REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 |
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Not Applicable |
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(Translation of Registrant’s Name Into English) |
(Jurisdiction of Incorporation or Organization) |
Title of Each Class |
Trading Symbol(s) |
Name of Each Exchange on Which Registered | ||
Large accelerated filer | ☐ | ☒ | ||||
Non-accelerated filer |
☐ | Emerging growth company |
U.S. GAAP ☐ |
by the International Accounting Standards Board ☒ |
Other ☐ |
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2 |
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2 |
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Part I |
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4 |
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23 |
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51 |
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61 |
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64 |
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65 |
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65 |
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78 |
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79 |
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Part II |
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79 |
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79 |
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80 |
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81 |
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81 |
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81 |
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82 |
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82 |
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82 |
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82 |
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82 |
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Part III |
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82 |
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82 |
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83 |
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85 |
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F-1 |
• |
political, economic and social conditions in China, including the policies with respect to foreign investment, economic growth and the availability of credit, particularly to the extent such current or future conditions and policies affect the diesel and natural gas engine industries and markets in China, our diesel and natural gas engine customers, the demand, sales volume and sales prices for our diesel and natural gas engines and our levels of accounts receivables; |
• |
the threat arising from initiatives and preferential policies in China to develop energy saving and new energy vehicles, including hybrid, pure electric vehicles, fuel cell electric vehicles and other alternative energy-powered vehicles, which may lead to a decrease in demand for our engines, affecting our market share and profitability; |
• |
the effects of a weaker than expected recovery in the global economy subject to substantial downside risks including heightened policy uncertainty especially regarding trade policies, tariffs and government regulations, financial market disruptions amid global financial conditions and heightened geopolitical tensions globally, protracted recovery in the Euro Area and the economic effects from the withdrawal of the United Kingdom from the European Union, instability in the geopolitical environment as a result of the Russia-Ukraine conflict and increasing tensions in the Asian Pacific on the overall global economy and our business, operating results and growth rates; |
• |
United States regulators may be limited in their ability to conduct investigations or inspections of our operations in China; |
• |
the increasingly stringent policies and regulations related to climate change and environmental protection; |
• |
the effects of competition and excess capacity in the diesel engine market on the demand, sales volume and sales prices for our diesel engines; |
• |
if we are not able to continually improve our existing engine products and develop new engine products or successfully enter into other markets, we may become less competitive, and our financial condition, results of operations, business and prospects will be adversely affected; |
