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Riyadh Air and IBM to build AI-driven enterprise, to elevate guest and employee experiences

  • Agreement will see Riyadh Air leverage IBM watsonx and IBM Consulting solutions to drive Riyadh Air’s vision as the world’s first digital native airline
  • The collaboration aims to help power the Saudi Arabian airline’s mission to launch flights in 2025 while offering an elevated guest experience

RIYADH, Saudi Arabia, Feb. 25, 2025 /PRNewswire/ — Today, IBM (NYSE: IBM) announced a new agreement with Riyadh Air, which will integrate watsonx, IBM’s portfolio of AI products, and IBM Consulting AI solutions to establish an enterprise-wide AI capability to elevate Riyadh Air guest and employee experiences.  As Riyadh Air prepares for its inaugural flights in late 2025, the new Saudi Arabian airline sets another key building block of its journey in redefining air travel as the world’s first digital native carrier.

Adam Boukadida, Riyadh Air Chief Financial Officer, and Mohamad Ali, SVP and Head of IBM Consulting, at FII PRIORITY MIAMI 2025 Summit
Adam Boukadida, Riyadh Air Chief Financial Officer, and Mohamad Ali, SVP and Head of IBM Consulting, at FII PRIORITY MIAMI 2025 Summit

The announcement took place at the third edition of The FII PRIORITY Miami 2025 Summit, where senior executives from both IBM and Riyadh Air, including Adam Boukadida, Riyadh Air Chief Financial Officer, and Mohamad Ali, SVP and Head of IBM Consulting, reaffirmed their commitment to driving innovation in the aviation sector. 

Building a world-class airline requires more than just aircraft and infrastructure; it demands an intelligent digital foundation that anticipates passenger needs, streamlines operations, and empowers employees. Riyadh Air is embracing this challenge by making AI the driving force behind its transformation.

“Riyadh Air is more than just an airline; it is a gateway to new opportunities for travelers from the Kingdom and beyond,” said Adam Boukadida, Riyadh Air Chief Financial Officer. “As we move closer to our first flight later in 2025, our vision is to deliver a seamless, world-class travel experience by expanding our reach, pioneering innovations, and redefining industry standards. By deepening our collaboration with IBM, we are harnessing the power of AI, from intelligent customer interactions to optimized flight operations, to set a new benchmark for the future of aviation.”

This agreement aims to strengthen Riyadh Air’s position as a truly digital-native airline, building on IBM’s AI-driven products and solutions together with IBM Consulting as its lead systems integrator. watsonx, IBM’s portfolio of AI products, will serve as the foundation for Riyadh Air’s AI platform, driving mission-critical functions and fostering open innovation with multi-model AI. The new platform will be built with a focus on  data security, privacy, regulatory compliance, and responsible AI adoption. Riyadh Air will also leverage Agentic AI to deploy autonomous bots to enable seamless and personalized system interactions.

IBM will oversee the installation and deployment of watsonx, as well as develop AI use cases utilizing IBM Garage methodology to drive automation and digital transformation.

With IBM Consulting Advantage, an AI-powered delivery platform, Riyadh Air will deploy AI solutions to boost efficiency and service, including AI-powered Virtual Assistants for customer and employee self-service.

“By embedding watsonx at the core of its operations, Riyadh Air is taking an AI-first approach to redefine air travel and set new industry standards as the world’s first digital-native airline,” said Mohamad Ali, Senior Vice President and Head of IBM Consulting. “Together we are supercharging our teams with AI to enhance traveler experiences, optimize operations, and shape the future of aviation in Saudi Arabia and beyond.”

The airline’s decision to partner with IBM Consulting and watsonx was driven by IBM’s strong track record in AI transformation, backed by successful past engagements with Riyadh Air that established trust and credibility. IBM’s immersive engagement model played a key role in the expanded relationship. Hands-on AI workshops  showcased real-world benefits for guests and employees, and IBM offered AI technology and enterprise services into an integrated solution tailored to Riyadh Air’s digital goals. Additionally, IBM Consulting Advantage allows Riyadh Air employees and IBM consultants to work side by side to deliver rapid innovation, scalable solutions, and accelerated value helping Riyadh Air shape next-generation travel experiences.

Riyadh Air’s AI-driven strategy aligns with Saudi Arabia’s Vision 2030, which aims to serve 330 million passengers annually by 2030, positioning the Kingdom as a global aviation hub. By embedding AI across its ecosystem, Riyadh Air sets a new industry benchmark as a truly digital-native airline. This collaboration with IBM marks a transformative leap forward, enabling a comprehensive, intelligent, and highly personalized travel experience designed to anticipate and adapt to the evolving needs of travelers worldwide.

About Riyadh Air
Riyadh Air is a world-class airline owned by the Public Investment Fund (PIF). Launched in March 2023, the airline will be a digitally-led, full service airline that adopts the best global sustainability and safety practices across its advanced fleet of aircraft. Riyadh Air will equip its aircrafts with the most advanced, state-of-the-art features with innovative, best-in-class cabin interiors and experiences, including next generation digital in-flight entertainment systems and connectivity solutions. Riyadh Air will connect guests to over 100 destinations around the world by 2030 through offering an exceptional guest experience with an authentic, warm Saudi hospitality at its heart. 

