China Yuchai International Ltd (CYD) 2025 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the China Yuchai International Limited first-half 2025 financial results conference call and webcast. (Operator Instructions). Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加中國玉柴國際有限公司2025年上半年財務業績電話會議及網路直播。（操作員指令）。請注意，今天的會議正在錄音。

I would now like to hand the conference over to our first speaker today, Kevin Theiss. Please go ahead.

現在，我想將會議交給今天的第一位演講者 Kevin Theiss。請繼續。

Thank you for joining us today, and welcome to China Yuchai International Limited's conference call and webcast for the first half of 2025 ended on June 30, 2025. Joining us today are Mr. Weng Ming Hoh and Mr. Choon Sen Loo, President and Chief Financial Officer of CYI, respectively. In addition, we also have in attendance Mr. Kelvin Lai, General Manager of Operations of CYI and Chairman of MTU Yuchai Power Company Limited or MTU Yuchai Power.

感謝您今天的加入我們，歡迎參加中國玉柴國際有限公司於 2025 年 6 月 30 日結束的 2025 年上半年電話會議和網路直播。今天與我們一起出席的有 CYI 總裁 Weng Ming Hoh 先生和財務長 Choon Sen Loo 先生。此外，出席活動的還有CYI營運總經理兼玉柴安特優動力有限公司（簡稱玉柴安特優動力）董事長賴建文先生。

Before we begin, I will remind all listeners that throughout this call, we may make statements that 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.

在我們開始之前，我要提醒所有聽眾，在整個電話會議中，我們可能會做出包含《1995 年私人證券訴訟改革法案》所定義前瞻性陳述的聲明。相信、期望、預期、預期、目標、樂觀、有信心、繼續、預測、打算、瞄準、將或類似表達旨在識別前瞻性陳述。

All statements other than statements of historical fact are statements that may be deemed forward-looking statements. These forward-looking statements include, but are not limited to, statements concerning the company's operations and financial performance and condition and are based on current expectations, beliefs and assumptions, which are subject to change at any time.

除歷史事實陳述之外的所有陳述均可視為前瞻性陳述。這些前瞻性陳述包括但不限於有關公司營運和財務表現和狀況的陳述，並且基於當前的預期、信念和假設，這些陳述隨時可能發生變化。

The company 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 the company's Form 20-F 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.

該公司提醒，這些聲明本質上涉及風險和不確定性，實際結果可能因各種重要因素而存在重大差異，例如政府和證券交易所法規、競爭、世界各地和中國的政治、經濟和社會條件，包括公司在 20-F 表格中“風險因素”、“經營成果和業務概述”標題下討論的因素以及不時向美國證券交易委員會提交的其他報告中討論的因素。

All forward-looking statements are applicable only as of the date they are made, and the company specifically disclaims any obligation to maintain or update the forward-looking information, whether of the nature contained in the press release made during today's call or otherwise in the future. Mr. Hoh will provide a brief overview and summary, and then Mr. Loo will review the financial results for the first half year ended June 30, 2025.

所有前瞻性陳述僅在其作出之日適用，本公司明確否認有任何義務維護或更新前瞻性信息，無論其性質包含在今天的電話會議期間發布的新聞稿中還是在未來的其他情況下。Hoh 先生將提供簡要的概述和總結，然後 Loo 先生將回顧截至 2025 年 6 月 30 日的上半年的財務業績。

Thereafter, there will be a question-and-answer session. For the purposes of today's call, the 2025 and 2024 financial numbers are unaudited and presented in RMB and US dollars. All financial information presented is reported using the IFRS accounting standards as issued by the International Accounting Standards Board. Mr. Hoh, please begin your prepared remarks.

隨後，將有一個問答環節。為了今天的電話會議的目的，2025 年和 2024 年的財務數據未經審計，以人民幣和美元呈現。所有呈現的財務資訊均採用國際會計準則委員會發布的 IFRS 會計準則報告。何先生，請開始您的準備好的發言。

Thank you, Kevin. We are pleased to report that our unit sales in the first half of 2025 outperformed nearly every on-road market category. Revenue increased by 34% year-over-year to RMB13.8 billion or USD1.9 billion. Gross profit rose by 30.3% year-over-year to RMB1.8 billion or USD257 million. Operating profit increased by 42.3% year-over-year and profit to equity holders of company rose by 62.2% year-over-year.

謝謝你，凱文。我們很高興地報告，2025 年上半年我們的銷售量超過了幾乎所有公路市場類別。營收年增34%至人民幣138億元或19億美元。毛利年增30.3%至人民幣18億元（2.57億美元）。營業利潤年增42.3%，公司股東淨利年增62.2%。

Earnings per share were 65.8% higher year-over-year to RMB9.75 or USD1.36. This growth in our financial result was due to the sale of our light-duty, medium-duty and heavy-duty engines, our new energy products, high horsepower engines and solutions we provide to our customers. Our sales exceeded the vehicle unit sales in our market categories and demonstrated significant year-over-year sales growth in the first half of 2025.

每股盈餘較去年同期成長65.8%，至人民幣9.75元（1.36美元）。業績成長主要得益於我們輕型、中型和重型引擎、新能源產品、大馬力引擎以及我們為客戶提供的解決方案的銷售。我們的銷量超過了我們市場類別的汽車銷量，並在 2025 年上半年實現了顯著的同比銷售成長。

According to data from the China Association of Automobile Manufacturers, CAAM, truck and bus unit market sales, excluding gasoline and electric powered vehicles in first half 2025 declined by 2.6% year-on-year, while our combined truck and bus unit sales were up by 38% year-on-year. Our overall truck engine sales increased by 44.3% year-over-year compared to CAAM truck market unit sales declining by 1.8%.

根據中國汽車工業協會 (CAAM) 的數據，2025 年上半年卡車和客車市場銷量（不包括汽油和電動車）年減 2.6%，而我們的卡車和客車總銷量較去年同期成長 38%。我們的卡車引擎整體銷量年增 44.3%，而中國汽車工業協會卡車市場銷量則下降了 1.8%。

Our truck engine unit sales growth was led by a 40.7% year-over-year rise in the important heavy-duty truck segment in contrast to the negative 2.8% year-over-year growth in the heavy-duty truck market unit sales according to CAAM. We experienced strong growth in the HD market truck engine segment or heavy-duty truck engine segment, which is mainly attributable to gas engine sales for heavy-duty trailers.