• |
developments relating to the COVID-19 pandemic and its effects on our business and results of operations, and any future outbreak of communicable diseases or viral epidemics and their potential effects on our business and results of operations; |
• |
the effects of previously reported material weaknesses in our internal control over financial reporting and our ability to implement and maintain effective internal control over financial reporting; |
• |
our ability to collect and control our levels of accounts receivables; |
• |
our dependence on our largest customers, including our top customer and other major diesel truck manufacturers controlled by or affiliated with it; |
• |
our ability to successfully manage and implement our joint ventures to manufacture and sell our engines and any new products; |
• |
our ability to finance our working capital and capital expenditure requirements, including obtaining any required external debt or other financing; |
• |
the effects of fluctuating interest rates in China on our borrowing costs or the availability of funding; |
• |
the effects of inflation and deflation, increases in prices and supply constraints of energy, raw materials or components, on our financial condition and results of operations; |
• |
our ability to successfully implement the Reorganization Agreement, as amended by the Cooperation Agreement (both as defined in “Item 4. Information on the Company — History and Development); |
• |
our ability to control Yuchai and consolidate Yuchai’s financial results; |
• |
any limitations on the legal protection in China available to foreign investors, including with respect to the enforcement of foreign judgments in China; |
• |
the effects of changes to the international, regional and economic climate and market conditions in countries that may adversely impact on our operations as well as domestic and export sales performance; and |
• |
the impact of terrorism, terrorist events, airline strikes, hostilities between countries or increased risk of natural disasters or viral epidemics (including but not limited to the COVID-19 pandemic) that may affect travel patterns and reduce the number of travelers and tourists to the HLGE group’s hospitality operations. |
For Year ended December 31, |
||||||||||||||||
2019 |
2020 |
2021 |
2021 |
|||||||||||||
RMB |
RMB |
RMB |
US$ (1) |
|||||||||||||
(in thousands, except per share data) | ||||||||||||||||
Selected Consolidated Statement of Profit or Loss Data |
||||||||||||||||
Revenue |
18,016,085 | 20,581,170 | 21,265,930 | 3,363,691 | ||||||||||||
Gross profit |
3,105,841 | 3,189,571 | 2,952,113 | 466,944 | ||||||||||||
Research and development expenses |
(492,204 | ) | (626,478 | ) | (848,812 | ) | (134,259 | ) | ||||||||
Other operating income, net |
338,486 | 378,947 | 316,189 | 50,012 | ||||||||||||
Operating profit |
1,146,081 | 1,182,004 | 663,533 | 104,952 | ||||||||||||
Share of profit/(loss) of associates and joint ventures, net of tax |
19,034 | (58,970 | ) | (95,895 | ) | (15,168 | ) | |||||||||
Profit before tax |
1,033,319 | 971,864 | 451,710 | 71,447 | ||||||||||||
Income tax expense |
(172,619 | ) | (192,538 | ) | (43,816 | ) | (6,930 | ) | ||||||||
Profit for the year |
860,700 | 779,326 | 407,894 | 64,517 | ||||||||||||
Attributable to: |
||||||||||||||||
Equity holders of the Company |
604,914 | 548,903 | 272,673 | 43,129 | ||||||||||||
Non-controlling interests |
255,786 | 230,423 | 135,221 | 21,388 | ||||||||||||
Basic and diluted earnings per common share attributable to ordinary equity holders of the Company (RMB/US$ per share) |
14.81 | 13.43 | 6.67 | 1.06 | ||||||||||||
Profit for the year per share (RMB/US$ per share) |
21.07 | 19.07 | 9.98 | 1.58 | ||||||||||||
Weighted average number of shares |
40,858 | 40,858 | 40,858 | 40,858 |
For Year ended December 31, |
||||||||||||||||
2019 |
2020 |
2021 |
2021 |
|||||||||||||
RMB |
RMB |
RMB |
US$ (1) |
|||||||||||||
(in thousands, except per share data) |
||||||||||||||||
Selected Consolidated Statement of Financial Position Data: |
||||||||||||||||
Working capital (2) |
6,173,249 | 6,209,190 | 5,348,224 | 845,944 | ||||||||||||
Property, plant and equipment |
4,210,444 | 4,258,760 | 4,197,909 | 663,995 | ||||||||||||
Trade and other receivables |
