0001193125-23-117772 | 20-F | XBRL Viewer | China Yuchai International LTD

Impairment losses on investment in joint venture

(131,879)

(18,970)

(132,083)

(166,970)

990

142

Impairment losses on property, plant and equipment

17,278

2,485

7,227

3,920

(Reversal of impairment losses)/impairment losses on trade receivables

(7,987)

(13,849)

Impairment losses /(reversal of impairment losses) on non-trade receivables

(500)

(72)

(538)

638

Impairment losses/(Reversal of write-down) of inventories, net

54,885

7,895

(9,010)

27,978

Inventories written off

10,085

Property, plant and equipment written off

3,295

474

1,134

7,417

Provision/(reversal) for onerous contract, net

(4,829)

(694)

(8,810)

11,323

Share of loss of associates and joint ventures, net of tax

29,093

4,185

95,895

58,970

Write-back of trade and other payables

(1,052)

Profit before tax after adjustments

892,630

128,400

925,821

1,335,202

Changes in working capital

(Increase)/decrease in inventories

185,879

26,738

(740,835)

(1,687,639)

(Increase)/decrease in trade and other receivables and capitalized contract cost

(7,411)

(1,066)

1,300,470

(238,571)

Increase/(decrease) in trade and other payables and contract liabilities

(1,169,482)

(168,225)

(809,978)

2,241,327

Increase in development properties

(25)

(4)

(202)

(75)

Cash flows from/(used in) operating activities

(98,409)

(14,157)

675,276

1,650,244

Income taxes paid

(21,010)

(3,022)

(170,720)

(234,876)

Net cash flows from/(used in) operating activities

(119,419)

(17,179)

504,556

1,415,368

Investing activities

Additional investment in a joint venture

(1,950)

(280)

(17,640)

Development costs

(166,283)

(23,919)

(287,480)

(500,147)

Dividend received from:

- quoted equity securities

135

166

Interest received

131,331

18,891

125,004

171,556

Proceeds from disposal of:

- property, plant and equipment

9,232

1,328

405

2,385

- quoted equity securities

600

100

6,485

1,354

- right-of-use assets

7,185

1,034

34,123

5,772

- associate (i)

1,000

144

Proceeds from government grants

193,156

27,785

51,862

123,178

Purchase of property, plant and equipment

(430,966)

(61,993)

(572,047)

(584,676)

(Placement)/withdrawal of fixed deposits with banks, net

123,559

17,773

(79,695)

(5,341)

Net cash flows used in investing activities

(133,048)

(19,138)

(738,848)

(785,753)

Dividends paid to:

- equity holders of the Company

(109,684)

(15,778)

(448,712)

(245,871)

- non-controlling interests

(102,299)

(14,715)

(223,917)

(205,525)

Interest paid and discounting on bills

(95,717)

(13,768)

(115,813)

(148,793)

Contribution by non-controlling interests

53,500

7,696

Payment of principal portion of lease liabilities

(24,597)

(3,538)

(23,121)

(35,363)

Proceeds from borrowings

2,048,432

294,658

1,938,920

2,230,000

Repayment of borrowings

(1,910,000)

(274,745)

(1,965,920)

(2,056,280)

Net cash flows used in financing activities

(140,365)

(20,190)

(838,563)

(461,832)

Net increase/(decrease) in cash and cash equivalents

(392,832)

(56,507)

(1,072,855)

167,783

Cash and cash equivalents at January 1

4,788,219

688,764

5,877,647

5,753,268

Effect of exchange rate changes on balances in foreign currencies

56,102

8,070

(16,573)

(43,404)

Cash and cash equivalents at December 31

¥ 4,451,489

$ 640,327

¥ 4,788,219

¥ 5,877,647

[1]	The higher amortization charges in 2021 and 2022 are mainly due to the amortization charged on additional Technology Know-how recognized during the year which are transferred from Group capitalized development cost upon completion and ready for use.
[2]	In 2020, COVID-19 related rent rebate received from lessors of RMB 0.2 million has been offset against the depreciation of right-of-use assets.

Consolidated Statement of Cash Flows (Parenthetical) ¥ in Thousands, $ in Thousands	1 Months Ended
	Nov. 30, 2022 CNY (¥)	Nov. 30, 2022 USD ($)	Nov. 30, 2022 USD ($)
Yuchais subsidiary company [Member]
Statement [Line Items]
Cash consideration	¥ 2,000		$ 300
Gain on disposal associate	1,300	$ 200
Proceeds from sales of interests in associates	¥ 1,000	$ 100

Corporate information

12 Months Ended

Dec. 31, 2022

Corporate information

1.	Corporate information

1.1	Incorporation

The consolidated financial statements of China Yuchai International Limited (the “Company”) and its subsidiaries (collectively, the “Group”) for the year ended December 31, 2022 were authorized for issue in accordance with a resolution of the directors on April 26, 2023.

China Yuchai International Limited is a limited company incorporated under the laws of Bermuda on April 29, 1993 whose shares are publicly traded. The registered office of the Company is located at 2 Clarendon House, Church Street, Hamilton HM11, Bermuda. On March 7, 2008, the Company registered a branch office in Singapore, located at 16 Raffles Quay

#26-00,

Hong Leong Building, Singapore 048581. The principal operating office is located at 16 Raffles Quay

#39-01A,

Hong Leong Building, Singapore 048581.

1.2	Investment in Guangxi Yuchai Machinery Company Limited

The Company was established to acquire a controlling financial interest in Guangxi Yuchai Machinery Company Limited (“Yuchai”), a Sino-foreign joint stock company which manufactures and distributes engines for on-road and off-road applications in the People’s Republic of China (the “PRC”).

The Company owns, through

six

wholly-owned subsidiaries, 361,420,150 shares or 76.41% of the issued share capital of Yuchai. Guangxi Yuchai Machinery Group Company Limited (“GY Group”), a state-owned enterprise, owns 22.09% of the issued share capital of Yuchai.

As of December 31, 2022, Yuchai has 10

(2021: 11) direct and

(2021: 33) indirectly owned subsidiaries and

five

joint ventures (2021: four joint ventures and one associate). Guangxi Yuchai Machinery Monopoly Development Co., Ltd. (“YMMC”), Guangxi Yuchai Marine and Genset Power Co., Ltd (“MPG”), Yuchai Xin-Lan New Energy Power Technology Co., Ltd (“Yuchai Xin-Lan”), and Guangxi Yuchai Foundry Co., Ltd (formerly known as Guangxi Yuchai Accessories Manufacturing Co., Ltd) are the most significant subsidiaries of Yuchai. YMMC has

(2021: 29) wholly-owned subsidiaries (collectively “YMMC Group”) located at various provinces in the PRC. The principal business of YMMC Group are trading and distribution of components of diesel engines and automobiles. MPG has taken over the operations of Yuchai’s marine and power generation unit since December 2021. The principal business of Yuchai Xin-Lan is to research, develop and construct new production capacity for Yuchai’s new energy technologies including fuel cell systems, range extenders, hybrid power, electric drive system, etc. The principal business activities of Guangxi Yuchai Foundry Co., Ltd is to cast, manufacture and distribute engine components.

The detailed information of Yuchai’s significant subsidiaries and joint ventures are disclosed in Notes 4 and 5.

As used in this Consolidated Financial Statements, the term “Yuchai” refer to Guangxi Yuchai Machinery Company Limited and its subsidiaries.

1.3	Investment in HL Global Enterprises Limited

In February 2006, the Group acquired debt and equity securities interest in HL Global Enterprises Limited (“HLGE”) through the Group’s wholly-owned subsidiaries, Grace Star Limited (“Grace Star”) and Venture Lewis Limited (“Venture Lewis’). HLGE is a public company listed on the Main Board of the Singapore Exchange Securities Trading Limited (“Singapore Exchange”) and primarily engaged in investment holding, and through its group companies, invests in rental property, hospitality and property developments in Asia.

The Group’s shareholding has changed through various transactions, the Group’s equity interest in HLGE was 49.4% as of December 31, 2011.

On January 13, 2012, Grace Star transferred 24,189,170 Series B redeemable convertible preference shares (“RCPS”), representing 100% of remaining unconverted Series B RCPS, in the capital of HLGE (the “Trust Preference Shares”) to the Trustee pursuant to a trust deed entered into between HLGE and the Trustee. On January 16, 2012, the Trust Preference Shares were mandatorily converted into 24,189,170 new ordinary shares in the capital of HLGE (the “Trust Shares”) resulting in the Group’s shareholding interest in HLGE decreased from 49.4% to 48.1%. On April 4, 2012, as a result of the conversion of all the outstanding Series A redeemable convertible preference shares held by Venture Delta Limited and Grace Star, into new ordinary shares in the capital of HLGE, the Group’s shareholding interest in HLGE increased from 48.1% to 48.9%. The Trust Shares are accounted for as treasury shares by HLGE, issued by HLGE and held by the Trust, which is considered as part of HLGE. As a result, the Group’s shareholding interest in HLGE is stated as 50.1%, based on the total outstanding ordinary shares of HLGE, net of the ordinary shares held by the Trustee under the Trust.

As of December 31, 2013, the Group’s interest in HLGE remained at 50.1%, based on the total outstanding ordinary shares of HLGE, net of the ordinary shares held by the Trustee under the Trust.

In 2014, the Group purchased in the open market an aggregate of 465,000 ordinary shares in the capital of HLGE. As of December 31, 2014, the Group’s interest in HLGE increased from 50.1% to 50.2%, net of the ordinary shares held by the Trustee under the Trust.

In 2015, HLGE undertook a share consolidation exercise to consolidate every 10 ordinary shares in the capital of HLGE into one ordinary share. Upon completion of the share consolidation exercise, the Group held 47,107,707 ordinary shares of HLGE. As of December 31, 2015, the Group’s interest in HLGE was 50.2%, net of the ordinary shares held by the Trustee under the Trust.

As of December 31, 2021 and 2022, the Group’s shareholding interest in HLGE remains at 50.2%, net of the ordinary shares held by the Trustee under the Trust.

The Group considers HLGE as a subsidiary as it has power to exercise effective control and direct the activities of HLGE that most significantly affect its economic performance and has the exposure or rights to receive benefits from HLGE from its involvement.

Basis of preparation and accounting policies

12 Months Ended

Dec. 31, 2022

Basis of preparation and accounting policies

2.	Basis of preparation and accounting policies

2.1	Basis of preparation

The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”).

The consolidated financial statements have been prepared on a historical cost basis except as disclosed in the accounting policies below.

The consolidated financial statements are presented in Renminbi (“RMB”) and all values are rounded to the nearest thousand (“RMB’000”), except when otherwise indicated.

Translation of amounts from Renminbi to the United States Dollar (“US Dollar”) is solely for the convenience of the reader. Translation of amounts from Renminbi to US Dollar has been made at the rate of RMB 6.9519 = US$ 1.00, the rate quoted by the People’s Bank of China at the close of business on February 28, 2023 and all values are rounded to the nearest thousand (“US$’000”), except when otherwise indicated.

The consolidated financial statements provide comparative information in respect of the previous period.

2.2	Basis of consolidation

The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as of December 31, 2022. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if and only if the Group has:

•

Power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee)

•

Exposure, or rights, to variable returns from its involvement with the investee

•

The ability to use its power over the investee to affect its returns

Generally, there is a presumption that a majority of voting rights results in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including:

•

The contractual arrangement with the other vote holders of the investee

•

Rights arising from other contractual arrangements

•

The Group’s voting rights and potential voting rights

The Group

re-assesses

whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary.

Profit or loss and each component of other comprehensive income (“OCI”) are attributed to the equity holders of the Company of the Group and to the

non-controlling

interests, even if this results in the

non-controlling

interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group’s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.

A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction.

If the Group loses control over a subsidiary, it derecognizes the related assets (including goodwill), liabilities,

non-controlling

interest and other components of equity, while any resultant gain or loss is recognized in profit or loss. Any investment retained is recognized at fair value.

2.3	Summary of significant accounting policies

(a)

Business combinations and goodwill

Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value and the amount of any

non-controlling

interests in the acquiree. For each business combination, the Group elects whether to measure the

non-controlling

interests in the acquiree at fair value or at the proportionate share of the acquiree’s identifiable net assets. Acquisition-related costs are expensed as incurred and included in administrative expenses.

The Group determines that it has acquired a business when the acquired set of activities and assets include an input and a substantive process that together significantly contribute to the ability to create outputs. The acquired process is considered substantive if it is critical to the ability to continue producing outputs, and the inputs acquired include an organized workforce with the necessary skills, knowledge, or experience to perform that process or it significantly contributes to the ability to continue producing outputs and is considered unique or scarce or cannot be replaced without significant cost, effort, or delay in the ability to continue producing outputs.

When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as of the acquisition date. This includes the separation of embedded derivatives in host contracts by the acquiree.

Any contingent consideration to be transferred by the acquirer will be recognized at fair value at the acquisition date. Contingent consideration classified as equity is not

re-measured

and its subsequent settlement is accounted for within equity. Contingent consideration classified as an asset or liability that is a financial instrument and within the scope of IFRS 9

Financial Instruments

, is measured at fair value with the changes in fair value recognized in the statement of profit or loss in accordance with IFRS 9.

Goodwill is initially measured at cost (being the excess of the aggregate of the consideration transferred and the amount recognized for

non-controlling

interests and any previous interest held over the net identifiable assets acquired and liabilities assumed). If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Group

re-assesses

whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures used to measure the amounts to be recognized at the acquisition date. If the reassessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred, then the gain is recognized in profit or loss.

After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group’s cash-generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units.

Where goodwill has been allocated to a cash-generating unit (“CGU”) and part of the operation within that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed in these circumstances is measured based on the relative values of the disposed operation and the portion of the cash-generating unit retained.

Where the Group had granted put option to third party investors (non-controlling interests) for their investments in subsidiaries, the Group recognized a financial liability based on the present value of the amount payable upon exercise of the put. A corresponding amount to equity attributable to the parent (capital reserves) will be recognized.

(b)

Investments in associates and joint ventures

An associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee, but is not control or joint control over those policies.

A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control.

The considerations made in determining significant influence or joint control are similar to those necessary to determine control over subsidiaries. The Group’s investments in its associates and joint ventures are accounted for using the equity method.

Under the equity method, the investment in an associate or a joint venture is initially recognized at cost. The carrying amount of the investment is adjusted to recognize changes in the Group’s share of net assets of the associate or joint venture since the acquisition date. Goodwill relating to the associate or joint venture is included in the carrying amount of the investment and is not tested for impairment separately.

The statement of profit or loss reflects the Group’s share of the results of operations of the associate or joint venture. Any change in OCI of those investees is presented as part of the Group’s OCI. In addition, when there has been a change recognized directly in the equity of the associate or joint venture, the Group recognizes its share of any changes, when applicable, in the statement of changes in equity. Unrealized gains and losses resulting from transactions between the Group and the associate or joint venture are eliminated to the extent of the interest in the associate or joint venture.

The aggregate of the Group’s share of profit or loss of an associate and a joint venture is shown on the face of the statement of profit or loss outside operating profit and represents profit or loss after tax and

non-controlling

interests in the subsidiaries of the associate or joint venture.

The financial statements of the associate or joint venture are prepared for the same reporting period as the Group. When necessary, adjustments are made to bring the accounting policies in line with those of the Group.

After application of the equity method, the Group determines whether it is necessary to recognize an impairment loss on its investment in its associate or joint venture. At each reporting date, the Group determines whether there is objective evidence that the investment in the associate or joint venture is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate or joint venture and its carrying value, then recognizes the loss within “Share of profit/(loss) of associates and joint ventures, net of tax” in the statement of profit or loss.

Upon loss of significant influence over the associate or joint control over the joint venture, the Group measures and recognizes any retained investment at its fair value. Any difference between the carrying amount of the associate or joint venture upon loss of significant influence or joint control and the fair value of the retained investment and proceeds from disposal is recognized in profit or loss.

(c)

Current versus

non-current

classification

The Group presents assets and liabilities in the statement of financial position based on

current/non-current

classification. An asset is current when it is:

•

Expected to be realized or intended to be sold or consumed in normal operating cycle;

•

Held primarily for the purpose of trading;

•

Expected to be realized within twelve months after the reporting period; or

•

Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period.

All other assets are classified as

non-current.

A liability is current when:

•

It is expected to be settled in normal operating cycle;

•

It is held primarily for the purpose of trading;

•

It is due to be settled within twelve months after the reporting period; or

•

There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period.

The terms of the liability that could, at the option of the counterparty, result in its settlement by the issue of equity instruments do not affect its classification.

The Group classifies all other liabilities as

non-current.

Deferred tax assets and liabilities are classified as

non-current

assets and liabilities.

(d)

Fair value measurement

The Group measures financial instruments, such as quoted equity securities and bills receivable and a foreign exchange forward contract, at fair value at each balance sheet date.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:

•

In the principal market for the asset or liability, or

•

In the absence of a principal market, in the most advantageous market for the asset or liability

The principal or the most advantageous market must be accessible by the Group.

The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.

A fair value measurement of a

non-financial

asset takes into account a market participant’s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.

The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.

All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:

•

Level 1 – Quoted (unadjusted) market prices in active markets for identical assets or liabilities

•

Level 2 – Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable

•

Level 3 – Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable

For assets and liabilities that are recognized in the financial statements at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by

re-assessing

categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.

For the purpose of fair value disclosures, the Group has determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above.

Fair value related disclosures for financial instruments that are measured at fair value are summarized in the following notes:

(e)

Foreign currency translation

The Company’s functional currency is US Dollar. The Group’s consolidated financial statements are presented in Renminbi, which is also the functional currency of Yuchai, the largest operating segment of the Group.

Each entity in the Group determines its own functional currency, and items included in the financial statements of each entity are measured using that functional currency.

Transactions and balances

Transactions in foreign currencies are initially recorded by the Group’s entities at their respective functional currency spot rates at the date the transaction first qualifies for recognition.

Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rate of exchange at the reporting date.

Differences arising on settlement or translation of monetary items are recognized in profit or loss with the exception of monetary items that are designated as part of the hedge of the Group’s net investment of a foreign operation. These are recognized in OCI until the net investment is disposed of, at which time, the cumulative amount is reclassified to profit or loss. Tax charges and credits attributable to exchange differences on those monetary items are also recorded in OCI.

Non-monetary

items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions.

Non-monetary

items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is determined. The gain or loss arising on translation of

non-monetary

items measured at fair value is treated in line with the recognition of gain or loss on change in fair value of the item (i.e., translation differences on items whose fair value gain or loss is recognized in OCI or profit or loss are also recognized in OCI or profit or loss, respectively).

In determining the spot exchange rate to use on initial recognition of the related asset, expense or income (or part of it) on the

de-recognition

of a

non-monetary

asset or

non-monetary

liabilities relating to advance consideration, the date of the transaction is the date on which the Group initially recognizes the

non-monetary

asset or

non-monetary

liability arising from advance consideration. If there are multiple payments or receipts in advance, the Group determines the transaction date for each payment or receipt of advance consideration.

Group companies

On consolidation, the assets and liabilities of foreign operations are translated into RMB at the rate of exchange prevailing at the reporting date and their statements of profit or loss are translated at average exchange rates during the reporting period. The exchange differences arising on translation for consolidation are recognized in OCI. On disposal of a foreign operation, the component of OCI relating to that particular foreign operation is reclassified to profit or loss.

Any goodwill arising on the acquisition of a foreign operation and any fair value adjustments to the carrying amounts of assets and liabilities arising on the acquisition are treated as assets and liabilities of the foreign operation and translated at the spot rate of exchange at the reporting date.

(f)

Revenue from Contracts with Customers

Revenue from contracts with customers is recognized when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. The Group has generally concluded that it is the principal in its revenue arrangements because it typically controls the goods or services before transferring them to the customer.

The disclosures of significant accounting judgements, estimates and assumptions relating to revenue from contracts with customers are provided in Note 3.

Sale of engines

Revenue from sale of engines is recognized at the point in time when control of the engine is transferred to the customer, generally on delivery of the engines, or, in some cases, when the engines are installed by the customers.

The Group considers whether there are other promises in the contract that are separate performance obligations to which a portion of the transaction price needs to be allocated (e.g. warranties). In determining the transaction price for the sale of engines, the Group considers the effects of variable consideration and the existence of significant financing components.

(i) Variable consideration

If the consideration in a contract includes a variable amount, the Group estimates the amount of consideration to which it will be entitled in exchange for transferring the goods to the customer. The variable consideration is estimated at contract inception. Some contracts for the sale of engines provide customers with sales rebates based on the sales volume. The sales rebates give rise to variable consideration.

Sales rebates

The Group enters into contractual arrangements to provide certain customers with sales rebates when the quantity of products purchased during the period exceeds a threshold specified in the contract. Based on contractual arrangement with the customers, the sales rebates are netted against “Trade receivables”. If the receivables had been settled by the customers, amounts in excess of “Trade receivables” will be recognized as refund liabilities in “Trade and other payables”.

Sales Returns

The Group does not extend its sales returns policy to all customers. However the Group allows for certain returns, only on a

case-by-case

basis. The Group uses the expected value method to estimate the provision for such returns based on the historical return rates and account for it as a reduction in revenue and form part of refund liability that is recognized in “Trade and other payables” (Note 22). A corresponding right of return assets is recognized in “Trade and other receivables” (Note 15).

(ii) Significant financing component

The Group receives advance payments from customers for the sale of engines. The Group applies the practical expedient for short-term advances received from customers. That is, the promised amount of consideration is not adjusted for the effects of a significant financing component if the period between the transfer of the promised good or service and the payment is one year or less.

Warranty obligations

The Group typically provides warranties for general repairs of defects as part of the sale of engines. These assurance-type warranties are accounted for as warranty provisions. Refer to the accounting policy on warranty provisions in Section (s)

Provisions

Certain contracts provide a customer with maintenance service, i.e. a distinct service to the customer in addition to the assurance that the product complies with agreed upon specification. These service-type warranties are bundled together with the sale of engines. Contracts for bundled sale of engines and a service-type warranty comprise two performance obligations because the promises to transfer the engines and to provide the service-type warranty are capable of being distinct. Using a combination of expected cost-plus margin and residual approaches, the transaction price is allocated to the service-type warranty and engines with the former performance obligation recognizing a corresponding contract liability. Revenue for service-type warranties is recognized at the point in time when the service-type warranty is provided.

Sale of completed development properties

Revenue is recognized when control of the property has been transferred to the customer, either over time or at a point in time, depending on the contractual terms and the practices in the legal jurisdictions.

For development properties whereby the Group is restricted contractually from directing the properties for another use as they are being developed and has an enforceable right to payment for performance completed to date, revenue is recognized over time, based on the construction and other costs incurred

to-date

as a proportion of the estimated total construction and other costs to be incurred.

For development properties whereby the Group does not have an enforceable right to payment for performance completed to date, revenue is recognized when the customer obtains control of the asset.

Rendering of services

Revenue from rendering services relates to project management contracts, and hotel room and restaurant operations. Revenue is recognized over the period in which the services are rendered, by reference to completion of the specific transaction assessed on the basis of the actual service provided as a proportion of the total services to be performed.

Contract balances

Trade receivables

A receivable is recognized if an amount of consideration that is unconditional is due from the customer (i.e. only the passage of time is required before payment of the consideration is due). Refer to accounting policies of financial assets in Section (m)

Financial instruments – Initial recognition and subsequent measurement

Contract liabilities

A contract liability is recognized if a payment is received or a payment is due (whichever is earlier) from a customer before the Group transfers the related goods or services. Contract liabilities are recognized as revenue when the Group performs under the contract (i.e., transfers control of the related goods or services to the customer).

Right of return assets

right-of-return

asset is recognized for the right to recover the goods expected to be returned by customers. The asset is measured at the former carrying amount of the inventory, less any expected costs to recover the goods and any potential decreases in value. The Group updates the measurement of the asset for any revisions to the expected level of returns and any additional decreases in the value of the returned products.

Refund liabilities

A refund liability is recognized for the obligation to refund some or all of the consideration received (or receivable) from a customer. The Group’s refund liabilities arise from customers’ right of return and sales rebates. Based on contractual arrangement with the customers, sales rebates are netted against “Trade receivables”. If the receivables had been settled by the customers, amounts in excess of “Trade receivables” will be recognized as refund liabilities.

Refund liabilities arising from contractual sales returns is measured at the amount the Group ultimately expects it will have to return to the customer. The Group updates its estimates of refund liabilities arising from sales returns at the end of each reporting period.

Costs to fulfil a contract

Costs to fulfil a contract are capitalized if the costs relate directly to the contract, generate or enhance resources used in satisfying the contract and are expected to be recovered. Other contract costs are expensed as incurred.

Capitalized contract costs are subsequently recognized in profit or loss as the Group recognizes the related revenue. An impairment loss is recognized in profit or loss to the extent that the carrying amount of the capitalized contract costs exceeds the remaining amount of consideration that the Group expects to receive in exchange for the goods or services to which the contract costs relates less the costs that relate directly to providing the goods and that have not been recognized as expenses.

(g)

Government grants

Government grants are recognized where there is reasonable assurance that the grant will be received and all attached conditions will be complied with. When the grant relates to an expense item, it is recognized as income on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed. When the grant relates to an asset, it is recognized as income in equal amounts over the expected useful life of the related asset.

(h)

Taxes

Current income tax

Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date in the countries where the Group operates and generates taxable income.

Current income tax relating to items recognized directly in equity is recognized in equity and not in the statement of profit or loss. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate.

Deferred tax

Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date.

Deferred tax liabilities are recognized for all taxable temporary differences, except:

•

When the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss

•

In respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint ventures, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future

Deferred tax assets are recognized for all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and the carry forward of unused tax credits and unused tax losses can be utilized, except:

•

When the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss

•

In respect of deductible temporary differences associated with investments in subsidiaries, associates and interests in joint ventures, deferred tax assets are recognized only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized

The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are

re-assessed

at each reporting date and are recognized to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date.

Deferred tax relating to items recognized outside profit or loss is recognized outside profit or loss. Deferred tax items are recognized in correlation to the underlying transaction either in OCI or directly in equity.

Tax benefits acquired as part of a business combination, but not satisfying the criteria for separate recognition at that date, are recognized subsequently if new information about facts and circumstances change. The adjustment is either treated as a reduction to goodwill (as long as it does not exceed goodwill) if it was incurred during the measurement period or recognized in profit or loss.

The Group offsets deferred tax assets and deferred tax liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realize the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered.

Sales tax

Expenses and assets are recognized net of the amount of sales tax, except:

•

When the sales tax incurred on a purchase of assets or services is not recoverable from the taxation authority, in which case, the sales tax is recognized as part of the cost of acquisition of the asset or as part of the expense item, as applicable

•

When receivables and payables are stated with the amount of sales tax included

The net amount of sales tax recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the statement of financial position.

(i)

Cash dividend and

non-cash

distribution to equity holders of the Company

The Company recognizes a liability to make cash or

non-cash

distributions to equity holders of the Company when the distribution is authorized and the distribution is no longer at the discretion of the Company. A distribution is authorized when it is approved by the shareholders. A corresponding amount is recognized directly in equity.

Non-cash

distributions are measured at the fair value of the assets to be distributed with fair value measurement recognized directly in equity.

Upon distribution of

non-cash

asset, any difference between the carrying amount of the liabilities and the carrying amount of the assets distributed is recognized in the statement of profit or loss.

(j)

Property, plant and equipment

Construction in progress is stated at cost, net of accumulated impairment losses, if any. Property, plant and equipment are stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. Such cost includes the cost of replacing part of the property, plant and equipment and borrowing costs for long-term construction projects if the recognition criteria are met. When significant parts of property, plant and equipment are required to be replaced at intervals, the Group depreciates them separately based on their specific useful lives. Likewise, when a major inspection is performed, its cost is recognized in the carrying amount of the plant and equipment as a replacement if the recognition criteria are satisfied. All other repair and maintenance costs are recognized in profit or loss as incurred.

Freehold land has an unlimited useful life and therefore is not depreciated. Asset under construction included in property, plant and equipment are not depreciated as these assets are not yet ready for intended use. Depreciation is calculated on a straight-line basis over the estimated useful life of the assets as follows:


Freehold buildings	:	50 years
Leasehold buildings and improvements	:	50 years or period of lease, whichever is shorter
Plant, machinery and equipment	:	2 to 20 years
Office furniture, fittings and equipment	:	2 to 20 years
Motor and transport vehicles	:	4 to 11 years

An item of property, plant and equipment and any significant part initially recognized is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on

de-recognition

of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the statement of profit or loss when the asset is derecognized.

The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate.

The Group capitalizes interest with respect to major assets under installation or construction based on the weighted average cost of the Group’s general borrowings and actual interest incurred for specific borrowings. Repairs and maintenance of a routine nature are expensed while those that extend the life of assets are capitalized.

Construction in progress represents factories under construction and machinery and equipment pending installation. All direct costs relating to the acquisition or construction of buildings and machinery and equipment, including interest charges on borrowings, are capitalized as construction in progress.

(k)

Investment properties

Investment properties are properties owned by the Group that are held to lease to third parties and earn rentals rather than for use in the production or supply of goods or services, or for administrative purposes, or in the ordinary course of business. Investment properties comprise completed investment properties and properties that are being constructed or developed for future use as investment properties.

Investment properties are initially recognized at cost, including transaction costs. Subsequent to initial recognition, investment properties are carried at cost less accumulated depreciation and impairment losses. Depreciation is recognized in profit or loss on a straight-line basis over the estimated useful lives of the investment properties. The estimated useful life is 30 years. Depreciation methods, useful lives and residual values of investment properties are reassessed at each reporting date.

Investment properties are derecognized either when they have been disposed of (i.e., at the date recipient obtains control) or when they are permanently withdrawn from use and no future economic benefit is expected from its disposal. The difference between the net disposal proceeds and the carrying amount of the asset is recognized in profit or loss in the period of

de-recognition.

In determining the amount of consideration from the

de-recognition

of investment property the Group considers the effects of variable consideration, existence of a significant financing component,

non-cash

consideration, and consideration payable to the buyer (if any).

Transfers are made to (or from) investment property only when there is a change in use. Under cost model, the transfer does not change the carrying amount of the property transferred.

(l)

Intangible assets

Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and accumulated impairment losses. Internally generated intangibles, excluding capitalized development costs, are not capitalized and the related expenditure is reflected in profit or loss in the period in which the expenditure is incurred.

The useful lives of intangible assets are assessed as either finite or indefinite.

Intangible assets with finite lives are amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortization period or method, as appropriate, and are treated as changes in accounting estimates. The amortization expense on intangible assets with finite lives is recognized in the statement of profit or loss in the expense category that is consistent with the function of the intangible assets.

Intangible assets with indefinite useful lives are not amortized, but are tested for impairment annually, either individually or at the cash-generating unit level. The assessment of indefinite life is reviewed annually to determine whether the indefinite life continues to be supportable. If not, the change in useful life from indefinite to finite is made on a prospective basis.

An intangible asset is derecognized upon disposal (i.e., at the date the recipient obtains control) or when no future economic benefits are expected from its use or disposal. Any gain or loss arising upon

de-recognition

of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the statement of profit or loss.

Research and development costs

Research costs are expensed as incurred.

Development expenditures on an individual project are recognized as an intangible asset when the Group can demonstrate:

•

The technical feasibility of completing the intangible asset so that the asset will be available for use or sale

•

Its intention to complete and its ability to use or sell the asset

•

How the asset will generate future economic benefits

•

The availability of resources to complete the asset

•

The ability to measure reliably the expenditure during development

Following initial recognition of the development expenditure as an asset, the asset is carried at cost less any accumulated amortization and accumulated impairment losses. Amortization of the asset begins when development is complete and the asset is available for use. Development costs are amortized over the period of expected future benefit. During the period of development, the asset is tested for impairment annually.

Goodwill

Accounting policy for goodwill is separately discussed in Note 2.3(a).

A summary of the policies applied to the Group’s intangible assets is as follows:


	Trademarks	Technology know-how	Development costs
Useful lives	Indefinite	8 years	*
Amortization method used	No amortization	Amortized on a straight-line basis over the period of the technology know-how	*
Internally generated or acquired	Acquired	Internally generated	Internally generated

Development costs relate to

on-going

development projects that have not been completed and are not available for use.

(m)

Financial instruments – Initial recognition and subsequent measurement

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.

Financial assets

Initial recognition and measurement

Financial assets are classified, at initial recognition, as subsequently measured at amortized cost, fair value through other comprehensive income (“OCI”), and fair value through profit or loss.

The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Group’s business model for managing them. With the exception of trade receivables that do not contain a significant financing component or which the Group has applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component or which the Group has applied the practical expedient are measured at the transaction price as disclosed in Section (f)

Revenue from Contracts with Customers

In order for a financial asset to be classified and measured at amortized cost or fair value through OCI, it needs to give rise to cash flows that are “solely payments of principal and interest (“SPPI”)” on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. Financial assets with cash flows that are not SPPI are classified and measured at fair value through profit or loss, irrespective of the business model.

The Group’s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. Financial assets classified and measured at amortized cost are held within a business model with the objective to hold financial assets in order to collect contractual cash flows while financial assets classified and measured at fair value through OCI are held within a business model with the objective of both holding to collect contractual cash flows and selling.

Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the market place (regular way trades) are recognized on the trade date, i.e., the date that the Group commits to purchase or sell the asset.

Subsequent measurement

For purposes of subsequent measurement, financial assets are classified in four categories:

•

Financial assets at amortized cost (debt instruments)

•

Financial assets at fair value through OCI with recycling of cumulative gains and losses (debt instruments)

•

Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon

de-recognition

(equity instruments)

•

Financial assets at fair value through profit or loss

Financial assets at amortized cost (debt instruments)

Financial assets at amortized cost are subsequently measured using the effective interest (“EIR”) method and are subject to impairment. Gains and losses are recognized in profit or loss when the asset is derecognized, modified or impaired.

The Group’s financial assets at amortized cost includes trade and other receivables, and certain bills receivables that are held to maturity.

Financial assets at fair value through OCI (debt instruments)

For debt instruments at fair value through OCI, interest income, foreign exchange revaluation and impairment losses or reversals are recognized in the statement of profit or loss and computed in the same manner as for financial assets measured at amortized cost. The remaining fair value changes are recognized in OCI. Upon

de-recognition,

the cumulative fair value change recognized in OCI is recycled to profit or loss.

The Group’s debt instruments at fair value through OCI includes certain bills receivable that are not held to maturity.

Financial assets designated at fair value through OCI (equity instruments)

Upon initial recognition, the Group can elect to classify irrevocably its equity investments as equity instruments designated at fair value through OCI when they meet the definition of equity under IAS 32

Financial Instruments: Presentation

and are not held for trading. The classification is determined on an

instrument-by-instrument

basis.

Gains and losses on these financial assets are never recycled to profit or loss. Dividends are recognized as other income in the statement of profit or loss when the right of payment has been established, except when the Group benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are recorded in OCI. Equity instruments designated at fair value through OCI are not subject to impairment assessment.

The Group does not have equity instruments measured under this category.

Financial assets at fair value through profit or loss

Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognized in statement of profit or loss.

This category includes derivative instruments and listed equity investments which the Group had not irrevocably elected to classify at fair value through OCI. Dividends on listed equity investments are also recognized as other income in the statement of profit or loss when the right of payment has been established.

A derivative embedded in a hybrid contract, with a financial liability or

non-financial

host, is separated from the host and accounted for as a separate derivative if: the economic characteristics and risks are not closely related to the host; a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative; and the hybrid contract is not measured at fair value through profit or loss. Embedded derivatives are measured at fair value with changes in fair value recognized in profit or loss. Reassessment only occurs if there is either a change in the terms of the contract that significantly modifies the cash flows that would otherwise be required or a reclassification of a financial asset out of the fair value through profit or loss category.

Derecognition

A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognized (i.e., removed from the Group’s consolidated statement of financial position) when:

•

The rights to receive cash flows from the asset has expired; or

•

The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a “pass-through” arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset

When the Group has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Group continues to recognize the transferred asset to the extent of its continuing involvement. In that case, the Group also recognizes an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Group has retained.

Continuing involvement that takes the form a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay.

Impairment

Further disclosures relating to impairment of financial assets are also provided in the following notes:

•

Debt instruments at fair value through OCI represented by bills receivable (Note 15)

•

Trade receivables (Note 15)

The Group recognizes an allowance for expected credit losses (“ECLs”) for all debt instruments not held at fair value through profit or loss and financial guarantee contracts. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms.

ECLs are recognized in two stages. For credit exposure for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12 months (a

“12-month

ECL”). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is recognized for credit losses expected over the remaining life of the exposure irrespective of timing of the default (a “lifetime ECL”).

For trade receivable, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience adjusted for forward-looking factors specific to the debtors and the economic environment.

For debt instruments at fair value through OCI, the Group applies the low credit risk simplifications. At every reporting date, the Group evaluate whether the debt instrument is considered to have low credit risk using all reasonable and supportable information that is available without undue cost or effort. In making the evaluation, the Group reassesses the external credit rating of the debt instrument. In addition, the Group considers that there has been a significant increase in credit risk when contractual payments are more than 30 days past due.

The Group’s debt instruments at fair value through OCI comprise solely of bills receivable. It is the Group’s policy to measure ECLs on such instruments on a

12-month

basis. However, when there has been a significant increase in credit risk since origination, the allowance will be based on the lifetime ECL.

The Group considers a financial asset in default when contractual payments are more than 360 days from the invoice date. However, in certain cases the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering contractual cash flow.

Financial liabilities

Initial recognition and measurement

Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate.

All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs.

The Group’s financial liabilities include trade and other payables, loans and borrowings, lease liabilities, other liabilities and derivative financial instruments.

Subsequent measurement

For purposes of subsequent measurement, financial liabilities are classified in two categories:

•

Financial liabilities at fair value through profit or loss

•

Financial liabilities at amortized cost

Financial liabilities at fair value through profit or loss

Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss.

Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term. This category also includes derivative financial instruments entered into by the Group that are not designated as hedging instruments in hedge relationships as defined by IFRS 9. Separated embedded derivatives are also classified as held for trading unless they are designated as effective hedging instruments.

Gains or losses on liabilities held for trading are recognized in the statement of profit or loss.

Financial liabilities designated upon initial recognition at fair value through profit or loss are designated at the initial date of recognition, and only if the criteria in IFRS 9 are satisfied. The Group has not designated any financial liability as at fair value through profit or loss.

Financial liabilities at amortized cost

This is the category most relevant to the Group. After initial recognition, financial liabilities that are not carried at fair value through profit or loss are subsequently measured at amortized cost using the EIR method. Gains and losses are recognized in profit or loss when the liabilities are derecognized as well as through the EIR amortization process.

Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included as finance costs in the statement of profit or loss.

This category generally applies to loans and borrowings, lease liabilities, other liabilities and payables. For more information, refer to Note 22, 25, 26 and 28.

De-recognition

A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the

de-recognition

of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the statement of profit or loss.

Offsetting of financial instruments

Financial assets and financial liabilities are offset and the net amount is reported in the consolidated statement of financial position if there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, to realize the assets and settle the liabilities simultaneously.

(n)

Inventories

Inventories are valued at the lower of cost and net realizable value.

Costs incurred in bringing each product to its present location and condition are accounted for as follows:

•

Raw materials: purchase cost on a weighted average basis

•

Finished goods and work in progress: cost of direct materials and labor and a proportion of manufacturing overheads based on the normal operating capacity, but excluding borrowing costs

Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale.

(o)

Impairment of

non-financial

assets

Further disclosures relating to impairment of

non-financial

assets are also provided in the following notes:

•

Disclosures for significant assumptions (Note 3)

•

Investment in joint ventures (Note 5)

•

Property, plant and equipment (Note 10)

•

Investment property (Note 11)

•

Intangible assets (Note 12)

•

Right-of-use

assets (Note 17)

The Group assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset’s or CGU’s fair value less costs of disposal and its value in use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.

In assessing value in use, the estimated future cash flows are discounted to their present value using a

pre-tax

discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded companies or other available fair value indicators.

The Group bases its impairment calculation on detailed budgets and forecast calculations, which are prepared separately for each of the Group’s CGUs to which the individual assets are allocated. These budgets and forecast calculations generally cover a period of

seven

to ten years.

A long-term growth rate is calculated and applied to project future cash flows after the tenth year where appropriate. Impairment losses are recognized in the statement of profit or loss in expense categories consistent with the function of the impaired asset.

For assets excluding goodwill, an assessment is made at each reporting date to determine whether there is an indication that previously recognized impairment losses no longer exist or have decreased. If such indication exists, the Group estimates the asset’s or CGU’s recoverable amount. A previously recognized impairment loss is reversed only if there has been a change in the assumptions used to determine the asset’s recoverable amount since the last impairment loss was recognized. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years. Such reversal is recognized in the statement of profit or loss.

Goodwill is tested for impairment annually and when circumstances indicate that the carrying value may be impaired.

Impairment is determined for goodwill by assessing the recoverable amount of each CGU (or group of CGUs) to which the goodwill relates. When the recoverable amount of the CGU is less than its carrying amount, an impairment loss is recognized. Impairment losses relating to goodwill cannot be reversed in future periods.

Intangible assets with indefinite useful lives are tested for impairment annually at the CGU level, as appropriate, and when circumstances indicate that the carrying value may be impaired.

(p)

Cash and cash equivalents

For the purpose of the consolidated statement of cash flows, cash and cash equivalents in the statement of financial position comprise cash at banks and on hand, short-term highly liquid deposits with a maturity of three months or less, that are readily convertible to a known amount of cash and subject to an insignificant risk of changes in value.

(q)

Leases

The Group assess at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

Group as a lessee

The Group applies a single recognition and measurement approach for all leases, expect for short-term leases and leases of

low-value

assets. The Group recognizes lease liabilities to make lease payments and

right-of-use

assets representing the right to use the underlying assets.

(i)

Right-of-use

assets

The Group recognizes

right-of-use

assets at the commencement date of the lease (i.e., the date the underlying asset is available for use).

Right-of-use

assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any

re-measurement

of lease liabilities. The cost of

right-of-use

assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received.

Right-of-use

assets are depreciated on a straight-line basis over the shorter of the lease term and estimated useful lives of the assets, as follows:


•	Leasehold land	3 to 50 years

•	Building and office space	1 to 6 years

•	Office furniture, fittings and equipment	5 years

•	Motor vehicles	12 years

If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset.

The

right-of-use

assets are also subjected to impairment. Refer to the accounting policies in Section (o)

Impairment of

non-financial

assets

(ii) Lease liabilities

At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including

in-substances

fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognized as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs.

In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is

re-measured

if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying assets.

(iii) Short-term leases

The Group applies the short-term lease recognition exemption to its short-term leases of land and building (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). Lease payments on short-term leases are recognized as expense on a straight-line basis over the lease term.

Group as a lessor

Leases in which the Group does not transfer substantially all the risks and rewards of ownership of an asset are classified as operating leases. Rental income arising is accounted for on straight-line basis over the lease terms and is included in revenue in the statement of profit or loss due to its operating nature. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognized over the lease term on the same basis as rental income.

(r)

Borrowing costs

Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalized as part of the cost of the asset. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds.

(s)

Provisions

General

Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. When the Group expects some or all of a provision to be reimbursed, the reimbursement is recognized as a separate asset, but only when the reimbursement is virtually certain. The expense relating to a provision is presented in the statement of profit or loss net of any reimbursement.

If the effect of the time value of money is material, provisions are discounted using a current

pre-tax

rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost.

Product warranty

The Group recognizes a liability at the time the product is sold, for the estimated future costs relating to the assurance-type warranties, to be incurred under the lower of a warranty period or warranty mileage on various engine models, on which the Group provides free repair and replacement. For

on-road

applications engines, warranties extend for a duration (generally 3 to 36 months) or mileage (generally 5,000 to 300,000 kilometers), whichever materializes first. For other applications engines, warranties extend for a duration of generally 2 to 36 months or running hours of 300 to 7,000 hours, whichever materializes first. Provisions for warranty are primarily determined based on historical warranty cost per unit of engines sold adjusted for specific conditions that may arise and the number of engines under warranty at each financial year. If the nature, frequency and average cost of warranty claims change, the accrued liability for product warranty will be adjusted accordingly.

Onerous contract

If the Group has a contract that is onerous, the present obligation under the contract is recognized and measured as a provision. However, before a separate provision for an onerous contract is established, the Group recognizes any impairment loss that has occurred on assets dedicated to that contract.

An onerous contract is a contract under which the unavoidable costs (i.e., the costs that the Group cannot avoid because it has the contract) of meeting the obligations under the contract exceed the economic benefits expected to be received under it. The unavoidable costs under a contract reflect the least net cost of exiting from the contract, which is the lower of the cost of fulfilling it and any compensation or penalties arising from failure to fulfil it. The cost of fulfilling a contract comprises the costs that relate directly to the contract (i.e., both incremental costs and an allocation of costs directly related to contract activities).

(t)

Pensions and other post-employment benefits

Defined contribution plans

The Group participates in and makes contributions to the national pension schemes as defined by the laws of the countries in which it has operations. The contributions are at a fixed proportion of the basic salary of the staff. Contributions to defined contribution pension schemes are recognized as an expense in the period in which the related services are performed.

Employee leave entitlement

Employee entitlements to annual leave are recognized as a liability when they are accrued to the employees. The undiscounted liability for leave expected to be settled wholly before twelve months after the end of the reporting period is recognized for services rendered by employees up to the end of the reporting period.

(u)

Share-based payments

Employees (including senior executives) of the Group receive remuneration in the form of share-based payments, whereby employees render services as consideration for equity instruments (“equity-settled transactions”).

Equity-settled transactions

The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using an appropriate valuation model, further details of which are given in Note 21.

That cost is recognized in “Staff costs”, together with a corresponding increase in performance share reserve in equity, over the period in which the performance and/or service conditions are fulfilled (the vesting period). The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group’s best estimate of the number of equity instruments that will ultimately vest. The expense or credit in the statement of profit or loss for a period represents the movement in cumulative expense recognized as of the beginning and end of that period.

No expense is recognized for awards that do not ultimately vest, except for equity-settled transactions for which vesting is conditional upon a market or

non-vesting

condition. These are treated as vested irrespective of whether the market or

non-vesting

condition is satisfied, provided that all other performance and/or service conditions are satisfied.

When the terms of an equity-settled award are modified, the minimum expense recognized is the expense had the terms not been modified, provided the original terms of the award are met. An additional expense, measured as of the date of modification, is recognized for any modification that increases the total fair value of the share-based payment transaction, or is otherwise beneficial to the employee. Where an award is cancelled by the entity or by the counterparty, any remaining element of the fair value of the award is expensed immediately through profit or loss.

The dilutive effect of outstanding options is reflected as additional share dilution in the computation of diluted earnings per share (further details are given in Note 9).

(v)

Development properties

Development properties are properties acquired or being constructed for sale in the ordinary course of business, rather than to be held for the Group’s own use, rental or capital appreciation.

Development properties are held as other asset and are measured at the lower of cost and net realizable value.

Costs to complete development include cost of land and other direct and related development expenditure, including borrowing costs incurred in developing the properties.

Net realizable value of development properties is the estimated selling price in the ordinary course of business, based on market prices at the reporting date and discounted for the time value of money if material, less the estimated costs of completion and the estimated costs necessary to make the sale.

The costs of development properties recognized in profit or loss on disposal are determined with reference to the specific costs incurred on the property sold and an allocation of any

non-specific

costs based on the relative size of the property sold.

(w)

Derivative financial instruments

Initial recognition and subsequent measurement

The Group uses derivative financial instruments, such as forward currency contracts, to hedge its foreign currency risks. Such derivative financial instruments are initially recognized at fair value on the date on which a derivative contract is entered into and are subsequently

re-measured

at fair value through profit or loss. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative.

2.4	Changes in accounting policies and disclosures

New and amended standards and interpretations

The Group applied for the first-time certain standards and amendments, which are effective for annual periods beginning on or after January 1, 2022. The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective.

Onerous Contracts – Costs of Fulfilling a Contract –

Amendments to IAS 37

An onerous contract is a contract under which the unavoidable of meeting the obligations under the contract costs (i.e., the costs that the Group cannot avoid because it has the contract) exceed the economic benefits expected to be received under it.

The amendments specify that when assessing whether a contract is onerous or loss-making, an entity needs to include costs that relate directly to a contract to provide goods or services including both incremental costs (e.g., the costs of direct labour and materials) and an allocation of costs directly related to contract activities (e.g., depreciation of equipment used to fulfil the contract and costs of contract management and supervision). General and administrative costs do not relate directly to a contract and are excluded unless they are explicitly chargeable to the counterparty under the contract.

These amendments had no impact on the consolidated financial statements of the Group as the Group didn’t not include the general and administrative costs that do not relate to the contract.

Reference to the Conceptual Framework –

Amendments to IFRS 3

The amendments replace a reference to a previous version of the IASB’s Conceptual Framework with a reference to the current version issued in March 2018 without significantly changing its requirements.

The amendments add an exception to the recognition principle of IFRS 3 Business Combinations to avoid the issue of potential “day 2” gains or losses arising for liabilities and contingent liabilities that would be within the scope of IAS 37

Provisions, Contingent Liabilities and Contingent Assets

or IFRIC 21

Levies

, if incurred separately. The exception requires entities to apply the criteria in IAS 37 or IFRIC 21, respectively, instead of the Conceptual Framework, to determine whether a present obligation exists at the acquisition date.

The amendments also add a new paragraph to IFRS 3 to clarify that contingent assets do not qualify for recognition at the acquisition date.

These amendments had no impact on the consolidated financial statements of the Group as there were no contingent assets, liabilities or contingent liabilities within the scope of these amendments that arose during the period.

Property, Plant and Equipment: Proceeds before Intended Use –

Amendments to IAS 16

The amendment prohibits entities from deducting from the cost of an item of property, plant and equipment, any proceeds of the sale of items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, an entity recognizes the proceeds from selling such items, and the costs of producing those items, in profit or loss.

These amendments had no impact on the consolidated financial statements of the Group as there were no sales of such items produced by property, plant and equipment made available for use on or after the beginning of the earliest period presented.

IFRS 1

First-time Adoption of International Financial Reporting Standards

– Subsidiary as a first-time adopter

The amendment permits a subsidiary that elects to apply paragraph D16(a) of IFRS 1 to measure cumulative translation differences using the amounts reported in the parent’s consolidated financial statements, based on the parent’s date of transition to IFRS, if no adjustments were made for consolidation procedures and for the effects of the business combination in which the parent acquired the subsidiary. This amendment is also applied to an associate or joint venture that elects to apply paragraph D16(a) of IFRS 1.

These amendments had no impact on the consolidated financial statements of the Group as it is not a first time adopter.

IFRS 9

Financial Instruments

– Fees in the “10 per cent” test for

de-recognition

of financial liabilities

The amendment clarifies the fees that an entity includes when assessing whether the terms of a new or modified financial liability are substantially different from the terms of the original financial liability. These fees include only those paid or received between the borrower and the lender, including fees paid or received by either the borrower or lender on the other’s behalf. There is no similar amendment proposed for IAS 39

Financial Instruments: Recognition and Measurement

These amendments had no impact on the consolidated financial statements of the Group as there were no modifications of the Group’s financial instruments during the period.

2.5	Standards issued but not yet effective

The new and amended standards and interpretations that are issued, but not yet effective are disclosed below. The Group intends to adopt these new and amended standards and interpretations, if applicable, when they become effective.

Amendments to IAS 1:

Classification of Liabilities as Current or

Non-current

In January 2020, the IASB issued amendments to paragraphs 69 to 76 of IAS 1 to specify the requirements for classifying liabilities as current or

non-current.

The amendments clarify:

•

What is meant by a right to defer settlement

•

That a right to defer must exist at the end of the reporting period

•

That classification is unaffected by the likelihood that an entity will exercise its deferral right

•

That only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact its classification

The amendments are effective for annual reporting periods beginning on or after January 1, 2023 and must be applied retrospectively. The Group is currently assessing the impact.

Definition of Accounting Estimates

Amendments to IAS 8

In February 2021, the IASB issued amendments to IAS 8, in which it introduces a definition of “accounting estimates”. The amendments clarify the distinction between changes in accounting estimates and changes in accounting policies and the correction of errors. Also, they clarify how entities use measurement techniques and inputs to develop accounting estimates.

The amendments are effective for annual reporting periods beginning on or after January 1, 2023 and apply to changes in accounting policies and changes in accounting estimates that occur on or after the start of that period. Earlier application is permitted as long as this fact is disclosed.

The amendments are not expected to have a material impact on the Group.

Disclosure of Accounting Policies -

Amendments to IAS 1 and IFRS Practice Statement 2

In February 2021, the IASB issued amendments to IAS 1 and IFRS Practice Statement 2

Making Materiality Judgements

, in which it provides guidance and examples to help entities apply materiality judgements to accounting policy disclosures. The amendments aim to help entities provide accounting policy disclosures that are more useful by replacing the requirement for entities to disclose their “significant” accounting policies with a requirement to disclose their “material” accounting policies and adding guidance on how entities apply the concept of materiality in making decisions about accounting policy disclosures.

The amendments to IAS 1 are applicable for annual periods beginning on or after January 1, 2023 with earlier application permitted. Since the amendments to the Practice Statement 2 provide

non-mandatory

guidance on the application of the definition of material to accounting policy information, an effective date for these amendments is not necessary.

The Group is currently assessing the impact of the amendments to determine the impact that will have on the Group’s accounting policy disclosures.

Deferred Tax related to Assets and Liabilities arising from a Single Transaction -

Amendments to IAS 12

In May 2021, the IASB issued

amendments to IAS 12

, which narrow the scope of the initial recognition exception under IAS 12, so that it no longer applies to transactions that give rise to equal taxable and deductible temporary differences.

The amendments clarify that where payments that settle a liability are deductible for tax purposes, it is a matter of judgement (having considered the applicable tax law) whether such deductions are attributable for tax purposes to the liability recognized in the financial statements (and interest expense) or to the related asset component (and interest expense). This judgement is important in determining whether any temporary differences exist on initial recognition of the asset and liability.

Under the amendments, the initial recognition exception does not apply to transactions that, on initial recognition, give rise to equal taxable and deductible temporary differences. It only applies if the recognition of a lease asset and lease liability (or decommissioning liability and decommissioning asset component) give rise to taxable and deductible temporary differences that are not equal.

Nevertheless, it is possible that the resulting deferred tax assets and liabilities are not equal (e.g., if the entity is unable to benefit from the tax deductions or if different tax rates apply to the taxable and deductible temporary differences). In such cases, which the IASB expects to occur infrequently, an entity would need to account for the difference between the deferred tax asset and liability in profit or loss.

The amendment is effective for annual reporting periods beginning on or after January 1, 2023. The amendments are not expected to have a material impact on the Group.

Lease Liability in a Sale and Leaseback -

Amendments to IFRS 16

In September 2022, the IASB issued Lease Liability in a Sale and Leaseback (

Amendments to IFRS 16

). The

amendment to IFRS 16 Leases

specifies the requirements that a seller-lessee uses in measuring the lease liability arising in a sale and leaseback transaction, to ensure the seller-lessee does not recognize any amount of the gain or loss that relates to the right of use it retains.

The amendment is intended to improve the requirements for sale and leaseback transactions in IFRS 16. It does not change the accounting for leases unrelated to sale and leaseback transactions.

The amendment applies retrospectively to annual reporting periods beginning on or after January 1, 2024. Earlier application is permitted. The amendments are not expected to have a material impact on the Group.

Amendments to IFRS 17

Insurance Contracts

In May 2017, the IASB issued IFRS 17

Insurance Contracts

(IFRS 17), a comprehensive new accounting standard for insurance contracts covering recognition and measurement, presentation and disclosure. Once effective, IFRS 17 will replace IFRS 4

Insurance Contracts

(IFRS 4) that was issued in 2005. IFRS 17 applies to all types of insurance contracts (i.e., life, non-life, direct insurance and re-insurance), regardless of the type of entities that issue them, as well as to certain guarantees and financial instruments with discretionary participation features. A few scope exceptions will apply. The overall objective of IFRS 17 is to provide an accounting model for insurance contracts that is more useful and consistent for insurers. In contrast to the requirements in IFRS 4, which are largely based on grandfathering previous local accounting policies, IFRS 17 provides a comprehensive model for insurance contracts, covering all relevant accounting aspects. The core of IFRS 17 is the general model, supplemented by:

•

A specific adaptation for contracts with direct participation features (the variable fee approach)

•

A simplified approach (the premium allocation approach) mainly for short-duration contracts

IFRS 17 is effective for reporting periods beginning on or after January 1, 2023, with comparative figures required. Early application is permitted, provided the entity also applies IFRS 9 and IFRS 15 on or before the date it first applies IFRS 17. The amendments are not expected to have a material impact on the Group.

Significant accounting judgments, estimates and assumptions

12 Months Ended

Dec. 31, 2022

Significant accounting judgments, estimates and assumptions

3.	Significant accounting judgments, estimates and assumptions

The preparation of the Group’s consolidated financial statements requires management to make judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, the accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods.

Other disclosures relating to the Group’s exposure to risks and uncertainties includes:

•

Capital management (Note 33)

•

Financial risk management objectives and policies (Note 32)

•

Sensitivity analyses disclosures (Note 12 and 32)

3.1

Judgments

In the process of applying the Group’s accounting policies, management has made the following judgments, which have the most significant effect on the amounts recognized in the consolidated financial statements:

Revenue from Contracts with Customers

The Group applied the following judgments that significantly affect the determination of the amount and timing of revenue from contracts with customers:

•

Identifying contract price and performance obligations in sales of engines

The Group provides certain warranties for both general repairs and maintenance service as part of the sales of engines. For general repairs, such warranties will be assurance-type warranty that will continue to be accounted for under IAS 37

Provisions, Contingent Liabilities and Contingent Assets

. For maintenance services, it will be accounted for as a service-type warranties that are capable of being distinct and customers can benefit from the service on its own. Hence, the Group identified two separate performance obligation, one is the promise to transfer the engine and the other one is to provide maintenance services after reaching certain

on-road

mileage or running hours. Consequently, the Group allocated a portion of the transaction price to the engines and the maintenance services based on a combination of expected cost plus a margin and residual approaches. Please refer to Note 6.3.

Derecognition of bills receivable

The Group sell certain bills receivable to banks on an ongoing basis depending on funding needs and money market conditions. The Group also endorse certain bills to suppliers for debts settlement. Chinese law governing bills allows recourse to be traced to all the parties in the discounting and endorsing process. In relation to the derecognition of bills receivable when discounted and endorsed, the management assess the credit rating of the banks that issued these bills, consider the designated commercial banks by China regulatory are high credit rating and believe that the contractual right to receive the cash flows from the asset have terminated with the Group, but transferred to the banks and suppliers. Accordingly, the respective bills receivables were derecognized, and a discount equal to the difference between the carrying value of the bills receivable and cash received is recorded in the statement of profit or loss. Please refer to Note 15.

Deferred tax assets

Deferred tax assets are recognized for unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilized. Significant management judgment is required to determine the amount of deferred tax assets that can be recognized, based upon the likely timing and the level of future taxable profits. The carrying amounts of deferred tax assets as of December 31, 2021 and 2022 are RMB

398.2

million and RMB

450.9

million (US$

64.9

million) respectively. The deferred tax assets of the Group primarily relate to unutilized tax losses, unutilized capital allowances and investment allowances, as well as other unrecognized temporary differences relating to asset impairment and deferred grants. If the Group was able to recognize all unrecognized deferred tax assets, profit would increase by RMB

157.3

million (US$

22.6

million) for year ended December 31, 2022 (2021: RMB

159.2

million).

Development costs

Development costs are capitalized in accordance with the accounting policy in Note 2.3 (l). Capitalization of development costs requires the application of management judgment to determine, what continues to constitute development activities and when a development project should cease further capitalization of development costs. Management judgment is also required to ascertain the nature of expenses that qualify for capitalization.

Please refer to Note 12.

3.2	Estimates and assumptions

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The Group based its assumptions and estimates on parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of the Group. Such changes are reflected in the assumptions when they occur.

Impairment of

non-financial

assets

Impairment exists when the carrying value of an asset or cash-generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on available data from binding sales transactions, conducted at arm’s length, for similar assets or observable market prices less incremental costs for disposing of the asset. The value in use calculation is based on a discounted cash flow (“DCF”) model. The cash flows are derived from the forecasts for the next seven to ten years and do not include restructuring activities that the Group is not yet committed to or significant future investments that will enhance the asset’s performance of the CGU being tested. The Group, based on its history of operations, believes that the adoption of forecast for more than five years is reasonable. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes. These estimates are most relevant to goodwill, development costs and trademarks recognized by the Group. The key assumptions used to determine the recoverable amount for the different CGUs and assets, including a sensitivity analysis, are disclosed and further explained in Note 12.

Investments in subsidiaries

12 Months Ended

Dec. 31, 2022

Investments accounted for using equity method [abstract]

Investments in subsidiaries

4.	Investments in subsidiaries

Details of significant subsidiaries of the Group are as follows:


Name of significant subsidiary	Place of incorporation/ business	Group’s effective equity interest
		31.12.2021		31.12.2022
		%		%
Guangxi Yuchai Machinery Company Limited	People’s Republic of China		76.4		76.4
Guangxi Yuchai Marine and Genset Power Co., Ltd.	People’s Republic of China		76.4		76.4
Yuchai Xin-Lan New Energy Power Technology Co., Ltd	People’s Republic of China		76.4		69.5
Guangxi Yuchai Machinery Monopoly Development Co., Ltd	People’s Republic of China		54.9		54.9
Guangxi Yuchai Foundry Co., Ltd (formerly known as Guangxi Yuchai Accessories Manufacturing Company Limited)	People’s Republic of China		76.4		76.4
HL Global Enterprises Limited	Singapore		50.2		50.2

The Group has the following subsidiary that has

non-controlling

interests (“NCI”) that are material to the Group.


	31.12.2020			31.12.2021			31.12.2022
Proportion of equity interest held by NCI
Yuchai		23.6	%		23.6	%		23.6	%


	31.12.2020 RMB’000		31.12.2021 RMB’000		31.12.2022 RMB’000		31.12.2022 US$’000
Accumulated balances of material NCI
Yuchai		2,624,933		2,574,669		2,627,354		377,933

Profit allocated to material NCI
Yuchai		229,231		153,500		114,700		16,499

Dividends paid to material NCI
Yuchai		207,514		203,753		103,199		14,845

Summarized financial information including goodwill on acquisition and consolidation adjustments but before intercompany eliminations of subsidiaries with material

non-controlling

interests are as follows:


	31.12.2020
	Yuchai RMB’000
Summarized statement of comprehensive income
Revenue		20,557,660

Profit after tax		829,042

Total comprehensive income for the year		826,214

Attributable to NCI		229,231

Summarized statement of cash flows
Operating		1,476,034
Investing		(794,291	)
Financing		(505,997	)

Net increase in cash and cash equivalents		175,746


	31.12.2021
	Yuchai RMB’000
Summarized statement of financial position
Current assets		16,872,371
Non-current assets, excluding goodwill		6,812,500
Goodwill		212,636
Current liabilities		(12,424,968	)
Non-current liabilities		(781,986	)

Net assets		10,690,553

Total equity		10,690,553

Attributable to NCI		2,574,669

Summarized statement of comprehensive income
Revenue		21,254,134

Profit after tax		443,499

Total comprehensive income for the year		506,769

Attributable to NCI		153,500

Summarized statement of cash flows
Operating		588,727
Investing		(674,686	)
Financing		(1,002,764	)

Net increase in cash and cash equivalents		(1,088,723	)


	31.12.2022
	Yuchai
	RMB’000			US$’000
Summarized statement of financial position
Current assets		16,070,488			2,311,668
Non-current assets, excluding goodwill		6,737,117			969,104
Goodwill		212,636			30,587
Current liabilities		(11,204,417	)		(1,611,706	)
Non-current liabilities		(1,016,521	)		(146,222	)

Net assets		10,799,303			1,553,431

Total equity		10,799,303			1,553,431

Attributable to NCI		2,627,354			377,933

Summarized statement of comprehensive income
Revenue		15,998,041			2,301,247

Profit after tax		355,140			51,085

Total comprehensive income for the year		355,936			51,200

Attributable to NCI		114,700			16,499

Summarized statement of cash flows
Operating		(82,444	)		(11,859	)
Investing		(221,126	)		(31,808	)
Financing		(181,072	)		(26,046	)

Net increase in cash and cash equivalents		(484,642	)		(69,713	)

Significant restrictions

The nature and extent of significant restrictions on the Group’s ability to use or access assets and settle liabilities of subsidiaries with material

non-controlling

interests are:

At the end of the reporting period, cash and cash equivalents of RMB 3,717.3 million (US$ 534.7 million) (2021: RMB 4,200.5 million) held in the PRC are subject to local exchange control regulations. These regulations place restriction on the amount of currency being exported other than through dividends, trade and service related transactions.

Dilution of ownership in subsidiary, without loss of control in 2022

In November 2022, Yuchai’s wholly owned subsidiary,

Yuchai

Xin-Lan

issued additional ordinary shares to

non-controlling

interest for cash consideration of RMB 50.0 million (US$ 7.2 million). As a result, Yuchai’s shareholding in

Yuchai

Xin-Lan

decreased to 90.9%.

Investment in joint ventures

12 Months Ended

Dec. 31, 2022

Investments accounted for using equity method [abstract]

5.	Investment in joint ventures


	31.12.2020			31.12.2021			31.12.2022			31.12.2022
	RMB’000			RMB’000			RMB’000			US$’000
Share of (loss)/profit of joint ventures, net of tax:
Y & C Engine Co., Ltd		(44,016	)		(125,853	)		(54,116	)		(7,784	)
MTU Yuchai Power Co., Ltd.		3,238			28,037			40,279			5,794
Guangxi Purem Yuchai Automotive Technology Co., Ltd.		(19,157	)		1,377			(11,278	)		(1,622	)
Other joint ventures		513			454			(2,431	)		(350	)

		(59,422	)		(95,985	)		(27,546	)		(3,962	)


	31.12.2021		31.12.2022		31.12.2022
	RMB’000		RMB’000		US$’000
Carrying amount of investments:
Y & C Engine Co., Ltd		22,821		488		70
MTU Yuchai Power Co., Ltd		89,481		128,140		18,432
Guangxi Purem Yuchai Automotive Technology Co., Ltd.		31,655		20,377		2,931
Other joint ventures		7,138		5,698		820

		151,095		154,703		22,253

Details of significant joint ventures of the Group are as follows:


Name of company	Principal activities	Place of incorporation/ business	Group’s effective equity interest
			31.12.2021		31.12.2022
			%		%
Held by subsidiaries

Y & C Engine Co., Ltd (“Y&C”)	Manufacture and sale of heavy duty diesel engines, spare parts and after-sales services	People’s Republic of China		34.4		34.4

MTU Yuchai Power Co., Ltd (“MTU Yuchai Power”)	Manufacture off-road diesel engines	People’s Republic of China		38.2		38.2

Guangxi Purem Yuchai Automotive Technology Co., Ltd. (“Purem”) (formerly known as Eberspaecher Yuchai Exhaust Technology Co. Ltd)	Application development, production, sales and service on engine exhaust control systems	People’s Republic of China		37.4		37.4

The Group assess impairment of investments when adverse events or changes in circumstances indicate that the carrying amounts may not be recoverable. If the recoverable amount of investment is below its carrying amount, an impairment charge is recognized. The Group performs evaluation of the value of its investment using a discounted cash flows projection or fair value less cost of disposal where appropriate. The projection will be performed using historical trends as a reference and certain assumptions to project the future streams of cash flows.

In 2021 and 2022, the Group has performed an impairment evaluation of its investments in joint ventures. In 2022, impairment loss of RMB 1.0 million (US$ 0.1 million) (2021: RMB Nil) was charged to the consolidated statement of profit or loss under “Other operating expenses”.


	31.12.2020
	Y & C			MTU Yuchai Power			Purem			Total
	RMB’000			RMB’000			RMB’000			RMB’000
Revenue		3,021,877			307,699			45,966			3,375,542
Depreciation and amortization		(59,406	)		(2,350	)		(360	)		(62,116	)
Interest expense		(40,709	)		(1,983	)		—			(42,692	)
Profit/(loss) for the year, representing total comprehensive income for the year		(88,785	)		6,421			(39,095	)		(121,459	)

Proportion of the Group’s ownership		45	%		50	%		49	%

Group’s share of profit/(loss)		(39,953	)		3,211			(19,157	)
Unrealized profit on transactions with joint venture		(4,063	)		27			—

Group’s share of profit/(loss) of significant joint ventures		(44,016	)		3,238			(19,157	)		(59,935	)

Group’s share of profit of other joint ventures, representing the Group’s share of total comprehensive loss of other joint ventures											513

Group’s share of loss for the year, representing the Group’s share of total comprehensive loss for the year											(59,422	)


	31.12.2021
	Y & C			MTU Yuchai Power			Purem			Total
	RMB’000			RMB’000			RMB’000			RMB’000
Non-current assets		660,856			89,749			71,858			822,463
Current assets
- Cash and bank balances		179,779			63,609			2,105			245,493
- Others		817,972			310,394			99,352			1,227,718

Total assets		1,658,607			463,752			173,315			2,295,674

Non-current liabilities		(362,779	)		—			(14,109	)		(376,888	)
Current liabilities		(1,147,416	)		(271,521	)		(94,604	)		(1,513,541	)

Total liabilities		(1,510,195	)		(271,521	)		(108,713	)		(1,890,429	)

Equity		148,412			192,231			64,602			405,245

Proportion of the Group’s ownership		45	%		50	%		49	%

Group’s share of net assets		66,785			96,116			31,655
Unrealized profit on transactions with joint venture		(43,964	)		(6,635	)		—

Carrying amount of significant joint ventures		22,821			89,481			31,655			143,957

Carrying amount of other joint ventures											7,138

Carrying amount of the investment in joint ventures											151,095


	31.12.2021
	Y & C			MTU Yuchai Power			Purem			Total
	RMB’000			RMB’000			RMB’000			RMB’000
Revenue		2,072,721			467,800			157,316			2,697,837
Depreciation and amortization		(52,881	)		(2,377	)		(709	)		(55,967	)
Interest expense		(51,836	)		(1,850	)		(41	)		(53,727	)
Profit/(loss) for the year, representing total comprehensive income for the year		(282,205	)		54,526			2,811			(224,868	)

Proportion of the Group’s ownership		45	%		50	%		49	%

Group’s share of profit/(loss)		(126,992	)		27,263			1,377
Unrealized profit on transactions with joint venture		1,139			774			—

Group’s share of profit/(loss) of significant joint ventures		(125,853	)		28,037			1,377			(96,439	)

Group’s share of profit of other joint ventures, representing the Group’s share of total comprehensive loss of other joint ventures											454

Group’s share of loss for the year, representing the Group’s share of total comprehensive loss for the year											(95,985	)


	31.12.2022
	Y & C			MTU Yuchai Power			Purem			Total			Total
	RMB’000			RMB’000			RMB’000			RMB’000			US$’000
Non-current assets		616,161			89,353			60,439			765,953			110,179
Current assets
- Cash and bank balances		97,741			291,807			26,744			416,292			59,882
- Others		502,174			209,696			31,512			743,382			106,932

Total assets		1,216,076			590,856			118,695			1,925,627			276,993

Non-current liabilities		(145,418	)		—			—			(145,418	)		(20,918	)
Current liabilities		(987,638	)		(334,576	)		(77,109	)		(1,399,323	)		(201,286	)

Total liabilities		(1,133,056	)		(334,576	)		(77,109	)		(1,544,741	)		(222,204	)

Equity		83,020			256,280			41,586			380,886			54,789

Proportion of the Group’s ownership		45	%		50	%		49	%

Group’s share of net assets		37,359			128,140			20,377
Unrealized profit on transactions with joint venture		(36,871	)		—			—

Carrying amount of significant joint ventures		488			128,140			20,377			149,005			21,433

Carrying amount of other joint ventures											5,698			820

Carrying amount of the investment in joint ventures											154,703			22,253


	31.12.2022
	Y & C			MTU Yuchai Power			Purem			Total			Total
	RMB’000			RMB’000			RMB’000			RMB’000			US$’000
Revenue		1,255,967			594,197			69,380			1,919,544			276,118
Depreciation and amortization		(29,617	)		(9,733	)		(7,726	)		(47,076	)		(6,772	)
Interest expense, net		(30,547	)		470			(469	)		(30,546	)		(4,394	)
Profit/(loss) for the year, representing total comprehensive income for the year		(65,961	)		66,076			(23,016	)		(22,901	)		(3,294	)

Proportion of the Group’s ownership		45	%		50	%		49	%

Group’s share of profit/(loss)		(29,682	)		33,038			(11,278	)
Unrealized profit on transactions with joint venture		(24,434	)		7,241			—

Group’s share of profit/(loss) of significant joint ventures		(54,116	)		40,279			(11,278	)		(25,115	)		(3,612	)

Group’s share of loss of other joint ventures, representing the Group’s share of total comprehensive loss of other joint ventures											(2,431	)		(350	)

Group’s share of loss for the year, representing the Group’s share of total comprehensive loss for the year											(27,546	)		(3,962	)

Note:

As of December 31, 2022, the Group’s share of joint ventures’ capital commitment that are contracted but not paid was RMB 3.5 million (US$ 0.5 million) (2021: RMB 7.0 million).

As of December 31, 2022, the Group’s share of outstanding bills receivables discounted with banks for which Y & C retained a recourse obligation totaled RMB 5.9 million (US$ 0.8 million) (2021: RMB 213.9 million).

As of December 31, 2022, the Group’s share of outstanding bills receivables endorsed to suppliers for which Y & C retained a recourse obligation were RMB 39.7 million (US$ 5.7 million) (2021: RMB 33.1 million).

Significant restrictions

The nature and extent of significant restrictions on the Group’s ability to use or access assets and settle liabilities of joint ventures are:

The Group’s share of cash and cash equivalents of RMB 163.0 million (US$ 23.4 million) (2021: RMB 39.6 million) held in the PRC are subject to local exchange control regulations. These regulations places restriction on the amount of currency being exported other than through dividends, trade and service related transactions.

As of December 31, 2022, the Group’s share of restricted cash of RMB 40.5 million (US$ 5.8 million) (2021: RMB 74.5 million) which was used as collateral by the banks for the issuance of bills to suppliers.

As of December 31, 2022, the Group’s share of bills receivables of RMB 2.3 million (US$ 0.3 million) (2021: RMB 22.0 million) which was used as collateral by banks for the issuance of bills to suppliers.

