Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2023 shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2023 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | FY |
Trading Symbol | CYD |
Entity Registrant Name | China Yuchai International Limited |
Entity Central Index Key | 0000932695 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Interactive Data Current | Yes |
Entity Current Reporting Status | Yes |
Entity Incorporation, State or Country Code | D0 |
Entity Address, Address Line One | 16 Raffles Quay #39-01A |
Entity Address, Address Line Two | Hong Leong Building |
Entity Address, City or Town | Singapore |
Entity Address, Country | SG |
Entity Address, Postal Zip Code | 048581 |
Entity Filer Category | Accelerated Filer |
Entity Shell Company | false |
Entity Emerging Growth Company | false |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Title of 12(b) Security | Common Stock, par value US$0.10 per Share |
Security Exchange Name | NYSE |
Entity Common Stock, Shares Outstanding | 40,858,290 |
Entity File Number | 1-13522 |
ICFR Auditor Attestation Flag | true |
Auditor Name | Ernst & Young LLP |
Auditor Firm ID | 1247 |
Auditor Location | Singapore |
Document Financial Statement Error Correction [Flag] | false |
Document Accounting Standard | International Financial Reporting Standards |
Business Contact [Member] | |
Document Information [Line Items] | |
Contact Personnel Name | Loo Choon Sen |
Entity Address, Address Line One | 16 Raffles Quay |
Entity Address, Address Line Two | #39-01A Hong Leong Building |
Entity Address, City or Town | Singapore |
Entity Address, Country | SG |
Entity Address, Postal Zip Code | 048581 |
City Area Code | +65 |
Local Phone Number | 6220 8411 |
Contact Personnel Fax Number | +65 6221 1172 |
Consolidated Statement of Profi
Consolidated Statement of Profit or Loss ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) ¥ / shares | Dec. 31, 2023 USD ($) $ / shares | Dec. 31, 2022 CNY (¥) ¥ / shares | Dec. 31, 2021 CNY (¥) ¥ / shares | |
Profit or loss [abstract] | ||||
Revenue | ¥ 18,046,349 | $ 2,540,451 | ¥ 16,030,636 | ¥ 21,265,930 |
Cost of sales | (15,130,711) | (2,130,006) | (13,532,102) | (18,507,839) |
Gross profit | 2,915,638 | 410,445 | 2,498,534 | 2,758,091 |
Other operating income | 469,300 | 66,065 | 334,349 | 326,171 |
Other operating expenses | (26,938) | (3,792) | 2,407 | (9,982) |
Research and development expenses | (876,578) | (123,399) | (836,438) | (848,812) |
Selling, general and administrative expenses | (1,871,973) | (263,525) | (1,479,561) | (1,561,935) |
Operating profit | 609,449 | 85,794 | 519,291 | 663,533 |
Finance costs | (100,175) | (14,102) | (95,472) | (115,928) |
Share of results of associates, net of tax | (5) | (1) | (1,547) | 90 |
Share of results of joint ventures, net of tax | 62,083 | 8,740 | (27,546) | (95,985) |
Profit before tax | 571,352 | 80,431 | 394,726 | 451,710 |
Income tax expense | (148,496) | (20,904) | (59,065) | (43,816) |
Profit for the year | 422,856 | 59,527 | 335,661 | 407,894 |
Attributable to: | ||||
Equity holders of the Company | 285,518 | 40,193 | 218,581 | 272,673 |
Non-controlling interests | 137,338 | 19,334 | 117,080 | 135,221 |
Profit for the year | ¥ 422,856 | $ 59,527 | ¥ 335,661 | ¥ 407,894 |
Earnings per share (dollar per share) | ||||
- Basic | (per share) | ¥ 6.99 | $ 0.98 | ¥ 5.35 | ¥ 6.67 |
- Diluted | (per share) | ¥ 6.99 | $ 0.98 | ¥ 5.35 | ¥ 6.67 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Statement of comprehensive income [abstract] | ||||
Profit for the year | ¥ 422,856 | $ 59,527 | ¥ 335,661 | ¥ 407,894 |
Items that may be reclassified subsequently to profit or loss, net of tax: | ||||
Foreign currency translation | 21,369 | 3,008 | 88,708 | (36,685) |
Net fair value change on debt instruments at fair value through other comprehensive income | 10,649 | 1,499 | 409 | 63,890 |
Other comprehensive income for the year, net of tax | 32,018 | 4,507 | 89,117 | 27,205 |
Total comprehensive income for the year, net of tax | 454,874 | 64,034 | 424,778 | 435,099 |
Attributable to: | ||||
Equity holders of the Company | 310,383 | 43,694 | 292,369 | 293,240 |
Non-controlling interests | 144,491 | 20,340 | 132,409 | 141,859 |
Total comprehensive income for the year, net of tax | ¥ 454,874 | $ 64,034 | ¥ 424,778 | ¥ 435,099 |
Consolidated Statement of Finan
Consolidated Statement of Financial Position ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Non-current assets | |||
Property, plant and equipment | ¥ 3,553,601 | $ 500,253 | ¥ 3,995,744 |
Investment property | 4,103 | 577 | 4,756 |
Intangible assets | 1,951,133 | 274,668 | 1,874,824 |
Investment in associates | 248 | 35 | 259 |
Investment in joint ventures | 237,229 | 33,396 | 154,703 |
Deferred tax assets | 426,377 | 60,023 | 450,882 |
Long-term bank deposits | 0 | 0 | 20,000 |
Right-of-use assets | 298,445 | 42,013 | 342,141 |
Capitalized contract cost | 122,627 | 17,263 | 197,692 |
Non-current assets | 6,593,763 | 928,228 | 7,041,001 |
Current assets | |||
Inventories | 4,649,027 | 654,461 | 4,937,755 |
Trade and other receivables | 8,458,624 | 1,190,752 | 7,311,347 |
Other current assets | 16,733 | 2,355 | 16,710 |
Cash and short-term bank deposits | 6,039,471 | 850,199 | 4,830,743 |
Current assets | 19,163,855 | 2,697,767 | 17,096,555 |
Total assets | 25,757,618 | 3,625,995 | 24,137,556 |
Equity | |||
Issued capital | 2,081,138 | 292,969 | 2,081,138 |
Statutory reserves | 381,724 | 53,737 | 335,735 |
Capital reserves | (18,236) | (2,567) | (4,196) |
Retained earnings | 6,820,555 | 960,155 | 6,661,264 |
Other components of equity | (38,653) | (5,441) | (64,995) |
Equity attributable to equity holders of the Company | 9,226,528 | 1,298,853 | 9,008,946 |
Non-controlling interests | 2,949,097 | 415,155 | 2,826,118 |
Total equity | 12,175,625 | 1,714,008 | 11,835,064 |
Non-current liabilities | |||
Loans and borrowings | 690,000 | 97,134 | 200,000 |
Lease liabilities | 16,009 | 2,254 | 28,208 |
Contract liabilities | 52,214 | 7,350 | 77,339 |
Deferred tax liabilities | 65,089 | 9,163 | 61,825 |
Deferred grants | 451,894 | 63,615 | 476,384 |
Other financial liability | 67,050 | 9,439 | 45,950 |
Other payables | 181,155 | 25,502 | 189,366 |
Non-current liabilities | 1,523,411 | 214,457 | 1,079,072 |
Current liabilities | |||
Trade and other payables | 9,227,324 | 1,298,964 | 8,139,408 |
Loans and borrowings | 1,850,294 | 260,473 | 2,141,432 |
Lease liabilities | 33,272 | 4,684 | 31,433 |
Contract liabilities | 639,213 | 89,984 | 617,737 |
Provision for taxation | 52,399 | 7,376 | 73,296 |
Provisions | 256,080 | 36,049 | 220,114 |
Current liabilities | 12,058,582 | 1,697,530 | 11,223,420 |
Total liabilities | 13,581,993 | 1,911,987 | 12,302,492 |
Total equity and liabilities | ¥ 25,757,618 | $ 3,625,995 | ¥ 24,137,556 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity ¥ in Thousands, $ in Thousands | CNY (¥) | USD ($) | Issued capital [Member] CNY (¥) | Issued capital [Member] USD ($) | Statutory reserves [Member] CNY (¥) | Statutory reserves [Member] USD ($) | Capital reserves [Member] CNY (¥) | Capital reserves [Member] USD ($) | Retained earnings [member] CNY (¥) | Retained earnings [member] USD ($) | Foreign currency translation reserve [member] CNY (¥) | Foreign currency translation reserve [member] USD ($) | Performance shares reserves [member] CNY (¥) | Performance shares reserves [member] USD ($) | Fair value reserve [member] CNY (¥) | Fair value reserve [member] USD ($) | Premium paid for acquisition of non-controlling interests [member] CNY (¥) | Premium paid for acquisition of non-controlling interests [member] USD ($) | Attributable to the equity holders of the parent [Member] CNY (¥) | Attributable to the equity holders of the parent [Member] USD ($) | Non-controlling interests [member] CNY (¥) | Non-controlling interests [member] USD ($) |
Balance at Dec. 31, 2020 | ¥ 11,832,710 | ¥ 2,081,138 | ¥ 307,165 | ¥ 30,704 | ¥ 6,756,976 | ¥ (89,925) | ¥ 19,758 | ¥ (79,720) | ¥ (11,472) | ¥ 9,014,624 | ¥ 2,818,086 | |||||||||||
Statement [Line Items] | ||||||||||||||||||||||
Profit for the year | 407,894 | 272,673 | 272,673 | 135,221 | ||||||||||||||||||
Other comprehensive income for the year, net of tax | 27,205 | (28,251) | 48,818 | 20,567 | 6,638 | |||||||||||||||||
Total comprehensive income for the year, net of tax | 435,099 | 272,673 | (28,251) | 48,818 | 293,240 | 141,859 | ||||||||||||||||
Transactions with owners, recorded directly in equity | ||||||||||||||||||||||
Dividends paid | (448,712) | (448,712) | (448,712) | |||||||||||||||||||
Dividends paid/payable to non-controlling interests | (203,753) | (203,753) | ||||||||||||||||||||
Transfer to statutory reserves | 2,072 | (2,072) | ||||||||||||||||||||
Balance at Dec. 31, 2021 | 11,615,344 | 2,081,138 | 309,237 | 30,704 | 6,578,865 | (118,176) | 19,758 | (30,902) | (11,472) | 8,859,152 | 2,756,192 | |||||||||||
Statement [Line Items] | ||||||||||||||||||||||
Profit for the year | 335,661 | 218,581 | 218,581 | 117,080 | ||||||||||||||||||
Other comprehensive income for the year, net of tax | 89,117 | 73,477 | 311 | 73,788 | 15,329 | |||||||||||||||||
Total comprehensive income for the year, net of tax | 424,778 | 218,581 | 73,477 | 311 | 292,369 | 132,409 | ||||||||||||||||
Transactions with owners, recorded directly in equity | ||||||||||||||||||||||
Contribution by non-controlling interests | 53,500 | 53,500 | ||||||||||||||||||||
Dividends paid | (109,684) | (109,684) | (109,684) | |||||||||||||||||||
Dividends paid/payable to non-controlling interests | (103,199) | (103,199) | ||||||||||||||||||||
Dilution of interest in subsidiary | 2,009 | 2,009 | (2,009) | |||||||||||||||||||
Transfer to statutory reserves | 26,498 | (26,498) | ||||||||||||||||||||
Issuance of put option to non-controlling interests of subsidiary | (45,675) | (34,900) | (34,900) | (10,775) | ||||||||||||||||||
Balance at Dec. 31, 2022 | 11,835,064 | 2,081,138 | 335,735 | (4,196) | 6,661,264 | (44,699) | 19,758 | (30,591) | (9,463) | 9,008,946 | 2,826,118 | |||||||||||
Statement [Line Items] | ||||||||||||||||||||||
Profit for the year | 422,856 | $ 59,527 | 285,518 | 285,518 | 137,338 | |||||||||||||||||
Other comprehensive income for the year, net of tax | 32,018 | 4,507 | 16,728 | 8,137 | 24,865 | 7,153 | ||||||||||||||||
Total comprehensive income for the year, net of tax | 454,874 | 64,034 | 285,518 | 16,728 | 8,137 | 310,383 | 144,491 | |||||||||||||||
Transactions with owners, recorded directly in equity | ||||||||||||||||||||||
Contribution by non-controlling interests | 20,000 | 20,000 | ||||||||||||||||||||
Dividends paid | (80,238) | (80,238) | (80,238) | |||||||||||||||||||
Dividends paid/payable to non-controlling interests | (35,702) | (35,702) | ||||||||||||||||||||
Dilution of interest in subsidiary | 1,477 | 1,477 | (1,477) | |||||||||||||||||||
Transfer to statutory reserves | 45,989 | (45,989) | ||||||||||||||||||||
Issuance of put option to non-controlling interests of subsidiary | (18,373) | (14,040) | (14,040) | (4,333) | ||||||||||||||||||
Balance at Dec. 31, 2023 | ¥ 12,175,625 | $ 1,714,008 | ¥ 2,081,138 | $ 292,969 | ¥ 381,724 | $ 53,737 | ¥ (18,236) | $ (2,567) | ¥ 6,820,555 | $ 960,155 | ¥ (27,971) | $ (3,937) | ¥ 19,758 | $ 2,781 | ¥ (22,454) | $ (3,161) | ¥ (7,986) | $ (1,124) | ¥ 9,226,528 | $ 1,298,853 | ¥ 2,949,097 | $ 415,155 |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Restatement [abstract] | |||
Dividends declared and paid, per share | $ 0.28 | $ 0.4 | $ 1.7 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Operating activities | ||||
Profit before tax | ¥ 571,352 | $ 80,431 | ¥ 394,726 | ¥ 451,710 |
Adjustments: | ||||
Amortization of intangible asset | 109,913 | 15,473 | 64,939 | 38,957 |
Bad debt recovered | 0 | 0 | 0 | (5) |
Depreciation of investment property | 355 | 50 | 348 | 355 |
Depreciation of property, plant and equipment | 508,726 | 71,615 | 516,276 | 492,826 |
Depreciation of right-of-use assets | 46,071 | 6,486 | 43,129 | 41,458 |
Dividend income from quoted equity securities | 0 | 0 | (13) | (168) |
Exchange loss /(gain) | (2,260) | (318) | (273) | 3,271 |
Fair value loss on quoted equity securities | 0 | 0 | 0 | (138) |
Finance costs | 100,175 | 14,102 | 95,472 | 115,928 |
(Gain)/loss on disposal of: | ||||
- associate | 0 | 0 | (1,329) | 0 |
- property, plant and equipment | (778) | (110) | (6,535) | (1,224) |
- quoted equity securities | 0 | 0 | (2,291) | (5,416) |
- right-of-use assets | (7,632) | (1,074) | (3,929) | (14,714) |
- subsidiary | (113,042) | (15,913) | 0 | 0 |
Government grants | (171,937) | (24,204) | (176,264) | (152,932) |
Interest income | (154,129) | (21,697) | (131,879) | (132,083) |
(Reversal of impairment losses)/Impairment losses on: | ||||
- investment in joint venture | 0 | 0 | 990 | 0 |
- property, plant and equipment | 44,667 | 6,288 | 17,278 | 7,227 |
- trade receivables | 21,621 | 3,044 | 41 | (7,987) |
- non-trade receivables | 2,237 | 315 | (500) | (538) |
- inventories, net | 50,019 | 7,041 | 54,885 | (9,010) |
Inventories written off | 0 | 0 | 0 | 10,085 |
Property, plant and equipment written off | 1,731 | 244 | 3,295 | 1,134 |
Provision for warranties | 414,021 | 58,283 | 317,076 | 292,157 |
Reversal of provision for onerous contract, net | 0 | (4,829) | (8,810) | |
Share of results of associates and joint ventures, net of tax | (62,078) | (8,739) | 29,093 | 95,895 |
Profit before tax after adjustments | 1,359,032 | 191,317 | 1,209,706 | 1,217,978 |
Changes in working capital | ||||
Inventories | 221,930 | 31,242 | 185,879 | (740,835) |
Trade and other receivables, and capitalized contract cost | (959,703) | (135,101) | (7,411) | 1,300,470 |
Trade and other payables, and contract liabilities | 1,090,875 | 153,567 | (1,141,397) | (802,738) |
Development properties | (281) | (40) | (25) | (202) |
Provision utilized | (375,910) | (52,918) | (345,161) | (299,397) |
Cash flows from/(used in) operations | 1,335,943 | 188,067 | (98,409) | 675,276 |
Income taxes paid | (109,905) | (15,472) | (21,010) | (170,720) |
Net cash flows from/(used in) operating activities | 1,226,038 | 172,595 | (119,419) | 504,556 |
Investing activities | ||||
Additional investment in a joint venture | (6,500) | (915) | (1,950) | (17,640) |
Development costs | (169,591) | (23,874) | (166,283) | (287,480) |
Dividend received from: | ||||
- joint venture | 2,795 | 393 | 0 | 0 |
- quoted equity securities | 0 | 0 | 47 | 135 |
Interest received | 155,179 | 21,845 | 131,331 | 125,004 |
Net cash inflow/(outflow) from disposal of: | ||||
- associate | 1,000 | 141 | 1,000 | 0 |
- property, plant and equipment | 643 | 91 | 9,232 | 405 |
- quoted equity securities | 0 | 0 | 641 | 6,485 |
- right-of-use assets | 0 | 0 | 7,185 | 34,123 |
- subsidiary, net of cash disposed | (32,056) | (4,513) | 0 | 0 |
Proceeds from government grants | 257,449 | 36,242 | 193,156 | 51,862 |
Purchase of property, plant and equipment | (237,842) | (33,482) | (430,966) | (572,047) |
(Placement)/withdrawal of fixed deposits with banks, net | (84,333) | (11,872) | 123,559 | (79,695) |
Net cash flows used in investing activities | (113,256) | (15,944) | (133,048) | (738,848) |
Dividends paid to: | ||||
- equity holders of the Company | (80,238) | (11,295) | (109,684) | (448,712) |
- non-controlling interests | (35,008) | (4,928) | (102,299) | (223,917) |
Interest paid and discounting on bills | (96,254) | (13,550) | (95,717) | (115,813) |
Contribution by non-controlling interests | 20,000 | 2,815 | 53,500 | 0 |
Payment of principal portion of lease liabilities | (41,104) | (5,786) | (24,597) | (23,121) |
Proceeds from borrowings | 3,240,294 | 456,148 | 2,048,432 | 1,938,920 |
Repayment of borrowings | (3,041,432) | (428,154) | (1,910,000) | (1,965,920) |
Net cash flows used in financing activities | (33,742) | (4,750) | (140,365) | (838,563) |
Net (decrease)/increase in cash and cash equivalents | 1,079,040 | 151,901 | (392,832) | (1,072,855) |
Cash and cash equivalents at January 1 | 4,451,489 | 626,653 | 4,788,219 | 5,877,647 |
Effect of exchange rate changes on balances in foreign currencies | 13,847 | 1,948 | 56,102 | (16,573) |
Cash and cash equivalents at December 31 | ¥ 5,544,376 | $ 780,502 | ¥ 4,451,489 | ¥ 4,788,219 |
Corporate information
Corporate information | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Corporate information | 1. Corporate information 1.1 Incorporation The consolidated financial statements of China Yuchai International Limited (the “Company”) and its subsidiaries (collectively, the “Group”) for the year ended December 31, 2023 were authorized for issue in accordance with a resolution of the directors on April 26, 2024. China Yuchai International Limited is a limited company incorporated under the laws of Bermuda on April 29, 1993 whose shares are publicly traded. The registered office of the Company is located at 2 Clarendon House, Church Street, Hamilton HM11, Bermuda. On March 7, 2008, the Company registered a branch office in Singapore, located at 16 Raffles Quay #26-00, #39-01A, 1.2 Investment in Guangxi Yuchai Machinery Company Limited The Company was established to acquire a controlling financial interest in Guangxi Yuchai Machinery Company Limited (“Yuchai”), a Sino-foreign joint stock company, located in the People’s Republic of China (the “PRC”), which is one of the largest powertrain solution manufacturers for on-road off-road The Company owns, through six wholly-owned subsidiaries, 361,420,150 shares or 76.4% of the issued share capital of Yuchai. Guangxi Yuchai Machinery Group Company Limited (“GY”), a state-owned enterprise, owns 22.09% of the issued share capital of Yuchai. As of December 31, 2023, Yuchai has 10 (2022: 10) direct and 33 (2022: 32) indirectly owned subsidiaries and five Xin-Lan Xin-Lan”), Xin-Lan The detailed information of Yuchai’s significant subsidiaries and joint ventures are disclosed in Notes 4 and 5. As used in this Consolidated Financial Statements, the term “Yuchai” refer to Guangxi Yuchai Machinery Company Limited and its subsidiaries. 1.3 Investment in HL Global Enterprises Limited In February 2006, the Group acquired debt and equity securities interest in HL Global Enterprises Limited (“HLGE”) through the Group’s wholly-owned subsidiaries, Grace Star Limited (“Grace Star”) and Venture Lewis Limited (“Venture Lewis’). HLGE is a public company listed on the Main Board of the Singapore Exchange Securities Trading Limited (“Singapore Exchange”) and primarily engaged in investment holding, and through its group companies, invests in rental property, hospitality and property developments in Asia. Subsequent to the acquisition, the Group’s shareholding changed through various transactions. As of December 31, 2011, the Group’s equity interest in HLGE was On January 13, 2012, Grace Star transferred 24,189,170 Series B redeemable convertible preference shares (“RCPS”), representing 100% of remaining unconverted Series B RCPS, in the capital of HLGE (the “Trust Preference Shares”) to the Trustee pursuant to a trust deed entered into between HLGE and the Trustee. On January 16, 2012, the Trust Preference Shares were mandatorily converted into 24,189,170 new ordinary shares in the capital of HLGE (the “Trust Shares”) resulting in the Group’s shareholding interest in HLGE decreased from 49.4% to 48.1%. On April 4, 2012, as a result of the conversion of all the outstanding Series A redeemable convertible preference shares held by Venture Delta Limited and Grace Star, into new ordinary shares in the capital of HLGE, the Group’s shareholding interest in HLGE increased from 48.1% to 48.9%. The Trust Shares are accounted for as treasury shares by HLGE, issued by HLGE and held by the Trust, which is considered as part of HLGE. As a result, the Group’s shareholding interest in HLGE is stated as 50.1%, based on the total outstanding ordinary shares of HLGE, net of the ordinary shares held by the Trustee under the Trust. As In 2014, the Group purchased in the open market an aggregate of 465,000 ordinary shares in the capital of HLGE. As of December 31, 2014, the Group’s interest in HLGE increased from 50.1% to 50.2%, net of the ordinary shares held by the Trustee under the Trust. In 2015, HLGE undertook a share consolidation exercise to consolidate every 10 ordinary shares in the capital of HLGE into one ordinary share. Upon completion of the share consolidation exercise, the Group held 47,107,707 ordinary shares of HLGE. As of December 31, 2015, the Group’s interest in HLGE was 50.2%, net of the ordinary shares held by the Trustee under the Trust. As of December 31, 2022 and 2023, the Group’s shareholding interest in HLGE remains at 50.2%, net of the ordinary shares held by the Trustee under the Trust. The Group considers HLGE as a subsidiary as it has power to exercise effective control and direct the activities of HLGE that most significantly affect its economic performance and has the exposure or rights to receive benefits from HLGE from its involvement. |
Accounting policies
Accounting policies | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Accounting policies | 2. Accounting policies 2.1 Basis of preparation The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The consolidated financial statements have been prepared on a historical cost basis except as disclosed in the accounting policies below. The consolidated financial statements are presented in Renminbi (“RMB”) and all values are rounded to the nearest thousand (“RMB’000”), except when otherwise indicated. Translation of amounts from Renminbi to the United States Dollar (“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 7.1036 = US$ 1.00, the rate quoted by the People’s Bank of China at the close of business on February 29, 2024 and all values are rounded to the nearest thousand (“US$’000”), except when otherwise indicated. 2.2 Changes in accounting policies The accounting policies adopted are consistent with those previous financial years except that in the current financial year, the Group has adopted all the new and revised standards which are effective for annual financial periods beginning on or after January 1, 2023. The adoption of “Disclosure of Accounting Policies - Amendments to IAS 1 and IFRS Practice Statement 2 Amendments to IAS 12: International Tax Reform Pillar Two Model Rules The Group has adopted Amendments to IAS 12: International Tax Reform Pillar Two Model Rules The mandatory exception is effective immediately and applies retrospectively. 2.3 Standards issued but not yet effective Lease Liability in a Sale and Leaseback - Amendments to IFRS 16 In September 2022, the IASB issued Lease Liability in a Sale and Leaseback ( Amendments to IFRS 16 amendment to IFRS 16 Leases The amendment is intended to improve the requirements for sale and leaseback transactions in IFRS 16. It does not change the accounting for leases unrelated to sale and leaseback transactions. The amendment applies retrospectively to annual reporting periods beginning on or after January 1, 2024. Earlier application is permitted. The amendments are not expected to have a material impact on the Group. Classification of Liabilities as Current or Non-current - Amendments to IAS 1 In January 2020 and October 2022, the IASB issued amendments to paragraphs 69 to 76 of IAS 1 to specify the requirements for classifying liabilities as current or non-current. The amendments clarify: • What is meant by a right to defer settlement • That a right to defer must exist at the end of the reporting period • That classification is unaffected by the likelihood that an entity will exercise its deferral right • That only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact its classification In addition, a requirement has been introduced to require disclosure when a liability arising from a loan agreement is classified as non-current and the entity’s right to defer settlement is contingent on compliance with future covenants within twelve months. The amendments are effective for annual reporting periods beginning on or after January 1, 2024 and must be applied retrospectively. The Group is currently assessing the impact that will have on current practice. Supplier Finance Arrangements - Amendments to IAS 1 and IFRS7 In May 2023, the IASB issued amendments to IAS 7 Statement of Cash Flows Financial Instruments: Disclosures The amendments will be effective for annual reporting periods beginning on or after January 1, 2024. Early adoption is permitted, but will need to be disclosed. The amendments are not expected to have a material impact on the Group’s financial statements. Lack of exchangeability - Amendments to IAS 21 In August 2023, the IASB issued amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates The amendments will be effective for annual reporting periods beginning on or after January 1, 2025. Early adoption is permitted, but will need to be disclosed. The amendments are not expected to have a material impact on the Group’s financial statements. 2.4 Basis of consolidation The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as at the end of the reporting period. The financial statements of the subsidiaries used in the preparation of the consolidated financial statements are prepared for the same reporting date as the Company. Consistent accounting policies are applied to like transactions and events in similar circumstances. All intra-group balances, income and expenses and unrealized gains and losses resulting from intra-group transactions and dividends are eliminated in full. Subsidiaries are consolidated from the date of acquisition, being the date on which the Group obtains control, and continue to be consolidated until the date that such control ceases. Losses within a subsidiary are attributed to the non-controlling A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it: • derecognizes the assets (including goodwill) and liabilities of the subsidiary at their carrying amounts at the date when control is lost; • derecognizes the carrying amount of any non-controlling • derecognizes the cumulative translation differences recorded in equity; • recognizes the fair value of the consideration received; • recognizes the fair value of any investment retained; • recognizes any surplus or deficit in profit or loss; and • reclassifies the Group’s share of components previously recognized in other comprehensive income to profit or loss or retained earnings, as appropriate. 2.5 Summary of material accounting policies (a) Business combinations Business combinations are accounted for applying acquisition method. Identifiable assets acquired and liabilities assumed in business combination are measured initially at their fair value at the acquisition date. Acquisition-related costs are recognized as expenses in periods in which the costs are incurred and the services are received. For each business combination, the Group elects whether to measure the non-controlling When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. Any contingent consideration to be transferred by the acquirer will be recognized at fair value at the acquisition date. Contingent consideration classified as equity is not re-measured Financial Instruments In business combinations achieved in stages, previously held equity interests in the acquiree are re-measured Any excess of the sum of the fair value of the consideration transferred in the business combination, the amount of non-controlling Intangible assets Where the Group had granted put option to third party investors (non-controlling interests) for their investments in subsidiaries, the Group recognized a financial liability based on the present value of the amount payable upon exercise of the put. A corresponding amount to equity attributable to the parent (capital reserves) will be recognized. (b) Investments in joint ventures When Group determine significant influence or joint control, the Group make considerations which are similar to those necessary to determine control over subsidiaries. The Group’s investments in its joint ventures are accounted for using the equity method. The Group’s significant joint ventures are Y&C Engines Co., Ltd, MTU Yuchai Power Co. Ltd and Guangxi Purem Yuchai Automotive Technology Co., Ltd. Under the equity method, the investment in joint ventures are carried in the balance sheet at cost plus post-acquisition changes in the Group’s share of net assets of the joint ventures. The profit or loss reflects the share of results of the operations of the joint ventures. Distributions received from joint ventures reduce the carrying amount of the investment. Where there has been a change recognized in other comprehensive income by the joint venture, the Group recognizes its share of such changes in other comprehensive income. Unrealized gains and losses resulting from transactions between the Group and joint venture are eliminated to the extent of the interest in the joint ventures. When the Group’s share of losses in a joint venture equals or exceeds its interest in the joint venture, the Group does not recognize further losses, unless it has incurred obligations or made payments on behalf of the joint venture. The aggregate of the Group’s share of results of a joint venture is shown on the face of the statement of profit or loss outside operating profit. The financial statements of the joint venture are prepared for the same reporting period as the Group. The Group’s joint ventures adopt the same accounting policies in line with those of the Group. Therefore, no adjustments are made when measuring and recognizing the Group’s share of the results of the investees after the date of acquisition. After application of the equity method, the Group determines whether it is necessary to recognize an impairment loss on its investment in its joint venture. At each reporting date, the Group determines whether there is objective evidence that the investment in the joint venture is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of the joint venture and its carrying value, then recognizes the loss within “Share of results of joint ventures, net of tax” in the statement of profit or loss. There is no loss of significant influence of material joint ventures. (c) Foreign currency translation The Company’s functional currency is US Dollar. The Group’s consolidated financial statements are presented in Renminbi, which is also the functional currency of Yuchai, the largest operating segment of the Group. Each entity in the Group determines its own functional currency, and items included in the financial statements of each entity are measured using that functional currency. Transactions and balances Transactions in foreign currencies are measured in the respective functional currencies of the Company and its subsidiaries and are recorded on initial recognition in the functional currencies at exchange rates approximating those ruling at the transaction dates. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the end of the reporting period. Non-monetary transactions. Non-monetary Exchange differences arising on the settlement of monetary items or on translating monetary items at the end of the reporting period are recognized in profit or loss. Consolidated financial statements On consolidation, the assets and liabilities of foreign operations are translated into RMB at the rate of exchange prevailing at the reporting date and their statements of profit or loss are translated at average exchange rates during the reporting period. The exchange differences arising on translation for consolidation are recognized in OCI. On disposal of a foreign operation, the component of OCI relating to that particular foreign operation is reclassified to profit or loss. (d) Revenue from Contracts with Customers Revenue from contracts with customers is recognized when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. The Group has generally concluded that it is the principal in its revenue arrangements because it typically controls the goods or services before transferring them to the customer. The disclosures of significant accounting judgements, estimates and assumptions relating to revenue from contracts with customers are provided in Note 3. Sale of engines Revenue from sale of engines is recognized at the point in time when control of the engine is transferred to the customer and all criteria for acceptance have been satisfied, generally on delivery of the engines, or, in some cases, when the engines are installed by the customers. The Group considers whether there are other promises in the contract that are separate performance obligations to which a portion of the transaction price needs to be allocated (e.g. warranties). In determining the transaction price for the sale of engines, the Group considers the effects of variable consideration and the existence of significant financing components. (i) Variable consideration If the consideration in a contract includes a variable amount, the Group estimates the amount of consideration to which it will be entitled in exchange for transferring the goods to the customer. The variable consideration is estimated at contract inception. Some contracts for the sale of engines provide customers with sales rebates based on the sales volume. The sales rebates give rise to variable consideration. Sales rebates The Group enters into contractual arrangements to provide certain customers with sales rebates when the quantity of products purchased during the period exceeds a threshold specified in the contract. Based on contractual arrangement with the customers, the sales rebates are netted against “Trade receivables”. If the receivables had been settled by the customers, amounts in excess of “Trade receivables” will be recognized as refund liabilities in “Trade and other payables”. Sales Returns The Group does not extend its sales returns policy to all customers. However, the Group allows for certain returns, only on a case-by-case (ii) Significant financing component The Group receives advance payments from customers for the sale of engines. The Group applies the practical expedient for short-term advances received from customers. That is, the promised amount of consideration is not adjusted for the effects of a significant financing component if the period between the transfer of the promised good or service and the payment is one year or less. Warranty obligations The Group typically provides warranties for general repairs of defects as part of the sale of engines. These assurance-type warranties are accounted for as warranty provisions. Refer to the accounting policy on warranty provisions in Section (m) Provisions Certain contracts provide a customer with maintenance service, i.e. a distinct service to the customer in addition to the assurance that the product complies with agreed-upon specification. These service-type warranties are bundled together with the sale of engines. These contracts comprise two performance obligations, i.e. the promises to transfer the engines and to provide the service-type warranty. The transaction price is allocated to the service-type warranty and engines using a combination of expected cost-plus margin and residual approaches. The portion of transaction price allocated to the service-type warranty is initially recorded as a contract liability and recognized as revenue at the point in time when the service is provided. Rendering of services Revenue from rendering services relates to project management contracts, and hotel room and restaurant operations. Revenue is recognized over the period in which the services are rendered, by reference to completion of the specific transaction assessed on the basis of the actual service provided as a proportion of the total services to be performed. Contract balances Trade receivables A receivable is recognized if an amount of consideration that is unconditional is due from the customer (i.e. only the passage of time is required before payment of the consideration is due). Refer to accounting policies of financial assets in Section (i) Financial instruments Capitalized contract costs The capitalized costs are costs which have been capitalized and directly related to the contracts, for which resources were used in satisfying the contract and are expected to be recovered. The Group’s capitalized contract costs are costs in fulfilling a contract for the development of technology know-how for heavy-duty engines platforms for a joint venture company of Group, and subsequently recognized in profit or loss when the Group performs the contract and the related revenue is recognized. Contract liabilities A contract liability is recognized if a payment is received or a payment is due (whichever is earlier) from a customer before the Group transfers the related goods or services. Contract liabilities are recognized as revenue when the Group performs under the contract (i.e., transfers control of the related goods or services to the customer). Right of return assets A right-of-return Refund liabilities A refund liability is recognized for the obligation to refund some or all of the consideration received (or receivable) from a customer. The Group’s refund liabilities arise from customers’ right of return and sales rebates. Based on contractual arrangement with the customers, sales rebates are netted against “Trade receivables”. If the receivables had been settled by the customers, amounts in excess of “Trade receivables” will be recognized as refund liabilities. Refund liabilities arising from contractual sales returns is measured at the amount the Group ultimately expects it will have to return to the customer. The Group updates its estimates of refund liabilities arising from sales returns at the end of each reporting period. (e) Government grants Government grants are recognized where there is reasonable assurance that the grant will be received and all attached conditions will be complied with. When the grant relates to an expense item, it is recognized as income on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed. When the grant relates to an asset, it is recognized as income in equal amounts over the expected useful life of the related asset. The Group’s government grants were mainly to support and fund production facilities and research and development activities for product innovations and developments of engines. (f) Taxes Current income tax Current income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date in the countries where the Group operates and generates taxable income. Deferred tax Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax liabilities are recognized for all taxable temporary differences, except: • When the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and • In respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint ventures, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred tax assets are recognized for all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and the carry forward of unused tax credits and unused tax losses can be utilized, except: • When the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and • In respect of deductible temporary differences associated with investments in subsidiaries, associates and interests in joint ventures, deferred tax assets are recognized only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are re-assessed Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to set off current income tax assets against income tax liabilities and the deferred taxes relate to the same taxation authority. Sales tax Revenue, expenses and assets are recognized net of the amount of sales tax, except: • When the sales tax incurred on a purchase of assets or services is not recoverable from the taxation authority, in which case, the sales tax is recognized as part of the cost of acquisition of the asset or as part of the expense item, as applicable • When receivables and payables are stated with the amount of sales tax included The net amount of sales tax recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the statement of financial position. Global minimum top-up tax The global minimum top-up tax – which it is required to pay under Pillar Two legislation – is an income tax in the scope of IAS 12. The Group has applied a temporary mandatory relief from deferred tax accounting for the impacts of the top-up tax and accounts for it as a current tax when it is incurred. (g) Property, plant and equipment All items of property, plant and equipment are initially recorded at cost. Subsequent to recognition, property, plant and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses. The cost includes the cost of replacing part of the property, plant and equipment and costs that are directly attributable to the acquisition, construction or production of a qualifying property, plant and equipment. The cost of an item of property, plant and equipment is recognized as an asset if, and only if, it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. When significant parts of property, plant and equipment are required to be replaced in intervals, the Group recognizes such parts as individual assets with specific useful lives and depreciation, respectively. Likewise, when a major inspection is performed, its cost is recognized in the carrying amount of the property, plant and equipment as a replacement if the recognition criteria are satisfied. All other repair and maintenance costs are recognized in profit or loss as incurred. Freehold land has an unlimited useful life and therefore is not depreciated. Asset under construction-in-progress Buildings and improvements on freehold land : 50 years Leasehold buildings and improvements : 50 years or period of lease, whichever is shorter Plant, machinery and equipment : 2 to 20 years Office furniture, fittings and equipment : 2 to 20 years Motor and transport vehicles : 4 to 11 years The carrying values of property, plant and equipment are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate. An item of property, plant and equipment is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss on derecognition of the asset is included in profit or loss in the year the asset is derecognized. (h) Intangible assets Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and accumulated impairment losses. Internally generated intangibles, excluding capitalized development costs, are not capitalized and the related expenditure is reflected in profit or loss in the period in which the expenditure is incurred. The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite lives are amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortization period or method, as appropriate, and are treated as changes in accounting estimates. The amortization expense on intangible assets with finite lives is recognized in the statement of profit or loss in the expense category that is consistent with the function of the intangible assets. Intangible assets with indefinite useful lives or not yet available for use are not amortized, but are tested for impairment annually, either individually or at the cash-generating unit level. The assessment of indefinite life is reviewed annually to determine whether the indefinite life continues to be supportable. If not, the change in useful life from indefinite to finite is made on a prospective basis. Any gain or loss arising upon de-recognition Goodwill Goodwill is initially measured at cost. Following initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group’s cash-generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. The cash-generating units to which goodwill have been allocated is tested for impairment annually and whenever there is an indication that the cash-generating unit may be impaired. The impairment is determined for goodwill by assessing the recoverable amount of each cash- generating unit (or group of cash-generating units) to which the goodwill relates. Where the recoverable amount of the cash-generating unit is less than the carrying amount, an impairment loss is recognized in the statement of profit or loss. Impairment losses recognized for goodwill are not reversed in subsequent periods. Research and development costs Research costs are expensed as incurred. Deferred development costs arising from development expenditures on an individual project are recognized as an intangible asset when the Group can demonstrate: • The technical feasibility of completing the intangible asset so that the asset will be available for use or sale • Its intention to complete and its ability to use or sell the asset • How the asset will generate future economic benefits • The availability of resources to complete the asset • The ability to measure reliably the expenditure during development Following initial recognition of the deferred development costs as an intangible asset, it is carried at cost less any accumulated amortization and accumulated impairment losses. Amortization of the asset begins when development is complete and the asset is available for use. Deferred development costs are amortized over the estimated useful lives of the period of expected pattern of future benefits embodied in the development. During the period of development, the asset is tested for impairment annually. A summary of the policies applied to the Group’s intangible assets is as follows: Trademarks Technology know-how Development costs Useful lives Indefinite 6 -10 years * Amortization method used No amortization Amortized on a straight-line basis over the period of the technology know-how * Internally generated or acquired Acquired Internally generated Internally generated * Development costs relate to on-going (i) Financial instruments A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial assets Initial recognition and measurement Financial assets are recognized when, and only when the entity becomes party to the contractual provisions of the instruments. At initial recognition, the Company measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expensed in profit or loss. Trade receivables are measured at the amount of consideration to which the Company expects to be entitled in exchange for transferring promised goods or services to a customer, excluding amounts collected on behalf of third party, if the trade receivables do not contain a significant financing component at initial recognition. Subsequent measurement Investment in debt instruments Subsequent measurement of debt instruments depends on the Company’s business model for managing the asset and the contractual cash flow characteristics of the asset. The measurement category for classification of debt instruments is: Amortized cost Financial assets that are held for the collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortized cost. Financial assets are measured at amortized cost using the effective interest method, less impairment. Gains and losses are recognized in profit or loss when the assets are derecognized or impaired, and through amortization process. Fair value through other comprehensive income (“FVOCI”) Financial assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets’ cash flows represent solely payments of principal and interest, are measured at FVOCI. Financial assets measured at FVOCI are subsequently measured at fair value. Any gains and losses arising from interest income, foreign exchange revaluation and impairment losses or reversals are recognized in the statement of profit or loss and computed in the same manner as for financial assets measured at amortized cost. The remaining fair value changes are recognized in OCI. Upon de-recognition, The Group’s debt instruments at fair value through OCI includes certain bills receivable that are not held to maturity. Derecognition A financial asset is derecognized where the contractual right to receive cash flows from the asset has expired. On derecognition of a financial asset in its entirety, the difference between the carrying amount and the sum of the consideration received and any cumulative gain or loss that had been recognized in other comprehensive income is recognized in profit or loss. Impairment The Group recognizes an allowance for expected credit losses (“ECLs”) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. ECLs are recognized in two stages. For credit exposure for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for |