8,190,293 | 8,459,088 | 7,538,096 | 1,192,322 | ||||||||||||
Total assets |
23,854,191 | 26,290,958 | 25,100,686 | 3,970,244 | ||||||||||||
Trade and other payables (3) |
8,644,393 | 10,302,531 | 9,827,840 | 1,554,497 | ||||||||||||
Short-term and long-term loans and borrowings |
2,055,046 | 2,230,000 | 2,203,000 | 348,454 | ||||||||||||
Non-controlling interests |
2,805,856 | 2,818,086 | 2,756,192 | 435,955 | ||||||||||||
Issued capital |
2,081,138 | 2,081,138 | 2,081,138 | 329,179 | ||||||||||||
Equity attributable to equity holders of the Company |
8,767,529 | 9,014,624 | 8,859,152 | 1,401,277 |
For Year ended December 31, |
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2019 |
2020 |
2021 |
2021 |
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RMB |
RMB |
RMB |
US$ (1) |
|||||||||||||
(in thousands) |
||||||||||||||||
Selected Consolidated Statement of Cash Flows Data |
||||||||||||||||
Net cash provided by operating activities |
1,583,016 | 1,415,368 | 504,556 | 79,809 | ||||||||||||
Net cash used in investing activities |
(810,477 | ) | (785,753 | ) | (738,848 | ) | (116,867 | ) | ||||||||
Net cash used in financing activities |
(589,429 | ) | (461,832 | ) | (838,563 | ) | (132,638 | ) | ||||||||
Net increase/(decrease) in cash and cash equivalents |
183,110 | 167,783 | (1,072,855 | ) | (169,696 | ) | ||||||||||
Cash and cash equivalents at January 1 |
5,559,890 | 5,753,268 | 5,877,647 | 929,684 | ||||||||||||
Effect of exchange rate changes on balances in foreign currencies |
10,268 | (43,404 | ) | (16,573 | ) | (2,622 | ) | |||||||||
Cash and cash equivalents at December 31 |
5,753,268 | 5,877,647 | 4,788,219 | 757,366 |
(1) |
The Company’s functional currency is US dollar and its reporting currency is Renminbi. The functional currency of Yuchai is Renminbi. Translation of amounts from Renminbi to US dollar is solely for the convenience of the reader. Translation of amounts from Renminbi to US dollar has been made at the rate of RMB 6.3222 = US$1.00, the rate quoted by the PBOC at the close of business on February 28, 2022. No representation is made that the Renminbi amounts could have been, or could be, converted into US dollar at that rate or at any other rate prevailing on February 28, 2022 or any other date. The rate quoted by the PBOC at the close of business on December 31, 2021 was RMB 6.3757 = US$1.00. |
(2) |
Current assets less current liabilities. |
(3) |
Inclusive of non-current other payables. |
Fiscal Year |
Dividend paid by the Company to its shareholders for the fiscal year/ in the fiscal year (per share) |
Dividend paid by Yuchai to the Company (1) for the fiscal year / in the fiscal year (in thousands) | ||
2017 |
US$0.90 (2) |
RMB 234,923 (3) | ||
2018 |
US$2.21 (4) |
RMB 307,207 (5) | ||
2019 |
US$0.85 (6) |
RMB 307,207 (7) | ||
2020 |
US$0.85 (8) |
RMB 614,414 (9) | ||
2021 |
US$1.70 (10) |
RMB 151,796 (11) |
(1) |
Dividends paid by Yuchai are declared in Renminbi and paid to us in a mix of US dollar and Renminbi based on the exchange rates at local designated foreign exchange banks on the respective payment dates. |
(2) |
On May 24, 2017, we declared a dividend of US$0.90 per ordinary share amounting to a total of US$36.6 million for fiscal year 2016 payable either wholly in cash or new shares at the election of shareholders. Based on the elections by shareholders, the aggregate dividend was paid in the form of approximately US$34.7 million in cash and 99,790 ordinary shares. |
(3) |
The dividend declared by Yuchai for fiscal year 2017 was paid to us between May 25, 2018 and May 29, 2018. For the dividend paid for the fiscal year 2017, RMB 234.9 million was paid in Renminbi. |
(4) |
On June 19, 2018, we declared a dividend of US$0.73 per ordinary share and a special dividend of US$1.48 per ordinary share amounting to a total of US$90.3 million for fiscal year 2017. This dividend was paid to our shareholders on July 10, 2018. |
(5) |
The dividend declared by Yuchai for fiscal year 2018 was paid to us on June 11, 2019 and June 12, 2019. For the dividend paid for the fiscal year 2018, RMB 307.2 million was paid in Renminbi. |
(6) |
On June 24, 2019, we declared a dividend of US$0.85 per ordinary share amounting to a total of US$34.7 million for fiscal year 2018. The dividend was paid in cash to our shareholders on July 19, 2019. |
(7) |