Revenue from contracts with customers

12 Months Ended

Dec. 31, 2022

Revenue from contracts with customers

6.	Revenue from contracts with customers

6.1	Disaggregated revenue information

Set out below is the disaggregation of the Group’s revenue from contracts with customers:


	31.12.2020
Segments	Yuchai		HLGE		Total
	RMB’000		RMB’000		RMB’000
Type of goods or services
Heavy-duty engines		6,725,312		—		6,725,312
Medium-duty engines		6,626,629		—		6,626,629
Light-duty engines		2,356,168		—		2,356,168
Other products and services (i)		4,809,921		—		4,809,921
Revenue from hospitality operations		39,630		23,510		63,140

Total revenue from contracts with customers		20,557,660		23,510		20,581,170

Geographical markets
People’s Republic of China		20,504,288		—		20,504,288
Other countries		53,372		23,510		76,882

Total revenue from contracts with customers		20,557,660		23,510		20,581,170

Timing of revenue recognition
At a point in time		20,518,030		—		20,518,030
Over time		39,630		23,510		63,140

Total revenue from contracts with customers		20,557,660		23,510		20,581,170


	31.12.2021
Segments	Yuchai		HLGE		Total
	RMB’000		RMB’000		RMB’000
Type of goods or services
Heavy-duty engines		7,410,771		—		7,410,771
Medium-duty engines		7,065,283		—		7,065,283
Light-duty engines		2,429,745		—		2,429,745
Other products and services (i)		4,304,918		77		4,304,995
Revenue from hospitality operations		43,417		11,719		55,136

Total revenue from contracts with customers		21,254,134		11,796		21,265,930

Geographical markets
People’s Republic of China		21,206,280		—		21,206,280
Other countries		47,854		11,796		59,650

Total revenue from contracts with customers		21,254,134		11,796		21,265,930

Timing of revenue recognition
At a point in time		21,210,718		8,067		21,218,785
Over time		43,416		3,729		47,145

Total revenue from contracts with customers		21,254,134		11,796		21,265,930


	31.12.2022
Segments	Yuchai		HLGE		Total		Total
	RMB’000		RMB’000		RMB’000		US$’000
Type of goods or services
Heavy-duty engines		5,061,991		—		5,061,991		728,145
Medium-duty engines		5,066,622		—		5,066,622		728,811
Light-duty engines		1,910,923		—		1,910,923		274,878
Other products and services (i)		3,910,703		176		3,910,879		562,563
Revenue from hospitality operations		47,527		32,694		80,221		11,539

Total revenue from contracts with customers		15,997,766		32,870		16,030,636		2,305,936

Geographical markets
People’s Republic of China		15,886,210		—		15,886,210		2,285,161
Other countries		111,556		32,870		144,426		20,775

Total revenue from contracts with customers		15,997,766		32,870		16,030,636		2,305,936

Timing of revenue recognition
At a point in time		15,950,239		7,702		15,957,941		2,295,479
Over time		47,527		25,168		72,695		10,457

Total revenue from contracts with customers		15,997,766		32,870		16,030,636		2,305,936

Note:

(i)

included sales of power generator sets, engine components, service-type maintenance services and others.

6.2	Contract balances


	31.12.2021		31.12.2022		31.12.2022
	RMB’000		RMB’000		US$’000
Trade receivables (Note 15)		331,235		1,516,215		218,101
Capitalized contract cost		147,499		197,692		28,437
Contract liabilities (Note 24)		642,432		695,076		99,984

The contract liabilities comprise short-term advance received from customers and unfulfilled service-type maintenance service. The advance received from customers is recognized as revenue upon the delivery of goods, and the contract liability arising from unfulfilled service-type warranty is recognized upon the completion of the maintenance services. According to the business customary practice, the remaining performance obligations (unfulfilled service-type maintenance service) at the

year-end

is expected to be satisfied within 2 years.

(a)

Set out below is the amount of revenue recognized from:


	31.12.2021		31.12.2022		31.12.2022
	RMB’000		RMB’000		US$’000
Amounts included in contract liabilities		874,391		544,495		78,323

(b)

Capitalized contract costs


	31.12.2021		31.12.2022		31.12.2022
	RMB’000		RMB’000		US$’000
Capitalized contract costs relating to the projects on development of technology know-how
At January 1		127,704		147,499		21,217
Addition		19,795		50,193		7,220

At December 31		147,499		197,692		28,437

6.3	Performance obligations

The transaction price allocated to the remaining unsatisfied performance obligations as of 31 December are, as follows:


	31.12.2021		31.12.2022		31.12.2022
	RMB’000		RMB’000		US$’000
Within one year		140,601		117,906		16,960
More than one year		69,172		77,339		11,125

Total unfulfilled service-type maintenance service (Note 24)		209,773		195,245		28,085

Depreciation, amortization, shipping and handling expenses

12 Months Ended

Dec. 31, 2022

Depreciation, amortization, shipping and handling expenses

7.1	Depreciation, amortization, shipping and handling expenses

(a)

Depreciation and amortization expenses


	31.12.2020		31.12.2021		31.12.2022		31.12.2022
	RMB’000		RMB’000		RMB’000		US$’000
Amortization of intangible assets (i)		1,012		38,957		64,939		9,341
Depreciation of investment property		376		355		348		50
Depreciation of property, plant and equipment		450,092		492,826		516,276		74,264
Depreciation of right-of-use assets (ii)		43,127		41,458		43,129		6,204

		494,607		573,596		624,692		89,859

Note:

(i)

The higher amortization charges in 2021 and 2022 are mainly due to the amortization charged on additional Technology

Know-how

recognized during the year which are transferred from Group capitalized development cost upon completion and ready for use.

(ii)

In 2020,

COVID-19

related rent rebate received from lessors of RMB 0.2 million has been offset against the depreciation of

right-of-use

assets.

(b)

Shipping and handling expenses

Sales related shipping and handling expenses not separately billed to customers are included in the following caption:


	31.12.2020		31.12.2021		31.12.2022		31.12.2022
	RMB’000		RMB’000		RMB’000		US$’000
Selling, general and administrative expenses		237,683		224,292		150,661		21,672

7.2	(a) Other operating income


	31.12.2020		31.12.2021		31.12.2022		31.12.2022
	RMB’000		RMB’000		RMB’000		US$’000
Interest income		166,970		132,083		131,879		18,970
Dividend income from quoted equity securities		166		168		13		2
Gain on disposal of:
- associate		—		—		1,329		191
- property, plant and equipment		—		1,224		6,535		940
- quoted equity securities		874		5,416		2,291		330
- right-of-use assets		2,574		14,714		3,929		565
Government grants		209,793		152,932		176,264		25,355
Fair value gain on quoted equity securities		—		138		—		—
Fair value gain on foreign exchange forward contract		999		—		—		—
Foreign exchange gain, net		3,217		—		—		—
Others		15,676		19,496		12,109		1,742

		400,269		326,171		334,349		48,095

7.2	(b) Other operating expenses


	31.12.2020		31.12.2021			31.12.2022			31.12.2022
	RMB’000		RMB’000			RMB’000			US$’000
Fair value loss on quoted equity securities		1,196		—			—			—
Impairment loss on investment in joint venture		—		—			990			142
Loss on disposal of property, plant and equipment		4,183		—			—			—
Provision/(reversal) for onerous contract, net		13,639		(8,810	)		(4,829	)		(695	)
Foreign exchange loss, net		—		1,739			555			80
Unrecoverable value added tax		—		11,164			—			—
Others		2,304		5,889			877			127

		21,322		9,982			(2,407	)		(346	)

7.3	Finance costs


	31.12.2020		31.12.2021		31.12.2022		31.12.2022
	RMB’000		RMB’000		RMB’000		US$’000
Bank term loans		95,357		82,109		65,440		9,413
Bills and other discounting		49,738		27,864		23,922		3,441
Bank charges		3,877		4,136		4,563		656
Interest on lease liabilities (Note 17)		2,198		1,819		1,547		223

		151,170		115,928		95,472		13,733

7.4	Staff costs


	31.12.2020		31.12.2021		31.12.2022		31.12.2022
	RMB’000		RMB’000		RMB’000		US$’000
Wages and salaries		1,364,751		1,338,777		928,350		133,539
Contribution to defined contribution plans		287,830		386,551		371,458		53,433
Executive bonuses		59,908		19,355		16,500		2,373
Staff welfare		94,982		93,992		79,206		11,393
Staff severance cost		19,712		11,771		19,531		2,809
Others		3,439		4,887		3,875		557

		1,830,622		1,855,333		1,418,920		204,104

Income tax expense

12 Months Ended

Dec. 31, 2022

8.	Income tax expense

The major components of income tax expense for the years ended December 31, 2020, 2021 and 2022 are as follows:


	31.12.2020			31.12.2021			31.12.2022			31.12.2022
	RMB’000			RMB’000			RMB’000			US$’000
Current income tax
- Current year		180,254			48,856			72,909			10,487
- (Over)/under provision in respect of prior years		(124	)		(21,523	)		27,406			3,942
Deferred tax
- Movement in temporary differences		12,543			16,483			(41,147	)		(5,918	)
- Over provision in respect of prior years		(135	)		—			(103	)		(15	)

Consolidated income tax expense reported in the statement of profit or loss		192,538			43,816			59,065			8,496

The reconciliation between

tax expense

and

the

product

accounting

profit

multiplied

by the PRC income tax rate of 15% (being tax rate of Yuchai) for the years ended December 31, 2020, 2021 and 2022 for the following reasons:


	31.12.2020			31.12.2021			31.12.2022			31.12.2022
	RMB’000			RMB’000			RMB’000			US$’000
Profit before tax		971,864			451,710			394,726			56,779
Income tax expense at 15%		145,780			67,757			59,209			8,517
Adjustments:
Non-deductible expenses		9,188			17,795			7,924			1,140
Tax-exempt income		(601	)		(2,181	)		(500	)		(72	)
Utilization of deferred tax benefits previously not recognized		(1,996	)		(29	)		(3,093	)		(445	)
Deferred tax benefits not recognized		6,097			10,356			22,606			3,252
Tax credits for research and development expense		(26,329	)		(59,633	)		(76,835	)		(11,052	)
Tax rate differential		24,251			16,517			10,901			1,568
(Over)/under provision in respect of previous years		(259	)		(21,523	)		27,303			3,927
Withholding tax expense		36,332			14,639			11,535			1,659
Others		75			118			15			2

Total		192,538			43,816			59,065			8,496

Deferred tax

Deferred tax relates to the following:


	Consolidated statement of financial position									Consolidated statement of profit or loss
	31.12.2021			31.12.2022			31.12.2022			31.12.2020			31.12.2021			31.12.2022			31.12.2022
	RMB’000			RMB’000			US$’000			RMB’000			RMB’000			RMB’000			US$’000
Accelerated tax depreciation		(138,770	)		(122,298	)		(17,592	)		(55,882	)		(37,968	)		16,472			2,369
Interest receivable		(3,396	)		(3,033	)		(436	)		(293	)		(1,459	)		363			52
PRC withholding tax on dividend income (i)		(65,544	)		(61,825	)		(8,893	)		(36,255	)		(14,529	)		(11,458	)		(1,648	)
Effect of change in residual value an impairment of property, plant and equipment		65,368			69,641			10,018			33,456			25,264			4,273			615
Write-down of inventories		20,250			29,503			4,244			4,225			(2,378	)		9,253			1,331
Impairment losses on trade receivables		6,789			7,071			1,017			(2,021	)		(1,267	)		282			41
Accruals		283,427			234,586			33,744			48,149			(15,339	)		(48,841	)		(7,026	)
Deferred income		97,828			56,480			8,124			1,211			(11,114	)		(41,348	)		(5,948	)
Losses available for offsetting against future taxable income		23,072			139,747			20,102			—			23,072			116,675			16,783
Others		43,606			39,185			5,636			(4,998	)		19,235			(4,421	)		(636	)

Deferred tax (expenses)/benefits											(12,408	)		(16,483	)		41,250			5,933

Net deferred tax assets		332,630			389,057			55,964

Reflected in the consolidated statement of financial position as follows:
Deferred tax assets		398,174			450,882			64,857
Deferred tax liabilities		(65,544	)		(61,825	)		(8,893	)

		332,630			389,057			55,964

Note:

(i)

The movement of PRC withholding tax on dividend income is as follows:


	31.12.2021			31.12.2022			31.12.2022
	RMB’000			RMB’000			US$’000
At January 1		(112,456	)		(65,544	)		(9,428	)
Provision made to consolidated statement of profit or loss		(14,529	)		(11,458	)		(1,648	)
Utilization		61,441			15,177			2,183

December 31		(65,544	)		(61,825	)		(8,893	)

The Corporate Income Tax (“CIT”) law provides for a tax of 10% to be withheld from dividends paid to foreign investors of PRC enterprises. This withholding tax provision does not apply to dividends paid out of profit earned prior to January 1, 2008. Beginning on January 1, 2008, a 10% withholding tax is imposed on dividends paid to the Company, as a

non-resident

enterprise, unless an applicable tax treaty provides for a lower tax rate. The Company recognizes a deferred tax liability for withholding tax payable for profits accumulated after December 31, 2007 for the earnings that the Company does not plan to indefinitely reinvest in the PRC enterprises. As of December 31, 2022, the deferred tax liability for withholding tax payable was RMB 61.8 million (US$ 8.9 million) (2021: RMB 65.5 million). The amount of unrecognized deferred tax liability relating to undistributed earnings of the PRC enterprises is estimated to be RMB 190.7 million (US$ 27.4 million) (2021: RMB 195.5 million).

Deferred tax assets have not been recognized in respect of the following items:


	31.12.2021		31.12.2022		31.12.2022
	RMB’000		RMB’000		US$’000
Unutilized tax losses		414,212		473,456		68,105
Unutilized capital allowances and investment allowances		103,810		100,643		14,477
Other unrecognized temporary differences relating to asset impairment and deferred grants		199,203		142,851		20,548

		717,225		716,950		103,130

Unrecognized tax losses for the Group are subject to agreement with the tax authorities and compliance with tax regulations in the respective countries in which the Group operates. The unutilized tax losses for PRC subsidiaries and Malaysia subsidiaries expire within the next

years and

years, respectively. These losses may not be used to offset taxable income elsewhere in the Group. Deferred tax assets have not been recognized in respect of these items because it is not probable that future taxable profits will be available against which the Group can utilize the benefits.

Earnings per share

12 Months Ended

Dec. 31, 2022

Earnings per share

9.	Earnings per share

Basic earnings per share is calculated by dividing the profit for the year attributable to equity holders of the Company by the weighted average number of ordinary shares outstanding during the year.

Diluted earnings per share is calculated by dividing the profit attributable to equity holders of the Company by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares into ordinary shares.

Basic earnings per share

The calculation of basic earnings per share is based on:


	31.12.2020		31.12.2021		31.12.2022		31.12.2022
	RMB’000		RMB’000		RMB’000		US$’000
Profit attributable to equity holders of the Company		548,903		272,673		218,581		31,442

Weighted average number of ordinary shares		40,858,290		40,858,290		40,858,290		40,858,290

Diluted earnings per share

The weighted average number of ordinary shares adjusted for the effect of unissued ordinary shares under the Share Option Scheme is determined as follows:


	31.12.2020		31.12.2021		31.12.2022
Weighted average number of shares issued, used in the calculation of basic earnings per share		40,858,290		40,858,290		40,858,290
Diluted effect of share options		—		—		—

Weighted average number of ordinary shares adjusted for effect of dilution		40,858,290		40,858,290		40,858,290

In 2022, 270,000 (2021: 270,000; 2020: 470,000) share options granted to employees under the existing employee share option plan have not been included in the calculation of diluted earnings per share because they are anti-dilutive.

There have been no other transactions involving ordinary shares or potential ordinary share since the reporting date and before the completion of these financial statements.

Property, plant and equipment

12 Months Ended

Dec. 31, 2022

Property, plant and equipment

10.	Property, plant and equipment


	Freehold land RMB’000			Leasehold buildings and improvements RMB’000			Construction in progress RMB’000			Plant and machinery RMB’000			Office furniture, fittings and equipment RMB’000			Motor and transport vehicles RMB’000			Total RMB’000
Cost
At January 1, 202 1		14,092			2,449,379			700,716			5,731,485			203,090			123,058			9,221,820
Additions		—			2,214			426,621			20,655			16,803			12,598			478,891
Disposals		—			(5,435	)		—			(81,321	)		(1,896	)		(13,860	)		(102,512	)
Transfers		—			105,117			(721,753	)		603,595			13,041			—			—
Write-off		—			(1,551	)		—			(48,990	)		(7,416	)		(2,591	)		(60,548	)
Translation difference		(628	)		(3,439	)		(154	)		(522	)		(1,242	)		(36	)		(6,021	)

At December 31, 202 1 and January 1, 202 2		13,464			2,546,285			405,430			6,224,902			222,380			119,169			9,531,630
Additions		—			8,768			312,442			13,469			12,413			6,256			353,348
Disposals		—			(5,530	)		—			(54,323	)		(964	)		(6,568	)		(67,385	)
Transfers		—			72,252			(369,120	)		288,475			8,491			—			98
Write-off		—			(14,827	)		—			(1,081	)		(10,754	)		(2,465	)		(29,127	)
Translation difference		1,190			3,836			17			404			763			145			6,355

At December 31, 2022		14,654			2,610,784			348,769			6,471,846			232,329			116,537			9,794,919


Accumulated depreciation and impairment
At January 1, 202 1		487			934,390			—			3,795,804			159,035			73,344			4,963,060
Charge for the year		—			93,397			—			394,171			19,579			12,371			519,518	*
Disposals		—			(2,119	)		—			(78,917	)		(1,688	)		(12,109	)		(94,833	)
Write-off		—			(1,432	)		—			(48,366	)		(7,280	)		(2,336	)		(59,414	)
Impairment loss		—			—			—			7,227			—			—			7,227
Translation difference		(30	)		(780	)		—			(277	)		(716	)		(34	)		(1,837	)

At December 31, 2021 and January 1, 2022		457			1,023,456			—			4,069,642			168,930			71,236			5,333,721
Charge for the year		—			101,709			—			398,465			22,005			11,598			533,777	*
Disposals		—			(3,166	)		—			(51,290	)		(960	)		(6,255	)		(61,671	)
Write-off		—			(11,855	)		—			(978	)		(10,559	)		(2,440	)		(25,832	)
Impairment loss		—			—			14,060			3,218			—			—			17,278
Translation difference		20			984			—			204			571			123			1,902

At December 31, 2022		477			1,111,128			14,060			4,419,261			179,987			74,262			5,799,175


Net book value
At December 31, 2021		13,007			1,522,829			405,430			2,155,260			53,450			47,933			4,197,909

At December 31, 2022		14,177			1,499,656			334,709			2,052,585			52,342			42,275			3,995,744

US$’000		2,039			215,719			48,147			295,255			7,529			6,081			574,770

In 2022, RMB 14.9 million (US$ 2.1 million) (2021: RMB 26.1 million) were capitalized as development costs. In 2022, RMB 2.6 million (US$ 0.4 million) (2021: RMB 0.6 million) were capitalized as capitalized contract cost.

An impairment loss of RMB 17.3 million (US$ 2.5 million) (2021: RMB 7.2 million; 2020: RMB 3.9 million) was charged to the consolidated statement of profit or loss under “Cost of sales” for the Group’s plant and equipment within the Yuchai segment. The impairment loss was due to assets that were not in use.

Investment property

12 Months Ended

Dec. 31, 2022

Investment property

11.	Investment property


	31.12.2021			31.12.2022			31.12.2022
	RMB’000			RMB’000			US$’000
Cost
At January 1		33,187			31,810			4,575
Translation difference		(1,377	)		579			84

At December 31		31,810			32,389			4,659

Accumulated depreciation
At January 1		27,358			26,724			3,844
Charge for the year		355			348			50
Translation difference		(989	)		561			81

At December 31		26,724			27,633			3,975

Net carrying amount		5,086			4,756			684

Fair value		11,308			11,686			1,681

Consolidated statements of profit or loss:
Rental income from an investment property		77			176			25
Direct operating expenses (including repairs, maintenance and depreciation expense) arising from the rental generating property		(82	)		(118	)		(17	)

The Group has no restrictions on the realizable of its investment property and no contractual obligations to purchase, construct or develop investment property or for repairs, maintenance or enhancement.

The fair value is determined by independent professional qualified assessor. The fair value of investment property is determined by the market comparison and cost methods. In valuing the investment property, due consideration is given to factors such as location and size of building, building infrastructure, market knowledge and historical comparable transactions to arrive at their opinion of value.

The following table shows information about fair value measurement of the investment property using significant unobservable inputs (Level 3):


	Valuation techniques	Unobservable input	Inter-relationship between key unobservable inputs and fair value measurement
2022	Market comparison and cost method	Comparable price: - RMB 182 to RMB 441 (US$ 26 to US$ 63) per square foot	The estimated fair value increases with higher comparable price

2021	Market comparison and cost method	Comparable price: - RMB 165 to RMB 401 per square foot	The estimated fair value increases with higher comparable price

Intangible assets

12 Months Ended

Dec. 31, 2022

Intangible assets

12.	Intangible assets


	Goodwill		Technology Know-how		Development costs			Trademarks		Total
	RMB’000		RMB’000		RMB’000			RMB’000		RMB’000
Cost
At January 1, 2021		218,311		136,822		1,093,423			169,811		1,618,367
Addition		—		—		313,571			—		313,571
Transfer		—		414,704		(414,704	)		—		—

At December 31, 2021 and January 1, 2022		218,311		551,526		992,290			169,811		1,931,938
Addition		—		—		181,181			—		181,181
Transfer		—		121,227		(121,227	)		—		—

At December 31, 2022		218,311		672,753		1,052,244			169,811		2,113,119


Accumulated amortization and impairment
At January 1, 2021		5,675		128,724		—			—		134,399
Amortization		—		38,957		—			—		38,957

At December 31, 2021 and January 1, 2022		5,675		167,681		—			—		173,356
Amortization		—		64,939		—			—		64,939

At December 31, 2022		5,675		232,620		—			—		238,295


Net carrying amount
At December 31, 2021		212,636		383,845		992,290			169,811		1,758,582

At December 31, 2022		212,636		440,133		1,052,244			169,811		1,874,824

US$’000		30,587		63,311		151,361			24,426		269,685

Goodwill

Goodwill represents the excess of purchase consideration over fair value of net assets of businesses acquired.

Goodwill acquired through business combinations have been allocated to two cash-generating units for impairment testing as follows:

•

Yuchai

•

Yulin Hotel. Goodwill allocated to Yulin Hotel was fully impaired in 2008.

Carrying amount of goodwill allocated to the cash-generating unit:


	31.12.2021		31.12.2022		31.12.2022
	RMB’000		RMB’000		US$’000
Yuchai		212,636		212,636		30,587

Yuchai unit

The Group performs its impairment test annually. The recoverable amount of the unit was determined based on a value in use calculation using cash flow projections from financial

budgets approved by senior management covering a

ten-year

period. The business of Yuchai is stable since the Group has control in 1994 and the business model of Yuchai is unlikely to change in the foreseeable future. The

pre-tax

discount rate applied to the cash flow projections w

as 14.34% (

2021:

12.54

%) and cash flows beyond the

ten-year

period are extrapolated using a

growth rate (2021:

%) that is the same as the long-term

average growth rate for PRC. No impairment was identified for this unit.

Key assumptions used for value in use calculations

Key assumptions used in estimation of value in use were as follows:

•

Profit from operation

•

Discount rate

Profit from operation – Profit from operation is based on management’s estimate with reference to historical performance and future business outlook of Yuchai unit.

Discount rate – Discount rate reflects management’s estimate of the risks specific to the cash-generating unit and is estimated based on weighted average cost of capital (“WACC”). The WACC takes into account both debt and equity. The cost of equity is derived from the expected return on investment by the Group’s investors. The cost of debt is based on the interest-bearing borrowings the cash-generating unit is obliged to service. This rate is weighted according to the optimal debt/equity structure arrived on the basis of the capitalization structure of the peer group.

Sensitivity to changes in assumptions

The implications of the key assumptions for the recoverable amount are discussed below:

Profit from operation – A decreased demand can lead to a decline in profit from operation. A decrease in demand by

26.64%

(2021: 15.21%) would result in impairment.

Discount rate – A rise in

pre-tax

discount rate to

17.92%

(2021: 14.03%) in the Yuchai unit would result in impairment.

With regard to the assessment of value in use of the Yuchai unit, management believes that no reasonably possible change in any of the above key assumptions would cause the recoverable amount to materially fall below the carrying value of the unit.

Technology know-how

At December 31, 2022, The Group has an intangible asset representing technology development costs with carrying amount of RMB

5.9

million, which is the technology know-how that relates to production of 4Y20 engines. As of December 31, 2022, the accumulated impairment loss that was brought forward from prior years on this technology know-how was RMB

126.7

million.

In late 2018, the Group had commenced the production of 4Y20 engines. In 2020, 2021 and 2022, management believed that there was no indicator for further impairment. Also, having considered that there was no significant change to the market and economic environment which will have a favorable effect to the recoverable amount of the intangible asset, management had concluded that no reversal of impairment was necessary in 2020, 2021 and 2022.

In 2022, the development of certain engine platform relating to National VI engines were completed, and the related development costs amounting to RMB 121.2 million (US$ 17.4 million) (2021: RMB 414.7 million) were transferred from development costs to

technology know-how, and amortization were charged accordingly based on the Group’s policy.

Development costs

During 2021 and 2022, the Group has capitalized development costs of RMB

313.6

million and RM

181.2

million

(US$

26.1

million), respectively,

mainly

for new engines that comply with National VI and Tier 4 emission standards. As of December 31, 2022, the total capitalized development costs are RMB

1,052.2

million (US$

151.4

million) (2021: RMB

992.3

Million). These development costs relate to

on-going

development efforts and, accordingly, have not yet been available for use, and therefore no amortization

charges were recorded.

In 2021 and 2022, the Group performs an impairment test on the development costs that are not available for use. No impairment has been identified. The recoverable amount was determined based on its value in use using the discounted cash flow approach. Cash flows were projected based on historical growth, past experience and management best estimation of future business outlook. In 2022, the Group used 7 years (2021: 8 years) forecast and were based on the updated financial budgets approved by the senior management with no terminal value.

Key assumptions used in estimation of value in use were as follows:

•

Profit from operation – Profit from operation is based on management’s estimate with reference to historical revenue generated, growth rate and estimation of future business outlook. In 2022, the

Group used a 7 years business plan, and estimated the revenue growth rate is the range of 15% to

20%

year-on-year from 2023 to 2027 in view of the implementation of new emission standard and management expect an accelerated growth for new energy products due to the government’s emphasis on new energy. Management assumes the revenue for the year 2028 and 2029 remain the same level as 2027. In 2021, the Group used a 8 years business plan, the revenue growth rate is estimated at an average around 12% year-on-year from 2022 to 2025 decrease

to 5% in 2026 and thereafter management assumed no revenue growth from 2026 to 2029.

•

pre-tax

discount rate of

14.34%

(2021: 12.54%).

Sensitivity to changes in assumptions

The implications of the key assumptions for the recoverable amount are discussed below:

Profit from operation – A decreased demand can lead to a decline in profit from operation. A decrease in demand by

4.88%

(2021: 13.86%) would result in impairment.

Discount rate – A rise in

pre-tax

discount rate to

19.17%

(2021: 15.69%) would result in impairment.

With regard to the assessment of value in use, management believes that no reasonably possible change in any of the above key assumptions would cause the recoverable amount to materially fall below the carrying value.

Trademarks

In 2019, Yuchai entered into a trademark license agreement with GY Group under which Yuchai was granted the exclusive and perpetual use of the trademarks listed in the trademark license agreement for a

one-time

usage fee of RMB 169.8 million

(US$ 24.4 million).

Management has assessed and concluded that the right granted by the trademark license, according to the terms and conditions of the trademark license agreement, is indefinite.

In 2021 and 2022, the Group performed an annual impairment review by taking Yuchai as a cash-generating unit. Using the same cash flow projection and assumptions for goodwill impairment test disclosed above, management concluded that no impairment charge is to be recognized in 2021 and 2022.

Inventories

12 Months Ended

Dec. 31, 2022

Inventories

13.	Inventories


	31.12.2021		31.12.2022		31.12.2022
	RMB’000		RMB’000		US$’000
Raw materials		2,111,881		2,339,933		336,589
Work in progress		25,169		24,312		3,497
Finished goods		3,071,586		2,573,510		370,188

Total inventories at the lower of cost and net realizable value		5,208,636		4,937,755		710,274


	31.12.2020			31.12.2021			31.12.2022			31.12.2022
	RMB’000			RMB’000			RMB’000			US$’000
Inventories recognized as an expense in cost of sales		15,501,807			16,457,476			11,991,899			1,724,982
Inclusive of the following charge/(credit):
- Inventories written down		82,386			32,813			86,650			12,464
- Reversal of write-down of inventories		(54,408	)		(41,823	)		(31,765	)		(4,569	)
- Inventories written off		—			10,085			—			—

The reversal of write-down of inventory was made when the related inventories were sold above their carrying value.

Other current assets

12 Months Ended

Dec. 31, 2022

Other current assets

14.	Other current assets


	31.12.2021		31.12.2022		31.12.2022
	RMB’000		RMB’000		US$’000
Current
Development properties		16,167		16,710		2,404
Quoted equity securities (i)		606		—		—

		16,773		16,710		2,404

Note:

(i)

The quoted equity securities are listed on the Singapore Exchange.

In 2021, the Group partially disposed the quoted equity securities for consideration of RMB 6.5 million and recognized a gain on disposal of RMB 5.4 million in consolidated statement of profit or loss under “Other operating income”.

In 2022, the Group has disposed the remaining quoted equity securities for consideration of RMB 0.6 million (US$ 0.1 million) and recognized a gain on disposal of RMB 2.3 million (US$ 0.3 million) in consolidated statement of profit or loss under “Other operating income”.

Trade and other receivables

12 Months Ended

Dec. 31, 2022

Trade and other receivables

15.	Trade and other receivables


	31.12.2021 RMB’000			31.12.2022 RMB’000			31.12.2022 US$’000
Trade receivables, gross		364,445			1,549,462			222,883
Less: Allowance for expected credit losses		(33,210	)		(33,247	)		(4,782	)

Net trade receivables (Note 6.2)		331,235			1,516,215			218,101
Bills receivable (i)		6,437,100			4,970,880			715,039

Total (Note 35, Note 36)		6,768,335			6,487,095			933,140

Amounts receivable:
- associates and joint ventures (trade)		243			125,489			18,051
- associates and joint ventures (non-trade)		11,959			11,230			1,615
- related parties (trade)		68,539			180,374			25,946
- related parties (non-trade)		459			3,476			500
Bills receivable in transit		22,360			8,172			1,176
Grant receivables		—			62,000			8,919
Interest receivables		11,788			15,437			2,221
Others		29,663			34,326			4,937
Less: Impairment losses – other receivables		(6,231	)		(5,754	)		(828	)

Other receivables carried at amortized cost (Note 35)		138,780			434,750			62,537
Tax recoverable		328,369			290,596			41,801
Advances paid to suppliers		66,474			81,861			11,775
Right of return assets		40,761			17,045			2,452

Net other receivables		574,384			824,252			118,565

Total trade and other receivables		7,342,719			7,311,347			1,051,705

Note:

(i)

As of December 31, 2022, bills receivable includes bills received from joint ventures and related parties amounted to RMB 0.1 million (US$ less than 0.1 million) (2021: RMB 0.7 million) and RMB 763.4 million (US$ 109.8 million) (2021: RMB 523.5 million) respectively.

As of December 31, 2022, bills receivable amounted to RMB 12.6 million (US$ 1.8 million) (2021: RMB 13.4 million) was pledged to secure bank facilities.

Trade receivables are non-interest bearing and are generally on 60 - 90 days’ term. They are recognized at their original invoice amounts, net of sales rebates in the financial year.

Non-trade

balance from associates, joint ventures and other related parties are unsecured, interest-free, and repayable on demand.

Movement in the allowance for expected credit losses of trade and other receivables is as follows:


	31.12.2021 RMB’000			31.12.2022 RMB’000			31.12.2022 US$’000
At January 1		50,260			39,441			5,674
Credit to consolidated statement of profit or loss (under “Selling, general and administrative expenses”)		(8,525	)		(459	)		(66	)
Written off		(2,278	)		(5	)		(1	)
Translation difference		(16	)		24			3

At December 31		39,441			39,001			5,610

As of December 31, 2021 and 2022, outstanding bills receivable discounted with banks for which the Group retained a recourse obligation totaled RMB 79.1 million and RMB 936.9 million (US$ 134.8 million) respectively. All bills receivable discounted have contractual maturities within 12 months at time of discounting.

As of December 31, 2021 and 2022, outstanding bills receivable endorsed to suppliers with recourse obligation were RMB 2,550.0 million and RMB 1,032.1 million (US$ 148.5 million) respectively.

As of December 31, 2021 and 2022, trade receivables due from a major customer, Dongfeng Automobile Co., Ltd. and its affiliates (the “Dongfeng companies”) were RMB

29.2 million and RMB 662.7 million (US$ 95.3 million), respectively. See Note 32 for further discussion of customer concentration risk.

For terms and conditions relating to related parties, refer to Note 29.

Cash and cash equivalents

12 Months Ended

Dec. 31, 2022

Cash and cash equivalents

16.	Cash and cash equivalents

Long-term bank deposits

Short-term bank deposits

Restricted cash


	31.12.2021 RMB’000		31.12.2022 RMB’000		31.12.2022 US$’000
Non-current
Long-term bank deposits (i)		110,000		20,000		2,877

Current
Cash and cash equivalents		4,788,219		4,451,489		640,327
Short-term bank deposits (ii)		357,335		351,567		50,571
Restricted cash		76,001		27,687		3,983

		5,221,555		4,830,743		694,881

Cash and bank balances		5,331,555		4,850,743		697,758

Note:

(i)

In 2021, YMMC has placed new three-year time deposits of RMB 20.0 million at annual interest rate of 3.85% with certain bank. These long-term deposits are not considered to be cash equivalents.

As at December 31, 2022, the three-year time deposits placed in 2020 has remaining maturity period of less than 12 months. Accordingly, this has been classified as short-term bank deposits in 2022.

(ii)

Short-term bank deposits relate to bank deposits with initial maturities of more than three months and subject to more than insignificant risk of changes in value upon withdrawal before maturity. The interest rate of these bank deposits as of December 31, 2022 for the Group ranged from 0.80% to 4.36% (2021: 0.30% to 1.65%). These short-term bank deposits are not considered as cash equivalents.

Cash at banks earns interest at floating rates based on daily bank deposit rates. Short-term deposits are made for varying periods, depending on the immediate cash requirements of the Group, and earn interests at the respective short-term deposit rates. The interest rate of the bank deposits (excluding long-term and short-term bank deposits) as of December 31, 2022 for the Group ranged from

1.25

% to

5.15

% (2021:

0.13

% to

1.55

%).

As at December 31, 2022, there is fixed deposits of RMB 36.6 million (US$ 5.3 million) held with a related party (2021: RMB 140.3 million).

As of December 31, 2022, the Group’s restricted cash of RMB 27.7 million (US$ 4.0 million) (2021: RMB 76.0 million) was used as collateral by the banks for the issuance of bills to suppliers.

As of December 31, 2021 and 2022, the Group had RMB 474.2 million and RMB 518.0 million (US$ 74.5

million) respectively, of undrawn borrowing facilities in respect of which all conditions precedent had been met. The commitment fees incurred for 2020 was less than RMB

0.1

million, and Nil for both 2021 and 2022.

For the purpose of the statement of cash flows, cash and cash equivalents comprise the following at December 31:


	31.12.2021		31.12.2022		31.12.2022
	RMB’000		RMB’000		US$’000
Cash at banks and on hand		4,218,131		3,730,372		536,597
Short-term bank deposits (i)		570,088		721,117		103,730

Cash and cash equivalents		4,788,219		4,451,489		640,327

Note:

(i)

This relates to other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.

Leases

12 Months Ended

Dec. 31, 2022

leases

17.

Leases

Group as a lessee

The Group has lease contracts for land, motor vehicles, office space and staff accommodations used in its operations. These leases are generally with lease term of between 1 and 12 years. The Group’s obligations under its leases are secured by the lessor’s title to the leased assets.

The Group also has certain leases of office space and staff accommodations with lease terms of 12 months or less. The Group has applied the “short-term leases” recognition exemptions for these leases

Set out below are the carrying amounts of

right-of-use

assets recognized and the movements during the year.


	Leasehold land RMB’000			Building and office space RMB’000			Office furniture, fittings and equipment RMB’000			Motor vehicles RMB’000			Total RMB’000			Total US$’000
At January 1, 2021		338,565			45,430			6			—			384,001			55,237
Addition		1,355			22,558			58			—			23,971			3,448
Depreciation expenses		(13,655	)		(27,790	)		(13	)		—			(41,458	)		(5,964	)
Disposal		(21,620	)		—			—			—			(21,620	)		(3,110	)
Translation difference		—			(80	)		—			—			(80	)		(11	)

At December 31, 2021 and January 1, 2022		304,645			40,118			51			—			344,814			49,600
Addition		—			49,421			—			314			49,735			7,154
Depreciation expenses		(12,324	)		(30,772	)		(14	)		(19	)		(43,129	)		(6,204	)
Disposal		(3,256	)		—			—			—			(3,256	)		(468	)
Termination		—			(6,187	)		—			—			(6,187	)		(890	)
Translation difference		—			159			5			—			164			24

At December 31, 2022		289,065			52,739			42			295			342,141			49,216

Set out below are the

carrying

amounts of lease liabilities and the movements during the year:


	2021 RMB’000			2022 RMB’000			2022 US$’000
At January 1		39,778			40,531			5,830
Additions		23,971			49,735			7,154
Accretion of interest (Note 7.3)		1,819			1,547			223
Payments		(24,940	)		(26,144	)		(3,761	)
Termination		—			(6,187	)		(890	)
Translation difference		(97	)		159			23

At December 31		40,531			59,641			8,579

Current (Note 25)		27,125			31,433			4,521
Non-current (Note 25)		13,406			28,208			4,058

Total		40,531			59,641			8,579

The following are the amounts recognized in profit of loss:


	2021		2022		2022
	RMB’000		RMB’000		US$’000
Depreciation charge for right-of-use assets		41,458		43,129		6,204
Interest expenses on lease liabilities (Note 7.3)		1,819		1,547		223
Expenses relating to short-term leases (included in selling, general and administrative expenses and research and development expenses)		27,686		25,022		3,599

Total amount recognized in profit or loss		70,963		69,698		10,026

In 2022, the Group had total cash outflows for leases of RMB 51.2 million (US$ 7.4 million) (2021: RMB 52.6 million). The Group also had

non-cash

additions to

right-of-use

assets and lease liabilities of RMB 49.7 million (US$ 7.2 million) in 2022 (2021: RMB 24.0 million). The

future cash outflows relating to leases that have not yet commenced are disclosed in Note 30.