For more information please visit our website: www.riyadhair.com – and for any media inquiries please contact us at: media@riyadhair.com

About IBM
IBM is a leading provider of global hybrid cloud and AI, and consulting expertise. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. More than 4,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and consulting deliver open and flexible options to our clients. All of this is backed by IBM’s long-standing commitment to trust, transparency, responsibility, inclusivity and service. Visit www.ibm.com for more information.

Visit www.ibm.com for more information.

IBM media contact:
Aymen Alfaraj
IBM Communciations
Aymen.Alfaraj@ibm.com 

IBM Corporation logo.
IBM Corporation logo.

 

Altair Joins the Piedmont Aerospace Cluster

Altair technology to fuel innovation and the future of aerospace

TROY, Mich., Feb. 25, 2025 /PRNewswire/ — Altair (Nasdaq: ALTR), a global leader in computational intelligence, has been selected to join the Piedmont Aerospace Cluster. As a member, Altair will contribute to several of the Cluster’s innovative projects and strategic initiatives.

Altair has been selected to join the Piedmont Aerospace Cluster, fueling innovation and the future of aerospace.
Altair has been selected to join the Piedmont Aerospace Cluster, fueling innovation and the future of aerospace.

In aerospace, supply chains play a crucial role, as optimizing them requires companies with deep knowledge of the processes and methods of a highly regulated, quality-driven industry. As one of the world’s leading providers of technologies for the digitalization of engineering, testing, manufacturing, and maintenance, Altair will benefit the Cluster by providing indispensable tools and expertise for digital engineering and the application of artificial intelligence (AI) for the development, production, and maintenance of aircraft and subsystems.

Altair has deep roots within Piedmont and Turin, where we have had our Italian headquarters for more than 20 years. Throughout that time, we have established close relationships with the world’s leading aerospace companies,” said Pietro Cervellera, senior vice president of aerospace and defense, Altair. “Joining the Cluster is our way of strengthening our bond with the region, its universities, and its businesses within the aerospace ecosystem.”

“We are pleased to welcome Altair to the Cluster, which already includes among its members some of the most innovative aerospace companies in our country,” said Fulvia Quagliotti, president, Piedmont Aerospace Cluster. “Simulation, data analytics, and AI are essential elements for aerospace organizations of all types.”

The Cluster is a nonprofit organization established in 2005 to enhance the competitiveness of Piedmont’s aerospace industry, guaranteeing coordination and long-term vision for public and private investment in technological innovation. The Cluster is one of the founders of the National Aerospace Technology Cluster (CTNA), which federates Italy’s leading aerospace hubs and brings together all the key players in the national aerospace system, including public authorities, universities and research centers, companies, and more. Its mission is to promote innovation, training, and encourage the development and growth of the region’s excellence.

To learn more about Altair’s aerospace solutions, visit https://altair.com/aerospace. To learn more about the Cluster, visit https://www.distrettoaerospazialepiemonte.com/en/about-us/.

About Altair

Altair is a global leader in computational intelligence that provides software and cloud solutions in simulation, high-performance computing (HPC), data analytics, and AI. Altair enables organizations across all industries to compete more effectively and drive smarter decisions in an increasingly connected world – all while creating a greener, more sustainable future. To learn more, please visit www.altair.com.

Media contacts

Altair Corporate                   

Altair Investor Relations

Bridget Hagan                     

Stephen Palmtag

+1.216.769.2658                   

+1.669.328.9111

corp-newsroom@altair.com         

ir@altair.com

Altair Europe/The Middle East/Africa 

Altair Asia-Pacific

Louise Wilce                                       

Man Wang

+44 (0)7392 437 635

86-21-5016635,,825

emea-newsroom@altair.com               

apac-newsroom@altair.com

 

Euro Tech Holdings Company Limited Reports Contracts Awarded to PACT

HONG KONG, Feb. 25, 2025 /PRNewswire/ — Euro Tech Holdings Company Limited (Nasdaq: CLWT) today announced that its majority-owned subsidiary, Yixing PACT Environmental Technology Company Ltd. (“PACT”) has recently been awarded two contracts worth approximately US$2.2 million in total. One project is to provide a turnkey industrial water treatment solution for a renowned UK pharmaceutical company to treat industrial wastewater from their inhalation aerosols manufacturing plant in Qingdao, China. The project is expected to be completed by June 2026.

In addition to the wastewater treatment contract, the company has also been awarded a Ballast Water Treatment port reception system contract. The purpose is to treat the ballast water at the port for a Chinese state-owned shipping and logistics company, which owns a harbor port on Hainan Island. This project is expected to be completed by June 2025.

These two contracts cover design, supply, fabrication, installation, and commissioning at the respective sites.

Certain statements in this news release regarding the Company’s expectations, estimates, present view of circumstances or events, and statements containing words such as estimates, anticipates, intends, or expects, or words of similar import, constitute forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements indicate uncertainty and the Company can give no assurance with regard to actual outcomes. Specific risk factors may include, without limitation, having the Company’s offices and operations situated in Hong Kong and China, doing business in China, competing with Chinese manufactured products, competing with the Company’s own suppliers, dependence on vendors, and lack of long term written agreements with suppliers and customers, development of new products, entering new markets, possible downturns in business conditions, increased competition, loss of significant customers, availability of qualified personnel, negotiating definitive agreements, new marketing efforts and the timely development of resources. See the “Risk Factor” discussions in the Company’s filings with the Securities and Exchange Commission, including its Annual Report on Form 20-F for its fiscal year ended December 31, 2023.