The dividend declared by Yuchai for fiscal year 2019 was paid to us on June 12, 2020 and June 15, 2020. For the dividend paid for the fiscal year 2019, RMB 307.2 million was paid in Renminbi. |
(8) |
On April 3, 2020, we declared a dividend of US$0.85 per ordinary share amounting to a total of US$34.7 million for fiscal year 2019. The dividend was paid in cash to our shareholders on July 31, 2020. |
(9) |
The dividend declared by Yuchai for fiscal year 2020 was paid to us between June 1, 2021 and June 4, 2021. For the dividend paid for the fiscal year 2020, the total amount paid to us was in Renminbi. |
(10) |
On June 10, 2021, we announced a dividend of US$1.70 per ordinary share amounting to a total of US$69.5 million for fiscal year 2020. The dividend was paid in cash to our shareholders on July 8, 2021. |
(11) |
The dividend declared by Yuchai for fiscal year 2021 has been approved for payment by Yuchai’s Board of Directors. It will be paid to us upon the issuance of Yuchai’s audited financial statements for fiscal year 2021 and approved by Yuchai’s shareholders. |
• |
improvement in competitors’ products; |
• |
increased production capacity of competitors; |
• |
increased utilization of idle capacity by competitors; |
• |
price competition; |
• |
increased emphasis on new-energy vehicles; and |
• |
consolidations in the diesel engine industry. |
• |
the emergence of newer, more competitive technologies and products; |
• |
the prices and availability of oil and natural gas in the future; |
• |
the successful development of natural gas refueling infrastructure; |
• |
the structure and implementation of government policies, including the availability of government incentives; |
• |
consumer perceptions of the safety of natural gas engines; and |
• |
consumer reluctance to adopt new products. |
• |
In August 2009, Yuchai reached an agreement with Jirui United Heavy Industry Co., Ltd., a joint venture of China International Marine Containers Group Ltd, Chery Automobile Co., Ltd. and Shenzhen City Jiusi Investment Management Co., Ltd. to establish Y&C Engine Co., Ltd. (“Y&C”) to produce heavy-duty vehicle engines with the displacement range from 10.5L to 14L. The key focus of Y&C is the production of YC6K diesel engines. Y&C has a production facility which is capable of producing 30,000 units of YC6K engines in a single shift operation. Y&C has upgraded the YC6K engine to be National VI emission standards compliant. Y&C production has covered the 6K12 and 6K13 engine families for on-road and off-road as well as marine applications. For 2021, both production and engine sales of Y&C reached 25,000 units. |
• |
On February 19, 2016, we announced that Yuchai had entered into an agreement with MTU Friedrichshafen GmbH (“MTU”), a subsidiary of Rolls-Royce Power Systems, to set up a 50-50 joint venture, for the production, under license from MTU, of MTU diesel engines in China. The joint venture entity, MTU Yuchai Power Company Limited, was incorporated on January 18, 2017 and is based at Yuchai’s primary manufacturing facilities in Yulin. The joint venture produces MTU Series 4000 diesel engines compliant with Tier-3 emission standards and power outputs ranging from 1,400 to 3,490 kW, primarily for the Chinese off-road market, in particular for power generation and oil and gas applications. On April 9, 2018, the joint venture announced the launch of its first MTU Series 4000 engines produced in China. MTU Yuchai engine production was 200 units, and engine sales reached 250 units in 2020. In 2021, MTU Yuchai produced over 450 units of MTU Series 4000 engine for the power generation market. In March 2022, MTU Yuchai produced its 1,000th unit of MTU Series 4000 engine. |
• |
On August 28, 2018, we announced that a Yuchai subsidiary had entered into an agreement with Eberspaecher Exhaust Technology International GmbH (“Eberspaecher”) to set up a joint venture to develop, produce and market new exhaust emission control systems for trucks, buses, farming equipment and industrial machinery to meet the National VI emission standards. The joint venture entity, Eberspaecher Yuchai Exhaust Technology Co., Ltd., was incorporated on December 5, 2018, with Eberspaecher and the Yuchai subsidiary holding 51% and 49% interests, respectively. The joint venture commenced trial production in late 2019 and continued to ramp up production since 2020. |
• |