Group as a lessor

The Group has entered into operating leases on some of its assets, including surplus offices and warehouses. Theses leases have terms between 1 to 20 years. Rental income recognized by the Group during the year is RMB 18.1 million (US$ 2.6 million) (2021: RMB 15.2 million).

Future minimum rental receivables under

non-cancellable

operating leases as of 31 December are as follows:


	31.12.2021		31.12.2022		31.12.2022
	RMB’000		RMB’000		US$’000
Within 1 year
- related parties		598		17		2
- joint venture		1,425		1,587		228
- third parties		5,573		8,136		1,170
After 1 year but within 5 years
- related parties		2,358		17		2
- joint venture		5,698		6,292		905
- third parties		7,240		19,364		2,785
More than 5 years
- joint venture		10,566		9,690		1,394
- third parties		4,272		26,566		3,821

		37,730		71,669		10,307

Issued capital

12 Months Ended

Dec. 31, 2022

Issued capital

18.	Issued capital

31.12.2021

31.12.2022

thousands

Issued capital

Authorized shares

Ordinary share of par value US$ 0.10 each

100,000

Number of

RMB’000

Ordinary shares issued and fully paid

At January 1, 2021, December 31, 2021 and December 31, 2022

40,858,290

2,081,138

US$’000

299,362

31.12.2021

31.12.2022

RMB’000

US$’000

Special share issued and fully paid

One special share issued and fully paid at US$ 0.10 per share

Less than RMB 1 (US$ 1)

The holders of ordinary shares are entitled to such dividends as the Board of Directors of the Company may declare from time to time. All ordinary shares are entitled to one vote on a show of hands and carry one vote per share on a poll.

The holder of special share is entitled to elect a majority of directors of the Company. In addition, no shareholders’ resolution may be passed without the affirmative vote of the special share, including any resolution to amend the Memorandum of Association or

Bye-laws

of the Company. The special share is not transferable except to Hong Leong Asia Ltd. (“HLA”), Hong Leong (China) Limited (“HLC”) or any of its affiliates. The

Bye-Laws

of the Company provides that the special share shall cease to carry any rights in the event that HLA and its affiliates cease to own, directly or indirectly, at least 7,290,000 ordinary shares in the capital of the Company.

Dividends declared and paid

12 Months Ended

Dec. 31, 2022

Dividends declared and paid

19.	Dividends declared and paid


	31.12.2021		31.12.2022		31.12.2022
	RMB’000		RMB’000		US$’000
Declared and paid during the year
Dividends on ordinary shares:
Final dividend paid in 2022: US$ 0.40 per share (2021: US$ 1.70 per share)		448,712		109,684		15,778

Dividend paid in cash		448,712		109,684		15,778

Reserves

12 Months Ended

Dec. 31, 2022

Reserves

20.

Reserves


	31.12.2021		31.12.2022			31.12.2022
	RMB’000		RMB’000			US$’000
Statutory reserve
Statutory general reserve (i)
At January 1		281,459		283,531			40,785
Transfer from retained earnings		2,072		26,498			3,811

At December 31		283,531		310,029			44,596


General surplus reserve (ii)
At January 1 and December 31		25,706		25,706			3,698

Total		309,237		335,735			48,294


Capital reserves (iii)
At January 1		30,704		30,704			4,416
Issuance of put option to non-controlling interest of subsidiary		—		(34,900	)		(5,020	)

At December 31		30,704		(4,196	)		(604	)

Note:

(i)

In accordance with the relevant regulations in the PRC, a 10% appropriation to the statutory general reserve based on the net income reported in the PRC financial statements is required until the balance reaches 50% of the authorized share capital of Yuchai and its subsidiaries. Statutory general reserve can be used to make good previous years’ losses, if any, and may be converted into share capital by the issue of new shares to shareholders in proportion to their existing shareholdings, or by increasing the par value of the shares currently held by them, provided that the reserve balance after such issue is not less than 25% of the authorized share capital.

(ii)

General surplus reserve is appropriated in accordance with Yuchai’s Articles and resolution of the board of directors. General surplus reserve may be used to offset accumulated losses or increase the registered capital.

(iii)

Capital reserves consist of reserve resulted from (i) a capital transaction in 2015 and (ii) the put option granted to the non-controlling interests of Yuchai’s subsidiary company in 2022. Further details are given in Note 28.


	31.12.2021			31.12.2022			31.12.2022
	RMB’000			RMB’000			US$’000
Other components of equity
Foreign currency translation reserve (i)		(118,176	)		(44,699	)		(6,430	)
Performance shares reserve (ii)		19,758			19,758			2,842
Premium paid for acquisition of non-controlling interests		(11,472	)		(9,463	)		(1,361	)
Fair value reserve of financial assets at FVOCI (iii)		(30,902	)		(30,591	)		(4,400	)

Total		(140,792	)		(64,995	)		(9,349	)

Note:

(i)

Foreign currency translation reserve represents exchange differences arising from the translation of the financial statements of foreign operations whose functional currencies are different from that of the Group’s presentation currency.

(ii)

Performance shares reserve comprises the cumulative value of employee services received in return for share-based compensation. The amount in the reserve is retained when the option is expired.

(iii)

Fair value reserve of financial assets at FVOCI relates to the subsequent measurement of the Group’s bills receivable at fair value through OCI.

Share-based payment

12 Months Ended

Dec. 31, 2022

Share-based payment

21.	Share-based payment

The Company’s Equity Incentive Plan (“Equity Plan”) was approved by the shareholders at the Annual General Meeting of the Company held on July 4, 2014 for duration of 10 years (from July 29, 2014 to July 28, 2024).

All options granted under the Equity Plan are subject to a vesting schedule as follows:

(1)

one year after the date of grant for up to 33% of the shares over which the options are exercisable;

(2)

two years after the date of grant for up to 66% (including (1) above) of the shares over which the options are exercisable; and

(3)

three years after the date of grant for up to 100% (including (1) and (2) above) of the shares over which the options are exercisable.

In 2022, there was no expense arising from equity-settled share-based payment transactions. (2020: Nil; 2021: Nil).

Movements during the year

The following table illustrates the number and weighted average exercise prices (“WAEP”) of, and movements in share options during the year:


	Number of share options			WAEP		Number of share options		WAEP
	31.12.2021			31.12.2021		31.12.2022		31.12.2022
Outstanding at January 1		470,000		US$	21.11		270,000	US$	21.11
Cancelled during the year		(200,000	)	US$	21.11		—	US$	21.11

Outstanding at December 31		270,000		US$	21.11		270,000	US$	21.11

Exercisable at December 31		270,000		US$	21.11		270,000	US$	21.11

The fair value of services received in return for share options granted are measured by reference to the fair value of share options granted. The estimate of the fair value of the services received is measured based on the Black-Scholes model. The expected life used in the model has been adjusted, based on management’s best estimate, for the effects of

non-transferability,

exercise restrictions and behavioral considerations.

Fair value of share options and assumptions


Date of grant of options		On July 29, 2014
Fair value at measurement date (US$)		5.70 – 6.74

Share price (US$)		21.11
Exercise price (US$)		21.11
Expected volatility (%)		47.4
Expected option life (years)		3.5 – 5.5
Expected dividends (%)		5.81
Risk-free interest rate (%)		1.4 – 2.0

The exercise price for options outstanding as of December 31, 2022 was US$21.11 dollar (2021: US$21.11 dollar).

The weighted average remaining contractual life for the share options outstanding as of December 31, 2022 was 1.6 (2021: 2.6) years.

The expected volatility reflects the assumption that the historical volatility over a period similar to the life of the options is indicative of future trends, which may not necessarily be the actual outcome.

There are no market conditions associated with the share options granted. Service conditions and

non-market

performance conditions are not taken into account in the measurement of the fair value of the service to be received at the grant date.

Trade and other payables

12 Months Ended

Dec. 31, 2022

Trade and other payables

22.	Trade and other payables


	31.12.2021		31.12.2022		31.12.2022
	RMB’000		RMB’000		US$’000
Current
Trade payables		3,884,812		4,199,072		604,018
Bills payables (i)		3,085,206		2,356,574		338,983
Other payables		423,787		319,723		45,991
Accrued expenses		167,575		159,735		22,977
Accrued staff costs		689,327		422,045		60,709
Refund liabilities		718,379		222,342		31,983
Dividend payable		29,304		30,205		4,345
Amount due to:
- associates and joint ventures (trade)		176,819		67,556		9,718
- associates and joint ventures (non-trade)		27		22		3
- related parties (trade)		214,980		296,219		42,610
- related parties (non-trade)		1,308		7,289		1,048

Financial liabilities carried at amortized cost (Note 32, Note 35)		9,391,524		8,080,782		1,162,385
Deferred grants (Note 27)		12,482		13,404		1,928
Advance from customers		316		254		37
Other tax payable		39,416		44,968		6,468

Total trade and other payables (current)		9,443,738		8,139,408		1,170,818

(i)

As of December 31, 2022, the bills payables include bills payable to joint ventures, associates and other related parties amounted to RMB 36.3 million (US$ 5.2 million) (2021: RMB 28.4 million), RMB Nil (US$ Nil) (2021: RMB 5.4 million) and RMB 192.6 million (US$ 27.7 million) (2021: RMB 237.6 million) respectively.

(ii)

Terms and conditions of the above financial liabilities:

•

Trade and other payables are non-interest bearing and are normally settled on agreed credit terms ranging from 60 to 90 day terms.

•

For terms and conditions relating to related parties, refer to Note 29.


	31.12.2021		31.12.2022		31.12.2022
	RMB’000		RMB’000		US$’000
Non-current
Other payables (i) (Note 32, Note 35)		188,725		189.366		27,239

(i)

This relates to accrual for bonus, which is non-interest bearing and not expected to be settled within next 12 months.

Provision

12 Months Ended

Dec. 31, 2022

Provision

23.

Provision


	Provision for warranty			Provision for onerous contract			Total			Total
	RMB’000			RMB’000			RMB’000			US$’000
At January 1, 2021		255,439			13,639			269,078			38,706
Provision made		292,157			4,829			296,986			42,720
Provision utilized		(299,397	)		—			(299,397	)		(43,067	)
Provision reversed		—			(13,639	)		(13,639	)		(1,962	)

At December 31, 2021 and January 1, 2022		248,199			4,829			253,028			36,397
Provision made		317,076			—			317,076			45,610
Provision utilized		(345,161	)		—			(345,161	)		(49,650	)
Provision reversed		—			(4,829	)		(4,829	)		(695	)

At December 31, 2022		220,114			—			220,114			31,662

Contract liabilities

12 Months Ended

Dec. 31, 2022

Contract liabilities

24.	Contract liabilities


	31.12.2021		31.12.2022		31.12.2022
	RMB’000		RMB’000		US$’000
Unfulfilled service-type maintenance services		209,773		195,245		28,085
Advance from customer		432,659		499,831		71,899

Total		642,432		695,076		99,984


Current		573,259		617,737		88,859
Non-current		69,173		77,339		11,125

Total contract liabilities (Note 6.2)		642,432		695,076		99,984

Lease liabilities

12 Months Ended

Dec. 31, 2022

Lease liabilities [abstract]

Lease liabilities

25.	Lease liabilities


	Effective interest rate		Maturity		31.12.2021		31.12.2022		31.12.2022
	%				RMB’000		RMB’000		US$’000
Current (Note 17)		1.25% - 6.40%		2023		27,125		31,433		4,521

Non-current (Note 17)		1.25% - 6.40%		2024-2026		13,406		28,208		4,058

Loans and borrowings

12 Months Ended

Dec. 31, 2022

Loans and borrowings

26.	Loans and borrowings


	Effective interest rate		Maturity		31.12.2021
	%				RMB’000
Current
Renminbi denominated loans		1.10 – 3.85		2022		2,103,000


Non-current
Renminbi denominated loans		3.45		2023		100,000


	Effective interest rate		Maturity		31.12.2022		31.12.2022
	%				RMB’000		US$’000
Current
Renminbi denominated loans		0.86 – 3.70		2023		2,141,432		308,036


Non-current
Renminbi denominated loans		3.00		2025		200,000		28,769

Note:

(i)

All loan balances as stated above do not have a callable feature.

S$30.0 million credit facility with DBS Bank Ltd (“DBS”)

On June 25, 2021, the Company entered into an uncommitted revolving credit facility agreement with DBS with an aggregate value of S$ 30.0 million to refinance the S$30.0 million facility that matured on June 1, 2021. Among other things, the terms of the facility required that (i) HLA retains ownership of the special share, at

all-time

retains at least 35% ownership of the Company and that the Company remain a consolidated subsidiary of HLA, (ii) the Company at

all-time

retains at least 76.4% ownership in Yuchai and (iii) HLGE remains listed on the Main Board of Singapore Exchange. The terms of the facility also included certain financial covenants with respect to the Company’s consolidated tangible net worth (as defined in the agreement) not being less than US$ 400 million, and the ratio of the consolidated total debt (as defined in the agreement) to consolidated tangible net worth not exceeding

1.0

times. This arrangement was used to finance the Group general working capital requirements.

S$30.0 million credit facility with MUFG Bank Ltd, Singapore Branch (“MUFG”)

On June 10, 2020, the Company entered into an uncommitted and unsecured multi-currency revolving credit facility agreement with MUFG for an aggregate value of S$ 30.0 million to refinance the S$ 30.0 million facility that matured on March 17, 2020. The facility is available for three years from the date of the facility agreement and will be used to finance the Company’s general working capital requirements. Among other things, the terms of the facility require that HLA retains ownership of the Company’s special share and that the Company remains a subsidiary of HLA. The terms of the facility also include certain financial covenants with respect to the Company’s tangible net worth (as defined in the agreement) not being less than US$ 120 million at all times and the ratio of the Company’s total net debt (as defined in the agreement) to tangible net worth not exceeding 2.0 times at all times, as well as negative pledge provisions and customary drawdown requirements.

US$30.0 million credit facility with Sumitomo Mitsui Banking Corporation, Singapore Branch (“SMBC”)

On June 24, 2020, the Company entered into an uncommitted and unsecured multi-currency short-term revolving credit facility agreement with SMBC for an aggregate value of US$ 30.0 million to refinance the US$ 30.0 million facility that matured on March 18, 2020. This facility will be utilized by the Company to finance its general working capital requirements. The terms of the facility require, among other things, that HLA retains ownership of the special share and that the Company remains a subsidiary of HLA. The terms of the facility also include certain financial covenants with respect to the Company’s consolidated tangible net worth (as defined in the agreement) as of June 30 and December 31 of each year not less than US$ 200 million and the ratio of the Company’s consolidated total net debt (as defined in the agreement) to consolidated tangible net worth as of June 30 and December 31 of each year not exceeding 2.0 times, as well as negative pledge provisions and customary drawdown requirements. On April 12, 2022, the Company enter into a supplement agreement with SMBC to amend the maximum tenor of each drawdown under the facility to 6 months for US$ and 3 months for SGD.

Deferred grants

12 Months Ended

Dec. 31, 2022

Disclosure Of Other Liabilities [Abstract]

Deferred grants

27.	Deferred grants


	31.12.2021			31.12.2022			31.12.2022
	RMB’000			RMB’000			US$’000
At January 1		541,610			424,140			61,011
Received during the year		50,582			186,993			26,898
Grant disbursed to partner of joint project		(16,270	)		(13,243	)		(1,905	)
Released to consolidated statement of profit or loss		(151,782	)		(108,102	)		(15,550	)

At December 31		424,140			489,788			70,454


Current (Note 22)		12,482			13,404			1,928
Non-current		411,658			476,384			68,526

		424,140			489,788			70,454

The government grant that have been received in PRC was to support and fund Yuchai’s production facilities, research and development activities for product innovations and developments.

Other financial liability

12 Months Ended

Dec. 31, 2022

Other financial liability

28.	Other financial liability

In November 2022, Yuchai Xin-Lan received RMB 50.0 million (US$ 7.2 million) from an investor for its

9.1

of shareholding in Yuchai Xin-Lan. At the same time, Yuchai has granted a put option to this investor (non-controlling interest of its subsidiary company, Yuchai Xin-Lan). This option may be exercised at cost plus agreed interests (based on a fixed interest rate) if certain conditions are not met by end of 2027. Accordingly, the Group recognized a financial liability based on the present value of the amount payable upon exercise of the put. A corresponding capital reserve was recognized (Note 20).

Related party disclosures

12 Months Ended

Dec. 31, 2022

Related party disclosures

29.	Related party disclosures

The ultimate parent

As of December 31, 2022, the controlling shareholder of the Company, HLA, indirectly owned 18,270,965, or 44.7% (2021: 18,270,965, or 44.7%), of the ordinary shares in the capital of the Company, as well as a special share that entitles it to elect a majority of directors of the Company. HLA controls the Company through its wholly-owned subsidiary, HLC, and through HLT, a wholly-owned subsidiary of HLC. HLT owns approximately 23.3% (2021: 23.3%) of the ordinary shares in the capital of the Company and is, and has since August 2002 been, the registered holder of the special share. HLA also owns, through another wholly-owned subsidiary, Well Summit Investments Limited, approximately 21.4% (2021: 21.4%) of the ordinary shares in the capital of the Company. HLA is a member of the Hong Leong Investment Holdings Pte. Ltd., or Hong Leong Investment group of companies. Prior to August 2002, the Company was controlled by Diesel Machinery (BVI) Limited, which, until its dissolution, was a holding company controlled by HLC and was the prior owner of the special share. Through HLT’s stock ownership and the rights accorded to the special share under

Bye-Laws

of the Company and various agreements among shareholders, HLA is able to effectively approve and effect most corporate transactions.

In 2022, there were transactions other than dividends paid, between the Group and HLA of RMB 0.4 million (less than US$0.1 million) (2021: RMB 0.5 million; 2020: RMB 0.03 million). The transaction relates to consultancy fees charged by HLA.

Entity with significant influence over the Group

As of December 31, 2022, the Yulin City Government through Coomber Investment Ltd. owned 17.2% (2021: 17.2%) of the ordinary shares in the capital of the Company.

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


	31.12.2020		31.12.2021		31.12.2022		31.12.2022
	RMB’000		RMB’000		RMB’000		US$’000
Sales of engines and parts
- associates and joint ventures		1,256,268		393,440		411,010		59,122
- GY Group (including its subsidiaries and affiliates)		2,637,845		3,223,785		2,262,306		325,423
Purchase of parts, supplies and engines
- associates and joint ventures		2,792,707		2,036,675		1,396,611		200,896
- GY Group (including its subsidiaries and affiliates)		1,245,030		1,307,137		1,053,607		151,557
Hospitality, restaurant, consultancy and other service income charged to
- a joint venture		3,918		2,152		5,803		835
- GY Group (including its subsidiaries and affiliates)		6,765		6,609		10,398		1,496
Service charge charged by
- joint ventures		—		5,023		128		18
Rental income
- joint ventures		4,565		4,415		4,634		667
- GY Group (including its subsidiaries and affiliates)		3,970		275		580		83
Property management service expenses
- GY Group (including its subsidiaries and affiliates)		24,968		21,978		22,128		3,183
Selling, general and administrative expenses
- a joint venture		7,287		2,530		—		—
- GY Group (including its subsidiaries and affiliates)		4,728		9,315		30,151		4,337
- HLA (including its affiliates)		6,687		7,188		8,994		1,294
Delivery, storage, distribution and handling expenses
- GY Group (including its subsidiaries and affiliates)		312,891		300,699		201,669		29,009
Payment for lease liabilities
- GY Group (including its subsidiaries and affiliates) (i)		18,086		17,215		19,802		2,848
Purchases of vehicles and machineries
- GY Group (including its subsidiaries and affiliates)		2,838		3,460		2,513		361

Note:

(i)

The Group has adopted IFRS 16 on January 1, 2019. These leasing expenses have been recognized as

right-of-use

assets and lease liabilities on the consolidated statement of financial position as of December 31, 2021 and 2022.

In addition to the above, Yuchai also entered into transactions with other PRC Government owned enterprises. Management considers that these transactions were entered into in the normal course of business and expects that these transactions will continue on normal commercial terms.

The transactions with related parties are made at terms agreed between the parties.

Compensation of key management personnel of the Group


	31.12.2020		31.12.2021		31.12.2022		31.12.2022
	RMB’000		RMB’000		RMB’000		US$’000
Short-term employee benefits		43,178		25,289		25,011		3,598
Contribution to defined contribution plans		292		273		208		30

		43,470		25,562		25,219		3,628

The

non-executive

directors do not receive pension entitlements from the Group.

Commitments and contingencies

12 Months Ended

Dec. 31, 2022

Commitments and contingencies

30.	Commitments and contingencies

Operating lease commitments - Group as lessee

The Group does not has lease contracts that have not yet commenced as of December 31, 2022. The future lease payments for these

non-cancellable

lease contracts are as follows:


	31.12.2021		31.12.2022		31.12.2022
	RMB’000		RMB’000		US$’000
Within 1 year		2,769		—		—
After 1 year but within 5 years		2,178		—		—
After 5 years		—		—		—

		4,947		—		—

Capital commitments

As of December 31, 2021 and 2022, the Group had capital expenditure (mainly in respect of property, plant and equipment) contracted for but not paid and not recognized in financial statements amounting to RMB 425.2 million and RMB 319.5 million (US$ 46.0 million) respectively. The Group’s share of joint venture’s capital commitment is disclosed in Note 5.

Segment information

12 Months Ended

Dec. 31, 2022

Segment information

31.	Segment information

For management purposes, the Group is organized into business units based on their products and services, and has two reportable operating segments as follows:

•

Yuchai primarily conducts manufacturing and sale of diesel engines which are mainly distributed in the PRC market.

•

HLGE is engaged in hospitality and property development activities conducted mainly in the PRC and Malaysia. HLGE is listed on the Main Board of the Singapore Exchange.

Management monitors the operating results of its business units separately for the purpose of making decisions about resource allocation and performance assessment.


Year ended December 31, 2020	Yuchai			HLGE			Corporate			Eliminations/ adjustment			Consolidated financial statements
	RMB’000			RMB’000			RMB’000			RMB’000			RMB’000
Revenue
Total external revenue (Note 6.1)		20,557,660			23,510			—			—			20,581,170


Results
Interest income		158,569			3,538			4,863			—			166,970
Interest expense		(147,161	)		(35	)		(97	)		—			(147,293	)
Impairment of property, plant and equipment		(3,920	)		—			—			—			(3,920	)
Staff severance cost		(19,712	)		—			—			—			(19,712	)
Depreciation and amortization		(488,536	)		(5,181	)		(890	)		—			(494,607	)
Share of profit of associates and joint venture		(59,476	)		506			—			—			(58,970	)
Income tax expense		(156,007	)		(200	)		(69	)		(36,262	) (1)		(192,538	)

Segment profit after tax		829,042			1,052			(17,127	)		(33,641	) (1)		779,326

Total assets		25,330,625			392,096			2,075,262			(1,507,025	)		26,290,958

Total liabilities		(14,328,688	)		(10,346	)		(15,797	)		(103,417	) (2)		(14,458,248	)

Other disclosures
Investment in joint ventures		223,918			3,202			—			—			227,120
Capital expenditure		550,424			4,409			14			—			554,847


Year ended December 31, 2021	Yuchai			HLGE			Corporate			Eliminations/ adjustment			Consolidated financial statements
	RMB’000			RMB’000			RMB’000			RMB’000			RMB’000
Revenue
Total external revenue (Note 6.1)		21,254,134			11,796			—			—			21,265,930


Results
Interest income		129,520			1,363			1,200			—			132,083
Interest expense		(111,747	)		(19	)		(26	)		—			(111,792	)
Impairment of property, plant and equipment		(7,227	)		—			—			—			(7,227	)
Staff severance cost		(11,771	)		—			—			—			(11,771	)
Depreciation and amortization		(567,465	)		(5,221	)		(910	)		—			(573,596	)
Share of profit of associates and joint venture		(96,658	)		763			—			—			(95,895	)
Income tax expense		(29,043	)		(245	)		—			(14,528	) (1)		(43,816	)

Segment profit after tax		443,499			(6,728	)		(20,321	)		(8,556	) (1)		407,894

Total assets		23,897,506			368,415			2,146,060			(1,506,672	)		24,905,309

Total liabilities		(13,206,953	)		(10,322	)		(13,550	)		(59,140	) (2)		(13,289,965	)

Other disclosures
Investment in joint ventures		147,106			3,989			—			—			151,095
Capital expenditure		474,562			4,310			19			—			478,891


Year ended December 31, 2022	Yuchai			HLGE			Corporate			Eliminations/ adjustment			Consolidated financial statements			Consolidated financial statements
	RMB’000			RMB’000			RMB’000			RMB’000			RMB’000			US$’000
Revenue
Total external revenue (Note 6.1)		15,997,766			32,870			—			—			16,030,636			2,305,936


Results
Interest income		116,668			2,902			12,309			—			131,879			18,970
Interest expense		(90,846	)		(49	)		(14	)		—			(90,909	)		(13,077	)
Impairment of investment in joint venture		(990	)		—			—			—			(990	)		(142	)
Impairment of property, plant and equipment		(17,278	)		—			—			—			(17,278	)		(2,485	)
Staff severance cost		(19,531	)		—			—			—			(19,531	)		(2,809	)
Depreciation and amortization		(619,000	)		(4,770	)		(922	)		—			(624,692	)		(89,859	)
Share of (loss)/profit of associates and joint venture		(29,554	)		461			—			—			(29,093	)		(4,185	)
Income tax expense		(47,555	)		(39	)		(9	)		(11,462	) (1)		(59,065	)		(8,496	)

Segment profit after tax		354,865			5,152			(18,245	)		(6,111	) (1)		335,661			48,283

Total assets		23,020,241			405,871			2,215,652			(1,504,208	)		24,137,556			3,472,080

Total liabilities		(12,220,938	)		(12,062	)		(14,256	)		(55,236	) (2)		(12,302,492	)		(1,769,659	)

Other disclosures
Investment in joint ventures		150,219			4,484			—			—			154,703			22,253
Capital expenditure		352,737			564			47			—			353,348			50,828

Note:

(1)

This relates mainly to the deferred tax expense relating to withholding tax on dividends from Yuchai.

(2)

This relates mainly to the deferred tax liabilities relating to cumulative withholding tax on dividends that are expected to be declared from income earned after December 31, 2007 by Yuchai.

Geographic information

The geographic information for revenue from external customers is disclosed in Note 6.1.

Revenue from top 5 customers amounted to RMB

5,916.9 million (US$ 851.1 million) (2021: RMB 10,442.3 million; 2020: RMB 11,896.4 million), arising from sales by Yuchai segment.

Non-current

assets


	31.12.2021		31.12.2022		31.12.2022
	RMB’000		RMB’000		US$’000
People’s Republic of China		6,370,404		6,281,907		903,624
Other countries		89,549		90,520		13,021

		6,459,953		6,372,427		916,645

Non-current

assets for this purpose consist of property, plant and equipment,

right-of-use

assets, investment in joint ventures and associates, investment property, intangible assets and goodwill.

Financial risk management objectives and policies

12 Months Ended

Dec. 31, 2022

Financial risk management objectives and policies

32.	Financial risk management objectives and policies

The Group’s principal financial liabilities comprise loans and borrowings, trade and other payables and other financial liability arising from a put option to a non-controlling interest. The main purpose of these financial liabilities is to finance the Group’s operations. The Group has trade and other receivables, and cash and bank deposits that derive directly from its operations. The Group also holds quoted equity securities.

The Group is exposed to market risk, credit risk and liquidity risk. The Group’s senior management oversees the management of these risks. There has been no change to the Group’s exposure to these financial risks or the manner in which it manages and measures the risks.

Market risk

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprise three types of risk: interest rate risk, currency risk and other price risk, such as equity price risk. Financial instruments affected by market risk include loans and borrowings, deposits, quoted equity securities and derivative financial instrument.

The sensitivity analyses in the following sections relate to the position as of December 31, 2021 and 2022.

The sensitivity analyses have been prepared on the basis that the amount of net debt, the ratio of fixed to floating interest rates of the debt and the proportion of financial instruments in foreign currencies are all constant at December 31, 2022.

The analyses exclude the impact of movements in market variables on provisions and on the

non-financial

assets and liabilities of foreign operations.

Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group’s exposure to the risk of changes in market interest rates relates primarily to the Group’s interest-bearing bank deposits and loans and borrowings from banks and financial institutions. The interest-bearing loans and borrowings of the Group are disclosed in Note 26. As certain interest rates are based on interbank offer rates, the Group is exposed to cash flow interest rate risk. This risk is not hedged. Interest-bearing bank deposits are short to medium-term in nature but given the significant cash and bank balances held by the Group, any variation in the interest rates may have a material impact on the results of the Group.

The Group manages its interest rate risk by having a mixture of fixed and variable rates for its deposits and borrowings.

Interest rate sensitivity

The sensitivity analyses below have been determined based on the exposure to interest rates for bank deposits and interest-bearing financial liabilities at the end of the reporting period and the stipulated change taking place at the beginning of the year and held constant throughout the reporting period in the case of instruments that have floating rates. A 50 basis points increase or decrease is used and represents management’s assessment of the possible change in interest rates.

If interest rate had been 50 (2021: 50) basis points higher or lower and all other variables were held constant, the profit before tax for the year ended December 31, 2022 of the Group would increase/decrease by RMB 12.2 million (US$ 1.8 million) (2021: increase/decrease by RMB 15.4 million).

Foreign currency risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Group’s exposure to the risk of changes in foreign exchange rates relates primarily to the Group’s sales, purchases and financial liabilities that are denominated in currencies other than the respective functional currencies of entities within the Group. The Group also holds cash and bank balances and other investments denominated in foreign currencies. The currencies giving rise to this risk are primarily the Singapore Dollar, US Dollar and Euro.

Foreign currency translation exposure is managed by incurring debt in the operating currency so that where possible operating cash flows can be primarily used to repay obligations in the local currency. This also has the effect of minimizing the exchange differences recorded against income, as the exchange differences on the net investment are recorded directly against equity.

The Group’s exposures to foreign currency are as follows:


	31.12.2021
	Singapore Dollar			Euro			US Dollar			Others
	RMB’000			RMB’000			RMB’000			RMB’000
Quoted equity securities		606			—			—			—
Trade and other receivables		676			8,806			297			—
Cash and bank balances		164,544			2,535			4,345			14,342
Financial liabilities		(1,428	)		—			—			—
Trade and other payables		(4,551	)		(8,997	)		(3,651	)		(510	)

Net assets/(liabilities)		159,847			2,344			991			13,832



	31.12.2022
	Singapore Dollar			Euro			US Dollar			Others
	RMB’000			RMB’000			RMB’000			RMB’000
Trade and other receivables		1,504			7,328			4,484			218
Cash and bank balances		166,517			1,282			26,521			15,340
Financial liabilities		(202	)		—			—			—
Trade and other payables		(5,064	)		(11,586	)		(7,258	)		(2,579	)

Net assets/(liabilities)		162,755			(2,976	)		23,747			12,979

US$’000		23,412			(428	)		3,416			1,867

Foreign currency risk sensitivity

A 10% strengthening of the following major currencies against the functional currency of each of the Group’s entities at the reporting date would increase/(decrease) profit before tax by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant.


	Profit before tax
	31.12.2021		31.12.2022			31.12.2022
	RMB’000		RMB’000			US$’000
Singapore Dollar		15,985		16,276			2,341
Euro		234		(298	)		(43	)
US Dollar		99		2,375			342

Equity price risk

The Group has investment in Thakral Corporation Ltd “TCL” which is quoted equity securities.

Equity price risk sensitivity

A 10% increase/(decrease) in the underlying prices at the reporting date would increase/(decrease) Group’s profit before tax by the following amount:


	31.12.2021		31.12.2022		31.12.2022
	RMB’000		RMB’000		US$’000
Statement of profit or loss		61		—		—

Credit risk

Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, including deposits with banks and financial institutions, foreign exchange transactions and other financial instruments.

Trade receivables

Customer credit risk is managed by each business unit subject to the Group’s established policy, procedures and control relating to customer credit risk management. Credit limits are established for all customers based on internal rating criteria.

Management has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis. Credit evaluations are performed for all customers requiring credit over a certain amount.

An impairment analysis is performed at each reporting date using a provision matrix. The provision rates are determined based on days past due for groupings of various customer segments with similar loss patterns (i.e. by profiles of the customers). The calculation reflects the reasonable and supportable information that is available at the reporting date about past events, current conditions and forecasts of future economic conditions. Generally, trade receivables are

written-off

at management’s discretion after assessment and are not subject to enforcement activity. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets disclosed in Note 15. The Group’s share of bills receivables of a joint venture which was used as collateral as security is disclosed in Note 5.

Set out below is the information about the credit risk exposure on the Group’s trade receivables using a provision matrix:


				Trade receivables
						Days past due
As of December 31, 2021	Total			Current		0 – 90 days			91-180 days			181-365 days			>365 days
	RMB’000			RMB’000		RMB’000			RMB’000			RMB’000			RMB’000
Expected credit loss rate		9.1	%		—		0.5	%		7.2	%		15.3	%		55.2	%
Estimated total gross carrying amount at default		364,445			117,832		131,411			33,897			37,169			44,136
Expected credit loss		33,210			—		714			2,428			5,686			24,382



				Trade receivables
						Days past due
As of December 31, 2022	Total			Current		0 – 90 days			91-180 days			181-365 days			>365 days
	RMB’000			RMB’000		RMB’000			RMB’000			RMB’000			RMB’000
Expected credit loss rate		2.1	%		—		0.2	%		0.2	%		0.6	%		63.1	%
Estimated total gross carrying amount at default		1,549,462			1,138,365		216,355			80,132			63,477			51,133
Expected credit loss		33,247			—		500			124			372			32,251

At December 31, 2022, the Group had top

customers (2021: top

customers) that owed the Group more than RMB

993.1

million (US$

142.8 million) (2021: RMB 203.5 million) and accounted for approximately 53.5% (2021: 47.0%) of trade receivables (excluding bills receivables) respectively. These customers are located in the PRC. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets mentioned in Note 15. The Group’s share of bills receivables of a joint venture which was used as collateral as security is disclosed in Note 5.

Cash and fixed deposits are placed with banks and financial institutions which are regulated.

Liquidity risk

The Group monitors its liquidity risk and maintains a level of cash and cash equivalents deemed adequate by management to finance the Group’s operations and to mitigate the effects of fluctuations in cash flows, and having adequate amounts of committed credit facilities.

The table below summarizes the maturity profile of the Group’s financial assets and liabilities based on contractual undiscounted payments.


	1 year or less		2 to 5 years		Total
As of December 31, 2021	RMB’000		RMB’000		RMB’000
Financial assets
Trade and bills receivables		6,768,335		—		6,768,335
Other receivables, excluding tax recoverable		138,780		—		138,780
Cash and bank balances		5,221,555		110,000		5,331,555
Quoted equity securities		606		—		606

		12,129,276		110,000		12,239,276


Financial liabilities
Loans and borrowings		2,130,356		101,524		2,231,880
Trade and other payables (Note 22)		9,391,524		188,725		9,580,249
Lease liabilities		28,121		13,650		41,771

		11,550,001		303,899		11,853,900



	1 year or less		2 to 5 years		After 5 years		Total		Total
As of December 31, 2022	RMB’000		RMB’000		RMB’000		RMB’000		US$’000
Financial assets
Trade and bills receivables		6,487,095		—		—		6,487,095		933,140
Other receivables, excluding tax recoverable		434,750		—		—		434,750		62,537
Cash and bank balances		4,830,743		20,000		—		4,850,743		697,758

		11,752,588		20,000		—		11,772,588		1,693,435


Financial liabilities
Loans and borrowings		2,158,839		209,400		—		2,368,239		340,661
Trade and other payables (Note 22)		8,080,782		189,366		—		8,270,148		1,189,624
Lease liabilities		33,102		26,928		216		60,246		8,666
Other financial liability		—		—		58,212		58,212		8,374

		10,272,723		425,694		58,428		10,756,845		1,547,325

Capital management

12 Months Ended

Dec. 31, 2022

Capital management

33.	Capital management

The Group manages its capital to ensure that entities in the Group will be able to continue as a going concern while maximizing the return to shareholders through the optimization of the debt and equity balance except where decisions are made to exit businesses or close companies.

The capital structure of the Group consists of debts (which includes the borrowings, lease liabilities and trade and other payables, less cash and bank balances) and equity attributable to equity holders of the Company (comprising issued capital and reserves).


	31.12.2021			31.12.2022			31.12.2022
	RMB’000			RMB’000			US$’000
Loans and borrowings (current and non-current) (Note 26)		2,203,000			2,341,432			336,805
Lease liabilities (current and non-current) (Note 25)		40,531			59,641			8,579
Trade and other payables (current and non-current) (Note 22)		9,632,463			8,328,774			1,198,057
Other financial liability (Note 28)		—			45,950			6,610
Less: Cash and bank balances (Note 16)		(5,331,555	)		(4,850,743	)		(697,758	)

Net debts		6,544,439			5,925,054			852,293
Equity attributable to equity holders of the Company		8,859,152			9,008,946			1,295,896

Total capital and net debts		15,403,591			14,934,000			2,148,189

The Group manages its capital structure and makes adjustments to it, in light of changes in economic conditions. To maintain or adjust the capital structure, the Group may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares.

No changes were made in the objectives, policies or processes during the years ended December 31, 2021 and 2022.

As disclosed in Note 20, certain subsidiaries of the Group are required by the relevant authorities in the PRC to contribute and maintain a

non-distributable

statutory reserve fund whose utilization is subject to approval by the relevant authorities in the PRC. This externally imposed capital requirement has been complied with by the subsidiaries of the Group for the financial years ended December 31, 2021 and 2022.