我們的卡車引擎銷售成長主要得益於重要的重型卡車細分市場的 40.7% 年成長，而中國汽車工業協會的數據顯示，重型卡車市場銷量較去年同期下降 2.8%。我們在重型卡車引擎市場領域或重型卡車引擎領域經歷了強勁成長，這主要歸功於重型拖車的燃氣引擎銷售。

Our overall bus engine unit sales in first half 2025 achieved 8.9% year-over-year growth compared with CAAM bus unit sales of negative 7.5% year-over-year. Our heavy-duty bus engine unit sales increased by 14.4% year-over-year, contrasted with a 13.5% decline in CAAM heavy-duty bus unit sales. Our off-road market unit sales increased by 17.5% year-over-year in first half 2025, led by an engine sales increase of 31.5% year-over-year in the marine and power generation market.

2025 年上半年，我們的整體客車引擎銷量較去年同期成長 8.9%，而中汽協客車銷量較去年同期下降 7.5%。我們的重型客車引擎銷量較去年同期成長14.4%，而中汽協會重型客車銷量則下降了13.5%。2025 年上半年，我們的非公路市場單位銷售量年增 17.5%，其中船舶和發電市場的引擎銷售量年增 31.5%。

Data centers require significant amounts of reliable electric power to function and backup sources of electric power are essential to guarantee uninterrupted data center operations. This demand has generated robust growth in our power generation operations in the first half 2025. Yuchai subsidiary from Yuchai Marine and Genset Power Company Limited and Rolls-Royce Power Systems division has started the second phase cooperation and development of the MTU Yuchai Power Venture.

資料中心需要大量可靠的電力才能運行，備用電源對於確保資料中心不間斷運作至關重要。這項需求推動了我們 2025 年上半年發電業務的強勁成長。玉柴船舶與發電機組動力有限公司旗下玉柴股份公司與羅爾斯·羅伊斯動力系統部已啟動MTU玉柴動力合資企業第二階段合作開發。

Included in the second phase will be the MTU Series 4000 oil and gas generation engines, which are expected to begin shipment in late 2025. Also, by adding MTU 2000 model engine and Yuchai-branded VC series diesel engine in the near future, our power generation business is enhanced to service additional customers and application requirement.

第二階段將包括 MTU 4000 系列石油和天然氣發電發動機，預計將於 2025 年底開始出貨。此外，透過在不久的將來增加 MTU 2000 型發動機和玉柴品牌 VC 系列柴油發動機，我們的發電業務將得到增強，以滿足更多客戶和應用需求。

Engine unit sales for industrial applications rose by 27.2% year-over-year and engine sales for agriculture equipment experienced modest unit growth in first half 2025. The successful sales growth of our broad range of engines is a testament to our research and development expertise, our manufacturing proficiency and large service network.

2025 年上半年，工業用引擎銷量較去年同期成長 27.2%，農業設備用引擎銷售溫和成長。我們多種引擎的銷售成功成長證明了我們的研發專業知識、製造能力和龐大的服務網絡。

In addition to improving our engine products and automotive technologies, R&D is developing additional new energy products, including those using alternative fuels such as hydrogen, methanol and ammonia combustion technologies. Despite an increase in total R&D expenses in first half 2025 RMB551.7 million or USD77.1 million, including capitalized costs, R&D represented 4% of revenue in first half 2025 as compared to 4.5% of revenue in first half 2024.

除了改進我們的引擎產品和汽車技術外，研發部門還在開發其他新能源產品，包括使用氫、甲醇和氨燃燒技術等替代燃料的產品。儘管 2025 年上半年研發總費用（包括資本化成本）增加至 5.517 億元或 7,710 萬美元，但研發費用佔 2025 年上半年收入的 4%，而 2024 年上半年為 4.5%。

Our strategic alliance produced a year-over-year increase in profit propelled by higher sales and profit results from MTU Yuchai and improved operations as well across other ventures in first half 2025. As we are well established in the large Chinese Indian market, we view international markets as important drivers of future sales growth. Our nearby markets in ASEAN region are prime areas for penetration.

2025 年上半年，受玉柴安特優銷售額和利潤成長以及其他企業營運改善的推動，我們的策略聯盟實現了利潤同比增長。由於我們在中國印度市場已經站穩腳跟，我們將國際市場視為未來銷售成長的重要驅動力。東協地區附近的市場是我們滲透的主要區域。

Our subsidiary, Yuchai Machinery Power Systems, Thailand is now ramping up production of a range of diesel engines for on and off-road application. Through a comprehensive strategic cooperation covering technology licensing, component supply and related support in Vietnam, we are further deepening our market penetration into the growing ASEAN market.

我們的泰國子公司玉柴機器動力系統目前正在加大公路和非公路用柴油引擎的產量。透過在越南開展涵蓋技術授權、零件供應和相關支援的全面策略合作，我們正在進一步深化對不斷增長的東協市場的滲透。

The company paid a cash dividend of USD0.53 per ordinary share on July 7, 2025, highlighting the company's confidence in future revenue, profits and cash flow generation and to show our commitment to building shareholder value. Cash and bank balances were RMB7.8 billion or USD1.1 billion as at June 30, 2025. With that, I would now like to turn the call over to Mr. Choon Sen Loo, our Chief Financial Officer, who will provide more detail on the financial results. Choon Sen, you may begin your remarks.

公司於2025年7月7日派發每股普通股0.53美元的現金股息，彰顯了公司對未來收入、利潤和現金流創造的信心，並展現了我們致力於創造股東價值的承諾。截至 2025 年 6 月 30 日，現金及銀行存款為 78 億元或 11 億元。現在，我想將電話轉給我們的財務長 Choon Sen Loo 先生，他將提供有關財務結果的更多詳細資訊。Choon Sen，你可以開始發言了。

Thank you, Weng Ming. Now let me review our unaudited six months results ended June 30, 2025. Revenue was RMB13.8 billion or USD1.9 billion compared with RMB10.3 billion in first half 2024. The total number of engines sold in first half 2025 increased by 29.9% to 250,396 units compared with 192,743 units in first half 2024. The increase was mainly due to higher sales in almost every engine segment.

謝謝你，翁明。現在讓我回顧一下截至 2025 年 6 月 30 日的未經審計的六個月業績。收入為人民幣 138 億元（約 19 億美元），而 2024 年上半年為 103 億元人民幣。2025 年上半年引擎銷售總計 250,396 台，較 2024 年上半年的 192,743 台成長 29.9%。成長的主要原因是幾乎所有引擎領域的銷量都有所成長。

The company's truck and bus engine unit sales rose by 38% year-on-year in the first half 2025 despite a decline of 2.6% witnessed in the commercial vehicle market, excluding gasoline and electric powered vehicles as reported by the China Association of Automobile Manufacturers, CAAM.