Plume’s New 5G.11 Offload Helps Communications Service Providers Boost Cellular Coverage and Reduce Costs

PALO ALTO, Calif., Feb. 25, 2025 /PRNewswire/ — Plume, the pioneer in cloud-based platform services focused on enriching subscriber experiences for Communications Service Providers (CSPs), today announced the expansion of its 5G.11 cellular and WiFi convergence services.

Plume’s 5G.11 Offload combines two data connection types (5G/cellular and 802.11/WiFi).  5G.11 Offload is a service for mobile network operators to easily offload their subscribers’ mobile traffic onto existing WiFi networks. They can do this by implementing their service across their own subscriber WiFi networks, deploying gateways across public spaces where they operate, or by signing agreements with other WiFi operators.

“The enhanced 5G.11 Offload transforms how CSPs can leverage their existing WiFi infrastructure,” said Robert Gary, Head of Consumer Products at Plume. “By intelligently managing the handoff between cellular and WiFi networks, we’re helping providers deliver better coverage while significantly reducing their operational costs.”

The service’s key benefits include:

  • Reducing CSP Mobile Virtual Network Operator (MVNO) data usage costs through efficient WiFi offload
  • Expanding indoor mobile coverage without additional cellular infrastructure
  • Optimizing subscriber quality-of-experience with dynamic handoff algorithms
  • Monitoring network performance in real-time with automated alerts
  • Protecting subscriber internet bandwidth through smart-resource allocation

The solution is delivered through Plume’s Consumer Experience Management (CEM) platform and OpenSync-enabled WiFi routers, autonomously switching mobile devices between cellular and WiFi connections based on performance, availability, and reliability metrics.

For CSPs operating as Mobile Virtual Network Operators (MVNOs), the platform offers immediate cost savings by reducing cellular data usage fees. Network operators benefit from lower capital and operating expenses by optimizing their licensed spectrum usage. Observability of mass scale deployment efficacy is monitored through key performance indicators (KPIs) to prioritize CSP network build outs and preemptively improve quality of experience (QoE) for their subscribers.

Plume’s 5G.11 Offload is available for immediate deployment. To learn more or arrange for a demo contact: sales@plume.com.

Read more here.

Media queries: corporatecomms@plume.com

About Plume
Plume is the creator of the world’s first SaaS experience platform for communications service providers (CSPs) and their subscribers, deployed in more than 60 million locations globally. As the only open and hardware-independent, cloud-controlled solution, Plume enables the rapid delivery of new services for smart homes, small businesses and beyond, at massive scale. On the front end, Plume delivers self-optimizing, adaptive WiFi, cybersecurity, access, parental controls and more. CSPs get robust data- and AI-driven back-end applications for unprecedented visibility, insights, support, operations and marketing. Plume leverages OpenSync®, an open-source framework that comes pre-integrated and supported on the leading silicon, CPE and platform SDKs.

Plume, OpenSync, WorkPass, HomePass, Uprise and Haystack are either trademarks or registered trademarks of Plume Design, Inc. Other company and product names are used for informational purposes only and may be trademarks of their respective owners.

Visit us: plume.com.
Follow us: LinkedIn and Instagram.

SUNHOME to Debut Smart Residential Energy System for Global Markets in Thailand

BANGKOK, Feb. 25, 2025 /PRNewswire/ — SUNHOME, a technology brand in smart residential energy sector, is set to unveil its latest innovations at a global launch event in Thailand on February 27. Under the theme “Bright Tomorrow Starts Today,” the event will introduce SUNHOME’s all-in-one comprehensive home energy system, marking a significant advancement in how households generate and manage energy.

Introducing Smart, Sustainable Energy Systems

As global energy demands rise and environmental concerns intensify, the shift toward renewable energy has become imperative. Smart residential energy systems offer families energy independence, provide long-term economic benefits, and make sustainable living both practical and accessible.

SUNHOME’s advanced, all-in-one residential energy system combines solar energy generation, smart storage, efficient charging, and AI-driven energy management. Tailored for various housing types—including villas, townhouses, and apartments—these systems enable 100% self-consumption of renewable energy, effectively reducing electricity costs and promoting sustainability.

“With our deep expertise in smart energy sector, we are committed to empowering households with technology that enhances energy efficiency while supporting a cleaner planet,” said Winson Jiao, President of SUNHOME Global. “Our global expansion reflects our dedication to meeting the growing demand for intelligent, reliable, and eco-friendly home energy solutions.”

SUNHOME’s ‘Power-Magic Cube’ technology platform features high-efficiency solar power generation and AI-driven optimization, ensuring maximum energy output while adapting to local grids. These technologies contribute to global carbon neutrality efforts, supporting regional sustainability goals and the broader transition toward a cleaner energy future.

By offering a comprehensive service ecosystem—from system design and financing to installation, maintenance, and upgrades—SUNHOME ensures a seamless user experience. Its commitment to customized systems means households worldwide will benefit from energy systems tailored to different climate conditions, grid infrastructures, and policy frameworks.

