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Income tax expense (Tables) | 12 Months Ended
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Dec. 31, 2024
Major components of tax expense (income) [abstract] |
Summary of Income Tax Expense | The major components of income tax expense for the years ended December 31, 2022, 2023 and 2024 are as follows:
|  | 31.12.2022 |  |  | 31.12.2023 |  |  | 31.12.2024 |  |  | 31.12.2024 |
|  | RMB’000 |  |  | RMB’000 |  |  | RMB’000 |  |  | US$’000 |
Current income tax |  |  |  |  |  |  |  |  |  |  |  |
- Current year |  |  | 61,374 |  |  |  | 66,493 |  |  |  | 77,923 |  |  |  | 10,862 |
- Under provision in respect of prior years |  |  | 27,406 |  |  |  | 27,837 |  |  |  | 151 |  |  |  | 21 |
Deferred tax |  |  |  |  |  |  |  |  |  |  |  |
- Movement in temporary differences |  |  | (41,147 | ) |  |  | (14,837 | ) |  |  | 17,384 |  |  |  | 2,423 |
- (Over)/under provision in respect of prior years |  |  | (103 | ) |  |  | 54,131 |  |  |  | 17,675 |  |  |  | 2,464 |
Withholding tax |  |  |  |  |  |  |  |  |  |  |  |
- Income tax expense recognized in profit or loss |  |  | 11,535 |  |  |  | 14,872 |  |  |  | 15,665 |  |  |  | 2,184 |
Consolidated income tax expense reported in the statement of profit or loss |  |  | 59,065 |  |  |  | 148,496 |  |  |  | 128,798 |  |  |  | 17,954 |
Reconciliation of Income Tax Expense | The reconciliation between tax expense and the product of accounting profit multiplied by the PRC income tax rate of 15% (being tax rate of Yuchai) for the years ended December 31, 2022, 2023 and 2024 for the following reasons:
|  | 31.12.2022 |  |  | 31.12.2023 |  |  | 31.12.2024 |  |  | 31.12.2024 |
|  | RMB’000 |  |  | RMB’000 |  |  | RMB’000 |  |  | US$’000 |
Profit before tax |  |  | 394,726 |  |  |  | 571,352 |  |  |  | 620,540 |  |  |  | 86,501 |
Income tax expense at 15% |  |  | 59,209 |  |  |  | 85,703 |  |  |  | 93,081 |  |  |  | 12,975 |
Adjustments: |  |  |  |  |  |  |  |  |  |  |  |
Non-deductible expenses |  |  | 7,924 |  |  |  | 5,888 |  |  |  | 7,807 |  |  |  | 1,088 |
Tax-exempt income |  |  | (500 | ) |  |  | (11,993 | ) |  |  | (16,087 | ) |  |  | (2,242 | )
Utilization of deferred tax benefits previously not recognized |  |  | (3,093 | ) |  |  | (6,211 | ) |  |  | (8,077 | ) |  |  | (1,126 | )
Recognition of deferred tax benefits not previously recognized |  |  | — |  |  |  | — |  |  |  | (3,458 | ) |  |  | (482 | )
Write off deferred tax benefits previously recognized |  |  | — |  |  |  | — |  |  |  | 105,682 |  |  |  | 14,732 |
Deferred tax benefits not recognized |  |  | 22,606 |  |  |  | 42,830 |  |  |  | 72,680 |  |  |  | 10,131 |
Tax credits for research and development expense |  |  | (76,835 | ) |  |  | (85,372 | ) |  |  | (114,006 | ) |  |  | (15,892 | )
Tax rate differential |  |  | 10,901 |  |  |  | 21,542 |  |  |  | (42,633 | ) |  |  | (5,943 | )
Under provision in respect of previous years |  |  | 27,303 |  |  |  | 81,968 |  |  |  | 17,826 |  |  |  | 2,485 |
Withholding tax expense |  |  | 11,535 |  |  |  | 14,872 |  |  |  | 15,665 |  |  |  | 2,184 |
Others |  |  | 15 |  |  |  | (731 | ) |  |  | 318 |  |  |  | 44 |
Total |  |  | 59,065 |  |  |  | 148,496 |  |  |  | 128,798 |  |  |  | 17,954 |
Summary of Deferred Tax | Deferred tax relates to the following:
|  | Consolidated statement of financial position |  |  | Consolidated statement of profit or loss |
|  | 31.12.2023 |  |  | 31.12.2024 |  |  | 31.12.2024 |  |  | 31.12.2022 |  |  | 31.12.2023 |  |  | 31.12.2024 |  |  | 31.12.2024 |