Significant accounting judgment
Significant accounting judgments, estimates and assumptions | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Significant accounting judgments, estimates and assumptions | 3. Significant accounting judgments, estimates and assumptions The preparation of the Group’s consolidated financial statements requires management to make judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities at the end of each reporting period. However, uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods. Other disclosures relating to the Group’s exposure to risks and uncertainties includes: • Capital management (Note 33) • Financial risk management objectives and policies (Note 32) • Sensitivity analyses disclosures (Note 12 and 32) 3.1 Judgments In the process of applying the Group’s accounting policies, management has made the following judgments, apart from those involving estimates, which have the most significant effect on the amounts recognized in the consolidated financial statements: Revenue from Contracts with Customers The Group applied the following judgments that significantly affect the determination of the amount and timing of revenue from contracts with customers: • Identifying contract price and performance obligations in sales of engines The Group provides certain warranties for both general repairs and maintenance service as part of the sales of engines. For general repairs, such warranties will be assurance-type warranty that is accounted for under IAS 37 Provisions, Contingent Liabilities and Contingent Assets on-road Derecognition of bills receivable The Group sells bill receivable to banks on an ongoing basis depending on funding needs and money market conditions. The Group also endorses certain bills to suppliers for debts settlement. Chinese law governing bills allows recourse to be traced to all the parties in the discounting and endorsing process. Management assesses the credit rating of banks that issued these bills based on the credit rating given by the China regulators. For designated commercial banks with high credit rating and where Management believes that the contractual right to receive the cash from the Group has ceased, and has been transferred to the banks and suppliers, these bills are derecognized. The discount equal to the difference between the carrying value of the bill receivable and cash received from the banks is recorded in the statement of profit or loss. Please refer to Note 15. Deferred tax assets Deferred tax assets are recognized for unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilized. Significant management judgment is required to determine the amount of deferred tax assets that can be recognized, based upon the likely timing and the level of future taxable profits. The carrying amounts of deferred tax assets as of December 31, 2022 and 2023 are RMB 450.9 million and RMB 426.4 million (US$60.0 million) respectively. The deferred tax assets of the Group primarily relate to unutilized tax losses, unutilized capital allowances and investment allowances, as well as other unrecognized temporary differences relating to asset impairment and deferred grants. Capitalization of development costs Development costs are capitalized in accordance with the accounting policy in Note 2.5 (h). Capitalization of development costs requires the application of management judgment to determine, what continues to constitute development activities, when a development project move from research phase into development phase, and when should cease further capitalization of development costs. Management judgment is also required to ascertain the nature of expenses that qualify for capitalization. Please refer to Note 12. 3.2 Estimates and assumptions The key assumptions concerning the future and other key sources of estimation uncertainty at the end of reporting period, are described below. The Group based its assumptions and estimates on parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of the Group. Such changes are reflected in the assumptions when they occur. Impairment of non-financial Impairment exists when the carrying value of an asset or cash-generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The value in use calculation is based on a discounted cash flow (“DCF”) model. The cash flows are derived from the forecasts for the next five |
Investments in subsidiaries
Investments in subsidiaries | 12 Months Ended |
Dec. 31, 2023 | |
Investments accounted for using equity method [abstract] | |
Investments in subsidiaries | 4. Investments in subsidiaries Details of significant subsidiaries of the Group are as follows: Name of significant subsidiary Place of incorporation/ business Group’s effective equity interest 31.12.2022 31.12.2023 % % Guangxi Yuchai Machinery Company Limited PRC 76.4 76.4 Guangxi Yuchai Marine and Genset Power Co., Ltd. PRC 76.4 76.4 Yuchai Xin-Lan PRC 69.5 67.0 Guangxi Yuchai Machinery Monopoly Development Co., Ltd PRC 54.9 54.9 Guangxi Yuchai Foundry Co., Ltd PRC 76.4 76.4 HL Global Enterprises Limited Singapore 50.2 50.2 The Group has the following subsidiary that has non-controlling 31.12.2021 31.12.2022 31.12.2023 Proportion of equity interest held by NCI Yuchai 23.6 % 23.6 % 23.6 % 31.12.2021 RMB’000 31.12.2022 RMB’000 31.12.2023 RMB’000 31.12.2023 US$’000 Accumulated balances of material NCI Yuchai 2,574,669 2,627,354 2,741,359 385,911 Profit allocated to material NCI Yuchai 153,500 114,700 135,173 19,029 Dividends paid to material NCI Yuchai 203,753 103,199 35,702 5,026 Summarized financial information including goodwill on acquisition and consolidation adjustments but before intercompany eliminations of subsidiaries with material non-controlling 31.12.2021 Yuchai RMB’000 Summarized statement of comprehensive income Revenue 21,254,134 Profit after tax 443,499 Total comprehensive income for the year 506,769 Attributable to NCI 153,500 Summarized statement of cash flows Operating 588,727 Investing (674,686 ) Financing (1,002,764 ) Net decrease in cash and cash equivalents (1,088,723 ) 31.12.2022 Yuchai RMB’000 Summarized statement of financial position Current assets 16,070,488 Non-current 6,737,117 Goodwill 212,636 Current liabilities (11,204,417 ) Non-current (1,016,521 ) Net assets 10,799,303 Total equity 10,799,303 Attributable to NCI 2,627,354 Summarized statement of comprehensive income Revenue 15,998,041 Profit after tax 355,140 Total comprehensive income for the year 355,936 Attributable to NCI 114,700 Summarized statement of cash flows Operating (82,444 ) Investing (221,126 ) Financing (181,072 ) Net decrease in cash and cash equivalents (484,642 ) 31.12.2023 Yuchai RMB’000 US$’000 Summarized statement of financial position Current assets 18,073,115 2,544,219 Non-current 6,293,318 885,934 Goodwill 212,636 29,934 Current liabilities (12,029,500 ) (1,693,437 ) Non-current (1,457,329 ) (205,154 ) Net assets 11,092,240 1,561,496 Total equity 11,092,240 1,561,496 Attributable to NCI 2,741,359 385,911 Summarized statement of comprehensive income Revenue 18,015,280 2,536,077 Profit after tax 431,697 60,772 Total comprehensive income for the year 442,666 62,316 Attributable to NCI 135,173 19,029 Summarized statement of cash flows Operating 1,261,921 177,645 Investing 23,243 3,272 Financing (67,590 ) (9,515 ) Net increase in cash and cash equivalents 1,217,574 171,402 Significant restrictions The nature and extent of significant restrictions on the Group’s ability to use or access assets and settle liabilities of subsidiaries with material non-controlling At the end of the reporting period, cash and cash equivalents of RMB 4,934.6 million (US$694.7 million) (2022: RMB 3,713.3 million) held in the PRC are subject to local exchange control regulations. These regulations place restriction on the amount of currency being exported other than through dividends, trade and service related transactions. Dilution of ownership in subsidiary, without loss of control in 2022 and 2023 In November 2022, Yuchai’s wholly owned subsidiary, Yuchai Xin-Lan non-controlling million. As a result, the Group’s effective equity interest in Yuchai Xin-Lan decreased to In February 2023, Yuchai Xin-Lan issued additional ordinary shares to two new investors for a total cash consideration of million). As a result, the Group’s effective equity interest in Yuchai Xin-Lan decreased to Disposal of subsidiary in 2023 In December 2023, Yuchai disposed its entire shareholding in its wholly-owned subsidiary, Yuchai Remanufacturing Services (Suzhou) Co., Ltd. (“Suzhou Reman”), to a third party for an estimated The value of assets and liabilities of the disposal recorded in the consolidated financial statements and the cash flow effect of the disposals were: 31.12.2023 31.12.2023 RMB’000 US$’000 Property, plant and equipment 41,111 5,787 Right-of-use 22,782 3,207 Trade and other receivables 47,595 6,700 Cash and cash equivalents 32,056 4,513 143,544 20,207 Trade and other payables (20,109 ) (2,831 ) Provision for warranty (2,145 ) (302 ) Contract liabilities (104 ) (14 ) Carrying value of net assets 121,186 17,060 Gain on disposal: Total estimated consideration less cost of disposal 234,228 32,973 Net assets derecognized (121,186 ) (17,060 ) Gain on disposal of the subsidiary (Note 7.2(a)) 113,042 15,913 Total estimated consideration less cost of disposal (i) 234,228 32,973 Add: Transaction cost unpaid 7,506 1,057 Less: Sales proceed received but restricted in use (5,000 ) (704 ) Less: Cash and cash equivalents of a subsidiary (32,056 ) (4,513 ) Less: Total estimated consideration due from acquirer (236,734 ) (33,326 ) Net cash outflow on disposal of a (32,056 ) (4,513 ) Note: (i) The estimated estimated |
Investment in joint ventures
Investment in joint ventures | 12 Months Ended |
Dec. 31, 2023 | |
Investments accounted for using equity method [abstract] | |
Investment in joint ventures | 5. Investment in joint ventures 31.12.2021 31.12.2022 31.12.2023 31.12.2023 RMB’000 RMB’000 RMB’000 US$’000 Share of results Y & C Engine Co., Ltd (125,853 ) (54,116 ) (4,019 ) (566 ) MTU Yuchai Power Co., Ltd. 28,037 40,279 74,727 10,520 Guangxi Purem Yuchai Automotive Technology Co., Ltd. 1,377 (11,278 ) (4,508 ) (635 ) Other joint ventures 454 (2,431 ) (4,117 ) (579 ) (95,985 ) (27,546 ) 62,083 8,740 31.12.2022 31.12.2023 31.12.2023 RMB’000 RMB’000 US$’000 Carrying amount of investments: Y & C Engine Co., Ltd 488 12,977 1,827 MTU Yuchai Power Co., Ltd 128,140 203,156 28,599 Guangxi Purem Yuchai Automotive Technology Co., Ltd. 20,377 15,869 2,234 Other joint ventures 5,698 5,227 736 154,703 237,229 33,396 Details of significant joint ventures of the Group are as follows: Name of company Principal activities Place of incorporation/ business Group’s effective equity interest 31.12.2022 31.12.2023 % % Held by subsidiaries Y & C Engine Co., Ltd (“Y&C”) Manufacture and sale of heavy-duty diesel engines, spare parts and after-sales services PRC 34.4 34.4 MTU Yuchai Power Co., Ltd (“MTU Yuchai Power”) Manufacture off-road diesel engines PRC 38.2 38.2 Guangxi Purem Yuchai Automotive Technology Co., Ltd. Application development, production, sales and service on engine exhaust control systems PRC 37.4 37.4 Summarised financial information of the Group’s significant joint ventures, based on its IFRS financial statements, and reconciliation with the carrying amount of investment in the consolidated financial statements are as follows: 31.12.2021 Y & C MTU Yuchai Power Purem Total RMB’000 RMB’000 RMB’000 RMB’000 Revenue 2,072,721 467,800 157,316 2,697,837 Depreciation and amortization (52,881 ) (2,377 ) (709 ) (55,967 ) Interest expense (51,836 ) (1,850 ) (41 ) (53,727 ) Profit/(loss) for the year, representing total comprehensive income (282,205 ) 54,526 2,811 (224,868 ) Proportion of the Group’s ownership 45 % 50 % 49 % Group’s share of results (126,992 ) 27,263 1,377 Unrealized profit on transactions with joint venture 1,139 774 — Group’s share of results (125,853 ) 28,037 1,377 (96,439 ) Group’s share of results of other joint ventures, representing the 454 Group’s share of results (95,985 ) 31.12.2022 Y & C MTU Yuchai Power Purem Total RMB’000 RMB’000 RMB’000 RMB’000 Non-current 616,161 89,353 60,439 765,953 Current assets - Cash and bank balances 97,741 291,807 26,744 416,292 - Others 502,174 209,696 31,512 743,382 Total assets 1,216,076 590,856 118,695 1,925,627 Non-current (145,418 ) — — (145,418 ) Current liabilities (987,638 ) (334,576 ) (77,109 ) (1,399,323 ) Total liabilities (1,133,056 ) (334,576 ) (77,109 ) (1,544,741 ) Net assets 83,020 256,280 41,586 380,886 Proportion of the Group’s ownership 45 % 50 % 49 % Group’s share of net assets 37,359 128,140 20,377 Unrealized profit on transactions with joint venture (36,871 ) — — Carrying amount of significant joint ventures 488 128,140 20,377 149,005 Carrying amount of other joint ventures 5,698 Carrying amount of the investment in joint ventures 154,703 31.12.2022 Y & C MTU Yuchai Power Purem Total RMB’000 RMB’000 RMB’000 RMB’000 Revenue 1,255,967 594,197 69,380 1,919,544 Depreciation and amortization (29,617 ) (9,733 ) (7,726 ) (47,076 ) Interest expense (30,547 ) 470 (469 ) (30,546 ) Profit/(loss) for the year, representing total comprehensive income for the year (65,961 ) 66,076 (23,016 ) (22,901 ) Proportion of the Group’s ownership 45 % 50 % 49 % Group’s share of results (29,682 ) 33,038 (11,278 ) Unrealized profit on transactions with joint venture (24,434 ) 7,241 — Group’s share of results (54,116 ) 40,279 (11,278 ) (25,115 ) Group’s share of results of other joint ventures, representing the Group’s share of total comprehensive loss of other joint ventures (2,431 ) Group’s share of results for the year, representing the Group’s share of total comprehensive loss for the year (27,546 ) 31.12.2023 Y & C MTU Yuchai Power Purem Total Total RMB’000 RMB’000 RMB’000 RMB’000 US$’000 Non-current 685,434 74,794 51,877 812,105 114,323 Current assets - Cash and bank balances 64,252 523,858 16,171 604,281 85,067 - Others 426,105 226,881 45,009 697,995 98,259 Total assets 1,175,791 825,533 113,057 2,114,381 297,649 Non-current (146,218 ) (4,825 ) — (151,043 ) (21,263 ) Current liabilities (946,348 ) (414,396 ) (80,672 ) (1,441,416 ) (202,913 ) Total liabilities (1,092,566 ) (419,221 ) (80,672 ) (1,592,459 ) (224,176 ) Net assets 83,225 406,312 32,385 521,922 73,473 Proportion of the Group’s ownership 45 % 50 % 49 % Group’s share of net assets 37,451 203,156 15,869 Unrealized profit on transactions with joint venture (24,474 ) — — Carrying amount of significant joint ventures 12,977 203,156 15,869 232,002 32,660 Carrying amount of other joint ventures 5,227 736 Carrying amount of the investment in joint ventures 237,229 33,396 31.12.2023 Y & C MTU Yuchai Power Purem Total Total RMB’000 RMB’000 RMB’000 RMB’000 US$’000 Revenue 1,562,179 708,432 79,119 2,349,730 330,780 Depreciation and amortization (63,648 ) (8,682 ) (7,557 ) (79,887 ) (11,246 ) Interest expense, net (22,508 ) 6,762 36 (15,710 ) (2,212 ) Profit/(loss) for the year, representing total comprehensive income for the year (6 ) 150,030 (9,201 ) 140,823 19,824 Proportion of the Group’s ownership 45 % 50 % 49 % Group’s share of results (3 ) 75,015 (4,508 ) Unrealized profit on transactions with joint venture (4,016 ) (288 ) — Group’s share of results of significant joint ventures (4,019 ) 74,727 (4,508 ) 66,200 9,319 Group’s share of results of other joint ventures, representing the Group’s share of total comprehensive loss of other joint ventures (4,117 ) (579 ) Group’s share of results for the year, representing the Group’s share of total comprehensive income for the year 62,083 8,740 Note: The Group assess impairment of investments when adverse events or changes in circumstances indicate that the carrying amounts may not be recoverable. In 2022, impairment loss of RMB 1.0 million was charged to the consolidated statement of profit or loss under “Other operating expenses”. In 2023, no impairment was required. As of December 31, 2023, the Group’s share of joint ventures’ capital commitment that are contracted but not paid for was RMB 5.7 million (US$0.8 million) (2022: RMB 3.5 million). As of December 31, 2023, the Group’s share of outstanding bills receivables discounted with banks for which Y & C retained a recourse obligation totaled RMB 11.8 million (US$1.7 million) (2022: RMB 5.9 million). As of December 31, 2023, the Group’s share of outstanding bills receivables endorsed to suppliers for which Y & C retained a recourse obligation were RMB 8.8 million (US$1.2 million) (2022: RMB 39.7 million). Significant restrictions The nature and extent of significant restrictions on the Group’s ability to use or access assets and settle liabilities of joint ventures are: The Group’s share of cash and cash equivalents of RMB 278.5 million (US$39.2 million) (2022: RMB 163.0 million) held in the PRC are subject to local exchange control regulations. These regulations places restriction on the amount of currency being exported other than through dividends, trade and service related transactions. As of December 31, 2023, the Group’s share of restricted cash of RMB 22.3 million (US$3.1 million) (2022: RMB 40.5 million) which was used as collateral by the banks for the issuance of bills to suppliers. As of December 31, 2023, the Group’s share of bills receivables of RMB 2.3 million (US$0.3 million) (2022: RMB 2.3 million) which was used as collateral by banks for the issuance of bills to suppliers. |
Revenue from contracts with cus
Revenue from contracts with customers | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Revenue from contracts with customers | 6. Revenue from contracts with customers 6.1 Disaggregated revenue information Set out below is the disaggregation of the Group’s revenue from contracts with customers: 31.12.2021 Segments Yuchai HLGE Total RMB’000 RMB’000 RMB’000 Type of goods or services Heavy-duty engines 7,410,771 — 7,410,771 Medium-duty engines 7,065,283 — 7,065,283 Light-duty engines 2,429,745 — 2,429,745 Other products and services ( i 4,304,918 77 4,304,995 Revenue from hospitality operations 43,417 11,719 55,136 Total revenue from contracts with customers 21,254,134 11,796 21,265,930 Geographical markets People’s Republic of China 21,206,280 — 21,206,280 Other countries 47,854 11,796 59,650 Total revenue from contracts with customers 21,254,134 11,796 21,265,930 Timing of revenue recognition At a point in time 21,210,718 8,067 21,218,785 Over time 43,416 3,729 47,145 Total revenue from contracts with customers 21,254,134 11,796 21,265,930 31.12.2022 Segments Yuchai HLGE Total RMB’000 RMB’000 RMB’000 Type of goods or services Heavy-duty engines 5,061,991 — 5,061,991 Medium-duty engines 5,066,622 — 5,066,622 Light-duty engines 1,910,923 — 1,910,923 Other products and services ( i 3,910,703 176 3,910,879 Revenue from hospitality operations 47,527 32,694 80,221 Total revenue from contracts with customers 15,997,766 32,870 16,030,636 Geographical markets People’s Republic of China 15,886,210 — 15,886,210 Other countries 111,556 32,870 144,426 Total revenue from contracts with customers 15,997,766 32,870 16,030,636 Timing of revenue recognition At a point in time 15,950,239 7,702 15,957,941 Over time 47,527 25,168 72,695 Total revenue from contracts with customers 15,997,766 32,870 16,030,636 31.12.2023 Segments Yuchai HLGE Total Total RMB’000 RMB’000 RMB’000 US$’000 Type of goods or services Heavy-duty engines 5,552,544 — 5,552,544 781,652 Medium-duty engines 5,696,186 — 5,696,186 801,873 Light-duty engines 1,621,538 — 1,621,538 228,270 Other products and services ( i 5,089,069 154 5,089,223 716,429 Revenue from hospitality operations 55,943 30,915 86,858 12,227 Total revenue from contracts with customers 18,015,280 31,069 18,046,349 2,540,451 Geographical markets People’s Republic of China 17,877,450 — 17,877,450 2,516,675 Other countries 137,830 31,069 168,899 23,776 Total revenue from contracts with customers 18,015,280 31,069 18,046,349 2,540,451 Timing of revenue recognition At a point in time 17,959,337 8,115 17,967,452 2,529,344 Over time 55,943 22,954 78,897 11,107 Total revenue from contracts with customers 18,015,280 31,069 18,046,349 2,540,451 Note: (i) included sales of power generator sets, NEV products and others. 6.2 Contract balances 31.12.2022 31.12.2023 31.12.2023 RMB’000 RMB’000 US$’000 Trade receivables (Note 15) 1,516,215 1,093,788 153,976 Capitalized contract cost 197,692 122,627 17,263 Contract liabilities (Note 24) 695,076 691,427 97,334 The contract liabilities comprise short-term advance received from customers and unfulfilled service-type maintenance service. The advance received from customers is recognized as revenue upon the delivery of goods, and the contract liability arising from unfulfilled service-type warranty is recognized upon the completion of the maintenance services. According to the business customary practice, the remaining performance obligations (unfulfilled service-type maintenance service) at the year-end (a) Set out below is the amount of revenue recognized from: 31.12.2022 31.12.2023 31.12.2023 RMB’000 RMB’000 US$’000 Amounts included in contract liabilities 544,495 640,864 90,217 (b) Capitalized contract costs 31.12.2022 31.12.2023 31.12.2023 RMB’000 RMB’000 US$’000 Capitalized contract costs relating to the projects on development of technology know-how At January 1 147,499 197,692 27,830 Addition 50,193 14,628 2,059 Recognized in income statement — (89,693 ) (12,626 ) At December 31 197,692 122,627 17,263 6.3 Performance obligations The transaction price allocated to the remaining unsatisfied performance obligations as of 31 December are, as follows: 31.12.2022 31.12.2023 31.12.2023 RMB’000 RMB’000 US$’000 Within one year 117,906 102,978 14,497 More than one year 77,339 52,214 7,350 Total unfulfilled service-type maintenance service (Note 24) 195,245 155,192 21,847 |
Depreciation, amortization, shi
Depreciation, amortization, shipping and handling expenses | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Depreciation, amortization, shipping and handling expenses | 7.1 (a) Depreciation and amortization expenses 31.12.2021 31.12.2022 31.12.2023 31.12.2023 RMB’000 RMB’000 RMB’000 US$’000 Amortization of intangible assets 38,957 64,939 109,913 15,473 Depreciation of investment property 355 348 355 50 Depreciation of property, plant and equipment 492,826 516,276 508,726 71,615 Depreciation of right-of-use 41,458 43,129 46,071 6,486 573,596 624,692 665,065 93,624 (b) Shipping and handling expenses Sales related shipping and handling expenses not separately billed to customers are included in the following caption: 31.12.2021 31.12.2022 31.12.2023 31.12.2023 RMB’000 RMB’000 RMB’000 US$’000 Cost of sales 194,022 132,117 129,954 18,294 Selling, general and administrative expenses 30,270 18,544 21,019 2,959 224,292 150,661 150,973 21,253 Management has reclassified certain freight charges from selling, general and administrative expenses to cost of sales. The comparative figures for the full year ended December 31, 2021 and 2022 had been adjusted to conform with current year’s presentation (Note 36) . 7.2 (a) Other operating income 31.12.2021 31.12.2022 31.12.2023 31.12.2023 RMB’000 RMB’000 RMB’000 US$’000 Interest income 132,083 131,879 154,129 21,697 Dividend income from quoted equity securities 168 13 — — Gain on disposal of: - associate — 1,329 — — - property, plant and equipment 1,224 6,535 778 110 - quoted equity securities 5,416 2,291 — — - right-of-use 14,714 3,929 7,632 1,074 - a — — 113,042 15,913 Recognition of net gain upon fulfillment of performance obligation relating to capitalized contract asset — — 11,696 1,646 Government grants 152,932 176,264 171,937 24,204 Fair value gain on quoted equity securities 138 — — — Others 19,496 12,109 10,086 1,421 326,171 334,349 469,300 66,065 7.2 (b) Other operating expenses 31.12.2021 31.12.2022 31.12.2023 31.12.2023 RMB’000 RMB’000 RMB’000 US$’000 Impairment loss on investment in joint venture — 990 — — Impairment on property, plant and equipment — — 36,720 5,169 Reversal of provision for onerous contract, net (8,810 ) (4,829 ) — — Foreign exchange loss, net 1,739 555 482 68 Written off/(write-back) of unrecoverable value-added tax 11,164 — (11,164 ) (1,572 ) Others 5,889 877 900 127 9,982 (2,407 ) 26,938 3,792 7.3 Finance costs 31.12.2021 31.12.2022 31.12.2023 31.12.2023 RMB’000 RMB’000 RMB’000 US$’000 Bank term loans 82,109 65,440 59,672 8,400 Bills and other discounting 27,864 23,922 33,946 4,779 Bank charges 4,136 4,563 4,588 646 Interest on lease liabilities (Note 17) 1,819 1,547 1,969 277 115,928 95,472 100,175 14,102 7.4 Staff costs 31.12.2021 31.12.2022 31.12.2023 31.12.2023 RMB’000 RMB’000 RMB’000 US$’000 Wages and salaries 1,338,777 928,350 1,193,214 167,973 Contribution to defined contribution plans 386,551 371,458 354,014 49,836 Executive bonuses 19,355 16,500 24,200 3,407 Staff welfare 93,992 79,206 74,727 10,520 Staff severance cost 11,771 19,531 35,547 5,004 Others 4,887 3,875 3,542 499 1,855,333 1,418,920 1,685,244 237,239 |
Income tax expense
Income tax expense | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Income tax expense | 8. Income tax expense The major components of income tax expense for the years ended December 31, 2021, 2022 and 2023 are as follows: 31.12.2021 31.12.2022 31.12.2023 31.12.2023 RMB’000 RMB’000 RMB’000 US$’000 Current income tax - Current year 48,856 72,909 81,365 11,454 - (Over)/under provision in respect of prior years (21,523 ) 27,406 27,837 3,919 Deferred tax - Movement in temporary differences 16,483 (41,147 ) (14,837 ) (2,089 ) - (Over)/under provision in respect of prior years — (103 ) 54,131 7,620 Consolidated income tax expense reported in the statement of profit or loss 43,816 59,065 148,496 20,904 The reconciliation between tax expense and the product of accounting profit multiplied by the PRC income tax rate of 15% (being tax rate of Yuchai) for the years ended December 31, 2021, 2022 and 2023 for the following reasons: 31.12.2021 31.12.2022 31.12.2023 31.12.2023 RMB’000 RMB’000 RMB’000 US$’000 Profit before tax 451,710 394,726 571,352 80,431 Income tax expense at 15% 67,757 59,209 85,703 12,064 Adjustments: Non-deductible 17,795 7,924 5,888 829 Tax-exempt (2,181 ) (500 ) (11,993 ) (1,688 ) Utilization of deferred tax benefits previously not recognized (29 ) (3,093 ) (6,211 ) (874 ) Deferred tax benefits not recognized 10,356 22,606 42,830 6,029 Tax credits for research and development expense (59,633 ) (76,835 ) (85,372 ) (12,018 ) Tax rate differential 16,517 10,901 21,542 3,032 (Over)/under provision in respect of previous years (21,523 ) 27,303 81,968 11,539 Withholding tax expense 14,639 11,535 14,872 2,094 Others 118 15 (731 ) (103 ) Total 43,816 59,065 148,496 20,904 Global minimum top-up tax The Group has applied a temporary mandatory relief from deferred tax accounting for the impact of the top-up tax and accounts for it as a current tax when it is incurred. The Group is in the progress of assessing the exposure to the Pillar Two income taxes arising from the legislation. Due to the complex nature of the legislation and the calculations including the determination of the adjustments required under the Pillar Two legislation, the Group assessed that the quantitative impact of the potential top-up tax arising from the enacted/substantively enacted legislation is not yet reasonably estimatable. The Group continues to assess the impact of the Pillar Two legislation on its financials. Deferred tax Deferred tax relates to the following: Consolidated statement of financial position Consolidated statement of profit or loss 31.12.2022 31.12.2023 31.12.2023 31.12.2021 31.12.2022 31.12.2023 31.12.2023 RMB’000 RMB’000 US$’000 RMB’000 RMB’000 RMB’000 US$’000 Accelerated tax depreciation (122,298 ) (77,806 ) (10,953 ) (37,968 ) 16,472 44,492 6,263 Interest receivable (3,033 ) — — (1,459 ) 363 3,033 427 PRC withholding tax on dividend income ( i (61,825 ) (64,717 ) (9,110 ) (14,529 ) (11,458 ) (14,457 ) (2,035 ) Effect of change in residual value an d 69,641 2,866 404 25,264 4,273 (66,774 ) (9,400 ) Write-down of inventories 29,503 37,120 5,226 (2,378 ) 9,253 7,617 1,072 Impairment losses on trade receivables 7,071 7,426 1,045 (1,267 ) 282 355 50 Accruals 234,586 232,048 32,666 (15,339 ) (48,841 ) (2,505 ) (352 ) Deferred income 56,480 79,896 11,247 (11,114 ) (41,348 ) 23,416 3,296 Losses available for offsetting against future taxable income 139,747 112,601 15,851 23,072 116,675 (27,146 ) (3,821 ) Others 39,185 31,854 4,484 19,235 (4,421 ) (7,325 ) (1,031 ) Deferred tax (expenses)/benefits (16,483 ) 41,250 (39,294 ) (5,531 ) Net deferred tax assets 389,057 361,288 50,860 Reflected in the consolidated statement of financial position as follows: Deferred tax assets 450,882 426,377 60,023 Deferred tax liabilities (61,825 ) (65,089 ) (9,163 ) 389,057 361,288 50,860 Note: (i) The movement of PRC withholding tax on dividend income is as follows: 31.12.2022 31.12.2023 31.12.2023 RMB’000 RMB’000 US$’000 At January 1 (65,544 ) (61,825 ) (8,703 ) Provision made to consolidated statement of profit or loss (11,458 ) (14,457 ) (2,035 ) Utilization 15,177 11,565 1,628 December 31 (61,825 ) (64,717 ) (9,110 ) The Corporate Income Tax (“CIT”) law provides for a tax of 10% to be withheld from dividends paid to foreign investors of PRC enterprises. This withholding tax provision does not apply to dividends paid out of profit earned prior to January 1, 2008. Beginning on January 1, 2008, a 10% withholding tax is imposed on dividends paid to the Company, as a non-resident 3 Deferred tax assets have not been recognized in respect of the following items: 31.12.2022 31.12.2023 31.12.2023 RMB’000 RMB’000 US$’000 Unutilized tax losses 473,456 628,534 88,481 Unutilized capital allowances and investment allowances 100,643 94,447 13,296 Other unrecognized temporary differences relating to asset impairment and deferred grants 142,851 156,226 21,993 716,950 879,207 123,770 Unrecognized tax losses for the Group are subject to agreement with the tax authorities and compliance with tax regulations in the respective countries in which the Group operates. The unutilized tax losses for PRC subsidiaries and Malaysia subsidiaries expire within the next 5 to 10 years and 10 years, respectively. These losses may not be used to offset taxable income elsewhere in the Group. Deferred tax assets have not been recognized in respect of these items because it is not probable that future taxable profits will be available against which the Group can utilize the benefits. |
Earnings per share
Earnings per share | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Earnings per share | 9. Earnings per share Basic earnings per share is calculated by dividing the profit for the year attributable to equity holders of the Company by the weighted average number of ordinary shares outstanding during the year. Diluted earnings per share is calculated by dividing the profit attributable to equity holders of the Company by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares into ordinary shares. Basic earnings per share The calculation of basic earnings per share is based on: 31.12.2021 31.12.2022 31.12.2023 31.12.2023 RMB’000 RMB’000 RMB’000 US$’000 Profit attributable to equity holders of the Company 272,673 218,581 285,518 40,193 Weighted average number of ordinary shares 40,858,290 40,858,290 40,858,290 40,858,290 Diluted earnings per share The weighted average number of ordinary shares adjusted for the effect of unissued ordinary shares under the Share Option Scheme is determined as follows: 31.12.202 1 31.12.202 2 31.12.2023 Weighted average number of shares issued, used in the calculation of basic earnings per share 40,858,290 40,858,290 40,858,290 Diluted effect of share options — — — Weighted average number of ordinary shares adjusted for effect of dilution 40,858,290 40,858,290 40,858,290 270,000 (2022: 270,000; 2021: 270,000) share options granted to employees under the existing employee share option plan have not been included in the calculation of diluted earnings per share because they are anti-dilutive. |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Dec. 31, 2023 | |
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Property, plant and equipment | 10. Property, plant and equipment Freehold land RMB’000 Buildings and improvements RMB’000 Construction in progress RMB’000 Plant and machinery RMB’000 Office furniture, fittings and equipment RMB’000 Motor and transport vehicles RMB’000 Total RMB’000 Cost At January 1, 2022 13,464 2,546,285 405,430 6,224,902 222,380 119,169 9,531,630 Additions — 8,768 312,442 13,469 12,413 6,256 353,348 Disposals — (5,530 ) — (54,323 ) (964 ) (6,568 ) (67,385 ) Transfers — 72,252 (369,120 ) 288,475 8,491 — 98 Write-off — (14,827 ) — (1,081 ) (10,754 ) (2,465 ) (29,127 ) Translation difference 1,190 3,836 17 404 763 145 6,355 At December 31, 2022 and January 1, 2023 14,654 2,610,784 348,769 6,471,846 232,329 116,537 9,794,919 Additions — 2,903 149,846 18,676 7,151 300 178,876 Disposal of subsidiary — (80,585 ) — (21,632 ) (5,568 ) — (107,785 ) Disposals — — — (7,000 ) (772 ) (23,039 ) (30,811 ) Transfers — 38,506 (244,741 ) 201,642 4,593 — — Write-off — (2,890 ) — (7,474 ) (3,229 ) (171 ) (13,764 ) Translation difference 402 (233 ) (139 ) (197 ) (360 ) 20 (507 ) At December 31, 2023 15,056 2,568,485 253,735 6,655,861 234,144 93,647 9,820,928 Accumulated depreciation and impairment At January 1, 2022 457 1,023,456 — 4,069,642 168,930 71,236 5,333,721 Charge for the year — 101,709 — 398,465 22,005 11,598 533,777 * Disposals — (3,166 ) — (51,290 ) (960 ) (6,255 ) (61,671 ) Write-off — (11,855 ) — (978 ) (10,559 ) (2,440 ) (25,832 ) Impairment loss — — 14,060 3,218 — — 17,278 Translation difference 20 984 — 204 571 123 1,902 At December 31, 2022 and January 1, 2023 477 1,111,128 14,060 4,419,261 179,987 74,262 5,799,175 Charge for the year — 92,919 — 402,554 21,568 10,515 527,556 Disposal of subsidiary — (44,274 ) — (17,225 ) (5,175 ) — (66,674 ) Disposals — — — (5,456 ) (687 ) (18,779 ) (24,922 ) Write-off — (2,068 ) — (6,681 ) (3,123 ) (161 ) (12,033 ) Impairment loss — 9,162 561 34,458 438 48 44,667 Translation difference (13 ) (37 ) — (132 ) (281 ) 21 (442 ) At December 31, 2023 464 1,166,830 14,621 4,826,779 192,727 65,906 6,267,327 Net book value At December 31, 2022 14,177 1,499,656 334,709 2,052,585 52,342 42,275 3,995,744 At December 31, 2023 14,592 1,401,655 239,114 1,829,082 41,417 27,741 3,553,601 US$’000 2,054 197,316 33,661 257,487 5,830 3,905 500,253 * In 2023, RMB 16.6 million (US$2.3 million) (2022: RMB 14.9 million) were capitalized as development costs and Impairment loss of RMB 8.0 million (US$1.1 million) (2022: RMB 17.3 million; 2021: RMB 7.2 million) and RMB 36.7 million (US$ 5.2 million) (2022: Nil; 2021: Nil) were charged to the consolidated statement of profit or loss under “Cost of sales” and “Other operating expenses” respectively, for the Group’s plant and equipment within the Yuchai segment. The impairment loss was due to assets that were not in use. |
Investment property
Investment property | 12 Months Ended |
Dec. 31, 2023 | |
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Investment property | 11. Investment property 31.12.2022 31.12.2023 31.12.2023 RMB’000 RMB’000 US$’000 Cost At January 1 31,810 32,389 4,560 Translation difference 579 1,258 177 At December 31 32,389 33,647 4,737 Accumulated depreciation At January 1 26,724 27,633 3,890 Charge for the year 348 355 50 Translation difference 561 1,556 220 At December 31 27,633 29,544 4,160 Net carrying amount 4,756 4,103 577 Fair value 11,686 11,453 1,612 Consolidated statements of profit or loss: Rental income from an investment property - Minimum lease payments 176 154 22 Direct operating expenses (including repairs and maintenance) arising from the rental generating property (118 ) (720 ) (101 ) The Group has no restrictions on the realizable of its investment property and no contractual obligations to purchase, construct or develop investment property or for repairs, maintenance or enhancement. Investment property is carried at cost less accumulated depreciation and accumulated impairment losses. Depreciation is calculated to allocate the depreciable amounts over the estimated useful life of 30 years. The fair value is determined by independent professional qualified assessor. The fair value of investment property is determined by the market comparison and cost methods. In valuing the investment property, due consideration is given to factors such as location and size of building, building infrastructure, market knowledge and historical comparable transactions to arrive at their opinion of value. The following table shows information about fair value measurement of the investment property using significant unobservable inputs (Level 3): Valuation techniques Unobservable input Inter-relationship between key unobservable inputs and fair value measurement 2023 Market comparison and cost method Comparable price: - RMB 189 to RMB 458 (US$ 27 to US$ 64) per square foot The estimated fair value increases with higher comparable price 2022 Market comparison and cost method Comparable price: - RMB 182 to RMB 441 per square foot The estimated fair value increases with higher comparable price |
Intangible assets
Intangible assets | 12 Months Ended |
Dec. 31, 2023 | |