About SUNHOME

Founded in 2013, SUNHOME is a technology brand in global smart residential energy sector, offering smart residential energy systems integrating photovoltaic, energy storage, EV charger, and energy management.

As a pioneer with over a decade of expertise in home energy field, we focus on full-stack self-developed power plant technology as our core innovation. This enables us to build a comprehensive service system covering solar power generation, smart energy storage, efficient charging, and energy management, empowering households worldwide to seamlessly embrace a green and smart energy lifestyle.

For more information, visit www.sunhomeplant.com or contact:

marketing@sunhome.com

Sungrow and Sun Village Announce Procurement and Sales Agreement for PowerTitan & PowerStack Series Energy Storage Systems in Japan

TOKYO, Feb. 25, 2025 /PRNewswire/ — During Smart Energy Week 2025, Sungrow Japan signed an agreement with Sun Village Co., Ltd., a pioneer in developing non-FIT solar power plants, for the procurement and sales of grid-scale energy storage systems in Tokyo. Under this agreement, Sun Village plans to deploy approximately 500 MWh of Sungrow’s PowerTitan and PowerStack series energy storage systems in battery storage power plants across Japan.

Contract Signing Ceremony between Sungrow and Sun Village
Contract Signing Ceremony between Sungrow and Sun Village

These systems include the container-type PowerTitan and the cabinet-type PowerStack, which offer flexible installation options such as side-by-side or back-to-back configurations. Designed with safety and reliability at the forefront, they feature a comprehensive three-tier overcurrent protection mechanism (at the PACK, RACK, and PCS levels), advanced fire safety measures, and thermal runaway prevention functions. Reinforcing its commitment to safety, last year Sungrow conducted the world’s largest battery energy storage system (BESS) burn test for PowerTitan, demonstrating exceptional resilience and reliability in real-world conditions.

This collaboration aims to accelerate Japan’s energy transition, contribute to the country’s decarbonization goals, and meet customer expectations through rapid deployment. Mr. Chen Tang, Sungrow Japan’s Country Manager, commented: “This year 2025 marks the beginning of Sungrow’s next decade in the Japanese market. We are delighted to cooperate with Sun Village and committed to delivering advanced technology and energy solutions to achieve a sustainable society. Through this project, we are delighted to play a strong role in supporting Japan’s energy transition. Furthermore, this partnership enhances Sungrow’s brand presence in the Japanese market, enabling us to provide innovative solutions to a wider range of customers.”

About Sun Village Co., Ltd.

Since its establishment in 2012, Sun Village Co., Ltd. has prioritized harmony and collaboration with local communities while developing and constructing solar power plants, primarily in the northern Kanto region. The company has also been a pioneer in developing non-FIT solar power plants. As the role of grid-scale energy storage systems gains importance in ensuring stable grid operations and promoting renewable energy adoption, Sun Village is expanding its battery storage development projects across Japan. The company aims to develop and construct 250 sites with a total capacity of 500 MW, further contributing to the proliferation of renewable energy.

For more information about Sun Village Co., Ltd., please visit: https://sunvillage-co-ltd.com/

About Sungrow

Sungrow, a global leader in renewable energy technology, has pioneered sustainable power solutions for over 28 years. As of December 2024, Sungrow has installed 740 GW of power electronic converters worldwide. The Company is recognized as the world’s No. 1 on PV inverter shipments (S&P Global Commodity Insights) and the world’s most bankable energy storage company (BloombergNEF). Its innovations power clean energy projects in over 180 countries, supported by a network of 520 service outlets guaranteeing excellent customer experience. At Sungrow, we’re committed to bridging to a sustainable future through cutting-edge technology and unparalleled service. For more information, please visit: www.sungrowpower.com.

Huber Management Launches Dedicated Corporate Bond Research Team for AI and Quantum Computing Innovators

VANCOUVER, BC, Feb. 25, 2025 /PRNewswire/ — Huber Management is pleased to announce the establishment of a specialized corporate bond research team dedicated to analyzing and identifying investment in corporate debt opportunities within the rapidly evolving fields of artificial intelligence (AI) and quantum computing. This new initiative reflects the firm’s commitment to providing clients with deep, data-driven insights into the companies driving technological innovation.

Navigating the intersection of technology and fixed income

The new research team will focus on evaluating corporate bond issuances from leading and emerging technology firms, with a particular emphasis on:

  • AI chipmakers and semiconductor manufacturers
  • Cloud computing and AI infrastructure providers
  • Quantum computing startups and enterprise-scale innovators
  • Software companies leveraging AI for automation and advanced analytics

“As AI and quantum computing investments accelerate, the corporate bond market is set to play an increasingly crucial role in financing these transformative technologies,” said Paul Reynolds, Head of Private Equity at Huber Management. “By establishing a dedicated research team, the plan is to provide our clients with actionable insights into credit risk, yield opportunities, and long-term investment potential in this high-growth sector.”