On September 23, 2021, we announced that Yuchai had entered into an agreement with the Government of Nanning Municipality to research, develop and construct new production capacity for new energy technologies including fuel cell systems, range extenders, hybrid power and electric drive systems. Yuchai has established a wholly owned subsidiary, Yuchai Xin-Lan New Energy Power Technology Co., Ltd. (“Yuchai Xin-Lan”) as the main investment vehicle for the construction of the Yuchai Xin-Lan New Energy Power Project. In October 2021, Yuchai Xin-Lan entered into a cooperation agreement with Beijing Xing Shun Da Bus Co., Ltd. and subsequently in February 2022 set up Yuchai Xingshunda New Energy Technology Co., Ltd. which will combine the resources of both partners to accelerate the development, manufacturing and sale of fuel cell powertrain systems as well as core fuel cell power system components for the Beijing, Tianjin and Hebei markets. |
• |
obtaining the necessary supplies, including the availability of raw materials; |
• |
hiring and training skilled production workers and management personnel; |
• |
manufacturing and delivering products for increased orders in a timely manner; |
• |
maintaining quality standards and prices; |
• |
controlling production costs; and |
• |
obtaining adequate funding on commercially reasonable terms for future growth. |
• |
our operating results whether audited or unaudited; |
• |
the public’s reaction to our press releases and announcements and our filings with the SEC; |
• |
changes in financial estimates or recommendations by stock market analysts regarding us, our competitors or other companies that investors may deem comparable; |
• |
operating and stock price performance of our competitors or other companies that investors may deem comparable; |
• |
political, economic, and social conditions in China; |
• |
any negative perceptions about corporate governance or accounting practices at listed companies with significant operations in China; |
• |
changes in general economic conditions, arising from a slowdown in the global economy in 2020 and beyond, escalation or continuation of trade tensions between the United States and China, heightened policy uncertainty especially regarding trade, financial market disruptions amid global financing conditions, and heightened geopolitical tensions globally, the economic effects from the withdrawal of the United Kingdom from the European Union, instability in the geopolitical environment as a result of the Russia-Ukraine conflict and increasing tensions in the Asia Pacific and communicable diseases such as SARS and COVID-19. See “Item 3. Key Information — Risk Factors — The diesel engine business in China is dependent in large part on the performance of the Chinese and the global economy. Adverse economic developments in China or in the global economy could have a material adverse effect on our financial condition, results of operations, business or prospects;” |
• |
China’s initiatives to develop energy saving and new energy vehicles, including hybrid, pure electric vehicles, fuel cell electric vehicles and other alternative energy-powered vehicles in China, which may lead to a decrease in demand for our diesel engines that affects our market share and profitability; |
• |
future sales of our Common Stock in the public market, or the perception that such sales could occur; or |
• |
the announcement by us or our competitors of a significant acquisition. |
• |
a decrease in occupancy rates as a result of a prolonged recovery of the hospitality, tourism and travel industries from the COVID-19 pandemic, and future outbreaks of communicable diseases (see “Item 3. Key Information — Risk Factors — Outbreaks of communicable diseases may materially and adversely affect our business, financial condition and results of operations.”); |
• |
changes to the international, regional and local economic climate and market conditions (including but not limited to changes to regional and local populations, changes in travel patterns and preferences, and oversupply of or reduced demand for hotel rooms that may result in reduced occupancy levels and performance for the hotels it operates); |
• |
