standard compliant engines, marine power generation applications, and advancing new energy solutions.