A research-driven approach to bond market opportunities

With AI development requiring massive capital expenditure and quantum computing firms still in the early stages of commercialization, corporate bond issuance from tech companies is expected to increase significantly in the coming years. The Huber Management Corporate Bond Research Team will assess factors such as:

  • Creditworthiness and financial stability of issuers
  • Market demand for AI and quantum-driven solutions
  • Regulatory and geopolitical risks impacting tech financing
  • Yield potential relative to broader fixed-income markets

Positioning investors for the future

By closely tracking the corporate debt landscape within AI and quantum computing, Huber Management aims to position its clients at the forefront of fixed-income opportunities in breakthrough technology sectors. The research team will publish in-depth reports, provide strategic recommendations, and offer tailored advisory services to institutional and private investors seeking exposure to this dynamic market.

About Huber Management

Huber Management is a Vancouver, Canada and Nassau, Bahamas -based investment and wealth management practice offering a broad range of financial solutions, including portfolio management, retirement planning and wealth advisory services. Regarded for its commitment to personalized service and consistent results, Huber Management helps clients navigate the complexities of the investment landscape to achieve their financial ambitions.

Nicholas Huber
220 – 145 Chadwick Court, North Vancouver, British Columbia, Canada, V7M 3K1
contact.canada@hubermanagementdivisions.com 
+1 778 945 3005

Huber Management
https://www.hubermanagementdivisions.com/index.html

China Yuchai International Announces Unaudited 2024 Second Half-Year and Full Year Financial Results

SINGAPORE, Feb. 25, 2025 /PRNewswire/ — China Yuchai International Limited (NYSE: CYD) (“China Yuchai” or the “Company”), one of the largest powertrain solution manufacturers through its main operating subsidiary in China, Guangxi Yuchai Machinery Company Limited (“Yuchai”), wishes to announce today its unaudited consolidated financial results for the 2024 second half year (“2H 2024”) and fiscal year ended December 31, 2024 (“FY 2024”).   The financial information presented herein for 2H 2024 and FY 2024 and the second half year (“2H 2023”) and fiscal year ended December 31, 2023 (“FY 2023”) are reported using the International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board.

Financial Highlights for 2H 2024

  • Revenue was RMB 8.8 billion (US$ 1.2 billion) compared with RMB 8.9 billion in 2H 2023;
  • Gross profit increased by 14.3% to RMB 1.4 billion (US$ 195.7 million) compared with RMB 1.2 billion in 2H 2023.  Gross margin was 15.9% in 2H 2024 compared with 13.9% in 2H 2023;
  • Operating profit was RMB 160.1 million (US$ 22.3 million) compared with RMB 221.8 million in 2H 2023;
  • Profit for the period was RMB 155.1 million (US$ 21.6 million) compared with RMB 169.8 million in 2H 2023;
  • Basic and diluted earnings per share were RMB 2.19 (US$ 0.30) compared with RMB 2.62 in 2H 2023;
  • Total number of engines sold increased by 10.9% to 163,843 units compared with 147,700 units in 2H 2023.

Revenue was RMB 8.8 billion (US$ 1.2 billion) compared with RMB 8.9 billion in 2H 2023.

The total number of engines sold in 2H 2024 increased by 10.9% to 163,843 units compared with 147,700 units in 2H 2023.  The increase was mainly due to higher sales in truck, bus, industrial and marine and power generation markets.  The better performance in truck and bus engine sales was achieved despite a decline by 9.9% in sales of commercial vehicles (excluding gasoline- and electric-powered vehicles) compared to 2H 2023 as reported by the China Association of Automobile Manufacturers (“CAAM”).  

Gross profit increased by 14.3% to RMB 1.4 billion (US$ 195.7 million), from RMB 1.2 billion in 2H 2023.  The increase was mainly due to higher unit sales volume combined with lower materials costs.  Overall gross margin was 15.9% in 2H 2024 compared with 13.9% in 2H 2023.  

Other operating income increased by 31.2% to RMB 401.5 million (US$ 55.9 million) compared with RMB 306.2 million in 2H 2023.  The increase was mainly due to higher government grants, higher rebate on value-added taxes, and recognition of technology licensing fees. 

Research and development (“R&D”) expenses increased by 25.6% to RMB 591.1 million (US$ 82.2 million) compared with RMB 470.5 million in 2H 2023, due to higher mold costs and impairment of a discontinued R&D project.  Total R&D expenditures, including capitalized costs, were RMB 726.0 million (US$ 101.0 million), representing 8.2% of revenue in 2H 2024, as compared to RMB 599.2 million, representing 6.8% of revenue in 2H 2023.

Selling, general and administrative (“SG&A”) expenses increased by 25.1% to RMB 1.1 billion (US$ 147.0 million) from RMB 844.6 million in 2H 2023.  This increase was mainly due to higher trade receivables provision, and higher travelling, personnel and selling expenses compared with the same period last year.  SG&A expenses represented 12.0% of revenue for 2H 2024 compared with 9.5% for 2H 2023.

Operating profit declined to RMB 160.1 million (US$ 22.3 million) from RMB 221.8 million in 2H 2023.  The operating margin was 1.8% compared with 2.5% in 2H 2023.

Finance costs decreased by 20.4% to RMB 37.1 million (US$ 5.2 million) from RMB 46.5 million in 2H 2023 primarily due to lower bills discounting.

