According to disclosures by the Hong Kong Stock Exchange (HKEX) on August 31, Guangxi Yuchai Marine Power Co., Ltd. (hereinafter referred to as "Yuchai Marine Power") has submitted an application for listing on the Main Board of the HKEX.
According to Zhitong Finance, disclosures by the Hong Kong Stock Exchange (HKEX) on August 31 revealed that Guangxi Yuchai Marine and Power Generation Engine Co., Ltd. (hereinafter referred to as "Yuchai Marine and Power") has filed an application for listing on the Main Board of the HKEX. China Merchants Securities International and China Galaxy International served as joint sponsors. The company had previously submitted its listing application to the HKEX on January 27.
Company Overview
According to Frost & Sullivan, Yuchai Marine and Power is the largest supplier of power generation engines in China based on sales revenue in 2025. The firm is also a leading supplier of marine engines in China, ranking second in terms of sales revenue for medium- and high-speed marine engines in 2025. The company designs, develops, manufactures, and sells power generation engines, marine engines, generator sets, and engine components, serving a broad range of economic sectors including data centers, distributed power stations, infrastructure projects, telecommunications, healthcare, mining, agriculture, oil and gas, and maritime transport and operations. The company primarily operates in China while maintaining overseas sales teams covering Europe, the Middle East, Africa, Asia, and South America.
Regarding the competitive landscape, the Chinese power generation engine industry currently has fewer than 50 participants, characterized by a highly concentrated and oligopolistic market structure. In the Chinese medium- and high-speed marine engine market, approximately 20 core players have entered mass production. The current domestic power generation engine market is relatively concentrated, with high-power, high-value products dominated by leading enterprises. In 2025, the combined sales revenue of the top five power generation engine suppliers in China accounted for approximately 62.4% of the total market size. Among them, Yuchai Marine and Power ranked first, holding a 22.3% market share in the Chinese power generation engine market.
Financial Information
Revenue
The company's revenue for 2023, 2024, 2025, and the first half of 2026 was approximately RMB 3.239 billion, RMB 4.0 billion, RMB 6.15 billion, and RMB 4.494 billion, respectively.
Profit for the year/period
The company's profit for 2023, 2024, 2025, and the first half of 2026 was approximately RMB 396 million, RMB 536 million, RMB 877 million, and RMB 826 million, respectively.
Gross profit margin
The company's gross profit margins for 2023, 2024, 2025, and the first half of 2026 were 22.4%, 23.4%, 24.9%, and 27.4%, respectively.
Industry Overview
In the cost structure of generator sets, power generation engines, as core components, account for the highest proportion of bill of materials (BOM) costs, reaching approximately 65% of the total BOM. The power generation engine industry is heavily technology-dependent. The design and manufacturing of power generation engines require key technologies such as structural design, combustion control, thermal efficiency optimization, precision machining, and material innovation. These technological capabilities directly determine the operational reliability, energy efficiency, and environmental emission performance of generator sets, constituting the core competitive advantages of the products.
In terms of revenue, the global power generation engine market grew from RMB 48.0 billion in 2021 to RMB 66.9 billion in 2025, representing a compound annual growth rate (CAGR) of 8.7%. Driven by strong demand from downstream applications such as data centers, distributed power stations, and infrastructure, the global power generation engine market has achieved steady growth. Supported by continuous product technology upgrades and increasing downstream demand, the global power generation engine market is expected to reach RMB 159.6 billion by 2030, with a CAGR of 19.0% from 2025 to 2030.
Within this expanding market and the broader power generation engine industry, diesel remains the primary fuel source. Although the global energy sector is undergoing a transition, the clean energy engine market is projected to grow only from RMB 9.2 billion in 2025 to RMB 10.8 billion in 2030, with a CAGR of 3.2%. This stark contrast highlights the resilience and continued market dominance of diesel-powered solutions in the foreseeable future.
Benefiting from the rapid development of global artificial intelligence technology, the widespread adoption of distributed power station applications, and the continuous advancement of infrastructure, the Chinese power generation engine market is experiencing rapid growth. The market size increased from RMB 10.8 billion in 2021 to RMB 18.1 billion in 2025, with a CAGR of 13.8%. Driven by the surge in computing power demand from data centers, the Chinese power generation engine market size is expected to grow from RMB 18.1 billion in 2025 to RMB 46.3 billion in 2030, with a CAGR of 20.7%.
Board Information
The Board of Directors shall comprise nine directors, including three executive directors, three non-executive directors, and three independent non-executive directors. The Company’s executive directors and non-executive directors are appointed for a term of three years, while the independent non-executive directors are appointed for a term of one year.
Equity Structure
As of the Latest Practicable Date, HLCH was directly and indirectly wholly owned by HLIH, with HLIH holding 73.20% directly and 26.80% indirectly through its wholly-owned subsidiary, HLE. Hong Leong Asia is ultimately controlled by HLIH.
As of the Latest Practicable Date, Yuchai International indirectly held a 76.41% interest in Yuchai Shares through its six wholly-owned subsidiaries: (i) HLTS, holding approximately 22.26% of Yuchai Shares; (ii) Earnest Assets, holding approximately 21.44% of Yuchai Shares; (iii) Cathay Diesel Holdings, holding approximately 12.64% of Yuchai Shares; (iv) Tsang & Ong, holding approximately 12.64% of Yuchai Shares; (v) GSGH, holding approximately 5.22% of Yuchai Shares; and (vi) Youngstar, holding approximately 2.20% of Yuchai Shares. Accordingly, for the purposes of the Securities and Futures Ordinance, Yuchai International is deemed to be interested in the 856,000,000 shares held or controlled by it through its controlled corporations.
Intermediary Team
Sponsors: China Merchants Securities (HK) Co., Ltd., China Galaxy International Securities (Hong Kong) Co., Ltd.
Legal Advisers to the Company: Reed Smith Richards Butler LLP, JunHe Law Firm, King & Wood Mallesons
Legal Advisers to the Sponsors: Haiwen & Partners Law Firm (Limited Liability Partnership), Haiwen & Partners
Auditor and Reporting Accountant: Ernst & Young
Industry Consultant: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch
Compliance Adviser: Ingos Financial Advisors Limited