Fair value measurement

12 Months Ended

Dec. 31, 2022

Fair value measurement

34.	Fair value measurement

Quantitative disclosures fair value measurement hierarchy for assets and liabilities as of December 31, 2021:

Fair value measurement using

Date of

valuation

Quoted

prices

active

markets

Significant

observable

inputs

Total

(Level 1)

(Level 2)

RMB’000

Assets measured at fair value

Quoted equity securities:

Quoted equity shares – TCL (Note 14)

December 31, 2021

606

—

Debt instruments

(i)

Bills receivable

December 31, 2021

3,338,816

—

3,338,816

Quantitative disclosures fair value measurement hierarchy for assets and liabilities as of December 31, 2022:

Fair value measurement using

Date of

valuation

Quoted

prices

active

markets

Significant

observable

inputs

Total

(Level 1)

(Level 2)

US$’000

RMB’000

Assets measured at fair value

Debt financial assets

(i)

Bills receivable

December 31, 2022

464,232

3,227,295

—

3,227,295

Note:

(i)

The fair values of the Group’s debt financial assets at fair value through OCI were measured using the discounted cash flows model. The model incorporates market observable input including the interest rate of similar instruments.

There have been no transfers between Level 1 and Level 2 during 2022 and 2021.

Financial assets and financial liabilities

12 Months Ended

Dec. 31, 2022

Financial assets and financial liabilities

35.	Financial assets and financial liabilities


	Note		Financial assets at fair value through profit or loss		Financial assets at amortized costs		Fair Value through OCI		Other financial liabilities at amortized cost		Total
			RMB’000		RMB’000		RMB’000		RMB’000		RMB’000
As of December 31, 2021

Financial assets
Quoted equity securities		14		606		—		—		—		606
Trade and bills receivable		15		—		3,429,519		3,338,816		—		6,768,335
Other receivables		15		—		138,780		—		—		138,780
Cash and bank balances		16		—		5,331,555		—		—		5,331,555

				606		8,899,854		3,338,816		—		12,239,276


Financial liabilities
Trade and other payables		22		—		—		—		9,580,249		9,580,249
Lease liabilities		25		—		—		—		40,531		40,531
Loans and borrowings		26		—		—		—		2,203,000		2,203,000

				—		—		—		11,823,780		11,823,780


	Note		Financial assets at amortized costs		Fair Value through OCI		Other financial liabilities at amortized cost		Total		Total
			RMB’000		RMB’000		RMB’000		RMB’000		US$’000
As of December 31, 2022

Financial assets
Trade and bills receivable		15		3,259,800		3,227,295		—		6,487,095		933,140
Other receivables		15		434,750		—		—		434,750		62,537
Cash and bank balances		16		4,850,743		—		—		4,850,743		697,758

				8,545,293		3,227,295		—		11,772,588		1,693,435


Financial liabilities
Trade and other payables		22		—		—		8,270,148		8,270,148		1,189,624
Lease liabilities		25		—		—		59,641		59,641		8,579
Loans and borrowings		26		—		—		2,341,432		2,341,432		336,805
Other financial liability		28		—		—		45,950		45,950		6,610

				—		—		10,717,171		10,717,171		1,541,618

Quoted equity securities relates to the Group’s investment in TCL, which is a company listed on the Main Board of the Singapore Exchange and is involved in investment in real estate and marketing and distributing brands in beauty, wellness and lifestyle categories. Fair values of the quoted equity shares are determined by reference to published price quotations in an active market.

Financial assets/liabilities through profit or loss reflect the positive/negative change in fair value of the foreign exchange forward contract that is not designated in hedge relationships, but are, nevertheless, intended to reduce the level of foreign currency risk.

Changes in liabilities arising from financing activities


	January 1, 2021		Cash flows			Addition		Accretion of interest		Translation reserve			Others			December 31, 2021
	RMB’000		RMB’000			RMB’000		RMB’000		RMB’000			RMB’000			RMB’000
As of December 31, 2021

Loans and borrowings
- current		1,730,000		(127,000	)		—		—		—			500,000			2,103,000
- non-current		500,000		100,000			—		—		—			(500,000	)		100,000
Lease liabilities
- current		22,755		(24,940	)		1,270		1,819		(54	)		26,275			27,125
- non-current		17,023		—			22,701		—		(43	)		(26,275	)		13,406

Total liabilities from financing activities		2,269,778		(51,940	)		23,971		1,819		(97	)		—			2,243,531


	January 1, 2022		Cash flows			Addition		Accretion of interest		Termination			Translation reserve			Others			December 31, 2022		December 31, 2022
	RMB’000		RMB’000			RMB’000		RMB’000		RMB’000			RMB’000			RMB’000			RMB’000		US$’000
As of December 31, 2022

Loans and borrowings
- current		2,103,000		(61,568	)		—		—		—			—			100,000			2,141,432		308,036
- non-current		100,000		200,000			—		—		—			—			(100,000	)		200,000		28,769
Lease liabilities
- current		27,125		(26,144	)		—		1,547		(6,187	)		239			34,853			31,433		4,521
- non-current		13,406		—			49,735		—		—			(80	)		(34,853	)		28,208		4,058
Other financial liability		—		—			45,675		275		—			—			—			45,950		6,610

Total liabilities from financing activities		2,243,531		112,288			95,410		1,822		(6,187	)		159			—			2,447,023		351,994

The ‘Others’ column includes the effect of reclassification of

non-current

portion of loans and borrowings, including obligations under finance leases and lease liabilities due to the passage of time.

Comparative figures

12 Months Ended

Dec. 31, 2022

Disclosure of reclassifications or changes in presentation [abstract]

Comparative figures

36.	Comparative figures

The Group enters into contractual arrangements with certain customers that entitle them to sales rebates based on sales volume achieved in the financial year. Management has determined that it is more appropriate to net such sales rebates with the receivables due from these customers in the same financial year. Where receivables have been settled, such sales rebates will then be classified as refund liabilities. Accordingly, the comparative figures in the balance sheet as of December 31, 2021 for trade and other receivables and trade and other payables had been adjusted by RMB 195.4

million

to conform with current year’s presentation.

The changes to 2021 comparatives have no impact on the income statement, net current assets and net assets of the Group

Subsequent events

12 Months Ended

Dec. 31, 2022

Subsequent events

37.	Subsequent events

In February 2023, Yuchai Xin-Lan received RMB 20.0 million (US$ 2.9

million) in total from two new investors, namely Guangxi Guangtou Incubation Investment Fund and GIIT Investment Development Company. As of February 28, 2023, Yuchai Xin-Lan has received a total capital contribution amount of RMB

70.0 million (US$ 10.1

million) from three external investors, including RMB 50.0 million (US$ 7.2 million) received before year end as disclosed in Note 28. With that, the Group’s equity interest in Yuchai Xin-Lan decreased from

69.5%

as of December 31, 2022 to

67.0%.

In March 2023, Yuchai transferred its wholly owned subsidiary, Yuchai Xin-Lan (Jiangsu) Hydrogen Energy Technology Co., Ltd (“Yuchai Xin-Lan (Jiangsu)”) (formerly known as Jiangsu UniTrump Power Technology Co., Ltd.) to Yuchai Xin-Lan. As a result, the Group’s equity interest in Yuchai Xin-Lan (Jiangsu) reduced from 76.4% as of December 31, 2022 to 67.0%.

In March 2023, Yuchai has incorporated a wholly-owned subsidiary, Guangxi Xing Yun Cloud Technology Co. Ltd. (“Xing Yun Cloud”), with a registered capital of RMB

10.0 million (US$ 1.4 million). The newly formed subsidiary will develop proprietary operating systems to enable data analytics for smart and connected solutions for both on- and off-road vehicles as well as machineries. In addition, Xing Yun Cloud will manage IT operations and maintenance, develop and support new digital projects, and develop intelligent networks and processes for the Yuchai Group.

Basis of preparation and accounting policies (Policies)

12 Months Ended

Dec. 31, 2022

Business combinations and goodwill

Basis of preparation

2.1	Basis of preparation

The consolidated financial statements have been prepared on a historical cost basis except as disclosed in the accounting policies below.

The consolidated financial statements are presented in Renminbi (“RMB”) and all values are rounded to the nearest thousand (“RMB’000”), except when otherwise indicated.

The consolidated financial statements provide comparative information in respect of the previous period.

Basis of consolidation

2.2	Basis of consolidation

•

Power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee)

•

Exposure, or rights, to variable returns from its involvement with the investee

•

The ability to use its power over the investee to affect its returns

•

The contractual arrangement with the other vote holders of the investee

•

Rights arising from other contractual arrangements

•

The Group’s voting rights and potential voting rights

The Group

re-assesses

Profit or loss and each component of other comprehensive income (“OCI”) are attributed to the equity holders of the Company of the Group and to the

non-controlling

interests, even if this results in the

non-controlling

A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction.

If the Group loses control over a subsidiary, it derecognizes the related assets (including goodwill), liabilities,

non-controlling

interest and other components of equity, while any resultant gain or loss is recognized in profit or loss. Any investment retained is recognized at fair value.

(a)

Business combinations and goodwill

non-controlling

interests in the acquiree. For each business combination, the Group elects whether to measure the

non-controlling

Any contingent consideration to be transferred by the acquirer will be recognized at fair value at the acquisition date. Contingent consideration classified as equity is not

re-measured

and its subsequent settlement is accounted for within equity. Contingent consideration classified as an asset or liability that is a financial instrument and within the scope of IFRS 9

Financial Instruments

, is measured at fair value with the changes in fair value recognized in the statement of profit or loss in accordance with IFRS 9.

Goodwill is initially measured at cost (being the excess of the aggregate of the consideration transferred and the amount recognized for

non-controlling

re-assesses

Investments in associates and joint ventures

(b)

Investments in associates and joint ventures

non-controlling

interests in the subsidiaries of the associate or joint venture.

Current versus non-current classification

(c)

Current versus

non-current

classification

The Group presents assets and liabilities in the statement of financial position based on

current/non-current

classification. An asset is current when it is:

•

Expected to be realized or intended to be sold or consumed in normal operating cycle;

•

Held primarily for the purpose of trading;

•

Expected to be realized within twelve months after the reporting period; or

•

Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period.

All other assets are classified as

non-current.

A liability is current when:

•

It is expected to be settled in normal operating cycle;

•

It is held primarily for the purpose of trading;

•

It is due to be settled within twelve months after the reporting period; or

•

There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period.

The terms of the liability that could, at the option of the counterparty, result in its settlement by the issue of equity instruments do not affect its classification.

The Group classifies all other liabilities as

non-current.

Deferred tax assets and liabilities are classified as

non-current

assets and liabilities.

Fair value measurement

(d)

Fair value measurement

The Group measures financial instruments, such as quoted equity securities and bills receivable and a foreign exchange forward contract, at fair value at each balance sheet date.

•

In the principal market for the asset or liability, or

•

In the absence of a principal market, in the most advantageous market for the asset or liability

The principal or the most advantageous market must be accessible by the Group.

A fair value measurement of a

non-financial

•

Level 1 – Quoted (unadjusted) market prices in active markets for identical assets or liabilities

•

Level 2 – Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable

•

Level 3 – Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable

For assets and liabilities that are recognized in the financial statements at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by

re-assessing

categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.

Fair value related disclosures for financial instruments that are measured at fair value are summarized in the following notes:

Foreign currency translation

(e)

Foreign currency translation

Each entity in the Group determines its own functional currency, and items included in the financial statements of each entity are measured using that functional currency.

Transactions and balances

Transactions in foreign currencies are initially recorded by the Group’s entities at their respective functional currency spot rates at the date the transaction first qualifies for recognition.

Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rate of exchange at the reporting date.

Non-monetary

items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions.

Non-monetary

items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is determined. The gain or loss arising on translation of

non-monetary

In determining the spot exchange rate to use on initial recognition of the related asset, expense or income (or part of it) on the

de-recognition

of a

non-monetary

asset or

non-monetary

liabilities relating to advance consideration, the date of the transaction is the date on which the Group initially recognizes the

non-monetary

asset or

non-monetary

liability arising from advance consideration. If there are multiple payments or receipts in advance, the Group determines the transaction date for each payment or receipt of advance consideration.

Group companies

Revenue from Contracts with Customers

(f)

Revenue from Contracts with Customers

The disclosures of significant accounting judgements, estimates and assumptions relating to revenue from contracts with customers are provided in Note 3.

Sale of engines

(i) Variable consideration

Sales rebates

Sales Returns

The Group does not extend its sales returns policy to all customers. However the Group allows for certain returns, only on a

case-by-case

(ii) Significant financing component

Warranty obligations

Provisions

Sale of completed development properties

to-date

as a proportion of the estimated total construction and other costs to be incurred.

For development properties whereby the Group does not have an enforceable right to payment for performance completed to date, revenue is recognized when the customer obtains control of the asset.

Rendering of services

Contract balances

Trade receivables

Financial instruments – Initial recognition and subsequent measurement

Contract liabilities

Right of return assets

right-of-return

Refund liabilities

Costs to fulfil a contract

Government grants

(g)

Government grants

Taxes

(h)

Taxes

Current income tax

Deferred tax

Deferred tax liabilities are recognized for all taxable temporary differences, except:

•

re-assessed

at each reporting date and are recognized to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered.

Sales tax

Expenses and assets are recognized net of the amount of sales tax, except:

•

When receivables and payables are stated with the amount of sales tax included

The net amount of sales tax recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the statement of financial position.

Cash dividend and non-cash distribution to equity holders of the Company

(i)

Cash dividend and

non-cash

distribution to equity holders of the Company

The Company recognizes a liability to make cash or

non-cash

Non-cash

distributions are measured at the fair value of the assets to be distributed with fair value measurement recognized directly in equity.

Upon distribution of

non-cash

asset, any difference between the carrying amount of the liabilities and the carrying amount of the assets distributed is recognized in the statement of profit or loss.

Property, plant and equipment

(j)

Property, plant and equipment


Freehold buildings	:	50 years
Leasehold buildings and improvements	:	50 years or period of lease, whichever is shorter
Plant, machinery and equipment	:	2 to 20 years
Office furniture, fittings and equipment	:	2 to 20 years
Motor and transport vehicles	:	4 to 11 years

de-recognition

of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the statement of profit or loss when the asset is derecognized.

The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate.

Investment properties

(k)

Investment properties

de-recognition.

In determining the amount of consideration from the

de-recognition

of investment property the Group considers the effects of variable consideration, existence of a significant financing component,

non-cash

consideration, and consideration payable to the buyer (if any).

Transfers are made to (or from) investment property only when there is a change in use. Under cost model, the transfer does not change the carrying amount of the property transferred.

Intangible assets

(l)

Intangible assets

The useful lives of intangible assets are assessed as either finite or indefinite.

de-recognition

of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the statement of profit or loss.

Research and development costs

Research costs are expensed as incurred.

Development expenditures on an individual project are recognized as an intangible asset when the Group can demonstrate:

•

The technical feasibility of completing the intangible asset so that the asset will be available for use or sale

•

Its intention to complete and its ability to use or sell the asset

•

How the asset will generate future economic benefits

•

The availability of resources to complete the asset

•

The ability to measure reliably the expenditure during development

Goodwill

Accounting policy for goodwill is separately discussed in Note 2.3(a).

A summary of the policies applied to the Group’s intangible assets is as follows:


	Trademarks	Technology know-how	Development costs
Useful lives	Indefinite	8 years	*
Amortization method used	No amortization	Amortized on a straight-line basis over the period of the technology know-how	*
Internally generated or acquired	Acquired	Internally generated	Internally generated

Development costs relate to

on-going

development projects that have not been completed and are not available for use.

Financial instruments

(m)

Financial instruments – Initial recognition and subsequent measurement

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.

Financial assets

Initial recognition and measurement

Financial assets are classified, at initial recognition, as subsequently measured at amortized cost, fair value through other comprehensive income (“OCI”), and fair value through profit or loss.

Revenue from Contracts with Customers

Subsequent measurement

For purposes of subsequent measurement, financial assets are classified in four categories:

•

Financial assets at amortized cost (debt instruments)

•

Financial assets at fair value through OCI with recycling of cumulative gains and losses (debt instruments)

•

Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon

de-recognition

(equity instruments)

•

Financial assets at fair value through profit or loss

Financial assets at amortized cost (debt instruments)

The Group’s financial assets at amortized cost includes trade and other receivables, and certain bills receivables that are held to maturity.

Financial assets at fair value through OCI (debt instruments)

de-recognition,

the cumulative fair value change recognized in OCI is recycled to profit or loss.

The Group’s debt instruments at fair value through OCI includes certain bills receivable that are not held to maturity.

Financial assets designated at fair value through OCI (equity instruments)

Financial Instruments: Presentation

and are not held for trading. The classification is determined on an

instrument-by-instrument

basis.

The Group does not have equity instruments measured under this category.

Financial assets at fair value through profit or loss

Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognized in statement of profit or loss.

A derivative embedded in a hybrid contract, with a financial liability or

non-financial

Derecognition

•

The rights to receive cash flows from the asset has expired; or

•

Impairment

Further disclosures relating to impairment of financial assets are also provided in the following notes:

•

Debt instruments at fair value through OCI represented by bills receivable (Note 15)

•

Trade receivables (Note 15)

“12-month

The Group’s debt instruments at fair value through OCI comprise solely of bills receivable. It is the Group’s policy to measure ECLs on such instruments on a

12-month

basis. However, when there has been a significant increase in credit risk since origination, the allowance will be based on the lifetime ECL.

Financial liabilities

Initial recognition and measurement

All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs.

The Group’s financial liabilities include trade and other payables, loans and borrowings, lease liabilities, other liabilities and derivative financial instruments.

Subsequent measurement

For purposes of subsequent measurement, financial liabilities are classified in two categories:

•

Financial liabilities at fair value through profit or loss

•

Financial liabilities at amortized cost

Financial liabilities at fair value through profit or loss

Gains or losses on liabilities held for trading are recognized in the statement of profit or loss.

Financial liabilities at amortized cost

This category generally applies to loans and borrowings, lease liabilities, other liabilities and payables. For more information, refer to Note 22, 25, 26 and 28.

De-recognition

de-recognition

of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the statement of profit or loss.

Offsetting of financial instruments

Inventories

(n)

Inventories

Inventories are valued at the lower of cost and net realizable value.

Costs incurred in bringing each product to its present location and condition are accounted for as follows:

•

Raw materials: purchase cost on a weighted average basis

•

Finished goods and work in progress: cost of direct materials and labor and a proportion of manufacturing overheads based on the normal operating capacity, but excluding borrowing costs

Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale.

Impairment of non-financial assets

(o)

Impairment of

non-financial

assets

Further disclosures relating to impairment of

non-financial

assets are also provided in the following notes:

•

Disclosures for significant assumptions (Note 3)

•

Investment in joint ventures (Note 5)

•

Property, plant and equipment (Note 10)

•

Investment property (Note 11)

•

Intangible assets (Note 12)

•

Right-of-use

assets (Note 17)

In assessing value in use, the estimated future cash flows are discounted to their present value using a

pre-tax

seven

to ten years.

Goodwill is tested for impairment annually and when circumstances indicate that the carrying value may be impaired.

Intangible assets with indefinite useful lives are tested for impairment annually at the CGU level, as appropriate, and when circumstances indicate that the carrying value may be impaired.

Cash and cash equivalents

(p)

Cash and cash equivalents

Leases

(q)

Leases

Group as a lessee

The Group applies a single recognition and measurement approach for all leases, expect for short-term leases and leases of

low-value

assets. The Group recognizes lease liabilities to make lease payments and

right-of-use

assets representing the right to use the underlying assets.

(i)

Right-of-use

assets

The Group recognizes

right-of-use

assets at the commencement date of the lease (i.e., the date the underlying asset is available for use).

Right-of-use

assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any

re-measurement

of lease liabilities. The cost of

right-of-use

assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received.

Right-of-use

assets are depreciated on a straight-line basis over the shorter of the lease term and estimated useful lives of the assets, as follows:


•	Leasehold land	3 to 50 years

•	Building and office space	1 to 6 years

•	Office furniture, fittings and equipment	5 years

•	Motor vehicles	12 years

The

right-of-use

assets are also subjected to impairment. Refer to the accounting policies in Section (o)

Impairment of

non-financial

assets

(ii) Lease liabilities

in-substances

re-measured

(iii) Short-term leases

Group as a lessor

Borrowing costs

(r)

Borrowing costs

Provisions

(s)

Provisions

General

If the effect of the time value of money is material, provisions are discounted using a current

pre-tax

rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost.

Product warranty

on-road

Onerous contract

Pensions and other post-employment benefits

(t)

Pensions and other post-employment benefits

Defined contribution plans

Employee leave entitlement

Share-based payments

(u)

Share-based payments

Equity-settled transactions

The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using an appropriate valuation model, further details of which are given in Note 21.

No expense is recognized for awards that do not ultimately vest, except for equity-settled transactions for which vesting is conditional upon a market or

non-vesting

condition. These are treated as vested irrespective of whether the market or

non-vesting

condition is satisfied, provided that all other performance and/or service conditions are satisfied.

The dilutive effect of outstanding options is reflected as additional share dilution in the computation of diluted earnings per share (further details are given in Note 9).

Development properties

(v)

Development properties

Development properties are properties acquired or being constructed for sale in the ordinary course of business, rather than to be held for the Group’s own use, rental or capital appreciation.

Development properties are held as other asset and are measured at the lower of cost and net realizable value.

Costs to complete development include cost of land and other direct and related development expenditure, including borrowing costs incurred in developing the properties.

The costs of development properties recognized in profit or loss on disposal are determined with reference to the specific costs incurred on the property sold and an allocation of any

non-specific

costs based on the relative size of the property sold.

Derivative financial instruments

(w)

Derivative financial instruments

Initial recognition and subsequent measurement

re-measured

at fair value through profit or loss. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative.

Changes in accounting policies and disclosures

2.4	Changes in accounting policies and disclosures

New and amended standards and interpretations

Onerous Contracts – Costs of Fulfilling a Contract –

Amendments to IAS 37

These amendments had no impact on the consolidated financial statements of the Group as the Group didn’t not include the general and administrative costs that do not relate to the contract.

Reference to the Conceptual Framework –

Amendments to IFRS 3

Provisions, Contingent Liabilities and Contingent Assets

or IFRIC 21

Levies

The amendments also add a new paragraph to IFRS 3 to clarify that contingent assets do not qualify for recognition at the acquisition date.

Property, Plant and Equipment: Proceeds before Intended Use –

Amendments to IAS 16

IFRS 1

First-time Adoption of International Financial Reporting Standards

– Subsidiary as a first-time adopter

These amendments had no impact on the consolidated financial statements of the Group as it is not a first time adopter.

IFRS 9

Financial Instruments

– Fees in the “10 per cent” test for

de-recognition

of financial liabilities

Financial Instruments: Recognition and Measurement

These amendments had no impact on the consolidated financial statements of the Group as there were no modifications of the Group’s financial instruments during the period.

Standards issued but not yet effective

2.5	Standards issued but not yet effective

Amendments to IAS 1:

Classification of Liabilities as Current or

Non-current

In January 2020, the IASB issued amendments to paragraphs 69 to 76 of IAS 1 to specify the requirements for classifying liabilities as current or

non-current.

The amendments clarify:

•

What is meant by a right to defer settlement

•

That a right to defer must exist at the end of the reporting period

•

That classification is unaffected by the likelihood that an entity will exercise its deferral right

•

That only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact its classification

The amendments are effective for annual reporting periods beginning on or after January 1, 2023 and must be applied retrospectively. The Group is currently assessing the impact.

Definition of Accounting Estimates

Amendments to IAS 8

The amendments are not expected to have a material impact on the Group.

Disclosure of Accounting Policies -

Amendments to IAS 1 and IFRS Practice Statement 2

In February 2021, the IASB issued amendments to IAS 1 and IFRS Practice Statement 2

Making Materiality Judgements

The amendments to IAS 1 are applicable for annual periods beginning on or after January 1, 2023 with earlier application permitted. Since the amendments to the Practice Statement 2 provide

non-mandatory

guidance on the application of the definition of material to accounting policy information, an effective date for these amendments is not necessary.

The Group is currently assessing the impact of the amendments to determine the impact that will have on the Group’s accounting policy disclosures.

Deferred Tax related to Assets and Liabilities arising from a Single Transaction -

Amendments to IAS 12

In May 2021, the IASB issued

amendments to IAS 12

, which narrow the scope of the initial recognition exception under IAS 12, so that it no longer applies to transactions that give rise to equal taxable and deductible temporary differences.

The amendment is effective for annual reporting periods beginning on or after January 1, 2023. The amendments are not expected to have a material impact on the Group.

Lease Liability in a Sale and Leaseback -

Amendments to IFRS 16

In September 2022, the IASB issued Lease Liability in a Sale and Leaseback (

Amendments to IFRS 16

). The

amendment to IFRS 16 Leases

The amendment is intended to improve the requirements for sale and leaseback transactions in IFRS 16. It does not change the accounting for leases unrelated to sale and leaseback transactions.

Amendments to IFRS 17

Insurance Contracts

In May 2017, the IASB issued IFRS 17

Insurance Contracts

(IFRS 17), a comprehensive new accounting standard for insurance contracts covering recognition and measurement, presentation and disclosure. Once effective, IFRS 17 will replace IFRS 4

Insurance Contracts

•

A specific adaptation for contracts with direct participation features (the variable fee approach)

•

A simplified approach (the premium allocation approach) mainly for short-duration contracts

Basis of preparation and accounting policies (Tables)

12 Months Ended

Dec. 31, 2022

Estimated Useful Life of Assets

Depreciation is calculated on a straight-line basis over the estimated useful life of the assets as follows:


Freehold buildings	:	50 years
Leasehold buildings and improvements	:	50 years or period of lease, whichever is shorter
Plant, machinery and equipment	:	2 to 20 years
Office furniture, fittings and equipment	:	2 to 20 years
Motor and transport vehicles	:	4 to 11 years

Disclosure of detailed information about intangible assets useful life

A summary of the policies applied to the Group’s intangible assets is as follows:


	Trademarks	Technology know-how	Development costs
Useful lives	Indefinite	8 years	*
Amortization method used	No amortization	Amortized on a straight-line basis over the period of the technology know-how	*
Internally generated or acquired	Acquired	Internally generated	Internally generated

Development costs relate to

on-going

development projects that have not been completed and are not available for use.

Disclosure of detailed information about right-of-use assets useful life

Right-of-use

assets are depreciated on a straight-line basis over the shorter of the lease term and estimated useful lives of the assets, as follows:


•	Leasehold land	3 to 50 years

•	Building and office space	1 to 6 years

•	Office furniture, fittings and equipment	5 years

•	Motor vehicles	12 years

Investments in subsidiaries (Tables)

12 Months Ended

Dec. 31, 2022

Investments accounted for using equity method [abstract]

Details of Significant Subsidiaries of the Group

Details of significant subsidiaries of the Group are as follows:


Name of significant subsidiary	Place of incorporation/ business	Group’s effective equity interest
		31.12.2021		31.12.2022
		%		%
Guangxi Yuchai Machinery Company Limited	People’s Republic of China		76.4		76.4
Guangxi Yuchai Marine and Genset Power Co., Ltd.	People’s Republic of China		76.4		76.4
Yuchai Xin-Lan New Energy Power Technology Co., Ltd	People’s Republic of China		76.4		69.5
Guangxi Yuchai Machinery Monopoly Development Co., Ltd	People’s Republic of China		54.9		54.9
Guangxi Yuchai Foundry Co., Ltd (formerly known as Guangxi Yuchai Accessories Manufacturing Company Limited)	People’s Republic of China		76.4		76.4
HL Global Enterprises Limited	Singapore		50.2		50.2

Subsidiary having Non-controlling Interests that are Material to the Group

The Group has the following subsidiary that has

non-controlling

interests (“NCI”) that are material to the Group.


	31.12.2020			31.12.2021			31.12.2022
Proportion of equity interest held by NCI
Yuchai		23.6	%		23.6	%		23.6	%


	31.12.2020 RMB’000		31.12.2021 RMB’000		31.12.2022 RMB’000		31.12.2022 US$’000
Accumulated balances of material NCI
Yuchai		2,624,933		2,574,669		2,627,354		377,933

Profit allocated to material NCI
Yuchai		229,231		153,500		114,700		16,499

Dividends paid to material NCI
Yuchai		207,514		203,753		103,199		14,845

Summarized Financial Information Including Goodwill on Acquisition and Consolidation Adjustment But Before Intercompany Eliminations of Subsidiaries with Material Non-controlling Interests

Summarized financial information including goodwill on acquisition and consolidation adjustments but before intercompany eliminations of subsidiaries with material

non-controlling

interests are as follows:


	31.12.2020
	Yuchai RMB’000
Summarized statement of comprehensive income
Revenue		20,557,660

Profit after tax		829,042

Total comprehensive income for the year		826,214

Attributable to NCI		229,231

Summarized statement of cash flows
Operating		1,476,034
Investing		(794,291	)
Financing		(505,997	)

Net increase in cash and cash equivalents		175,746


	31.12.2021
	Yuchai RMB’000
Summarized statement of financial position
Current assets		16,872,371
Non-current assets, excluding goodwill		6,812,500
Goodwill		212,636
Current liabilities		(12,424,968	)
Non-current liabilities		(781,986	)

Net assets		10,690,553

Total equity		10,690,553

Attributable to NCI		2,574,669

Summarized statement of comprehensive income
Revenue		21,254,134

Profit after tax		443,499

Total comprehensive income for the year		506,769

Attributable to NCI		153,500

Summarized statement of cash flows
Operating		588,727
Investing		(674,686	)
Financing		(1,002,764	)

Net increase in cash and cash equivalents		(1,088,723	)


	31.12.2022
	Yuchai
	RMB’000			US$’000
Summarized statement of financial position
Current assets		16,070,488			2,311,668
Non-current assets, excluding goodwill		6,737,117			969,104
Goodwill		212,636			30,587
Current liabilities		(11,204,417	)		(1,611,706	)
Non-current liabilities		(1,016,521	)		(146,222	)

Net assets		10,799,303			1,553,431

Total equity		10,799,303			1,553,431

Attributable to NCI		2,627,354			377,933

Summarized statement of comprehensive income
Revenue		15,998,041			2,301,247

Profit after tax		355,140			51,085

Total comprehensive income for the year		355,936			51,200

Attributable to NCI		114,700			16,499

Summarized statement of cash flows
Operating		(82,444	)		(11,859	)
Investing		(221,126	)		(31,808	)
Financing		(181,072	)		(26,046	)

Net increase in cash and cash equivalents		(484,642	)		(69,713	)

Investment in joint ventures (Tables)

12 Months Ended

Dec. 31, 2022

Investments accounted for using equity method [abstract]

Share of Results of Joint Ventures and Carrying Amount of Investment to Joint Ventures


	31.12.2020			31.12.2021			31.12.2022			31.12.2022
	RMB’000			RMB’000			RMB’000			US$’000
Share of (loss)/profit of joint ventures, net of tax:
Y & C Engine Co., Ltd		(44,016	)		(125,853	)		(54,116	)		(7,784	)
MTU Yuchai Power Co., Ltd.		3,238			28,037			40,279			5,794
Guangxi Purem Yuchai Automotive Technology Co., Ltd.		(19,157	)		1,377			(11,278	)		(1,622	)
Other joint ventures		513			454			(2,431	)		(350	)

		(59,422	)		(95,985	)		(27,546	)		(3,962	)


	31.12.2021		31.12.2022		31.12.2022
	RMB’000		RMB’000		US$’000
Carrying amount of investments:
Y & C Engine Co., Ltd		22,821		488		70
MTU Yuchai Power Co., Ltd		89,481		128,140		18,432
Guangxi Purem Yuchai Automotive Technology Co., Ltd.		31,655		20,377		2,931
Other joint ventures		7,138		5,698		820

		151,095		154,703		22,253

Summary of Significant Joint Ventures

Details of significant joint ventures of the Group are as follows:


Name of company	Principal activities	Place of incorporation/ business	Group’s effective equity interest
			31.12.2021		31.12.2022
			%		%
Held by subsidiaries

Y & C Engine Co., Ltd (“Y&C”)	Manufacture and sale of heavy duty diesel engines, spare parts and after-sales services	People’s Republic of China		34.4		34.4

MTU Yuchai Power Co., Ltd (“MTU Yuchai Power”)	Manufacture off-road diesel engines	People’s Republic of China		38.2		38.2

Guangxi Purem Yuchai Automotive Technology Co., Ltd. (“Purem”) (formerly known as Eberspaecher Yuchai Exhaust Technology Co. Ltd)	Application development, production, sales and service on engine exhaust control systems	People’s Republic of China		37.4		37.4

Summarized Financial Information of Joint Ventures and Reconciliation with Carrying Amount of Investment in Consolidated Financial Statements


	31.12.2020
	Y & C			MTU Yuchai Power			Purem			Total
	RMB’000			RMB’000			RMB’000			RMB’000
Revenue		3,021,877			307,699			45,966			3,375,542
Depreciation and amortization		(59,406	)		(2,350	)		(360	)		(62,116	)
Interest expense		(40,709	)		(1,983	)		—			(42,692	)
Profit/(loss) for the year, representing total comprehensive income for the year		(88,785	)		6,421			(39,095	)		(121,459	)

Proportion of the Group’s ownership		45	%		50	%		49	%

Group’s share of profit/(loss)		(39,953	)		3,211			(19,157	)
Unrealized profit on transactions with joint venture		(4,063	)		27			—

Group’s share of profit/(loss) of significant joint ventures		(44,016	)		3,238			(19,157	)		(59,935	)

Group’s share of profit of other joint ventures, representing the Group’s share of total comprehensive loss of other joint ventures											513

Group’s share of loss for the year, representing the Group’s share of total comprehensive loss for the year											(59,422	)


	31.12.2021
	Y & C			MTU Yuchai Power			Purem			Total
	RMB’000			RMB’000			RMB’000			RMB’000
Non-current assets		660,856			89,749			71,858			822,463
Current assets
- Cash and bank balances		179,779			63,609			2,105			245,493
- Others		817,972			310,394			99,352			1,227,718

Total assets		1,658,607			463,752			173,315			2,295,674

Non-current liabilities		(362,779	)		—			(14,109	)		(376,888	)
Current liabilities		(1,147,416	)		(271,521	)		(94,604	)		(1,513,541	)

Total liabilities		(1,510,195	)		(271,521	)		(108,713	)		(1,890,429	)

Equity		148,412			192,231			64,602			405,245

Proportion of the Group’s ownership		45	%		50	%		49	%

Group’s share of net assets		66,785			96,116			31,655
Unrealized profit on transactions with joint venture		(43,964	)		(6,635	)		—

Carrying amount of significant joint ventures		22,821			89,481			31,655			143,957

Carrying amount of other joint ventures											7,138

Carrying amount of the investment in joint ventures											151,095


	31.12.2021
	Y & C			MTU Yuchai Power			Purem			Total
	RMB’000			RMB’000			RMB’000			RMB’000
Revenue		2,072,721			467,800			157,316			2,697,837
Depreciation and amortization		(52,881	)		(2,377	)		(709	)		(55,967	)
Interest expense		(51,836	)		(1,850	)		(41	)		(53,727	)
Profit/(loss) for the year, representing total comprehensive income for the year		(282,205	)		54,526			2,811			(224,868	)

Proportion of the Group’s ownership		45	%		50	%		49	%

Group’s share of profit/(loss)		(126,992	)		27,263			1,377
Unrealized profit on transactions with joint venture		1,139			774			—

Group’s share of profit/(loss) of significant joint ventures		(125,853	)		28,037			1,377			(96,439	)

Group’s share of profit of other joint ventures, representing the Group’s share of total comprehensive loss of other joint ventures											454

Group’s share of loss for the year, representing the Group’s share of total comprehensive loss for the year											(95,985	)


	31.12.2022
	Y & C			MTU Yuchai Power			Purem			Total			Total
	RMB’000			RMB’000			RMB’000			RMB’000			US$’000
Non-current assets		616,161			89,353			60,439			765,953			110,179
Current assets
- Cash and bank balances		97,741			291,807			26,744			416,292			59,882
- Others		502,174			209,696			31,512			743,382			106,932

Total assets		1,216,076			590,856			118,695			1,925,627			276,993

Non-current liabilities		(145,418	)		—			—			(145,418	)		(20,918	)
Current liabilities		(987,638	)		(334,576	)		(77,109	)		(1,399,323	)		(201,286	)

Total liabilities		(1,133,056	)		(334,576	)		(77,109	)		(1,544,741	)		(222,204	)

Equity		83,020			256,280			41,586			380,886			54,789

Proportion of the Group’s ownership		45	%		50	%		49	%

Group’s share of net assets		37,359			128,140			20,377
Unrealized profit on transactions with joint venture		(36,871	)		—			—

Carrying amount of significant joint ventures		488			128,140			20,377			149,005			21,433

Carrying amount of other joint ventures											5,698			820

Carrying amount of the investment in joint ventures											154,703			22,253


	31.12.2022
	Y & C			MTU Yuchai Power			Purem			Total			Total
	RMB’000			RMB’000			RMB’000			RMB’000			US$’000
Revenue		1,255,967			594,197			69,380			1,919,544			276,118
Depreciation and amortization		(29,617	)		(9,733	)		(7,726	)		(47,076	)		(6,772	)
Interest expense, net		(30,547	)		470			(469	)		(30,546	)		(4,394	)
Profit/(loss) for the year, representing total comprehensive income for the year		(65,961	)		66,076			(23,016	)		(22,901	)		(3,294	)

Proportion of the Group’s ownership		45	%		50	%		49	%

Group’s share of profit/(loss)		(29,682	)		33,038			(11,278	)
Unrealized profit on transactions with joint venture		(24,434	)		7,241			—

Group’s share of profit/(loss) of significant joint ventures		(54,116	)		40,279			(11,278	)		(25,115	)		(3,612	)

Group’s share of loss of other joint ventures, representing the Group’s share of total comprehensive loss of other joint ventures											(2,431	)		(350	)

Group’s share of loss for the year, representing the Group’s share of total comprehensive loss for the year											(27,546	)		(3,962	)

Revenue from contracts with customers (Tables)

12 Months Ended

Dec. 31, 2022

Summary of Disaggregation of Group's Revenue from Contracts with Customers

Set out below is the disaggregation of the Group’s revenue from contracts with customers:


	31.12.2020
Segments	Yuchai		HLGE		Total
	RMB’000		RMB’000		RMB’000
Type of goods or services
Heavy-duty engines		6,725,312		—		6,725,312
Medium-duty engines		6,626,629		—		6,626,629
Light-duty engines		2,356,168		—		2,356,168
Other products and services (i)		4,809,921		—		4,809,921
Revenue from hospitality operations		39,630		23,510		63,140

Total revenue from contracts with customers		20,557,660		23,510		20,581,170

Geographical markets
People’s Republic of China		20,504,288		—		20,504,288
Other countries		53,372		23,510		76,882

Total revenue from contracts with customers		20,557,660		23,510		20,581,170

Timing of revenue recognition
At a point in time		20,518,030		—		20,518,030
Over time		39,630		23,510		63,140

Total revenue from contracts with customers		20,557,660		23,510		20,581,170


	31.12.2021
Segments	Yuchai		HLGE		Total
	RMB’000		RMB’000		RMB’000
Type of goods or services
Heavy-duty engines		7,410,771		—		7,410,771
Medium-duty engines		7,065,283		—		7,065,283
Light-duty engines		2,429,745		—		2,429,745
Other products and services (i)		4,304,918		77		4,304,995
Revenue from hospitality operations		43,417		11,719		55,136

Total revenue from contracts with customers		21,254,134		11,796		21,265,930

Geographical markets
People’s Republic of China		21,206,280		—		21,206,280
Other countries		47,854		11,796		59,650

Total revenue from contracts with customers		21,254,134		11,796		21,265,930

Timing of revenue recognition
At a point in time		21,210,718		8,067		21,218,785
Over time		43,416		3,729		47,145

Total revenue from contracts with customers		21,254,134		11,796		21,265,930


	31.12.2022
Segments	Yuchai		HLGE		Total		Total
	RMB’000		RMB’000		RMB’000		US$’000
Type of goods or services
Heavy-duty engines		5,061,991		—		5,061,991		728,145
Medium-duty engines		5,066,622		—		5,066,622		728,811
Light-duty engines		1,910,923		—		1,910,923		274,878
Other products and services (i)		3,910,703		176		3,910,879		562,563
Revenue from hospitality operations		47,527		32,694		80,221		11,539

Total revenue from contracts with customers		15,997,766		32,870		16,030,636		2,305,936

Geographical markets
People’s Republic of China		15,886,210		—		15,886,210		2,285,161
Other countries		111,556		32,870		144,426		20,775

Total revenue from contracts with customers		15,997,766		32,870		16,030,636		2,305,936

Timing of revenue recognition
At a point in time		15,950,239		7,702		15,957,941		2,295,479
Over time		47,527		25,168		72,695		10,457

Total revenue from contracts with customers		15,997,766		32,870		16,030,636		2,305,936

Note:

(i)

included sales of power generator sets, engine components, service-type maintenance services and others.