The share of financial results of the associates and joint ventures grew by 80.2% to a profit of RMB 58.5 million (US$ 8.1 million), compared with RMB 32.5 million in 2H 2023.  The improvement was mainly driven by higher profits at MTU Yuchai Power Company Limited (“MTU Yuchai”).  Additionally, Y&C Engine Co., Ltd. (“Y&C Engine”) and Guangxi Purem Yuchai Automotive Technology Co., Ltd. (“Purem Yuchai”) achieved profitability in 2H 2024 compared to a loss in the same period last year.

Income tax expense was RMB 26.4 million (US$ 3.7 million) compared with RMB 37.9 million in 2H 2023. 

Net profit attributable to equity holders of the Company was RMB 82.7 million (US$ 11.5 million) compared with RMB 107.1 million in 2H 2023.

Basic and diluted earnings per share were RMB 2.19 (US$ 0.30) compared with RMB 2.62 in 2H 2023.

Basic and diluted earnings per share for 2H 2024 and 2H 2023 were based on a weighted average of 37,809,894 shares and 40,858,290 shares, respectively.

Financial Highlights for FY 2024 

  • Revenue grew by 6.0% to RMB 19.1 billion (US$ 2.7 billion) compared with RMB 18.0 billion in FY 2023; 
  • Gross profit increased by 10.8% to RMB 2.8 billion (US$ 392.1 million), a 14.7% gross margin, compared with RMB 2.5 billion and a gross margin of 14.1% in FY 2023; 
  • Operating profit was RMB 597.0 million (US$ 83.0 million) compared to RMB 609.4 million in FY 2023; 
  • Profit for the year was RMB 491.7 million (US$ 68.4 million) compared to RMB 422.9 million in FY 2023;
  • Basic and diluted earnings per share increased by 17.5% to RMB 8.21 (US$ 1.14) from RMB 6.99 in FY 2023; 
  • Total number of engines sold increased by 13.7% to 356,586 units compared with 313,493 units in FY 2023. 

Revenue was RMB 19.1 billion (US$ 2.7 billion) compared with RMB 18.0 billion in FY 2023.

The total number of engines sold in FY 2024 increased by 13.7% to 356,586 units compared with 313,493 units in FY 2023.  The increase was mainly due to higher sales in the truck, bus, industrial and marine and power generation markets.  The stronger performance in truck and bus engine sales was achieved despite a 2.6% year-over-year decrease in sales of commercial vehicles (excluding gasoline- and electric-powered vehicles) in FY 2024 as reported by CAAM.

Gross profit increased by 10.8% to RMB 2.8 billion (US$ 392.1 million) compared with RMB 2.5 billion in FY 2023.  Gross margin increased to 14.7% compared with 14.1% in FY 2023.  The increase in gross margin was mainly attributable to higher revenue from increased unit sales volume, and continuing cost reduction initiatives, partially offset by greater labor and overhead expenses.

Other operating income increased by 30.1% to RMB 575.7 million (US$ 80.1 million) compared with RMB 442.4 million in FY 2023.  The increase was mainly due to higher government grants, higher rebate on value-added taxes, and recognition of technology licensing fees.

R&D expenses increased by 12.3% to RMB 984.7 million (US$ 137.0 million) compared with RMB 876.6 million in FY 2023, mainly attributable to higher mold costs and impairment of a discontinued R&D project.  Yuchai had continued with its initiatives to enhance the engine efficiency and performance of its National VI and Tier-4 emission standard compliant engines, marine power generation applications, while advancing new energy solutions.  Total R&D expenditures, including capitalized costs, were RMB 1.2 billion (US$ 165.4 million), representing 6.2% of revenue for FY 2024, compared with RMB 1.1 billion, representing 5.9% of revenue for FY 2023.

SG&A expenses were RMB 1.8 billion (US$ 252.1 million), representing 9.5% of revenue in FY 2024, compared with RMB 1.5 billion, representing 8.3% of revenue in FY 2023.  This increase was mainly due to higher trade receivables provision, and higher travelling, personnel and selling expenses compared with FY 2023.

Operating profit was RMB 597.0 million (US$ 83.0 million), compared with RMB 609.4 million in FY 2023.  The operating margin was 3.1% compared with 3.4% in FY 2023.

Finance costs decreased by 22.2% to RMB 78.0 million (US$ 10.8 million) from RMB 100.2 million in FY 2023, primarily due to lower bills discounting.

The share of financial results of the associates and joint ventures increased by 63.6% to income of RMB 101.5 million (US$ 14.1 million) compared with income of RMB 62.1 million in FY 2023.  The improvement was mainly driven by higher profits at MTU Yuchai.  Additionally, Y&C Engine and Purem Yuchai achieved profitability in FY 2024 compared to a loss last year.

Income tax expense declined by 13.3% to RMB 128.8 million (US$ 17.9 million) as compared with RMB 148.5 million in FY 2023.  

Net profit attributable to China Yuchai’s shareholders was RMB 323.1 million (US$ 44.9 million) compared with RMB 285.5 million in FY 2023.

Basic and diluted earnings per share were RMB 8.21 (US$ 1.14) compared with RMB 6.99 in FY 2023. 

Basic and diluted earnings per share for FY 2024 and FY 2023 were based on a weighted average of 39,325,763 shares and 40,858,290 shares, respectively.  

As of December 31, 2024, the Company’s outstanding shares were, following a share buyback plan, reduced to 37,518,322 from 40,858,290 shares as of December 31, 2023.