changes to the political, economic, legal or social environments of the countries in which the HLGE group operates (including developments with respect to inflation or deflation, interest rates, currency fluctuations, governmental policies, real estate laws and regulations, taxation, fuel costs, expropriation, including the impact of the current global financial crisis); |
• |
increased threat of terrorism, terrorist events, airline strikes, hostilities between countries or increased risk of natural disasters or viral epidemics that may affect travel patterns and reduce the number of travelers and tourists; |
• |
changes in laws and governmental regulations (including those relating to the operation of hotels, preparation and sale of food and beverages, occupational health and safety working conditions and laws and regulations governing its relationship with employees); |
• |
competition from other international, regional and independent hotel companies, some of which may have greater name recognition and financial resources than the HLGE group (including competition in relation to hotel room rates, convenience, services or amenities offered); |
• |
losses arising out of damage to CHCH, where such losses may not be covered by the insurance policies maintained by the HLGE group; |
• |
increases in operating costs due to inflation, labor costs (including the impact of unionization), workers’ compensation and health-care related costs, utility costs, insurance and unanticipated costs such as acts of nature and their consequences; |
• |
fluctuations in foreign currencies arising from the HLGE group’s various currency exposures; |
• |
dependence on leisure travel and tourism; and |
• |
adverse effects of a downturn in the hospitality industry, including the impact due to the COVID-19 pandemic. |
• |
In March 2005, we acquired a 15.0% interest in the capital of TCL through Venture Delta Limited (“Venture Delta” or “VDL”). We have since divested the majority of our interest in TCL and as of December 31, 2021, we had a 0.18% interest in the outstanding ordinary shares of TCL, which has further reduced to 0.08% as of February 28, 2022. See “Item 3. Key Information – Selected Financial Data – Relating to our interest in TCL.” |
• |
In February 2006, we acquired debt and equity securities in HLGE through two wholly-owned subsidiaries. Our shareholding in HLGE has changed through various transactions and as of December 31, 2012, we had a 48.9% interest in the outstanding ordinary shares of HLGE, which has remained unchanged as of February 28, 2022. |
• |
Through our 76.4% interest in Yuchai held by six wholly-owned subsidiaries, we primarily conduct our manufacturing and sale of diesel engines which are mainly distributed in the PRC market. |
• |
As of February 28, 2022, through our wholly-owned subsidiary, Grace Star, we had a 48.9% shareholding interest in HLGE. The HLGE group is engaged in hospitality and property development activities conducted mainly in Malaysia. For more details on our investments in HLGE, see “Item 5. Operating and Financial Review and Prospects — Business Expansion and Diversification Plan.” |
• |
As of February 28, 2022, through our wholly-owned subsidiary, VDL, we had a 0.08% equity interest in TCL. We would consider disposing our remaining shareholding in TCL in due course. |
(a) |
an ISG power generation powertrain (“YC IE-Power”); |
(b) |
an e-CVT power-split hybrid powertrain (“YC e-CVT”); |
(c) |
an integrated electric drive axel powertrain (“YC e-Axel”); and |
(d) |
a fuel cell system (“YC FCS”). |
(a) |
The YCA05-T40 engine has a displacement volume of 4.8 liter and a maximum power output of 220 PS with a maximum torque of 720 N-m. |
(b) |
The YCA07-T40 engine has a displacement volume of 6.9 liter and a maximum power output of 260 PS with a maximum torque of 1050 N-m. |
(c) |
The YCA08-T40 engine has a displacement volume of 7.5 liter and a maximum power output of 320 PS with a maximum torque of 1200 N-m. |
(d) |
The YCF36-T48 engine has a displacement volume of 3.6 liter and a maximum power output of 125 PS with a maximum torque of 480 N-m. |
(e) |
The YCF36-T40 engine has a displacement volume of 3.6 liter and a maximum power output of 150 PS with a maximum torque of 500 N-m. |
(f) |
The YCK09-T40 engine has a displacement volume of 9.4 liter and a maximum power output of 400 PS with a maximum torque of 1900 N-m. |
(g) |
The YCK11-T40 engine has a displacement volume of 10.8 liter and a maximum power output of 480 PS with a maximum torque of 2200 N-m. |
