China Yuchai International LtdCYD
What China Yuchai International Ltd does.
Since the introduction of China National I in the early 2000s, Chinese regulators have progressively tightened the limits on permissible emissions of on-road diesel vehicles and off-road machinery. In an effort to combat increasing air pollution, China’s vehicle industry transitioned to the National IV and National V emission standards from 2013 to 2018, reflecting a significant leap in emission control within just five years. The latest emission standard, known as National VI, was implemented in July 2021. Yuchai produces diesel engines and natural gas engines compliant with the National V and National VI emission standards, and has a portfolio of engines that are compliant with National VIb emission standards implemented in July 2023. It also develops alternative fuels and environmentally friendly hybrid systems with improved fuel efficiency.
For off-road machinery, the Tier-3 emission standards were implemented nationwide on December 1, 2016. The Tier-4 emission standards have been enforced from December 2022 for all diesel off-road equipment with engine sizes smaller than 560kW. Yuchai has fulfilled the Tier-4 emission standards for use in off-road machinery.
China may introduce the next generation of emission standards, commonly referred to as National VII for on-road vehicles and Tier-5 for off-road machinery. However, as of February 27, 2026, no official announcement or timeline for the implementation of National VII and Tier-5 has been formally issued by the relevant regulatory authorities.
Revenue and profit, by fiscal year.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|
| Revenue | $18.0B | $20.6B | $21.3B | $16.0B | $18.0B | $19.1B |
| Net income | $604.9M | $548.9M | $272.7M | $218.6M | $285.5M | $323.1M |
| Free cash flow | $833.9M | $830.7M | -$67.5M | -$550.4M | $988.2M | $419.2M |
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Figures from China Yuchai International Ltd's filings with the U.S. SEC, standardised automatically; prices are end-of-day closes. Not financial advice.