Balance Sheet Highlights as at December 31, 2024

  • Cash and bank balances were RMB 6.4 billion (US$ 895.0 million) compared with RMB 6.0 billion at the end of FY 2023;
  • Trade and bills receivables were RMB 8.8 billion (US$ 1.2 billion) compared with RMB 7.8 billion at the end of FY 2023;
  • Inventories were RMB 4.7 billion (US$ 647.5 million) compared with RMB 4.6 billion at the end of FY 2023;
  • Trade and bills payables were RMB 8.5 billion (US$ 1.2 billion) compared with RMB 7.6 billion at the end of FY 2023;
  • Short-term and long-term loans and borrowings were RMB 2.5 billion (US$ 349.1 million) compared with RMB 2.5 billion at the end of FY 2023.  

Mr. Weng Ming Hoh, President of China Yuchai, commented, “We continued to achieve profitable sales growth and free cashflow generation by selling into multiple end markets with a broad and diverse product portfolio.  We are pleased to report that our on-road engine sales outperformed the overall Chinese truck and bus vehicle markets in both the second half and the full year of 2024.  Our off-road segments continued to deliver unit growth in almost all markets. And our strategic alliances posted a robust 63.6% increase in profits to us, driven by higher profits from MTU Yuchai and improved operations across other ventures in 2024.” 

“We have entered into the second expansion phase of our 50/50 joint-venture MTU Yuchai.  With the addition of the MTU-2000 engine and Yuchai-branded VC series diesel engines to the MTU-4000 engine series, our generator engine product portfolio will be better positioned to address the various end-market opportunities.  We are also expanding our production capacity to meet the increasing demand for power generators as demand from data centers has increased significantly.”

“We took action during the year to enhance our rewards to shareholders.  In addition to a cash dividend of US$ 0.38 per ordinary share for FY 2023 paid in August 2024, we used our resources to launch our first-ever share buyback program in mid-2024, through which a total of 3.3 million shares, for a total amount of US$ 39.8 million, were repurchased.”

“Our strong financial resources provide support for our current operations and investment in new products for our future,” Mr. Hoh concluded.

Disclaimer Regarding Unaudited Financial Results 

Investors should note that the Company has not yet finalized its consolidated financial results for FY 2024.  The financial information of the Company presented above is unaudited and may differ materially from the audited financial statements of the Company for FY 2024 to be released when it is available. 

Exchange Rate Information 

The Company’s functional currency is the U.S. dollar and its reporting currency is Renminbi.  The translation of amounts from Renminbi to U.S. dollars is solely for the convenience of the reader. Translation of amounts from Renminbi to U.S. dollars has been made at the rate of RMB 7.1884 = US$1.00, the rate quoted by the People’s Bank of China at the close of business on December 31, 2024.  No representation is made that the Renminbi amounts could have been, or could be, converted into U.S. dollars at that rate or at any other certain rate on December 31, 2024 or at any other date.

Unaudited 2H 2024 and FY 2024 Conference Call

A conference call and audio webcast for the investment community has been scheduled for 8:00 A.M. Eastern Standard Time on February 25, 2025. The call will be hosted by the President and Chief Financial Officer of China Yuchai, Mr. Weng Ming Hoh and Mr. Choon Sen Loo, respectively, who will present and discuss the financial results of the Company followed by a Q&A session.

Analysts and institutional investors may participate in the conference call by registering at: https://register.vevent.com/register/BIe0e5803674cf453b9f7f684f0548e941 at least one hour before the scheduled start time.  An email reply will be sent with instructions and phone numbers to join the call. 

For all other interested parties, a simultaneous webcast can be accessed at the investor relations section of the Company’s website located at http://www.cyilimited.com. Participants are encouraged to join the webcast at least 10 minutes prior to the scheduled start time.  The recorded webcast will be available on the website shortly after the earnings call.

About China Yuchai International

China Yuchai International Limited, through its subsidiary Guangxi Yuchai Machinery Company Limited (“Yuchai”), is one of the leading powertrain solution providers in China.  Yuchai specializes in the design, manufacture, assembly, and sale of a wide variety of light-, medium- and heavy-duty engines for trucks, buses, pickups, construction and agricultural equipment, and marine and power generation applications.  Yuchai offers a comprehensive portfolio of powertrain solutions, including but not limited to diesel, natural gas, and new energy products such as pure electric, range extenders, and hybrid and fuel cell systems.  Through its extensive network of regional sales offices and authorized customer service centers, Yuchai distributes its engines directly to auto OEMs and distributors while providing after-sales services across China and globally.  Founded in 1951, Yuchai has established a reputable brand name, strong research and development team, and significant market share in China. Known for its high-quality products and reliable after-sales support, Yuchai has also expanded its footprint into overseas markets.  In 2024, Yuchai sold 356,586 engines, further solidifying its position as a leading manufacturer and distributor of engines in China.  For more information, please visit http://www.cyilimited.com

Safe Harbor Statement:

This news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  The words “believe”, “expect”, “anticipate”, “project”, “targets”, “optimistic”, “confident that”, “continue to”, “predict”, “intend”, “aim”, “will” or similar expressions are intended to identify forward-looking statements.  All statements other than statements of historical fact are statements that may be deemed forward-looking statements.  These forward-looking statements including, but not limited to, statements concerning China Yuchai group of entities’ operations, financial performance and condition are based on current expectations, beliefs and assumptions which are subject to change at any time.  China Yuchai cautions that these statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors such as government and stock exchange regulations, competition, political, economic and social conditions around the world and in China including those discussed in China Yuchai’s Form 20-Fs under the headings “Risk Factors”, “Results of Operations” and “Business Overview” and other reports filed with the Securities and Exchange Commission from time to time.  All forward-looking statements are applicable only as of the date they are made and China Yuchai specifically disclaims any obligation to maintain or update the forward-looking information, whether of the nature contained in this release or otherwise, in the future.