根據中國汽車工業協會 (CAAM) 報告，儘管商用車市場（不包括汽油和電動車）下滑 2.6%，但該公司的卡車和客車引擎組銷量在 2025 年上半年仍同比增長 38%。

The company's truck engines were up 44.3% year-over-year compared with negative growth of 1.8% in truck market unit sales as reported by CAAM. In particular, heavy and light-duty truck engine unit sales were 40.7% and 82.1% higher year-over-year in contrast to CAAM market unit sales growth of negative 2.8% and 1.3%, respectively. The company's heavy-duty bus engine sales rose by 14.4% compared to a CAAM bus market unit sales reduction of 13.5%.

根據中汽協會報道，卡車市場銷量較去年同期下降 1.8%，而該公司卡車引擎銷量較去年同期成長 44.3%。其中，重型卡車引擎銷量較去年同期成長40.7%，輕型卡車引擎銷量較去年同期成長82.1%，而中汽協市場銷量分別下降2.8%和1.3%。該公司重型客車引擎銷量成長14.4%，而中汽協會客車市場銷量下降13.5%。

Overall, bus engine unit sales increased by 8.9% in first half 2025 in contrast to a 7.5% decline in overall market unit sales as reported by CAAM. Engine sales to off-road markets increased by 17.5% year-over-year in first half 2025. Engine sales to the marine and power generation markets drove the off-road segment growth with a 31.5% year-on-year increase. Sales for industrial applications rose by 27.2% year-over-year in first half 2025, while engine sales for agricultural equipment experience modest growth in first half 2025.

總體而言，中國汽車工業協會報告稱，2025 年上半年客車引擎銷售量成長了 8.9%，而同期整體市場銷售量下降了 7.5%。2025 年上半年非公路市場引擎銷量較去年同期成長 17.5%。面向船舶和發電市場的引擎銷售推動了非道路部分的年增 31.5%。2025 年上半年，工業應用的銷售額年增 27.2%，而 2025 年上半年，農業設備引擎的銷售額將溫和成長。

Gross profit increased by 30.3% to RMB1.8 billion or USD257 million from RMB1.4 billion in first half 2024. The increase was mainly due to higher sales volume. Overall gross margin was 13.3% in first half 2025 compared with 13.7% in first half 2024. Other operating income increased by 27.2% to RMB221.4 million or USD30.9 million compared with RMB174.1 million in first half 2024.

毛利從2024年上半年的人民幣14億元成長30.3%至人民幣18億元或2.57億美元。成長主要由於銷量增加。2025 年上半年整體毛利率為 13.3%，而 2024 年上半年為 13.7%。其他營業收入較 2024 年上半年的 1.741 億元成長 27.2% 至 2.214 億元或 3,090 萬美元。

The increase was mainly driven by the recognition of technology licensing fees and the higher rebate of value-added taxes. Research and development, R&D, expenses increased by 21.1% to RMB476.7 million or USD66.6 million compared with RMB393.6 million in first half 2024, due to higher experimental and personnel costs.

成長主要由於技術許可費的確認和增值稅退稅增加。研發費用為人民幣 4.767 億元（6,660 萬美元），較 2024 年上半年的人民幣 3.936 億元增長 21.1%，原因是實驗和人員成本增加。

Total R&D expenditures, including capitalized costs were RMB551.7 million or USD77.1 million, representing 4.0% of revenue in first half 2025, as compared to RMB463.2 million and 4.5% of revenue in first half 2024. Selling, general and administrative, SG&A, expenses increased by 27.4% to RMB962.5 million or USD134.5 million from RMB755.7 million in first half 2024.

包括資本化成本在內的總研發支出為人民幣 5.517 億元或 7,710 萬美元，佔 2025 年上半年收入的 4.0%，而 2024 年上半年為人民幣 4.632 億元，佔收入的 4.5%。銷售、一般及行政費用 (SG&A) 從 2024 年上半年的人民幣 7.557 億元增加 27.4% 至人民幣 9.625 億元或 1.345 億美元。

This increase was mainly due to higher personnel expenses compared with the same period last year. SG&A expenses represented 7.0% of revenue for first half 2025 compared with 7.3% for first half 2024. Operating profit increased by 42.3% to RMB621.7 million or USD86.9 million, compared to RMB436.9 million in first half 2024. The operating margin was 4.5%, in contrast to 4.2% in first half 2024.

這一增長主要是由於人員費用較去年同期增加所致。2025 年上半年，銷售、一般及行政費用佔收入的 7.0%，而 2024 年上半年為 7.3%。營業利潤為人民幣 6.217 億元（8,690 萬美元），較 2024 年上半年的人民幣 4.369 億元成長 42.3%。營業利益率為 4.5%，而 2024 年上半年為 4.2%。

Higher operating profit and operating margin were achieved by increased sales and gross profit combined with lower growth in operating expenses. Finance costs decreased by 21.3% to RMB32.2 million or USD4.5 million from RMB40.9 million in first half 2024, primarily due to lower term loans and less bills discounting.

銷售額和毛利的增加以及營業費用成長的降低實現了更高的營業利潤和營業利潤率。財務成本從 2024 年上半年的人民幣 4,090 萬元下降 21.3% 至人民幣 3,220 萬元或 450 萬美元，主要原因是定期貸款減少及票據折現減少。

The share of financial results of the associates and joint ventures grew by 42.6% to a profit of RMB61.4 million or USD8.6 million compared with RMB43.1 million in the first half 2024. The improvement was mainly driven by higher profits at MTU Yuchai Power Company Limited. Income tax expense increased by 13.4% to RMB116.2 million or USD16.2 million compared with RMB102.4 million in first half 2024.

聯營公司和合資公司的財務表現份額增長了 42.6%，實現利潤 6,140 萬元人民幣或 860 萬美元，而 2024 年上半年為 4,310 萬元。這一成長主要得益於玉柴安特優動力有限公司的利潤提高。所得稅費用較 2024 年上半年的人民幣 1.024 億元增加 13.4% 至人民幣 1.162 億元或 1,620 萬美元。

Net profit attributable to equity holders of the company increased by 52.2% to RMB365.8 million or USD51.1 million compared with RMB240.3 million in first half 2024. Basic and diluted earnings per share were RMB9.75 or USD1.36 compared with RMB5.88 in first half 2024. Basic and diluted earnings per share for first half 2025 and first half 2024 were based on a weighted average of 37,518,322 shares and 40,858,290 shares, respectively. We will now go over some key financial highlights at June 30, 2025.

歸屬於公司股東的淨利為3.658億元或5,110萬美元，較2024年上半年的2.403億元成長52.2%。每股基本及攤薄收益為 9.75 元或 1.36 美元，而 2024 年上半年為 5.88 元。2025 年上半年和 2024 年上半年的每股基本收益和稀釋每股盈餘分別基於 37,518,322 股和 40,858,290 股的加權平均數。我們現在將回顧截至 2025 年 6 月 30 日的一些關鍵財務亮點。

Cash and bank balances were RMB7.8 billion or USD1.1 billion compared with RMB6.4 billion at the end of 2024. Trade and bills receivables were RMB12.7 billion or USD1.8 billion compared with RMB8.8 billion at the end of 2024. Inventories were RMB4.7 billion or USD655.4 million compared with RMB4.7 billion at the end of 2024.