(h) |
The YCK13-T40 engine has a displacement volume of 12.9 liter and a maximum power output of 580 PS with a maximum torque of 2600 N-m. |
(i) |
The YCK15-T40 engine has a displacement volume of 15.3 liter and a maximum power output of 650 PS with a maximum torque of 3000 N-m. |
(j) |
The YCTD20-T40 engine has a displacement volume of 19.6 liter and a maximum power output of 952 PS with a maximum torque of 3800 N-m. |
Series | ||
Truck |
YCY24, YCY30, YCS04, YCS04N, YCS06, YCK05, YCK08, YCK09, YCK11, YCK11N, YCK13, YCK13N, YCA07N, YCK15N | |
Bus |
YCY24, YCY30, YCS04, YCS06, YCK05, YCK08, YCK09, YCK11, YCS04N | |
Construction |
YCF24,YCF30, YCF36, YCA05, YCA07, YCA08, YCK09, YCK11, YCK13 | |
Agriculture |
YCF30, YCF36, YCA05, YCA07, YCA08, YCK09, YCK11, YCK13 | |
Marine |
YC4D, YC4FA, YC6T, YC6TD, YC6C, YC6CL, YC6CD, YC8CL, YC12VC, YC6MK | |
Generator-Drive |
YC4R, YC4FA, YC4D, YC6A, YC6LN, YC6MK, YC6MJ, YC6T, YC6C, YC6CL, YC12VC, YC12VTD, YC16VTD, YC16VC, YC6MKN, YC6K, YC6KN |
Series | ||
Light Duty |
YC4FA, YCY24, YCY30 | |
Medium Duty |
YC4A, YC4D, YC6A, YCK05, YCS06, YCS04, YCS04N, YCA05, YCA07, YCA08 | |
Heavy Duty |
YC6LN, YC6MK, YC6MKN, YC6MJ, YC6K, YC6KN, YC6K13, YC6K13N, YC6T, YC6C, YC6CN, YC6CL, YC8CL, YC12VTD, YC12VC, YC16VC, YC6CD, YC6TD, YCK08, YCK09, YCK11, YCK11N, YCK13, YCK13N, YCK15N |
(a) |
4-Cylinder Diesel Engines |
• |
The YCY24 engine compliant with National VI emission standards is for use in passenger vehicles, light-duty buses and pick-up trucks. It has a displacement volume of 2.36 liter and a maximum power output of 150 PS with a maximum torque of 380 N-m. |
• |
The YCY30 engine compliant with National VI emission standards is for use in light-duty buses and trucks. It has a displacement volume of 2.97 liter and a power range of 150-180 PS with a maximum torque of 460 N-m. |
• |
The YCS04 engine compliant with National VI emission standards is for use in light to medium-duty buses and trucks. It has a displacement volume of 4.16 liter and a maximum power output of 180 PS with a maximum torque of 650 N-m. |
• |
The upgraded YC4A-T-30 in-line pump and exhaust gas recirculation (“EGR”) technology, this engine improves the heat transfer efficiency of the cooling system by more than 30%. It is compliant with Tier-3 emission standards for off-road applications. |
• |
The YC4D engine is a 4-cylinder, four-stroke engine with a rated power ranging from 120 to 180 PS. It is a diesel engine co-developed by Yuchai and Germany FEV, and features lower emission, lower fuel and oil consumption, lower noise, higher reliability, lower price and better upgrading potential. |
(b) |
6-Cylinder Diesel Engines |
• |
The YCS06 engine compliant with National VI emission standards is for use in medium-duty trucks, coaches and buses. It has a displacement volume of 6.23 liter and a maximum power output of 260 PS with a maximum torque of 1000 N-m. |
• |
The YCK05 engine compliant with National VI emission standards is for use in medium-duty trucks, coaches and buses. It has a displacement volume of 5.1 liter and a maximum power output of 230 PS with a maximum torque of 870 N-m. |
• |
The YCK08 engine compliant with National VI emission standards is for use in medium-duty and special purpose trucks, highway coaches and buses. It has a displacement volume of 7.7 liter and a maximum power output of 350 PS with a maximum torque of 1400 N-m. |
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The YCK09 engine compliant with National VI emission standards is for use in medium to heavy-duty trucks, highway coaches and buses. It has a displacement volume of 9.41 liter and a maximum power output of 380 PS with a maximum torque of 1800 N-m. |
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The YCK11 engine compliant with National VI emission standards is for use in heavy-duty trucks and trailers, highway coaches and buses over 10 m in height. It has a displacement volume of 10.84 liter and a maximum power output of 460 PS with a maximum torque of 2200 N-m. |
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The YCK13 engine compliant with National VI emission standards is for use in heavy-duty trucks and trailers, and highway coaches. It has a displacement volume of 12.94 liter and a maximum power output of 560 PS with a maximum torque of 2500 N-m. |
(c) |