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Intangible assets | 12. Intangible assets Goodwill Technology Know-how Development costs Trademarks Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Cost At January 1, 2022 218,311 551,526 992,290 169,811 1,931,938 Addition — — 181,181 — 181,181 Transfer — 121,227 (121,227 ) — — At December 31, 2022 and January 1, 2023 218,311 672,753 1,052,244 169,811 2,113,119 Addition — — 186,222 — 186,222 Transfer — 754,407 (754,407 ) — — At December 31, 2023 218,311 1,427,160 484,059 169,811 2,299,341 Accumulated amortization and impairment At January 1, 2022 5,675 167,681 — — 173,356 Amortization — 64,939 — — 64,939 At December 31, 2022 and January 1, 2023 5,675 232,620 — — 238,295 Amortization — 109,913 — — 109,913 At December 31, 2023 5,675 342,533 — — 348,208 Net carrying amount At December 31, 2022 212,636 440,133 1,052,244 169,811 1,874,824 At December 31, 2023 212,636 1,084,627 484,059 169,811 1,951,133 US$’000 29,933 152,687 68,143 23,905 274,668 Goodwill Goodwill represents the excess of purchase consideration over fair value of net assets of businesses acquired. Goodwill acquired through business combinations have been allocated to two cash-generating units for impairment testing as follows: • Yuchai manufacturing business. • Yulin Hotel. Goodwill allocated to Yulin Hotel was fully impaired in 2008. Carrying amount of goodwill allocated to the cash-generating unit: 31.12.2022 31.12.2023 31.12.2023 RMB’000 RMB’000 US$’000 Yuchai manufacturing business 212,636 212,636 29,933 Yuchai manufacturing business The Group performs its impairment test annually. The recoverable amount was determined based on a value in use calculation using cash flow projectio ns from financial budgets approved by senior management covering a five-year period. The pre-tax discount rate applied to the cash flow projections was 15.10% (2022 : 14.34 %) and cash flows beyond the five -year period are extrapolated using a 1 % growth rate (2022 : 5 %) , a modest long-term growth rate after taking into consideration of industry outlook with management estimation. No impairment was identified for this unit. Key assumptions used for value in use calculations Key assumptions used in estimation of value in use were as follows: • Profit from operation • Discount rate Profit from operation – Profit from operation is based on management’s estimate with reference to historical performance and future business outlook of Yuchai manufacturing business. Discount rate – Discount rate reflects management’s estimate of the risks specific to the cash-generating unit and is estimated based on weighted average cost of capital (“WACC”). The WACC takes into account both debt and equity. The cost of equity is derived from the expected return on investment by the Group’s investors. The cost of debt is based on the interest-bearing borrowings the cash-generating unit is obliged to service. This rate is weighted according to the optimal debt/equity structure arrived on the basis of the capitalization structure of the peer group. Sensitivity to changes in assumptions The implications of the key assumptions for the recoverable amount are discussed below: Profit from operation – A decreased demand can lead to a decline in profit from operation. A decrease in demand by 12.85 % (2022: 26.64%) would result in impairment. Discount rate – A rise in pre-tax 20.94 % (2022: 17.92%) would result in impairment. With regard to the assessment of value in use of the Yuchai manufacturing business, management believes that no reasonably possible change in any of the above key assumptions would cause the recoverable amount to materially fall below the carrying value of the unit. Technology know-how The Group has an intangible asset representing technology development costs relating to the production of 4Y20 engines. As of December 2023, the carrying amount of the asset is RMB million), net of the accumulated impairment loss that was brought forward from prior years amounting to In late 2018, the Group had commenced the production of 4Y20 engines. In 2021, 2022 and 2023, management believed that there was no indicator for further impairment. Also, having considered that there was no significant change of the market demand and economic environment which will have a favorable effect to the recoverable amount of the intangible asset, management had concluded that no reversal of impairment was necessary in 2021, 2022 and 2023. In 2023, the development of certain engine platform relating to National VI and Tier 4 know-how, Development costs During 2022 and 2023, the Group has capitalized development costs of RMB 181.2 million and RMB 186.2 million (US$ 26.2 million), respectively, mainly for new engines that comply with National VI and Tier 4 emission standards. As of December 31, 2023, the total capitalized development costs are RMB 484.1 million (US$ 68.1 million) (2022: RMB 1,052.2 m on-going In 2022 and 2023, the Group performs an impairment test on the development costs that are not available for use. No impairment has been identified. The recoverable amount was determined based on its value in use using the discounted cash flow approach. Cash flows were projected based on historical growth, past experience and management best estimation of future business outlook. In 2023, the Group used 6-10 years (2022: 7 years) forecast and were based on the updated financial budgets approved by the senior management with no terminal value. Key assumptions used in estimation of value in use were as follows: • Profit from operation – Profit from operation is based on management’s estimate with reference to historical revenue generated, growth rate and estimation of future business outlook. In 2023, the Group estimated the revenue growth rate is the range of % to 25 % year-on-year from 2024 to 2029 in view of the implementation of new emission standard for powertrain solutions for on- and off- road engine business. Management expected an accelerated growth for new energy products due to the government’s emphasis on new energy and low carbon emission commitment in domestic and international market. In 2022, the Group estimated the revenue growth rate is the range of 15% to 20% year-on-year • Discount rate – Discount rate reflects management’s estimate of the risks specific to the cash-generating unit and is estimated based on weighted average cost of capital (“WACC”). The WACC takes into account both debt and equity. The cost of equity is derived from the expected return on investment by the Group’s investors. The cost of debt is based on the interest-bearing borrowings the cash-generating unit is obliged to service. This rate is weighted according to the optimal debt/equity structure arrived on the basis of the capitalization structure of the peer group. The Group has applied a pre-tax 15.10 Sensitivity to changes in assumptions The implications of the key assumptions for the recoverable amount are discussed below: Profit from operation – A decreased demand can lead to a decline in profit from operation. A decrease in demand by 6.56 % (2022: 4.88%) would result in impairment. Discount rate – A rise in pre-tax 15.99 % (2022: 19.17%) would result in impairment. With regard to the assessment of value in use, management believes that no reasonably possible change in any of the above key assumptions would cause the recoverable amount to materially fall below the carrying value. Trademarks In 2019, Yuchai entered into a trademark license agreement with GY under which Yuchai was granted the exclusive and perpetual use of the trademarks listed in the trademark license agreement for a one-time Management has assessed and concluded that the right granted by the trademark license, according to the terms and conditions of the trademark license agreement, is indefinite. In 2022 and 2023, the Group performed an annual impairment review by taking Yuchai as a cash–generating unit. Using the same cash flow projection and assumptions for goodwill impairment test disclosed above, management concluded that no impairment charge is to be recognized in 2022 and 2023. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2023 | |
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Inventories | 13. Inventories 31.12.2022 31.12.2023 31.12.2023 RMB’000 RMB’000 US$’000 Raw materials and consumables 2,339,933 2,201,886 309,968 Work in progress 24,312 19,423 2,734 Finished goods 2,573,510 2,427,718 341,759 Total inventories at the lower of cost and net realizable value 4,937,755 4,649,027 654,461 31.12.2021 31.12.2022 31.12.2023 31.12.2023 RMB’000 RMB’000 RMB’000 US$’000 Inventories recognized as an expense in cost of sales 16,457,476 11,991,899 13,444,277 1,892,601 Inclusive of the following charge/(credit): - Inventories written down 32,813 86,650 77,466 10,905 - Reversal of write-down of inventories (41,823 ) (31,765 ) (27,447 ) (3,864 ) - Inventories written off 10,085 — — — The reversal of write-down of inventory was made when the related inventories were sold above their carrying value or consumed for production. |
Other current assets
Other current assets | 12 Months Ended |
Dec. 31, 2023 | |
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Other current assets | 14. Other current assets 31.12.2022 31.12.2023 31.12.2023 RMB’000 RMB’000 US$’000 Development properties 16,710 16,733 2,355 |
Trade and other receivables
Trade and other receivables | 12 Months Ended |
Dec. 31, 2023 | |
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Trade and other receivables | 15. Trade and other receivables 31.12.2022 31.12.2023 31.12.2023 RMB’000 RMB’000 US$’000 Trade receivables, gross 1,549,462 1,148,682 161,704 Less: Allowance for expected credit losses (33,247 ) (54,894 ) (7,728 ) Net trade receivables (Note 6.2) 1,516,215 1,093,788 153,976 Bills receivable (i) 4,970,880 6,318,789 889,519 Total (Note 32, Note 35) 6,487,095 7,412,577 1,043,495 Amounts receivable: - associates and joint ventures (trade) 125,489 187,944 26,458 - associates and joint ventures (non-trade) 11,230 10,212 1,438 - related parties (trade) 180,374 212,706 29,943 - related parties (non-trade) 3,476 4,016 565 Bills receivable in transit 8,172 49,696 6,996 Grant receivables 62,000 62,000 8,728 Estimated sales consideration on disposal of a subsidiary due from the acquirer — 236,734 33,326 Others 49,763 68,052 9,580 Less: Impairment losses – other receivables (5,754 ) (7,710 ) (1,085 ) Other receivables carried at amortized cost (Note 35) 434,750 823,650 115,949 Tax recoverable 290,596 108,844 15,322 Advances paid to suppliers 81,861 77,527 10,914 Right of return assets 17,045 36,026 5,072 Net other receivables 824,252 1,046,047 147,257 Total trade and other receivables 7,311,347 8,458,624 1,190,752 Note: (i) As of December 31, 2023, bills receivable includes bi As of December 31, 202 3 million) was pledged to secure bank facilities (Note 26). Trade receivables are non-interest Non-trade due Movement in the allowance for expected credit losses of trade and other receivables is as follows: 31.12.2022 RMB’000 31.12.2023 RMB’000 31.12.2023 US$’000 At January 1 39,441 39,001 5,490 (Credit)/charge to consolidated statement of profit or loss (under “Selling, general and administrative expenses”) (459 ) 23,858 3,359 Written off (5 ) (264 ) (37 ) Translation difference 24 9 1 At December 31 39,001 62,604 8,813 As of December 31, 2022 and 2023, outstanding bills receivable discounted with banks for which the Group retained a recourse obligation totaled RMB 936.9 million and RMB 1,659.4 million (US$ 233.6 million) respectively. All bills receivable discounted have contractual maturities within 12 months at time of discounting. As of December 31, 2022 and 2023, outstanding bills receivable endorsed to suppliers with recourse obligation were RMB 1,032.1 million and RMB 1,629.8 million (US$ 229.4 million) respectively. For terms and conditions relating to related parties, refer to Note 29. |
Cash and bank balances
Cash and bank balances | 12 Months Ended |
Dec. 31, 2023 | |
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Cash and bank balances | 16. Cash and bank balances 31.12.2022 31.12.2023 31.12.2023 Non-current Long-term bank deposits 20,000 — — Current Cash and cash equivalents 4,451,489 5,544,376 780,502 Short-term bank deposits (i) 351,567 467,096 65,755 Restricted cash 27,687 27,999 3,942 4,830,743 6,039,471 850,199 Cash and bank balances 4,850,743 6,039,471 850,199 Note: (i) Short-term bank deposits relate to bank deposits with initial maturities of more than three months and subject to more than insignificant risk of changes in value upon withdrawal before maturity. The interest rate of these bank deposits as of December 31, 2023 for the Group ranged from 2.8% to 5.8% (2022: 0.8% to 4.4%). These short-term bank deposits are not considered as cash equivalents. Cash at banks earns interest at floating rates based on daily bank deposit rates. Short-term deposits are made for varying periods, depending on the immediate cash requirements of the Group, and earn interests at the respective short-term deposit rates. The interest rate of the bank deposits (excluding long-term and short-term bank deposits) as of December 31, 2023 for the Group ranged from 2.5% to 5.7% (2022: 1.3% to 5.2%). As at December 31, 2023, there is fixed deposits of RMB 51.2 million (US$ 7.2 million) held with a related party (2022: RMB 36.6 million). As of December 31, 2023, the Group’s restricted cash of RMB 28.0 million (US$ 3.9 million) (2022: RMB 27.7 million) was used as collateral by the banks for the issuance of bills to suppliers. As of December 31, 2022 and 2023, the Group had RMB 518.0 million and RMB 534.5 million (US$ 75.2 million) respectively, of undrawn borrowing facilities in respect of which all conditions precedent had been met. For the purpose of the statement of cash flows, cash and cash equivalents comprise the following at December 31: 31.12.2022 31.12.2023 31.12.2023 RMB’000 RMB’000 US$’000 Cash at banks and on hand 3,730,372 4,963,232 698,692 Short-term bank deposits (i) 721,117 581,144 81,810 Cash and cash equivalents 4,451,489 5,544,376 780,502 Note: (i) This relates to other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
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leases | 17. Leases Group as a lessee The Group has lease contracts for land, motor vehicles, office space and staff accommodations used in its operations. These leases are generally with lease term of between 1 and 12 years. The Group’s obligations under its leases are secured by the lessor’s title to the leased assets. The Group also has certain leases of office space and staff accommodations with lease terms of 12 months or less. The Group has applied the “short-term leases” recognition exemptions for these leases . Set out below are the carrying amounts of right-of-use Leasehold land RMB’000 Building and office space RMB’000 Office furniture, fittings and equipment RMB’000 Motor vehicles RMB’000 Total RMB’000 Total US$’000 At January 1, 2022 304,645 40,118 51 — 344,814 48,541 Addition — 49,421 — 314 49,735 7,001 Depreciation expenses (12,324 ) (30,772 ) (14 ) (19 ) (43,129 ) (6,071 ) Disposal (3,256 ) — — — (3,256 ) (458 ) Termination — (6,187 ) — — (6,187 ) (871 ) Translation difference — 159 5 — 164 22 At December 31, 2022 and January 1, 2023 289,065 52,739 42 295 342,141 48,164 Addition — 31,082 — 1,002 32,084 4,517 Depreciation expenses (12,282 ) (33,671 ) (7 ) (111 ) (46,071 ) (6,486 ) Disposal of subsidiary (22,782 ) — — — (22,782 ) (3,207 ) Disposal (5,564 ) — — — (5,564 ) (783 ) Termination — (1,382 ) — — (1,382 ) (195 ) Translation difference — 18 1 — 19 3 At December 31, 2023 248,437 48,786 36 1,186 298,445 42,013 Set out below are the carrying amounts of lease liabilities and the movements during the year: 2022 RMB’000 2023 RMB’000 2023 US$’000 At January 1 40,531 59,641 8,396 Additions 49,735 32,084 4,517 Accretion of interest (Note 7.3) 1,547 1,969 277 Payments (26,144 ) (43,073 ) (6,063 ) Termination (6,187 ) (1,382 ) (195 ) Translation difference 159 42 6 At December 31 59,641 49,281 6,938 Current (Note 25) 31,433 33,272 4,684 Non-current 28,208 16,009 2,254 Total 59,641 49,281 6,938 The following are the amounts recognized in profit of loss: 2022 2023 2023 RMB’000 RMB’000 US$’000 Depreciation charge for right-of-use 43,129 46,071 6,486 Interest expenses on lease liabilities (Note 7.3) 1,547 1,969 277 Expenses relating to short-term leases (included in selling, general and administrative 25,022 18,275 2,573 Total amount recognized in profit or loss 69,698 66,315 9,336 In 2023, the Group had total cash outflows for leases of RMB 61.3 million (US$ 8.6 million) (2022: RMB 51.2 million). The Group also had non-cash right-of-use Group as a lessor The Group has entered into operating leases on some of its assets, including surplus offices and warehouses. These leases have terms between 1 to 20 years. Rental income recognized by the Group during the year is RMB 25.8 million (US$ 3.6 million) (2022: RMB 18.1 million). Future minimum rental receivables under non-cancellable 31.12.2022 31.12.2023 31.12.2023 RMB’000 RMB’000 US$’000 Within 1 year - related parties 17 2,012 283 - joint venture 1,587 3,329 469 - third parties 8,136 7,898 1,112 After 1 year but within 5 years - related parties 17 7,988 1,125 - joint venture 6,292 11,697 1,647 - third parties 19,364 22,235 3,130 More than 5 years - joint venture 9,690 7,504 1,056 - third parties 26,566 34,523 4,860 71,669 97,186 13,682 |
Issued capital
Issued capital | 12 Months Ended |
Dec. 31, 2023 | |
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Issued capital | 18. Issued capital 31.12.2022 31.12.2023 thousands thousands Issued capital Authorized shares Ordinary share of par value US$ 0.10 each 100,000 100,000 Number of shares RMB’000 Ordinary shares issued and fully paid At January 1, 2022, December 31, 2022 and December 31, 2023 40,858,290 2,081,138 US$’000 292,969 31.12.2022 31.12.2023 31.12.2023 RMB’000 RMB’000 US$’000 Special share issued and fully paid One special share issued and fully paid at US$ 0.10 per share * * * * Less than RMB 1 (US$ 1) The holders of ordinary shares are entitled to such dividends as the Board of Directors of the Company may declare from time to time. All ordinary shares are entitled to one vote on a show of hands and carry one vote per share on a poll. The holder of special share is entitled to elect a majority of directors of the Company. In addition, no shareholders’ resolution may be passed without the affirmative vote of the special share, including any resolution to amend the Memorandum of Association or Bye-laws Bye-Laws |
Dividends declared and paid
Dividends declared and paid | 12 Months Ended |
Dec. 31, 2023 | |
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Dividends declared and paid | 19. Dividends declared and paid 31.12.2022 31.12.2023 31.12.2023 RMB’000 RMB’000 US$’000 Declared and paid during the year Dividends on ordinary shares: Final dividend paid in 2023: US$ 0.28 per share (2022: US$ 0.40 per share) 109,684 80,238 11,295 Dividend paid in cash 109,684 80,238 11,295 |
Reserves
Reserves | 12 Months Ended |
Dec. 31, 2023 | |
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Reserves | 20. Reserves 31.12.2022 31.12.2023 31.12.2023 RMB’000 RMB’000 US$’000 Statutory reserve Statutory general reserve (i) At January 1 283,531 310,029 43,644 Transfer from retained earnings 26,498 45,989 6,474 At December 31 310,029 356,018 50,118 General surplus reserve (ii) At January 1 and December 31 25,706 25,706 3,619 Total 335,735 381,724 53,737 Capital reserves (iii) At January 1 30,704 (4,196 ) (591 ) Issuance of put option to non-controlling (34,900 ) (14,040 ) (1,976 ) At December 31 (4,196 ) (18,236 ) (2,567 ) Note: (i) In accordance with the relevant regulations in the PRC, a 10% appropriation to the statutory general reserve based on the net income reported in the PRC financial statements is required until the balance reaches 50% of the authorized share capital of Yuchai and its subsidiaries. Statutory general reserve can be used to make good previous years’ losses, if any, and may be converted into share capital by the issue of new shares to shareholders in proportion to their existing shareholdings, or by increasing the par value of the shares currently held by them, provided that the reserve balance after such issue is not less than 25% of the authorized share capital. (ii) General surplus reserve is appropriated in accordance with Yuchai’s Articles and resolution of the board of directors. General surplus reserve may be used to offset accumulated losses or increase the registered capital. (iii) Capital reserves consist of reserve resulted from (i) a capital transaction in 2015 and (ii) the put option granted to the non-controlling 31.12.2022 31.12.2023 31.12.2023 RMB’000 RMB’000 US$’000 Other components of equity Foreign currency translation reserve (i) (44,699 ) (27,971 ) (3,937 ) Performance shares reserve (ii) 19,758 19,758 2,781 Premium paid for acquisition of non-controlling (9,463 ) (7,986 ) (1,124 ) Fair value reserve of financial assets at FVOCI (iii) (30,591 ) (22,454 ) (3,161 ) Total (64,995 ) (38,653 ) (5,441 ) Note: (i) Foreign currency translation reserve represents exchange differences arising from the translation of the financial statements of foreign operations whose functional currencies are different from that of the Group’s presentation currency. (ii) Performance shares reserve comprises the cumulative value of employee services received in return for share-based compensation. The amount in the reserve is retained when the option is expired. (iii) Fair value reserve of financial assets at FVOCI relates to the subsequent measurement of the Group’s bills receivable at fair value through OCI. |
Share-based payment
Share-based payment | 12 Months Ended |
Dec. 31, 2023 | |
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Share-based payment | 21. Share-based payment The Company’s Equity Incentive Plan (“Equity Plan”) was approved by the shareholders at the Annual General Meeting of the Company held on July 4, 2014 for duration of 10 years (from July 29, 2014 to July 28, 2024). All options granted under the Equity Plan are subject to a vesting schedule as follows: (1) one year after the date of grant for up to 33% of the shares over which the options are exercisable; (2) two years after the date of grant for up to 66% (including (1) above) of the shares over which the options are exercisable; and (3) three years after the date of grant for up to 100% (including (1) and (2) above) of the shares over which the options are exercisable. In 2021, 2022 and Movements during the year The following table illustrates the number and weighted average exercise prices (“WAEP”) of, and movements in share options during the year: Number of share options WAEP Number of share options WAEP 2022 2022 2023 2023 Outstanding at January 1 and December 31 270,000 US$ 21.11 270,000 US$ 21.11 Exercisable at December 31 270,000 US$ 21.11 270,000 US$ 21.11 The fair value of services received in return for share options granted are measured by reference to the fair value of share options granted. The estimate of the fair value of the services received is measured based on the Black-Scholes model. The expected life used in the model has been adjusted, based on management’s best estimate, for the effects of non-transferability, Fair value of share options and assumptions Date of grant of options On July 29, 2014 Fair value at measurement date (US$) 5.70 – 6.74 Share price (US$) 21.11 Exercise price (US$) 21.11 Expected volatility (%) 47.4 Expected option life (years) 3.5 – 5.5 Expected dividends (%) 5.81 Risk-free interest rate (%) 1.4 – 2.0 The exercise price for options outstanding as of December 31, 2023 was US$21.11 dollar (2022: US$21.11 dollar). The weighted average remaining contractual life for the share options outstanding as of December 31, 2023 was 0.6 (2022: 1.6) years. The expected volatility reflects the assumption that the historical volatility over a period similar to the life of the options is indicative of future trends, which may not necessarily be the actual outcome. There are no market conditions associated with the share options granted. Service conditions and non-market |
Trade and other payables
Trade and other payables | 12 Months Ended |
Dec. 31, 2023 | |
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Trade and other payables | 22. Trade and other payables 31.12.2022 31.12.2023 31.12.2023 RMB’000 RMB’000 US$’000 Current Trade payables 4,199,072 3,999,224 562,986 Bills payables (i) 2,356,574 3,248,066 457,242 Other payables 319,723 402,516 56,664 Accrued expenses 159,735 226,745 31,920 Accrued staff costs 422,045 499,230 70,278 Refund liabilities 222,342 324,161 45,633 Dividend payable 30,205 30,899 4,350 Amount due to: - joint ventures (trade) 67,556 83,590 11,767 - joint ventures (non-trade) 22 — — - related parties (trade) 296,219 303,393 42,710 - related parties (non-trade) 7,289 36,083 5,079 Financial liabilities carried at amortized cost (Note 32, Note 35) 8,080,782 9,153,907 1,288,629 Deferred grants (Note 27) 13,404 8,064 1,135 Advance from customers 254 248 35 Other tax payable 44,968 65,105 9,165 Total trade and other payables (current) 8,139,408 9,227,324 1,298,964 (i) As of December 31, 202 3 (ii) Terms and conditions of the above financial liabilities: • Trade and other payables are non-interest • The non-trade balances due to joint ventures and related parties are unsecured, interest-free and repayable on demand. 31.12.2022 31.12.2023 31.12.2023 RMB’000 RMB’000 US$’000 Non-current Other payables (i) 189,366 181,155 25,502 (i) This relates to accrual for bonus, which is non-interest |
Provisions
Provisions | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Provisions | 23. Provisions Provision for warranty Provision for onerous contract Total Total RMB’000 RMB’000 RMB’000 US$’000 At January 1, 2022 248,199 4,829 253,028 35,620 Provision made 317,076 — 317,076 44,636 Provision utilized (345,161 ) — (345,161 ) (48,590 ) Provision reversed — (4,829 ) (4,829 ) (680 ) At December 31, 2022 and January 1, 2023 220,114 — 220,114 30,986 Provision made 414,021 — 414,021 58,283 Provision utilized (375,910 ) — (375,910 ) (52,918 ) Disposal of a (2,145 ) — (2,145 ) (302 ) At December 31, 2023 256,080 — 256,080 36,049 |
Contract liabilities
Contract liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Contract liabilities | 24. Contract liabilities 31.12.2022 31.12.2023 31.12.2023 RMB’000 RMB’000 US$’000 Unfulfilled service-type maintenance services 195,245 155,192 21,847 Advance from customer 499,831 536,235 75,487 Total 695,076 691,427 97,334 Current 617,737 639,213 89,984 Non-current 77,339 52,214 7,350 Total contract liabilities (Note 6.2) 695,076 691,427 97,334 |
Lease liabilities
Lease liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Lease liabilities [abstract] | |
Lease liabilities | 25. Lease liabilities Interest rate Maturity 31.12.2022 31.12.2023 31.12.2023 % RMB’000 RMB’000 US$’000 Current (Note 17) 1.3 2024 31,433 33,272 4,684 Non- 1.3 2025-2034 28,208 16,009 2,254 |
Loans and borrowings
Loans and borrowings | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Loans and borrowings | 26. Loans and borrowings Weighted Maturity 31.12.2022 % RMB’000 Current Renminbi denominated loans 0.9 – 3.7 2023 2,141,432 Non-current Renminbi denominated loans 3.0 2025 200,000 Weighted Maturity 31.12.2023 31.12.2023 % RMB’000 US$’000 Current Renminbi denominated loans 1.2 – 2.1 2024 1,850,294 260,473 Non-current Renminbi denominated loans 2.8 2025-2026 690,000 97,134 S$30.0 million credit facility with DBS Bank Ltd (“DBS”) On June 25, 2021, the Company entered into an uncommitted revolving credit facility agreement with DBS with an aggregate value of S$ 30.0 million for renewal of the S$30.0 million facility that matured on June 1, 2021. The facility may be used to finance the Group general working capital requirements. Among other things, the terms of the facility required that at all times (i) the Company retains at least 76.4% ownership in Yuchai, (ii) HLA retains ownership of the special share, directly or indirectly retains at least 35% ownership of the Company and that the Company remains a subsidiary of HLA, and (iii) HLGE remains listed on the Main Board of Singapore Exchange. The terms of the facility also included certain financial covenants with respect to the Company’s consolidated tangible net worth (as defined in the agreement) not being less than US$ 400 million, and the ratio of the consolidated total debt (as defined in the agreement) to consolidated tangible net worth not exceeding 1.0 times. S$30.0 million credit facility with MUFG Bank Ltd, Singapore Branch (“MUFG”) On August 18, 2023, the Company entered into an uncommitted and unsecured multi-currency short-term loan agreement with MUFG for an aggregate value of S$ 30.0 million for renewal of the S$ 30.0 million facility that matured on March 17, 2020. The facility may be used to finance the Company’s general working capital requirements. Among other things, the terms of the facility required that at all times (i) HLA maintain legal and beneficial ownership of at least 7,290,000 issued and paid-up shares in the Company, and that the Company remains a consolidated subsidiary of HLA, (ii) the Company directly or indirectly retains at least 76.4% ownership in Yuchai, and (iii) HLGE remains listed on the Main Board of Singapore Exchange. The terms of the facility also include certain financial covenants with respect to the Company’s tangible net worth (as defined in the agreement) not being less than US$ 120 million at all times and the ratio of the Company’s total net debt (as defined in the agreement) to tangible net worth not exceeding 2.0 times at all times, as well as negative pledge provisions and customary drawdown requirements. US$30.0 million credit facility with Sumitomo Mitsui Banking Corporation, Singapore Branch (“SMBC”) On June 24, 2020, the Company entered into an uncommitted and unsecured multi-currency short-term revolving credit facility agreement with SMBC for an aggregate value of US$ 30.0 million for renewal of the US$ 30.0 million facility that matured on March 18, 2020. This facility may be used by to finance the Company’s general working capital requirements. The terms of the facility require, among other things, that HLA maintain legal and beneficial ownership of at least 7,290,000 issued and paid-up shares in the Company, retains ownership of the special share and that the Company remains a subsidiary of HLA. The terms of the facility also include certain financial covenants with respect to the Company’s consolidated tangible net worth (as defined in the agreement) as of June 30 and December 31 of each year not less than US$ 200 million and the ratio of the Company’s consolidated total net debt (as defined in the agreement) to consolidated tangible net worth as of June 30 and December 31 of each year not exceeding 2.0 times, as well as negative pledge provisions and customary drawdown requirements. On April 12, 2022, the Company enter into a supplement agreement with SMBC to amend the maximum tenor of each drawdown under the facility to 6 months for US$ and 3 months for S$. |
Deferred grants
Deferred grants | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Deferred grants | 27. Deferred grants 31.12.2022 31.12.2023 31.12.2023 RMB’000 RMB’000 US$’000 At January 1 424,140 489,788 68,949 Received during the year 186,993 145,330 20,459 Grant disbursed to partner of joint project (13,243 ) (16,423 ) (2,312 ) Released to consolidated statement of profit or loss (108,102 ) (59,818 ) (8,421 ) Reclassification to other payables — (98,919 ) (13,925 ) At December 31 489,788 459,958 64,750 Current (Note 22) 13,404 8,064 1,135 Non-current 476,384 451,894 63,615 489,788 459,958 64,750 The government grant that have been received in PRC was to support and fund Yuchai’s production facilities, research and development activities for product innovations and developments. |
Other financial liability
Other financial liability | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Other Liabilities [Abstract] | |
Other financial liability | 28. Other financial liability In November 2022, Yuchai Xin-Lan Xin-Lan. February Xin-Lan ( ) Xin-Lan. (non-controlling Xin-Lan). s |
Related party disclosures
Related party disclosures | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Related party disclosures | 29. Related party disclosures The ultimate parent As of December 31, 2023, the controlling shareholder of the Company, HLA, indirectly owned 18,270,965, or 44.7% (2022: 18,270,965, or 44.7%), of the ordinary shares in the capital of the Company, as well as a special share that entitles it to elect a majority of directors of the Company. HLA controls the Company through its wholly-owned subsidiary, HLC, and through HL Technology Systems Pte. Ltd. (“HLT”), a wholly-owned subsidiary of HLC. HLT owns approximately 23.3% (2022: 23.3%) of the ordinary shares in the capital of the Company and is, and has since August 2002 been, the registered holder of the special share. HLA also owns, through another wholly-owned subsidiary, Well Summit Investments Limited, approximately 21.4% (2022: 21.4%) of the ordinary shares in the capital of the Company. HLA is a member of the Hong Leong Investment Holdings Pte. Ltd., or Hong Leong Investment group of companies. Prior to August 2002, the Company was controlled by Diesel Machinery (BVI) Limited, which, until its dissolution, was a holding company controlled by HLC and was the prior owner of the special share. Through HLT’s stock ownership and the rights accorded to the special share under Bye-Laws In 2023, there were transactions other than dividends paid, between the Group and HLA of RMB 0.5 million (less than US$ 0.1 million) (2022: RMB 0.4 million; 2021: RMB 0.5 million). The transaction relates to consultancy fees charged by HLA. Entity with significant influence over the Group As of December 31, 2023, the Yulin City Government through Coomber Investment Ltd. owned 18.2% (2022: 17.2%) of the ordinary shares in the capital of the Company. The following provides the significant transactions that have been entered into with related parties for the relevant financial year. 31.12.2021 31.12.2022 31.12.2023 31.12.2023 RMB’000 RMB’000 RMB’000 US$’000 Sales of engines and parts - associates and joint ventures 393,440 411,010 924,971 130,212 - GY and its affiliates 3,223,785 2,262,306 2,034,304 286,376 Purchase of parts, supplies and engines - associates and joint ventures 2,036,675 1,396,611 1,614,814 227,323 - GY and its affiliates 1,307,137 1,053,607 1,804,457 254,020 Hospitality, restaurant, consultancy and other service income charged to - a joint venture 2,152 5,803 18,427 2,594 - GY and its affiliates 6,609 10,398 18,023 2,537 Service charge charged by - joint ventures 5,023 128 2,094 295 Rental income - joint ventures 4,415 4,634 3,834 540 - GY and its affiliates 275 580 12,227 1,721 Sales of an intangible asset to a joint venture — — 101,390 14,273 Property management service expenses - GY and its affiliates 21,978 22,128 24,668 3,473 Selling, general and administrative expenses - a joint venture 2,530 — — — - GY and its affiliates 9,315 30,151 34,178 4,811 - HLA and 7,188 8,994 9,194 1,294 Delivery, storage, distribution and handling expenses - GY and its affiliates 300,699 201,669 212,566 29,924 Payment for lease liabilities - GY and its affiliates 17,215 19,802 19,615 2,761 Purchases of vehicles and machineries - GY and its affiliates 3,460 2,513 — — In addition to the above, Yuchai also entered into transactions with other PRC Government owned enterprises. Management considers that these transactions were entered into in the normal course of business and expects that these transactions will continue on normal commercial terms. The transactions with related parties are made at terms agreed between the parties. Compensation of key management personnel of the Group 31.12.2021 31.12.2022 31.12.2023 31.12.2023 RMB’000 RMB’000 RMB’000 US$’000 Short-term employee benefits 25,289 25,011 30,147 4,244 Contribution to defined contribution plans 273 208 305 43 25,562 25,219 30,452 4,287 The non-executive |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Commitments and contingencies | 30. Commitments and contingencies Operating lease commitments - Group as lessee The Group has various lease contracts that have not yet commenced as of December 31, 2023. The future lease payments for these non-cancellable 31.12.2022 31.12.2023 31.12.2023 RMB’000 RMB’000 US$’000 Within 1 year — 98 14 After 1 year but within 5 years — 198 28 After 5 years — — — — 296 42 Capital commitments As of December 31, 2022 and 2023, the Group had capital expenditure (mainly in respect of property, plant and equipment) contracted for but not paid and not recognized in financial statements amounting to RMB 319.5 million and RMB 175.9 million (US$ 24.8 million) respectively. The Group’s share of joint venture’s capital commitment is disclosed in Note 5. |
Segment information
Segment information | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Segment information | 31. Segment information For management purposes, the Group is organized into business units based on their products and services, and has two reportable operating segments as follows: • Yuchai primarily conducts manufacturing for on- and off-road powertrain solutions and applications which are mainly distributed in the PRC market. • HLGE is engaged in hospitality and property development activities conducted mainly in the PRC and Malaysia. HLGE is listed on the Main Board of the Singapore Exchange. Management monitors the operating results of its business units separately for the purpose of making decisions about resource allocation and performance assessment. Year ended December 31, 2021 Yuchai HLGE Corporate Eliminations/ adjustment Consolidated financial statements RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Revenue Total external revenue (Note 6.1) 21,254,134 11,796 — — 21,265,930 Results Interest income 129,520 1,363 1,200 — 132,083 Interest expense (111,747 ) (19 ) (26 ) — (111,792 ) Depreciation and amortization (567,465 ) (5,221 ) (910 ) — (573,596 ) Share of results of associates and joint venture (96,658 ) 763 — — (95,895 ) Income tax expense (29,043 ) (245 ) — (14,528 ) (1) (43,816 ) Other material non-cash items Impairment of property, plant and equipment (7,227 ) — — — (7,227 ) Warranties (292,157 ) — — — (292,157 ) Segment profit after tax 443,499 (6,728 ) (20,321 ) (8,556 ) 407,894 Total assets 23,897,506 368,415 2,146,060 (1,506,672 ) 24,905,309 Total liabilities (13,206,953 ) (10,322 ) (13,550 ) (59,140 ) (2) (13,289,965 ) Other s Investment in joint ventures 147,106 3,989 — — 151,095 Capital expenditure 474,562 4,310 19 — 478,891 Year ended December 31, 2022 Yuchai HLGE Corporate Eliminations/ Consolidated financial statements RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Revenue Total external revenue (Note 6.1) 15,997,766 32,870 — — 16,030,636 Results Interest income 116,668 2,902 12,309 — 131,879 Interest expense (90,846 ) (49 ) (14 ) — (90,909 ) Depreciation and amortization (619,000 ) (4,770 ) (922 ) — (624,692 ) Share of results (29,554 ) 461 — — (29,093 ) Income tax expense (47,555 ) (39 ) (9 ) (11,462 ) (1) (59,065 ) Other material non-cash items Impairment of property, plant and equipment (17,278 ) — — — (17,278 ) Warranties (317,076 ) — — — (317,076 ) Segment profit after tax 354,865 5,152 (18,245 ) (6,111 ) 335,661 Total assets 23,020,241 405,871 2,215,652 (1,504,208 ) 24,137,556 Total liabilities (12,220,938 ) (12,062 ) (14,256 ) (55,236 ) (2) (12,302,492 ) Other s Investment in joint ventures 150,219 4,484 — — 154,703 Capital expenditure 352,737 564 47 — 353,348 Year ended December 31, 2023 Yuchai HLGE Corporate Eliminations/ adjustment Consolidated financial statements Consolidated financial statements RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 US$’000 Revenue Total external revenue (Note 6.1) 18,015,280 31,069 — — 18,046,349 2,540,451 Results Interest income 108,792 9,545 35,792 — 154,129 21,697 Interest expense (95,483 ) (42 ) (62 ) — (95,587 ) (13,456 ) Depreciation and amortization (659,426 ) (4,934 ) (705 ) — (665,065 ) (93,624 ) Gain on disposal of a subsidiary 113,042 — — — 113,042 15,913 Share of results of associates and joint venture 62,041 37 — — 62,078 8,739 Income tax expense (131,021 ) (535 ) (14,048 ) (2,892 ) (1) (148,496 ) (20,904 ) Other material non-cash items Impairment of property, plant and equipment (44,667 ) — — — (44,667 ) (6,288 ) Warranties (414,021 ) — — — (414,021 ) (58,283 ) Segment profit after tax 431,697 9,534 (11,420 ) (6,955 ) 422,856 59,527 Total assets 24,579,069 423,968 2,258,575 (1,503,994 ) 25,757,618 3,625,995 Total liabilities (13,486,829 ) (11,307 ) (22,070 ) (61,787 ) (2) (13,581,993 ) (1,911,987 ) Other s Investment in joint ventures 235,558 1,671 — — 237,229 33,396 Capital expenditure 176,782 2,059 35 — 178,876 25,181 Note: (1) This relates mainly to the deferred tax expense relating to withholding tax on dividends from Yuchai. (2) This relates mainly to the deferred tax liabilities relating to cumulative withholding tax on dividends that are expected to be declared from income earned after December 31, 2007 by Yuchai. Geographic information The geographic information for revenue from external customers is disclosed in Note 6.1. Major customer Revenues from two customers of Yuchai segment amounted to million) and RMB 2,034.3 million (US$ 286.4 million) (2022: RMB Non-current 31.12.2022 31.12.2023 31.12.2023 RMB’000 RMB’000 US$’000 People’s Republic of China 6,281,907 5,957,205 838,617 Other countries 90,520 87,554 12,325 6,372,427 6,044,759 850,942 Non-current right-of-use |
Financial risk management objec
Financial risk management objectives and policies | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Financial risk management objectives and policies | 32. Financial risk management objectives and policies The Group’s principal financial liabilities comprise loans and borrowings, trade and other payables and other financial liability arising from a put option to a non-controlling The Group is exposed to market risk, credit risk and liquidity risk. The Group’s senior management oversees the management of these risks. There has been no change to the Group’s exposure to these financial risks or the manner in which it manages and measures the risks. Market risk Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: interest rate risk, currency risk and other price risk, such as equity price risk. The sensitivity analyses in the following sections relate to the position as of December 31, 2022 and 2023. The sensitivity analyses have been prepared on the basis that the amount of net debt, the ratio of fixed to floating interest rates of the debt and the proportion of financial instruments in foreign currencies are all constant at December 31, 2023. The analyses exclude the impact of movements in market variables on provisions and on the non-financial Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group’s exposure to the risk of changes in market interest rates relates to the Group’s interest-bearing loans and borrowings from banks. The interest-bearing loans and borrowings of the Group are disclosed in Note 26. The Group manages its interest rate risk by having a mixture of fixed and variable rates for its loans and borrowings. Interest rate sensitivity The sensitivity analyses below have been determined based on the exposure to interest rates for interest-bearing loans and borrowings at the end of the reporting period and the stipulated change taking place at the beginning of the year and held constant throughout the reporting period in the case of instruments that have floating rates. A 50 basis points increase or decrease is used and represents management’s assessment of the possible change in interest rates. If interest rate had been 50 (2022: 50) basis points higher or lower and all other variables were held constant, the profit before tax for the year ended December 31, 2023 of the Group would increase/decrease by RMB 12.7 million (US$ 1.8 million) (2022: increase/decrease by RMB 11.7 million). Foreign currency exchange rate risk Foreign currency exchange rate risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign currency exchange rates. The Group’s exposure to this risk relates primarily to the cash and bank balances, purchases and sales that are denominated in currencies other than the respective functional currencies of the entities within the Group. The currencies giving rise to this risk are primarily the Singapore Dollar, US Dollar and Euro. Foreign currency translation exposure is managed by incurring debt in the operating currency so that where possible operating cash flows can be primarily used to repay obligations in the local currency. This also has the effect of minimizing the exchange differences recorded against income, as the exchange differences on the net investment are recorded directly against equity. The Group’s exposures to foreign currency are as follows: 31.12.2022 Singapore Dollar Euro US Dollar Others RMB’000 RMB’000 RMB’000 RMB’000 Trade and other receivables 1,504 7,328 4,484 218 Cash and bank balances 166,517 1,282 26,521 15,340 Financial liabilities (202 ) — — — Trade and other receivables (5,064 ) (11,586 ) (7,258 ) (2,579 ) Net assets/(liabilities) 162,755 (2,976 ) 23,747 12,979 31.12.2023 Singapore Dollar Euro US Dollar Others RMB’000 RMB’000 RMB’000 RMB’000 Trade and other receivables 1,700 13,686 7,221 377 Cash and bank balances 157,073 5,337 18,162 24,114 Financial liabilities (1,565 ) — — — Trade and other payables (7,568 ) (13,689 ) (20,453 ) (12,795 ) Net assets/(liabilities) 149,640 5,334 4,930 11,696 US$’000 21,065 751 694 1,646 Foreign currency exchange rate risk sensitivity A 10% strengthening of the following major currencies against the functional currency of each of the Group’s entities at the reporting date would increase/(decrease) profit before tax by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant. Profit before tax 31.12.2022 31.12.2023 31.12.2023 RMB’000 RMB’000 US$’000 Singapore Dollar 16,276 14,964 2,107 Euro (298 ) 533 75 US Dollar 2,375 493 69 Credit risk Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, including deposits with banks and financial institutions, foreign exchange transactions and other financial instruments. Trade receivables Customer credit risk is managed by each business unit subject to the Group’s established policy, procedures and control relating to customer credit risk management. Credit limits are established for all customers based on internal rating criteria. Management has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis. Credit evaluations are performed for all customers requiring credit. An impairment analysis is performed at each reporting date using a provision matrix. The provision rates are determined based on days past due for groupings of various customer segments with similar loss patterns (i.e. by profiles of the customers). The calculation reflects the reasonable and supportable information that is available at the reporting date about past events, current conditions and forecasts of future economic conditions. Generally, trade receivables are written-off Set out below is the information about the credit risk exposure on the Group’s trade receivables using a provision matrix: Trade receivables Days past due As of December 31, 2022 Total Current 0 – 90 91-180 181-365 >365 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Expected credit loss rate 2.1 % — 0.2 % 0.2 % 0.6 % 63.1 % Estimated total gross carrying amount at default 1,549,462 1,138,365 216,355 80,132 63,477 51,133 Expected credit loss 33,247 — 500 124 372 32,251 Trade receivables Days past due As of December 31, 2023 Total Current 0 – 90 91-180 181-365 >365 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Expected credit loss rate 4.8 % — 0.1 % 0.8 % 2.2 % 59.7 % Estimated total gross carrying amount at default 1,148,682 521,234 350,376 97,382 93,015 86,675 Expected credit loss 54,894 — 294 753 2,067 51,780 At December 31, 2023, the Group had top 5 customers (2022: top 5 customers) that owed the Group more than RMB 597.7 million (US$ 84.1 million) (2022: RMB 993.1 million) and accounted for approximately 40.0% (2022: 53.5%) of trade receivables (including trade amounts due from related parties Cash and fixed deposits are placed with banks and financial institutions which are regulated. Liquidity risk The Group monitors its liquidity risk and maintains a level of cash and cash equivalents deemed adequate by management to finance the Group’s operations and to mitigate the effects of fluctuations in cash flows, and having adequate amounts of committed credit facilities. The table below summarizes the maturity profile of the Group’s financial assets and liabilities, as well as lease liabilities, based on contractual undiscounted payments. 1 year or less 2 to 5 years After 5 years Total As of December 31, 2022 RMB’000 RMB’000 RMB’000 RMB’000 Financial assets Trade and bills receivables 6,487,095 — — 6,487,095 Other receivables, excluding tax recoverable 434,750 — — 434,750 Cash and bank balances 4,830,743 20,000 — 4,850,743 11,752,588 20,000 — 11,772,588 Financial liabilities Loans and borrowings 2,158,839 209,400 — 2,368,239 Trade and other payables (Note 22) 8,080,782 189,366 — 8,270,148 Lease liabilities 33,102 26,928 216 60,246 Other financial liability — — 58,212 58,212 10,272,723 425,694 58,428 10,756,845 1 year or less 2 to 5 years After 5 years Total Total As of December 31, 2023 RMB’000 RMB’000 RMB’000 RMB’000 US$’000 Financial assets Trade and bills receivables 7,412,577 — — 7,412,577 1,043,495 Other receivables, excluding tax recoverable 823,650 — — 823,650 115,949 Cash and bank balances 6,039,471 — — 6,039,471 850,199 14,275,698 — — 14,275,698 2,009,643 Financial liabilities Loans and borrowings 1,880,251 710,772 — 2,591,023 364,748 Trade and other payables (Note 22) 9,153,907 181,155 — 9,335,062 1,314,131 Lease liabilities 32,436 18,016 797 51,249 7,215 Other financial liability — 81,368 — 81,368 11,454 11,066,594 991,311 797 12,058,702 1,697,548 |