現金及銀行存款為 78 億元或 11 億美元，而 2024 年底為 64 億元。貿易應收帳款及票據應收帳款為 127 億元或 18 億美元，而 2024 年底為 88 億元。庫存為人民幣 47 億元（約 6.554 億美元），而 2024 年底為人民幣 47 億元。

Trade and bills payable were RMB11.9 billion or USD1.7 billion compared with RMB8.5 billion at the end of 2024. Short-term and long-term loans and borrowings were RMB2.2 billion or USD304.6 million compared with RMB2.5 billion at the end of 2024. I will now turn the call over to Kevin for a comment for Q&A session.

貿易應付款項及應付票據為 119 億元或 17 億美元，而 2024 年底為 85 億元。短期和長期貸款和借款為人民幣 22 億元或 3.046 億美元，而 2024 年底為人民幣 25 億元。現在我將把電話轉給凱文，請他為問答環節發表評論。

Please note, some officers of China Yuchai are remotely calling into the conference call. This may result in a slight delay in providing answers to some questions. We apologize for any inconvenience, and thank you for your patience. If you would like to ask questions in Chinese, please kindly translate your own questions into English before turning to management for answers.

請注意，中國玉柴的一些官員正在遠端撥打電話會議。這可能會導致某些問題的答案稍微延遲。對於造成您的不便，我們深表歉意，並感謝您的耐心等待。如果您想用中文提問，請先將自己的問題翻譯成英文，然後再向管理階層尋求答案。

And before we start the Q&A, we would also like to announce that the management will be attending the forthcoming UBS Conference on September 1 and September 2, and Bank of America Merrill Lynch Conference on September 8 through September 10.

在開始問答之前，我們也想宣布，管理階層將參加 9 月 1 日和 9 月 2 日舉行的瑞銀會議，以及 9 月 8 日至 9 月 10 日舉行的美銀美林會議。

If you are interested in a one-on-one or small group meeting, please contact the salespeople at these banks. Given the tight meeting schedule and travel plans, we will not be able to accept outside -- meeting requests outside of the conference venues.

如果您有興趣進行一對一或小組會議，請聯絡這些銀行的銷售人員。鑑於會議日程和旅行計劃緊湊，我們將無法接受會議場地以外的會議請求。

Now operator, we are ready for questions.

接線員，現在我們可以回答問題了。

(Operator Instructions)

（操作員指示）

Yiming Liu, Guotai Haitong Securities.

劉一鳴，國泰海通證券。

Thank you. This is Yiming analyst from Guotai Haitong Securities. Congratulations to your very outstanding results for the first half. My question is on the capacity. So do you have any plan to raise your capacity for the JV with MTU or for the GYMCL entity?

謝謝。我是國泰海通證券的分析師一鳴。恭喜你們上半年取得的非常優秀的成績。我的問題是關於容量的。那麼，你們有什麼計劃來提高與 MTU 的合資企業或 GYMCL 實體的產能嗎？

Thank you.

謝謝。

Good morning, Yi Ming. This is Kelvin Lai. Regarding on the capacity and then actually, we have sufficient capacity on the MTU joint venture side. The only -- the bottleneck is the supply of the components which limited our production at the present. So if we can have the sufficient component supply from Germany, then we can increase our capacity there. But for the -- our main operation, the Yuchai operation at the GYMCL, currently, the capacity is about 2,000.

早上好，易明。我是 Kelvin Lai。關於產能，實際上，我們在 MTU 合資企業方面擁有足夠的產能。唯一的瓶頸是零件的供應，這限制了我們目前的生產。因此，如果我們能夠從德國獲得足夠的零件供應，那麼我們就可以增加那裡的產能。但就我們的主要業務而言，位於 GYMCL 的玉柴業務，目前的產能約為 2,000 輛。

And we have extension plan and that we will be ready by end of Q3 or later or early Q4 and then we will have some more extension with about 30% increase of the capacity by end of this year. And so next year, then we can enjoy a more productive roll off of the engine.

我們有擴建計劃，將在第三季末或更晚或第四季初做好準備，然後我們將在今年年底前進行進一步的擴建，將產能提高約 30%。這樣，明年我們就能享受更有效率的引擎了。

Okay. And the other question from me is on the guidance for the full year. So do you have any guidance on the unit sales for the whole year 2025? And specifically, do you have any guidance for the data center-related generators, how many units of that will be sold for the whole year 2025?

好的。我的另一個問題是關於全年的指導。那麼您對 2025 年全年的銷售有什麼指導嗎？具體來說，您對與資料中心相關的發電機有什麼指導嗎？ 2025 年全年將銷售多少台？

Sorry, Mr. Liu, we -- as a policy, we do not provide guidance.

抱歉，劉先生，我們──作為一項政策，我們不提供指導。

Okay, all right, thanks. Those are all my questions. Thank you.

好的，好的，謝謝。這些就是我的全部問題。謝謝。

(Operator Instructions)

（操作員指示）

Don Espey, Shah Capital.

唐·埃斯佩（Don Espey），Shah Capital。

Thanks for taking our questions. We have a few questions actually. First question, does Yuchai have 10% or higher market share in long-bore engines for data centers? And also, do you foresee this market share holding more improving going forward?

感謝您回答我們的問題。實際上我們有幾個問題。第一個問題，玉柴在資料中心長缸徑引擎的市佔率是否達到或超過10%？此外，您是否預見到這個市場佔有率未來會進一步提高？

Don, this is Kelvin again. Thank you for your question. We -- our market share on the long-bore engine or the -- well, it's made for the data center application and that our market share is well ahead of 10% of the global market. And we believe we can maintain a similar share then the -- at least this and next year, yes.

唐，我又是凱爾文。感謝您的提問。我們在長缸徑引擎或專為資料中心應用而設計的引擎上的市佔率遠遠超過全球市場的 10%。我們相信，至少今年和明年，我們可以保持類似的份額。

Great, thank you. And when do you see Yuchai's net return surpassing 5% of sales from 2.6% in first half? And can you talk about initiatives to accomplish this objective?

太好了，謝謝。您認為玉柴的淨回報率何時能從上半年的 2.6% 突破銷售額的 5%？能談談實現這目標的舉措嗎？

Well, I mean, there's a lot of factors that will determine the return on sales, Don. Now there's too many to actually try to pin it down. So for now, we have not -- we are not really prepared to actually announce a target date for the return on sales. As I said earlier, we do not provide any guidance.