Summary of Change in Contract Balances


	31.12.2021		31.12.2022		31.12.2022
	RMB’000		RMB’000		US$’000
Trade receivables (Note 15)		331,235		1,516,215		218,101
Capitalized contract cost		147,499		197,692		28,437
Contract liabilities (Note 24)		642,432		695,076		99,984

Schedule of revenue recognized

(a)

Set out below is the amount of revenue recognized from:


	31.12.2021		31.12.2022		31.12.2022
	RMB’000		RMB’000		US$’000
Amounts included in contract liabilities		874,391		544,495		78,323

Schedule of contract cost capitalized

(b)

Capitalized contract costs


	31.12.2021		31.12.2022		31.12.2022
	RMB’000		RMB’000		US$’000
Capitalized contract costs relating to the projects on development of technology know-how
At January 1		127,704		147,499		21,217
Addition		19,795		50,193		7,220

At December 31		147,499		197,692		28,437

Summary of Performance Obligations

The transaction price allocated to the remaining unsatisfied performance obligations as of 31 December are, as follows:


	31.12.2021		31.12.2022		31.12.2022
	RMB’000		RMB’000		US$’000
Within one year		140,601		117,906		16,960
More than one year		69,172		77,339		11,125

Total unfulfilled service-type maintenance service (Note 24)		209,773		195,245		28,085

Depreciation, amortization, shipping and handling expenses (Tables)

12 Months Ended

Dec. 31, 2022

Summary of Depreciation and Amortization

(a)

Depreciation and amortization expenses


	31.12.2020		31.12.2021		31.12.2022		31.12.2022
	RMB’000		RMB’000		RMB’000		US$’000
Amortization of intangible assets (i)		1,012		38,957		64,939		9,341
Depreciation of investment property		376		355		348		50
Depreciation of property, plant and equipment		450,092		492,826		516,276		74,264
Depreciation of right-of-use assets (ii)		43,127		41,458		43,129		6,204

		494,607		573,596		624,692		89,859

Note:

(i)

The higher amortization charges in 2021 and 2022 are mainly due to the amortization charged on additional Technology

Know-how

recognized during the year which are transferred from Group capitalized development cost upon completion and ready for use.

(ii)

In 2020,

COVID-19

related rent rebate received from lessors of RMB 0.2 million has been offset against the depreciation of

right-of-use

assets.

Summary of Sales Related Shipping and Handling Expenses Not Separately Billed to Customers

Sales related shipping and handling expenses not separately billed to customers are included in the following caption:


	31.12.2020		31.12.2021		31.12.2022		31.12.2022
	RMB’000		RMB’000		RMB’000		US$’000
Selling, general and administrative expenses		237,683		224,292		150,661		21,672

Summary of Other Operating Income

7.2	(a) Other operating income


	31.12.2020		31.12.2021		31.12.2022		31.12.2022
	RMB’000		RMB’000		RMB’000		US$’000
Interest income		166,970		132,083		131,879		18,970
Dividend income from quoted equity securities		166		168		13		2
Gain on disposal of:
- associate		—		—		1,329		191
- property, plant and equipment		—		1,224		6,535		940
- quoted equity securities		874		5,416		2,291		330
- right-of-use assets		2,574		14,714		3,929		565
Government grants		209,793		152,932		176,264		25,355
Fair value gain on quoted equity securities		—		138		—		—
Fair value gain on foreign exchange forward contract		999		—		—		—
Foreign exchange gain, net		3,217		—		—		—
Others		15,676		19,496		12,109		1,742

		400,269		326,171		334,349		48,095

Summary of Other Operating Expenses

7.2	(b) Other operating expenses


	31.12.2020		31.12.2021			31.12.2022			31.12.2022
	RMB’000		RMB’000			RMB’000			US$’000
Fair value loss on quoted equity securities		1,196		—			—			—
Impairment loss on investment in joint venture		—		—			990			142
Loss on disposal of property, plant and equipment		4,183		—			—			—
Provision/(reversal) for onerous contract, net		13,639		(8,810	)		(4,829	)		(695	)
Foreign exchange loss, net		—		1,739			555			80
Unrecoverable value added tax		—		11,164			—			—
Others		2,304		5,889			877			127

		21,322		9,982			(2,407	)		(346	)

Summary of Finance Costs

7.3	Finance costs


	31.12.2020		31.12.2021		31.12.2022		31.12.2022
	RMB’000		RMB’000		RMB’000		US$’000
Bank term loans		95,357		82,109		65,440		9,413
Bills and other discounting		49,738		27,864		23,922		3,441
Bank charges		3,877		4,136		4,563		656
Interest on lease liabilities (Note 17)		2,198		1,819		1,547		223

		151,170		115,928		95,472		13,733

Summary of Staff Costs

7.4	Staff costs


	31.12.2020		31.12.2021		31.12.2022		31.12.2022
	RMB’000		RMB’000		RMB’000		US$’000
Wages and salaries		1,364,751		1,338,777		928,350		133,539
Contribution to defined contribution plans		287,830		386,551		371,458		53,433
Executive bonuses		59,908		19,355		16,500		2,373
Staff welfare		94,982		93,992		79,206		11,393
Staff severance cost		19,712		11,771		19,531		2,809
Others		3,439		4,887		3,875		557

		1,830,622		1,855,333		1,418,920		204,104

Income tax expense (Tables)

12 Months Ended

Dec. 31, 2022

Summary of Income Tax Expense

The major components of income tax expense for the years ended December 31, 2020, 2021 and 2022 are as follows:


	31.12.2020			31.12.2021			31.12.2022			31.12.2022
	RMB’000			RMB’000			RMB’000			US$’000
Current income tax
- Current year		180,254			48,856			72,909			10,487
- (Over)/under provision in respect of prior years		(124	)		(21,523	)		27,406			3,942
Deferred tax
- Movement in temporary differences		12,543			16,483			(41,147	)		(5,918	)
- Over provision in respect of prior years		(135	)		—			(103	)		(15	)

Consolidated income tax expense reported in the statement of profit or loss		192,538			43,816			59,065			8,496

Reconciliation of Income Tax Expense

The reconciliation between

tax expense

and

the

product

accounting

profit

multiplied

by the PRC income tax rate of 15% (being tax rate of Yuchai) for the years ended December 31, 2020, 2021 and 2022 for the following reasons:


	31.12.2020			31.12.2021			31.12.2022			31.12.2022
	RMB’000			RMB’000			RMB’000			US$’000
Profit before tax		971,864			451,710			394,726			56,779
Income tax expense at 15%		145,780			67,757			59,209			8,517
Adjustments:
Non-deductible expenses		9,188			17,795			7,924			1,140
Tax-exempt income		(601	)		(2,181	)		(500	)		(72	)
Utilization of deferred tax benefits previously not recognized		(1,996	)		(29	)		(3,093	)		(445	)
Deferred tax benefits not recognized		6,097			10,356			22,606			3,252
Tax credits for research and development expense		(26,329	)		(59,633	)		(76,835	)		(11,052	)
Tax rate differential		24,251			16,517			10,901			1,568
(Over)/under provision in respect of previous years		(259	)		(21,523	)		27,303			3,927
Withholding tax expense		36,332			14,639			11,535			1,659
Others		75			118			15			2

Total		192,538			43,816			59,065			8,496

Summary of Deferred Tax

Deferred tax relates to the following:


	Consolidated statement of financial position									Consolidated statement of profit or loss
	31.12.2021			31.12.2022			31.12.2022			31.12.2020			31.12.2021			31.12.2022			31.12.2022
	RMB’000			RMB’000			US$’000			RMB’000			RMB’000			RMB’000			US$’000
Accelerated tax depreciation		(138,770	)		(122,298	)		(17,592	)		(55,882	)		(37,968	)		16,472			2,369
Interest receivable		(3,396	)		(3,033	)		(436	)		(293	)		(1,459	)		363			52
PRC withholding tax on dividend income (i)		(65,544	)		(61,825	)		(8,893	)		(36,255	)		(14,529	)		(11,458	)		(1,648	)
Effect of change in residual value an impairment of property, plant and equipment		65,368			69,641			10,018			33,456			25,264			4,273			615
Write-down of inventories		20,250			29,503			4,244			4,225			(2,378	)		9,253			1,331
Impairment losses on trade receivables		6,789			7,071			1,017			(2,021	)		(1,267	)		282			41
Accruals		283,427			234,586			33,744			48,149			(15,339	)		(48,841	)		(7,026	)
Deferred income		97,828			56,480			8,124			1,211			(11,114	)		(41,348	)		(5,948	)
Losses available for offsetting against future taxable income		23,072			139,747			20,102			—			23,072			116,675			16,783
Others		43,606			39,185			5,636			(4,998	)		19,235			(4,421	)		(636	)

Deferred tax (expenses)/benefits											(12,408	)		(16,483	)		41,250			5,933

Net deferred tax assets		332,630			389,057			55,964

Reflected in the consolidated statement of financial position as follows:
Deferred tax assets		398,174			450,882			64,857
Deferred tax liabilities		(65,544	)		(61,825	)		(8,893	)

		332,630			389,057			55,964

Note:

(i)

The movement of PRC withholding tax on dividend income is as follows:


	31.12.2021			31.12.2022			31.12.2022
	RMB’000			RMB’000			US$’000
At January 1		(112,456	)		(65,544	)		(9,428	)
Provision made to consolidated statement of profit or loss		(14,529	)		(11,458	)		(1,648	)
Utilization		61,441			15,177			2,183

December 31		(65,544	)		(61,825	)		(8,893	)

Deferred Tax Assets That Have Not Been Recognized

Deferred tax assets have not been recognized in respect of the following items:


	31.12.2021		31.12.2022		31.12.2022
	RMB’000		RMB’000		US$’000
Unutilized tax losses		414,212		473,456		68,105
Unutilized capital allowances and investment allowances		103,810		100,643		14,477
Other unrecognized temporary differences relating to asset impairment and deferred grants		199,203		142,851		20,548

		717,225		716,950		103,130

Earnings per share (Tables)

12 Months Ended

Dec. 31, 2022

Summary of Earnings Per Share

The calculation of basic earnings per share is based on:


	31.12.2020		31.12.2021		31.12.2022		31.12.2022
	RMB’000		RMB’000		RMB’000		US$’000
Profit attributable to equity holders of the Company		548,903		272,673		218,581		31,442

Weighted average number of ordinary shares		40,858,290		40,858,290		40,858,290		40,858,290

Diluted earnings per share

The weighted average number of ordinary shares adjusted for the effect of unissued ordinary shares under the Share Option Scheme is determined as follows:


	31.12.2020		31.12.2021		31.12.2022
Weighted average number of shares issued, used in the calculation of basic earnings per share		40,858,290		40,858,290		40,858,290
Diluted effect of share options		—		—		—

Weighted average number of ordinary shares adjusted for effect of dilution		40,858,290		40,858,290		40,858,290

Property, plant and equipment (Tables)

12 Months Ended

Dec. 31, 2022

Summary of Property, Plant and Equipment


	Freehold land RMB’000			Leasehold buildings and improvements RMB’000			Construction in progress RMB’000			Plant and machinery RMB’000			Office furniture, fittings and equipment RMB’000			Motor and transport vehicles RMB’000			Total RMB’000
Cost
At January 1, 202 1		14,092			2,449,379			700,716			5,731,485			203,090			123,058			9,221,820
Additions		—			2,214			426,621			20,655			16,803			12,598			478,891
Disposals		—			(5,435	)		—			(81,321	)		(1,896	)		(13,860	)		(102,512	)
Transfers		—			105,117			(721,753	)		603,595			13,041			—			—
Write-off		—			(1,551	)		—			(48,990	)		(7,416	)		(2,591	)		(60,548	)
Translation difference		(628	)		(3,439	)		(154	)		(522	)		(1,242	)		(36	)		(6,021	)

At December 31, 202 1 and January 1, 202 2		13,464			2,546,285			405,430			6,224,902			222,380			119,169			9,531,630
Additions		—			8,768			312,442			13,469			12,413			6,256			353,348
Disposals		—			(5,530	)		—			(54,323	)		(964	)		(6,568	)		(67,385	)
Transfers		—			72,252			(369,120	)		288,475			8,491			—			98
Write-off		—			(14,827	)		—			(1,081	)		(10,754	)		(2,465	)		(29,127	)
Translation difference		1,190			3,836			17			404			763			145			6,355

At December 31, 2022		14,654			2,610,784			348,769			6,471,846			232,329			116,537			9,794,919


Accumulated depreciation and impairment
At January 1, 202 1		487			934,390			—			3,795,804			159,035			73,344			4,963,060
Charge for the year		—			93,397			—			394,171			19,579			12,371			519,518	*
Disposals		—			(2,119	)		—			(78,917	)		(1,688	)		(12,109	)		(94,833	)
Write-off		—			(1,432	)		—			(48,366	)		(7,280	)		(2,336	)		(59,414	)
Impairment loss		—			—			—			7,227			—			—			7,227
Translation difference		(30	)		(780	)		—			(277	)		(716	)		(34	)		(1,837	)

At December 31, 2021 and January 1, 2022		457			1,023,456			—			4,069,642			168,930			71,236			5,333,721
Charge for the year		—			101,709			—			398,465			22,005			11,598			533,777	*
Disposals		—			(3,166	)		—			(51,290	)		(960	)		(6,255	)		(61,671	)
Write-off		—			(11,855	)		—			(978	)		(10,559	)		(2,440	)		(25,832	)
Impairment loss		—			—			14,060			3,218			—			—			17,278
Translation difference		20			984			—			204			571			123			1,902

At December 31, 2022		477			1,111,128			14,060			4,419,261			179,987			74,262			5,799,175


Net book value
At December 31, 2021		13,007			1,522,829			405,430			2,155,260			53,450			47,933			4,197,909

At December 31, 2022		14,177			1,499,656			334,709			2,052,585			52,342			42,275			3,995,744

US$’000		2,039			215,719			48,147			295,255			7,529			6,081			574,770

Investment property (Tables)

12 Months Ended

Dec. 31, 2022

Summary of Investment Property


	31.12.2021			31.12.2022			31.12.2022
	RMB’000			RMB’000			US$’000
Cost
At January 1		33,187			31,810			4,575
Translation difference		(1,377	)		579			84

At December 31		31,810			32,389			4,659

Accumulated depreciation
At January 1		27,358			26,724			3,844
Charge for the year		355			348			50
Translation difference		(989	)		561			81

At December 31		26,724			27,633			3,975

Net carrying amount		5,086			4,756			684

Fair value		11,308			11,686			1,681

Consolidated statements of profit or loss:
Rental income from an investment property		77			176			25
Direct operating expenses (including repairs, maintenance and depreciation expense) arising from the rental generating property		(82	)		(118	)		(17	)

Summary of Fair Value Measurement of Investment Property

The following table shows information about fair value measurement of the investment property using significant unobservable inputs (Level 3):


	Valuation techniques	Unobservable input	Inter-relationship between key unobservable inputs and fair value measurement
2022	Market comparison and cost method	Comparable price: - RMB 182 to RMB 441 (US$ 26 to US$ 63) per square foot	The estimated fair value increases with higher comparable price

2021	Market comparison and cost method	Comparable price: - RMB 165 to RMB 401 per square foot	The estimated fair value increases with higher comparable price

Intangible assets (Tables)

12 Months Ended

Dec. 31, 2022

Summary of Intangible Assets


	Goodwill		Technology Know-how		Development costs			Trademarks		Total
	RMB’000		RMB’000		RMB’000			RMB’000		RMB’000
Cost
At January 1, 2021		218,311		136,822		1,093,423			169,811		1,618,367
Addition		—		—		313,571			—		313,571
Transfer		—		414,704		(414,704	)		—		—

At December 31, 2021 and January 1, 2022		218,311		551,526		992,290			169,811		1,931,938
Addition		—		—		181,181			—		181,181
Transfer		—		121,227		(121,227	)		—		—

At December 31, 2022		218,311		672,753		1,052,244			169,811		2,113,119


Accumulated amortization and impairment
At January 1, 2021		5,675		128,724		—			—		134,399
Amortization		—		38,957		—			—		38,957

At December 31, 2021 and January 1, 2022		5,675		167,681		—			—		173,356
Amortization		—		64,939		—			—		64,939

At December 31, 2022		5,675		232,620		—			—		238,295


Net carrying amount
At December 31, 2021		212,636		383,845		992,290			169,811		1,758,582

At December 31, 2022		212,636		440,133		1,052,244			169,811		1,874,824

US$’000		30,587		63,311		151,361			24,426		269,685

Summary of carrying amount of goodwill allocated

Carrying amount of goodwill allocated to the cash-generating unit:


	31.12.2021		31.12.2022		31.12.2022
	RMB’000		RMB’000		US$’000
Yuchai		212,636		212,636		30,587

Inventories (Tables)

12 Months Ended

Dec. 31, 2022

Analysis of Inventory Reserve Accounts

Summary of Inventories


	31.12.2021		31.12.2022		31.12.2022
	RMB’000		RMB’000		US$’000
Raw materials		2,111,881		2,339,933		336,589
Work in progress		25,169		24,312		3,497
Finished goods		3,071,586		2,573,510		370,188

Total inventories at the lower of cost and net realizable value		5,208,636		4,937,755		710,274


	31.12.2020			31.12.2021			31.12.2022			31.12.2022
	RMB’000			RMB’000			RMB’000			US$’000
Inventories recognized as an expense in cost of sales		15,501,807			16,457,476			11,991,899			1,724,982
Inclusive of the following charge/(credit):
- Inventories written down		82,386			32,813			86,650			12,464
- Reversal of write-down of inventories		(54,408	)		(41,823	)		(31,765	)		(4,569	)
- Inventories written off		—			10,085			—			—

Other current assets (Tables)

12 Months Ended

Dec. 31, 2022

Summary of Other Current Assets


	31.12.2021		31.12.2022		31.12.2022
	RMB’000		RMB’000		US$’000
Current
Development properties		16,167		16,710		2,404
Quoted equity securities (i)		606		—		—

		16,773		16,710		2,404

Note:

(i)

The quoted equity securities are listed on the Singapore Exchange.

Trade and other receivables (Tables)

12 Months Ended

Dec. 31, 2022

Summary of Trade and Other Receivables


	31.12.2021 RMB’000			31.12.2022 RMB’000			31.12.2022 US$’000
Trade receivables, gross		364,445			1,549,462			222,883
Less: Allowance for expected credit losses		(33,210	)		(33,247	)		(4,782	)

Net trade receivables (Note 6.2)		331,235			1,516,215			218,101
Bills receivable (i)		6,437,100			4,970,880			715,039

Total (Note 35, Note 36)		6,768,335			6,487,095			933,140

Amounts receivable:
- associates and joint ventures (trade)		243			125,489			18,051
- associates and joint ventures (non-trade)		11,959			11,230			1,615
- related parties (trade)		68,539			180,374			25,946
- related parties (non-trade)		459			3,476			500
Bills receivable in transit		22,360			8,172			1,176
Grant receivables		—			62,000			8,919
Interest receivables		11,788			15,437			2,221
Others		29,663			34,326			4,937
Less: Impairment losses – other receivables		(6,231	)		(5,754	)		(828	)

Other receivables carried at amortized cost (Note 35)		138,780			434,750			62,537
Tax recoverable		328,369			290,596			41,801
Advances paid to suppliers		66,474			81,861			11,775
Right of return assets		40,761			17,045			2,452

Net other receivables		574,384			824,252			118,565

Total trade and other receivables		7,342,719			7,311,347			1,051,705

Note:

(i)

As of December 31, 2022, bills receivable amounted to RMB 12.6 million (US$ 1.8 million) (2021: RMB 13.4 million) was pledged to secure bank facilities.

Movement in the Allowance for Expected Credit Losses of Trade and Other Receivables

Movement in the allowance for expected credit losses of trade and other receivables is as follows:


	31.12.2021 RMB’000			31.12.2022 RMB’000			31.12.2022 US$’000
At January 1		50,260			39,441			5,674
Credit to consolidated statement of profit or loss (under “Selling, general and administrative expenses”)		(8,525	)		(459	)		(66	)
Written off		(2,278	)		(5	)		(1	)
Translation difference		(16	)		24			3

At December 31		39,441			39,001			5,610

Cash and cash equivalents (Tables)

12 Months Ended

Dec. 31, 2022

Summary of Cash and Bank Balances


	31.12.2021 RMB’000		31.12.2022 RMB’000		31.12.2022 US$’000
Non-current
Long-term bank deposits (i)		110,000		20,000		2,877

Current
Cash and cash equivalents		4,788,219		4,451,489		640,327
Short-term bank deposits (ii)		357,335		351,567		50,571
Restricted cash		76,001		27,687		3,983

		5,221,555		4,830,743		694,881

Cash and bank balances		5,331,555		4,850,743		697,758

Note:

(i)

In 2021, YMMC has placed new three-year time deposits of RMB 20.0 million at annual interest rate of 3.85% with certain bank. These long-term deposits are not considered to be cash equivalents.

As at December 31, 2022, the three-year time deposits placed in 2020 has remaining maturity period of less than 12 months. Accordingly, this has been classified as short-term bank deposits in 2022.

(ii)

Summary of cash and cash equivalents

For the purpose of the statement of cash flows, cash and cash equivalents comprise the following at December 31:


	31.12.2021		31.12.2022		31.12.2022
	RMB’000		RMB’000		US$’000
Cash at banks and on hand		4,218,131		3,730,372		536,597
Short-term bank deposits (i)		570,088		721,117		103,730

Cash and cash equivalents		4,788,219		4,451,489		640,327

Note:

(i)

Leases (Tables)

12 Months Ended

Dec. 31, 2022

Summary of detailed information about carrying amounts of right-of-use assets recognized and the movements during the year

Set out below are the carrying amounts of

right-of-use

assets recognized and the movements during the year.


	Leasehold land RMB’000			Building and office space RMB’000			Office furniture, fittings and equipment RMB’000			Motor vehicles RMB’000			Total RMB’000			Total US$’000
At January 1, 2021		338,565			45,430			6			—			384,001			55,237
Addition		1,355			22,558			58			—			23,971			3,448
Depreciation expenses		(13,655	)		(27,790	)		(13	)		—			(41,458	)		(5,964	)
Disposal		(21,620	)		—			—			—			(21,620	)		(3,110	)
Translation difference		—			(80	)		—			—			(80	)		(11	)

At December 31, 2021 and January 1, 2022		304,645			40,118			51			—			344,814			49,600
Addition		—			49,421			—			314			49,735			7,154
Depreciation expenses		(12,324	)		(30,772	)		(14	)		(19	)		(43,129	)		(6,204	)
Disposal		(3,256	)		—			—			—			(3,256	)		(468	)
Termination		—			(6,187	)		—			—			(6,187	)		(890	)
Translation difference		—			159			5			—			164			24

At December 31, 2022		289,065			52,739			42			295			342,141			49,216

Summary of detailed information about carrying amounts of lease liabilities and the movements during the year

Set out below are the

carrying

amounts of lease liabilities and the movements during the year:


	2021 RMB’000			2022 RMB’000			2022 US$’000
At January 1		39,778			40,531			5,830
Additions		23,971			49,735			7,154
Accretion of interest (Note 7.3)		1,819			1,547			223
Payments		(24,940	)		(26,144	)		(3,761	)
Termination		—			(6,187	)		(890	)
Translation difference		(97	)		159			23

At December 31		40,531			59,641			8,579

Current (Note 25)		27,125			31,433			4,521
Non-current (Note 25)		13,406			28,208			4,058

Total		40,531			59,641			8,579

Summary of detailed information about amounts recognized in profit of loss

The following are the amounts recognized in profit of loss:


	2021		2022		2022
	RMB’000		RMB’000		US$’000
Depreciation charge for right-of-use assets		41,458		43,129		6,204
Interest expenses on lease liabilities (Note 7.3)		1,819		1,547		223
Expenses relating to short-term leases (included in selling, general and administrative expenses and research and development expenses)		27,686		25,022		3,599

Total amount recognized in profit or loss		70,963		69,698		10,026

Summary of detailed information about Future minimum rental receivables under non-cancellable operating leases

Future minimum rental receivables under

non-cancellable

operating leases as of 31 December are as follows:


	31.12.2021		31.12.2022		31.12.2022
	RMB’000		RMB’000		US$’000
Within 1 year
- related parties		598		17		2
- joint venture		1,425		1,587		228
- third parties		5,573		8,136		1,170
After 1 year but within 5 years
- related parties		2,358		17		2
- joint venture		5,698		6,292		905
- third parties		7,240		19,364		2,785
More than 5 years
- joint venture		10,566		9,690		1,394
- third parties		4,272		26,566		3,821

		37,730		71,669		10,307

Issued capital (Tables)

12 Months Ended

Dec. 31, 2022

Summary of Issued Capital

31.12.2021

31.12.2022

thousands

Issued capital

Authorized shares

Ordinary share of par value US$ 0.10 each

100,000

Number of

RMB’000

Ordinary shares issued and fully paid

At January 1, 2021, December 31, 2021 and December 31, 2022

40,858,290

2,081,138

US$’000

299,362

31.12.2021

31.12.2022

RMB’000

US$’000

Special share issued and fully paid

One special share issued and fully paid at US$ 0.10 per share

Less than RMB 1 (US$ 1)

Dividends declared and paid (Tables)

12 Months Ended

Dec. 31, 2022

Summary of Dividends Declared and Paid


	31.12.2021		31.12.2022		31.12.2022
	RMB’000		RMB’000		US$’000
Declared and paid during the year
Dividends on ordinary shares:
Final dividend paid in 2022: US$ 0.40 per share (2021: US$ 1.70 per share)		448,712		109,684		15,778

Dividend paid in cash		448,712		109,684		15,778

Reserves (Tables)

12 Months Ended

Dec. 31, 2022

Summary of Statutory Reserves


	31.12.2021		31.12.2022			31.12.2022
	RMB’000		RMB’000			US$’000
Statutory reserve
Statutory general reserve (i)
At January 1		281,459		283,531			40,785
Transfer from retained earnings		2,072		26,498			3,811

At December 31		283,531		310,029			44,596


General surplus reserve (ii)
At January 1 and December 31		25,706		25,706			3,698

Total		309,237		335,735			48,294


Capital reserves (iii)
At January 1		30,704		30,704			4,416
Issuance of put option to non-controlling interest of subsidiary		—		(34,900	)		(5,020	)

At December 31		30,704		(4,196	)		(604	)

Note:

(i)

(ii)

(iii)

Summary of Other Components of Equity


	31.12.2021			31.12.2022			31.12.2022
	RMB’000			RMB’000			US$’000
Other components of equity
Foreign currency translation reserve (i)		(118,176	)		(44,699	)		(6,430	)
Performance shares reserve (ii)		19,758			19,758			2,842
Premium paid for acquisition of non-controlling interests		(11,472	)		(9,463	)		(1,361	)
Fair value reserve of financial assets at FVOCI (iii)		(30,902	)		(30,591	)		(4,400	)

Total		(140,792	)		(64,995	)		(9,349	)

Note:

(i)

(ii)

Performance shares reserve comprises the cumulative value of employee services received in return for share-based compensation. The amount in the reserve is retained when the option is expired.

(iii)

Fair value reserve of financial assets at FVOCI relates to the subsequent measurement of the Group’s bills receivable at fair value through OCI.

Share-based payment (Tables)

12 Months Ended

Dec. 31, 2022

Number and Weighted Average Exercise Prices ("WAEP") of, and Movements in Share Options

The following table illustrates the number and weighted average exercise prices (“WAEP”) of, and movements in share options during the year:


	Number of share options			WAEP		Number of share options		WAEP
	31.12.2021			31.12.2021		31.12.2022		31.12.2022
Outstanding at January 1		470,000		US$	21.11		270,000	US$	21.11
Cancelled during the year		(200,000	)	US$	21.11		—	US$	21.11

Outstanding at December 31		270,000		US$	21.11		270,000	US$	21.11

Exercisable at December 31		270,000		US$	21.11		270,000	US$	21.11

Fair Value of Share Options and Assumptions


Date of grant of options		On July 29, 2014
Fair value at measurement date (US$)		5.70 – 6.74

Share price (US$)		21.11
Exercise price (US$)		21.11
Expected volatility (%)		47.4
Expected option life (years)		3.5 – 5.5
Expected dividends (%)		5.81
Risk-free interest rate (%)		1.4 – 2.0

Trade and other payables (Tables)

12 Months Ended

Dec. 31, 2022

Summary of Trade and Other Current Payables


	31.12.2021		31.12.2022		31.12.2022
	RMB’000		RMB’000		US$’000
Current
Trade payables		3,884,812		4,199,072		604,018
Bills payables (i)		3,085,206		2,356,574		338,983
Other payables		423,787		319,723		45,991
Accrued expenses		167,575		159,735		22,977
Accrued staff costs		689,327		422,045		60,709
Refund liabilities		718,379		222,342		31,983
Dividend payable		29,304		30,205		4,345
Amount due to:
- associates and joint ventures (trade)		176,819		67,556		9,718
- associates and joint ventures (non-trade)		27		22		3
- related parties (trade)		214,980		296,219		42,610
- related parties (non-trade)		1,308		7,289		1,048

Financial liabilities carried at amortized cost (Note 32, Note 35)		9,391,524		8,080,782		1,162,385
Deferred grants (Note 27)		12,482		13,404		1,928
Advance from customers		316		254		37
Other tax payable		39,416		44,968		6,468

Total trade and other payables (current)		9,443,738		8,139,408		1,170,818

(i)

(ii)

Terms and conditions of the above financial liabilities:

•

Trade and other payables are non-interest bearing and are normally settled on agreed credit terms ranging from 60 to 90 day terms.

•

For terms and conditions relating to related parties, refer to Note 29.

Summary of Other Non-current Payables


	31.12.2021		31.12.2022		31.12.2022
	RMB’000		RMB’000		US$’000
Non-current
Other payables (i) (Note 32, Note 35)		188,725		189.366		27,239

(i)

This relates to accrual for bonus, which is non-interest bearing and not expected to be settled within next 12 months.

Provision (Tables)

12 Months Ended

Dec. 31, 2022

Summary of Provision


	Provision for warranty			Provision for onerous contract			Total			Total
	RMB’000			RMB’000			RMB’000			US$’000
At January 1, 2021		255,439			13,639			269,078			38,706
Provision made		292,157			4,829			296,986			42,720
Provision utilized		(299,397	)		—			(299,397	)		(43,067	)
Provision reversed		—			(13,639	)		(13,639	)		(1,962	)

At December 31, 2021 and January 1, 2022		248,199			4,829			253,028			36,397
Provision made		317,076			—			317,076			45,610
Provision utilized		(345,161	)		—			(345,161	)		(49,650	)
Provision reversed		—			(4,829	)		(4,829	)		(695	)

At December 31, 2022		220,114			—			220,114			31,662

Contract liabilities (Tables)

12 Months Ended

Dec. 31, 2022

Summary of Contract Liabilities


	31.12.2021		31.12.2022		31.12.2022
	RMB’000		RMB’000		US$’000
Unfulfilled service-type maintenance services		209,773		195,245		28,085
Advance from customer		432,659		499,831		71,899

Total		642,432		695,076		99,984


Current		573,259		617,737		88,859
Non-current		69,173		77,339		11,125

Total contract liabilities (Note 6.2)		642,432		695,076		99,984

Lease liabilities (Tables)

12 Months Ended

Dec. 31, 2022

Lease liabilities [abstract]

Summary of Lease Liabilities


	Effective interest rate		Maturity		31.12.2021		31.12.2022		31.12.2022
	%				RMB’000		RMB’000		US$’000
Current (Note 17)		1.25% - 6.40%		2023		27,125		31,433		4,521

Non-current (Note 17)		1.25% - 6.40%		2024-2026		13,406		28,208		4,058

Loans and borrowings (Tables)

12 Months Ended

Dec. 31, 2022

Summary of Loans and Borrowings


	Effective interest rate		Maturity		31.12.2021
	%				RMB’000
Current
Renminbi denominated loans		1.10 – 3.85		2022		2,103,000


Non-current
Renminbi denominated loans		3.45		2023		100,000


	Effective interest rate		Maturity		31.12.2022		31.12.2022
	%				RMB’000		US$’000
Current
Renminbi denominated loans		0.86 – 3.70		2023		2,141,432		308,036


Non-current
Renminbi denominated loans		3.00		2025		200,000		28,769

Note:

(i)

All loan balances as stated above do not have a callable feature.

Deferred grants (Tables)

12 Months Ended

Dec. 31, 2022

Summary of Deferred Grants


	31.12.2021			31.12.2022			31.12.2022
	RMB’000			RMB’000			US$’000
At January 1		541,610			424,140			61,011
Received during the year		50,582			186,993			26,898
Grant disbursed to partner of joint project		(16,270	)		(13,243	)		(1,905	)
Released to consolidated statement of profit or loss		(151,782	)		(108,102	)		(15,550	)

At December 31		424,140			489,788			70,454


Current (Note 22)		12,482			13,404			1,928
Non-current		411,658			476,384			68,526

		424,140			489,788			70,454

Related party disclosures (Tables)

12 Months Ended

Dec. 31, 2022

Significant Transactions with Related Parties

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


	31.12.2020		31.12.2021		31.12.2022		31.12.2022
	RMB’000		RMB’000		RMB’000		US$’000
Sales of engines and parts
- associates and joint ventures		1,256,268		393,440		411,010		59,122
- GY Group (including its subsidiaries and affiliates)		2,637,845		3,223,785		2,262,306		325,423
Purchase of parts, supplies and engines
- associates and joint ventures		2,792,707		2,036,675		1,396,611		200,896
- GY Group (including its subsidiaries and affiliates)		1,245,030		1,307,137		1,053,607		151,557
Hospitality, restaurant, consultancy and other service income charged to
- a joint venture		3,918		2,152		5,803		835
- GY Group (including its subsidiaries and affiliates)		6,765		6,609		10,398		1,496
Service charge charged by
- joint ventures		—		5,023		128		18
Rental income
- joint ventures		4,565		4,415		4,634		667
- GY Group (including its subsidiaries and affiliates)		3,970		275		580		83
Property management service expenses
- GY Group (including its subsidiaries and affiliates)		24,968		21,978		22,128		3,183
Selling, general and administrative expenses
- a joint venture		7,287		2,530		—		—
- GY Group (including its subsidiaries and affiliates)		4,728		9,315		30,151		4,337
- HLA (including its affiliates)		6,687		7,188		8,994		1,294
Delivery, storage, distribution and handling expenses
- GY Group (including its subsidiaries and affiliates)		312,891		300,699		201,669		29,009
Payment for lease liabilities
- GY Group (including its subsidiaries and affiliates) (i)		18,086		17,215		19,802		2,848
Purchases of vehicles and machineries
- GY Group (including its subsidiaries and affiliates)		2,838		3,460		2,513		361

Note:

(i)

The Group has adopted IFRS 16 on January 1, 2019. These leasing expenses have been recognized as

right-of-use

assets and lease liabilities on the consolidated statement of financial position as of December 31, 2021 and 2022.