High Horsepower Marine Diesel Engines and Power Generator |
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YC6T is a 6-cylinder engine rated at 360 to 600 PS and is suitable for construction applications. It is used in marine propulsion, power generators, construction and mine trucks. The YC6T engine rated at 404 to 440 kW at 1500 rpm is for power generation, while those rated at 290 to 396 kW at 1500 to 1800 rpm are for marine applications and those rated at 350 to 540 PS at 1350 rpm are for marine propulsion. |
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YC6C is a 40 liter, 6-cylinder engine rated at 700 to 1000 PS. It was launched in early 2011 and is used in marine propulsion, power generators, construction and mine trucks. The YC6C engine rated 680 to 850 kW at 1500 rpm is for power generation and those rated 560 to 680 kW at 1500 rpm are for marine propulsion. |
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YC6CL is an upgraded version of the YC6C engine with longer piston stroke for better power output and performance. It is a 54 liter engine rated at 800 to 1200 PS. |
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YC12VTD is derived from the YC6TD engines where the V-engine enables the engine to have a compact configuration. The engine is 12-cylinder, 39 liter rated at 900 to 1345 kW at 1500 rpm, mainly for application in the power generator, marine and industrial markets. The YC12VTD was launched in 2018. |
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YC16VTD is derived from the YC6TD engine where the V-engine enables the engine to have a compact configuration. The engine is 16-cylinder, 52 liter rated at 1520 to 1680 kW at 1500 rpm, mainly for application in the power generator, marine and industrial markets. The YC16VTD was launched in 2018. |
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YC12VC is derived from the YC6C engines where the V-engine enables the engine to extend its power output at similar engine platform. The engine is 12-cylinder, 80 liter rated at 1120 to 1800 kW at 1500 rpm. The main application is in the power generator, marine and industrial markets. The YC12VC was commercially launched in 2015. |
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YC16VC is derived from the YC6C engines where the V-engine enables the engine to extend its power output at similar engine platform. The engine is 16-cylinder, 108 liter rated at 1960 to 2400 kW at 1500 rpm. The main application is in the power generator, marine and industrial markets. The YC16VC was commercially launched in late 2016. |
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YC8CL is an extended version of YC6CL engine, with 8-cylinder in line configuration. YC8CL is an 8-cylinder, 72.8 liter engine rated at 692-1176 kW at 750-1000 rpm. The main application is in marine propulsion for river trade and costal general cargo vessels. The YC8CL was officially launched in mid-2017. |
(d) |
Other Products and Services |
(a) |
Plug in hybrid engine |
(b) |
Range Extender |
(c) |
ISG power generation powertrain (“YC IE-Power”) |
(d) |
e-CVT power-split hybrid powertrain (“YC e-CVT”) |
(e) |
Integrated electric drive axel powertrain (“YC e-Axel”) |
(f) |
Fuel cell system (“YC FCS”) |
2019 |
2020 |
2021 |
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Revenue |
% of Revenue |
Unit Sold |
Revenue |
% of Revenue |
Unit Sold |
Revenue |
% of Revenue |
Unit Sold |
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RMB’000 |
RMB’000 |
RMB’000 |
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Light-duty engines (1) |
2,429,248 | 13.5 | % | 105,749 | 2,356,168 | 11.5 | % | 115,389 | 2,429,745 | 11.4 | % | 127,202 | ||||||||||||||||||||||||
Medium-duty engines (2) |
5,583,982 | 31.1 | % | 184,467 | 6,626,629 | 32.2 | % | 222,657 | 7,065,283 | 33.2 | % | 229,109 | ||||||||||||||||||||||||
Heavy-duty engines (2) |
6,189,934 | 34.4 | % | 85,000 | 6,725,312 | 32.7 | % | 91,474 | 7,410,771 | 34.9 | % | 99,680 | ||||||||||||||||||||||||
Other products and services (3) |
3,777,140 | 21.0 | % | 932 | 4,849,551 | 23.6 | % | 800 | 4,348,335 | 20.5 | % | 800 | ||||||||||||||||||||||||
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17,980,304 | 100.0 | % | 376,148 | 20,557,660 | 100.0 | % | 430,320 | 21,254,134 | 100.0 | % | 456,791 | |||||||||||||||||||||||||
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