嗯，我的意思是，有很多因素會決定銷售回報，唐。現在有太多了，實際上很難確定。所以目前，我們還沒有準備好真正宣布銷售回報的目標日期。正如我之前所說，我們不提供任何指導。

Thanks, that's all from us. Thank you.

謝謝，我們就講到這裡。謝謝。

(Operator Instructions)

（操作員指示）

Wei Shen, UBS.

沉偉，瑞銀。

Thank you for taking my question. The first question is about the ASP increase. You did mention that you may consider raise ASP for data center engines this year in the second half. So any color on this?

感謝您回答我的問題。第一個問題是關於平均售價上漲的問題。您確實提到過，您可能會考慮在今年下半年提高資料中心引擎的平均售價。那麼這上面有顏色嗎？

Thank you.

謝謝。

Okay. I think we have not really increased the average selling price for data centers much in this year. As I said, I think we really produce the engines, and we sell the engines to our OEM customer. The OEM customer in turn will determine the actual price of the final product, which is the genset that we sell to the end customer. Yes, our engine price has gone up slightly, but yes, it has gone up slightly.

好的。我認為今年我們並沒有真正大幅提高資料中心的平均售價。正如我所說，我認為我們確實生產發動機，並將發動機出售給我們的 OEM 客戶。反過來，OEM 客戶將決定最終產品的實際價格，也就是我們銷售給最終客戶的發電機組。是的，我們的引擎價格是稍微上漲了一點，但是是的，是稍微上漲了一點。

Sorry, could you -- you mean for the first half or the second half?

抱歉，您指的是前半部還是後半部？

For the first half. We do not provide guidance for -- again, we do not provide guidance.

上半場。我們不提供指導——再說一遍，我們不提供指導。

Sure. My second question is, you did mention you would like to expand from engine making to generator making. So you will expand the business. Could you give us some color on this? How will this translate into revenue growth and profit per unit growth?

當然。我的第二個問題是，您確實提到您想從引擎製造擴展到發電機製造。這樣你就會擴大業務。您能給我們講講這個嗎？這將如何轉化為收入成長和單位利潤成長？

Now this -- we actually -- our core business is really just to sell engines. And we'll only do genset only if any customers wanted us to do it, right? So the reason for this is, we do not want to compete with our customers, the real customers, which is the OEMs. By building the both gensets, actually we're competing with customers. right?

現在，我們的核心業務實際上只是銷售引擎。只有當客戶希望我們做發電機組時我們才會做，對嗎？這樣做的原因是，我們不想與我們的客戶、真正的客戶（即 OEM）競爭。透過製造這兩款發電機組，實際上我們正在與客戶競爭。對嗎？

So unless the end user has a really specific need for it, otherwise we rather not do that and let our customer which is the OEM deal with it. So we do not have big revenue gain from this.

因此，除非最終用戶確實有特定需求，否則我們寧願不這樣做，而是讓客戶（即 OEM）來處理。因此我們並沒有從中獲得很大的收入。

Okay, thank you. Forgot to mention, Shen Wei from UBS.

好的，謝謝。忘了說了，瑞銀的沈偉。

Thank you. Bye.

謝謝。再見。

[Hing Shi], CICC.

[Hing Shi]，CICC。

I'm Hing Shi from CICC. My question -- there are two questions from me. The first question is about the on-highway engines. So we see from this year, it has a strong market share in both truck and bus engines. So I wonder the reason why the company has so strong market share in on-highway engines.

我是中金公司的石興。我的問題——我有兩個問題。第一個問題是關於公路引擎的。因此，我們從今年開始看到，它在卡車和巴士引擎方面都佔有很大的市場份額。所以我想知道該公司為何在公路引擎市場佔有如此大的份額。

And also, we see the rapid growth of new energy adoption in China's commercial vehicle sector. So I want to know how our company is seeing this phenomena and could this negatively impact the company's engine business? This is my first question. And my second question is that the company holds a significant amount of cash on hand. So can we expect any upcoming capital operation plans or higher shareholder return initiatives in the near future?

此外，我們也看到中國商用車領域新能源應用的快速成長。所以我想知道我們公司如何看待這種現象，以及這會對公司的引擎業務產生負面影響嗎？這是我的第一個問題。我的第二個問題是，該公司持有大量現金。那麼，我們是否可以期待在不久的將來有任何即將推出的資本營運計劃或更高的股東回報舉措？

Okay. Let me answer the first question, and then I will leave the second question then to our CFO, to answer. So regarding on the truck -- on-highway market on the truck and bus sales. Our truck engine sales and is much better than the last year and then mainly because of we have some of the new customer from the Tier 1 and Tier 2 OEM and then they -- I mean, start using the Yuchai engine for the heavy-duty, medium-duty engine mainly.

好的。讓我來回答第一個問題，然後我將第二個問題留給我們的財務長來回答。因此，關於卡車——公路市場上的卡車和公共汽車的銷售。我們的卡車引擎銷售量比去年好得多，主要是因為我們有一些來自一級和二級 OEM 的新客戶，然後他們 - 我的意思是，他們開始主要使用玉柴引擎作為重型、中型引擎。

And on the second question -- on the second reason is also because of our introduction of the new gas engine and which is also highly adaptive for the trailer market in the Chinese domestic market. So they are one of the major reasons. Thirdly is because of the export. So the export is one of our major contribution to the growth in the first half of 2025.

關於第二個問題——第二個原因也是因為我們推出了新的燃氣發動機，而且這種發動機也非常適合中國國內市場的拖車市場。所以它們是主要原因之一。第三是因為出口。因此，出口是我們對2025年上半年成長的主要貢獻之一。

Regarding on the bus segment, very similar. Export market is one of the major growth -- major driver of the growth. And also, we had also quite successful on the heavy-duty bus segment and then for those buses and existing 11 meter or 12-meter above. So this is where is our major drive on the growth of the first half.

至於公車部分，非常相似。出口市場是主要成長點之一，也是成長的主要動力。此外，我們在重型客車領域也取得了相當大的成功，這些客車的高度已達到 11 公尺或 12 公尺以上。這是我們上半年成長的主要動力。

I will take the second question. Thank you for questions. So yes, our cash and bank balances increased quite handsomely compared to last year's June, end of last year. So the cash we will continue to deploy in our CapEx, including our operational maintenance CapEx. And also, you may notice that our R&D expenses also increased, so that we continue to use our cash wisely in this aspect. In terms of any specific plan in future that we will not make any comment at this point.