Capital management
Capital management | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Capital management | 33. Capital management The Group manages its capital to ensure that entities in the Group will be able to continue as a going concern while maximizing the return to shareholders through the optimization of the debt and equity balance. The capital structure of the Group consists of net debts and equity attributable to the equity holders of the Company as disclosed in the table below. Management reviews the capital structure on an on-going basis, considering the cost of capital, the tenure and the risks associated with each class of capital. Management makes adjustments to capital structure, in light of changes in economic conditions. To maintain or adjust the capital structure, the Group may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. There were no changes in the Group’s approach to capital management. 31.12.2022 31.12.2023 31.12.2023 RMB’000 RMB’000 US$’000 Loans and borrowings (current and non-current) 2,341,432 2,540,294 357,607 Lease liabilities (current and non-current) 59,641 49,281 6,938 Trade and other liabilities (current and non-current) 8,374,724 9,475,529 1,333,905 Less: Cash and bank balances (4,850,743 ) (6,039,471 ) (850,199 ) Net debts 5,925,054 6,025,633 848,251 Equity attributable to equity holders of the Company 9,008,946 9,226,528 1,298,853 Total capital and net debts 14,934,000 15,252,161 2,147,104 As disclosed in Note 20, certain subsidiaries of the Group are required by the relevant authorities in the PRC to contribute and maintain a non-distributable |
Fair value measurement
Fair value measurement | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Fair value measurement | 34. Fair value measurement Quantitative disclosures fair value measurement hierarchy for assets and liabilities as of December 31, 2022: Fair value measurement using Date of valuation Quoted prices in active markets Significant observable inputs Total (Level 1) (Level 2) RMB’000 RMB’000 RMB’000 Assets measured at fair value Debt financial assets ( i Bills receivable December 31, 2022 3,227,295 — 3,227,295 Quantitative disclosures fair value measurement hierarchy for assets and liabilities as of December 31, 2023: Fair value measurement using Date of valuation Quoted prices in active markets Significant observable inputs Total Total (Level 1) (Level 2) US$’000 RMB’000 RMB’000 RMB’000 Assets measured at fair value Debt financial assets (i) Bills receivable December 31, 2023 539,132 3,829,777 — 3,829,777 Note: (i) The fair values of the Group’s debt financial assets at fair value through OCI were measured using the discounted cash flows model. The model incorporates market observable input including the interest rate of similar instruments. There have been no transfers between Level 1 and Level 2 during 2023 and 2022. |
Financial assets and financial
Financial assets and financial liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Financial assets and financial liabilities | 35. Financial assets and financial liabilities Note Financial Fair Value through OCI Other financial liabilities at amortized cost Total RMB’000 RMB’000 RMB’000 RMB’000 As of December 31, 2022 Financial assets Trade and bills receivable 15 3,259,800 3,227,295 — 6,487,095 Other receivables 15 434,750 — — 434,750 Cash and bank balances 16 4,850,743 — — 4,850,743 8,545,293 3,227,295 — 11,772,588 Financial liabilities Trade and other payables 22 — — 8,270,148 8,270,148 Loans and borrowings 26 — — 2,341,432 2,341,432 Other financial liability 28 — — 45,950 45,950 — — 10,657,530 10,657,530 Note Financial Fair Value through OCI Other financial liabilities at amortized cost Total Total RMB’000 RMB’000 RMB’000 RMB’000 US$’000 As of December 31, 2023 Financial assets Trade and bills receivable 15 3,582,800 3,829,777 — 7,412,577 1,043,495 Other receivables 15 823,650 — — 823,650 115,949 Cash and bank balances 16 6,039,471 — — 6,039,471 850,199 10,445,921 3,829,777 — 14,275,698 2,009,643 Financial liabilities Trade and other payables 22 — — 9,335,062 9,335,062 1,314,131 Loans and borrowings 26 — — 2,540,294 2,540,294 357,607 Other financial liability 28 — — 67,050 67,050 9,439 — — 11,942,406 11,942,406 1,681,177 Changes in liabilities arising from financing activities January 1, 2022 Cash flows Addition Accretion of Termination Translation Others December 31, RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 As of December 31, 2022 Loans and borrowings - current 2,103,000 (61,568 ) — — — — 100,000 2,141,432 - non-current 100,000 200,000 — — — — (100,000 ) 200,000 Lease liabilities - current 27,125 (26,144 ) — 1,547 (6,187 ) 239 34,853 31,433 - non-current 13,406 — 49,735 — — (80 ) (34,853 ) 28,208 Other financial liability — — 45,675 275 — — — 45,950 Total liabilities from financing activities 2,243,531 112,288 95,410 1,822 (6,187 ) 159 — 2,447,023 January 1, 2023 Cash flows Addition Accretion of Termination Translation Others December 31, December 31, RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 US$’000 As of December 31, 2023 Loans and borrowings - current 2,141,432 (291,138 ) — — — — — 1,850,294 260,473 - non-current 200,000 490,000 — — — — — 690,000 97,134 Lease liabilities - current 31,433 (43,073 ) — 1,969 (1,382 ) — 44,325 33,272 4,684 - non-current 28,208 — 32,084 — — 42 (44,325 ) 16,009 2,254 Other financial liability 45,950 — 18,372 2,728 — — — 67,050 9,439 Total liabilities from financing activities 2,447,023 155,789 50,456 4,697 (1,382 ) 42 — 2,656,625 373,984 The ‘Others’ column includes the effect of reclassification of non-current |
Comparative figures
Comparative figures | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of reclassifications or changes in presentation [abstract] | |
Comparative figures | 36. Comparative figures Management has reclassified certain freight charges from selling, general and administrative expenses to cost of sales. These freight charges were incurred prior to ownership transfer as part of the obligation to fulfil deliveries to the customers. Accordingly, the comparative figures in the Consolidated Statement of Profit or Loss for the full year ended December 31, 2021 and 2022 had been adjusted to conform with the current year’s presentation. The changes to 2021 and 2022 comparatives have |
Accounting policies (Policies)
Accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Basis of preparation | 2.1 Basis of preparation The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The consolidated financial statements have been prepared on a historical cost basis except as disclosed in the accounting policies below. The consolidated financial statements are presented in Renminbi (“RMB”) and all values are rounded to the nearest thousand (“RMB’000”), except when otherwise indicated. Translation of amounts from Renminbi to the United States Dollar (“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 7.1036 = US$ 1.00, the rate quoted by the People’s Bank of China at the close of business on February 29, 2024 and all values are rounded to the nearest thousand (“US$’000”), except when otherwise indicated. |
Changes in accounting policies | 2.2 Changes in accounting policies The accounting policies adopted are consistent with those previous financial years except that in the current financial year, the Group has adopted all the new and revised standards which are effective for annual financial periods beginning on or after January 1, 2023. The adoption of “Disclosure of Accounting Policies - Amendments to IAS 1 and IFRS Practice Statement 2 Amendments to IAS 12: International Tax Reform Pillar Two Model Rules The Group has adopted Amendments to IAS 12: International Tax Reform Pillar Two Model Rules The mandatory exception is effective immediately and applies retrospectively. |
Standards issued but not yet effective | 2.3 Standards issued but not yet effective Lease Liability in a Sale and Leaseback - Amendments to IFRS 16 In September 2022, the IASB issued Lease Liability in a Sale and Leaseback ( Amendments to IFRS 16 amendment to IFRS 16 Leases The amendment is intended to improve the requirements for sale and leaseback transactions in IFRS 16. It does not change the accounting for leases unrelated to sale and leaseback transactions. The amendment applies retrospectively to annual reporting periods beginning on or after January 1, 2024. Earlier application is permitted. The amendments are not expected to have a material impact on the Group. Classification of Liabilities as Current or Non-current - Amendments to IAS 1 In January 2020 and October 2022, the IASB issued amendments to paragraphs 69 to 76 of IAS 1 to specify the requirements for classifying liabilities as current or non-current. The amendments clarify: • What is meant by a right to defer settlement • That a right to defer must exist at the end of the reporting period • That classification is unaffected by the likelihood that an entity will exercise its deferral right • That only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact its classification In addition, a requirement has been introduced to require disclosure when a liability arising from a loan agreement is classified as non-current and the entity’s right to defer settlement is contingent on compliance with future covenants within twelve months. The amendments are effective for annual reporting periods beginning on or after January 1, 2024 and must be applied retrospectively. The Group is currently assessing the impact that will have on current practice. Supplier Finance Arrangements - Amendments to IAS 1 and IFRS7 In May 2023, the IASB issued amendments to IAS 7 Statement of Cash Flows Financial Instruments: Disclosures The amendments will be effective for annual reporting periods beginning on or after January 1, 2024. Early adoption is permitted, but will need to be disclosed. The amendments are not expected to have a material impact on the Group’s financial statements. Lack of exchangeability - Amendments to IAS 21 In August 2023, the IASB issued amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates The amendments will be effective for annual reporting periods beginning on or after January 1, 2025. Early adoption is permitted, but will need to be disclosed. The amendments are not expected to have a material impact on the Group’s financial statements. |
Basis of consolidation | 2.4 Basis of consolidation The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as at the end of the reporting period. The financial statements of the subsidiaries used in the preparation of the consolidated financial statements are prepared for the same reporting date as the Company. Consistent accounting policies are applied to like transactions and events in similar circumstances. All intra-group balances, income and expenses and unrealized gains and losses resulting from intra-group transactions and dividends are eliminated in full. Subsidiaries are consolidated from the date of acquisition, being the date on which the Group obtains control, and continue to be consolidated until the date that such control ceases. Losses within a subsidiary are attributed to the non-controlling A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it: • derecognizes the assets (including goodwill) and liabilities of the subsidiary at their carrying amounts at the date when control is lost; • derecognizes the carrying amount of any non-controlling • derecognizes the cumulative translation differences recorded in equity; • recognizes the fair value of the consideration received; • recognizes the fair value of any investment retained; • recognizes any surplus or deficit in profit or loss; and • reclassifies the Group’s share of components previously recognized in other comprehensive income to profit or loss or retained earnings, as appropriate. |
Business combinations | (a) Business combinations Business combinations are accounted for applying acquisition method. Identifiable assets acquired and liabilities assumed in business combination are measured initially at their fair value at the acquisition date. Acquisition-related costs are recognized as expenses in periods in which the costs are incurred and the services are received. For each business combination, the Group elects whether to measure the non-controlling When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. Any contingent consideration to be transferred by the acquirer will be recognized at fair value at the acquisition date. Contingent consideration classified as equity is not re-measured Financial Instruments In business combinations achieved in stages, previously held equity interests in the acquiree are re-measured Any excess of the sum of the fair value of the consideration transferred in the business combination, the amount of non-controlling Intangible assets Where the Group had granted put option to third party investors (non-controlling interests) for their investments in subsidiaries, the Group recognized a financial liability based on the present value of the amount payable upon exercise of the put. A corresponding amount to equity attributable to the parent (capital reserves) will be recognized. |
Investments in joint ventures | (b) Investments in joint ventures When Group determine significant influence or joint control, the Group make considerations which are similar to those necessary to determine control over subsidiaries. The Group’s investments in its joint ventures are accounted for using the equity method. The Group’s significant joint ventures are Y&C Engines Co., Ltd, MTU Yuchai Power Co. Ltd and Guangxi Purem Yuchai Automotive Technology Co., Ltd. Under the equity method, the investment in joint ventures are carried in the balance sheet at cost plus post-acquisition changes in the Group’s share of net assets of the joint ventures. The profit or loss reflects the share of results of the operations of the joint ventures. Distributions received from joint ventures reduce the carrying amount of the investment. Where there has been a change recognized in other comprehensive income by the joint venture, the Group recognizes its share of such changes in other comprehensive income. Unrealized gains and losses resulting from transactions between the Group and joint venture are eliminated to the extent of the interest in the joint ventures. When the Group’s share of losses in a joint venture equals or exceeds its interest in the joint venture, the Group does not recognize further losses, unless it has incurred obligations or made payments on behalf of the joint venture. The aggregate of the Group’s share of results of a joint venture is shown on the face of the statement of profit or loss outside operating profit. The financial statements of the joint venture are prepared for the same reporting period as the Group. The Group’s joint ventures adopt the same accounting policies in line with those of the Group. Therefore, no adjustments are made when measuring and recognizing the Group’s share of the results of the investees after the date of acquisition. After application of the equity method, the Group determines whether it is necessary to recognize an impairment loss on its investment in its joint venture. At each reporting date, the Group determines whether there is objective evidence that the investment in the joint venture is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of the joint venture and its carrying value, then recognizes the loss within “Share of results of joint ventures, net of tax” in the statement of profit or loss. There is no loss of significant influence of material joint ventures. |
Foreign currency translation | (c) Foreign currency translation The Company’s functional currency is US Dollar. The Group’s consolidated financial statements are presented in Renminbi, which is also the functional currency of Yuchai, the largest operating segment of the Group. Each entity in the Group determines its own functional currency, and items included in the financial statements of each entity are measured using that functional currency. Transactions and balances Transactions in foreign currencies are measured in the respective functional currencies of the Company and its subsidiaries and are recorded on initial recognition in the functional currencies at exchange rates approximating those ruling at the transaction dates. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the end of the reporting period. Non-monetary transactions. Non-monetary Exchange differences arising on the settlement of monetary items or on translating monetary items at the end of the reporting period are recognized in profit or loss. Consolidated financial statements On consolidation, the assets and liabilities of foreign operations are translated into RMB at the rate of exchange prevailing at the reporting date and their statements of profit or loss are translated at average exchange rates during the reporting period. The exchange differences arising on translation for consolidation are recognized in OCI. On disposal of a foreign operation, the component of OCI relating to that particular foreign operation is reclassified to profit or loss. |
Revenue from Contracts with Customers | (d) Revenue from Contracts with Customers Revenue from contracts with customers is recognized when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. The Group has generally concluded that it is the principal in its revenue arrangements because it typically controls the goods or services before transferring them to the customer. The disclosures of significant accounting judgements, estimates and assumptions relating to revenue from contracts with customers are provided in Note 3. Sale of engines Revenue from sale of engines is recognized at the point in time when control of the engine is transferred to the customer and all criteria for acceptance have been satisfied, generally on delivery of the engines, or, in some cases, when the engines are installed by the customers. The Group considers whether there are other promises in the contract that are separate performance obligations to which a portion of the transaction price needs to be allocated (e.g. warranties). In determining the transaction price for the sale of engines, the Group considers the effects of variable consideration and the existence of significant financing components. (i) Variable consideration If the consideration in a contract includes a variable amount, the Group estimates the amount of consideration to which it will be entitled in exchange for transferring the goods to the customer. The variable consideration is estimated at contract inception. Some contracts for the sale of engines provide customers with sales rebates based on the sales volume. The sales rebates give rise to variable consideration. Sales rebates The Group enters into contractual arrangements to provide certain customers with sales rebates when the quantity of products purchased during the period exceeds a threshold specified in the contract. Based on contractual arrangement with the customers, the sales rebates are netted against “Trade receivables”. If the receivables had been settled by the customers, amounts in excess of “Trade receivables” will be recognized as refund liabilities in “Trade and other payables”. Sales Returns The Group does not extend its sales returns policy to all customers. However, the Group allows for certain returns, only on a case-by-case (ii) Significant financing component The Group receives advance payments from customers for the sale of engines. The Group applies the practical expedient for short-term advances received from customers. That is, the promised amount of consideration is not adjusted for the effects of a significant financing component if the period between the transfer of the promised good or service and the payment is one year or less. Warranty obligations The Group typically provides warranties for general repairs of defects as part of the sale of engines. These assurance-type warranties are accounted for as warranty provisions. Refer to the accounting policy on warranty provisions in Section (m) Provisions Certain contracts provide a customer with maintenance service, i.e. a distinct service to the customer in addition to the assurance that the product complies with agreed-upon specification. These service-type warranties are bundled together with the sale of engines. These contracts comprise two performance obligations, i.e. the promises to transfer the engines and to provide the service-type warranty. The transaction price is allocated to the service-type warranty and engines using a combination of expected cost-plus margin and residual approaches. The portion of transaction price allocated to the service-type warranty is initially recorded as a contract liability and recognized as revenue at the point in time when the service is provided. Rendering of services Revenue from rendering services relates to project management contracts, and hotel room and restaurant operations. Revenue is recognized over the period in which the services are rendered, by reference to completion of the specific transaction assessed on the basis of the actual service provided as a proportion of the total services to be performed. Contract balances Trade receivables A receivable is recognized if an amount of consideration that is unconditional is due from the customer (i.e. only the passage of time is required before payment of the consideration is due). Refer to accounting policies of financial assets in Section (i) Financial instruments Capitalized contract costs The capitalized costs are costs which have been capitalized and directly related to the contracts, for which resources were used in satisfying the contract and are expected to be recovered. The Group’s capitalized contract costs are costs in fulfilling a contract for the development of technology know-how for heavy-duty engines platforms for a joint venture company of Group, and subsequently recognized in profit or loss when the Group performs the contract and the related revenue is recognized. Contract liabilities A contract liability is recognized if a payment is received or a payment is due (whichever is earlier) from a customer before the Group transfers the related goods or services. Contract liabilities are recognized as revenue when the Group performs under the contract (i.e., transfers control of the related goods or services to the customer). Right of return assets A right-of-return Refund liabilities A refund liability is recognized for the obligation to refund some or all of the consideration received (or receivable) from a customer. The Group’s refund liabilities arise from customers’ right of return and sales rebates. Based on contractual arrangement with the customers, sales rebates are netted against “Trade receivables”. If the receivables had been settled by the customers, amounts in excess of “Trade receivables” will be recognized as refund liabilities. Refund liabilities arising from contractual sales returns is measured at the amount the Group ultimately expects it will have to return to the customer. The Group updates its estimates of refund liabilities arising from sales returns at the end of each reporting period. |
Government grants | (e) Government grants Government grants are recognized where there is reasonable assurance that the grant will be received and all attached conditions will be complied with. When the grant relates to an expense item, it is recognized as income on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed. When the grant relates to an asset, it is recognized as income in equal amounts over the expected useful life of the related asset. The Group’s government grants were mainly to support and fund production facilities and research and development activities for product innovations and developments of engines. |
Taxes | (f) Taxes Current income tax Current income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date in the countries where the Group operates and generates taxable income. Deferred tax Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax liabilities are recognized for all taxable temporary differences, except: • When the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and • In respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint ventures, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred tax assets are recognized for all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and the carry forward of unused tax credits and unused tax losses can be utilized, except: • When the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and • In respect of deductible temporary differences associated with investments in subsidiaries, associates and interests in joint ventures, deferred tax assets are recognized only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are re-assessed Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to set off current income tax assets against income tax liabilities and the deferred taxes relate to the same taxation authority. Sales tax Revenue, expenses and assets are recognized net of the amount of sales tax, except: • When the sales tax incurred on a purchase of assets or services is not recoverable from the taxation authority, in which case, the sales tax is recognized as part of the cost of acquisition of the asset or as part of the expense item, as applicable • When receivables and payables are stated with the amount of sales tax included The net amount of sales tax recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the statement of financial position. Global minimum top-up tax The global minimum top-up tax – which it is required to pay under Pillar Two legislation – is an income tax in the scope of IAS 12. The Group has applied a temporary mandatory relief from deferred tax accounting for the impacts of the top-up tax and accounts for it as a current tax when it is incurred. |
Property, plant and equipment | (g) Property, plant and equipment All items of property, plant and equipment are initially recorded at cost. Subsequent to recognition, property, plant and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses. The cost includes the cost of replacing part of the property, plant and equipment and costs that are directly attributable to the acquisition, construction or production of a qualifying property, plant and equipment. The cost of an item of property, plant and equipment is recognized as an asset if, and only if, it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. When significant parts of property, plant and equipment are required to be replaced in intervals, the Group recognizes such parts as individual assets with specific useful lives and depreciation, respectively. Likewise, when a major inspection is performed, its cost is recognized in the carrying amount of the property, plant and equipment as a replacement if the recognition criteria are satisfied. All other repair and maintenance costs are recognized in profit or loss as incurred. Freehold land has an unlimited useful life and therefore is not depreciated. Asset under construction-in-progress Buildings and improvements on freehold land : 50 years Leasehold buildings and improvements : 50 years or period of lease, whichever is shorter Plant, machinery and equipment : 2 to 20 years Office furniture, fittings and equipment : 2 to 20 years Motor and transport vehicles : 4 to 11 years The carrying values of property, plant and equipment are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate. An item of property, plant and equipment is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss on derecognition of the asset is included in profit or loss in the year the asset is derecognized. |
Intangible assets | (h) Intangible assets Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and accumulated impairment losses. Internally generated intangibles, excluding capitalized development costs, are not capitalized and the related expenditure is reflected in profit or loss in the period in which the expenditure is incurred. The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite lives are amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortization period or method, as appropriate, and are treated as changes in accounting estimates. The amortization expense on intangible assets with finite lives is recognized in the statement of profit or loss in the expense category that is consistent with the function of the intangible assets. Intangible assets with indefinite useful lives or not yet available for use are not amortized, but are tested for impairment annually, either individually or at the cash-generating unit level. The assessment of indefinite life is reviewed annually to determine whether the indefinite life continues to be supportable. If not, the change in useful life from indefinite to finite is made on a prospective basis. Any gain or loss arising upon de-recognition Goodwill Goodwill is initially measured at cost. Following initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group’s cash-generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. The cash-generating units to which goodwill have been allocated is tested for impairment annually and whenever there is an indication that the cash-generating unit may be impaired. The impairment is determined for goodwill by assessing the recoverable amount of each cash- generating unit (or group of cash-generating units) to which the goodwill relates. Where the recoverable amount of the cash-generating unit is less than the carrying amount, an impairment loss is recognized in the statement of profit or loss. Impairment losses recognized for goodwill are not reversed in subsequent periods. Research and development costs Research costs are expensed as incurred. Deferred development costs arising from development expenditures on an individual project are recognized as an intangible asset when the Group can demonstrate: • The technical feasibility of completing the intangible asset so that the asset will be available for use or sale • Its intention to complete and its ability to use or sell the asset • How the asset will generate future economic benefits • The availability of resources to complete the asset • The ability to measure reliably the expenditure during development Following initial recognition of the deferred development costs as an intangible asset, it is carried at cost less any accumulated amortization and accumulated impairment losses. Amortization of the asset begins when development is complete and the asset is available for use. Deferred development costs are amortized over the estimated useful lives of the period of expected pattern of future benefits embodied in the development. During the period of development, the asset is tested for impairment annually. A summary of the policies applied to the Group’s intangible assets is as follows: Trademarks Technology know-how Development costs Useful lives Indefinite 6 -10 years * Amortization method used No amortization Amortized on a straight-line basis over the period of the technology know-how * Internally generated or acquired Acquired Internally generated Internally generated * Development costs relate to on-going |
Financial instruments | (i) Financial instruments A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial assets Initial recognition and measurement Financial assets are recognized when, and only when the entity becomes party to the contractual provisions of the instruments. At initial recognition, the Company measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expensed in profit or loss. Trade receivables are measured at the amount of consideration to which the Company expects to be entitled in exchange for transferring promised goods or services to a customer, excluding amounts collected on behalf of third party, if the trade receivables do not contain a significant financing component at initial recognition. Subsequent measurement Investment in debt instruments Subsequent measurement of debt instruments depends on the Company’s business model for managing the asset and the contractual cash flow characteristics of the asset. The measurement category for classification of debt instruments is: Amortized cost Financial assets that are held for the collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortized cost. Financial assets are measured at amortized cost using the effective interest method, less impairment. Gains and losses are recognized in profit or loss when the assets are derecognized or impaired, and through amortization process. Fair value through other comprehensive income (“FVOCI”) Financial assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets’ cash flows represent solely payments of principal and interest, are measured at FVOCI. Financial assets measured at FVOCI are subsequently measured at fair value. Any gains and losses arising from interest income, foreign exchange revaluation and impairment losses or reversals are recognized in the statement of profit or loss and computed in the same manner as for financial assets measured at amortized cost. The remaining fair value changes are recognized in OCI. Upon de-recognition, The Group’s debt instruments at fair value through OCI includes certain bills receivable that are not held to maturity. Derecognition A financial asset is derecognized where the contractual right to receive cash flows from the asset has expired. On derecognition of a financial asset in its entirety, the difference between the carrying amount and the sum of the consideration received and any cumulative gain or loss that had been recognized in other comprehensive income is recognized in profit or loss. Impairment The Group recognizes an allowance for expected credit losses (“ECLs”) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. ECLs are recognized in two stages. For credit exposure for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12 months (a “12-month For trade receivable, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience adjusted for forward-looking factors specific to the debtors and the economic environment. For bills receivable that are held for maturity, the Group assess the credit risk of the financial institutions, which issue the bills, at every reporting date. The Group evaluates whether the bills are considered to have low credit risk using all reasonable and supportable information that is available without undue cost or effort. The Group considers a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering contractual cash flow. For more information, refer to Note 15. Financial liabilities Initial recognition and measurement Financial liabilities are recognized when, and only when, the Company becomes a party to the contractual provisions of the financial instrument. The Company determines the classification of its financial liabilities at initial recognition. All financial liabilities are recognized initially at fair value plus in the case of financial liabilities not at fair value through profit or loss, directly attributable transaction costs. Subsequent measurement Amortized cost This is the category most relevant to the Group. After initial recognition, financial liabilities that are not carried at fair value through profit or loss are subsequently measured at amortized cost using the EIR method. Gains and losses are recognized in profit or loss when the liabilities are derecognized, and through the amortization process. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included as finance costs in the statement of profit or loss. This category generally applies to loans and borrowings, other liabilities and payables. For more information, refer to Note 22, 26 and 28. De-recognition A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the de-recognition Offsetting of financial instruments Financial assets and financial liabilities are offset and the net amount is reported in the consolidated statement of financial position if there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, to realize the assets and settle the liabilities simultaneously. |
Inventories | (j) Inventories Inventories are valued at the lower of cost and net realizable value. Costs incurred in bringing each product to its present location and condition are accounted for as follows: • Raw materials: purchase cost on a weighted average basis • Finished goods and work in progress: cost of direct materials and labor and a proportion of manufacturing overheads based on the normal operating capacity, but excluding borrowing costs Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale. |
Impairment of non-financial assets | (k) Impairment of non-financial Further disclosures relating to impairment of non-financial • Disclosures for significant accounting judgments, estimates and assumptions (Note 3) • Investment in joint ventures (Note 5) • Property, plant and equipment (Note 10) • Intangible assets (Note 12) The Group assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset’s or CGU’s fair value less costs of disposal and its value in use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax The Group bases its impairment calculation on detailed budgets and forecast calculations, which are prepared separately for each of the Group’s CGUs to which the individual assets are allocated. These budgets and forecast calculations generally cover a period of five to ten years. For goodwill and trademark impairment review, a long-term growth rate is considered and applied to project future cash flows after the fifth year where appropriate. Impairment losses are recognized in the statement of profit or loss in expense categories consistent with the function of the impaired asset. A previously recognized impairment loss is reversed only if there has been a change in the assumptions used to determine the asset’s recoverable amount since the last impairment loss was recognized. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years. Such reversal is recognized in the statement of profit or loss. |
Cash and short-term deposits | (l) Cash and short-term deposits For the purpose of the consolidated statement of cash flows, cash and cash equivalents in the statement of financial position comprise cash at banks and on hand, short-term highly liquid deposits with a maturity of three months or less, that are readily convertible to a known amount of cash and subject to an insignificant risk of changes in value. Cash and short-term deposits at banks are placed with reputable financial institutions with high credit ratings and no history of default. |
Provisions | (m) Provisions General Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation the amount of the obligation can be estimated reliably. Provisions are reviewed at the end of each reporting period and adjusted to reflect the current best estimate. If it is no longer probable that an outflow of economic resources will be required to settle the obligation, the provision is reversed. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost. Product warranty The Group recognizes a liability at the time the product is sold, for the estimated future costs relating to the assurance-type warranties, to be incurred under the lower of a warranty period or warranty mileage on various engine models, on which the Group provides free repair and replacement. For on-road applications engines, warranties extend for a duration (generally 3 to 36 months) or mileage (generally 5,000 to 300,000 kilometers), whichever materializes first. For other applications engines, warranties extend for a duration of generally 2 to 60 months or running hours of 300 to 15,000 hours, whichever materializes first. Provisions for warranty are primarily determined based on historical warranty cost per unit of engines sold adjusted for specific conditions that may arise and the number of engines under warranty at each financial year. If the nature, frequency and average cost of warranty claims change, the accrued liability for product warranty will be adjusted accordingly. |
Employment benefits | (n) Employment benefits Defined contribution plans The Group participates in and makes contributions to the national pension schemes as defined by the laws of the countries in which it has operations. The contributions are at a fixed proportion of the basic salary of the staff. Contributions to defined contribution pension schemes are recognized as an expense in the period in which the related services are performed. Short-term benefits Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A provision is recognized for the amount expected to be paid under short-term cash bonuses if the Company has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably. |
Share-based payments | (o) Share-based payments Employees (including senior executives) of the Group receive remuneration in the form of share-based payments, whereby employees render services as consideration for equity instruments (“equity-settled transactions”). Equity-settled transactions The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using an appropriate valuation model, further details of which are given in Note 21. That cost is recognized in “Staff costs”, together with a corresponding increase in performance share reserve in equity, over the period in which the performance and/or service conditions are fulfilled (the vesting period). The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group’s best estimate of the number of equity instruments that will ultimately vest. The expense or credit in the statement of profit or loss for a period represents the movement in cumulative expense recognized as of the beginning and end of that period. No expense is recognized for awards that do not ultimately vest. When the terms of an equity-settled award are modified, the minimum expense recognized is the expense had the terms not been modified, provided the original terms of the award are met. An additional expense, measured as of the date of modification, is recognized for any modification that increases the total fair value of the share-based payment transaction, or is otherwise beneficial to the employee. Where an award is cancelled by the entity or by the counterparty, any remaining element of the fair value of the award is expensed immediately through profit or loss. The dilutive effect of outstanding options is reflected as additional share dilution in the computation of diluted earnings per share (further details are given in Note 9). |