Compensation of Key Management Personnel

Compensation of key management personnel of the Group


	31.12.2020		31.12.2021		31.12.2022		31.12.2022
	RMB’000		RMB’000		RMB’000		US$’000
Short-term employee benefits		43,178		25,289		25,011		3,598
Contribution to defined contribution plans		292		273		208		30

		43,470		25,562		25,219		3,628

Commitments and contingencies (Tables)

12 Months Ended

Dec. 31, 2022

Future Minimum Lease Payments

The Group does not has lease contracts that have not yet commenced as of December 31, 2022. The future lease payments for these

non-cancellable

lease contracts are as follows:


	31.12.2021		31.12.2022		31.12.2022
	RMB’000		RMB’000		US$’000
Within 1 year		2,769		—		—
After 1 year but within 5 years		2,178		—		—
After 5 years		—		—		—

		4,947		—		—

Segment information (Tables)

12 Months Ended

Dec. 31, 2022

Summary of Segment Information


Year ended December 31, 2020	Yuchai			HLGE			Corporate			Eliminations/ adjustment			Consolidated financial statements
	RMB’000			RMB’000			RMB’000			RMB’000			RMB’000
Revenue
Total external revenue (Note 6.1)		20,557,660			23,510			—			—			20,581,170


Results
Interest income		158,569			3,538			4,863			—			166,970
Interest expense		(147,161	)		(35	)		(97	)		—			(147,293	)
Impairment of property, plant and equipment		(3,920	)		—			—			—			(3,920	)
Staff severance cost		(19,712	)		—			—			—			(19,712	)
Depreciation and amortization		(488,536	)		(5,181	)		(890	)		—			(494,607	)
Share of profit of associates and joint venture		(59,476	)		506			—			—			(58,970	)
Income tax expense		(156,007	)		(200	)		(69	)		(36,262	) (1)		(192,538	)

Segment profit after tax		829,042			1,052			(17,127	)		(33,641	) (1)		779,326

Total assets		25,330,625			392,096			2,075,262			(1,507,025	)		26,290,958

Total liabilities		(14,328,688	)		(10,346	)		(15,797	)		(103,417	) (2)		(14,458,248	)

Other disclosures
Investment in joint ventures		223,918			3,202			—			—			227,120
Capital expenditure		550,424			4,409			14			—			554,847


Year ended December 31, 2021	Yuchai			HLGE			Corporate			Eliminations/ adjustment			Consolidated financial statements
	RMB’000			RMB’000			RMB’000			RMB’000			RMB’000
Revenue
Total external revenue (Note 6.1)		21,254,134			11,796			—			—			21,265,930


Results
Interest income		129,520			1,363			1,200			—			132,083
Interest expense		(111,747	)		(19	)		(26	)		—			(111,792	)
Impairment of property, plant and equipment		(7,227	)		—			—			—			(7,227	)
Staff severance cost		(11,771	)		—			—			—			(11,771	)
Depreciation and amortization		(567,465	)		(5,221	)		(910	)		—			(573,596	)
Share of profit of associates and joint venture		(96,658	)		763			—			—			(95,895	)
Income tax expense		(29,043	)		(245	)		—			(14,528	) (1)		(43,816	)

Segment profit after tax		443,499			(6,728	)		(20,321	)		(8,556	) (1)		407,894

Total assets		23,897,506			368,415			2,146,060			(1,506,672	)		24,905,309

Total liabilities		(13,206,953	)		(10,322	)		(13,550	)		(59,140	) (2)		(13,289,965	)

Other disclosures
Investment in joint ventures		147,106			3,989			—			—			151,095
Capital expenditure		474,562			4,310			19			—			478,891


Year ended December 31, 2022	Yuchai			HLGE			Corporate			Eliminations/ adjustment			Consolidated financial statements			Consolidated financial statements
	RMB’000			RMB’000			RMB’000			RMB’000			RMB’000			US$’000
Revenue
Total external revenue (Note 6.1)		15,997,766			32,870			—			—			16,030,636			2,305,936


Results
Interest income		116,668			2,902			12,309			—			131,879			18,970
Interest expense		(90,846	)		(49	)		(14	)		—			(90,909	)		(13,077	)
Impairment of investment in joint venture		(990	)		—			—			—			(990	)		(142	)
Impairment of property, plant and equipment		(17,278	)		—			—			—			(17,278	)		(2,485	)
Staff severance cost		(19,531	)		—			—			—			(19,531	)		(2,809	)
Depreciation and amortization		(619,000	)		(4,770	)		(922	)		—			(624,692	)		(89,859	)
Share of (loss)/profit of associates and joint venture		(29,554	)		461			—			—			(29,093	)		(4,185	)
Income tax expense		(47,555	)		(39	)		(9	)		(11,462	) (1)		(59,065	)		(8,496	)

Segment profit after tax		354,865			5,152			(18,245	)		(6,111	) (1)		335,661			48,283

Total assets		23,020,241			405,871			2,215,652			(1,504,208	)		24,137,556			3,472,080

Total liabilities		(12,220,938	)		(12,062	)		(14,256	)		(55,236	) (2)		(12,302,492	)		(1,769,659	)

Other disclosures
Investment in joint ventures		150,219			4,484			—			—			154,703			22,253
Capital expenditure		352,737			564			47			—			353,348			50,828

Note:

(1)

This relates mainly to the deferred tax expense relating to withholding tax on dividends from Yuchai.

(2)

This relates mainly to the deferred tax liabilities relating to cumulative withholding tax on dividends that are expected to be declared from income earned after December 31, 2007 by Yuchai.

Summary of Geographic Information

Non-current

assets


	31.12.2021		31.12.2022		31.12.2022
	RMB’000		RMB’000		US$’000
People’s Republic of China		6,370,404		6,281,907		903,624
Other countries		89,549		90,520		13,021

		6,459,953		6,372,427		916,645

Financial risk management objectives and policies (Tables)

12 Months Ended

Dec. 31, 2022

Exposures to Foreign Currency

The Group’s exposures to foreign currency are as follows:


	31.12.2021
	Singapore Dollar			Euro			US Dollar			Others
	RMB’000			RMB’000			RMB’000			RMB’000
Quoted equity securities		606			—			—			—
Trade and other receivables		676			8,806			297			—
Cash and bank balances		164,544			2,535			4,345			14,342
Financial liabilities		(1,428	)		—			—			—
Trade and other payables		(4,551	)		(8,997	)		(3,651	)		(510	)

Net assets/(liabilities)		159,847			2,344			991			13,832



	31.12.2022
	Singapore Dollar			Euro			US Dollar			Others
	RMB’000			RMB’000			RMB’000			RMB’000
Trade and other receivables		1,504			7,328			4,484			218
Cash and bank balances		166,517			1,282			26,521			15,340
Financial liabilities		(202	)		—			—			—
Trade and other payables		(5,064	)		(11,586	)		(7,258	)		(2,579	)

Net assets/(liabilities)		162,755			(2,976	)		23,747			12,979

US$’000		23,412			(428	)		3,416			1,867

Summary of Information about Credit Risk on Trade Receivables using Provision Matrix

Set out below is the information about the credit risk exposure on the Group’s trade receivables using a provision matrix:


				Trade receivables
						Days past due
As of December 31, 2021	Total			Current		0 – 90 days			91-180 days			181-365 days			>365 days
	RMB’000			RMB’000		RMB’000			RMB’000			RMB’000			RMB’000
Expected credit loss rate		9.1	%		—		0.5	%		7.2	%		15.3	%		55.2	%
Estimated total gross carrying amount at default		364,445			117,832		131,411			33,897			37,169			44,136
Expected credit loss		33,210			—		714			2,428			5,686			24,382



				Trade receivables
						Days past due
As of December 31, 2022	Total			Current		0 – 90 days			91-180 days			181-365 days			>365 days
	RMB’000			RMB’000		RMB’000			RMB’000			RMB’000			RMB’000
Expected credit loss rate		2.1	%		—		0.2	%		0.2	%		0.6	%		63.1	%
Estimated total gross carrying amount at default		1,549,462			1,138,365		216,355			80,132			63,477			51,133
Expected credit loss		33,247			—		500			124			372			32,251

Maturity Profile of Financial Assets and Liabilities Based on Contractual Undiscounted Payments

The table below summarizes the maturity profile of the Group’s financial assets and liabilities based on contractual undiscounted payments.


	1 year or less		2 to 5 years		Total
As of December 31, 2021	RMB’000		RMB’000		RMB’000
Financial assets
Trade and bills receivables		6,768,335		—		6,768,335
Other receivables, excluding tax recoverable		138,780		—		138,780
Cash and bank balances		5,221,555		110,000		5,331,555
Quoted equity securities		606		—		606

		12,129,276		110,000		12,239,276


Financial liabilities
Loans and borrowings		2,130,356		101,524		2,231,880
Trade and other payables (Note 22)		9,391,524		188,725		9,580,249
Lease liabilities		28,121		13,650		41,771

		11,550,001		303,899		11,853,900



	1 year or less		2 to 5 years		After 5 years		Total		Total
As of December 31, 2022	RMB’000		RMB’000		RMB’000		RMB’000		US$’000
Financial assets
Trade and bills receivables		6,487,095		—		—		6,487,095		933,140
Other receivables, excluding tax recoverable		434,750		—		—		434,750		62,537
Cash and bank balances		4,830,743		20,000		—		4,850,743		697,758

		11,752,588		20,000		—		11,772,588		1,693,435


Financial liabilities
Loans and borrowings		2,158,839		209,400		—		2,368,239		340,661
Trade and other payables (Note 22)		8,080,782		189,366		—		8,270,148		1,189,624
Lease liabilities		33,102		26,928		216		60,246		8,666
Other financial liability		—		—		58,212		58,212		8,374

		10,272,723		425,694		58,428		10,756,845		1,547,325

Foreign currency risk [Member]

Risk Sensitivity Analysis


	Profit before tax
	31.12.2021		31.12.2022			31.12.2022
	RMB’000		RMB’000			US$’000
Singapore Dollar		15,985		16,276			2,341
Euro		234		(298	)		(43	)
US Dollar		99		2,375			342

Equity price risk [member]

Risk Sensitivity Analysis

A 10% increase/(decrease) in the underlying prices at the reporting date would increase/(decrease) Group’s profit before tax by the following amount:


	31.12.2021		31.12.2022		31.12.2022
	RMB’000		RMB’000		US$’000
Statement of profit or loss		61		—		—

Capital management (Tables)

12 Months Ended

Dec. 31, 2022

Summary of Capital Structure


	31.12.2021			31.12.2022			31.12.2022
	RMB’000			RMB’000			US$’000
Loans and borrowings (current and non-current) (Note 26)		2,203,000			2,341,432			336,805
Lease liabilities (current and non-current) (Note 25)		40,531			59,641			8,579
Trade and other payables (current and non-current) (Note 22)		9,632,463			8,328,774			1,198,057
Other financial liability (Note 28)		—			45,950			6,610
Less: Cash and bank balances (Note 16)		(5,331,555	)		(4,850,743	)		(697,758	)

Net debts		6,544,439			5,925,054			852,293
Equity attributable to equity holders of the Company		8,859,152			9,008,946			1,295,896

Total capital and net debts		15,403,591			14,934,000			2,148,189

Fair value measurement (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Measurement Hierarchy for Assets and Liabilities

Quantitative disclosures fair value measurement hierarchy for assets and liabilities as of December 31, 2021:

Fair value measurement using

Date of

valuation

Quoted

prices

active

markets

Significant

observable

inputs

Total

(Level 1)

(Level 2)

RMB’000

Assets measured at fair value

Quoted equity securities:

Quoted equity shares – TCL (Note 14)

December 31, 2021

606

—

Debt instruments

(i)

Bills receivable

December 31, 2021

3,338,816

—

3,338,816

Quantitative disclosures fair value measurement hierarchy for assets and liabilities as of December 31, 2022:

Fair value measurement using

Date of

valuation

Quoted

prices

active

markets

Significant

observable

inputs

Total

(Level 1)

(Level 2)

US$’000

RMB’000

Assets measured at fair value

Debt financial assets

(i)

Bills receivable

December 31, 2022

464,232

3,227,295

—

3,227,295

Note:

(i)

Financial assets and financial liabilities (Tables)

12 Months Ended

Dec. 31, 2022

Summary of Financial Assets and Financial Liabilities


	Note		Financial assets at fair value through profit or loss		Financial assets at amortized costs		Fair Value through OCI		Other financial liabilities at amortized cost		Total
			RMB’000		RMB’000		RMB’000		RMB’000		RMB’000
As of December 31, 2021

Financial assets
Quoted equity securities		14		606		—		—		—		606
Trade and bills receivable		15		—		3,429,519		3,338,816		—		6,768,335
Other receivables		15		—		138,780		—		—		138,780
Cash and bank balances		16		—		5,331,555		—		—		5,331,555

				606		8,899,854		3,338,816		—		12,239,276


Financial liabilities
Trade and other payables		22		—		—		—		9,580,249		9,580,249
Lease liabilities		25		—		—		—		40,531		40,531
Loans and borrowings		26		—		—		—		2,203,000		2,203,000

				—		—		—		11,823,780		11,823,780


	Note		Financial assets at amortized costs		Fair Value through OCI		Other financial liabilities at amortized cost		Total		Total
			RMB’000		RMB’000		RMB’000		RMB’000		US$’000
As of December 31, 2022

Financial assets
Trade and bills receivable		15		3,259,800		3,227,295		—		6,487,095		933,140
Other receivables		15		434,750		—		—		434,750		62,537
Cash and bank balances		16		4,850,743		—		—		4,850,743		697,758

				8,545,293		3,227,295		—		11,772,588		1,693,435


Financial liabilities
Trade and other payables		22		—		—		8,270,148		8,270,148		1,189,624
Lease liabilities		25		—		—		59,641		59,641		8,579
Loans and borrowings		26		—		—		2,341,432		2,341,432		336,805
Other financial liability		28		—		—		45,950		45,950		6,610

				—		—		10,717,171		10,717,171		1,541,618

Schedule of Changes in Liabilities Arising From Financing Activities

Changes in liabilities arising from financing activities


	January 1, 2021		Cash flows			Addition		Accretion of interest		Translation reserve			Others			December 31, 2021
	RMB’000		RMB’000			RMB’000		RMB’000		RMB’000			RMB’000			RMB’000
As of December 31, 2021

Loans and borrowings
- current		1,730,000		(127,000	)		—		—		—			500,000			2,103,000
- non-current		500,000		100,000			—		—		—			(500,000	)		100,000
Lease liabilities
- current		22,755		(24,940	)		1,270		1,819		(54	)		26,275			27,125
- non-current		17,023		—			22,701		—		(43	)		(26,275	)		13,406

Total liabilities from financing activities		2,269,778		(51,940	)		23,971		1,819		(97	)		—			2,243,531


	January 1, 2022		Cash flows			Addition		Accretion of interest		Termination			Translation reserve			Others			December 31, 2022		December 31, 2022
	RMB’000		RMB’000			RMB’000		RMB’000		RMB’000			RMB’000			RMB’000			RMB’000		US$’000
As of December 31, 2022

Loans and borrowings
- current		2,103,000		(61,568	)		—		—		—			—			100,000			2,141,432		308,036
- non-current		100,000		200,000			—		—		—			—			(100,000	)		200,000		28,769
Lease liabilities
- current		27,125		(26,144	)		—		1,547		(6,187	)		239			34,853			31,433		4,521
- non-current		13,406		—			49,735		—		—			(80	)		(34,853	)		28,208		4,058
Other financial liability		—		—			45,675		275		—			—			—			45,950		6,610

Total liabilities from financing activities		2,243,531		112,288			95,410		1,822		(6,187	)		159			—			2,447,023		351,994

Corporate Information - Additional Information (Detail)					1 Months Ended		12 Months Ended
Corporate Information - Additional Information (Detail)	Dec. 31, 2014 shares	Apr. 04, 2012	Jan. 16, 2012 shares	Jan. 13, 2012 shares	Dec. 31, 2013	Dec. 31, 2011	Dec. 31, 2022 Subsidiaries JointVenture shares	Dec. 31, 2021 Subsidiaries Associate JointVenture	Dec. 31, 2015 shares
Disclosure of Corporate Information [Line Items]
Number of indirectly owned subsidiaries \| Subsidiaries							32	33
Number of directly owned subsidiaries \| Subsidiaries							10	11
Number of joint ventures \| JointVenture							5	4
Number of associate \| Associate								1
HL Global Enterprises Limited [member]
Disclosure of Corporate Information [Line Items]
Ownership interest in subsidiary	50.20%	48.90%	48.10%		50.10%	49.40%	50.20%	50.20%	50.20%
Number of preference shares converted into ordinary shares				24,189,170
Percentage of unconverted preference shares transfer to trustee				100.00%
Conversion of convertible preference shares into ordinary shares			24,189,170
Number of shares purchased in open market	465,000
Number of ordinary shares exercise to consolidation									10
Number of ordinary shares exercised into consolidation									1
Number of ordinary shares held upon completion of consolidation exercise									47,107,707
Foreign Shares Of Yuchai [member]
Disclosure of Corporate Information [Line Items]
Number of wholly owned subsidiaries \| Subsidiaries							6
Percentage of issued share capital held by group							76.41%
Number of shares owned by entity							361,420,150
Guangxi Yuchai Machinery Group Company Limited [member]
Disclosure of Corporate Information [Line Items]
Proportion of ownership interests held in parent							22.09%
Guangxi Yuchai Machinery Monopoly Development Company Limited [member]
Disclosure of Corporate Information [Line Items]
Number of wholly owned subsidiaries \| Subsidiaries							27	29
Ownership interest in subsidiary							54.90%	54.90%

Basis of Preparation and Accounting Policies - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2022 km Hours	Feb. 28, 2023
Disclosure of Summary of Significant Accounting Policies [Line items]
Convenience translation exchange rate per US$1.00		6.9519
Estimated useful lives of the investment properties	30 years
Bottom of range [member] \| On-Road Applications Engines [member]
Disclosure of Summary of Significant Accounting Policies [Line items]
Warranty claim period	3 months
Warranty mileage \| km	5,000
Bottom of range [member] \| Other Applications Engines [member]
Disclosure of Summary of Significant Accounting Policies [Line items]
Warranty claim period	2 months
Product warranty running hours \| Hours	300
Top of range [member] \| On-Road Applications Engines [member]
Disclosure of Summary of Significant Accounting Policies [Line items]
Warranty claim period	36 months
Warranty mileage \| km	300,000
Top of range [member] \| Other Applications Engines [member]
Disclosure of Summary of Significant Accounting Policies [Line items]
Warranty claim period	36 months
Product warranty running hours \| Hours	7,000

Basis of Preparation and Accounting Policies - Estimated Useful Life of Assets (Detail)	12 Months Ended
	Dec. 31, 2022
Freehold buildings [member]
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life of Property, plant and equipment	50 years
Leasehold buildings and improvements [member]
Disclosure of detailed information about property, plant and equipment [line items]
Description of estimated useful life of Property, plant and equipment	50 years or period of lease, whichever is shorter
Bottom of range [member] \| Plant, machinery and equipment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life of Property, plant and equipment	2 years
Bottom of range [member] \| Office furniture, fittings and equipment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life of Property, plant and equipment	2 years
Bottom of range [member] \| Motor and transport vehicles [member]
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life of Property, plant and equipment	4 years
Top of range [member] \| Plant, machinery and equipment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life of Property, plant and equipment	20 years
Top of range [member] \| Office furniture, fittings and equipment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life of Property, plant and equipment	20 years
Top of range [member] \| Motor and transport vehicles [member]
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life of Property, plant and equipment	11 years

Basis Of Preparation And Accounting Policies - Summary Of Policies Applied To The Group's Intangible Assets - (Detail)	12 Months Ended
	Dec. 31, 2022
Trademarks [member]
Disclosure of detailed information about intangible assets [line items]
Description of useful life, intangible assets other than goodwill	Indefinite
Amortisation method, intangible assets other than goodwill	No amortization
Description Of Intangible Asset Recognition	Acquired
Technology know how [member]
Disclosure of detailed information about intangible assets [line items]
Useful life measured as period of time, intangible assets other than goodwill	8 years
Amortisation method, intangible assets other than goodwill	Amortized on a straight-line basis over the period of the technology know-how
Description Of Intangible Asset Recognition	Internally generated
Development costs
Disclosure of detailed information about intangible assets [line items]
Description Of Intangible Asset Recognition	Internally generated

Basis of preparation and accounting policies - Disclosure of detailed information about right-of-use assets useful life (Detail)	12 Months Ended
	Dec. 31, 2022
Leasehold land [member] \| Bottom of range [member]
Disclosure of right of use assets [line items]
Useful life right of use assets	3 years
Leasehold land [member] \| Top of range [member]
Disclosure of right of use assets [line items]
Useful life right of use assets	50 years
Building and office space [member] \| Bottom of range [member]
Disclosure of right of use assets [line items]
Useful life right of use assets	1 year
Building and office space [member] \| Top of range [member]
Disclosure of right of use assets [line items]
Useful life right of use assets	6 years
Office Furniture, Fittings and Equipment [member]
Disclosure of right of use assets [line items]
Useful life right of use assets	5 years
Motor vehicles [member]
Disclosure of right of use assets [line items]
Useful life right of use assets	12 years

Significant Accounting Judgments, Estimates and Assumptions - Additional Information (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2022 USD ($)
Disclosure of changes in accounting estimates [line items]
Carrying amounts of deferred tax assets	¥ 450,882		¥ 398,174	$ 64,857
Increase in profit if all unrecognized deferred tax asset were recognized	¥ 157,300	$ 22,600	¥ 159,200
Bottom of range [member]
Disclosure of changes in accounting estimates [line items]
Cash flows derived from forecasts period	seven years	seven years
Top of range [member]
Disclosure of changes in accounting estimates [line items]
Cash flows derived from forecasts period	ten years	ten years

Investments in Subsidiaries - Details of Significant Subsidiaries of the Group (Detail)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Guangxi Yuchai Machinery Company Limited [member]
Disclosure of subsidiaries [line items]
Place of incorporation	People’s Republic of China
Place of business	People’s Republic of China
Group's effective equity interest	76.40%	76.40%
Guangxi Yuchai Marine and Genset Power Co., Ltd [Member]
Disclosure of subsidiaries [line items]
Place of incorporation	People’s Republic of China
Place of business	People’s Republic of China
Group's effective equity interest	76.40%	76.40%
Yuchai Xin-Lan New Energy Power Technology Co., Ltd [Member]
Disclosure of subsidiaries [line items]
Place of incorporation	People’s Republic of China
Place of business	People’s Republic of China
Group's effective equity interest	69.50%	76.40%
Guangxi Yuchai Machinery Monopoly Development Company Limited [member]
Disclosure of subsidiaries [line items]
Place of incorporation	People’s Republic of China
Place of business	People’s Republic of China
Group's effective equity interest	54.90%	54.90%
Guangxi Yuchai Foundry Co., Ltd (formerly known as Guangxi Yuchai Accessories Manufacturing Company Limited)
Disclosure of subsidiaries [line items]
Place of incorporation	People’s Republic of China
Place of business	People’s Republic of China
Group's effective equity interest	76.40%	76.40%
HL Global Enterprises Limited [member]
Disclosure of subsidiaries [line items]
Place of incorporation	Singapore
Place of business	Singapore
Group's effective equity interest	50.20%	50.20%

Investments in Subsidiaries - Subsidiary having Non-controlling Interests that are Material to the Group (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2022 USD ($)
Disclosure of subsidiaries [line items]
Accumulated balances of material NCI	¥ 2,826,118		¥ 2,756,192		$ 406,525
Profit allocated to material NCI	¥ 117,080	$ 16,841	¥ 135,221	¥ 230,423
Guangxi Yuchai Machinery Company Limited [member]
Disclosure of subsidiaries [line items]
Proportion of equity interest held by NCI	23.60%	23.60%	23.60%	23.60%
Accumulated balances of material NCI	¥ 2,627,354		¥ 2,574,669	¥ 2,624,933	$ 377,933
Profit allocated to material NCI	114,700	$ 16,499	153,500	229,231
Dividends paid to material NCI	¥ 103,199	$ 14,845	¥ 203,753	¥ 207,514

Investments in Subsidiaries - Summarized Financial Information Including Goodwill On Acquisition And Consolidation Adjustment But Before Intercompany Eliminations Of Subsidiaries With Material Non Controlling Interests (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2019 CNY (¥)
Summarized statement of financial position
Current assets	¥ 17,096,555		¥ 17,789,683		$ 2,459,264
Current liabilities	(11,223,420)		(12,441,459)		(1,614,439)
Non-current liabilities	(1,079,072)		(848,506)		(155,220)
Total equity	11,835,064		11,615,344	¥ 11,832,710	1,702,421	¥ 11,573,385
Attributable to NCI	2,826,118		2,756,192		406,525
Summarized statement of comprehensive income
Revenue	16,030,636	$ 2,305,936	21,265,930	20,581,170
Profit after tax	335,661	48,283	407,894	779,326
Total comprehensive income for the year	424,778	61,102	435,099	712,710
Attributable to NCI	132,409	19,046	141,859	219,744
Summarized statement of cash flows
Operating	(119,419)	(17,179)	504,556	1,415,368
Investing	(133,048)	(19,138)	(738,848)	(785,753)
Financing	(140,365)	(20,190)	(838,563)	(461,832)
Guangxi Yuchai Machinery Company Limited [member]
Summarized statement of financial position
Current assets	16,070,488		16,872,371		2,311,668
Non-current assets, excluding goodwill	6,737,117		6,812,500		969,104
Goodwill	212,636		212,636		30,587
Current liabilities	(11,204,417)		(12,424,968)		(1,611,706)
Non-current liabilities	(1,016,521)		(781,986)		(146,222)
Net assets	10,799,303		10,690,553		1,553,431
Total equity	10,799,303		10,690,553		1,553,431
Attributable to NCI	2,627,354		2,574,669	2,624,933	$ 377,933
Summarized statement of comprehensive income
Revenue	15,998,041	2,301,247	21,254,134	20,557,660
Profit after tax	355,140	51,085	443,499	829,042
Total comprehensive income for the year	355,936	51,200	506,769	826,214
Attributable to NCI	114,700	16,499	153,500	229,231
Summarized statement of cash flows
Operating	(82,444)	(11,859)	588,727	1,476,034
Investing	(221,126)	(31,808)	(674,686)	(794,291)
Financing	(181,072)	(26,046)	(1,002,764)	(505,997)
Net increase in cash and cash equivalents	¥ (484,642)	$ (69,713)	¥ (1,088,723)	¥ 175,746

Investments in Subsidiaries - Additional Information (Detail) ¥ in Millions, $ in Millions	Nov. 30, 2022 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Nov. 30, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Disclosure of subsidiaries [line items]
Cash and cash equivalents subject to local exchange control regulations		¥ 3,717.3	$ 534.7		¥ 4,200.5
Yuchai Xin-Lan [member]
Disclosure of subsidiaries [line items]
Cash consideration	¥ 50.0			$ 7.2
Percent of shareholding in subsidiary	90.90%

Investment in Joint Ventures - Share of Results of Joint Ventures and Carrying Amount of Investment to Joint Ventures (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2022 USD ($)
Disclosure of joint ventures [line items]
Share of (loss)/profit of joint ventures, net of tax	¥ (27,546)	$ (3,962)	¥ (95,985)	¥ (59,422)
Carrying amount of investments	154,703		151,095	227,120	$ 22,253
Y & C Engine Co., Ltd. [member]
Disclosure of joint ventures [line items]
Share of (loss)/profit of joint ventures, net of tax	(54,116)	(7,784)	(125,853)	(44,016)
Carrying amount of investments	488		22,821		70
MTU Yuchai Power Co., Ltd [member]
Disclosure of joint ventures [line items]
Share of (loss)/profit of joint ventures, net of tax	40,279	5,794	28,037	3,238
Carrying amount of investments	128,140		89,481		18,432
Guangxi Purem Yuchai Automotive Technology Co., Ltd [member]
Disclosure of joint ventures [line items]
Share of (loss)/profit of joint ventures, net of tax	(11,278)	(1,622)	1,377	(19,157)
Carrying amount of investments	20,377		31,655		2,931
Other Joint Ventures [member]
Disclosure of joint ventures [line items]
Share of (loss)/profit of joint ventures, net of tax	(2,431)	$ (350)	454	¥ 513
Carrying amount of investments	¥ 5,698		¥ 7,138		$ 820

Investment in Joint Ventures - Additional Information (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2019 CNY (¥)
Disclosure of joint ventures [line items]
Share of capital commitment	¥ 3,500		¥ 7,000		$ 500
Cash and cash equivalents	4,451,489		4,788,219	¥ 5,877,647	640,327	$ 688,764	¥ 5,753,268
Impairment loss, investment in joint venture	990	$ 142	0	¥ 0
Other operating expenses [member]
Disclosure of joint ventures [line items]
Impairment loss, investment in joint venture	1,000	$ 100	0
People's Republic of China [member]
Disclosure of joint ventures [line items]
Cash and cash equivalents	163,000		39,600		23,400
Y & C Engine Co., Ltd. [member]
Disclosure of joint ventures [line items]
Cash and cash equivalents	97,741		179,779
Y & C Engine Co., Ltd. [member] \| Outstanding bills receivables discounted with banks [member]
Disclosure of joint ventures [line items]
Share of outstanding bills receivables	5,900		213,900		800
Y & C Engine Co., Ltd. [member] \| Outstanding bills receivables endorsed to suppliers [member]
Disclosure of joint ventures [line items]
Share of outstanding bills receivables	39,700		33,100		5,700
Joint ventures [member]
Disclosure of joint ventures [line items]
Cash and cash equivalents	416,292		245,493		59,882
Share of restricted cash	40,500		74,500		5,800
Bills receivables	¥ 2,300		¥ 22,000		$ 300

Investment in Joint Ventures - Summary of Significant Joint Ventures (Detail)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Y & C Engine Co., Ltd. [member]
Disclosure of joint ventures [line items]
Principal activities	Manufacture and sale of heavy duty diesel engines, spare parts and after-sales services
Place of incorporation	People’s Republic of China
Percentage of interest held	34.40%	34.40%
MTU Yuchai Power Co., Ltd [member]
Disclosure of joint ventures [line items]
Principal activities	Manufacture off-road diesel engines
Place of incorporation	People’s Republic of China
Percentage of interest held	38.20%	38.20%
Guangxi Purem Yuchai Automotive Technology Co., Ltd [Member]
Disclosure of joint ventures [line items]
Principal activities	Application development, production, sales and service on engine exhaust control systems
Place of incorporation	People’s Republic of China
Percentage of interest held	37.40%	37.40%

Investment in Joint Ventures - Summarized Financial Information of Joint Ventures and Reconciliation with Carrying Amount of Investment in Consolidated Financial Statements (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2019 CNY (¥)
Disclosure of joint ventures [line items]
Non-current assets	¥ 7,041,001		¥ 7,115,626		$ 1,012,816
Cash and bank balances	4,451,489		4,788,219	¥ 5,877,647	640,327	$ 688,764	¥ 5,753,268
Others	16,710		16,773		2,404
Total assets	24,137,556		24,905,309	26,290,958	3,472,080
Non-current liabilities	(1,079,072)		(848,506)		(155,220)
Total liabilities	(12,302,492)		(13,289,965)	(14,458,248)	(1,769,659)
Equity	11,835,064		11,615,344	11,832,710	1,702,421		¥ 11,573,385
Investment in joint ventures	154,703		151,095	227,120	22,253
Revenue	16,030,636	$ 2,305,936	21,265,930	20,581,170
Depreciation and amortization	(624,692)	(89,859)	(573,596)	(494,607)
Interest expense	(90,909)	(13,077)	(111,792)	(147,293)
Profit/(loss) for the year, representing total comprehensive income for the year	424,778	61,102	435,099	712,710
Group's share of profit of other joint ventures, representing the Group's share of total comprehensive income loss of other joint ventures	(27,546)	$ (3,962)	(95,985)	¥ (59,422)
Y & C Engine Co., Ltd. [member]
Disclosure of joint ventures [line items]
Non-current assets	616,161		660,856
Cash and bank balances	97,741		179,779
Others	502,174		817,972
Total assets	1,216,076		1,658,607
Non-current liabilities	(145,418)		(362,779)
Current liabilities	(987,638)		(1,147,416)
Total liabilities	(1,133,056)		(1,510,195)
Equity	¥ 83,020		¥ 148,412
Proportion of the Group's ownership	45.00%	45.00%	45.00%	45.00%
Group's share of net assets	¥ 37,359		¥ 66,785
Unrealized profit on transactions with joint venture	(36,871)		(43,964)
Investment in joint ventures	488		22,821		70
Revenue	1,255,967		2,072,721	¥ 3,021,877
Depreciation and amortization	(29,617)		(52,881)	(59,406)
Interest expense	(30,547)		(51,836)	(40,709)
Profit/(loss) for the year, representing total comprehensive income for the year	¥ (65,961)		¥ (282,205)	¥ (88,785)
Proportion of the Group's ownership	45.00%	45.00%	45.00%	45.00%
Group's share of profit/(loss)	¥ (29,682)		¥ (126,992)	¥ (39,953)
Unrealized profit on transactions with joint venture	(24,434)		1,139	(4,063)
Group's share of profit of other joint ventures, representing the Group's share of total comprehensive income loss of other joint ventures	(54,116)	$ (7,784)	(125,853)	(44,016)
Y & C Engine Co., Ltd. [member] \| Significant Joint Ventures [member]
Disclosure of joint ventures [line items]
Investment in joint ventures	488		22,821
Group's share of profit of other joint ventures, representing the Group's share of total comprehensive income loss of other joint ventures	(54,116)		(125,853)	(44,016)
Joint ventures [member]
Disclosure of joint ventures [line items]
Non-current assets	765,953		822,463		110,179
Cash and bank balances	416,292		245,493		59,882
Others	743,382		1,227,718		106,932
Total assets	1,925,627		2,295,674		276,993
Non-current liabilities	(145,418)		(376,888)		(20,918)
Current liabilities	(1,399,323)		(1,513,541)		(201,286)
Total liabilities	(1,544,741)		(1,890,429)		(222,204)
Equity	380,886		405,245		54,789
Investment in joint ventures	154,703		151,095		22,253
Revenue	1,919,544	276,118	2,697,837	3,375,542
Depreciation and amortization	(47,076)	(6,772)	(55,967)	(62,116)
Interest expense	(30,546)	(4,394)	(53,727)	(42,692)
Profit/(loss) for the year, representing total comprehensive income for the year	(22,901)	(3,294)	(224,868)	(121,459)
Group's share of profit of other joint ventures, representing the Group's share of total comprehensive income loss of other joint ventures	(27,546)	(3,962)	(95,985)	(59,422)
Joint ventures [member] \| Significant Joint Ventures [member]
Disclosure of joint ventures [line items]
Investment in joint ventures	149,005		143,957		21,433
Group's share of profit of other joint ventures, representing the Group's share of total comprehensive income loss of other joint ventures	(25,115)	(3,612)	(96,439)	(59,935)
Joint ventures [member] \| Other Joint Ventures [member]
Disclosure of joint ventures [line items]
Investment in joint ventures	5,698		7,138		820
Group's share of profit of other joint ventures, representing the Group's share of total comprehensive income loss of other joint ventures	(2,431)	$ (350)	454	¥ 513
MTU Yuchai Power Co., Ltd [member]
Disclosure of joint ventures [line items]
Non-current assets	89,353		89,749
Cash and bank balances	291,807		63,609
Others	209,696		310,394
Total assets	590,856		463,752
Non-current liabilities	0
Current liabilities	(334,576)		(271,521)
Total liabilities	(334,576)		(271,521)
Equity	¥ 256,280		¥ 192,231
Proportion of the Group's ownership	50.00%	50.00%	50.00%	50.00%
Group's share of net assets	¥ 128,140		¥ 96,116
Unrealized profit on transactions with joint venture	0		(6,635)
Investment in joint ventures	128,140		89,481		$ 18,432
Revenue	594,197		467,800	¥ 307,699
Depreciation and amortization	(9,733)		(2,377)	(2,350)
Interest expense	470		(1,850)	(1,983)
Profit/(loss) for the year, representing total comprehensive income for the year	¥ 66,076		¥ 54,526	¥ 6,421
Proportion of the Group's ownership	50.00%	50.00%	50.00%	50.00%
Group's share of profit/(loss)	¥ 33,038		¥ 27,263	¥ 3,211
Unrealized profit on transactions with joint venture	7,241		774	27
Group's share of profit of other joint ventures, representing the Group's share of total comprehensive income loss of other joint ventures	40,279	$ 5,794	28,037	3,238
MTU Yuchai Power Co., Ltd [member] \| Significant Joint Ventures [member]
Disclosure of joint ventures [line items]
Investment in joint ventures	128,140		89,481
Group's share of profit of other joint ventures, representing the Group's share of total comprehensive income loss of other joint ventures	40,279		28,037	¥ 3,238
Purem [member]
Disclosure of joint ventures [line items]
Non-current assets	60,439		71,858
Cash and bank balances	26,744		2,105
Others	31,512		99,352
Total assets	118,695		173,315
Non-current liabilities	0		(14,109)
Current liabilities	(77,109)		(94,604)
Total liabilities	(77,109)		(108,713)
Equity	¥ 41,586		¥ 64,602
Proportion of the Group's ownership	49.00%	49.00%	49.00%	49.00%
Group's share of net assets	¥ 20,377		¥ 31,655
Unrealized profit on transactions with joint venture	0
Revenue	69,380		157,316	¥ 45,966
Depreciation and amortization	(7,726)		(709)	(360)
Interest expense	(469)		(41)
Profit/(loss) for the year, representing total comprehensive income for the year	¥ (23,016)		¥ 2,811	¥ (39,095)
Proportion of the Group's ownership	49.00%	49.00%	49.00%	49.00%
Group's share of profit/(loss)	¥ (11,278)		¥ 1,377	¥ (19,157)
Unrealized profit on transactions with joint venture	0
Purem [member] \| Significant Joint Ventures [member]
Disclosure of joint ventures [line items]
Investment in joint ventures	20,377		31,655
Group's share of profit of other joint ventures, representing the Group's share of total comprehensive income loss of other joint ventures	¥ (11,278)		¥ 1,377	¥ (19,157)

Revenue from Contracts with Customers - Summary of Contract Balances (Detail) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)
Disclosure of contract assets liabilities [abstract]
Trade receivables (Note 15)	¥ 1,516,215	$ 218,101	¥ 331,235
Capitalized contract cost	197,692	28,437	147,499	$ 21,217	¥ 127,704
Contract liabilities (Note 24)	¥ 695,076	$ 99,984	¥ 642,432

Revenue from Contracts with Customers - Summary of Contract Balances (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2022
Statement [Line Items]
Contract performance obligations description	According to the business customary practice, the remaining performance obligations (unfulfilled service-type maintenance service) at the year-end is expected to be satisfied within 2 years.

