Related party disclosures

12 Months Ended

Dec. 31, 2024

Disclosure of transactions between related parties [abstract]

29.

Related party disclosures

The ultimate parent

As of December 31, 2024, the controlling shareholder of the Company, HLA, indirectly owned 18,270,965, or 48.7% (2023: 18,270,965, or 44.7%), of the ordinary shares (net of treasury 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 25.4% (2023: 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 23.3% (2023: 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 of the Company and various agreements among shareholders, HLA is able to effectively approve and effect most corporate transactions.

In 2024, there were transactions other than dividends paid, between the Group and HLA of RMB 0.6 million (less than US$0.1 million) (2023: RMB 0.5 million; 2022: RMB 0.4 million). The transaction relates to consultancy fees charged by HLA.

Entity with significant influence over the Group

As of December 31, 2024, GY through Coomber Investment Ltd. owned 20.1% (2023: 18.2%) of the ordinary shares in the capital of the Company.

29.

Related party disclosures (cont’d)

The following provides the significant transactions that have been entered into with related parties for the relevant financial year.


	31.12.2022		31.12.2023		31.12.2024		31.12.2024
	RMB’000		RMB’000		RMB’000		US$’000
Sales of engines and parts
- associates and joint ventures		411,010		924,971		974,112		135,787
- GY and its affiliates		2,262,306		2,034,304		2,120,542		295,595
Purchase of parts, supplies and engines
- associates and joint ventures		1,396,611		1,614,814		1,683,296		234,645
- GY and its affiliates		1,053,607		1,804,457		1,927,305		268,659
Hospitality, restaurant, consultancy and other service income charged to
- a joint venture		5,803		18,427		11,536		1,608
- GY and its affiliates		10,398		18,023		25,521		3,558
Service charge charged by
- joint ventures		128		2,094		833		116
Rental income
- joint ventures		4,634		3,834		2,914		406
- GY and its affiliates		580		12,227		12,657		1,764
Sales of an intangible asset to a joint venture		—		101,390		—		—
Property management service expenses
- GY and its affiliates		22,128		24,668		22,873		3,188
Selling, general and administrative expenses
- GY and its affiliates		30,151		34,178		98,486		13,729
- HLA and its affiliates		8,994		9,194		8,968		1,250
Delivery, storage, distribution and handling expenses
- GY and its affiliates		201,669		212,566		183,020		25,512
Payment for lease liabilities
- GY and its affiliates		19,802		19,615		19,225		2,680
Purchases of vehicles and machineries
- GY and its affiliates		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


	31.12.2022		31.12.2023		31.12.2024		31.12.2024
	RMB’000		RMB’000		RMB’000		US$’000
Short-term employee benefits		25,011		30,147		34,625		4,827
Share-based payment		—		—		952		133
Contribution to defined contribution plans		208		305		315		44
		25,219		30,452		35,892		5,004

The non-executive directors do not receive pension entitlements from the Group.