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Investments in subsidiaries | 12 Months Ended
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Dec. 31, 2024
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
|  |  |  | 31.12.2023 |  | 31.12.2024
|  |  |  | % |  | %
Guangxi Yuchai Machinery Company Limited |  | PRC |  | 76.4 |  | 76.4
Guangxi Yuchai Marine and Genset Power Co., Ltd. |  | PRC |  | 76.4 |  | 71.4
Yuchai Simlan Technology Co., Ltd. (formerly known as Yuchai Xin-Lan New Energy Power Technology Co., Ltd.) |  | PRC |  | 67.0 |  | 67.0
Guangxi Yuchai Machinery Sales and Marketing Development Co., Ltd. (formerly known as 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 interests (“NCI”) that are material to the Group.
|  | 31.12.2022 |  | 31.12.2023 |  | 31.12.2024
Proportion of equity interest held by NCI |  |  |  |  |  |
Yuchai |  | 23.6% |  | 23.6% |  | 23.6%
|  | 31.12.2022 |  |  | 31.12.2023 |  |  | 31.12.2024 |  |  | 31.12.2024 |
|  | RMB’000 |  |  | RMB’000 |  |  | RMB’000 |  |  | US$’000 |
Accumulated balances of material NCI |  |  |  |  |  |  |  |  |  |  |  |
Yuchai |  |  | 2,627,354 |  |  |  | 2,741,359 |  |  |  | 2,921,456 |  |  |  | 407,240 |
Profit allocated to material NCI |  |  |  |  |  |  |  |  |  |  |  |
Yuchai |  |  | 114,700 |  |  |  | 135,173 |  |  |  | 165,388 |  |  |  | 23,054 |
Dividends paid to material NCI |  |  |  |  |  |  |  |  |  |  |  |
Yuchai |  |  | 103,199 |  |  |  | 35,702 |  |  |  | 89,229 |  |  |  | 12,438 |
4. Investments in subsidiaries (cont’d) Summarized financial information including goodwill on acquisition and consolidation adjustments but before intercompany eliminations of subsidiaries with material non-controlling interests are as follows:
|  | 31.12.2022 |
|  | Yuchai RMB’000 |
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 |
Summarized statement of financial position |  |  |
Current assets |  |  | 18,073,115 |
Non-current assets, excluding goodwill |  |  | 6,293,318 |
Goodwill |  |  | 212,636 |
Current liabilities |  |  | (12,029,500 | )
Non-current liabilities |  |  | (1,457,329 | )
Net assets |  |  | 11,092,240 |
Total equity |  |  | 11,092,240 |
Attributable to NCI |  |  | 2,741,359 |
Summarized statement of comprehensive income |  |  |
Revenue |  |  | 18,015,280 |
Profit after tax |  |  | 431,697 |
Total comprehensive income for the year |  |  | 442,666 |
Attributable to NCI |  |  | 135,173 |
Summarized statement of cash flows |  |  |
Operating |  |  | 1,261,921 |
Investing |  |  | 23,243 |
Financing |  |  | (67,590 | )
Net increase in cash and cash equivalents |  |  | 1,217,574 |
4. Investments in subsidiaries (cont’d)
|  | 31.12.2024 |
|  | Yuchai |
|  | RMB’000 |  |  | US$’000 |
Summarized statement of financial position |  |  |  |  |  |
Current assets |  |  | 19,675,359 |  |  |  | 2,742,669 |
Non-current assets, excluding goodwill |  |  | 6,225,707 |  |  |  | 867,839 |
Goodwill |  |  | 212,636 |  |  |  | 29,641 |
Current liabilities |  |  | (13,208,372 | ) |  |  | (1,841,196 | )
Non-current liabilities |  |  | (1,451,625 | ) |  |  | (202,351 | )
Net assets |  |  | 11,453,705 |  |  |  | 1,596,602 |
Total equity |  |  | 11,453,705 |  |  |  | 1,596,602 |
Attributable to NCI |  |  | 2,921,456 |  |  |  | 407,240 |
Summarized statement of comprehensive income |  |  |  |  |  |
Revenue |  |  | 19,102,797 |  |  |  | 2,662,856 |
Profit after tax |  |  | 511,379 |  |  |  | 71,284 |
Total comprehensive income for the year |  |  | 515,926 |  |  |  | 71,918 |
Attributable to NCI |  |  | 165,388 |  |  |  | 23,054 |
Summarized statement of cash flows |  |  |  |  |  |
Operating |  |  | 837,220 |  |  |  | 116,705 |
Investing |  |  | 18,761 |  |  |  | 2,615 |
Financing |  |  | (293,216 | ) |  |  | (40,873 | )
Net increase in cash and cash equivalents |  |  | 562,765 |  |  |  | 78,447 |
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 interests are: At the end of the reporting period, cash and cash equivalents of RMB 5.5 billion (US$763.4 million) (2023: RMB 4.9 billion) 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 February 2023, Yuchai Simlan issued additional ordinary shares to two new investors for a total cash consideration of RMB 20.0 million. As a result, the Group’s effective equity interest in Yuchai Simlan decreased from 69.5% to 67.0%. In June 2024, Yuchai's shareholders approved the implementation of Guangxi Yuchai Machinery Company Limited Equity Holding Scheme (the “Yuchai Equity Scheme”) and Guangxi Yuchai Marine and Genset Power Co., Ltd Incentive Scheme (the "MGP Incentive Scheme”) (collectively, the “Two Schemes”). Pursuant to Two Schemes, MGP issued additional shares and received contribution of RMB 82.9 million (US$11.6 million). As a result, the Group’s effective equity interest in MGP decreased from 76.4% to 71.4%. 4. Investments in subsidiaries (cont’d) Disposal of subsidiary 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. 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 |
|  | RMB’000 |
Property, plant and equipment |  |  | 41,111 |
Right-of-use assets |  |  | 22,782 |
Trade and other receivables |  |  | 47,595 |
Cash and cash equivalents |  |  | 32,056 |
|  |  | 143,544 |
Trade and other payables |  |  | (20,109 | )
Provision for warranty |  |  | (2,145 | )
Contract liabilities |  |  | (104 | )
Carrying value of net assets |  |  | 121,186 |
Gain on disposal: |  |  |
Total estimated consideration less cost of disposal |  |  | 234,228 |
Net assets derecognized |  |  | (121,186 | )
Gain on disposal of the subsidiary (Note 7.2(a)) |  |  | 113,042 |
Total estimated consideration less cost of disposal (i) |  |  | 234,228 |
Add: Transaction cost unpaid |  |  | 7,506 |
Less: Sales proceed received but restricted in use |  |  | (5,000 | )
Less: Cash and cash equivalents of a subsidiary |  |  | (32,056 | )
Less: Total estimated consideration due from acquirer |  |  | (236,734 | )
Net cash outflow on disposal of a subsidiary |  |  | (32,056 | )
Note: (i) The estimated consideration is RMB 179.9 million, along with the estimated book value of cash and cash equivalents and agreed-upon fair value for the equipment in Suzhou Reman as of December 31, 2023. During 2024, net cash inflow of RMB 230.9 million (US$32.2 million) from the disposal of Suzhou Reman was received, of which RMB 13.4 million (US$1.9 million) were retention sums which were classified as restricted cash. Total of RMB 235.9 million (US$32.9 million) was received as of December 31, 2024, of which RMB 18.4 million (US$2.6 million) were retention sums which were classified as restricted cash (Note 15).

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