Accounting policies (Tables)
Accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Statement [Line Items] | |
Estimated Useful Life of Assets | Depreciation is calculated on a straight-line basis over the estimated useful life of the assets as follows: Buildings and improvements on freehold land : 50 years Leasehold buildings and improvements : 50 years or period of lease, whichever is shorter Plant, machinery and equipment : 2 to 20 years Office furniture, fittings and equipment : 2 to 20 years Motor and transport vehicles : 4 to 11 years |
Disclosure of detailed information about intangible assets useful life | A summary of the policies applied to the Group’s intangible assets is as follows: Trademarks Technology know-how Development costs Useful lives Indefinite 6 -10 years * Amortization method used No amortization Amortized on a straight-line basis over the period of the technology know-how * Internally generated or acquired Acquired Internally generated Internally generated * Development costs relate to on-going |
Investments in subsidiaries (Ta
Investments in subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments accounted for using equity method [abstract] | |
Details of Significant Subsidiaries of the Group | Details of significant subsidiaries of the Group are as follows: Name of significant subsidiary Place of incorporation/ business Group’s effective equity interest 31.12.2022 31.12.2023 % % Guangxi Yuchai Machinery Company Limited PRC 76.4 76.4 Guangxi Yuchai Marine and Genset Power Co., Ltd. PRC 76.4 76.4 Yuchai Xin-Lan PRC 69.5 67.0 Guangxi Yuchai Machinery Monopoly Development Co., Ltd PRC 54.9 54.9 Guangxi Yuchai Foundry Co., Ltd PRC 76.4 76.4 HL Global Enterprises Limited Singapore 50.2 50.2 |
Subsidiary having Non-controlling Interests that are Material to the Group | The Group has the following subsidiary that has non-controlling 31.12.2021 31.12.2022 31.12.2023 Proportion of equity interest held by NCI Yuchai 23.6 % 23.6 % 23.6 % 31.12.2021 RMB’000 31.12.2022 RMB’000 31.12.2023 RMB’000 31.12.2023 US$’000 Accumulated balances of material NCI Yuchai 2,574,669 2,627,354 2,741,359 385,911 Profit allocated to material NCI Yuchai 153,500 114,700 135,173 19,029 Dividends paid to material NCI Yuchai 203,753 103,199 35,702 5,026 |
Summarized Financial Information Including Goodwill on Acquisition and Consolidation Adjustment But Before Intercompany Eliminations of Subsidiaries with Material Non-controlling Interests | Summarized financial information including goodwill on acquisition and consolidation adjustments but before intercompany eliminations of subsidiaries with material non-controlling 31.12.2021 Yuchai RMB’000 Summarized statement of comprehensive income Revenue 21,254,134 Profit after tax 443,499 Total comprehensive income for the year 506,769 Attributable to NCI 153,500 Summarized statement of cash flows Operating 588,727 Investing (674,686 ) Financing (1,002,764 ) Net decrease in cash and cash equivalents (1,088,723 ) 31.12.2022 Yuchai RMB’000 Summarized statement of financial position Current assets 16,070,488 Non-current 6,737,117 Goodwill 212,636 Current liabilities (11,204,417 ) Non-current (1,016,521 ) Net assets 10,799,303 Total equity 10,799,303 Attributable to NCI 2,627,354 Summarized statement of comprehensive income Revenue 15,998,041 Profit after tax 355,140 Total comprehensive income for the year 355,936 Attributable to NCI 114,700 Summarized statement of cash flows Operating (82,444 ) Investing (221,126 ) Financing (181,072 ) Net decrease in cash and cash equivalents (484,642 ) 31.12.2023 Yuchai RMB’000 US$’000 Summarized statement of financial position Current assets 18,073,115 2,544,219 Non-current 6,293,318 885,934 Goodwill 212,636 29,934 Current liabilities (12,029,500 ) (1,693,437 ) Non-current (1,457,329 ) (205,154 ) Net assets 11,092,240 1,561,496 Total equity 11,092,240 1,561,496 Attributable to NCI 2,741,359 385,911 Summarized statement of comprehensive income Revenue 18,015,280 2,536,077 Profit after tax 431,697 60,772 Total comprehensive income for the year 442,666 62,316 Attributable to NCI 135,173 19,029 Summarized statement of cash flows Operating 1,261,921 177,645 Investing 23,243 3,272 Financing (67,590 ) (9,515 ) Net increase in cash and cash equivalents 1,217,574 171,402 |
Schedule of assets and liabilities of the disposal recorded in the consolidated financial statements and cash flow | The value of assets and liabilities of the disposal recorded in the consolidated financial statements and the cash flow effect of the disposals were: 31.12.2023 31.12.2023 RMB’000 US$’000 Property, plant and equipment 41,111 5,787 Right-of-use 22,782 3,207 Trade and other receivables 47,595 6,700 Cash and cash equivalents 32,056 4,513 143,544 20,207 Trade and other payables (20,109 ) (2,831 ) Provision for warranty (2,145 ) (302 ) Contract liabilities (104 ) (14 ) Carrying value of net assets 121,186 17,060 Gain on disposal: Total estimated consideration less cost of disposal 234,228 32,973 Net assets derecognized (121,186 ) (17,060 ) Gain on disposal of the subsidiary (Note 7.2(a)) 113,042 15,913 Total estimated consideration less cost of disposal (i) 234,228 32,973 Add: Transaction cost unpaid 7,506 1,057 Less: Sales proceed received but restricted in use (5,000 ) (704 ) Less: Cash and cash equivalents of a subsidiary (32,056 ) (4,513 ) Less: Total estimated consideration due from acquirer (236,734 ) (33,326 ) Net cash outflow on disposal of a (32,056 ) (4,513 ) Note: (i) The estimated estimated |
Investment in joint ventures (T
Investment in joint ventures (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments accounted for using equity method [abstract] | |
Share of Results of Joint Ventures and Carrying Amount of Investment to Joint Ventures | 31.12.2021 31.12.2022 31.12.2023 31.12.2023 RMB’000 RMB’000 RMB’000 US$’000 Share of results Y & C Engine Co., Ltd (125,853 ) (54,116 ) (4,019 ) (566 ) MTU Yuchai Power Co., Ltd. 28,037 40,279 74,727 10,520 Guangxi Purem Yuchai Automotive Technology Co., Ltd. 1,377 (11,278 ) (4,508 ) (635 ) Other joint ventures 454 (2,431 ) (4,117 ) (579 ) (95,985 ) (27,546 ) 62,083 8,740 31.12.2022 31.12.2023 31.12.2023 RMB’000 RMB’000 US$’000 Carrying amount of investments: Y & C Engine Co., Ltd 488 12,977 1,827 MTU Yuchai Power Co., Ltd 128,140 203,156 28,599 Guangxi Purem Yuchai Automotive Technology Co., Ltd. 20,377 15,869 2,234 Other joint ventures 5,698 5,227 736 154,703 237,229 33,396 |
Summary of Significant Joint Ventures | Details of significant joint ventures of the Group are as follows: Name of company Principal activities Place of incorporation/ business Group’s effective equity interest 31.12.2022 31.12.2023 % % Held by subsidiaries Y & C Engine Co., Ltd (“Y&C”) Manufacture and sale of heavy-duty diesel engines, spare parts and after-sales services PRC 34.4 34.4 MTU Yuchai Power Co., Ltd (“MTU Yuchai Power”) Manufacture off-road diesel engines PRC 38.2 38.2 Guangxi Purem Yuchai Automotive Technology Co., Ltd. Application development, production, sales and service on engine exhaust control systems PRC 37.4 37.4 |
Summarized Financial Information of Joint Ventures and Reconciliation with Carrying Amount of Investment in Consolidated Financial Statements | 31.12.2021 Y & C MTU Yuchai Power Purem Total RMB’000 RMB’000 RMB’000 RMB’000 Revenue 2,072,721 467,800 157,316 2,697,837 Depreciation and amortization (52,881 ) (2,377 ) (709 ) (55,967 ) Interest expense (51,836 ) (1,850 ) (41 ) (53,727 ) Profit/(loss) for the year, representing total comprehensive income (282,205 ) 54,526 2,811 (224,868 ) Proportion of the Group’s ownership 45 % 50 % 49 % Group’s share of results (126,992 ) 27,263 1,377 Unrealized profit on transactions with joint venture 1,139 774 — Group’s share of results (125,853 ) 28,037 1,377 (96,439 ) Group’s share of results of other joint ventures, representing the 454 Group’s share of results (95,985 ) 31.12.2022 Y & C MTU Yuchai Power Purem Total RMB’000 RMB’000 RMB’000 RMB’000 Non-current 616,161 89,353 60,439 765,953 Current assets - Cash and bank balances 97,741 291,807 26,744 416,292 - Others 502,174 209,696 31,512 743,382 Total assets 1,216,076 590,856 118,695 1,925,627 Non-current (145,418 ) — — (145,418 ) Current liabilities (987,638 ) (334,576 ) (77,109 ) (1,399,323 ) Total liabilities (1,133,056 ) (334,576 ) (77,109 ) (1,544,741 ) Net assets 83,020 256,280 41,586 380,886 Proportion of the Group’s ownership 45 % 50 % 49 % Group’s share of net assets 37,359 128,140 20,377 Unrealized profit on transactions with joint venture (36,871 ) — — Carrying amount of significant joint ventures 488 128,140 20,377 149,005 Carrying amount of other joint ventures 5,698 Carrying amount of the investment in joint ventures 154,703 31.12.2022 Y & C MTU Yuchai Power Purem Total RMB’000 RMB’000 RMB’000 RMB’000 Revenue 1,255,967 594,197 69,380 1,919,544 Depreciation and amortization (29,617 ) (9,733 ) (7,726 ) (47,076 ) Interest expense (30,547 ) 470 (469 ) (30,546 ) Profit/(loss) for the year, representing total comprehensive income for the year (65,961 ) 66,076 (23,016 ) (22,901 ) Proportion of the Group’s ownership 45 % 50 % 49 % Group’s share of results (29,682 ) 33,038 (11,278 ) Unrealized profit on transactions with joint venture (24,434 ) 7,241 — Group’s share of results (54,116 ) 40,279 (11,278 ) (25,115 ) Group’s share of results of other joint ventures, representing the Group’s share of total comprehensive loss of other joint ventures (2,431 ) Group’s share of results for the year, representing the Group’s share of total comprehensive loss for the year (27,546 ) 31.12.2023 Y & C MTU Yuchai Power Purem Total Total RMB’000 RMB’000 RMB’000 RMB’000 US$’000 Non-current 685,434 74,794 51,877 812,105 114,323 Current assets - Cash and bank balances 64,252 523,858 16,171 604,281 85,067 - Others 426,105 226,881 45,009 697,995 98,259 Total assets 1,175,791 825,533 113,057 2,114,381 297,649 Non-current (146,218 ) (4,825 ) — (151,043 ) (21,263 ) Current liabilities (946,348 ) (414,396 ) (80,672 ) (1,441,416 ) (202,913 ) Total liabilities (1,092,566 ) (419,221 ) (80,672 ) (1,592,459 ) (224,176 ) Net assets 83,225 406,312 32,385 521,922 73,473 Proportion of the Group’s ownership 45 % 50 % 49 % Group’s share of net assets 37,451 203,156 15,869 Unrealized profit on transactions with joint venture (24,474 ) — — Carrying amount of significant joint ventures 12,977 203,156 15,869 232,002 32,660 Carrying amount of other joint ventures 5,227 736 Carrying amount of the investment in joint ventures 237,229 33,396 31.12.2023 Y & C MTU Yuchai Power Purem Total Total RMB’000 RMB’000 RMB’000 RMB’000 US$’000 Revenue 1,562,179 708,432 79,119 2,349,730 330,780 Depreciation and amortization (63,648 ) (8,682 ) (7,557 ) (79,887 ) (11,246 ) Interest expense, net (22,508 ) 6,762 36 (15,710 ) (2,212 ) Profit/(loss) for the year, representing total comprehensive income for the year (6 ) 150,030 (9,201 ) 140,823 19,824 Proportion of the Group’s ownership 45 % 50 % 49 % Group’s share of results (3 ) 75,015 (4,508 ) Unrealized profit on transactions with joint venture (4,016 ) (288 ) — Group’s share of results of significant joint ventures (4,019 ) 74,727 (4,508 ) 66,200 9,319 Group’s share of results of other joint ventures, representing the Group’s share of total comprehensive loss of other joint ventures (4,117 ) (579 ) Group’s share of results for the year, representing the Group’s share of total comprehensive income for the year 62,083 8,740 |
Revenue from contracts with c_2
Revenue from contracts with customers (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Summary of Disaggregation of Group's Revenue from Contracts with Customers | Set out below is the disaggregation of the Group’s revenue from contracts with customers: 31.12.2021 Segments Yuchai HLGE Total RMB’000 RMB’000 RMB’000 Type of goods or services Heavy-duty engines 7,410,771 — 7,410,771 Medium-duty engines 7,065,283 — 7,065,283 Light-duty engines 2,429,745 — 2,429,745 Other products and services ( i 4,304,918 77 4,304,995 Revenue from hospitality operations 43,417 11,719 55,136 Total revenue from contracts with customers 21,254,134 11,796 21,265,930 Geographical markets People’s Republic of China 21,206,280 — 21,206,280 Other countries 47,854 11,796 59,650 Total revenue from contracts with customers 21,254,134 11,796 21,265,930 Timing of revenue recognition At a point in time 21,210,718 8,067 21,218,785 Over time 43,416 3,729 47,145 Total revenue from contracts with customers 21,254,134 11,796 21,265,930 31.12.2022 Segments Yuchai HLGE Total RMB’000 RMB’000 RMB’000 Type of goods or services Heavy-duty engines 5,061,991 — 5,061,991 Medium-duty engines 5,066,622 — 5,066,622 Light-duty engines 1,910,923 — 1,910,923 Other products and services ( i 3,910,703 176 3,910,879 Revenue from hospitality operations 47,527 32,694 80,221 Total revenue from contracts with customers 15,997,766 32,870 16,030,636 Geographical markets People’s Republic of China 15,886,210 — 15,886,210 Other countries 111,556 32,870 144,426 Total revenue from contracts with customers 15,997,766 32,870 16,030,636 Timing of revenue recognition At a point in time 15,950,239 7,702 15,957,941 Over time 47,527 25,168 72,695 Total revenue from contracts with customers 15,997,766 32,870 16,030,636 31.12.2023 Segments Yuchai HLGE Total Total RMB’000 RMB’000 RMB’000 US$’000 Type of goods or services Heavy-duty engines 5,552,544 — 5,552,544 781,652 Medium-duty engines 5,696,186 — 5,696,186 801,873 Light-duty engines 1,621,538 — 1,621,538 228,270 Other products and services ( i 5,089,069 154 5,089,223 716,429 Revenue from hospitality operations 55,943 30,915 86,858 12,227 Total revenue from contracts with customers 18,015,280 31,069 18,046,349 2,540,451 Geographical markets People’s Republic of China 17,877,450 — 17,877,450 2,516,675 Other countries 137,830 31,069 168,899 23,776 Total revenue from contracts with customers 18,015,280 31,069 18,046,349 2,540,451 Timing of revenue recognition At a point in time 17,959,337 8,115 17,967,452 2,529,344 Over time 55,943 22,954 78,897 11,107 Total revenue from contracts with customers 18,015,280 31,069 18,046,349 2,540,451 Note: (i) included sales of power generator sets, NEV products and others. |
Summary of Contract Balances | 31.12.2022 31.12.2023 31.12.2023 RMB’000 RMB’000 US$’000 Trade receivables (Note 15) 1,516,215 1,093,788 153,976 Capitalized contract cost 197,692 122,627 17,263 Contract liabilities (Note 24) 695,076 691,427 97,334 |
Schedule of revenue recognized | (a) Set out below is the amount of revenue recognized from: 31.12.2022 31.12.2023 31.12.2023 RMB’000 RMB’000 US$’000 Amounts included in contract liabilities 544,495 640,864 90,217 |
Schedule of contract cost capitalized | (b) Capitalized contract costs 31.12.2022 31.12.2023 31.12.2023 RMB’000 RMB’000 US$’000 Capitalized contract costs relating to the projects on development of technology know-how At January 1 147,499 197,692 27,830 Addition 50,193 14,628 2,059 Recognized in income statement — (89,693 ) (12,626 ) At December 31 197,692 122,627 17,263 |
Summary of Performance Obligations | The transaction price allocated to the remaining unsatisfied performance obligations as of 31 December are, as follows: 31.12.2022 31.12.2023 31.12.2023 RMB’000 RMB’000 US$’000 Within one year 117,906 102,978 14,497 More than one year 77,339 52,214 7,350 Total unfulfilled service-type maintenance service (Note 24) 195,245 155,192 21,847 |
Depreciation, amortization, s_2
Depreciation, amortization, shipping and handling expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Summary of Depreciation and Amortization | 7.1 (a) Depreciation and amortization expenses 31.12.2021 31.12.2022 31.12.2023 31.12.2023 RMB’000 RMB’000 RMB’000 US$’000 Amortization of intangible assets 38,957 64,939 109,913 15,473 Depreciation of investment property 355 348 355 50 Depreciation of property, plant and equipment 492,826 516,276 508,726 71,615 Depreciation of right-of-use 41,458 43,129 46,071 6,486 573,596 624,692 665,065 93,624 |
Summary of Sales Related Shipping and Handling Expenses Not Separately Billed to Customers | Sales related shipping and handling expenses not separately billed to customers are included in the following caption: 31.12.2021 31.12.2022 31.12.2023 31.12.2023 RMB’000 RMB’000 RMB’000 US$’000 Cost of sales 194,022 132,117 129,954 18,294 Selling, general and administrative expenses 30,270 18,544 21,019 2,959 224,292 150,661 150,973 21,253 |
Summary of Other Operating Income | 7.2 (a) Other operating income 31.12.2021 31.12.2022 31.12.2023 31.12.2023 RMB’000 RMB’000 RMB’000 US$’000 Interest income 132,083 131,879 154,129 21,697 Dividend income from quoted equity securities 168 13 — — Gain on disposal of: - associate — 1,329 — — - property, plant and equipment 1,224 6,535 778 110 - quoted equity securities 5,416 2,291 — — - right-of-use 14,714 3,929 7,632 1,074 - a — — 113,042 15,913 Recognition of net gain upon fulfillment of performance obligation relating to capitalized contract asset — — 11,696 1,646 Government grants 152,932 176,264 171,937 24,204 Fair value gain on quoted equity securities 138 — — — Others 19,496 12,109 10,086 1,421 326,171 334,349 469,300 66,065 |
Summary of Other Operating Expenses | 7.2 (b) Other operating expenses 31.12.2021 31.12.2022 31.12.2023 31.12.2023 RMB’000 RMB’000 RMB’000 US$’000 Impairment loss on investment in joint venture — 990 — — Impairment on property, plant and equipment — — 36,720 5,169 Reversal of provision for onerous contract, net (8,810 ) (4,829 ) — — Foreign exchange loss, net 1,739 555 482 68 Written off/(write-back) of unrecoverable value-added tax 11,164 — (11,164 ) (1,572 ) Others 5,889 877 900 127 9,982 (2,407 ) 26,938 3,792 |
Summary of Finance Costs | 7.3 Finance costs 31.12.2021 31.12.2022 31.12.2023 31.12.2023 RMB’000 RMB’000 RMB’000 US$’000 Bank term loans 82,109 65,440 59,672 8,400 Bills and other discounting 27,864 23,922 33,946 4,779 Bank charges 4,136 4,563 4,588 646 Interest on lease liabilities (Note 17) 1,819 1,547 1,969 277 115,928 95,472 100,175 14,102 |
Summary of Staff Costs | 7.4 Staff costs 31.12.2021 31.12.2022 31.12.2023 31.12.2023 RMB’000 RMB’000 RMB’000 US$’000 Wages and salaries 1,338,777 928,350 1,193,214 167,973 Contribution to defined contribution plans 386,551 371,458 354,014 49,836 Executive bonuses 19,355 16,500 24,200 3,407 Staff welfare 93,992 79,206 74,727 10,520 Staff severance cost 11,771 19,531 35,547 5,004 Others 4,887 3,875 3,542 499 1,855,333 1,418,920 1,685,244 237,239 |
Income tax expense (Tables)
Income tax expense (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Summary of Income Tax Expense | The major components of income tax expense for the years ended December 31, 2021, 2022 and 2023 are as follows: 31.12.2021 31.12.2022 31.12.2023 31.12.2023 RMB’000 RMB’000 RMB’000 US$’000 Current income tax - Current year 48,856 72,909 81,365 11,454 - (Over)/under provision in respect of prior years (21,523 ) 27,406 27,837 3,919 Deferred tax - Movement in temporary differences 16,483 (41,147 ) (14,837 ) (2,089 ) - (Over)/under provision in respect of prior years — (103 ) 54,131 7,620 Consolidated income tax expense reported in the statement of profit or loss 43,816 59,065 148,496 20,904 |
Reconciliation of Income Tax Expense | The reconciliation between tax expense and the product of accounting profit multiplied by the PRC income tax rate of 15% (being tax rate of Yuchai) for the years ended December 31, 2021, 2022 and 2023 for the following reasons: 31.12.2021 31.12.2022 31.12.2023 31.12.2023 RMB’000 RMB’000 RMB’000 US$’000 Profit before tax 451,710 394,726 571,352 80,431 Income tax expense at 15% 67,757 59,209 85,703 12,064 Adjustments: Non-deductible 17,795 7,924 5,888 829 Tax-exempt (2,181 ) (500 ) (11,993 ) (1,688 ) Utilization of deferred tax benefits previously not recognized (29 ) (3,093 ) (6,211 ) (874 ) Deferred tax benefits not recognized 10,356 22,606 42,830 6,029 Tax credits for research and development expense (59,633 ) (76,835 ) (85,372 ) (12,018 ) Tax rate differential 16,517 10,901 21,542 3,032 (Over)/under provision in respect of previous years (21,523 ) 27,303 81,968 11,539 Withholding tax expense 14,639 11,535 14,872 2,094 Others 118 15 (731 ) (103 ) Total 43,816 59,065 148,496 20,904 |
Summary of Deferred Tax | Deferred tax relates to the following: Consolidated statement of financial position Consolidated statement of profit or loss 31.12.2022 31.12.2023 31.12.2023 31.12.2021 31.12.2022 31.12.2023 31.12.2023 RMB’000 RMB’000 US$’000 RMB’000 RMB’000 RMB’000 US$’000 Accelerated tax depreciation (122,298 ) (77,806 ) (10,953 ) (37,968 ) 16,472 44,492 6,263 Interest receivable (3,033 ) — — (1,459 ) 363 3,033 427 PRC withholding tax on dividend income ( i (61,825 ) (64,717 ) (9,110 ) (14,529 ) (11,458 ) (14,457 ) (2,035 ) Effect of change in residual value an d 69,641 2,866 404 25,264 4,273 (66,774 ) (9,400 ) Write-down of inventories 29,503 37,120 5,226 (2,378 ) 9,253 7,617 1,072 Impairment losses on trade receivables 7,071 7,426 1,045 (1,267 ) 282 355 50 Accruals 234,586 232,048 32,666 (15,339 ) (48,841 ) (2,505 ) (352 ) Deferred income 56,480 79,896 11,247 (11,114 ) (41,348 ) 23,416 3,296 Losses available for offsetting against future taxable income 139,747 112,601 15,851 23,072 116,675 (27,146 ) (3,821 ) Others 39,185 31,854 4,484 19,235 (4,421 ) (7,325 ) (1,031 ) Deferred tax (expenses)/benefits (16,483 ) 41,250 (39,294 ) (5,531 ) Net deferred tax assets 389,057 361,288 50,860 Reflected in the consolidated statement of financial position as follows: Deferred tax assets 450,882 426,377 60,023 Deferred tax liabilities (61,825 ) (65,089 ) (9,163 ) 389,057 361,288 50,860 Note: (i) The movement of PRC withholding tax on dividend income is as follows: 31.12.2022 31.12.2023 31.12.2023 RMB’000 RMB’000 US$’000 At January 1 (65,544 ) (61,825 ) (8,703 ) Provision made to consolidated statement of profit or loss (11,458 ) (14,457 ) (2,035 ) Utilization 15,177 11,565 1,628 December 31 (61,825 ) (64,717 ) (9,110 ) |
Deferred Tax Assets That Have Not Been Recognized | Deferred tax assets have not been recognized in respect of the following items: 31.12.2022 31.12.2023 31.12.2023 RMB’000 RMB’000 US$’000 Unutilized tax losses 473,456 628,534 88,481 Unutilized capital allowances and investment allowances 100,643 94,447 13,296 Other unrecognized temporary differences relating to asset impairment and deferred grants 142,851 156,226 21,993 716,950 879,207 123,770 |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Summary of Earnings Per Share | Basic earnings per share The calculation of basic earnings per share is based on: 31.12.2021 31.12.2022 31.12.2023 31.12.2023 RMB’000 RMB’000 RMB’000 US$’000 Profit attributable to equity holders of the Company 272,673 218,581 285,518 40,193 Weighted average number of ordinary shares 40,858,290 40,858,290 40,858,290 40,858,290 Diluted earnings per share The weighted average number of ordinary shares adjusted for the effect of unissued ordinary shares under the Share Option Scheme is determined as follows: 31.12.202 1 31.12.202 2 31.12.2023 Weighted average number of shares issued, used in the calculation of basic earnings per share 40,858,290 40,858,290 40,858,290 Diluted effect of share options — — — Weighted average number of ordinary shares adjusted for effect of dilution 40,858,290 40,858,290 40,858,290 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Summary of Property, Plant and Equipment | Freehold land RMB’000 Buildings and improvements RMB’000 Construction in progress RMB’000 Plant and machinery RMB’000 Office furniture, fittings and equipment RMB’000 Motor and transport vehicles RMB’000 Total RMB’000 Cost At January 1, 2022 13,464 2,546,285 405,430 6,224,902 222,380 119,169 9,531,630 Additions — 8,768 312,442 13,469 12,413 6,256 353,348 Disposals — (5,530 ) — (54,323 ) (964 ) (6,568 ) (67,385 ) Transfers — 72,252 (369,120 ) 288,475 8,491 — 98 Write-off — (14,827 ) — (1,081 ) (10,754 ) (2,465 ) (29,127 ) Translation difference 1,190 3,836 17 404 763 145 6,355 At December 31, 2022 and January 1, 2023 14,654 2,610,784 348,769 6,471,846 232,329 116,537 9,794,919 Additions — 2,903 149,846 18,676 7,151 300 178,876 Disposal of subsidiary — (80,585 ) — (21,632 ) (5,568 ) — (107,785 ) Disposals — — — (7,000 ) (772 ) (23,039 ) (30,811 ) Transfers — 38,506 (244,741 ) 201,642 4,593 — — Write-off — (2,890 ) — (7,474 ) (3,229 ) (171 ) (13,764 ) Translation difference 402 (233 ) (139 ) (197 ) (360 ) 20 (507 ) At December 31, 2023 15,056 2,568,485 253,735 6,655,861 234,144 93,647 9,820,928 Accumulated depreciation and impairment At January 1, 2022 457 1,023,456 — 4,069,642 168,930 71,236 5,333,721 Charge for the year — 101,709 — 398,465 22,005 11,598 533,777 * Disposals — (3,166 ) — (51,290 ) (960 ) (6,255 ) (61,671 ) Write-off — (11,855 ) — (978 ) (10,559 ) (2,440 ) (25,832 ) Impairment loss — — 14,060 3,218 — — 17,278 Translation difference 20 984 — 204 571 123 1,902 At December 31, 2022 and January 1, 2023 477 1,111,128 14,060 4,419,261 179,987 74,262 5,799,175 Charge for the year — 92,919 — 402,554 21,568 10,515 527,556 Disposal of subsidiary — (44,274 ) — (17,225 ) (5,175 ) — (66,674 ) Disposals — — — (5,456 ) (687 ) (18,779 ) (24,922 ) Write-off — (2,068 ) — (6,681 ) (3,123 ) (161 ) (12,033 ) Impairment loss — 9,162 561 34,458 438 48 44,667 Translation difference (13 ) (37 ) — (132 ) (281 ) 21 (442 ) At December 31, 2023 464 1,166,830 14,621 4,826,779 192,727 65,906 6,267,327 Net book value At December 31, 2022 14,177 1,499,656 334,709 2,052,585 52,342 42,275 3,995,744 At December 31, 2023 14,592 1,401,655 239,114 1,829,082 41,417 27,741 3,553,601 US$’000 2,054 197,316 33,661 257,487 5,830 3,905 500,253 * In 2023, RMB 16.6 million (US$2.3 million) (2022: RMB 14.9 million) were capitalized as development costs and |
Investment property (Tables)
Investment property (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Statement [Line Items] | |
Summary of Investment Property | 31.12.2022 31.12.2023 31.12.2023 RMB’000 RMB’000 US$’000 Cost At January 1 31,810 32,389 4,560 Translation difference 579 1,258 177 At December 31 32,389 33,647 4,737 Accumulated depreciation At January 1 26,724 27,633 3,890 Charge for the year 348 355 50 Translation difference 561 1,556 220 At December 31 27,633 29,544 4,160 Net carrying amount 4,756 4,103 577 Fair value 11,686 11,453 1,612 Consolidated statements of profit or loss: Rental income from an investment property - Minimum lease payments 176 154 22 Direct operating expenses (including repairs and maintenance) arising from the rental generating property (118 ) (720 ) (101 ) |
Summary of Fair Value Measurement of Investment Property | The following table shows information about fair value measurement of the investment property using significant unobservable inputs (Level 3): Valuation techniques Unobservable input Inter-relationship between key unobservable inputs and fair value measurement 2023 Market comparison and cost method Comparable price: - RMB 189 to RMB 458 (US$ 27 to US$ 64) per square foot The estimated fair value increases with higher comparable price 2022 Market comparison and cost method Comparable price: - RMB 182 to RMB 441 per square foot The estimated fair value increases with higher comparable price |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Summary of Intangible Assets | Goodwill Technology Know-how Development costs Trademarks Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Cost At January 1, 2022 218,311 551,526 992,290 169,811 1,931,938 Addition — — 181,181 — 181,181 Transfer — 121,227 (121,227 ) — — At December 31, 2022 and January 1, 2023 218,311 672,753 1,052,244 169,811 2,113,119 Addition — — 186,222 — 186,222 Transfer — 754,407 (754,407 ) — — At December 31, 2023 218,311 1,427,160 484,059 169,811 2,299,341 Accumulated amortization and impairment At January 1, 2022 5,675 167,681 — — 173,356 Amortization — 64,939 — — 64,939 At December 31, 2022 and January 1, 2023 5,675 232,620 — — 238,295 Amortization — 109,913 — — 109,913 At December 31, 2023 5,675 342,533 — — 348,208 Net carrying amount At December 31, 2022 212,636 440,133 1,052,244 169,811 1,874,824 At December 31, 2023 212,636 1,084,627 484,059 169,811 1,951,133 US$’000 29,933 152,687 68,143 23,905 274,668 |
Summary of carrying amount of goodwill allocated | Carrying amount of goodwill allocated to the cash-generating unit: 31.12.2022 31.12.2023 31.12.2023 RMB’000 RMB’000 US$’000 Yuchai manufacturing business 212,636 212,636 29,933 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Summary of Inventories | 31.12.2022 31.12.2023 31.12.2023 RMB’000 RMB’000 US$’000 Raw materials and consumables 2,339,933 2,201,886 309,968 Work in progress 24,312 19,423 2,734 Finished goods 2,573,510 2,427,718 341,759 Total inventories at the lower of cost and net realizable value 4,937,755 4,649,027 654,461 |
Analysis of Inventory Reserve Accounts | 31.12.2021 31.12.2022 31.12.2023 31.12.2023 RMB’000 RMB’000 RMB’000 US$’000 Inventories recognized as an expense in cost of sales 16,457,476 11,991,899 13,444,277 1,892,601 Inclusive of the following charge/(credit): - Inventories written down 32,813 86,650 77,466 10,905 - Reversal of write-down of inventories (41,823 ) (31,765 ) (27,447 ) (3,864 ) - Inventories written off 10,085 — — — |
Other current assets (Tables)
Other current assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Summary of Other Current Assets | 31.12.2022 31.12.2023 31.12.2023 RMB’000 RMB’000 US$’000 Development properties 16,710 16,733 2,355 |
Trade and other receivables (Ta
Trade and other receivables (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Summary of Trade and Other Receivables | 31.12.2022 31.12.2023 31.12.2023 RMB’000 RMB’000 US$’000 Trade receivables, gross 1,549,462 1,148,682 161,704 Less: Allowance for expected credit losses (33,247 ) (54,894 ) (7,728 ) Net trade receivables (Note 6.2) 1,516,215 1,093,788 153,976 Bills receivable (i) 4,970,880 6,318,789 889,519 Total (Note 32, Note 35) 6,487,095 7,412,577 1,043,495 Amounts receivable: - associates and joint ventures (trade) 125,489 187,944 26,458 - associates and joint ventures (non-trade) 11,230 10,212 1,438 - related parties (trade) 180,374 212,706 29,943 - related parties (non-trade) 3,476 4,016 565 Bills receivable in transit 8,172 49,696 6,996 Grant receivables 62,000 62,000 8,728 Estimated sales consideration on disposal of a subsidiary due from the acquirer — 236,734 33,326 Others 49,763 68,052 9,580 Less: Impairment losses – other receivables (5,754 ) (7,710 ) (1,085 ) Other receivables carried at amortized cost (Note 35) 434,750 823,650 115,949 Tax recoverable 290,596 108,844 15,322 Advances paid to suppliers 81,861 77,527 10,914 Right of return assets 17,045 36,026 5,072 Net other receivables 824,252 1,046,047 147,257 Total trade and other receivables 7,311,347 8,458,624 1,190,752 Note: (i) As of December 31, 2023, bills receivable includes bi As of December 31, 202 3 million) was pledged to secure bank facilities (Note 26). |
Movement in the Allowance for Expected Credit Losses of Trade and Other Receivables | Movement in the allowance for expected credit losses of trade and other receivables is as follows: 31.12.2022 RMB’000 31.12.2023 RMB’000 31.12.2023 US$’000 At January 1 39,441 39,001 5,490 (Credit)/charge to consolidated statement of profit or loss (under “Selling, general and administrative expenses”) (459 ) 23,858 3,359 Written off (5 ) (264 ) (37 ) Translation difference 24 9 1 At December 31 39,001 62,604 8,813 |
Cash and bank balances (Tables)
Cash and bank balances (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Summary of Cash and Bank Balances | 31.12.2022 31.12.2023 31.12.2023 Non-current Long-term bank deposits 20,000 — — Current Cash and cash equivalents 4,451,489 5,544,376 780,502 Short-term bank deposits (i) 351,567 467,096 65,755 Restricted cash 27,687 27,999 3,942 4,830,743 6,039,471 850,199 Cash and bank balances 4,850,743 6,039,471 850,199 Note: (i) Short-term bank deposits relate to bank deposits with initial maturities of more than three months and subject to more than insignificant risk of changes in value upon withdrawal before maturity. The interest rate of these bank deposits as of December 31, 2023 for the Group ranged from 2.8% to 5.8% (2022: 0.8% to 4.4%). These short-term bank deposits are not considered as cash equivalents. |
Summary of cash and cash equivalents | For the purpose of the statement of cash flows, cash and cash equivalents comprise the following at December 31: 31.12.2022 31.12.2023 31.12.2023 RMB’000 RMB’000 US$’000 Cash at banks and on hand 3,730,372 4,963,232 698,692 Short-term bank deposits (i) 721,117 581,144 81,810 Cash and cash equivalents 4,451,489 5,544,376 780,502 Note: (i) This relates to other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Summary of detailed information about carrying amounts of right-of-use assets recognized and the movements during the year | Set out below are the carrying amounts of right-of-use Leasehold land RMB’000 Building and office space RMB’000 Office furniture, fittings and equipment RMB’000 Motor vehicles RMB’000 Total RMB’000 Total US$’000 At January 1, 2022 304,645 40,118 51 — 344,814 48,541 Addition — 49,421 — 314 49,735 7,001 Depreciation expenses (12,324 ) (30,772 ) (14 ) (19 ) (43,129 ) (6,071 ) Disposal (3,256 ) — — — (3,256 ) (458 ) Termination — (6,187 ) — — (6,187 ) (871 ) Translation difference — 159 5 — 164 22 At December 31, 2022 and January 1, 2023 289,065 52,739 42 295 342,141 48,164 Addition — 31,082 — 1,002 32,084 4,517 Depreciation expenses (12,282 ) (33,671 ) (7 ) (111 ) (46,071 ) (6,486 ) Disposal of subsidiary (22,782 ) — — — (22,782 ) (3,207 ) Disposal (5,564 ) — — — (5,564 ) (783 ) Termination — (1,382 ) — — (1,382 ) (195 ) Translation difference — 18 1 — 19 3 At December 31, 2023 248,437 48,786 36 1,186 298,445 42,013 |
Summary of detailed information about carrying amounts of lease liabilities and the movements during the year | Set out below are the carrying amounts of lease liabilities and the movements during the year: 2022 RMB’000 2023 RMB’000 2023 US$’000 At January 1 40,531 59,641 8,396 Additions 49,735 32,084 4,517 Accretion of interest (Note 7.3) 1,547 1,969 277 Payments (26,144 ) (43,073 ) (6,063 ) Termination (6,187 ) (1,382 ) (195 ) Translation difference 159 42 6 At December 31 59,641 49,281 6,938 Current (Note 25) 31,433 33,272 4,684 Non-current 28,208 16,009 2,254 Total 59,641 49,281 6,938 |
Summary of detailed information about amounts recognized in profit of loss | The following are the amounts recognized in profit of loss: 2022 2023 2023 RMB’000 RMB’000 US$’000 Depreciation charge for right-of-use 43,129 46,071 6,486 Interest expenses on lease liabilities (Note 7.3) 1,547 1,969 277 Expenses relating to short-term leases (included in selling, general and administrative 25,022 18,275 2,573 Total amount recognized in profit or loss 69,698 66,315 9,336 |
Summary of detailed information about Future minimum rental receivables under non-cancellable operating leases | Future minimum rental receivables under non-cancellable 31.12.2022 31.12.2023 31.12.2023 RMB’000 RMB’000 US$’000 Within 1 year - related parties 17 2,012 283 - joint venture 1,587 3,329 469 - third parties 8,136 7,898 1,112 After 1 year but within 5 years - related parties 17 7,988 1,125 - joint venture 6,292 11,697 1,647 - third parties 19,364 22,235 3,130 More than 5 years - joint venture 9,690 7,504 1,056 - third parties 26,566 34,523 4,860 71,669 97,186 13,682 |
Issued capital (Tables)
Issued capital (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Summary of Issued Capital | 31.12.2022 31.12.2023 thousands thousands Issued capital Authorized shares Ordinary share of par value US$ 0.10 each 100,000 100,000 Number of shares RMB’000 Ordinary shares issued and fully paid At January 1, 2022, December 31, 2022 and December 31, 2023 40,858,290 2,081,138 US$’000 292,969 31.12.2022 31.12.2023 31.12.2023 RMB’000 RMB’000 US$’000 Special share issued and fully paid One special share issued and fully paid at US$ 0.10 per share * * * * Less than RMB 1 (US$ 1) |
Dividends declared and paid (Ta
Dividends declared and paid (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Summary of Dividends Declared and Paid | 31.12.2022 31.12.2023 31.12.2023 RMB’000 RMB’000 US$’000 Declared and paid during the year Dividends on ordinary shares: Final dividend paid in 2023: US$ 0.28 per share (2022: US$ 0.40 per share) 109,684 80,238 11,295 Dividend paid in cash 109,684 80,238 11,295 |
Reserves (Tables)
Reserves (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Summary of Statutory Reserves | 31.12.2022 31.12.2023 31.12.2023 RMB’000 RMB’000 US$’000 Statutory reserve Statutory general reserve (i) At January 1 283,531 310,029 43,644 Transfer from retained earnings 26,498 45,989 6,474 At December 31 310,029 356,018 50,118 General surplus reserve (ii) At January 1 and December 31 25,706 25,706 3,619 Total 335,735 381,724 53,737 Capital reserves (iii) At January 1 30,704 (4,196 ) (591 ) Issuance of put option to non-controlling (34,900 ) (14,040 ) (1,976 ) At December 31 (4,196 ) (18,236 ) (2,567 ) Note: (i) In accordance with the relevant regulations in the PRC, a 10% appropriation to the statutory general reserve based on the net income reported in the PRC financial statements is required until the balance reaches 50% of the authorized share capital of Yuchai and its subsidiaries. Statutory general reserve can be used to make good previous years’ losses, if any, and may be converted into share capital by the issue of new shares to shareholders in proportion to their existing shareholdings, or by increasing the par value of the shares currently held by them, provided that the reserve balance after such issue is not less than 25% of the authorized share capital. (ii) General surplus reserve is appropriated in accordance with Yuchai’s Articles and resolution of the board of directors. General surplus reserve may be used to offset accumulated losses or increase the registered capital. (iii) Capital reserves consist of reserve resulted from (i) a capital transaction in 2015 and (ii) the put option granted to the non-controlling |
Summary of Other Components of Equity | 31.12.2022 31.12.2023 31.12.2023 RMB’000 RMB’000 US$’000 Other components of equity Foreign currency translation reserve (i) (44,699 ) (27,971 ) (3,937 ) Performance shares reserve (ii) 19,758 19,758 2,781 Premium paid for acquisition of non-controlling (9,463 ) (7,986 ) (1,124 ) Fair value reserve of financial assets at FVOCI (iii) (30,591 ) (22,454 ) (3,161 ) Total (64,995 ) (38,653 ) (5,441 ) Note: (i) Foreign currency translation reserve represents exchange differences arising from the translation of the financial statements of foreign operations whose functional currencies are different from that of the Group’s presentation currency. (ii) Performance shares reserve comprises the cumulative value of employee services received in return for share-based compensation. The amount in the reserve is retained when the option is expired. (iii) Fair value reserve of financial assets at FVOCI relates to the subsequent measurement of the Group’s bills receivable at fair value through OCI. |
Share-based payment (Tables)
Share-based payment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Number and Weighted Average Exercise Prices ("WAEP") of, and Movements in Share Options | The following table illustrates the number and weighted average exercise prices (“WAEP”) of, and movements in share options during the year: Number of share options WAEP Number of share options WAEP 2022 2022 2023 2023 Outstanding at January 1 and December 31 270,000 US$ 21.11 270,000 US$ 21.11 Exercisable at December 31 270,000 US$ 21.11 270,000 US$ 21.11 |
Fair Value of Share Options and Assumptions | Date of grant of options On July 29, 2014 Fair value at measurement date (US$) 5.70 – 6.74 Share price (US$) 21.11 Exercise price (US$) 21.11 Expected volatility (%) 47.4 Expected option life (years) 3.5 – 5.5 Expected dividends (%) 5.81 Risk-free interest rate (%) 1.4 – 2.0 |
Trade and other payables (Table
Trade and other payables (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Summary of Trade and Other Current Payables | 31.12.2022 31.12.2023 31.12.2023 RMB’000 RMB’000 US$’000 Current Trade payables 4,199,072 3,999,224 562,986 Bills payables (i) 2,356,574 3,248,066 457,242 Other payables 319,723 402,516 56,664 Accrued expenses 159,735 226,745 31,920 Accrued staff costs 422,045 499,230 70,278 Refund liabilities 222,342 324,161 45,633 Dividend payable 30,205 30,899 4,350 Amount due to: - joint ventures (trade) 67,556 83,590 11,767 - joint ventures (non-trade) 22 — — - related parties (trade) 296,219 303,393 42,710 - related parties (non-trade) 7,289 36,083 5,079 Financial liabilities carried at amortized cost (Note 32, Note 35) 8,080,782 9,153,907 1,288,629 Deferred grants (Note 27) 13,404 8,064 1,135 Advance from customers 254 248 35 Other tax payable 44,968 65,105 9,165 Total trade and other payables (current) 8,139,408 9,227,324 1,298,964 (i) As of December 31, 202 3 (ii) Terms and conditions of the above financial liabilities: • Trade and other payables are non-interest • The non-trade balances due to joint ventures and related parties are unsecured, interest-free and repayable on demand. |
Summary of Other Non-current Payables | 31.12.2022 31.12.2023 31.12.2023 RMB’000 RMB’000 US$’000 Non-current Other payables (i) 189,366 181,155 25,502 (i) This relates to accrual for bonus, which is non-interest |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Summary of Provisions | Provision for warranty Provision for onerous contract Total Total RMB’000 RMB’000 RMB’000 US$’000 At January 1, 2022 248,199 4,829 253,028 35,620 Provision made 317,076 — 317,076 44,636 Provision utilized (345,161 ) — (345,161 ) (48,590 ) Provision reversed — (4,829 ) (4,829 ) (680 ) At December 31, 2022 and January 1, 2023 220,114 — 220,114 30,986 Provision made 414,021 — 414,021 58,283 Provision utilized (375,910 ) — (375,910 ) (52,918 ) Disposal of a (2,145 ) — (2,145 ) (302 ) At December 31, 2023 256,080 — 256,080 36,049 |
Contract liabilities (Tables)
Contract liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Summary of Contract Liabilities | 31.12.2022 31.12.2023 31.12.2023 RMB’000 RMB’000 US$’000 Unfulfilled service-type maintenance services 195,245 155,192 21,847 Advance from customer 499,831 536,235 75,487 Total 695,076 691,427 97,334 Current 617,737 639,213 89,984 Non-current 77,339 52,214 7,350 Total contract liabilities (Note 6.2) 695,076 691,427 97,334 |
Lease liabilities (Tables)
Lease liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Lease liabilities [abstract] | |
Summary of Lease Liabilities | Interest rate Maturity 31.12.2022 31.12.2023 31.12.2023 % RMB’000 RMB’000 US$’000 Current (Note 17) 1.3 2024 31,433 33,272 4,684 Non- 1.3 2025-2034 28,208 16,009 2,254 |
Loans and borrowings (Tables)
Loans and borrowings (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Summary of Loans and Borrowings | Weighted Maturity 31.12.2022 % RMB’000 Current Renminbi denominated loans 0.9 – 3.7 2023 2,141,432 Non-current Renminbi denominated loans 3.0 2025 200,000 Weighted Maturity 31.12.2023 31.12.2023 % RMB’000 US$’000 Current Renminbi denominated loans 1.2 – 2.1 2024 1,850,294 260,473 Non-current Renminbi denominated loans 2.8 2025-2026 690,000 97,134 |
Deferred grants (Tables)
Deferred grants (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Summary of Deferred Grants | 31.12.2022 31.12.2023 31.12.2023 RMB’000 RMB’000 US$’000 At January 1 424,140 489,788 68,949 Received during the year 186,993 145,330 20,459 Grant disbursed to partner of joint project (13,243 ) (16,423 ) (2,312 ) Released to consolidated statement of profit or loss (108,102 ) (59,818 ) (8,421 ) Reclassification to other payables — (98,919 ) (13,925 ) At December 31 489,788 459,958 64,750 Current (Note 22) 13,404 8,064 1,135 Non-current 476,384 451,894 63,615 489,788 459,958 64,750 |
