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Income tax expense (Tables) | 12 Months Ended
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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 expenses |  |  | 17,795 |  |  |  | 7,924 |  |  |  | 5,888 |  |  |  | 829 |
Tax-exempt income |  |  | (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 impairment of property, plant and equipment |  |  | 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 |

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