我來回答第二個問題。謝謝您的提問。是的，與去年 6 月和去年年底相比，我們的現金和銀行存款大幅增加。因此，我們將繼續將現金部署在我們的資本支出中，包括我們的營運維護資本支出。而且您可能注意到我們的研發費用也有所增加，因此我們在這方面繼續明智地使用現金。對於未來的任何具體計劃，我們目前不會發表任何評論。

Andy Li, Daiwa Capital Markets.

大和資本市場 (Daiwa Capital Markets) 的 Andy Li。

Hi, This is Andy Li from Daiwa. Congrats on the results. I just want to ask around the power gen topic. I just quickly want to clarify the 2,000 capacity from Yuchai brand, you mentioned just now, is it 30% up? I want to clarify that.

你好，我是 Daiwa 的 Andy Li。恭喜取得成果。我只是想問一下有關發電的話題。我只是想快速澄清一下您剛才提到的玉柴品牌 2,000 台的產能，是否成長了 30％？我想澄清一下。

And what's the execution right now? I understand you have some target or capacity share in the last -- asked at last call. Is there any update? And how is the execution there? And what about the latest negotiation activities with your clients right now from the data center point?

現在的執行情況如何？我知道您在上次通話中詢問了一些目標或產能份額。有更新嗎？那裡的執行情況怎麼樣？從資料中心的角度來看，您與客戶目前的最新談判活動如何？

Hello, Andy, it's Kelvin. Thanks for the question. First of all, and then regarding on the Yuchai brand, I mean, our own in-house brand and our factory, currently, the production of 2,000 units is already the -- I mean, the highest we can do. So we confirm that there will be about 30% increase or more than 30% increase by end of this year. So at this stage and then the majority of our high horsepower engine is going to the data center.

你好，安迪，我是凱爾文。謝謝你的提問。首先，關於玉柴品牌，我的意思是，我們自己的內部品牌和我們的工廠，目前，2,000 台的產量已經是——我的意思是，我們能做到的最高產量。所以我們確定今年底的增幅在30%左右，或是30%以上。因此，在這個階段，我們的大部分大馬力引擎都將流向資料中心。

And in the first half of the 2025 that's about 650 engine for the data center and the rest is going for other applications as well. So this is our current plan. And then because the strong demand of the market on the data center projects, I think no matter how much energy increase it is difficult to meet up the current demand. And also, this is also a risky operation as well. So we are more conservative way then into the expansion plan of our factory. So we will see how the markets go on in the year 2026 and beyond before we have any planning for further extension.

到 2025 年上半年，大約有 650 台引擎將用於資料中心，其餘引擎也將用於其他應用。這就是我們目前的計劃。然後由於市場對資料中心專案的需求強勁，我認為無論能源增加多少都難以滿足當前的需求。而且，這也是一項有風險的操作。因此，我們對工廠的擴建計畫採取了更保守的態度。因此，在我們制定進一步延長的計劃之前，我們將觀察 2026 年及以後的市場情況。

Add to that, I mean the 2,000 capacity that we have for high horsepower is not entirely for data centers. So there are other applications as well that this is used for. But a large portion of it will come to data center, okay?

除此之外，我的意思是，我們擁有的 2,000 台大馬力機器的容量並不完全適用於資料中心。因此它還可用於其他應用。但其中很大一部分將進入資料中心，好嗎？

What about the latest auction or negotiation with your data center clients?

您與資料中心客戶的最新拍賣或談判情況如何？

What do you mean?

你是什​​麼意思？

Any like the pricing color? And I remember the last time you mentioned it's quite competitive as well, and they do the auction, and the pricing are quite (inaudible) as well. Yes. What was the dynamic there?

有喜歡的定價顏色嗎？我記得您上次提到過，競爭也相當激烈，而且他們進行拍賣，定價也相當（聽不清楚）。是的。那裡的動態是怎麼樣的呢？

Okay. I think for buying -- for purchase of such magnitude, usually, they will ask for tenders. If not tenders, they will ask for several suppliers to supply, right? So a lot of this is done through our OEMs. So the OEMs -- we could probably participate in tenders through more than one OEM, because OEMs essentially is our customer and the OEMs will sell on to the end customer.

好的。我認為，對於如此規模的採購，他們通常會要求招標。如果不招標，他們會要求幾家供應商供貨，對嗎？其中許多工作都是透過我們的 OEM 完成的。因此，OEM—我們可能透過多個 OEM 參與投標，因為 OEM 本質上是我們的客戶，而 OEM 會將產品銷售給最終客戶。

But then in terms of competitiveness, yes, there is still a very competitive industry despite a shortage of capacity right now in the marketplace. So a lot of pricing for this final product of genset is determined by our customers.

但就競爭力而言，儘管目前市場產能短缺，但該產業仍然競爭非常激烈。因此，發電機組最終產品的定價很大程度上是由我們的客戶決定的。

[Gustavo Frez], Global Securities.

[古斯塔沃·弗雷茲]，全球證券。

Yes, hello to everyone. I want to first say congratulations to the team. The results published this morning are amazing. You guys are doing a terrific job. I don't think I recall seeing these numbers, so strong numbers in the conference call for a long time. And I guess my question is, I thought or in my mind, I thought that what was going, what was transformed (technical difficulty)

是的，大家好。我首先要向團隊表示祝賀。今天早上公佈的結果令人驚嘆。你們做得太棒了。我認為我不記得在電話會議中看到過這些數字，所以很長時間以來都沒有看到過如此強勁的數字。我想我的問題是，我以為或在我心裡，我以為發生了什麼，發生了什麼轉變（技術難度）

Breaking up for us. We can't hear you.

為我們分手。我們聽不到你的聲音。

Excuse me, Gustavo.

對不起，古斯塔沃。

Yes.

是的。

We can't hear you.

我們聽不到你的聲音。

Can you repeat your question again, please? Excuse me, Gustavo, your line is breaking up. We cannot hear you. Please can you repeat your question again?

您能再重複一次您的問題嗎？不好意思，古斯塔沃，你的線路斷了。我們聽不到你的聲音。您能再重複一次您的問題嗎？

Can you hear me now?

現在你能聽到我說話嗎？

Yes, we can.

是的，我們可以。

Okay. Sorry about that. I just -- I first want to congratulate the team for what's going on. The numbers published this morning are terrific. So congratulations to everyone. My question is the following. I thought that what was transforming China Yuchai was the power generation business unit.

好的。很抱歉。我只是——首先我想祝賀團隊所取得的成績。今天早上公佈的數字非常驚人。祝賀大家。我的問題如下。我以為，真正讓中國玉柴轉變的是發電業務部門。

But when I look at the release this morning, it's amazing to read that most of the business units at 30%-plus up this year, while the industry is flat. So there's something else going on. And I just want to understand if you guys find a specific reason for beating the market so badly this first half of the 2025.