Related party disclosures (Tabl
Related party disclosures (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Significant Transactions with Related Parties | The following provides the significant transactions that have been entered into with related parties for the relevant financial year. 31.12.2021 31.12.2022 31.12.2023 31.12.2023 RMB’000 RMB’000 RMB’000 US$’000 Sales of engines and parts - associates and joint ventures 393,440 411,010 924,971 130,212 - GY and its affiliates 3,223,785 2,262,306 2,034,304 286,376 Purchase of parts, supplies and engines - associates and joint ventures 2,036,675 1,396,611 1,614,814 227,323 - GY and its affiliates 1,307,137 1,053,607 1,804,457 254,020 Hospitality, restaurant, consultancy and other service income charged to - a joint venture 2,152 5,803 18,427 2,594 - GY and its affiliates 6,609 10,398 18,023 2,537 Service charge charged by - joint ventures 5,023 128 2,094 295 Rental income - joint ventures 4,415 4,634 3,834 540 - GY and its affiliates 275 580 12,227 1,721 Sales of an intangible asset to a joint venture — — 101,390 14,273 Property management service expenses - GY and its affiliates 21,978 22,128 24,668 3,473 Selling, general and administrative expenses - a joint venture 2,530 — — — - GY and its affiliates 9,315 30,151 34,178 4,811 - HLA and 7,188 8,994 9,194 1,294 Delivery, storage, distribution and handling expenses - GY and its affiliates 300,699 201,669 212,566 29,924 Payment for lease liabilities - GY and its affiliates 17,215 19,802 19,615 2,761 Purchases of vehicles and machineries - GY and its affiliates 3,460 2,513 — — |
Compensation of Key Management Personnel | Compensation of key management personnel of the Group 31.12.2021 31.12.2022 31.12.2023 31.12.2023 RMB’000 RMB’000 RMB’000 US$’000 Short-term employee benefits 25,289 25,011 30,147 4,244 Contribution to defined contribution plans 273 208 305 43 25,562 25,219 30,452 4,287 |
Commitments and contingencies (
Commitments and contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Statement [Line Items] | |
Future Minimum Lease Payments | The Group has various lease contracts that have not yet commenced as of December 31, 2023. The future lease payments for these non-cancellable 31.12.2022 31.12.2023 31.12.2023 RMB’000 RMB’000 US$’000 Within 1 year — 98 14 After 1 year but within 5 years — 198 28 After 5 years — — — — 296 42 |
Segment information (Tables)
Segment information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Summary of Segment Information | Year ended December 31, 2021 Yuchai HLGE Corporate Eliminations/ adjustment Consolidated financial statements RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Revenue Total external revenue (Note 6.1) 21,254,134 11,796 — — 21,265,930 Results Interest income 129,520 1,363 1,200 — 132,083 Interest expense (111,747 ) (19 ) (26 ) — (111,792 ) Depreciation and amortization (567,465 ) (5,221 ) (910 ) — (573,596 ) Share of results of associates and joint venture (96,658 ) 763 — — (95,895 ) Income tax expense (29,043 ) (245 ) — (14,528 ) (1) (43,816 ) Other material non-cash items Impairment of property, plant and equipment (7,227 ) — — — (7,227 ) Warranties (292,157 ) — — — (292,157 ) Segment profit after tax 443,499 (6,728 ) (20,321 ) (8,556 ) 407,894 Total assets 23,897,506 368,415 2,146,060 (1,506,672 ) 24,905,309 Total liabilities (13,206,953 ) (10,322 ) (13,550 ) (59,140 ) (2) (13,289,965 ) Other s Investment in joint ventures 147,106 3,989 — — 151,095 Capital expenditure 474,562 4,310 19 — 478,891 Year ended December 31, 2022 Yuchai HLGE Corporate Eliminations/ Consolidated financial statements RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Revenue Total external revenue (Note 6.1) 15,997,766 32,870 — — 16,030,636 Results Interest income 116,668 2,902 12,309 — 131,879 Interest expense (90,846 ) (49 ) (14 ) — (90,909 ) Depreciation and amortization (619,000 ) (4,770 ) (922 ) — (624,692 ) Share of results (29,554 ) 461 — — (29,093 ) Income tax expense (47,555 ) (39 ) (9 ) (11,462 ) (1) (59,065 ) Other material non-cash items Impairment of property, plant and equipment (17,278 ) — — — (17,278 ) Warranties (317,076 ) — — — (317,076 ) Segment profit after tax 354,865 5,152 (18,245 ) (6,111 ) 335,661 Total assets 23,020,241 405,871 2,215,652 (1,504,208 ) 24,137,556 Total liabilities (12,220,938 ) (12,062 ) (14,256 ) (55,236 ) (2) (12,302,492 ) Other s Investment in joint ventures 150,219 4,484 — — 154,703 Capital expenditure 352,737 564 47 — 353,348 Year ended December 31, 2023 Yuchai HLGE Corporate Eliminations/ adjustment Consolidated financial statements Consolidated financial statements RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 US$’000 Revenue Total external revenue (Note 6.1) 18,015,280 31,069 — — 18,046,349 2,540,451 Results Interest income 108,792 9,545 35,792 — 154,129 21,697 Interest expense (95,483 ) (42 ) (62 ) — (95,587 ) (13,456 ) Depreciation and amortization (659,426 ) (4,934 ) (705 ) — (665,065 ) (93,624 ) Gain on disposal of a subsidiary 113,042 — — — 113,042 15,913 Share of results of associates and joint venture 62,041 37 — — 62,078 8,739 Income tax expense (131,021 ) (535 ) (14,048 ) (2,892 ) (1) (148,496 ) (20,904 ) Other material non-cash items Impairment of property, plant and equipment (44,667 ) — — — (44,667 ) (6,288 ) Warranties (414,021 ) — — — (414,021 ) (58,283 ) Segment profit after tax 431,697 9,534 (11,420 ) (6,955 ) 422,856 59,527 Total assets 24,579,069 423,968 2,258,575 (1,503,994 ) 25,757,618 3,625,995 Total liabilities (13,486,829 ) (11,307 ) (22,070 ) (61,787 ) (2) (13,581,993 ) (1,911,987 ) Other s Investment in joint ventures 235,558 1,671 — — 237,229 33,396 Capital expenditure 176,782 2,059 35 — 178,876 25,181 Note: (1) This relates mainly to the deferred tax expense relating to withholding tax on dividends from Yuchai. (2) This relates mainly to the deferred tax liabilities relating to cumulative withholding tax on dividends that are expected to be declared from income earned after December 31, 2007 by Yuchai. |
Summary of Geographic Information | Non-current 31.12.2022 31.12.2023 31.12.2023 RMB’000 RMB’000 US$’000 People’s Republic of China 6,281,907 5,957,205 838,617 Other countries 90,520 87,554 12,325 6,372,427 6,044,759 850,942 |
Financial risk management obj_2
Financial risk management objectives and policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Statement [Line Items] | |
Exposures to Foreign Currency | The Group’s exposures to foreign currency are as follows: 31.12.2022 Singapore Dollar Euro US Dollar Others RMB’000 RMB’000 RMB’000 RMB’000 Trade and other receivables 1,504 7,328 4,484 218 Cash and bank balances 166,517 1,282 26,521 15,340 Financial liabilities (202 ) — — — Trade and other receivables (5,064 ) (11,586 ) (7,258 ) (2,579 ) Net assets/(liabilities) 162,755 (2,976 ) 23,747 12,979 31.12.2023 Singapore Dollar Euro US Dollar Others RMB’000 RMB’000 RMB’000 RMB’000 Trade and other receivables 1,700 13,686 7,221 377 Cash and bank balances 157,073 5,337 18,162 24,114 Financial liabilities (1,565 ) — — — Trade and other payables (7,568 ) (13,689 ) (20,453 ) (12,795 ) Net assets/(liabilities) 149,640 5,334 4,930 11,696 US$’000 21,065 751 694 1,646 |
Summary of Information about Credit Risk on Trade Receivables using Provision Matrix | Set out below is the information about the credit risk exposure on the Group’s trade receivables using a provision matrix: Trade receivables Days past due As of December 31, 2022 Total Current 0 – 90 91-180 181-365 >365 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Expected credit loss rate 2.1 % — 0.2 % 0.2 % 0.6 % 63.1 % Estimated total gross carrying amount at default 1,549,462 1,138,365 216,355 80,132 63,477 51,133 Expected credit loss 33,247 — 500 124 372 32,251 Trade receivables Days past due As of December 31, 2023 Total Current 0 – 90 91-180 181-365 >365 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Expected credit loss rate 4.8 % — 0.1 % 0.8 % 2.2 % 59.7 % Estimated total gross carrying amount at default 1,148,682 521,234 350,376 97,382 93,015 86,675 Expected credit loss 54,894 — 294 753 2,067 51,780 |
Maturity Profile of Financial Assets and Liabilities Based on Contractual Undiscounted Payments | The table below summarizes the maturity profile of the Group’s financial assets and liabilities, as well as lease liabilities, based on contractual undiscounted payments. 1 year or less 2 to 5 years After 5 years Total As of December 31, 2022 RMB’000 RMB’000 RMB’000 RMB’000 Financial assets Trade and bills receivables 6,487,095 — — 6,487,095 Other receivables, excluding tax recoverable 434,750 — — 434,750 Cash and bank balances 4,830,743 20,000 — 4,850,743 11,752,588 20,000 — 11,772,588 Financial liabilities Loans and borrowings 2,158,839 209,400 — 2,368,239 Trade and other payables (Note 22) 8,080,782 189,366 — 8,270,148 Lease liabilities 33,102 26,928 216 60,246 Other financial liability — — 58,212 58,212 10,272,723 425,694 58,428 10,756,845 1 year or less 2 to 5 years After 5 years Total Total As of December 31, 2023 RMB’000 RMB’000 RMB’000 RMB’000 US$’000 Financial assets Trade and bills receivables 7,412,577 — — 7,412,577 1,043,495 Other receivables, excluding tax recoverable 823,650 — — 823,650 115,949 Cash and bank balances 6,039,471 — — 6,039,471 850,199 14,275,698 — — 14,275,698 2,009,643 Financial liabilities Loans and borrowings 1,880,251 710,772 — 2,591,023 364,748 Trade and other payables (Note 22) 9,153,907 181,155 — 9,335,062 1,314,131 Lease liabilities 32,436 18,016 797 51,249 7,215 Other financial liability — 81,368 — 81,368 11,454 11,066,594 991,311 797 12,058,702 1,697,548 |
Foreign currency risk [Member] | |
Statement [Line Items] | |
Risk Sensitivity Analysis | Profit before tax 31.12.2022 31.12.2023 31.12.2023 RMB’000 RMB’000 US$’000 Singapore Dollar 16,276 14,964 2,107 Euro (298 ) 533 75 US Dollar 2,375 493 69 |
Capital management (Tables)
Capital management (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Summary of Capital Structure | 31.12.2022 31.12.2023 31.12.2023 RMB’000 RMB’000 US$’000 Loans and borrowings (current and non-current) 2,341,432 2,540,294 357,607 Lease liabilities (current and non-current) 59,641 49,281 6,938 Trade and other liabilities (current and non-current) 8,374,724 9,475,529 1,333,905 Less: Cash and bank balances (4,850,743 ) (6,039,471 ) (850,199 ) Net debts 5,925,054 6,025,633 848,251 Equity attributable to equity holders of the Company 9,008,946 9,226,528 1,298,853 Total capital and net debts 14,934,000 15,252,161 2,147,104 |
Fair value measurement (Tables)
Fair value measurement (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Fair Value Measurement Hierarchy for Assets and Liabilities | Quantitative disclosures fair value measurement hierarchy for assets and liabilities as of December 31, 2022: Fair value measurement using Date of valuation Quoted prices in active markets Significant observable inputs Total (Level 1) (Level 2) RMB’000 RMB’000 RMB’000 Assets measured at fair value Debt financial assets ( i Bills receivable December 31, 2022 3,227,295 — 3,227,295 Quantitative disclosures fair value measurement hierarchy for assets and liabilities as of December 31, 2023: Fair value measurement using Date of valuation Quoted prices in active markets Significant observable inputs Total Total (Level 1) (Level 2) US$’000 RMB’000 RMB’000 RMB’000 Assets measured at fair value Debt financial assets (i) Bills receivable December 31, 2023 539,132 3,829,777 — 3,829,777 Note: (i) The fair values of the Group’s debt financial assets at fair value through OCI were measured using the discounted cash flows model. The model incorporates market observable input including the interest rate of similar instruments. |
Financial assets and financia_2
Financial assets and financial liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Summary of Financial Assets and Financial Liabilities | Note Financial Fair Value through OCI Other financial liabilities at amortized cost Total RMB’000 RMB’000 RMB’000 RMB’000 As of December 31, 2022 Financial assets Trade and bills receivable 15 3,259,800 3,227,295 — 6,487,095 Other receivables 15 434,750 — — 434,750 Cash and bank balances 16 4,850,743 — — 4,850,743 8,545,293 3,227,295 — 11,772,588 Financial liabilities Trade and other payables 22 — — 8,270,148 8,270,148 Loans and borrowings 26 — — 2,341,432 2,341,432 Other financial liability 28 — — 45,950 45,950 — — 10,657,530 10,657,530 Note Financial Fair Value through OCI Other financial liabilities at amortized cost Total Total RMB’000 RMB’000 RMB’000 RMB’000 US$’000 As of December 31, 2023 Financial assets Trade and bills receivable 15 3,582,800 3,829,777 — 7,412,577 1,043,495 Other receivables 15 823,650 — — 823,650 115,949 Cash and bank balances 16 6,039,471 — — 6,039,471 850,199 10,445,921 3,829,777 — 14,275,698 2,009,643 Financial liabilities Trade and other payables 22 — — 9,335,062 9,335,062 1,314,131 Loans and borrowings 26 — — 2,540,294 2,540,294 357,607 Other financial liability 28 — — 67,050 67,050 9,439 — — 11,942,406 11,942,406 1,681,177 |
Schedule of Changes in Liabilities Arising From Financing Activities | Changes in liabilities arising from financing activities January 1, 2022 Cash flows Addition Accretion of Termination Translation Others December 31, RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 As of December 31, 2022 Loans and borrowings - current 2,103,000 (61,568 ) — — — — 100,000 2,141,432 - non-current 100,000 200,000 — — — — (100,000 ) 200,000 Lease liabilities - current 27,125 (26,144 ) — 1,547 (6,187 ) 239 34,853 31,433 - non-current 13,406 — 49,735 — — (80 ) (34,853 ) 28,208 Other financial liability — — 45,675 275 — — — 45,950 Total liabilities from financing activities 2,243,531 112,288 95,410 1,822 (6,187 ) 159 — 2,447,023 January 1, 2023 Cash flows Addition Accretion of Termination Translation Others December 31, December 31, RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 US$’000 As of December 31, 2023 Loans and borrowings - current 2,141,432 (291,138 ) — — — — — 1,850,294 260,473 - non-current 200,000 490,000 — — — — — 690,000 97,134 Lease liabilities - current 31,433 (43,073 ) — 1,969 (1,382 ) — 44,325 33,272 4,684 - non-current 28,208 — 32,084 — — 42 (44,325 ) 16,009 2,254 Other financial liability 45,950 — 18,372 2,728 — — — 67,050 9,439 Total liabilities from financing activities 2,447,023 155,789 50,456 4,697 (1,382 ) 42 — 2,656,625 373,984 |
Corporate Information - Additio
Corporate Information - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2014 shares | Apr. 04, 2012 | Jan. 16, 2012 shares | Jan. 13, 2012 shares | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2023 JointVenture Subsidiaries shares | Dec. 31, 2022 Subsidiaries JointVenture | Dec. 31, 2015 shares | |
Disclosure of Corporate Information [Line Items] | |||||||||
Number of indirectly owned subsidiaries | Subsidiaries | 33 | 32 | |||||||
Number of directly owned subsidiaries | Subsidiaries | 10 | 10 | |||||||
Number of joint ventures | JointVenture | 5 | 5 | |||||||
HL Global Enterprises Limited [member] | |||||||||
Disclosure of Corporate Information [Line Items] | |||||||||
Ownership interest in subsidiary | 50.20% | 48.90% | 48.10% | 50.10% | 49.40% | 50.20% | 50.20% | 50.20% | |
Number of preference shares converted into ordinary shares | 24,189,170 | ||||||||
Percentage of unconverted preference shares transfer to trustee | 100% | ||||||||
Conversion of convertible preference shares into ordinary shares | 24,189,170 | ||||||||
Number of shares purchased in open market | 465,000 | ||||||||
Number of ordinary shares exercise to consolidation | 10 | ||||||||
Number of ordinary shares exercised into consolidation | 1 | ||||||||
Number of ordinary shares held upon completion of consolidation exercise | 47,107,707 | ||||||||
Foreign Shares Of Yuchai [member] | |||||||||
Disclosure of Corporate Information [Line Items] | |||||||||
Number of wholly owned subsidiaries | Subsidiaries | 6 | ||||||||
Percentage of issued share capital held by group | 76.40% | ||||||||
Number of shares owned by entity | 361,420,150 | ||||||||
Guangxi Yuchai Machinery Group Company Limited [member] | |||||||||
Disclosure of Corporate Information [Line Items] | |||||||||
Proportion of ownership interests held in parent | 22.09% | ||||||||
Guangxi Yuchai Machinery Monopoly Development Company Limited [member] | |||||||||
Disclosure of Corporate Information [Line Items] | |||||||||
Number of wholly owned subsidiaries | Subsidiaries | 27 | 27 | |||||||
Ownership interest in subsidiary | 54.90% | 54.90% |
Accounting policies - Additiona
Accounting policies - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2023 km Hours | Feb. 29, 2024 | |
Translation of amounts from Renminbi to the US Dollar [member] | ||
Disclosure of Summary of Significant Accounting Policies [Line items] | ||
Convenience translation exchange rate per US$1.00 | 7.1036 | |
Bottom of range [member] | On-Road Applications Engines [member] | ||
Disclosure of Summary of Significant Accounting Policies [Line items] | ||
Warranty claim period | 3 months | |
Warranty mileage | km | 5,000 | |
Bottom of range [member] | Other Applications Engines [member] | ||
Disclosure of Summary of Significant Accounting Policies [Line items] | ||
Warranty claim period | 2 months | |
Product warranty running hours | Hours | 300 | |
Top of range [member] | On-Road Applications Engines [member] | ||
Disclosure of Summary of Significant Accounting Policies [Line items] | ||
Warranty claim period | 36 months | |
Warranty mileage | km | 300,000 | |
Top of range [member] | Other Applications Engines [member] | ||
Disclosure of Summary of Significant Accounting Policies [Line items] | ||
Warranty claim period | 60 months | |
Product warranty running hours | Hours | 15,000 |
Accounting policies - Estimated
Accounting policies - Estimated Useful Life of Assets (Detail) | 12 Months Ended |
Dec. 31, 2023 | |
Buildings and improvements on freehold land [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life of Property, plant and equipment | 50 years |
Leasehold buildings and improvements [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Description of estimated useful life of Property, plant and equipment | 50 years or period of lease, whichever is shorter |
Bottom of range [member] | Plant, machinery and equipment [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life of Property, plant and equipment | 2 years |
Bottom of range [member] | Office furniture, fittings and equipment [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life of Property, plant and equipment | 2 years |
Bottom of range [member] | Motor and transport vehicles [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life of Property, plant and equipment | 4 years |
Top of range [member] | Plant, machinery and equipment [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life of Property, plant and equipment | 20 years |
Top of range [member] | Office furniture, fittings and equipment [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life of Property, plant and equipment | 20 years |
Top of range [member] | Motor and transport vehicles [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life of Property, plant and equipment | 11 years |
Accounting policies - Summary O
Accounting policies - Summary Of Policies Applied To The Group's Intangible Assets - (Detail) | 12 Months Ended |
Dec. 31, 2023 | |
Trademarks [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Description of useful life, intangible assets other than goodwill | Indefinite |
Amortisation method, intangible assets other than goodwill | No amortization |
Description Of Intangible Asset Recognition | Acquired |
Technology know how [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Amortisation method, intangible assets other than goodwill | Amortized on a straight-line basis over the period of the technology know-how |
Description Of Intangible Asset Recognition | Internally generated |
Technology know how [member] | Bottom of range [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life measured as period of time, intangible assets other than goodwill | 6 years |
Technology know how [member] | Top of range [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life measured as period of time, intangible assets other than goodwill | 10 years |
Development costs [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Description Of Intangible Asset Recognition | Internally generated |
Significant Accounting Judgme_2
Significant Accounting Judgments, Estimates and Assumptions - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | |
Disclosure of changes in accounting estimates [line items] | |||
Carrying amounts of deferred tax assets | ¥ 426,377 | $ 60,023 | ¥ 450,882 |
Bottom of range [member] | |||
Disclosure of changes in accounting estimates [line items] | |||
Cash flows derived from forecasts period | five | ||
Top of range [member] | |||
Disclosure of changes in accounting estimates [line items] | |||
Cash flows derived from forecasts period | ten years |
Investments in Subsidiaries - D
Investments in Subsidiaries - Details of Significant Subsidiaries of the Group (Detail) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Guangxi Yuchai Machinery Company Limited [member] | ||
Disclosure of subsidiaries [line items] | ||
Place of incorporation | PRC | |
Place of business | PRC | |
Group's effective equity interest | 76.40% | 76.40% |
Guangxi Yuchai Marine and Genset Power Co., Ltd [Member] | ||
Disclosure of subsidiaries [line items] | ||
Place of incorporation | PRC | |
Place of business | PRC | |
Group's effective equity interest | 76.40% | 76.40% |
Yuchai Xin-Lan New Energy Power Technology Co., Ltd [Member] | ||
Disclosure of subsidiaries [line items] | ||
Place of incorporation | PRC | |
Place of business | PRC | |
Group's effective equity interest | 67% | 69.50% |
Guangxi Yuchai Machinery Monopoly Development Company Limited [member] | ||
Disclosure of subsidiaries [line items] | ||
Place of incorporation | PRC | |
Place of business | PRC | |
Group's effective equity interest | 54.90% | 54.90% |
Guangxi Yuchai Foundry Co., Ltd [member] | ||
Disclosure of subsidiaries [line items] | ||
Place of incorporation | PRC | |
Place of business | PRC | |
Group's effective equity interest | 76.40% | 76.40% |
HL Global Enterprises Limited [member] | ||
Disclosure of subsidiaries [line items] | ||
Place of incorporation | Singapore | |
Place of business | Singapore | |
Group's effective equity interest | 50.20% | 50.20% |
Investments in Subsidiaries - S
Investments in Subsidiaries - Subsidiary having Non-controlling Interests that are Material to the Group (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2023 USD ($) | |
Disclosure of subsidiaries [line items] | |||||
Accumulated balances of material NCI | ¥ 2,949,097 | ¥ 2,826,118 | $ 415,155 | ||
Profit allocated to material NCI | ¥ 137,338 | $ 19,334 | ¥ 117,080 | ¥ 135,221 | |
Guangxi Yuchai Machinery Company Limited [member] | |||||
Disclosure of subsidiaries [line items] | |||||
Proportion of equity interest held by NCI | 23.60% | 23.60% | 23.60% | 23.60% | |
Accumulated balances of material NCI | ¥ 2,741,359 | ¥ 2,627,354 | ¥ 2,574,669 | $ 385,911 | |
Profit allocated to material NCI | 135,173 | $ 19,029 | 114,700 | 153,500 | |
Dividends paid to material NCI | ¥ 35,702 | $ 5,026 | ¥ 103,199 | ¥ 203,753 |
Investments in Subsidiaries -_2
Investments in Subsidiaries - Summarized Financial Information Including Goodwill On Acquisition And Consolidation Adjustment But Before Intercompany Eliminations Of Subsidiaries With Material Non Controlling Interests (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2020 CNY (¥) | |
Summarized statement of financial position | ||||||
Current assets | ¥ 19,163,855 | ¥ 17,096,555 | $ 2,697,767 | |||
Current liabilities | (12,058,582) | (11,223,420) | (1,697,530) | |||
Non-current liabilities | (1,523,411) | (1,079,072) | (214,457) | |||
Total equity | 12,175,625 | 11,835,064 | ¥ 11,615,344 | 1,714,008 | ¥ 11,832,710 | |
Attributable to NCI | 2,949,097 | 2,826,118 | 415,155 | |||
Summarized statement of comprehensive income | ||||||
Revenue | 18,046,349 | $ 2,540,451 | 16,030,636 | 21,265,930 | ||
Profit after tax | 422,856 | 59,527 | 335,661 | 407,894 | ||
Total comprehensive income for the year | 454,874 | 64,034 | 424,778 | 435,099 | ||
Attributable to NCI | 144,491 | 20,340 | 132,409 | 141,859 | ||
Summarized statement of cash flows | ||||||
Operating | 1,226,038 | 172,595 | (119,419) | 504,556 | ||
Investing | (113,256) | (15,944) | (133,048) | (738,848) | ||
Financing | (33,742) | (4,750) | (140,365) | (838,563) | ||
Guangxi Yuchai Machinery Company Limited [member] | ||||||
Summarized statement of financial position | ||||||
Current assets | 18,073,115 | 16,070,488 | 2,544,219 | |||
Non-current assets, excluding goodwill | 6,293,318 | 6,737,117 | 885,934 | |||
Goodwill | 212,636 | 212,636 | 29,934 | |||
Current liabilities | (12,029,500) | (11,204,417) | (1,693,437) | |||
Non-current liabilities | (1,457,329) | (1,016,521) | (205,154) | |||
Net assets | 11,092,240 | 10,799,303 | 1,561,496 | |||
Total equity | 11,092,240 | 10,799,303 | 1,561,496 | |||
Attributable to NCI | 2,741,359 | 2,627,354 | 2,574,669 | $ 385,911 | ||
Summarized statement of comprehensive income | ||||||
Revenue | 18,015,280 | 2,536,077 | 15,998,041 | 21,254,134 | ||
Profit after tax | 431,697 | 60,772 | 355,140 | 443,499 | ||
Total comprehensive income for the year | 442,666 | 62,316 | 355,936 | 506,769 | ||
Attributable to NCI | 135,173 | 19,029 | 114,700 | 153,500 | ||
Summarized statement of cash flows | ||||||
Operating | 1,261,921 | 177,645 | (82,444) | 588,727 | ||
Investing | 23,243 | 3,272 | (221,126) | (674,686) | ||
Financing | (67,590) | (9,515) | (181,072) | (1,002,764) | ||
Net increase in cash and cash equivalents | ¥ 1,217,574 | $ 171,402 | ¥ (484,642) | ¥ (1,088,723) |
Investments in Subsidiaries - A
Investments in Subsidiaries - Additional Information (Detail) ¥ in Millions, $ in Millions | 1 Months Ended | |||||
Nov. 30, 2022 CNY (¥) | Feb. 28, 2023 CNY (¥) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Feb. 28, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | |
Disclosure of subsidiaries [line items] | ||||||
Cash and cash equivalents subject to local exchange control regulations | ¥ 4,934.6 | $ 694.7 | ¥ 3,713.3 | |||
Suzhou reman [member] | ||||||
Disclosure of subsidiaries [line items] | ||||||
Cash consideration | ¥ 34 | $ 241.7 | ||||
Yuchai Xin-Lan [member] | ||||||
Disclosure of subsidiaries [line items] | ||||||
Cash consideration | ¥ 50 | ¥ 20 | $ 2.8 | |||
Percent of shareholding in subsidiary | 69.50% | 67% |
Investments in Subsidiaries -_3
Investments in Subsidiaries - Assets and Liabilities and Cash Flow Effect of Disposal of Subsidiaries (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||||||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | ||
Disclosure of subsidiaries [line items] | ||||||||
Property, Property, plant and equipment | ¥ 3,553,601 | ¥ 3,995,744 | $ 500,253 | |||||
Right-of-use assets | 298,445 | 342,141 | ¥ 344,814 | 42,013 | $ 48,164 | $ 48,541 | ||
Cash and cash equivalents | 4,963,232 | 3,730,372 | 698,692 | |||||
Total assets | 25,757,618 | 24,137,556 | 24,905,309 | 3,625,995 | ||||
Trade and other payables | (9,475,529) | (8,374,724) | (1,333,905) | |||||
Contract liabilities | (691,427) | (695,076) | (97,334) | |||||
Gain on disposal: | ||||||||
Less: Total estimated consideration due from acquirer | 236,734 | 0 | 33,326 | |||||
Net cash outflow on disposal of a subsidiary | (32,056) | $ (4,513) | ¥ 0 | ¥ 0 | ||||
Suzhou reman [member] | ||||||||
Disclosure of subsidiaries [line items] | ||||||||
Property, Property, plant and equipment | 41,111 | 5,787 | ||||||
Right-of-use assets | 22,782 | 3,207 | ||||||
Trade and other receivables | 47,595 | 6,700 | ||||||
Cash and cash equivalents | 32,056 | 4,513 | ||||||
Total assets | 143,544 | 20,207 | ||||||
Trade and other payables | (20,109) | (2,831) | ||||||
Provision for warranty | (2,145) | (302) | ||||||
Contract liabilities | (104) | (14) | ||||||
Carrying value of net assets | 121,186 | 17,060 | ||||||
Gain on disposal: | ||||||||
Total estimated consideration less cost of disposal | [1] | 234,228 | 32,973 | |||||
Net assets derecognized | (121,186) | (17,060) | ||||||
Gain on disposal of the subsidiary (Note 7.2(a)) | 113,042 | 15,913 | ||||||
Total estimated consideration less cost of disposal | [1] | 234,228 | 32,973 | |||||
Add: Transaction cost unpaid | 7,506 | 1,057 | ||||||
Less: Sales proceed received but restricted in use | (5,000) | (704) | ||||||
Less: Cash and cash equivalents of a subsidiary | (32,056) | (4,513) | ||||||
Less: Total estimated consideration due from acquirer | (236,734) | $ (33,326) | ||||||
Net cash outflow on disposal of a subsidiary | ¥ (32,056) | $ (4,513) | ||||||
[1]The consideration is RMB 179.9 million (US$ 25.3 million), along with the book value of cash and cash equivalents and an agreed-upon fair value for the equipment in Suzhou Reman as of December 31, 2023. |
Investments in Subsidiaries -_4
Investments in Subsidiaries - Assets and Liabilities and Cash Flow Effect of Disposal of Subsidiaries (Parenthetical) (Detail) - 12 months ended Dec. 31, 2023 ¥ in Millions, $ in Millions | CNY (¥) | USD ($) |
Disclosure of subsidiaries [abstract] | ||
Partial Consideration On Disposal Of Subsidiary | ¥ 179.9 | $ 25.3 |
Investment in Joint Ventures -
Investment in Joint Ventures - Share of Results of Joint Ventures and Carrying Amount of Investment to Joint Ventures (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2023 USD ($) | |
Disclosure of joint ventures [line items] | |||||
Share of results of joint ventures, net of tax: | ¥ 62,083 | $ 8,740 | ¥ (27,546) | ¥ (95,985) | |
Carrying amount of investments | 237,229 | 154,703 | 151,095 | $ 33,396 | |
Y & C Engine Co., Ltd. [member] | |||||
Disclosure of joint ventures [line items] | |||||
Share of results of joint ventures, net of tax: | (4,019) | (566) | (54,116) | (125,853) | |
Carrying amount of investments | 12,977 | 488 | 1,827 | ||
MTU Yuchai Power Co., Ltd [member] | |||||
Disclosure of joint ventures [line items] | |||||
Share of results of joint ventures, net of tax: | 74,727 | 10,520 | 40,279 | 28,037 | |
Carrying amount of investments | 203,156 | 128,140 | 28,599 | ||
Guangxi Purem Yuchai Automotive Technology Co., Ltd [member] | |||||
Disclosure of joint ventures [line items] | |||||
Share of results of joint ventures, net of tax: | (4,508) | (635) | (11,278) | 1,377 | |
Carrying amount of investments | 15,869 | 20,377 | 2,234 | ||
Other Joint Ventures [member] | |||||
Disclosure of joint ventures [line items] | |||||
Share of results of joint ventures, net of tax: | (4,117) | $ (579) | (2,431) | ¥ 454 | |
Carrying amount of investments | ¥ 5,227 | ¥ 5,698 | $ 736 |
Investment in Joint Ventures _2
Investment in Joint Ventures - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Disclosure of joint ventures [line items] | ||||||
Share of capital commitment | ¥ 5,700 | ¥ 3,500 | $ 800 | |||
Cash and cash equivalents | 5,544,376 | 4,451,489 | 780,502 | $ 626,653 | ¥ 4,788,219 | ¥ 5,877,647 |
Impairement Loss | 0 | |||||
Other operating expenses [member] | ||||||
Disclosure of joint ventures [line items] | ||||||
Impairement Loss | 1,000 | |||||
People's Republic of China [member] | ||||||
Disclosure of joint ventures [line items] | ||||||
Cash and cash equivalents | 278,500 | 163,000 | 39,200 | |||
Y & C Engine Co., Ltd. [member] | ||||||
Disclosure of joint ventures [line items] | ||||||
Cash and cash equivalents | 64,252 | 97,741 | ||||
Y & C Engine Co., Ltd. [member] | Outstanding bills receivables discounted with banks [member] | ||||||
Disclosure of joint ventures [line items] | ||||||
Share of outstanding bills receivables | 11,800 | 5,900 | 1,700 | |||
Y & C Engine Co., Ltd. [member] | Outstanding bills receivables endorsed to suppliers [member] | ||||||
Disclosure of joint ventures [line items] | ||||||
Share of outstanding bills receivables | 8,800 | 39,700 | 1,200 | |||
Joint ventures [member] | ||||||
Disclosure of joint ventures [line items] | ||||||
Cash and cash equivalents | 604,281 | 416,292 | 85,067 | |||
Share of restricted cash | 22,300 | 40,500 | 3,100 | |||
Bills receivables | ¥ 2,300 | ¥ 2,300 | $ 300 |
Investment in Joint Ventures _3
Investment in Joint Ventures - Summary of Significant Joint Ventures (Detail) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Y & C Engine Co., Ltd. [member] | ||
Disclosure of joint ventures [line items] | ||
Principal activities | Manufacture and sale of heavy-duty diesel engines, spare parts and after-sales services | |
Place of incorporation | PRC | |
Percentage of interest held | 34.40% | 34.40% |
MTU Yuchai Power Co., Ltd [member] | ||
Disclosure of joint ventures [line items] | ||
Principal activities | Manufacture off-road diesel engines | |
Place of incorporation | PRC | |
Percentage of interest held | 38.20% | 38.20% |
Guangxi Purem Yuchai Automotive Technology Co., Ltd [Member] | ||
Disclosure of joint ventures [line items] | ||
Principal activities | Application development, production, sales and service on engine exhaust control systems | |
Place of incorporation | PRC | |
Percentage of interest held | 37.40% | 37.40% |
Investment in Joint Ventures _4
Investment in Joint Ventures - Summarized Financial Information of Joint Ventures and Reconciliation with Carrying Amount of Investment in Consolidated Financial Statements (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2020 CNY (¥) | |
Disclosure of joint ventures [line items] | |||||||
Non-current assets | ¥ 6,593,763 | ¥ 7,041,001 | $ 928,228 | ||||
Cash and bank balances | 5,544,376 | 4,451,489 | ¥ 4,788,219 | 780,502 | $ 626,653 | ¥ 5,877,647 | |
Others | 16,733 | 16,710 | 2,355 | ||||
Total assets | 25,757,618 | 24,137,556 | 24,905,309 | 3,625,995 | |||
Non-current liabilities | (1,523,411) | (1,079,072) | (214,457) | ||||
Total liabilities | (13,581,993) | (12,302,492) | (13,289,965) | (1,911,987) | |||
Investment in joint ventures | 237,229 | 154,703 | 151,095 | 33,396 | |||
Revenue | 18,046,349 | $ 2,540,451 | 16,030,636 | 21,265,930 | |||
Depreciation and amortization | (665,065) | (93,624) | (624,692) | (573,596) | |||
Interest expense | (95,587) | (13,456) | (90,909) | (111,792) | |||
Profit/(loss) for the year, representing total comprehensive income for the year | 454,874 | 64,034 | 424,778 | 435,099 | |||
Group's share of results of other joint ventures, representing the Group's share of total comprehensive income loss of other joint ventures | 62,083 | $ 8,740 | (27,546) | ¥ (95,985) | |||
Y & C Engine Co., Ltd. [member] | |||||||
Disclosure of joint ventures [line items] | |||||||
Non-current assets | 685,434 | 616,161 | |||||
Cash and bank balances | 64,252 | 97,741 | |||||
Others | 426,105 | 502,174 | |||||
Total assets | 1,175,791 | 1,216,076 | |||||
Non-current liabilities | (146,218) | (145,418) | |||||
Current liabilities | (946,348) | (987,638) | |||||
Total liabilities | ¥ (1,092,566) | ¥ (1,133,056) | |||||
Proportion of the Group's ownership | 45% | 45% | 45% | 45% | |||
Group's share of net assets | ¥ 37,451 | ¥ 37,359 | |||||
Unrealized profit on transactions with joint venture | (24,474) | (36,871) | |||||
Investment in joint ventures | 12,977 | 488 | 1,827 | ||||
Revenue | 1,562,179 | 1,255,967 | ¥ 2,072,721 | ||||
Depreciation and amortization | (63,648) | (29,617) | (52,881) | ||||
Interest expense | (22,508) | (30,547) | (51,836) | ||||
Profit/(loss) for the year, representing total comprehensive income for the year | ¥ (6) | ¥ (65,961) | ¥ (282,205) | ||||
Proportion of the Group's ownership | 45% | 45% | 45% | 45% | |||
Group's share of results | ¥ (3) | ¥ (29,682) | ¥ (126,992) | ||||
Unrealized profit on transactions with joint venture | (4,016) | (24,434) | 1,139 | ||||
Group's share of results of other joint ventures, representing the Group's share of total comprehensive income loss of other joint ventures | (4,019) | $ (566) | (54,116) | (125,853) | |||
Net assets/(liabilities) | 83,225 | 83,020 | |||||
Y & C Engine Co., Ltd. [member] | Significant Joint Ventures [member] | |||||||
Disclosure of joint ventures [line items] | |||||||
Investment in joint ventures | 12,977 | 488 | |||||
Group's share of results of other joint ventures, representing the Group's share of total comprehensive income loss of other joint ventures | (4,019) | (54,116) | (125,853) | ||||
Joint ventures [member] | |||||||
Disclosure of joint ventures [line items] | |||||||
Non-current assets | 812,105 | 765,953 | 114,323 | ||||
Cash and bank balances | 604,281 | 416,292 | 85,067 | ||||
Others | 697,995 | 743,382 | 98,259 | ||||
Total assets | 2,114,381 | 1,925,627 | 297,649 | ||||
Non-current liabilities | (151,043) | (145,418) | (21,263) | ||||
Current liabilities | (1,441,416) | (1,399,323) | (202,913) | ||||
Total liabilities | (1,592,459) | (1,544,741) | (224,176) | ||||
Investment in joint ventures | 237,229 | 154,703 | 33,396 | ||||
Revenue | 2,349,730 | 330,780 | 1,919,544 | 2,697,837 | |||
Depreciation and amortization | (79,887) | (11,246) | (47,076) | (55,967) | |||
Interest expense | (15,710) | (2,212) | (30,546) | (53,727) | |||
Profit/(loss) for the year, representing total comprehensive income for the year | 140,823 | 19,824 | (22,901) | (224,868) | |||
Group's share of results of other joint ventures, representing the Group's share of total comprehensive income loss of other joint ventures | 62,083 | 8,740 | (27,546) | (95,985) | |||
Net assets/(liabilities) | 521,922 | 380,886 | 73,473 | ||||
Joint ventures [member] | Significant Joint Ventures [member] | |||||||
Disclosure of joint ventures [line items] | |||||||
Investment in joint ventures | 232,002 | 149,005 | 32,660 | ||||
Group's share of results of other joint ventures, representing the Group's share of total comprehensive income loss of other joint ventures | 66,200 | 9,319 | (25,115) | (96,439) | |||
Joint ventures [member] | Other Joint Ventures [member] | |||||||
Disclosure of joint ventures [line items] | |||||||
Investment in joint ventures | 5,227 | 5,698 | 736 | ||||
Group's share of results of other joint ventures, representing the Group's share of total comprehensive income loss of other joint ventures | (4,117) | $ (579) | (2,431) | ¥ 454 | |||
MTU Yuchai Power Co., Ltd [member] | |||||||
Disclosure of joint ventures [line items] | |||||||
Non-current assets | 74,794 | 89,353 | |||||
Cash and bank balances | 523,858 | 291,807 | |||||
Others | 226,881 | 209,696 | |||||
Total assets | 825,533 | 590,856 | |||||
Non-current liabilities | (4,825) | ||||||
Current liabilities | (414,396) | (334,576) | |||||
Total liabilities | ¥ (419,221) | ¥ (334,576) | |||||
Proportion of the Group's ownership | 50% | 50% | 50% | 50% | |||
Group's share of net assets | ¥ 203,156 | ¥ 128,140 | |||||
Unrealized profit on transactions with joint venture | 0 | ||||||
Investment in joint ventures | 203,156 | 128,140 | $ 28,599 | ||||
Revenue | 708,432 | 594,197 | ¥ 467,800 | ||||
Depreciation and amortization | (8,682) | (9,733) | (2,377) | ||||
Interest expense | 6,762 | 470 | (1,850) | ||||
Profit/(loss) for the year, representing total comprehensive income for the year | ¥ 150,030 | ¥ 66,076 | ¥ 54,526 | ||||
Proportion of the Group's ownership | 50% | 50% | 50% | 50% | |||
Group's share of results | ¥ 75,015 | ¥ 33,038 | ¥ 27,263 | ||||
Unrealized profit on transactions with joint venture | (288) | 7,241 | 774 | ||||
Group's share of results of other joint ventures, representing the Group's share of total comprehensive income loss of other joint ventures | 74,727 | $ 10,520 | 40,279 | 28,037 | |||
Net assets/(liabilities) | 406,312 | 256,280 | |||||
MTU Yuchai Power Co., Ltd [member] | Significant Joint Ventures [member] | |||||||
Disclosure of joint ventures [line items] | |||||||
Investment in joint ventures | 203,156 | 128,140 | |||||
Group's share of results of other joint ventures, representing the Group's share of total comprehensive income loss of other joint ventures | 74,727 | 40,279 | ¥ 28,037 | ||||
Purem [member] | |||||||
Disclosure of joint ventures [line items] | |||||||
Non-current assets | 51,877 | 60,439 | |||||
Cash and bank balances | 16,171 | 26,744 | |||||
Others | 45,009 | 31,512 | |||||
Total assets | 113,057 | 118,695 | |||||
Non-current liabilities | 0 | ||||||
Current liabilities | (80,672) | (77,109) | |||||
Total liabilities | ¥ (80,672) | ¥ (77,109) | |||||
Proportion of the Group's ownership | 49% | 49% | 49% | 49% | |||
Group's share of net assets | ¥ 15,869 | ¥ 20,377 | |||||
Unrealized profit on transactions with joint venture | 0 | ||||||
Revenue | 79,119 | 69,380 | ¥ 157,316 | ||||
Depreciation and amortization | (7,557) | (7,726) | (709) | ||||
Interest expense | 36 | (469) | (41) | ||||
Profit/(loss) for the year, representing total comprehensive income for the year | ¥ (9,201) | ¥ (23,016) | ¥ 2,811 | ||||
Proportion of the Group's ownership | 49% | 49% | 49% | 49% | |||
Group's share of results | ¥ (4,508) | ¥ (11,278) | ¥ 1,377 | ||||
Unrealized profit on transactions with joint venture | 0 | ||||||
Net assets/(liabilities) | 32,385 | 41,586 | |||||
Purem [member] | Significant Joint Ventures [member] | |||||||
Disclosure of joint ventures [line items] | |||||||
Investment in joint ventures | 15,869 | 20,377 | |||||
Group's share of results of other joint ventures, representing the Group's share of total comprehensive income loss of other joint ventures | ¥ (4,508) | ¥ (11,278) | ¥ 1,377 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Summary of Disaggregation of Group's Revenue from Contracts with Customers (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total revenue from contracts with customers | ¥ 18,046,349 | $ 2,540,451 | ¥ 16,030,636 | ¥ 21,265,930 |
At a point in time [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total revenue from contracts with customers | 17,967,452 | 2,529,344 | 15,957,941 | 21,218,785 |
Over time [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total revenue from contracts with customers | 78,897 | 11,107 | 72,695 | 47,145 |
People's Republic of China [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total revenue from contracts with customers | 17,877,450 | 2,516,675 | 15,886,210 | 21,206,280 |
Other countries [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total revenue from contracts with customers | 168,899 | 23,776 | 144,426 | 59,650 |
Heavy-duty engines [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total revenue from contracts with customers | 5,552,544 | 781,652 | 5,061,991 | 7,410,771 |
Medium-duty engines [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total revenue from contracts with customers | 5,696,186 | 801,873 | 5,066,622 | 7,065,283 |
Light-duty engines [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total revenue from contracts with customers | 1,621,538 | 228,270 | 1,910,923 | 2,429,745 |
Other Products And Services [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total revenue from contracts with customers | 5,089,223 | 716,429 | 3,910,879 | 4,304,995 |
Revenue from hospitality operations [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total revenue from contracts with customers | 86,858 | $ 12,227 | 80,221 | 55,136 |
Yuchai segment [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total revenue from contracts with customers | 18,015,280 | 15,997,766 | 21,254,134 | |
Yuchai segment [member] | At a point in time [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total revenue from contracts with customers | 17,959,337 | 15,950,239 | 21,210,718 | |
Yuchai segment [member] | Over time [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total revenue from contracts with customers | 55,943 | 47,527 | 43,416 | |
Yuchai segment [member] | People's Republic of China [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total revenue from contracts with customers | 17,877,450 | 15,886,210 | 21,206,280 | |
Yuchai segment [member] | Other countries [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total revenue from contracts with customers | 137,830 | 111,556 | 47,854 | |