For more information:
Investor Relations
Kevin Theiss
Tel: +1-212-510-8922
Email: cyd@bluefocus.com

— Tables Follow —

 

CHINA YUCHAI INTERNATIONAL LIMITED
UNAUDITED CONSOLIDATED INCOME STATEMENTS
For the six months ended December 31, 2024 and 2023
(RMB and US$ amounts expressed in thousands, except per share data)


Second Half of 2024

Second Half of 2023

RMB ‘000

US$ ‘000

RMB ‘000

US$ ‘000


Revenue

8,827,151

1,227,972

8,875,346

1,234,676


Cost of sales*

(7,420,695)

(1,032,315)

(7,644,571)

(1,063,459)


Gross profit

1,406,456

195,657

1,230,775

171,217


Other operating income, net

401,548

55,861

306,161

42,591


Research and development expenses

(591,099)

(82,230)

(470,531)

(65,457)


Selling, general and administrative expenses*

(1,056,825)

(147,019)

(844,642)

(117,501)


Operating profit

160,080

22,269

221,763

30,850


Finance costs

(37,057)

(5,155)

(46,533)

(6,473)


Share of results of associates and joint ventures

58,473

8,134

32,452

4,514


Profit before tax

181,496

25,248

207,682

28,891


Income tax expense

(26,357)

(3,667)

(37,869)

(5,268)


Profit for the period

155,139

21,581

169,813

23,623


Attributable to:


Equity holders of the Company

82,725

11,507

107,141

14,905


Non-controlling interests

72,414

10,074

62,672

8,718

155,139

21,581

169,813

23,623

Net earnings per share


– Basic

2.19

0.30

2.62

0.36


– Diluted

2.19

0.30

2.62

0.36


Unit sales

163,843

147,700

 

CHINA YUCHAI INTERNATIONAL LIMITED
UNAUDITED CONSOLIDATED INCOME STATEMENTS
For the years ended December 31, 2024 and 2023
(RMB and US$ amounts expressed in thousands, except per share data)


December 31, 2024

(Unaudited)


December 31, 2023

(Audited)

RMB ‘000

US$ ‘000

RMB ‘000

US$ ‘000

 

Revenue

19,133,575

2,661,729

18,046,349

2,510,482

 

Cost of sales*

(16,315,074)

(2,269,639)

(15,502,876)

(2,156,652)

 

Gross profit

2,818,501

392,090

2,543,473

353,830

 

Other operating income, net

575,658

80,082

442,362

61,538

 

Research and development expenses

(984,659)

(136,979)

(876,578)

(121,943)

 

Selling, general and administrative expenses*

(1,812,526)

(252,147)

(1,499,808)

(208,643)

 

Operating profit

596,974

83,046

609,449

84,782

 

Finance costs

(77,982)

(10,848)

(100,175)

(13,936)

 

Share of results of associates and joint ventures

101,548

14,127

62,078

8,636

 

Profit before tax

620,540

86,325

571,352

79,482

 

Income tax expense

(128,798)

(17,917)

(148,496)

(20,658)

 

Profit for the year

491,742

68,408

422,856

58,824


Attributable to:

 

Equity holders of the Company

323,055

44,941

285,518

39,719

 

Non-controlling interests

168,687

23,467

137,338

19,105

491,742

68,408

422,856

58,824

Net earnings per share

 

– Basic

8.21

1.14

6.99

0.99

 

– Diluted

8.21

1.14

6.99

0.99

 

Unit sales

356,586

313,493

*Comparatives

Management has reclassified assurance-type warranty expenses from selling and distribution (within selling, general and
administrative expenses) to cost of sales.  The comparative figures in the Income Statement for the six months and full
year ended December 31, 2023, have been adjusted to conform with the current year’s presentation.  The changes to 2023
comparatives have no impact on the operating profit for the period of the Group, its financial position or cash flows.

 

CHINA YUCHAI INTERNATIONAL LIMITED
SELECTED UNAUDITED CONSOLIDATED FINANCIAL POSITION ITEMS
For the years ended December 31, 2024 and December 31, 2023
(RMB and US$ amounts expressed in thousands)

December 31, 2024
(Unaudited)


December 31, 2023
(Audited)

RMB 000

US$ 000

RMB 000

Cash and bank balances

6,433,593

894,997

6,039,471

Trade and bills receivables

8,809,069

1,225,456

7,813,228

Inventories

4,654,448

647,494

4,649,027

Trade and bills payables

8,499,626

1,182,409

7,634,273

Short-term and long-term loans and borrowings

2,509,800

349,146

2,540,294


Equity attributable to equity holders of the
Company

9,164,625

1,274,919

9,226,528