The Zhitong Finance App learned that according to the Hong Kong Stock Exchange's disclosure on August 31, Guangxi Yuchai Shipbuilding Electric Power Co., Ltd. (Yuchai Shipbuilding Electric) submitted a listing application to the main board of the Hong Kong Stock Exchange, with China Merchants Securities International and China Galaxy International as co-sponsors. The company submitted its listing to the Hong Kong Stock Exchange on January 27.
Company profile
According to Frost & Sullivan's data, Yuchai Shipbuilding is the largest supplier of power generation engines in China in 2025 based on sales revenue for power generation engines in China. According to Frost & Sullivan, the company is also a leading supplier of marine engines in China, ranking second in terms of sales revenue of medium- and high-speed marine engines in China in 2025. The company designs, develops, manufactures and sells engines for power generation, marine engines, generator sets and engine parts, serving a wide range of economic markets, including data centers, distributed power plants, infrastructure engineering, telecommunications, healthcare, mining, agriculture, oil and gas, and ship transportation and operation. The company mainly operates in China and maintains an overseas sales team covering Europe, the Middle East, Africa, Asia and South America.
In terms of the competitive landscape, there are currently less than 50 participants in the power generation engine industry in China, showing a highly concentrated and oligopolistic market pattern. Currently, about 20 core players in the Chinese medium- and high-speed marine engine market have entered the mass production stage. Currently, China's power generation engine market is concentrated, and high-power and high-value products are concentrated in leading companies. The total sales value of the top five power generation engine suppliers in China in 2025 accounted for about 62.4% of the total sales volume of the Chinese market. Among them, Yuchai Shipbuilding Electric ranked first in the industry, accounting for 22.3% of the market share in the Chinese power generation engine market.
Financial data
revenue
The company's revenue for 2023, 2024, 2025 and the first half of 2026 was approximately RMB 3.239 billion, RMB 4 billion, RMB 6.15 billion and RMB 4.494 billion, respectively.
Profit for the year/period
The company's profit for the year/period up to 2023, 2024, 2025 and the first half of 2026 was approximately RMB 396 million, RMB 536 million, RMB 887 million and RMB 826 million respectively.
gross profit margin
The company's gross 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 composition of a generator set, the engine for power generation is the core component, and its bill of materials has the highest component cost, which can reach about 65% of the entire bill of materials. The power generation engine industry is particularly reliant on technology. The design and manufacture of power generation engines requires key technologies such as structural design, combustion control, thermal efficiency optimization, precision machining, and material innovation. These technical standards directly determine the operating reliability, energy efficiency, and environmental emission performance of generator sets, and form the core competitive advantage of the product.
In terms of revenue, the global power generation engine market grew from RMB 48.0 billion in 2021 to RMB 66.90 billion in 2025, with a compound annual growth rate of 8.7%. Driven by strong demand for downstream applications such as data centers, distributed power plants and infrastructure, the global power generation engine market recorded steady growth. At the same time, supported by continuous product technology upgrades and growing demand for downstream applications, the global power generation engine market is expected to reach RMB 159.60 billion by 2030, with a compound annual growth rate of 19.0% from 2025 to 2030.
Diesel is still the main fuel source in this expanding market and the overall power generation engine industry. Despite global energy transformation, the clean energy engine market is expected to grow from only RMB 9.20 billion in 2025 to RMB 10.80 billion in 2030, with a CAGR of 3.2%. This stark contrast highlights the resilience and continued market dominance of diesel power solutions in the foreseeable future.
Benefiting from the rapid development of global artificial intelligence technology, the popularity of distributed power plant applications, and the continuous advancement of infrastructure, China's power generation engine market is showing a rapid growth trend. China's power generation engine market grew from RMB 10.80 billion in 2021 to RMB 18.10 billion in 2025, with a compound annual growth rate of 13.8%. Driven by the surge in demand for data center computing power, China's power generation engine market is expected to grow from RMB 18.10 billion in 2025 to RMB 46.30 billion in 2030, with a CAGR of 20.7%.
Board Information
The board of directors will be composed of 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 period of three years, while independent non-executive directors are appointed for a period of one year.
Shareholding structure
As of the last practical date, HLCH was wholly owned directly and indirectly by HLIH, i.e. HLIH directly held 73.20% and indirectly held 26.80% through its wholly-owned subsidiary HLE. Hong Leong Asia is ultimately controlled by HLIH.
As of the last practical date, Yuchai International indirectly held 76.41% interest in Yuchai shares through its six wholly-owned subsidiaries: (i) HLTS, which holds approximately 22.26% of Yuchai shares; (ii) Earnest Assets, which holds about 21.44% of Yuchai shares; (iii) Cathay Diesel Holdings, which holds about 12.64% of Yuchai shares; (iv) Tsang & Ong, which holds about 12.64% of Yuchai shares; (v) GSGH, holds about 12.64% of Yuchai shares; (v) GSGH, holds about 12.64% of Yuchai shares Yuchai shares approximately 5.22%; and (vi) Youngstar holds approximately 2.20% of Yuchai shares. Therefore, for the purposes of the Securities and Futures Ordinance, through its controlled corporation, Yuchai International is deemed to have an interest in 856,000,000 shares held or controlled by Yuchai Shares.
Intermediary team
Sponsors: China Merchants Securities (Hong Kong) Limited, China Galaxy International Securities (Hong Kong) Limited
Company Legal Advisors: Reed Zibberley LLP, Jun He Law Firm, King & Wood Mallesons
Sponsor Legal Advisors: Haiwen Law Firm Limited Liability Partnership, Haiwen Law Firm
Auditors and reporting accountants: Ernst & Young
Industry Advisor: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch
Compliance Advisor: Yinggao Financial Advisory Co., Ltd.