Yuchai segment [member] | Heavy-duty engines [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total revenue from contracts with customers | 5,552,544 | 5,061,991 | 7,410,771 | |
Yuchai segment [member] | Medium-duty engines [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total revenue from contracts with customers | 5,696,186 | 5,066,622 | 7,065,283 | |
Yuchai segment [member] | Light-duty engines [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total revenue from contracts with customers | 1,621,538 | 1,910,923 | 2,429,745 | |
Yuchai segment [member] | Other Products And Services [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total revenue from contracts with customers | 5,089,069 | 3,910,703 | 4,304,918 | |
Yuchai segment [member] | Revenue from hospitality operations [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total revenue from contracts with customers | 55,943 | 47,527 | 43,417 | |
HL Global Enterprises Limited segment [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total revenue from contracts with customers | 31,069 | 32,870 | 11,796 | |
HL Global Enterprises Limited segment [member] | At a point in time [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total revenue from contracts with customers | 8,115 | 7,702 | 8,067 | |
HL Global Enterprises Limited segment [member] | Over time [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total revenue from contracts with customers | 22,954 | 25,168 | 3,729 | |
HL Global Enterprises Limited segment [member] | Other countries [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total revenue from contracts with customers | 31,069 | 32,870 | 11,796 | |
HL Global Enterprises Limited segment [member] | Heavy-duty engines [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total revenue from contracts with customers | 0 | 0 | ||
HL Global Enterprises Limited segment [member] | Medium-duty engines [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total revenue from contracts with customers | 0 | 0 | ||
HL Global Enterprises Limited segment [member] | Light-duty engines [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total revenue from contracts with customers | 0 | 0 | ||
HL Global Enterprises Limited segment [member] | Other Products And Services [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total revenue from contracts with customers | 154 | 176 | 77 | |
HL Global Enterprises Limited segment [member] | Revenue from hospitality operations [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total revenue from contracts with customers | ¥ 30,915 | ¥ 32,694 | ¥ 11,719 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Summary of Contract Balances (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Disclosure of contract assets liabilities [abstract] | |||||
Trade receivables (Note 15) | ¥ 1,093,788 | $ 153,976 | ¥ 1,516,215 | ||
Capitalized contract cost | 122,627 | 17,263 | 197,692 | $ 27,830 | ¥ 147,499 |
Contract liabilities (Note 24) | ¥ 691,427 | $ 97,334 | ¥ 695,076 |
Revenue from Contracts with C_5
Revenue from Contracts with Customers - Summary of Contract Balances (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2023 | |
Statement [Line Items] | |
Contract performance obligations description | According to the business customary practice, the remaining performance obligations (unfulfilled service-type maintenance service) at the year-end is expected to be satisfied within 2 years. |
Revenue from contracts with c_6
Revenue from contracts with customers - Schedule Of Revenue Recognized (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | |
Disclosure of performance obligations [abstract] | |||
Amounts included in contract liabilities | ¥ 640,864 | $ 90,217 | ¥ 544,495 |
Revenue from contracts with c_7
Revenue from contracts with customers - Schedule Of Contract Cost Capitalized (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | |
Contract assets [abstract] | |||
Beginning balance | ¥ 197,692 | $ 27,830 | ¥ 147,499 |
Additions | 14,628 | 2,059 | 50,193 |
Recognized in income statement | (89,693) | (12,626) | 0 |
Closing balance | ¥ 122,627 | $ 17,263 | ¥ 197,692 |
Revenue from contracts with c_8
Revenue from contracts with customers - Performance Obligations (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Disclosure of transaction price allocated to remaining performance obligations [line items] | |||
Total unfulfilled service-type maintenance service | ¥ 155,192 | $ 21,847 | ¥ 195,245 |
Within one year [member] | |||
Disclosure of transaction price allocated to remaining performance obligations [line items] | |||
Total unfulfilled service-type maintenance service | 102,978 | 14,497 | 117,906 |
More than one year [member] | |||
Disclosure of transaction price allocated to remaining performance obligations [line items] | |||
Total unfulfilled service-type maintenance service | ¥ 52,214 | $ 7,350 | ¥ 77,339 |
Depreciation, amortization expe
Depreciation, amortization expenses - Summary of Depreciation and Amortization (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Disclosure of income statement [line items] | ||||
Amortization of intangible assets | ¥ 109,913 | $ 15,473 | ¥ 64,939 | ¥ 38,957 |
Depreciation of investment property | 355 | 50 | 348 | 355 |
Depreciation of property, plant and equipment | 508,726 | 71,615 | 516,276 | 492,826 |
Depreciation of right-of-use assets | 46,071 | 6,486 | 43,129 | 41,458 |
Depreciation and amortization expenses | ¥ 665,065 | $ 93,624 | ¥ 624,692 | ¥ 573,596 |
Shipping and handling expenses
Shipping and handling expenses - Summary of Sales Related Shipping and Handling Expenses Not Separately Billed to Customers (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Disclosure of income statement [line items] | ||||
Shipping and handling expenses | ¥ 150,973 | $ 21,253 | ¥ 150,661 | ¥ 224,292 |
Cost of sales [member] | ||||
Disclosure of income statement [line items] | ||||
Shipping and handling expenses | 129,954 | 18,294 | 132,117 | 194,022 |
Selling, general and administrative expenses [member] | ||||
Disclosure of income statement [line items] | ||||
Shipping and handling expenses | ¥ 21,019 | $ 2,959 | ¥ 18,544 | ¥ 30,270 |
Other operating income - Summar
Other operating income - Summary of Other Operating Income (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Disclosure Of Information On Income Statement [line items] | ||||
Interest income | ¥ 154,129 | $ 21,697 | ¥ 131,879 | ¥ 132,083 |
Dividend income from quoted equity securities | 0 | 0 | 13 | 168 |
Gain on disposal of associate | 0 | 0 | 1,329 | 0 |
Gain on disposal of property, plant and equipment | 778 | 110 | 6,535 | 1,224 |
Gain on disposal of quoted equity securities | 0 | 0 | 2,291 | 5,416 |
Gain on disposal of right-of-use assets | 7,632 | 1,074 | 3,929 | 14,714 |
Gain on disposal of subsidiary | 113,042 | 15,913 | 0 | 0 |
Recognition of net gain upon fulfillment of performance obligation relating to capitalized contract asset | 11,696 | 1,646 | 0 | 0 |
Government grants | 171,937 | 24,204 | 176,264 | 152,932 |
Fair value gain on quoted equity securities | 0 | 0 | 0 | 138 |
Others | 10,086 | 1,421 | 12,109 | 19,496 |
Other operating income | ¥ 469,300 | $ 66,065 | ¥ 334,349 | ¥ 326,171 |
Other operating expenses - Summ
Other operating expenses - Summary of Other Operating Expenses (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Profit or loss [abstract] | ||||
Impairment loss on investment in joint venture | ¥ 0 | $ 0 | ¥ 990 | ¥ 0 |
Impairment on property, plant and equipment | 36,720 | 5,169 | 0 | 0 |
Reversal of provision for onerous contract, net | 0 | 0 | (4,829) | (8,810) |
Foreign exchange loss, net | 482 | 68 | 555 | 1,739 |
Written off/(write-back) of unrecoverable value-added tax | (11,164) | (1,572) | 0 | 11,164 |
Others | 900 | 127 | 877 | 5,889 |
Other operating expenses | ¥ 26,938 | $ 3,792 | ¥ (2,407) | ¥ 9,982 |
Finance costs - Summary of Fina
Finance costs - Summary of Finance Costs (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Profit or loss [abstract] | ||||
Bank term loans | ¥ 59,672 | $ 8,400 | ¥ 65,440 | ¥ 82,109 |
Bills and other discounting | 33,946 | 4,779 | 23,922 | 27,864 |
Bank charges | 4,588 | 646 | 4,563 | 4,136 |
Interest on lease liabilities (Note 17) | 1,969 | 277 | 1,547 | 1,819 |
Finance costs | ¥ 100,175 | $ 14,102 | ¥ 95,472 | ¥ 115,928 |
Staff cost - Summary of Staff C
Staff cost - Summary of Staff Costs (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Disclosure of income statement [line items] | ||||
Wages and salaries | ¥ 1,193,214 | $ 167,973 | ¥ 928,350 | ¥ 1,338,777 |
Contribution to defined contribution plans | 354,014 | 49,836 | 371,458 | 386,551 |
Executive bonuses | 24,200 | 3,407 | 16,500 | 19,355 |
Staff welfare | 74,727 | 10,520 | 79,206 | 93,992 |
Staff severance cost | 35,547 | 5,004 | 19,531 | 11,771 |
Others | 3,542 | 499 | 3,875 | 4,887 |
Staff costs | ¥ 1,685,244 | $ 237,239 | ¥ 1,418,920 | ¥ 1,855,333 |
Income Tax Expense - Summary of
Income Tax Expense - Summary of Income Tax Expense (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Current income tax | ||||
Current year | ¥ 81,365 | $ 11,454 | ¥ 72,909 | ¥ 48,856 |
(Over)/under provision in respect of prior years | 27,837 | 3,919 | 27,406 | (21,523) |
Deferred tax | ||||
Movement in temporary differences | (14,837) | (2,089) | (41,147) | 16,483 |
(Over)/under provision in respect of prior years | 54,131 | 7,620 | (103) | 0 |
Consolidated income tax expense reported in the statement of profit or loss | ¥ 148,496 | $ 20,904 | ¥ 59,065 | ¥ 43,816 |
Income Tax Expense - Additional
Income Tax Expense - Additional Information (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 | Dec. 31, 2023 USD ($) | |
Statement [Line Items] | ||||
Applicable income tax rate | 15% | 15% | 15% | |
Percentage of withholding tax | 10% | |||
Deferred tax liability for withholding tax payable | ¥ 64.7 | ¥ 61.8 | $ 9.1 | |
Unrecognized deferred tax liability relating to undistributed earnings | ¥ 204.7 | ¥ 190.7 | $ 28.8 | |
PRC [member] | Bottom of range [member] | ||||
Statement [Line Items] | ||||
Unrecognized tax losses expiration period for subsidiaries that have a history of losses | 5 years | |||
PRC [member] | Top of range [member] | ||||
Statement [Line Items] | ||||
Unrecognized tax losses expiration period for subsidiaries that have a history of losses | 10 years | |||
Malaysia [member] | ||||
Statement [Line Items] | ||||
Unrecognized tax losses expiration period for subsidiaries that have a history of losses | 10 years |
Income Tax Expense - Reconcilia
Income Tax Expense - Reconciliation of Income Tax Expense (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Reconciliation of accounting profit multiplied by applicable tax rates [abstract] | ||||
Profit before tax | ¥ 571,352 | $ 80,431 | ¥ 394,726 | ¥ 451,710 |
Income tax expense at 15% | 85,703 | 12,064 | 59,209 | 67,757 |
Adjustments: | ||||
Non-deductible expenses | 5,888 | 829 | 7,924 | 17,795 |
Tax-exempt income | (11,993) | (1,688) | (500) | (2,181) |
Utilization of deferred tax benefits previously not recognized | (6,211) | (874) | (3,093) | (29) |
Deferred tax benefits not recognized | 42,830 | 6,029 | 22,606 | 10,356 |
Tax credits for research and development expense | (85,372) | (12,018) | (76,835) | (59,633) |
Tax rate differential | 21,542 | 3,032 | 10,901 | 16,517 |
(Over)/under provision in respect of previous years | 81,968 | 11,539 | 27,303 | (21,523) |
Withholding tax expense | 14,872 | 2,094 | 11,535 | 14,639 |
Others | (731) | (103) | 15 | 118 |
Consolidated income tax expense reported in the statement of profit or loss | ¥ 148,496 | $ 20,904 | ¥ 59,065 | ¥ 43,816 |
Income Tax Expense - Reconcil_2
Income Tax Expense - Reconciliation of Income Tax Expense (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of accounting profit multiplied by applicable tax rates [abstract] | |||
Applicable income tax rate | 15% | 15% | 15% |
Income Tax Expense - Summary _2
Income Tax Expense - Summary of Deferred Tax (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2023 USD ($) | ||
Disclosure of deferred tax assets and liabilities [Line Items] | ||||||
Deferred tax liabilities | ¥ (65,089) | ¥ (61,825) | $ (9,163) | |||
Deferred tax assets | 426,377 | 450,882 | 60,023 | |||
Reconciliation of deferred tax (expense) income [member] | (39,294) | $ (5,531) | 41,250 | ¥ (16,483) | ||
Net deferred tax assets | 361,288 | 389,057 | 50,860 | |||
Accelerated depreciation [Member] | ||||||
Disclosure of deferred tax assets and liabilities [Line Items] | ||||||
Deferred tax liabilities | (77,806) | (122,298) | (10,953) | |||
Reconciliation of deferred tax (expense) income [member] | 44,492 | 6,263 | 16,472 | (37,968) | ||
Interest receivable [Member] | ||||||
Disclosure of deferred tax assets and liabilities [Line Items] | ||||||
Deferred tax liabilities | 0 | (3,033) | 0 | |||
Reconciliation of deferred tax (expense) income [member] | 3,033 | 427 | 363 | (1,459) | ||
PRC withholding tax on dividend income [Member] | ||||||
Disclosure of deferred tax assets and liabilities [Line Items] | ||||||
Deferred tax liabilities | [1] | (64,717) | (61,825) | (9,110) | ||
Reconciliation of deferred tax (expense) income [member] | [1] | (14,457) | (2,035) | (11,458) | (14,529) | |
Effect of change in residual value and impairment of property, plant and equipment [member] | ||||||
Disclosure of deferred tax assets and liabilities [Line Items] | ||||||
Deferred tax assets | 2,866 | 69,641 | 404 | |||
Reconciliation of deferred tax (expense) income [member] | (66,774) | (9,400) | 4,273 | 25,264 | ||
Write-down of inventories [member] | ||||||
Disclosure of deferred tax assets and liabilities [Line Items] | ||||||
Deferred tax assets | 37,120 | 29,503 | 5,226 | |||
Reconciliation of deferred tax (expense) income [member] | 7,617 | 1,072 | 9,253 | (2,378) | ||
Impairment losses on trade receivables [member] | ||||||
Disclosure of deferred tax assets and liabilities [Line Items] | ||||||
Deferred tax assets | 7,426 | 7,071 | 1,045 | |||
Reconciliation of deferred tax (expense) income [member] | 355 | 50 | 282 | (1,267) | ||
Accruals [member] | ||||||
Disclosure of deferred tax assets and liabilities [Line Items] | ||||||
Deferred tax assets | 232,048 | 234,586 | 32,666 | |||
Reconciliation of deferred tax (expense) income [member] | (2,505) | (352) | (48,841) | (15,339) | ||
Deferred income [Member] | ||||||
Disclosure of deferred tax assets and liabilities [Line Items] | ||||||
Deferred tax assets | 79,896 | 56,480 | 11,247 | |||
Reconciliation of deferred tax (expense) income [member] | 23,416 | 3,296 | (41,348) | (11,114) | ||
Others [Member] | ||||||
Disclosure of deferred tax assets and liabilities [Line Items] | ||||||
Deferred tax assets | 31,854 | 39,185 | 4,484 | |||
Reconciliation of deferred tax (expense) income [member] | (7,325) | (1,031) | (4,421) | 19,235 | ||
Losses available for offsetting against future taxable income [member] | ||||||
Disclosure of deferred tax assets and liabilities [Line Items] | ||||||
Reconciliation of deferred tax (expense) income [member] | (27,146) | $ (3,821) | 116,675 | ¥ 23,072 | ||
Net deferred tax assets | ¥ 112,601 | ¥ 139,747 | $ 15,851 | |||
[1]The movement of PRC withholding tax on dividend income is as follows: |
Income Tax Expense - Summary _3
Income Tax Expense - Summary of Deferred Tax (Parenthetical) (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | |
Disclosure of deferred tax assets and liabilities [Line Items] | |||
Beginning balance | ¥ (61,825) | ||
Ending balance | (65,089) | $ (9,163) | ¥ (61,825) |
PRC withholding tax on dividend income [Member] | |||
Disclosure of deferred tax assets and liabilities [Line Items] | |||
Beginning balance | (61,825) | (8,703) | (65,544) |
Provision made to consolidated statement of profit or loss | (14,457) | (2,035) | (11,458) |
Utilization | 11,565 | 1,628 | 15,177 |
Ending balance | ¥ (64,717) | $ (9,110) | ¥ (61,825) |
Income Tax Expense - Classifica
Income Tax Expense - Classification of the Group's Net Deferred Tax Assets (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Deferred tax assets and liabilities [abstract] | |||
Deferred tax assets | ¥ 426,377 | $ 60,023 | ¥ 450,882 |
Deferred tax liabilities | (65,089) | (9,163) | (61,825) |
Net deferred tax assets | ¥ 361,288 | $ 50,860 | ¥ 389,057 |
Income Tax Expense - Deferred T
Income Tax Expense - Deferred Tax Assets That Have Not Been Recognized (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Disclosure of temporary difference, unused tax losses and unused tax credits [abstract] | |||
Unutilized tax losses | ¥ 628,534 | $ 88,481 | ¥ 473,456 |
Unutilized capital allowances and investment allowances | 94,447 | 13,296 | 100,643 |
Other unrecognized temporary differences relating to asset impairment and deferred grants | 156,226 | 21,993 | 142,851 |
Deferred tax assets have not been recognised | ¥ 879,207 | $ 123,770 | ¥ 716,950 |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Earnings Per Share (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) shares | Dec. 31, 2023 USD ($) shares | Dec. 31, 2022 CNY (¥) shares | Dec. 31, 2021 CNY (¥) shares | |
Earnings per share [abstract] | ||||
Profit attributable to equity holders of the Company | ¥ 285,518 | $ 40,193 | ¥ 218,581 | ¥ 272,673 |
Weighted average number of ordinary shares | 40,858,290 | 40,858,290 | 40,858,290 | 40,858,290 |
Diluted effect of share options | 0 | 0 | ||
Weighted average number of ordinary shares adjusted for effect of dilution | 40,858,290 | 40,858,290 | 40,858,290 | 40,858,290 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings per share [abstract] | |||
Number of employee share option, anti-dilutive | 270,000 | 270,000 | 270,000 |
Property, Plant and Equipment -
Property, Plant and Equipment - Summary of Property, Plant and Equipment (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | ¥ 3,995,744 | |||
Charge for the year | 508,726 | $ 71,615 | ¥ 516,276 | ¥ 492,826 |
Ending balance | 3,553,601 | 500,253 | 3,995,744 | |
Cost [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 9,794,919 | 9,531,630 | ||
Additions | 178,876 | 353,348 | ||
Disposal of subsidiary | (107,785) | |||
Disposals | (30,811) | (67,385) | ||
Transfers | 98 | |||
Write-off | (13,764) | (29,127) | ||
Translation difference | (507) | 6,355 | ||
Ending balance | 9,820,928 | 9,794,919 | 9,531,630 | |
Accumulated depreciation, amortization and impairment [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | (5,799,175) | (5,333,721) | ||
Charge for the year | 527,556 | 533,777 | ||
Disposal of subsidiary | 66,674 | |||
Disposals | 24,922 | 61,671 | ||
Write-off | 12,033 | 25,832 | ||
Impairment loss | 44,667 | 17,278 | ||
Translation difference | (442) | 1,902 | ||
Ending balance | (6,267,327) | (5,799,175) | (5,333,721) | |
Freehold land [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 14,177 | |||
Ending balance | 14,592 | 2,054 | 14,177 | |
Freehold land [member] | Cost [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 14,654 | 13,464 | ||
Translation difference | 402 | 1,190 | ||
Ending balance | 15,056 | 14,654 | 13,464 | |
Freehold land [member] | Accumulated depreciation, amortization and impairment [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | (477) | (457) | ||
Translation difference | (13) | 20 | ||
Ending balance | (464) | (477) | (457) | |
Buildings and improvements [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 1,499,656 | |||
Ending balance | 1,401,655 | 197,316 | 1,499,656 | |
Buildings and improvements [member] | Cost [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 2,610,784 | 2,546,285 | ||
Additions | 2,903 | 8,768 | ||
Disposal of subsidiary | (80,585) | |||
Disposals | (5,530) | |||
Transfers | 38,506 | 72,252 | ||
Write-off | (2,890) | (14,827) | ||
Translation difference | (233) | 3,836 | ||
Ending balance | 2,568,485 | 2,610,784 | 2,546,285 | |
Buildings and improvements [member] | Accumulated depreciation, amortization and impairment [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | (1,111,128) | (1,023,456) | ||
Charge for the year | 92,919 | 101,709 | ||
Disposal of subsidiary | 44,274 | |||
Disposals | 3,166 | |||
Write-off | 2,068 | 11,855 | ||
Impairment loss | 9,162 | |||
Translation difference | (37) | 984 | ||
Ending balance | (1,166,830) | (1,111,128) | (1,023,456) | |
Construction in progress [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 334,709 | |||
Ending balance | 239,114 | 33,661 | 334,709 | |
Construction in progress [member] | Cost [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 348,769 | 405,430 | ||
Additions | 149,846 | 312,442 | ||
Transfers | (244,741) | (369,120) | ||
Translation difference | (139) | 17 | ||
Ending balance | 253,735 | 348,769 | 405,430 | |
Construction in progress [member] | Accumulated depreciation, amortization and impairment [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | (14,060) | |||
Write-off | 0 | |||
Impairment loss | 561 | 14,060 | ||
Ending balance | (14,621) | (14,060) | ||
Plant and machinery [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 2,052,585 | |||
Ending balance | 1,829,082 | 257,487 | 2,052,585 | |
Plant and machinery [member] | Cost [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 6,471,846 | 6,224,902 | ||
Additions | 18,676 | 13,469 | ||
Disposal of subsidiary | (21,632) | |||
Disposals | (7,000) | (54,323) | ||
Transfers | 201,642 | 288,475 | ||
Write-off | (7,474) | (1,081) | ||
Translation difference | (197) | 404 | ||
Ending balance | 6,655,861 | 6,471,846 | 6,224,902 | |
Plant and machinery [member] | Accumulated depreciation, amortization and impairment [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | (4,419,261) | (4,069,642) | ||
Charge for the year | 402,554 | 398,465 | ||
Disposal of subsidiary | 17,225 | |||
Disposals | 5,456 | 51,290 | ||
Write-off | 6,681 | 978 | ||
Impairment loss | 34,458 | 3,218 | ||
Translation difference | (132) | 204 | ||
Ending balance | (4,826,779) | (4,419,261) | (4,069,642) | |
Office furniture, fittings and equipment [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 52,342 | |||
Ending balance | 41,417 | 5,830 | 52,342 | |
Office furniture, fittings and equipment [member] | Cost [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 232,329 | 222,380 | ||
Additions | 7,151 | 12,413 | ||
Disposal of subsidiary | (5,568) | |||
Disposals | (772) | (964) | ||
Transfers | 4,593 | 8,491 | ||
Write-off | (3,229) | (10,754) | ||
Translation difference | (360) | 763 | ||
Ending balance | 234,144 | 232,329 | 222,380 | |
Office furniture, fittings and equipment [member] | Accumulated depreciation, amortization and impairment [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | (179,987) | (168,930) | ||
Charge for the year | 21,568 | 22,005 | ||
Disposal of subsidiary | 5,175 | |||
Disposals | 687 | 960 | ||
Write-off | 3,123 | 10,559 | ||
Impairment loss | 438 | |||
Translation difference | (281) | 571 | ||
Ending balance | (192,727) | (179,987) | (168,930) | |
Motor and transport vehicles [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 42,275 | |||
Ending balance | 27,741 | $ 3,905 | 42,275 | |
Motor and transport vehicles [member] | Cost [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 116,537 | 119,169 | ||
Additions | 300 | 6,256 | ||
Disposals | (23,039) | (6,568) | ||
Write-off | (171) | (2,465) | ||
Translation difference | 20 | 145 | ||
Ending balance | 93,647 | 116,537 | 119,169 | |
Motor and transport vehicles [member] | Accumulated depreciation, amortization and impairment [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | (74,262) | (71,236) | ||
Charge for the year | 10,515 | 11,598 | ||
Disposals | 18,779 | 6,255 | ||
Write-off | 161 | 2,440 | ||
Impairment loss | 48 | |||
Translation difference | 21 | 123 | ||
Ending balance | ¥ (65,906) | ¥ (74,262) | ¥ (71,236) |
Property, Plant and Equipment_2
Property, Plant and Equipment - Summary of Property, Plant and Equipment (Parenthetical) (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | |
Disclosure of detailed information about property, plant and equipment [abstract] | |||
Depreciation capitalized as contract assets | ¥ 2.2 | $ 0.3 | ¥ 2.6 |
Depreciation capitalized as development costs | ¥ 16.6 | $ 2.3 | ¥ 14.9 |
Property, Plant and Equipment_3
Property, Plant and Equipment - Additional Information (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Cost of sales [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Impairment loss | ¥ 8 | $ 1.1 | ¥ 17.3 | ¥ 7.2 |
Other operating expenses [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Impairment loss | ¥ 36.7 | $ 5.2 | ¥ 0 | ¥ 0 |
Investment Property - Summary o
Investment Property - Summary of Investment Property (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Disclosure of detailed information about investment property [line items] | ||||
Beginning balance | ¥ 4,756 | |||
Charge for the year | 355 | $ 50 | ¥ 348 | ¥ 355 |
Ending balance | 4,103 | 577 | 4,756 | |
Consolidated statements of profit or loss: | ||||
Rental income from investment property - Minimum lease payments | 154 | 22 | 176 | |
Direct operating expenses (including repairs and maintenance) arising from the rental generating property | (720) | (101) | (118) | |
Fair value [member] | ||||
Disclosure of detailed information about investment property [line items] | ||||
Beginning balance | 11,686 | |||
Ending balance | 11,453 | 1,612 | 11,686 | |
Cost [member] | ||||
Disclosure of detailed information about investment property [line items] | ||||
Beginning balance | 32,389 | 4,560 | 31,810 | |
Translation difference | 1,258 | 177 | 579 | |
Ending balance | 33,647 | 4,737 | 32,389 | 31,810 |
Accumulated depreciation, amortization and impairment [member] | ||||
Disclosure of detailed information about investment property [line items] | ||||
Beginning balance | (27,633) | (3,890) | (26,724) | |
Charge for the year | 355 | 50 | 348 | |
Translation difference | 1,556 | 220 | 561 | |
Ending balance | ¥ (29,544) | $ (4,160) | ¥ (27,633) | ¥ (26,724) |
Investment Property - Summary_2
Investment Property - Summary of Fair Value Measurement of Investment Property (Detail) - Market comparison and cost method [member] | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Valuation techniques | Market comparison and cost method | Market comparison and cost method |
Unobservable input | Comparable price: - RMB 189 to RMB 458 (US$ 27 to US$ 64) per square foot | Comparable price: - RMB 182 to RMB 441 per square foot |
Inter-relationship between key unobservable inputs and fair value measurement | The estimated fair value increases with higher comparable price | The estimated fair value increases with higher comparable price |
Investment Property - Additiona
Investment Property - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Useful life measured as period of time, investment property, cost model | 30 years |
Depreciation method, property, plant and equipment | Depreciation is calculated using straight-line method |
Intangible Assets - Summary of
Intangible Assets - Summary of Intangible Assets (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Disclosure of detailed information about intangible assets [line items] | ||||
Intangible assets and goodwill beginning balance | ¥ 1,874,824 | |||
Amortization | 109,913 | $ 15,473 | ¥ 64,939 | ¥ 38,957 |
Intangible assets and goodwill ending balance | 1,951,133 | 274,668 | 1,874,824 | |
Technology Know-how [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Intangible assets and goodwill beginning balance | 440,133 | |||
Intangible assets and goodwill ending balance | 1,084,627 | 152,687 | 440,133 | |
Development costs [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Intangible assets and goodwill beginning balance | 1,052,244 | |||
Intangible assets and goodwill ending balance | 484,059 | 68,143 | 1,052,244 | |
Goodwill [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Intangible assets and goodwill beginning balance | 212,636 | |||
Intangible assets and goodwill ending balance | 212,636 | 29,933 | 212,636 | |
Trademarks [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Intangible assets and goodwill beginning balance | 169,811 | |||
Intangible assets and goodwill ending balance | 169,811 | $ 23,905 | 169,811 | |
Cost [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Intangible assets and goodwill beginning balance | 2,113,119 | 1,931,938 | ||
Addition | 186,222 | 181,181 | ||
Intangible assets and goodwill ending balance | 2,299,341 | 2,113,119 | 1,931,938 | |
Cost [member] | Technology Know-how [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Intangible assets and goodwill beginning balance | 672,753 | 551,526 | ||
Transfer | 754,407 | 121,227 | ||
Intangible assets and goodwill ending balance | 1,427,160 | 672,753 | 551,526 | |
Cost [member] | Development costs [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Intangible assets and goodwill beginning balance | 1,052,244 | 992,290 | ||
Addition | 186,222 | 181,181 | ||
Transfer | (754,407) | (121,227) | ||
Intangible assets and goodwill ending balance | 484,059 | 1,052,244 | 992,290 | |
Cost [member] | Goodwill [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Intangible assets and goodwill beginning balance | 218,311 | 218,311 | ||
Intangible assets and goodwill ending balance | 218,311 | 218,311 | 218,311 | |
Cost [member] | Trademarks [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Intangible assets and goodwill beginning balance | 169,811 | 169,811 | ||
Intangible assets and goodwill ending balance | 169,811 | 169,811 | 169,811 | |
Accumulated depreciation, amortisation and impairment [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Intangible assets and goodwill beginning balance | (238,295) | (173,356) | ||
Amortization | 109,913 | 64,939 | ||
Intangible assets and goodwill ending balance | (348,208) | (238,295) | (173,356) | |
Accumulated depreciation, amortisation and impairment [member] | Technology Know-how [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Intangible assets and goodwill beginning balance | (232,620) | (167,681) | ||
Amortization | 109,913 | 64,939 | ||
Intangible assets and goodwill ending balance | (342,533) | (232,620) | (167,681) | |
Accumulated depreciation, amortisation and impairment [member] | Goodwill [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Intangible assets and goodwill beginning balance | (5,675) | (5,675) | ||
Intangible assets and goodwill ending balance | ¥ (5,675) | ¥ (5,675) | ¥ (5,675) |
Intangible Assets - Goodwill -
Intangible Assets - Goodwill - Carrying Amount of Goodwill Allocated (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Yuchai manufacturing business [member] | |||
Disclosure of reconciliation of changes in goodwill [line items] | |||
Goodwill | ¥ 212,636 | $ 29,933 | ¥ 212,636 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2019 CNY (¥) | Dec. 31, 2023 USD ($) | |
Disclosure of detailed information about intangible assets [line items] | |||||
Intangible asset, carrying amount | ¥ 1,951,133 | ¥ 1,874,824 | $ 274,668 | ||
Capitalized developemnt costs gross | ¥ 1,951,133 | ¥ 1,874,824 | $ 274,668 | ||
Guangxi Yuchai Machinery Company Limited [member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Pre-tax discount rate that would result in an impairment | 20.94% | 17.92% | 20.94% | ||
Pre-tax discount rate applied to cash flow projection | 15.10% | 14.34% | 15.10% | ||
Impairment on goodwill | ¥ 0 | ||||
Long term rates used to extrapolate the budget | 1% | 5% | 1% | ||
Guangxi Yuchai Machinery Company Limited [member] | Top of range [member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Percentage decrease in demand that would result in an impairment | 12.85% | 26.64% | 12.85% | ||
Technology development cost [member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Intangible asset, carrying amount | ¥ 186,200 | ¥ 181,200 | $ 26,200 | ||
Capitalized developemnt costs gross | 484,100 | 1,052,200 | 68,100 | ||
Technology Know How [Member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Intangible asset, carrying amount | 5,000 | $ 700 | |||
Transfers from development costs to Technology Know-how | 754,400 | $ 106,200 | ¥ 121,200 | ||
Technology Know How [Member] | Accumulated impairment [member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Intangible asset, carrying amount | ¥ (126,700) | ||||
Trademarks [Member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Payment for trademark license fee | ¥ 169,800 | ||||
Development costs [member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Pre-tax discount rate | 15.10% | 15.10% | 14.34% | ||
Estimation of future business projection | In 2022 and 2023, the Group performs an impairment test on the development costs that are not available for use. No impairment has been identified. The recoverable amount was determined based on its value in use using the discounted cash flow approach. Cash flows were projected based on historical growth, past experience and management best estimation of future business outlook. In 2023, the Group used 6-10 years (2022: 7 years) forecast and were based on the updated financial budgets approved by the senior management with no terminal value. | In 2022 and 2023, the Group performs an impairment test on the development costs that are not available for use. No impairment has been identified. The recoverable amount was determined based on its value in use using the discounted cash flow approach. Cash flows were projected based on historical growth, past experience and management best estimation of future business outlook. In 2023, the Group used 6-10 years (2022: 7 years) forecast and were based on the updated financial budgets approved by the senior management with no terminal value. | |||
Pre-tax discount rate that would results in an impairment | 15.99% | 19.17% | 15.99% | ||
Capitalized developemnt costs gross | ¥ 484,059 | ¥ 1,052,244 | $ 68,143 | ||
Development costs [member] | Bottom of range [member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Estimated revenue growth rate | 10% | 10% | 15% | ||
Percentage decrease in demand that would result in an impairment | 6.56% | 4.88% | 6.56% | ||
Development costs [member] | Top of range [member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Estimated revenue growth rate | 25% | 25% | 20% |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Classes of current inventories [abstract] | |||
Raw materials and consumables | ¥ 2,201,886 | $ 309,968 | ¥ 2,339,933 |
Work in progress | 19,423 | 2,734 | 24,312 |
Finished goods | 2,427,718 | 341,759 | 2,573,510 |
Total inventories at the lower of cost and net realizable value | ¥ 4,649,027 | $ 654,461 | ¥ 4,937,755 |
Inventories - Summary of Analys
Inventories - Summary of Analysis of Inventory Reserve Accounts (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Write-downs (reversals of write-downs) of inventories [abstract] | ||||
Inventories recognized as an expense in cost of sales | ¥ 13,444,277 | $ 1,892,601 | ¥ 11,991,899 | ¥ 16,457,476 |
Inventories written down | 77,466 | 10,905 | 86,650 | 32,813 |
Reversal of write-down of inventories | (27,447) | (3,864) | (31,765) | (41,823) |
Inventories written off | ¥ 0 | $ 0 | ¥ 0 | ¥ 10,085 |
Other Current Assets - Summary
Other Current Assets - Summary of Other Current Assets (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Miscellaneous current assets [abstract] | |||
Development properties | ¥ 16,733 | $ 2,355 | ¥ 16,710 |
Trade and Other Receivables - S
Trade and Other Receivables - Summary of Trade and Other Receivables (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Current | |||
Trade receivables, gross | ¥ 1,148,682 | $ 161,704 | ¥ 1,549,462 |
Less: Allowance for expected credit losses | (54,894) | (7,728) | (33,247) |
Net trade receivables (Note 6.2) | 1,093,788 | 153,976 | 1,516,215 |
Bill receivables | 6,318,789 | 889,519 | 4,970,880 |
Total (Note 32, Note 35) | 7,412,577 | 1,043,495 | 6,487,095 |
Current receivables from associates and joint ventures (trade) | 187,944 | 26,458 | 125,489 |
Current receivables from associates and joint ventures (non-trade) | 10,212 | 1,438 | 11,230 |
Current receivables from related parties (trade) | 212,706 | 29,943 | 180,374 |
Current receivables from related parties (non-trade) | 4,016 | 565 | 3,476 |
Bills receivable in transit | 49,696 | 6,996 | 8,172 |
Grant receivables | 62,000 | 8,728 | 62,000 |
Estimated sales consideration on disposal of a subsidiary due from the acquirer | 236,734 | 33,326 | 0 |
Others | 68,052 | 9,580 | 49,763 |
Less: Impairment losses – other receivables | (7,710) | (1,085) | (5,754) |
Other receivables carried at amortized cost (Note 35) | 823,650 | 115,949 | 434,750 |
Tax recoverable | 108,844 | 15,322 | 290,596 |
Advances paid to suppliers | 77,527 | 10,914 | 81,861 |
Right of return assets | 36,026 | 5,072 | 17,045 |
Net other receivables | 1,046,047 | 147,257 | 824,252 |
Total trade and other receivables | ¥ 8,458,624 | $ 1,190,752 | ¥ 7,311,347 |
Trade and Other Receivables -_2
Trade and Other Receivables - Summary of Trade and Other Receivables (Parenthetical) (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Disclosure of trade and other receivables [line items] | |||
Bills receivable | ¥ 6,318,789 | $ 889,519 | ¥ 4,970,880 |
Secured bank facilities [member] | |||
Disclosure of trade and other receivables [line items] | |||
Bills receivable | 12,500 | 1,800 | 12,600 |
Joint ventures [member] | |||
Disclosure of trade and other receivables [line items] | |||
Bills receivable | 5,300 | 700 | 100 |
Other related parties [member] | |||
Disclosure of trade and other receivables [line items] | |||
Bills receivable | ¥ 987,900 | $ 139,100 | ¥ 763,400 |
Trade and Other Receivables - A
Trade and Other Receivables - Additional Information (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | |
Disclosure of trade and other receivables [line items] | |||
Outstanding bills receivable discounted with banks by retaining recourse obligation | ¥ 1,659.4 | $ 233.6 | ¥ 936.9 |
Outstanding bills receivable endorsed to suppliers with recourse obligation | ¥ 1,629.8 | $ 229.4 | ¥ 1,032.1 |
Top of range [member] | |||
Disclosure of trade and other receivables [line items] | |||
Trade receivables payment terms | 90 days | ||
Bills receivables discounted maturity period | 12 months | ||
Bottom of range [member] | |||
Disclosure of trade and other receivables [line items] | |||
Trade receivables payment terms | 60 days |
Trade and Other Receivables - M
Trade and Other Receivables - Movement in the Allowance for Expected Credit Losses of Trade and Other Receivables (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | |
Reconciliation of changes in allowance account for credit losses of financial assets [abstract] | |||
Beginning balance | ¥ 39,001 | $ 5,490 | ¥ 39,441 |
(Credit)/charge to consolidated statement of profit or loss (under "Selling, general and administrative expenses") | 23,858 | 3,359 | (459) |
Written off | (264) | (37) | (5) |
Translation difference | 9 | 1 | 24 |
Ending balance | ¥ 62,604 | $ 8,813 | ¥ 39,001 |
Cash and Bank Balances - Summar
Cash and Bank Balances - Summary of Cash and Bank Balances (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) |
Non-current | ||||||
Long-term bank deposits | ¥ 0 | $ 0 | ¥ 20,000 | |||
Current | ||||||
Cash and cash equivalents | 5,544,376 | 780,502 | 4,451,489 | $ 626,653 | ¥ 4,788,219 | ¥ 5,877,647 |
Short-term bank deposits | 467,096 | 65,755 | 351,567 | |||
Restricted cash | 27,999 | 3,942 | 27,687 | |||
Total | 6,039,471 | 850,199 | 4,830,743 | |||
Cash and bank balances | ¥ 6,039,471 | $ 850,199 | ¥ 4,850,743 |
Cash and Bank Balances - Summ_2
Cash and Bank Balances - Summary of Cash and Bank Balances (Parenthetical) (Detail) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Bottom of range [member] | ||
Disclosure of detailed cash and cash equivalents short term bank deposits current restricted cash and long term bank deposits [line items] | ||
Interest rate short term bank deposit | 2.80% | 0.80% |
Top of range [member] | ||
Disclosure of detailed cash and cash equivalents short term bank deposits current restricted cash and long term bank deposits [line items] | ||
Interest rate short term bank deposit | 5.80% | 4.40% |
Cash and Bank Balances - Additi
Cash and Bank Balances - Additional Information (Detail) ¥ in Millions, $ in Millions | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Disclosure of detailed cash and cash equivalents short term bank deposits current restricted cash and long term bank deposits [line items] | |||
Restricted cash used as collateral by the banks for the issuance of bills to suppliers | ¥ 28 | $ 3.9 | ¥ 27.7 |
Undrawn borrowing facilities | 534.5 | 75.2 | 518 |
Fixed deposits held with related party | ¥ 51.2 | $ 7.2 | ¥ 36.6 |
Bottom of range [member] | |||
Disclosure of detailed cash and cash equivalents short term bank deposits current restricted cash and long term bank deposits [line items] | |||
Interest rate on bank deposits | 2.50% | 2.50% | 1.30% |
Top of range [member] | |||
Disclosure of detailed cash and cash equivalents short term bank deposits current restricted cash and long term bank deposits [line items] | |||
Interest rate on bank deposits | 5.70% | 5.70% | 5.20% |
Cash and Bank Balances - Summ_3
Cash and Bank Balances - Summary of Cash Flows, Cash and Cash Equivalents (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) |
Cash and cash equivalents [abstract] | ||||||
Cash at banks and on hand | ¥ 4,963,232 | $ 698,692 | ¥ 3,730,372 | |||
Short-term bank deposits | 581,144 | 81,810 | 721,117 | |||
Cash and cash equivalents | ¥ 5,544,376 | $ 780,502 | ¥ 4,451,489 | $ 626,653 | ¥ 4,788,219 | ¥ 5,877,647 |
Leases - Additional Information
Leases - Additional Information (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | |
Statement [Line Items] | |||
Cash outflows for leases | ¥ 61.3 | $ 8.6 | ¥ 51.2 |
Non-cash additions to right-of-use assets and lease liabilities | 32.1 | 4.5 | 49.7 |
Operating lease rental income | ¥ 25.8 | $ 3.6 | ¥ 18.1 |
Bottom of range [member] | |||
Statement [Line Items] | |||
Operating lease, term | 1 year | 1 year | |
Operating lease term of contract | 1 year | 1 year | |
Top of range [member] | |||
Statement [Line Items] | |||
Operating lease, term | 20 years | 20 years | |
Operating lease term of contract | 12 years | 12 years |
Leases - Summary of detailed In
Leases - Summary of detailed Information About Carrying Amounts of Right-of-use Assets Recognized and Movements During Year (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | |
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Beginning balance | ¥ 342,141 | $ 48,164 | ¥ 344,814 | $ 48,541 |
Addition | 32,084 | 4,517 | 49,735 | 7,001 |
Depreciation expenses | (46,071) | (6,486) | (43,129) | (6,071) |
Disposal of subsidiary | (22,782) | (3,207) | ||
Disposal | (5,564) | (783) | (3,256) | (458) |
Termination | (1,382) | (195) | (6,187) | (871) |
Translation difference | 19 | 3 | 164 | 22 |
Ending balance | 298,445 | $ 42,013 | 342,141 | $ 48,164 |
Leasehold land [member] | ||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Beginning balance | 289,065 | 304,645 | ||
Addition | 0 | 0 | ||
Depreciation expenses | (12,282) | (12,324) | ||
Disposal of subsidiary | (22,782) | |||
Disposal | (5,564) | (3,256) | ||
Termination | 0 | 0 | ||
Translation difference | 0 | 0 | ||
Ending balance | 248,437 | 289,065 | ||
Building and office space [member] | ||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Beginning balance | 52,739 | 40,118 | ||
Addition | 31,082 | 49,421 | ||
Depreciation expenses | (33,671) | (30,772) | ||
Disposal of subsidiary | 0 | |||
Disposal | 0 | 0 | ||
Termination | (1,382) | (6,187) | ||
Translation difference | 18 | 159 | ||
Ending balance | 48,786 | 52,739 | ||
Office Furniture, Fittings and Equipment [member] | ||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Beginning balance | 42 | 51 | ||
Addition | 0 | 0 | ||
Depreciation expenses | (7) | (14) | ||
Disposal of subsidiary | 0 | |||
Disposal | 0 | 0 | ||
Termination | 0 | 0 | ||
Translation difference | 1 | 5 | ||
Ending balance | 36 | 42 | ||
Motor vehicles [member] | ||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Beginning balance | 295 | 0 | ||
Addition | 1,002 | 314 | ||
Depreciation expenses | (111) | (19) | ||
Disposal of subsidiary | 0 | |||
Disposal | 0 | 0 | ||
Termination | 0 | 0 | ||
Translation difference | 0 | 0 | ||
Ending balance | ¥ 1,186 | ¥ 295 |