但當我看到今天早上發布的報告時，我驚訝地發現，今年大多數業務部門的銷售額都成長了 30% 以上，而整個產業卻持平。所以肯定還有其他事情發生。我只是想知道，你們是否找到了 2025 年上半年市場表現如此糟糕具體的原因。

Thank you.

謝謝。

Thanks, Mr. Frez. Basically, in the case of vehicle engines, we team up with the OEMs -- our customer OEMs who actually were actually winning some market share in the market. And also, they are willing to use more of our engines as opposed to our competitors' engines. So that one is one of the reasons that happened.

謝謝，弗雷茲先生。基本上，就汽車引擎而言，我們與 OEM 合作——我們的客戶 OEM 實際上在市場上贏得了一些市場份額。而且，與競爭對手的引擎相比，他們更願意使用我們的引擎。這就是發生此事的原因之一。

And of course, it didn't happen just overnight. We have been cultivating the relationship for quite a number of years. So the other, what we call a significant driver that is the export. Our export has been growing very well and it's been increasing by double digits over the last several years and still continuing to improve.

當然，這不是一夜之間發生的。我們已經培養這種關係很多年了。另一個我們稱之為重要驅動力的因素是出口。我們的出口一直成長良好，過去幾年一直保持兩位數成長，並且仍在持續改善。

The good thing about export sales is that we do not need to sell them the National VI or Euro VI compliant engine at least, especially Euro V below simply because the areas, the countries that we export to are all the countries in the world, except North America and European markets, right?

出口銷售的好處就是我們至少不需要賣給他們國六或歐六標準的發動機，特別是歐五以下的發動機，因為我們出口的地區、國家是全世界除了北美和歐洲市場之外的所有國家，對吧？

So that one -- that does give us a little bit better margin as well in the sense, okay? So the third one -- the third driver, of course, is this year is the data centers. There's been a huge growth in data centers. And those -- all those competitors who participated in this segment are also seeing very good demand. So we have quite a few things going forward, and they all came together this year.

所以從某種意義上來說，這確實也為我們帶來了更好的利潤，好嗎？因此，第三個——第三個驅動因素當然是今年的資料中心。數據中心取得了巨大的成長。所有參與這一領域的競爭對手也都看到了非常好的需求。因此，我們有很多事情要做，而且它們都在今年完成了。

Thank you very much.

非常感謝。

Thank you.

謝謝。

[Jiahao Wang], [Johan Fa Securities].

[王家豪]，[約翰發證券]。

Congratulations on your very outstanding performance. My question is, we have seen very booming demand for overseas data center markets. Does the company have any plans to expand overseas, including directly sales to overseas Internet giants?

恭喜你非常出色的表現。我的問題是，我們看到海外資料中心市場的需求非常強勁。公司是否有拓展海外市場的計劃，包括直接向海外網路巨頭銷售？

Currently we are working with our OEM, they are our major customer. So they cover the domestic market and overseas market as well. So we will maintaining this practice and then they work through our OEM and then for both our domestic and overseas market. And there's also some change recently is from the Chinese, the Internet, the major player.

目前我們正在與我們的 OEM 合作，他們是我們的主要客戶。因此它們也涵蓋國內市場和海外市場。因此，我們將保持這種做法，然後他們透過我們的 OEM 為我們的國內和海外市場開展工作。最近，中國、網路以及主要參與者也發生了一些變化。

And then so they are approaching us and then direct -- and then to placing the order. So we will -- also and then they are adapting and then their request and then work closely with them. But this is not all the -- I mean, the order come from -- but our major orders is still coming from OEM.

然後他們就聯絡我們，然後直接下訂單。因此，我們也會——然後他們也會適應他們的要求，然後與他們密切合作。但這並不是全部——我的意思是，訂單來自——但我們的主要訂單仍然來自 OEM。

I answer your question. I think the bulk of our sales has gone to the domestic market. The domestic market is actually quite strong. So we have been servicing more on the domestic market, and we have very little that has gone out to the export market, especially in Southeast Asia like Malaysia, Singapore. There are some, but not that that big part of business yet.

我回答你的問題。我認為我們的大部分銷售額都流向了國內市場。國內市場實際上相當強勁。因此，我們更服務於國內市場，很少服務於出口市場，尤其是馬來西亞、新加坡等東南亞國家。有一些，但業務量還不是很大。

Okay, thank you.

好的，謝謝。

[Jackie Yu], CGS International.

[Jackie Yu]，CGS國際。

Hi, so thank you for taking my question. So my question is about the capacity of the diesel engines. I want to first clarify on the number of 2,000 units capacity. Could you clarify if this is the overall capacity for the JV part plus the in-house part? And also, could you share for the in-house part, what is the bottleneck for the capacity, please?

你好，非常感謝您回答我的問題。我的問題是關於柴油引擎的容量。我想先澄清一下 2,000 台容量的具體數字。您能否澄清這是合資部分加上內部部分的總產能嗎？另外，能否分享內部部分，產能的瓶頸是什麼？

Okay. So the 2,000 units that you mentioned, yes, it is for the overall high horsepower class four engines. But the part of it would be to cater to the data centers. Right now, the constraint that we have is not so much the assembly. It's in the -- we just resolved the casting capacity, which is in the machining capacity.

好的。所以您提到的 2,000 台，是的，它是用於整體高馬力四級發動機。但其中一部分是為了滿足資料中心的需求。目前，我們面臨的限制並不是組裝問題。我們剛剛解決了鑄造能力，也就是加工能力的問題。

So that's something that we're working on right now. Once we have resolved the machining capacity, then we should be able to increase volume -- for the volume. Now this is for the Yuchai side, whereas for the MTU side, it's basically the supply of components. The capacity is there, but the components which comes from overseas Western countries, there's limited capacity there themselves. And so they have to allocate the components, and we have been trying to get as much as we can and that's the bottleneck.

這就是我們現在正在努力的事情。一旦我們解決了加工能力問題，我們就應該能夠增加產量。現在這是針對玉柴方面，而對於 MTU 方面，基本上是零件的供應。產能是有的，但是來自海外西方國家的零件產能本身就有限。因此他們必須分配組件，而我們一直在盡力獲取盡可能多的組件，而這正是瓶頸所在。

And my follow-up on the capacity of the JV part. So from what I understand, MTU is supplying the -- so this German component is being supplied to both the China factories and also in other countries. Could you share if this is a concern about the end market ASP? And how much is the difference between the ASP in China market versus overseas market?