|  | RMB’000 |  |  | RMB’000 |  |  | US$’000 |  |  | RMB’000 |  |  | RMB’000 |  |  | RMB’000 |  |  | US$’000 |
Accelerated tax depreciation |  |  | (77,806 | ) |  |  | (34,108 | ) |  |  | (4,755 | ) |  |  | 16,472 |  |  |  | 44,492 |  |  |  | 43,698 |  |  |  | 6,091 |
Interest receivable |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 363 |  |  |  | 3,033 |  |  |  | — |  |  |  | — |
PRC withholding tax on dividend income (i) |  |  | (64,717 | ) |  |  | (64,717 | ) |  |  | (9,021 | ) |  |  | (11,458 | ) |  |  | (14,457 | ) |  |  | (15,541 | ) |  |  | (2,166 | )
Effect of change in residual value and impairment of property, plant and equipment |  |  | 2,866 |  |  |  | 724 |  |  |  | 101 |  |  |  | 4,273 |  |  |  | (66,774 | ) |  |  | (2,142 | ) |  |  | (299 | )
Write-down of inventories |  |  | 37,120 |  |  |  | 38,632 |  |  |  | 5,385 |  |  |  | 9,253 |  |  |  | 7,617 |  |  |  | 1,512 |  |  |  | 211 |
Impairment losses on trade receivables |  |  | 7,426 |  |  |  | 32,540 |  |  |  | 4,536 |  |  |  | 282 |  |  |  | 355 |  |  |  | 25,114 |  |  |  | 3,501 |
Accruals |  |  | 232,048 |  |  |  | 166,623 |  |  |  | 23,227 |  |  |  | (48,841 | ) |  |  | (2,505 | ) |  |  | (65,540 | ) |  |  | (9,120 | )
Deferred income |  |  | 79,896 |  |  |  | 126,107 |  |  |  | 17,579 |  |  |  | (41,348 | ) |  |  | 23,416 |  |  |  | 46,211 |  |  |  | 6,442 |
Losses available for offsetting against future taxable income |  |  | 112,601 |  |  |  | — |  |  |  | — |  |  |  | 116,675 |  |  |  | (27,146 | ) |  |  | (112,601 | ) |  |  | (15,696 | )
Others |  |  | 31,854 |  |  |  | 79,871 |  |  |  | 11,134 |  |  |  | (4,421 | ) |  |  | (7,325 | ) |  |  | 44,230 |  |  |  | 6,149 |
Deferred tax benefits/(expenses) |  |  |  |  |  |  |  |  |  |  |  | 41,250 |  |  |  | (39,294 | ) |  |  | (35,059 | ) |  |  | (4,887 | )
Net deferred tax assets |  |  | 361,288 |  |  |  | 345,672 |  |  |  | 48,186 |  |  |  |  |  |  |  |  |  |  |  |  |
Reflected in the consolidated statement of financial position as follows: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred tax assets |  |  | 426,377 |  |  |  | 410,728 |  |  |  | 57,254 |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred tax liabilities |  |  | (65,089 | ) |  |  | (65,056 | ) |  |  | (9,068 | ) |  |  |  |  |  |  |  |  |  |  |  |
|  |  | 361,288 |  |  |  | 345,672 |  |  |  | 48,186 |  |  |  |  |  |  |  |  |  |  |  |  |
Note: (i) The movement of PRC withholding tax on dividend income is as follows:
|  | 31.12.2023 |  |  | 31.12.2024 |  |  | 31.12.2024 |
|  | RMB’000 |  |  | RMB’000 |  |  | US$’000 |
At January 1 |  |  | (61,825 | ) |  |  | (64,717 | ) |  |  | (9,021 | )
Provision made to consolidated statement of profit or loss |  |  | (14,457 | ) |  |  | (15,541 | ) |  |  | (2,166 | )
Utilization |  |  | 11,565 |  |  |  | 15,541 |  |  |  | 2,166 |
December 31 |  |  | (64,717 | ) |  |  | (64,717 | ) |  |  | (9,021 | )
Deferred Tax Assets That Have Not Been Recognized | Deferred tax assets have not been recognized in respect of the following items:
|  | 31.12.2023 |  |  | 31.12.2024 |  |  | 31.12.2024 |
|  | RMB’000 |  |  | RMB’000 |  |  | US$’000 |
Unutilized tax losses |  |  | 628,534 |  |  |  | 1,681,991 |  |  |  | 234,463 |
Unutilized capital allowances and investment allowances |  |  | 94,447 |  |  |  | 95,697 |  |  |  | 13,340 |
Other unrecognized temporary differences relating to asset impairment and deferred grants |  |  | 156,226 |  |  |  | 166,552 |  |  |  | 23,217 |
|  |  | 879,207 |  |  |  | 1,944,240 |  |  |  | 271,020 |

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