Leases - Summary of Detailed _2
Leases - Summary of Detailed Information About Carrying Amounts of Lease Liabilities and Movements During Year (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2023 USD ($) | |
Disclosure Of Quantitative Information About Lease Liabilities [Line Items] | |||||
Beginning balance | ¥ 59,641 | ||||
Accretion of interest | 1,969 | $ 277 | ¥ 1,547 | ¥ 1,819 | |
Payments | 41,104 | 5,786 | 24,597 | 23,121 | |
Ending balance | 49,281 | 6,938 | 59,641 | ||
Current | 33,272 | 31,433 | $ 4,684 | ||
Non- current | 16,009 | 28,208 | 2,254 | ||
Total | 49,281 | 59,641 | 6,938 | ||
Increase (decrease) due to changes in accounting policy [member] | |||||
Disclosure Of Quantitative Information About Lease Liabilities [Line Items] | |||||
Beginning balance | 59,641 | 8,396 | 40,531 | ||
Additions | 32,084 | 4,517 | 49,735 | ||
Accretion of interest | 1,969 | 277 | 1,547 | ||
Payments | (43,073) | (6,063) | (26,144) | ||
Termination | (1,382) | (195) | (6,187) | ||
Translation difference | 42 | 6 | 159 | ||
Ending balance | 49,281 | $ 6,938 | 59,641 | 40,531 | |
Total | ¥ 49,281 | ¥ 59,641 | ¥ 40,531 | $ 6,938 |
Leases - Summary of Detailed _3
Leases - Summary of Detailed Information About Amounts Recognized In Profit of Loss (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Disclosure Of Detailed Information About Lease Cost [Line Items] | ||||
Depreciation charge for right-of-use assets | ¥ 46,071 | $ 6,486 | ¥ 43,129 | ¥ 41,458 |
Interest expenses on lease liabilities | 1,969 | 277 | 1,547 | ¥ 1,819 |
Expenses relating to short-term leases (included in selling, general and administrative expenses and research and development expenses) | 18,275 | 2,573 | 25,022 | |
Total amount recognized in profit or loss | ¥ 66,315 | $ 9,336 | ¥ 69,698 |
Leases - Summary of Detailed _4
Leases - Summary of Detailed Information About Future Minimum Rental Receivables Under Non-Cancellable Operating Leases (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Disclosure of maturity analysis of operating lease payments [line items] | |||
Future minimum operating leases | ¥ 97,186 | $ 13,682 | ¥ 71,669 |
Within 1 Year [member] | Related parties [member] | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Future minimum operating leases | 2,012 | 283 | 17 |
Within 1 Year [member] | Joint ventures [member] | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Future minimum operating leases | 3,329 | 469 | 1,587 |
Within 1 Year [member] | Third parties [member] | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Future minimum operating leases | 7,898 | 1,112 | 8,136 |
After 1 Year but within 5 years [member] | Related parties [member] | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Future minimum operating leases | 7,988 | 1,125 | 17 |
After 1 Year but within 5 years [member] | Joint ventures [member] | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Future minimum operating leases | 11,697 | 1,647 | 6,292 |
After 1 Year but within 5 years [member] | Third parties [member] | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Future minimum operating leases | 22,235 | 3,130 | 19,364 |
More than 5 years [member] | Joint ventures [member] | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Future minimum operating leases | 7,504 | 1,056 | 9,690 |
More than 5 years [member] | Third parties [member] | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Future minimum operating leases | ¥ 34,523 | $ 4,860 | ¥ 26,566 |
Issued capital - Summary of Iss
Issued capital - Summary of Issued Capital (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 CNY (¥) shares | Dec. 31, 2023 USD ($) shares | Dec. 31, 2022 CNY (¥) shares | |
Ordinary shares issued and fully paid | |||
Ending balance | 40,858,290 | ||
Equity | |||
Ending balance | ¥ 2,081,138 | $ 292,969 | ¥ 2,081,138 |
One special share issued and fully paid at US$0.10 per share | Less than RMB 1 (US$ 1) | Less than RMB 1 (US$ 1) | Less than RMB 1 (US$ 1) |
Ordinary shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Ordinary share of par value US$0.10 each | 100,000,000 | 100,000,000 | 100,000,000 |
Issued capital - Summary of I_2
Issued capital - Summary of Issued Capital (Parenthetical) (Detail) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of classes of share capital [line items] | ||
Par value | $ 0.1 | $ 0.1 |
Ordinary shares [member] | ||
Disclosure of classes of share capital [line items] | ||
Par value | $ 0.1 | $ 0.1 |
Issued capital - Additional Inf
Issued capital - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2023 shares | |
Ordinary shares [member] | Bottom of range [member] | |
Disclosure of classes of share capital [line items] | |
Number of special share shall cease to carry any rights in event by HLA | 7,290,000 |
Dividends Declared and Paid - S
Dividends Declared and Paid - Summary of Dividends Declared and Paid (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Disclosure of dividends declared and paid on ordinary capital [line items] | ||||
Dividends on ordinary shares | ¥ 80,238 | ¥ 109,684 | ¥ 448,712 | |
Dividend paid in cash | 80,238 | $ 11,295 | 109,684 | |
Final dividend [member] | ||||
Disclosure of dividends declared and paid on ordinary capital [line items] | ||||
Dividends on ordinary shares | ¥ 80,238 | $ 11,295 | ¥ 109,684 |
Dividends Declared and Paid -_2
Dividends Declared and Paid - Summary of Dividends Declared and Paid (Parenthetical) (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of dividends declared and paid on ordinary capital [line items] | |||
Dividends on ordinary shares, per share | $ 0.28 | $ 0.4 | $ 1.7 |
Final dividend [member] | |||
Disclosure of dividends declared and paid on ordinary capital [line items] | |||
Dividends on ordinary shares, per share | $ 0.28 | $ 0.4 |
Reserves - Summary of Statutory
Reserves - Summary of Statutory Reserves (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | |
Disclosure of reserves within equity [line items] | |||
Beginning balance | ¥ 335,735 | ||
Ending balance | 381,724 | $ 53,737 | ¥ 335,735 |
Statutory general reserve [member] | |||
Disclosure of reserves within equity [line items] | |||
Beginning balance | 310,029 | 43,644 | 283,531 |
Transfer from retained earnings | 45,989 | 6,474 | 26,498 |
Ending balance | 356,018 | 50,118 | 310,029 |
General surplus reserve [member] | |||
Disclosure of reserves within equity [line items] | |||
Beginning balance | 25,706 | ||
Ending balance | 25,706 | 3,619 | 25,706 |
Capital reserves [member] | |||
Disclosure of reserves within equity [line items] | |||
Beginning balance | (4,196) | (591) | 30,704 |
Issuance of put option to non-controlling interest of subsidiary | (14,040) | (1,976) | (34,900) |
Ending balance | ¥ (18,236) | $ (2,567) | ¥ (4,196) |
Reserves - Summary of Statuto_2
Reserves - Summary of Statutory Reserves (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of reserves within equity [line items] | |
Appropriation of net income to the statutory general reserve | 10% |
Percentage of certain statutory general reserve balance with share capital | 50% |
Bottom of range [member] | |
Disclosure of reserves within equity [line items] | |
Minimum statutory general reserval balance with share capital | 25% |
Reserves - Summary of Other Com
Reserves - Summary of Other Components of Equity (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Disclosure of other components of equity [line items] | |||
Other components of equity | ¥ (38,653) | $ (5,441) | ¥ (64,995) |
Foreign currency translation reserve [member] | |||
Disclosure of other components of equity [line items] | |||
Other components of equity | (27,971) | (3,937) | (44,699) |
Performance shares reserves [member] | |||
Disclosure of other components of equity [line items] | |||
Other components of equity | 19,758 | 2,781 | 19,758 |
Premium paid for acquisition of non-controlling interests [member] | |||
Disclosure of other components of equity [line items] | |||
Other components of equity | (7,986) | (1,124) | (9,463) |
Fair value reserve of financial assets at FVOCI [member] | |||
Disclosure of other components of equity [line items] | |||
Other components of equity | ¥ (22,454) | $ (3,161) | ¥ (30,591) |
Share-based Payment - Additiona
Share-based Payment - Additional Information (Detail) ¥ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2023 $ / shares | Dec. 31, 2022 $ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Equity incentive plan period | 10 years | ||||
Exercise price for options outstanding | $ / shares | $ 21.11 | $ 21.11 | |||
Weighted average remaining contractual life for the share options outstanding | 0.6 | 1.6 | |||
Expense arising from equity-settled share-based payment transactions | ¥ | ¥ 0 | ¥ 0 | ¥ 0 | ||
One year after date of grant [member] | Top of range [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Share-based payment vesting percentage | 33% | ||||
Two years after date of grant [member] | Top of range [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Share-based payment vesting percentage | 66% | ||||
Three years after date of grant [member] | Top of range [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Share-based payment vesting percentage | 100% |
Share-based Payment - Number an
Share-based Payment - Number and Weighted Average Exercise Prices ("WAEP") of, and Movements in Share Options (Detail) | 12 Months Ended | |
Dec. 31, 2023 shares $ / shares | Dec. 31, 2022 shares $ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | ||
Outstanding at January 1 | shares | 270,000 | 270,000 |
Outstanding at December 31 | shares | 270,000 | 270,000 |
Number of share options exercisable | shares | 270,000 | 270,000 |
Beginning balance | $ / shares | $ 21.11 | $ 21.11 |
WAEP outstanding | $ / shares | 21.11 | 21.11 |
WAEP exercisable | $ / shares | $ 21.11 | $ 21.11 |
Share-based Payment - Fair Valu
Share-based Payment - Fair Value of Share Options and Assumptions (Detail) | Jul. 29, 2014 USD ($) yr $ / shares |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Share price | $ / shares | $ 21.11 |
Exercise price | $ / shares | $ 21.11 |
Expected volatility | 47.40% |
Expected dividends | 5.81% |
Bottom of range [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Fair value at measurement date | $ | $ 5.7 |
Expected option life (years) | yr | 3.5 |
Risk-free interest rate | 1.40% |
Top of range [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Fair value at measurement date | $ | $ 6.74 |
Expected option life (years) | yr | 5.5 |
Risk-free interest rate | 2% |
Trade and Other Payables - Summ
Trade and Other Payables - Summary of Trade and Other Current Payables (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Trade and other current payables [abstract] | |||
Trade payables | ¥ 3,999,224 | $ 562,986 | ¥ 4,199,072 |
Bills payables | 3,248,066 | 457,242 | 2,356,574 |
Other payables | 402,516 | 56,664 | 319,723 |
Accrued expenses | 226,745 | 31,920 | 159,735 |
Accrued staff costs | 499,230 | 70,278 | 422,045 |
Refund liabilities | 324,161 | 45,633 | 222,342 |
Dividend payable | 30,899 | 4,350 | 30,205 |
Amount due to joint ventures (trade) | 83,590 | 11,767 | 67,556 |
Amount due to joint ventures (non-trade) | 0 | 0 | 22 |
Amount due to related parties (trade) | 303,393 | 42,710 | 296,219 |
Amount due to related parties (non-trade) | 36,083 | 5,079 | 7,289 |
Financial liabilities carried at amortized cost (Note 32, Note 35) | 9,153,907 | 1,288,629 | 8,080,782 |
Deferred grants (Note 27) | 8,064 | 1,135 | 13,404 |
Advance from customers | 248 | 35 | 254 |
Other tax payable | 65,105 | 9,165 | 44,968 |
Total trade and other payables (current) | ¥ 9,227,324 | $ 1,298,964 | ¥ 8,139,408 |
Trade and Other Payables - Su_2
Trade and Other Payables - Summary of Trade and Other Current Payables (Parenthetical) (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | |
Disclosure Of Detailed Information About Trade And Other Payables [line items] | |||
Bills payable | ¥ 3,248,066 | $ 457,242 | ¥ 2,356,574 |
Bottom of range [member] | |||
Disclosure Of Detailed Information About Trade And Other Payables [line items] | |||
Trade payables settlement term | 60 days | ||
Top of range [member] | |||
Disclosure Of Detailed Information About Trade And Other Payables [line items] | |||
Trade payables settlement term | 90 days | ||
Joint ventures [member] | |||
Disclosure Of Detailed Information About Trade And Other Payables [line items] | |||
Bills payable | ¥ 4,000 | 600 | 36,300 |
Other related parties [member] | |||
Disclosure Of Detailed Information About Trade And Other Payables [line items] | |||
Bills payable | ¥ 435,300 | $ 61,300 | ¥ 192,600 |
Trade and Other Payables - Su_3
Trade and Other Payables - Summary of Other Non-current Payables (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Trade and other non-current payables [abstract] | |||
Other payables (Note 32, Note 35) | ¥ 181,155 | $ 25,502 | ¥ 189,366 |
Provisions - Summary of Provisi
Provisions - Summary of Provisions (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | |
Disclosure of other provisions [line items] | ||||
Beginning balance | ¥ 220,114 | $ 30,986 | ¥ 253,028 | $ 35,620 |
Provision made | 414,021 | 58,283 | 317,076 | 44,636 |
Provision utilized | (375,910) | (52,918) | (345,161) | (48,590) |
Provision reversed | (4,829) | (680) | ||
Disposal of a subsidiary | (2,145) | (302) | ||
Ending balance | 256,080 | $ 36,049 | 220,114 | $ 30,986 |
Product warranty provision [member] | ||||
Disclosure of other provisions [line items] | ||||
Beginning balance | 220,114 | 248,199 | ||
Provision made | 414,021 | 317,076 | ||
Provision utilized | (375,910) | (345,161) | ||
Provision reversed | 0 | |||
Disposal of a subsidiary | (2,145) | |||
Ending balance | 256,080 | 220,114 | ||
Provision for onerous contract [member] | ||||
Disclosure of other provisions [line items] | ||||
Beginning balance | 0 | 4,829 | ||
Provision made | 0 | 0 | ||
Provision utilized | 0 | 0 | ||
Provision reversed | (4,829) | |||
Disposal of a subsidiary | 0 | |||
Ending balance | ¥ 0 | ¥ 0 |
Contract Liabilities - Summary
Contract Liabilities - Summary of Contract Liabilities (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Disclosure of contract liabilities [line items] | |||
Contract liabilities | ¥ 691,427 | $ 97,334 | ¥ 695,076 |
Current | 639,213 | 89,984 | 617,737 |
Non-current | 52,214 | 7,350 | 77,339 |
Unfulfilled service-type maintenance services [member] | |||
Disclosure of contract liabilities [line items] | |||
Contract liabilities | 155,192 | 21,847 | 195,245 |
Advance from customer [member] | |||
Disclosure of contract liabilities [line items] | |||
Contract liabilities | ¥ 536,235 | $ 75,487 | ¥ 499,831 |
Lease Liabilities - Summary of
Lease Liabilities - Summary of Detailed Information About In Lease Liabilities (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | |
Disclosure Of Detailed Information About Lease Liabilities [Line Items] | |||
Current | ¥ 33,272 | $ 4,684 | ¥ 31,433 |
Non- current | ¥ 16,009 | 2,254 | 28,208 |
Lease Liabilities Current [Member] | |||
Disclosure Of Detailed Information About Lease Liabilities [Line Items] | |||
Maturity | 2024 | ||
Current | ¥ 33,272 | $ 4,684 | 31,433 |
Lease Liabilities Current [Member] | Bottom of range [member] | |||
Disclosure Of Detailed Information About Lease Liabilities [Line Items] | |||
Interest rate | 1.30% | 1.30% | |
Lease Liabilities Current [Member] | Top of range [member] | |||
Disclosure Of Detailed Information About Lease Liabilities [Line Items] | |||
Interest rate | 6.70% | 6.70% | |
Lease Liabilities Noncurrent [Member] | |||
Disclosure Of Detailed Information About Lease Liabilities [Line Items] | |||
Non- current | ¥ 16,009 | $ 2,254 | ¥ 28,208 |
Lease Liabilities Noncurrent [Member] | Bottom of range [member] | |||
Disclosure Of Detailed Information About Lease Liabilities [Line Items] | |||
Interest rate | 1.30% | 1.30% | |
Maturity | 2025 | ||
Lease Liabilities Noncurrent [Member] | Top of range [member] | |||
Disclosure Of Detailed Information About Lease Liabilities [Line Items] | |||
Interest rate | 6.70% | 6.70% | |
Maturity | 2034 |
Loans and borrowings - Summary
Loans and borrowings - Summary of Loans and Borrowings (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2023 USD ($) | |
Disclosure of detailed information about borrowings [line items] | |||
Non-current borrowings | ¥ 690,000 | ¥ 200,000 | $ 97,134 |
Current borrowings | ¥ 1,850,294 | ¥ 2,141,432 | $ 260,473 |
Non-current borrowings [member] | Renminbi [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Weighted average interest rate | 2.80% | 3% | 2.80% |
Maturity | 2025 | ||
Non-current borrowings | ¥ 690,000 | ¥ 200,000 | $ 97,134 |
Non-current borrowings [member] | Renminbi [Member] | Bottom of range [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Maturity | 2025 | ||
Non-current borrowings [member] | Renminbi [Member] | Top of range [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Maturity | 2026 | ||
Current borrowings [member] | Renminbi [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Maturity | 2024 | 2023 | |
Current borrowings | ¥ 1,850,294 | ¥ 2,141,432 | $ 260,473 |
Current borrowings [member] | Renminbi [Member] | Bottom of range [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Weighted average interest rate | 1.20% | 0.90% | 1.20% |
Current borrowings [member] | Renminbi [Member] | Top of range [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Weighted average interest rate | 2.10% | 3.70% | 2.10% |
Loans and borrowings - Addition
Loans and borrowings - Additional Information (Detail) $ in Millions, $ in Millions | 12 Months Ended | |||||||
Aug. 18, 2023 SGD ($) shares | Apr. 12, 2022 | Jan. 01, 2019 | Dec. 31, 2023 SGD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 shares | Jun. 25, 2021 SGD ($) | Jun. 24, 2020 USD ($) shares | |
Disclosure of detailed information about borrowings [line items] | ||||||||
Number of shares issued and fully paid | shares | 40,858,290 | |||||||
DBS Bank Ltd [member] | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Refinancing of uncommitted multi-currency revolving credit facility | $ 30 | |||||||
Ownership interest in the entity, percentage | 76.40% | |||||||
Facility limit | $ 30 | |||||||
DBS Bank Ltd [member] | Hong Leong Asia Limited [member] | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Ownership interest in the entity, percentage | 35% | |||||||
DBS Bank Ltd [member] | Top of range [member] | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Credit facility with bank | $ 30 | |||||||
Consolidated tangible net worth ratio | 1.0 times | |||||||
DBS Bank Ltd [member] | Bottom of range [member] | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Consolidated tangible net worth | $ 400 | |||||||
Credit facility with MUFG Singapore Branch [member] | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Ownership interest in the entity, percentage | 76.40% | |||||||
Refinancing of unsecured multi-currency revolving credit facility | $ 30 | |||||||
Number of shares issued and fully paid | shares | 7,290,000 | |||||||
Credit facility with MUFG Singapore Branch [member] | Top of range [member] | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Credit facility with bank | $ 30 | |||||||
Consolidated tangible net worth | 120 | |||||||
Consolidated tangible net worth ratio | 2.0 times | |||||||
Facility limit | $ 30 | |||||||
Sumitomo branch [Member] | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Refinancing of unsecured multi-currency revolving credit facility | $ 30 | |||||||
Number of shares issued and fully paid | shares | 7,290,000 | |||||||
Sumitomo branch [Member] | United States of America, Dollars | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Credit facility maturity period | 6 months | |||||||
Sumitomo branch [Member] | Singapore, Dollars | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Credit facility maturity period | 3 months | |||||||
Sumitomo branch [Member] | Top of range [member] | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Credit facility with bank | 30 | |||||||
Facility limit | 30 | |||||||
Sumitomo branch [Member] | Bottom of range [member] | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Consolidated tangible net worth | $ 200 | |||||||
Consolidated tangible net worth ratio | 2.0 times |
Deferred Grants - Summary of De
Deferred Grants - Summary of Deferred Grants (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2023 USD ($) | |
Subclassifications of assets, liabilities and equities [abstract] | ||||
Beginning balance | ¥ 489,788 | $ 68,949 | ¥ 424,140 | |
Received during the year | 145,330 | 20,459 | 186,993 | |
Grant disbursed to partner of joint project | (16,423) | (2,312) | (13,243) | |
Released to consolidated statement of profit or loss | (59,818) | (8,421) | (108,102) | |
Reclassification to other payables | (98,919) | (13,925) | 0 | |
Ending balance | 459,958 | $ 64,750 | 489,788 | |
Current (Note 22) | 8,064 | 13,404 | $ 1,135 | |
Non-current | ¥ 451,894 | ¥ 476,384 | $ 63,615 |
Other financial liability - Add
Other financial liability - Additional Information (Detail) ¥ in Millions, $ in Millions | 1 Months Ended | ||||
Feb. 28, 2023 CNY (¥) | Feb. 28, 2023 USD ($) | Nov. 30, 2022 CNY (¥) | Feb. 01, 2023 | Nov. 01, 2022 | |
Disclosure Of Other Liabilities [Line Items] | |||||
Minority interest ownership percentage by noncontrolling owners | 3.20% | 9.10% | |||
Yuchai Xin-Lan [member] | |||||
Disclosure Of Other Liabilities [Line Items] | |||||
Proceeds from changes in ownership interests in subsidiaries that do not result in loss of control | ¥ 20 | $ 2.8 | ¥ 50 |
Related Party Disclosures - Add
Related Party Disclosures - Additional Information (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) shares | Dec. 31, 2023 USD ($) shares | Dec. 31, 2022 CNY (¥) shares | Dec. 31, 2021 CNY (¥) | |
Hong Leong Asia Limited [member] | Subsidiaries [member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Ownership interest in the entity, shares | 18,270,965 | 18,270,965 | 18,270,965 | |
Ownership interest in the entity, percentage | 44.70% | 44.70% | 44.70% | |
Consultancy fees charged | ¥ 0.5 | $ 0.1 | ¥ 0.4 | ¥ 0.5 |
HL Technology Systems Private Limited [member] | Subsidiaries [member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Ownership interest held by controlling shareholder, percent | 23.30% | 23.30% | 23.30% | |
Well Summit Investments Limited [member] | Subsidiaries [member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Ownership interest held by controlling shareholder, percent | 21.40% | 21.40% | 21.40% | |
Yulin City Government [member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Ownership interest held by non-controlling shareholder with significant influence over the Group | 18.20% | 18.20% | 17.20% |
Related Party Disclosures - Sig
Related Party Disclosures - Significant Transactions with Related Parties (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Disclosure of transactions between related parties [line items] | ||||
Sales of an intangible asset to a joint venture | ¥ 101,390 | $ 14,273 | ¥ 0 | ¥ 0 |
Associates and joint ventures [member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Sales of engines and parts | 924,971 | 130,212 | 411,010 | 393,440 |
Purchase of parts, supplies and engines | 1,614,814 | 227,323 | 1,396,611 | 2,036,675 |
Joint ventures [member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Hospitality, restaurant, consultancy and other service income | 18,427 | 2,594 | 5,803 | 2,152 |
Service charge charged by | 2,094 | 295 | 128 | 5,023 |
Rental income | 3,834 | 540 | 4,634 | 4,415 |
Selling, general and administrative expenses | 0 | 0 | 0 | 2,530 |
Hong Leong Asia Limited and its affiliates [member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Selling, general and administrative expenses | 9,194 | 1,294 | 8,994 | 7,188 |
GY and its affiliates [member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Sales of engines and parts | 2,034,304 | 286,376 | 2,262,306 | 3,223,785 |
Purchase of parts, supplies and engines | 1,804,457 | 254,020 | 1,053,607 | 1,307,137 |
Hospitality, restaurant, consultancy and other service income | 18,023 | 2,537 | 10,398 | 6,609 |
Rental income | 12,227 | 1,721 | 580 | 275 |
Property management service expenses | 24,668 | 3,473 | 22,128 | 21,978 |
Selling, general and administrative expenses | 34,178 | 4,811 | 30,151 | 9,315 |
Delivery, storage, distribution and handling expenses | 212,566 | 29,924 | 201,669 | 300,699 |
Payments For Lease Liabilities | 19,615 | 2,761 | 19,802 | 17,215 |
Purchases of vehicles and machineries | ¥ 0 | $ 0 | ¥ 2,513 | ¥ 3,460 |
Related Party Disclosures - Com
Related Party Disclosures - Compensation of Key Management Personnel (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Disclosure of transactions between related parties [abstract] | ||||
Short-term employee benefits | ¥ 30,147 | $ 4,244 | ¥ 25,011 | ¥ 25,289 |
Contribution to defined contribution plans | 305 | 43 | 208 | 273 |
Total | ¥ 30,452 | $ 4,287 | ¥ 25,219 | ¥ 25,562 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) ¥ in Millions, $ in Millions | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Disclosure of commitments and contingencies [line items] | |||
Capital commitments related to property, plant and equipment | ¥ 175.9 | $ 24.8 | ¥ 319.5 |
Commitments and Contingencies_2
Commitments and Contingencies - Future Minimum Rentals Payable Under Non-cancellable Operating Leases (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Disclosure of finance lease and operating lease by lessee [line items] | |||
Future minimum rentals payable under non-cancellable operating leases | ¥ 296 | $ 42 | ¥ 0 |
One year or less [member] | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Future minimum rentals payable under non-cancellable operating leases | 98 | 14 | 0 |
Later than one year and not later than five years [member] | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Future minimum rentals payable under non-cancellable operating leases | 198 | 28 | 0 |
Later than five years [member] | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Future minimum rentals payable under non-cancellable operating leases | ¥ 0 | $ 0 | ¥ 0 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Disclosure of operating segments [line items] | ||||
Revenue | ¥ 18,046,349 | $ 2,540,451 | ¥ 16,030,636 | ¥ 21,265,930 |
Customers one [member] | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 2,433,200 | 342,500 | 2,346,900 | 5,231,700 |
Customers two [member] | ||||
Disclosure of operating segments [line items] | ||||
Revenue | ¥ 2,034,300 | $ 286,400 | ¥ 2,262,300 | ¥ 3,223,800 |
Segment Information - Summary o
Segment Information - Summary of Segment Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2023 USD ($) | ||
Revenue | ||||||
Total external revenue (Note 6.1) | ¥ 18,046,349 | $ 2,540,451 | ¥ 16,030,636 | ¥ 21,265,930 | ||
Results | ||||||
Interest income | 154,129 | 21,697 | 131,879 | 132,083 | ||
Interest expense | (95,587) | (13,456) | (90,909) | (111,792) | ||
Gain on disposal of subsidiary | 113,042 | 15,913 | 0 | 0 | ||
Impairment of property, plant and equipment | (44,667) | (6,288) | (17,278) | (7,227) | ||
Warranties | (414,021) | (58,283) | (317,076) | (292,157) | ||
Depreciation and amortization | (665,065) | (93,624) | (624,692) | (573,596) | ||
Share of results of associates and joint venture | 62,078 | 8,739 | (29,093) | (95,895) | ||
Income tax expense | (148,496) | (20,904) | (59,065) | (43,816) | ||
Segment profit after tax | 422,856 | 59,527 | 335,661 | 407,894 | ||
Total assets | 25,757,618 | 24,137,556 | 24,905,309 | $ 3,625,995 | ||
Total liabilities | (13,581,993) | (12,302,492) | (13,289,965) | (1,911,987) | ||
Other | ||||||
Investment in joint ventures | 237,229 | 154,703 | 151,095 | $ 33,396 | ||
Capital expenditure | 178,876 | $ 25,181 | 353,348 | 478,891 | ||
Operating segments [member] | Yuchai segment [member] | ||||||
Revenue | ||||||
Total external revenue (Note 6.1) | 18,015,280 | 15,997,766 | 21,254,134 | |||
Results | ||||||
Interest income | 108,792 | 116,668 | 129,520 | |||
Interest expense | (95,483) | (90,846) | (111,747) | |||
Gain on disposal of subsidiary | 113,042 | |||||
Impairment of property, plant and equipment | (44,667) | (17,278) | (7,227) | |||
Warranties | (414,021) | (317,076) | (292,157) | |||
Depreciation and amortization | (659,426) | (619,000) | (567,465) | |||
Share of results of associates and joint venture | 62,041 | (29,554) | (96,658) | |||
Income tax expense | (131,021) | (47,555) | (29,043) | |||
Segment profit after tax | 431,697 | 354,865 | 443,499 | |||
Total assets | 24,579,069 | 23,020,241 | 23,897,506 | |||
Total liabilities | (13,486,829) | (12,220,938) | (13,206,953) | |||
Other | ||||||
Investment in joint ventures | 235,558 | 150,219 | 147,106 | |||
Capital expenditure | 176,782 | 352,737 | 474,562 | |||
Operating segments [member] | HL Global Enterprises Limited segment [member] | ||||||
Revenue | ||||||
Total external revenue (Note 6.1) | 31,069 | 32,870 | 11,796 | |||
Results | ||||||
Interest income | 9,545 | 2,902 | 1,363 | |||
Interest expense | (42) | (49) | (19) | |||
Depreciation and amortization | (4,934) | (4,770) | (5,221) | |||
Share of results of associates and joint venture | 37 | 461 | 763 | |||
Income tax expense | (535) | (39) | (245) | |||
Segment profit after tax | 9,534 | 5,152 | (6,728) | |||
Total assets | 423,968 | 405,871 | 368,415 | |||
Total liabilities | (11,307) | (12,062) | (10,322) | |||
Other | ||||||
Investment in joint ventures | 1,671 | 4,484 | 3,989 | |||
Capital expenditure | 2,059 | 564 | 4,310 | |||
Operating segments [member] | Corporate segment [member] | ||||||
Results | ||||||
Interest income | 35,792 | 12,309 | 1,200 | |||
Interest expense | (62) | (14) | (26) | |||
Depreciation and amortization | (705) | (922) | (910) | |||
Income tax expense | (14,048) | (9) | ||||
Segment profit after tax | (11,420) | (18,245) | (20,321) | |||
Total assets | 2,258,575 | 2,215,652 | 2,146,060 | |||
Total liabilities | (22,070) | (14,256) | (13,550) | |||
Other | ||||||
Capital expenditure | 35 | 47 | 19 | |||
Elimination of intersegment amounts [member] | ||||||
Results | ||||||
Income tax expense | [1] | (2,892) | (11,462) | (14,528) | ||
Segment profit after tax | [1] | (6,955) | (6,111) | (8,556) | ||
Total assets | (1,503,994) | (1,504,208) | (1,506,672) | |||
Total liabilities | [2] | ¥ 61,787 | ¥ 55,236 | ¥ 59,140 | ||
[1]This relates mainly to the deferred tax expense relating to withholding tax on dividends from Yuchai.[2]This relates mainly to the deferred tax liabilities relating to cumulative withholding tax on dividends that are expected to be declared from income earned after December 31, 2007 by Yuchai. |
Segment Information - Summary_2
Segment Information - Summary of Geographic Information (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Disclosure of geographical areas [line items] | |||
Non-current assets | ¥ 6,044,759 | $ 850,942 | ¥ 6,372,427 |
People's Republic of China [member] | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 5,957,205 | 838,617 | 6,281,907 |
Other countries [member] | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | ¥ 87,554 | $ 12,325 | ¥ 90,520 |
Financial Risk Management Obj_3
Financial Risk Management Objectives and Policies - Additional Information (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) Customer | Dec. 31, 2023 USD ($) Customer | Dec. 31, 2022 CNY (¥) Customer | Dec. 31, 2023 USD ($) | |
Disclosure of detailed information about financial instruments [line items] | ||||
Basis points | 50% | 50% | 50% | |
Increase decrease in profit before tax on basis of higher lower basis points | ¥ 12.7 | $ 1.8 | ¥ 11.7 | |
People's Republic of China [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Number of top customers | 5 | 5 | 5 | |
People's Republic of China [member] | Top 5 Customers [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Amount owed | ¥ 597.7 | ¥ 993.1 | $ 84.1 | |
Percentage of trade receivables excluding bills receivables | 40% | 40% | 53.50% |
Financial Risk Management Obj_4
Financial Risk Management Objectives and Policies - Exposures to Foreign Currency Exchange Rate Risk (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Cash and bank balances | ¥ 6,039,471 | $ 850,199 | ¥ 4,850,743 |
Financial liabilities | (11,942,406) | (1,681,177) | (10,657,530) |
Trade and other payables | (9,475,529) | (1,333,905) | (8,374,724) |
Foreign currency risk [Member] | Singapore dollar [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Trade and other receivables | 1,700 | 1,504 | |
Cash and bank balances | 157,073 | 166,517 | |
Financial liabilities | (1,565) | (202) | |
Trade and other payables | (7,568) | (5,064) | |
Net assets/(liabilities) | 149,640 | 21,065 | 162,755 |
Foreign currency risk [Member] | Euro [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Trade and other receivables | 13,686 | 7,328 | |
Cash and bank balances | 5,337 | 1,282 | |
Trade and other payables | (13,689) | (11,586) | |
Net assets/(liabilities) | 5,334 | 751 | (2,976) |
Foreign currency risk [Member] | USD [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Trade and other receivables | 7,221 | 4,484 | |
Cash and bank balances | 18,162 | 26,521 | |
Trade and other payables | (20,453) | (7,258) | |
Net assets/(liabilities) | 4,930 | 694 | 23,747 |
Foreign currency risk [Member] | Others [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Trade and other receivables | 377 | 218 | |
Cash and bank balances | 24,114 | 15,340 | |
Trade and other payables | (12,795) | (2,579) | |
Net assets/(liabilities) | ¥ 11,696 | $ 1,646 | ¥ 12,979 |
Financial Risk Management Obj_5
Financial Risk Management Objectives and Policies - Foreign Currency Exchange Rate Risk Sensitivity Analysis Assuming 10% Strengthening of Major Currencies against Functional Currency (Detail) - Foreign currency risk [Member] ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Singapore dollar [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Effect on profit before tax | ¥ 14,964 | $ 2,107 | ¥ 16,276 |
Euro [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Effect on profit before tax | 533 | 75 | (298) |
USD [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Effect on profit before tax | ¥ 493 | $ 69 | ¥ 2,375 |
Financial Risk Management Obj_6
Financial Risk Management Objectives and Policies - Summary of Information about Credit Risk on Trade Receivables using Provision Matrix (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Disclosure of provision matrix [line items] | |||
Financial assets | ¥ 14,275,698 | $ 2,009,643 | ¥ 11,772,588 |
Expected credit loss | ¥ 54,894 | $ 7,728 | ¥ 33,247 |
Trade receivables [member] | |||
Disclosure of provision matrix [line items] | |||
Expected credit loss rate | 4.80% | 4.80% | 2.10% |
Expected credit loss | ¥ 54,894 | ¥ 33,247 | |
Trade receivables [member] | Cost [member] | |||
Disclosure of provision matrix [line items] | |||
Financial assets | 1,148,682 | 1,549,462 | |
Current [member] | Trade receivables [member] | Cost [member] | |||
Disclosure of provision matrix [line items] | |||
Financial assets | ¥ 521,234 | ¥ 1,138,365 | |
Days past due 0- 90 days [member] | Trade receivables [member] | |||
Disclosure of provision matrix [line items] | |||
Expected credit loss rate | 0.10% | 0.10% | 0.20% |
Expected credit loss | ¥ 294 | ¥ 500 | |
Days past due 0- 90 days [member] | Trade receivables [member] | Cost [member] | |||
Disclosure of provision matrix [line items] | |||
Financial assets | ¥ 350,376 | ¥ 216,355 | |
Days Past due 91-180 days [member] | Trade receivables [member] | |||
Disclosure of provision matrix [line items] | |||
Expected credit loss rate | 0.80% | 0.80% | 0.20% |
Expected credit loss | ¥ 753 | ¥ 124 | |
Days Past due 91-180 days [member] | Trade receivables [member] | Cost [member] | |||
Disclosure of provision matrix [line items] | |||
Financial assets | ¥ 97,382 | ¥ 80,132 | |
Days past due 181-365 days [member] | Trade receivables [member] | |||
Disclosure of provision matrix [line items] | |||
Expected credit loss rate | 2.20% | 2.20% | 0.60% |
Expected credit loss | ¥ 2,067 | ¥ 372 | |
Days past due 181-365 days [member] | Trade receivables [member] | Cost [member] | |||
Disclosure of provision matrix [line items] | |||
Financial assets | ¥ 93,015 | ¥ 63,477 | |
Days past due greater than 365 days [member] | Trade receivables [member] | |||
Disclosure of provision matrix [line items] | |||
Expected credit loss rate | 59.70% | 59.70% | 63.10% |
Expected credit loss | ¥ 51,780 | ¥ 32,251 | |
Days past due greater than 365 days [member] | Trade receivables [member] | Cost [member] | |||
Disclosure of provision matrix [line items] | |||
Financial assets | ¥ 86,675 | ¥ 51,133 |
Financial Risk Management Obj_7
Financial Risk Management Objectives and Policies - Maturity Profile of Financial Assets and Liabilities Based on Contractual Undiscounted Payments (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Financial assets | |||
Cash and bank balances | ¥ 6,039,471 | $ 850,199 | ¥ 4,850,743 |
Financial assets | 14,275,698 | 2,009,643 | 11,772,588 |
Financial liabilities | |||
Trade and other payables (Note 22) | 9,475,529 | 1,333,905 | 8,374,724 |
Lease liabilities | 49,281 | 6,938 | 59,641 |
Financial liabilities | 11,942,406 | 1,681,177 | 10,657,530 |
Liquidity risk [member] | |||
Financial assets | |||
Trade and bills receivables | 7,412,577 | 1,043,495 | 6,487,095 |
Other receivables, excluding tax recoverable | 823,650 | 115,949 | 434,750 |
Cash and bank balances | 6,039,471 | 850,199 | 4,850,743 |
Financial assets | 14,275,698 | 2,009,643 | 11,772,588 |
Financial liabilities | |||
Loans and borrowings | 2,591,023 | 364,748 | 2,368,239 |
Trade and other payables (Note 22) | 9,335,062 | 1,314,131 | 8,270,148 |
Lease liabilities | 51,249 | 7,215 | 60,246 |
Other financial liabilities | 81,368 | 11,454 | 58,212 |
Financial liabilities | 12,058,702 | $ 1,697,548 | 10,756,845 |
Liquidity risk [member] | One year or less [member] | |||
Financial assets | |||
Trade and bills receivables | 7,412,577 | 6,487,095 | |
Other receivables, excluding tax recoverable | 823,650 | 434,750 | |
Cash and bank balances | 6,039,471 | 4,830,743 | |
Financial assets | 14,275,698 | 11,752,588 | |
Financial liabilities | |||
Loans and borrowings | 1,880,251 | 2,158,839 | |
Trade and other payables (Note 22) | 9,153,907 | 8,080,782 | |
Lease liabilities | 32,436 | 33,102 | |
Financial liabilities | 11,066,594 | 10,272,723 | |
Liquidity risk [member] | Two to five years [member] | |||
Financial assets | |||
Cash and bank balances | 20,000 | ||
Financial assets | 20,000 | ||
Financial liabilities | |||
Loans and borrowings | 710,772 | 209,400 | |
Trade and other payables (Note 22) | 181,155 | 189,366 | |
Lease liabilities | 18,016 | 26,928 | |
Other financial liabilities | 81,368 | ||
Financial liabilities | 991,311 | 425,694 | |
Liquidity risk [member] | More than five years [member] | |||
Financial liabilities | |||
Lease liabilities | 797 | 216 | |
Other financial liabilities | 58,212 | ||
Financial liabilities | ¥ 797 | ¥ 58,428 |
Capital Management - Summary of
Capital Management - Summary of Capital Structure (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Disclosure of objectives, policies and processes for managing capital [abstract] | |||
Loans and borrowings (current and non-current) | ¥ 2,540,294 | $ 357,607 | ¥ 2,341,432 |
Lease liabilities (current and non-current) | 49,281 | 6,938 | 59,641 |
Trade and other payables (current and non-current) | 9,475,529 | 1,333,905 | 8,374,724 |
Less: Cash and bank balances | (6,039,471) | (850,199) | (4,850,743) |
Net debts | 6,025,633 | 848,251 | 5,925,054 |
Equity attributable to equity holders of the Company | 9,226,528 | 1,298,853 | 9,008,946 |
Total capital and net debts | ¥ 15,252,161 | $ 2,147,104 | ¥ 14,934,000 |
Fair Value Measurement - Fair V
Fair Value Measurement - Fair Value Measurement Hierarchy for Assets and Liabilities (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | |
Disclosure of detailed information about financial instruments [line items] | ||||
Financial assets | ¥ 14,275,698 | $ 2,009,643 | ¥ 11,772,588 | |
Bill receivables [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Financial assets | [1] | 3,829,777 | $ 539,132 | 3,227,295 |
Significant observable inputs (Level 2) [Member] | Bill receivables [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Financial assets | [1] | ¥ 3,829,777 | ¥ 3,227,295 | |
[1]The fair values of the Group’s debt financial assets at fair value through OCI were measured using the discounted cash flows model. The model incorporates market observable input including the interest rate of similar instruments. |
Financial Assets and Financia_3
Financial Assets and Financial Liabilities - Summary of Financial Assets and Financial Liabilities (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets at amortised costs | ¥ 10,445,921 | ¥ 8,545,293 | |
Fair Value through OCI | 3,829,777 | 3,227,295 | |
Other financial liabilities at amortized cost | 11,942,406 | 10,657,530 | |
Total | 14,275,698 | $ 2,009,643 | 11,772,588 |
Total | 11,942,406 | 1,681,177 | 10,657,530 |
Trade and bill receivables [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets at amortised costs | 3,582,800 | 3,259,800 | |
Fair Value through OCI | 3,829,777 | 3,227,295 | |
Total | 7,412,577 | 1,043,495 | 6,487,095 |
Other receivables [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets at amortised costs | 823,650 | 434,750 | |
Total | 823,650 | 115,949 | 434,750 |
Cash and bank balances [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets at amortised costs | 6,039,471 | 4,850,743 | |
Total | 6,039,471 | 850,199 | 4,850,743 |
Trade and other payables [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Other financial liabilities at amortized cost | 9,335,062 | 8,270,148 | |
Total | 9,335,062 | 1,314,131 | 8,270,148 |
Loans and borrowings [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Other financial liabilities at amortized cost | 2,540,294 | 2,341,432 | |
Total | 2,540,294 | 357,607 | 2,341,432 |
Other Financial Liability [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Other financial liabilities at amortized cost | 67,050 | 45,950 | |
Total | ¥ 67,050 | $ 9,439 | ¥ 45,950 |
Financial Assets and Financia_4
Financial Assets and Financial Liabilities - Schedule of Changes in Liabilities Arising From Financing Activities (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Beginning balance | ¥ 2,447,023 | ¥ 2,243,531 | |
Cash flows | 155,789 | 112,288 | |
Addition | 50,456 | 95,410 | |
Accretion of interest | 4,697 | 1,822 | |
Termination | (1,382) | (6,187) | |
Translation reserve | 42 | 159 | |
Ending balance | 2,656,625 | $ 373,984 | 2,447,023 |
Short-term borrowings [member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Beginning balance | 2,141,432 | 2,103,000 | |
Cash flows | (291,138) | (61,568) | |
Other | 100,000 | ||
Ending balance | 1,850,294 | 260,473 | 2,141,432 |
Long-term borrowings [member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Beginning balance | 200,000 | 100,000 | |
Cash flows | 490,000 | 200,000 | |
Other | (100,000) | ||
Ending balance | 690,000 | 97,134 | 200,000 |
Lease Liabilities Current [Member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Beginning balance | 31,433 | 27,125 | |
Cash flows | (43,073) | (26,144) | |
Accretion of interest | 1,969 | 1,547 | |
Termination | (1,382) | (6,187) | |
Translation reserve | 239 | ||
Other | 44,325 | 34,853 | |
Ending balance | 33,272 | 4,684 | 31,433 |
Lease Liabilities Noncurrent [Member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Beginning balance | 28,208 | 13,406 | |
Addition | 32,084 | 49,735 | |
Translation reserve | 42 | (80) | |
Other | (44,325) | (34,853) | |
Ending balance | 16,009 | 2,254 | 28,208 |
Other Financial Liability [Member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Beginning balance | 45,950 | ||
Addition | 18,372 | 45,675 | |
Accretion of interest | 2,728 | 275 | |
Ending balance | ¥ 67,050 | $ 9,439 | ¥ 45,950 |
Comparative figures - Additiona
Comparative figures - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of reclassifications or changes in presentation [line items] | ||
Amount of reclassifications or changes in presentation | ¥ 0 | ¥ 0 |