以及我對合資部分產能的追蹤。據我了解，MTU 正在供應——因此，這種德國零件既供應給中國工廠，也供應給其他國家。能否分享一下這是否是對終端市場 ASP 的擔憂？中國市場的平均售價與海外市場相比差異有多大？

I mean on the joint venture operation, because of the joint venture agreement and then there's some component that we need to procure from the German operation. So that's why we are not allowing them to localize those items. And at the moment, mainly those items being insufficient high that being a bottleneck for the whole operation.

我的意思是，在合資經營方面，由於合資協議，我們需要從德國公司購買一些零件。這就是我們不允許他們本地化這些物品的原因。而目前，主要是這些項目的產能不足，成為整個營運的瓶頸。

And those items, they are not only intent to supply to China, but they will also supply the worldwide operation of the MTU. So that's why our allocation for the Chinese operation is somehow very limited and that depends on the overall demand of the global market.

這些產品不僅打算供應給中國，還將供應給MTU的全球營運。因此，我們對中國業務的分配非常有限，這取決於全球市場的整體需求。

And there will be some priority in it for the German operation and also for the US operation as well. So that's why we are always -- I mean, there's some shortage. And then we have the order book -- already in the book.

德國業務和美國業務也將享有一定的優先權。所以這就是為什麼我們總是——我的意思是，存在一些短缺。然後我們就有了訂單簿——已經在裡面了。

Thank you very much.

非常感謝。

Maybe, operator, we'll take a question from the webcast. The question is any chance you will raise the dividend payout and repurchase? We have no plans for the repurchase right now. But in terms of dividend, I mean, our track record and payment of dividend is quite good, although we do not have a formal dividend payout policy. So it will be likely continue the same practice going forward.

接線員，也許我們可以回答網路直播中的一個問題。問題是您是否有可能提高股利支付和回購？我們目前沒有回購計劃。但就股利而言，我的意思是，我們的業績記錄和股利支付相當不錯，儘管我們沒有正式的股利支付政策。因此，未來它很可能會繼續採取同樣的做法。

(Operator Instructions) Excuse me, Andy, would you like to ask a question?

（操作員指示）對不起，安迪，你想問一個問題嗎？

And now we have a question from Jackie Yu from CGS International.

現在我們有來自 CGS International 的 Jackie Yu 的問題。

(inaudible). Sorry about that.

（聽不清楚）。很抱歉。

Andy Li, Daiwa Capital Markets.

大和資本市場 (Daiwa Capital Markets) 的 Andy Li。

Hi, can I have a follow-up on the JV profit? I remember last result, you mentioned that there was another session in your JV that was just reached breakeven. How is that segment and other segments performing this first half?

您好，我可以了解一下合資企業的利潤狀況嗎？我記得上次的結果，你提到你的合資企業中還有另一個會議剛好達到收支平衡。該部門和其他部門上半年的表現如何？

Okay. I think that segment that was breakeven last year, it's actually making a little bit more profit this year, but it's still not very material yet. We still need some time to develop that. So the part of the profit from JV in the associates account comes from mainly from the MTU Yuchai joint venture.

好的。我認為去年實現收支平衡的那個部門，今年的利潤實際上會稍微多一點，但還不是很實質。我們還需要一些時間來開發它。因此，聯營公司帳戶中的合資企業利潤部分主要來自於玉柴安特優合資企業。

Okay. Got it, thank you.

好的。知道了，謝謝。

We have now reached the end of our question-and-answer session. I will turn the call back over to Mr. Hoh. Please go ahead.

我們的問答環節現已結束。我會將電話轉回給何先生。請繼續。

Thank you all for participating in our conference call. We wish each and every one of you good health, and we look forward to speaking with you again. Thank you.

感謝大家參加我們的電話會議。我們祝福大家身體健康，並期待再次與您交談。謝謝。

This concludes today's conference call. Thank you for participating. You may now all disconnect. My apologies. We just have got one more question come through. Are you happy to take?

今天的電話會議到此結束。感謝您的參與。你們現在都可以斷開連結了。我很抱歉。我們還有一個問題。你樂意接受嗎？

Yes, please.

是的，請。

[Martin Zhang], [HT Capital].

[Martin Zhang]，[HT Capital]。

Thanks for taking my last question. I just want to clarify that for the data center engine shipment, like how many have you shipped from Yuchai and how many it was shipped from the MTU JV for the first half of the year?

感謝您回答我的最後一個問題。我只是想澄清一下，對於資料中心引擎的出貨量，例如今年上半年你們從玉柴出貨了多少台，從 MTU 合資公司出貨了多少台？

Martin, at the first half of 2025 and our own operation, the Yuchai and then they shipped 650 units for the market. And the MTU joint venture is 350. So total is about 1,000 altogether for the first half.

馬丁，到 2025 年上半年，我們自己的運營，玉柴將向市場運送 650 台。而MTU合資公司則是350。因此上半年的總數約為 1,000。

Are they all for the data center or --

它們都是用於資料中心嗎？--

Yes. This is for data center.

是的。這是用於資料中心的。

Okay, very clear. And may I get a breakdown for like domestic and overseas? I think you mentioned that for Yuchai yourself mostly for domestic, but how about for the MTU JV?

好的，非常清楚。我可以得到國內和海外的詳細情況嗎？我認為您自己提到玉柴主要在國內生產，但 MTU 合資企業的情況如何？

For the JV and then there's a little more share for the export to our OEM, but still mainly and then for the domestic market.

對於合資企業來說，出口到我們的 OEM 的份額稍微大一些，但主要還是針對國內市場。

Okay, got it. And I got the last one that may I ask about your order visibility. I think with your expanded capacity, are you still fully booked this year? And like if you take a new order, when will be like -- I mean, the fastest time that you could deliver?

好的，明白了。我得到了最後一個問題，我可以詢問您的訂單可見度嗎？我想，隨著你們產能的擴大，今年的預訂仍然滿嗎？如果您接到新訂單，何時可以最快交貨？

We actually had a full order book for this year and for our Yuchai brand and also for the joint venture brand. For the next year, on the 2026, the joint venture is starting receiving order.

事實上，我們今年的玉柴品牌和合資品牌的訂單都已滿。合資公司將於明年，即2026年開始接受訂單。

Okay, thank you, thanks very much.

好的，謝謝，非常感謝。

And this was our last question for today. And we now would like to turn back to Mr. Hoh for any closing remarks.

這是我們今天的最後一個問題。現在我們想請何先生作最後發言。

Okay. I think we already did that earlier. So yes, thank you all. We will speak to you again soon, right? Thank you.

好的。我想我們之前已經這樣做了。是的，謝謝大家。我們很快會再和你談話，對嗎？謝謝。

This concludes today's conference call. Thank you for participating. You may now all disconnect. Have a nice day.

今天的電話會議到此結束。感謝您的參與。你們現在都可以斷開連結了。祝你今天過得愉快。