Revenue from contracts with customers - Schedule Of Revenue Recognized (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Disclosure of performance obligations [abstract]
Amounts included in contract liabilities	¥ 544,495	$ 78,323	¥ 874,391

Revenue from contracts with customers - Schedule Of Contract Cost Capitalized (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Contract assets [abstract]
Contract assets	¥ 147,499	$ 21,217	¥ 127,704
Additions	50,193	7,220	19,795
Contract assets	¥ 197,692	$ 28,437	¥ 147,499

Revenue from contracts with customers - Performance Obligations (Detail) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Disclosure of transaction price allocated to remaining performance obligations [line items]
Total unfulfilled service-type maintenance service	¥ 195,245	$ 28,085	¥ 209,773
Within one year [member]
Disclosure of transaction price allocated to remaining performance obligations [line items]
Total unfulfilled service-type maintenance service	117,906	16,960	140,601
More than one year [member]
Disclosure of transaction price allocated to remaining performance obligations [line items]
Total unfulfilled service-type maintenance service	¥ 77,339	$ 11,125	¥ 69,172

Depreciation, amortization, shipping and handling expenses - Summary of Depreciation and Amortization (Detail)
¥ in Thousands, $ in Thousands

12 Months Ended

Dec. 31, 2022

CNY (¥)

Dec. 31, 2022

USD ($)

Dec. 31, 2021

CNY (¥)

Dec. 31, 2020

CNY (¥)

Disclosure of income statement [line items]

Amortization of intangible assets

^[1]

¥ 64,939

$ 9,341

¥ 38,957

¥ 1,012

Depreciation of investment property

348

355

376

Depreciation of property, plant and equipment

516,276

74,264

492,826

450,092

Depreciation of right-of-use assets

43,129

6,204

41,458

^[2]

43,127

^[2]

Depreciation and amortization expenses

¥ 624,692

$ 89,859

¥ 573,596

¥ 494,607

[1]	The higher amortization charges in 2021 and 2022 are mainly due to the amortization charged on additional Technology Know-how recognized during the year which are transferred from Group capitalized development cost upon completion and ready for use.
[2]	In 2020, COVID-19 related rent rebate received from lessors of RMB 0.2 million has been offset against the depreciation of right-of-use assets.

Depreciation, amortization, shipping and handling expenses - Summary of Depreciation and Amortization (Parenthetical) (Detail) ¥ in Millions	12 Months Ended
	Dec. 31, 2020 CNY (¥)
COVID - 19 [Member]
Disclosure of income statement [line items]
Rent Rebate Income	¥ 0.2

Depreciation, amortization, shipping and handling expenses - Summary of Sales Related Shipping and Handling Expenses Not Separately Billed to Customers (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Selling general and administrative expenses [member]
Disclosure of income statement [line items]
Selling, general and administrative expenses	¥ 150,661	$ 21,672	¥ 224,292	¥ 237,683

Depreciation, amortization, shipping and handling expenses - Summary of Other Operating Income (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Disclosure Of Information On Income Statement [line items]
Interest income	¥ 131,879	$ 18,970	¥ 132,083	¥ 166,970
Dividend income from quoted equity securities	13	2	168	166
Gain on disposal of associate	1,329	191	0
Gain on disposal of property, plant and equipment	6,535	940	1,224
Gain on disposal of quoted equity securities	2,291	330	5,416	874
Gain on disposal of right-of-use assets	3,929	565	14,714	2,574
Government grants	176,264	25,355	152,932	209,793
Fair value gain on quoted equity securities	0	0	138
Fair value gain on foreign exchange forward contract	0	0	0	999
Foreign exchange gain, net	0	0	0	3,217
Others	12,109	1,742	19,496	15,676
Other operating income	¥ 334,349	$ 48,095	¥ 326,171	¥ 400,269

Depreciation, amortization, shipping and handling expenses - Summary of Other Operating Expenses (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Profit or loss [abstract]
Fair value loss on quoted equity securities	¥ 0	$ 0	¥ 0	¥ 1,196
Impairment loss on investment in joint venture	990	142	0	0
Loss on disposal of property, plant and equipment	0	0	0	4,183
Provision/(reversal) for onerous contract, net	(4,829)	(695)	(8,810)	13,639
Foreign exchange loss, net	555	80	1,739
Unrecoverable value added tax	0	0	11,164
Others	877	127	5,889	2,304
Other operating expenses	¥ (2,407)	$ (346)	¥ 9,982	¥ 21,322

Depreciation, amortization, shipping and handling expenses - Summary of Finance Costs (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Profit or loss [abstract]
Bank term loans	¥ 65,440	$ 9,413	¥ 82,109	¥ 95,357
Bills and other discounting	23,922	3,441	27,864	49,738
Bank charges	4,563	656	4,136	3,877
Interest on lease liabilities (Note 17)	1,547	223	1,819	2,198
Finance costs	¥ 95,472	$ 13,733	¥ 115,928	¥ 151,170

Depreciation, amortization, shipping and handling expenses - Summary of Staff Costs (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Disclosure of income statement [line items]
Wages and salaries	¥ 928,350	$ 133,539	¥ 1,338,777	¥ 1,364,751
Contribution to defined contribution plans	371,458	53,433	386,551	287,830
Executive bonuses	16,500	2,373	19,355	59,908
Staff welfare	79,206	11,393	93,992	94,982
Staff severance cost	19,531	2,809	11,771	19,712
Others	3,875	557	4,887	3,439
Staff costs	¥ 1,418,920	$ 204,104	¥ 1,855,333	¥ 1,830,622

Income Tax Expense - Summary of Income Tax Expense (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Current income tax
Current year	¥ 72,909	$ 10,487	¥ 48,856	¥ 180,254
(Over)/under provision in respect of prior years	27,406	3,942	(21,523)	(124)
Deferred tax
Movement in temporary differences	(41,147)	(5,918)	16,483	12,543
Over provision in respect of prior years	(103)	(15)	0	(135)
Consolidated income tax expense reported in the statement of profit or loss	¥ 59,065	$ 8,496	¥ 43,816	¥ 192,538

- Definition

The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax. [Refer: Current tax expense (income); Deferred tax expense (income)]

+ References + Details

Income Tax Expense - Additional Information (Detail) ¥ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020	Dec. 31, 2022 USD ($)
Statement [Line Items]
Applicable income tax rate	15.00%	15.00%	15.00%
Percentage of withholding tax	10.00%
Deferred tax liability for withholding tax payable	¥ 61.8	¥ 65.5		$ 8.9
Unrecognized deferred tax liability relating to undistributed earnings	¥ 190.7	¥ 195.5		$ 27.4
PRC [member] \| Bottom of range [member]
Statement [Line Items]
Unrecognized tax losses expiration period for subsidiaries that have a history of losses	5 years
PRC [member] \| Top of range [member]
Statement [Line Items]
Unrecognized tax losses expiration period for subsidiaries that have a history of losses	10 years
Malaysia [member]
Statement [Line Items]
Unrecognized tax losses expiration period for subsidiaries that have a history of losses	10 years

Income Tax Expense - Reconciliation of Income Tax Expense (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Reconciliation of accounting profit multiplied by applicable tax rates [abstract]
Profit before tax	¥ 394,726	$ 56,779	¥ 451,710	¥ 971,864
Income tax expense at 15%	59,209	8,517	67,757	145,780
Adjustments:
Non-deductible expenses	7,924	1,140	17,795	9,188
Tax-exempt income	(500)	(72)	(2,181)	(601)
Utilization of deferred tax benefits previously not recognized	(3,093)	(445)	(29)	(1,996)
Deferred tax benefits not recognized	22,606	3,252	10,356	6,097
Tax credits for research and development expense	(76,835)	(11,052)	(59,633)	(26,329)
Tax rate differential	10,901	1,568	16,517	24,251
(Over)/under provision in respect of previous years	27,303	3,927	(21,523)	(259)
Withholding tax expense	11,535	1,659	14,639	36,332
Others	15	2	118	75
Consolidated income tax expense reported in the statement of profit or loss	¥ 59,065	$ 8,496	¥ 43,816	¥ 192,538

Income Tax Expense - Reconciliation of Income Tax Expense (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of accounting profit multiplied by applicable tax rates [abstract]
Applicable income tax rate	15.00%	15.00%	15.00%

Income Tax Expense - Summary of Deferred Tax (Detail)
¥ in Thousands, $ in Thousands

12 Months Ended

Dec. 31, 2022

CNY (¥)

Dec. 31, 2022

USD ($)

Dec. 31, 2021

CNY (¥)

Dec. 31, 2020

CNY (¥)

Dec. 31, 2022

USD ($)

Disclosure of deferred tax assets and liabilities [Line Items]

¥ (61,825)

¥ (65,544)

$ (8,893)

Reconciliation of deferred tax (expense) income [member]

450,882

398,174

64,857

41,250

$ 5,933

(16,483)

¥ (12,408)

Net deferred tax assets

389,057

332,630

55,964

Accelerated depreciation [Member]

Disclosure of deferred tax assets and liabilities [Line Items]

Reconciliation of deferred tax (expense) income [member]

(122,298)

(138,770)

(17,592)

16,472

2,369

(37,968)

(55,882)

Interest receivable [Member]

Disclosure of deferred tax assets and liabilities [Line Items]

Reconciliation of deferred tax (expense) income [member]

(3,033)

(3,396)

(436)

363

(1,459)

(293)

PRC withholding tax on dividend income [Member]

Disclosure of deferred tax assets and liabilities [Line Items]

Reconciliation of deferred tax (expense) income [member]

^[1]

(61,825)

(65,544)

(8,893)

^[1]

(11,458)

(1,648)

(14,529)

(36,255)

Write-down of inventories [member]

Disclosure of deferred tax assets and liabilities [Line Items]

Reconciliation of deferred tax (expense) income [member]

29,503

20,250

4,244

9,253

1,331

(2,378)

4,225

Impairment losses on trade receivables

Disclosure of deferred tax assets and liabilities [Line Items]

Reconciliation of deferred tax (expense) income [member]

7,071

6,789

1,017

282

(1,267)

(2,021)

Accruals [member]

Disclosure of deferred tax assets and liabilities [Line Items]

Reconciliation of deferred tax (expense) income [member]

234,586

283,427

33,744

(48,841)

(7,026)

(15,339)

48,149

Deferred income [Member]

Disclosure of deferred tax assets and liabilities [Line Items]

Reconciliation of deferred tax (expense) income [member]

56,480

97,828

8,124

(41,348)

(5,948)

(11,114)

1,211

Others [Member]

Disclosure of deferred tax assets and liabilities [Line Items]

Reconciliation of deferred tax (expense) income [member]

39,185

43,606

5,636

(4,421)

(636)

19,235

(4,998)

Losses available for offsetting against future taxable income

Disclosure of deferred tax assets and liabilities [Line Items]

Reconciliation of deferred tax (expense) income [member]

116,675

16,783

23,072

Net deferred tax assets

139,747

23,072

20,102

Effect of change in residual value an impairment of property, plant and equipment [Member]

Disclosure of deferred tax assets and liabilities [Line Items]

Reconciliation of deferred tax (expense) income [member]

69,641

65,368

$ 10,018

¥ 4,273

$ 615

¥ 25,264

¥ 33,456

[1]	The movement of PRC withholding tax on dividend income is as follows:

Income Tax Expense - Summary of Deferred Tax (Parenthetical) (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Disclosure of deferred tax assets and liabilities [Line Items]
Beginning balance	¥ (65,544)
Ending balance	(61,825)	$ (8,893)	¥ (65,544)
PRC withholding tax on dividend income [Member]
Disclosure of deferred tax assets and liabilities [Line Items]
Beginning balance	(65,544)	(9,428)	(112,456)
Provision made to consolidated statement of profit or loss	(11,458)	(1,648)	(14,529)
Utilization	15,177	2,183	61,441
Ending balance	¥ (61,825)	$ (8,893)	¥ (65,544)

Income Tax Expense - Classification of the Group's Net Deferred Tax Assets (Detail) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Deferred tax assets and liabilities [abstract]
Deferred tax assets	¥ 450,882	$ 64,857	¥ 398,174
Deferred tax liabilities	(61,825)	(8,893)	(65,544)
Net deferred tax assets	¥ 389,057	$ 55,964	¥ 332,630

Income Tax Expense - Deferred Tax Assets That Have Not Been Recognized (Detail) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Disclosure of temporary difference, unused tax losses and unused tax credits [abstract]
Unutilized tax losses	¥ 473,456	$ 68,105	¥ 414,212
Unutilized capital allowances and investment allowances	100,643	14,477	103,810
Other unrecognized temporary differences relating to asset impairment and deferred grants	142,851	20,548	199,203
Deferred tax assets have not been recognised	¥ 716,950	$ 103,130	¥ 717,225

Earnings Per Share - Summary of Earnings Per Share (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥) shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 CNY (¥) shares	Dec. 31, 2020 CNY (¥) shares
Earnings per share [abstract]
Profit attributable to equity holders of the Company	¥ 218,581	$ 31,442	¥ 272,673	¥ 548,903
Weighted average number of ordinary shares	40,858,290	40,858,290	40,858,290	40,858,290
Diluted effect of share options	0	0
Weighted average number of ordinary shares adjusted for effect of dilution	40,858,290	40,858,290	40,858,290	40,858,290

Earnings Per Share - Additional Information (Detail) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings per share [abstract]
Number of employee share option, anti-dilutive	270,000	270,000	470,000

Property, Plant and Equipment - Summary of Property, Plant and Equipment (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	¥ 4,197,909
Charge for the year	516,276	$ 74,264	¥ 492,826	¥ 450,092
Impairment loss	17,278	2,485	7,227	3,920
Ending balance	3,995,744	574,770	4,197,909
Cost [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	9,531,630		9,221,820
Additions	353,348		478,891
Disposals	(67,385)		(102,512)
Transfers	98
Write-off	(29,127)		(60,548)
Translation difference	6,355		(6,021)
Ending balance	(9,794,919)		9,531,630	9,221,820
Accumulated depreciation, amortization and impairment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	(5,333,721)		(4,963,060)
Charge for the year	533,777		519,518
Disposals	61,671		94,833
Write-off	25,832		59,414
Impairment loss	17,278		7,227
Translation difference	1,902		(1,837)
Ending balance	5,799,175		(5,333,721)	(4,963,060)
Freehold land [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	13,007
Ending balance	14,177	2,039	13,007
Freehold land [member] \| Cost [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	13,464		14,092
Translation difference	1,190		(628)
Ending balance	(14,654)		13,464	14,092
Freehold land [member] \| Accumulated depreciation, amortization and impairment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	(457)		(487)
Translation difference	20		(30)
Ending balance	477		(457)	(487)
Leasehold buildings and improvements [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	1,522,829
Ending balance	1,499,656	215,719	1,522,829
Leasehold buildings and improvements [member] \| Cost [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	2,546,285		2,449,379
Additions	8,768		2,214
Disposals	(5,530)		(5,435)
Transfers	72,252		105,117
Write-off	(14,827)		(1,551)
Translation difference	3,836		(3,439)
Ending balance	(2,610,784)		2,546,285	2,449,379
Leasehold buildings and improvements [member] \| Accumulated depreciation, amortization and impairment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	(1,023,456)		(934,390)
Charge for the year	101,709		93,397
Disposals	3,166		2,119
Write-off	11,855		1,432
Translation difference	984		(780)
Ending balance	1,111,128		(1,023,456)	(934,390)
Construction in progress [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	405,430
Ending balance	334,709	48,147	405,430
Construction in progress [member] \| Cost [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	405,430		700,716
Additions	312,442		426,621
Transfers	(369,120)		(721,753)
Translation difference	17		(154)
Ending balance	348,769		405,430	700,716
Construction in progress [member] \| Accumulated depreciation, amortization and impairment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Impairment loss	14,060
Ending balance	14,060
Plant and machinery [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	2,155,260
Ending balance	2,052,585	295,255	2,155,260
Plant and machinery [member] \| Cost [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	6,224,902		5,731,485
Additions	13,469		20,655
Disposals	(54,323)		(81,321)
Transfers	288,475		603,595
Write-off	(1,081)		(48,990)
Translation difference	404		(522)
Ending balance	(6,471,846)		6,224,902	5,731,485
Plant and machinery [member] \| Accumulated depreciation, amortization and impairment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	(4,069,642)		(3,795,804)
Charge for the year	398,465		394,171
Disposals	51,290		78,917
Write-off	978		48,366
Impairment loss	3,218		7,227
Translation difference	204		(277)
Ending balance	4,419,261		(4,069,642)	(3,795,804)
Office furniture, fittings and equipment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	53,450
Ending balance	52,342	7,529	53,450
Office furniture, fittings and equipment [member] \| Cost [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	222,380		203,090
Additions	12,413		16,803
Disposals	(964)		(1,896)
Transfers	8,491		13,041
Write-off	(10,754)		(7,416)
Translation difference	763		(1,242)
Ending balance	(232,329)		222,380	203,090
Office furniture, fittings and equipment [member] \| Accumulated depreciation, amortization and impairment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	(168,930)		(159,035)
Charge for the year	22,005		19,579
Disposals	960		1,688
Write-off	10,559		7,280
Translation difference	571		(716)
Ending balance	179,987		(168,930)	(159,035)
Motor and transport vehicles [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	47,933
Ending balance	42,275	$ 6,081	47,933
Motor and transport vehicles [member] \| Cost [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	119,169		123,058
Additions	6,256		12,598
Disposals	(6,568)		(13,860)
Write-off	(2,465)		(2,591)
Translation difference	145		(36)
Ending balance	(116,537)		119,169	123,058
Motor and transport vehicles [member] \| Accumulated depreciation, amortization and impairment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	(71,236)		(73,344)
Charge for the year	11,598		12,371
Disposals	6,255		12,109
Write-off	2,440		2,336
Translation difference	123		(34)
Ending balance	¥ 74,262		¥ (71,236)	¥ (73,344)

Property, Plant and Equipment - Summary of Property, Plant and Equipment (Parenthetical) (Detail) ¥ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Disclosure of detailed information about property, plant and equipment [abstract]
Depreciation capitalized as contract assets	¥ 2.6	$ 0.4	¥ 0.6
Depreciation capitalized as development costs	¥ 14.9	$ 2.1	¥ 26.1

Property, Plant and Equipment - Additional Information (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Disclosure of detailed information about property, plant and equipment [abstract]
Impairment loss	¥ 17,278	$ 2,485	¥ 7,227	¥ 3,920

Investment Property - Summary of Investment Property (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Disclosure of detailed information about investment property [line items]
Beginning balance	¥ 5,086
Charge for the year	348	$ 50	¥ 355	¥ 376
Ending balance	4,756	684	5,086
Consolidated statements of profit or loss:
Rental income from an investment property	176	25	77
Direct operating expenses (including repairs, maintenance and depreciation expense) arising from the rental generating property	(118)	(17)	(82)
Fair value [member]
Disclosure of detailed information about investment property [line items]
Beginning balance	11,308
Ending balance	11,686	1,681	11,308
Cost [member]
Disclosure of detailed information about investment property [line items]
Beginning balance	31,810	4,575	33,187
Translation difference	579	84	(1,377)
Ending balance	32,389	4,659	31,810	33,187
Accumulated depreciation, amortization and impairment [member]
Disclosure of detailed information about investment property [line items]
Beginning balance	(26,724)	(3,844)	(27,358)
Charge for the year	348	50	355
Translation difference	561	81	(989)
Ending balance	¥ (27,633)	$ (3,975)	¥ (26,724)	¥ (27,358)

Investment Property - Summary of Fair Value Measurement of Investment Property (Detail) - Market comparison and cost method [member]	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Valuation techniques	Market comparison and cost method	Market comparison and cost method
Unobservable input	Comparable price: - RMB 182 to RMB 441 (US$ 26 to US$ 63) per square foot	Comparable price: - RMB 165 to RMB 401 per square foot
Inter-relationship between key unobservable inputs and fair value measurement	The estimated fair value increases with higher comparable price	The estimated fair value increases with higher comparable price

Intangible Assets - Summary of Intangible Assets (Detail)
¥ in Thousands, $ in Thousands

12 Months Ended

Dec. 31, 2022

CNY (¥)

Dec. 31, 2022

USD ($)

Dec. 31, 2021

CNY (¥)

Dec. 31, 2020

CNY (¥)

Disclosure of detailed information about intangible assets [line items]

¥ 1,758,582

^[1]

64,939

$ 9,341

¥ 38,957

¥ 1,012

Technology Know-how [member]

1,874,824

269,685

1,758,582

Disclosure of detailed information about intangible assets [line items]

383,845

Development costs [member]

440,133

63,311

383,845

Disclosure of detailed information about intangible assets [line items]

992,290

Disclosure of detailed information about intangible assets [line items]

1,052,244

151,361

992,290

Goodwill [member]

212,636

Disclosure of detailed information about intangible assets [line items]

212,636

30,587

212,636

Trademarks [member]

169,811

Disclosure of detailed information about intangible assets [line items]

169,811

$ 24,426

169,811

Cost [member]

1,931,938

1,618,367

181,181

313,571

Cost [member] | Technology Know-how [member]

2,113,119

1,931,938

1,618,367

Disclosure of detailed information about intangible assets [line items]

551,526

136,822

121,227

414,704

Cost [member] | Development costs [member]

672,753

551,526

136,822

Disclosure of detailed information about intangible assets [line items]

992,290

1,093,423

181,181

313,571

(121,227)

(414,704)

Cost [member] | Goodwill [member]

1,052,244

992,290

1,093,423

Disclosure of detailed information about intangible assets [line items]

218,311

Cost [member] | Trademarks [member]

218,311

Disclosure of detailed information about intangible assets [line items]

169,811

Accumulated depreciation, amortisation and impairment [member]

169,811

Disclosure of detailed information about intangible assets [line items]

173,356

134,399

64,939

38,957

Accumulated depreciation, amortisation and impairment [member] | Technology Know-how [member]

238,295

173,356

134,399

Disclosure of detailed information about intangible assets [line items]

167,681

128,724

64,939

38,957

Accumulated depreciation, amortisation and impairment [member] | Development costs [member]

232,620

167,681

128,724

Disclosure of detailed information about intangible assets [line items]

Accumulated depreciation, amortisation and impairment [member] | Goodwill [member]

Disclosure of detailed information about intangible assets [line items]

5,675

Accumulated depreciation, amortisation and impairment [member] | Trademarks [member]

5,675

¥ 5,675

Disclosure of detailed information about intangible assets [line items]

Disclosure Of Detailed Information About Lease Cost [Line Items]

¥ 0

[1]	The higher amortization charges in 2021 and 2022 are mainly due to the amortization charged on additional Technology Know-how recognized during the year which are transferred from Group capitalized development cost upon completion and ready for use.

Intangible Assets - Goodwill - Carrying Amount of Goodwill Allocated (Detail) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Yuchai
Disclosure of reconciliation of changes in goodwill [line items]
Goodwill	¥ 212,636	$ 30,587	¥ 212,636

Intangible Assets - Additional Information (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2022 USD ($)
Disclosure of detailed information about intangible assets [line items]
Intangible asset, carrying amount	¥ 1,874,824		¥ 1,758,582			$ 269,685
Pre-tax discount rate	14.34%	14.34%	12.54%
Estimated revenue growth rate	0.00%	0.00%
Pre-tax discount rate that would result in an impairment	17.92%		14.03%			17.92%
Estimation of future business projection	In 2021 and 2022, the Group performs an impairment test on the development costs that are not available for use. No impairment has been identified. The recoverable amount was determined based on its value in use using the discounted cash flow approach. Cash flows were projected based on historical growth, past experience and management best estimation of future business outlook. In 2022, the Group used 7 years (2021: 8 years) forecast and were based on the updated financial budgets approved by the senior management with no terminal value.	In 2021 and 2022, the Group performs an impairment test on the development costs that are not available for use. No impairment has been identified. The recoverable amount was determined based on its value in use using the discounted cash flow approach. Cash flows were projected based on historical growth, past experience and management best estimation of future business outlook. In 2022, the Group used 7 years (2021: 8 years) forecast and were based on the updated financial budgets approved by the senior management with no terminal value.
Pre-tax discount rate that would results in an impairment	19.17%		15.69%			19.17%
Long term rates used to extrapolate the budget	5.00%		5.00%			5.00%
Payment for trademark license fee				¥ 169,800	$ 24,400
Capitalized developemnt costs gross	¥ 1,874,824		¥ 1,758,582			$ 269,685
Bottom of range [member]
Disclosure of detailed information about intangible assets [line items]
Estimated revenue growth rate	15.00%	15.00%	5.00%
Percentage decrease in demand that would result in an impairment	4.88%		13.86%			4.88%
Top of range [member]
Disclosure of detailed information about intangible assets [line items]
Estimated revenue growth rate	20.00%	20.00%	12.00%
Percentage decrease in demand that would result in an impairment	26.64%		15.21%			26.64%
Guangxi Yuchai Machinery Company Limited [member]
Disclosure of detailed information about intangible assets [line items]
Pre-tax discount rate applied to cash flow projection	14.34%		12.54%			14.34%
Impairment on goodwill	¥ 0
Technology development cost [member]
Disclosure of detailed information about intangible assets [line items]
Intangible asset, carrying amount	181,200		¥ 313,600			$ 26,100
Capitalized developemnt costs gross	1,052,200		992,300			$ 151,400
Technology Know How [Member]
Disclosure of detailed information about intangible assets [line items]
Intangible asset, carrying amount	5,900
Transfers from development costs to Technology Know-how	121,200	$ 17,400	¥ 414,700
Technology Know How [Member] \| Accumulated impairment [member]
Disclosure of detailed information about intangible assets [line items]
Intangible asset, carrying amount	¥ (126,700)

Inventories - Summary of Inventories (Detail) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Classes of current inventories [abstract]
Raw materials	¥ 2,339,933	$ 336,589	¥ 2,111,881
Work in progress	24,312	3,497	25,169
Finished goods	2,573,510	370,188	3,071,586
Total inventories at the lower of cost and net realizable value	¥ 4,937,755	$ 710,274	¥ 5,208,636

Inventories - Summary of Analysis of Inventory Reserve Accounts (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Write-downs (reversals of write-downs) of inventories [abstract]
Inventories recognized as an expense in cost of sales	¥ 11,991,899	$ 1,724,982	¥ 16,457,476	¥ 15,501,807
Inventories written down	86,650	12,464	32,813	82,386
Reversal of write-down of inventories	(31,765)	(4,569)	(41,823)	(54,408)
Inventories written off	¥ 0	$ 0	¥ 10,085	¥ 0

Other Current Assets - Summary of Other Current Assets (Detail) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Miscellaneous current assets [abstract]
Development properties	¥ 16,710	$ 2,404	¥ 16,167
Quoted equity securities	0	0	606
Total	¥ 16,710	$ 2,404	¥ 16,773

Other Current Assets - Summary of Other Current Assets (Parenthetical) (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Other Current Assets [line items]
Proceeds from disposal of equity securities	¥ 600	$ 100	¥ 6,485	¥ 1,354
Gain on disposal on equity investments	¥ 2,300	$ 300	¥ 5,400

Trade and Other Receivables - Summary of Trade and Other Receivables (Detail) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Current
Trade receivables, gross	¥ 1,549,462	$ 222,883	¥ 364,445
Less: Allowance for expected credit losses	(33,247)	(4,782)	(33,210)
Net trade receivables (Note 6.2)	1,516,215	218,101	331,235
Bill receivables	4,970,880	715,039	6,437,100
Total (Note 35, Note 36)	6,487,095	933,140	6,768,335
Current receivables from associates and joint ventures (trade)	125,489	18,051	243
Current receivables from associates and joint ventures (non-trade)	11,230	1,615	11,959
Current receivables from related parties (trade)	180,374	25,946	68,539
Current receivables from related parties (non-trade)	3,476	500	459
Bills receivable in transit	8,172	1,176	22,360
Grant receivables	62,000	8,919	0
Interest receivables	15,437	2,221	11,788
Others	34,326	4,937	29,663
Less: Impairment losses – other receivables	(5,754)	(828)	(6,231)
Other receivables carried at amortized cost (Note 34)	434,750	62,537	138,780
Tax recoverable	290,596	41,801	328,369
Advances paid to suppliers	81,861	11,775	66,474
Right of return assets	17,045	2,452	40,761
Net other receivables	824,252	118,565	574,384
Total trade and other receivables	¥ 7,311,347	$ 1,051,705	¥ 7,342,719

Trade and Other Receivables - Summary of Trade and Other Receivables (Parenthetical) (Detail) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Disclosure of trade and other receivables [line items]
Bills receivable	¥ 4,970,880	$ 715,039	¥ 6,437,100
Secured bank facilities [member]
Disclosure of trade and other receivables [line items]
Bills receivable	12,600	1,800	13,400
Joint ventures [member]
Disclosure of trade and other receivables [line items]
Bills receivable	100	100	700
Other related parties [member]
Disclosure of trade and other receivables [line items]
Bills receivable	¥ 763,400	$ 109,800	¥ 523,500

Trade and Other Receivables - Additional Information (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Disclosure of trade and other receivables [line items]
Outstanding bills receivable discounted with banks by retaining recourse obligation	¥ 936,900	$ 134,800	¥ 79,100
Outstanding bills receivable endorsed to suppliers with recourse obligation	1,032,100	148,500	2,550,000
Gross trade receivables	1,549,462	222,883	364,445
Dongfeng companies [member]
Disclosure of trade and other receivables [line items]
Gross trade receivables	¥ 662,700	$ 95,300	¥ 29,200
Top of range [member]
Disclosure of trade and other receivables [line items]
Trade receivables payment terms	90 days
Bills receivables discounted maturity period	12 months
Bottom of range [member]
Disclosure of trade and other receivables [line items]
Trade receivables payment terms	60 days

Trade and Other Receivables - Movement in the Allowance for Expected Credit Losses of Trade and Other Receivables (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Reconciliation of changes in allowance account for credit losses of financial assets [abstract]
Beginning balance	¥ 39,441	$ 5,674	¥ 50,260
Credit to consolidated statement of profit or loss (under "Selling, general and administrative expenses")	(459)	(66)	(8,525)
Written off	(5)	(1)	(2,278)
Translation difference	24	3	(16)
Ending balance	¥ 39,001	$ 5,610	¥ 39,441

Cash and Cash Equivalents - Summary of Cash and Bank Balances (Detail) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
Non-current
Long-term bank deposits	¥ 20,000	$ 2,877	¥ 110,000
Current
Cash and cash equivalents	4,451,489	640,327	4,788,219	$ 688,764	¥ 5,877,647	¥ 5,753,268
Short-term bank deposits	351,567	50,571	357,335
Restricted cash	27,687	3,983	76,001
Total	4,830,743	694,881	5,221,555
Cash and bank balances	¥ 4,850,743	$ 697,758	¥ 5,331,555

Cash and Cash Equivalents - Summary of Cash and Bank Balances (Parenthetical) (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2022 USD ($)
Disclosure of detailed cash and cash equivalents short term bank deposits current restricted cash and long term bank deposits [line items]
Long-term bank deposits	¥ 20,000	¥ 110,000	$ 2,877
Guangxi Yuchai Machinery Monopoly Development Company Limited [member]
Disclosure of detailed cash and cash equivalents short term bank deposits current restricted cash and long term bank deposits [line items]
Long-term bank deposits		¥ 20,000
Interest rate long term bank deposit		3.85%
Long term deposits maturity		3 years
Bottom of range [member]
Disclosure of detailed cash and cash equivalents short term bank deposits current restricted cash and long term bank deposits [line items]
Interest rate short term bank deposit	0.80%	0.30%
Top of range [member]
Disclosure of detailed cash and cash equivalents short term bank deposits current restricted cash and long term bank deposits [line items]
Interest rate short term bank deposit	4.36%	1.65%

Cash and Cash Equivalents - Additional Information (Detail) ¥ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2022 USD ($)
Disclosure of detailed cash and cash equivalents short term bank deposits current restricted cash and long term bank deposits [line items]
Restricted cash used as collateral by the banks for the issuance of bills to suppliers	¥ 27.7	¥ 76.0		$ 4.0
Undrawn borrowing facilities	518.0	474.2		74.5
Loan commitment fee incurred	0.0	0.0	¥ 0.1
Fixed deposits held with related party	¥ 36.6	¥ 140.3		$ 5.3
Bottom of range [member]
Disclosure of detailed cash and cash equivalents short term bank deposits current restricted cash and long term bank deposits [line items]
Interest rate on bank deposits	1.25%	0.13%		1.25%
Top of range [member]
Disclosure of detailed cash and cash equivalents short term bank deposits current restricted cash and long term bank deposits [line items]
Interest rate on bank deposits	5.15%	1.55%		5.15%

Cash and Cash Equivalents - Summary of Cash Flows, Cash and Cash Equivalents (Detail) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
Cash and cash equivalents [abstract]
Cash at banks and on hand	¥ 3,730,372	$ 536,597	¥ 4,218,131
Short-term bank deposits	721,117	103,730	570,088
Cash and cash equivalents	¥ 4,451,489	$ 640,327	¥ 4,788,219	$ 688,764	¥ 5,877,647	¥ 5,753,268

Leases - Additional Information (Detail) ¥ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Statement [Line Items]
Cash outflows for leases	¥ 51.2	$ 7.4	¥ 52.6
Non-cash additions to right-of-use assets and lease liabilities	49.7	7.2	24.0
Operating lease rental income	¥ 18.1	$ 2.6	¥ 15.2
Bottom of range [member]
Statement [Line Items]
Operating lease, term	1 year	1 year
Operating lease term of contract	1 year	1 year
Top of range [member]
Statement [Line Items]
Operating lease, term	20 years	20 years
Operating lease term of contract	12 years	12 years

Leases - Summary of detailed Information About Carrying Amounts of Right-of-use Assets Recognized and Movements During Year (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)
Disclosure of quantitative information about right-of-use assets [line items]
Beginning balance	¥ 344,814	$ 49,600	¥ 384,001	$ 55,237
Addition	49,735	7,154	23,971	3,448
Depreciation expenses	(43,129)	(6,204)	(41,458)	(5,964)
Disposal	(3,256)	(468)	(21,620)	(3,110)
Termination	(6,187)	(890)
Translation difference	164	24	(80)	(11)
Ending balance	342,141	$ 49,216	344,814	$ 49,600
Leasehold land [member]
Disclosure of quantitative information about right-of-use assets [line items]
Beginning balance	304,645		338,565
Addition	0		1,355
Depreciation expenses	(12,324)		(13,655)
Disposal	(3,256)		(21,620)
Termination	0
Translation difference	0		0
Ending balance	289,065		304,645
Building and office space [member]
Disclosure of quantitative information about right-of-use assets [line items]
Beginning balance	40,118		45,430
Addition	49,421		22,558
Depreciation expenses	(30,772)		(27,790)
Disposal	0		0
Termination	(6,187)
Translation difference	159		(80)
Ending balance	52,739		40,118
Office Furniture, Fittings and Equipment [member]
Disclosure of quantitative information about right-of-use assets [line items]
Beginning balance	51		6
Addition	0		58
Depreciation expenses	(14)		(13)
Disposal	0		0
Termination	0
Translation difference	5		0
Ending balance	42		51
Motor vehicles [member]
Disclosure of quantitative information about right-of-use assets [line items]
Beginning balance	0		0
Addition	314		0
Depreciation expenses	(19)		0
Disposal	0		0
Termination	0
Translation difference	0		0
Ending balance	¥ 295		¥ 0

Leases - Summary of Detailed Information About Carrying Amounts of Lease Liabilities and Movements During Year (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2022 USD ($)
Disclosure Of Quantitative Information About Lease Liabilities [Line Items]
Beginning balance	¥ 40,531
Accretion of interest	1,547	$ 223	¥ 1,819	¥ 2,198
Payments	24,597	3,538	23,121	35,363
Ending balance	59,641	8,579	40,531
Current	31,433		27,125		$ 4,521
Non- current	28,208		13,406		4,058
Total	59,641		40,531		8,579
Increase (decrease) due to changes in accounting policy [member]
Disclosure Of Quantitative Information About Lease Liabilities [Line Items]
Beginning balance	40,531	5,830	39,778
Additions	49,735	7,154	23,971
Accretion of interest	1,547	223	1,819
Payments	(26,144)	(3,761)	(24,940)
Termination	(6,187)	(890)	0
Translation difference	159	23	(97)
Ending balance	59,641	$ 8,579	40,531	39,778
Total	¥ 59,641		¥ 40,531	¥ 39,778	$ 8,579

Leases - Summary of Detailed Information About Amounts Recognized In Profit of Loss (Detail)
¥ in Thousands, $ in Thousands

12 Months Ended

Dec. 31, 2022

CNY (¥)

Dec. 31, 2022

USD ($)

Dec. 31, 2021

CNY (¥)

Dec. 31, 2020

CNY (¥)

Depreciation charge for right-of-use assets

¥ 43,129

$ 6,204

¥ 41,458

^[1]

¥ 43,127

^[1]

Interest expenses on lease liabilities

1,547

223

1,819

¥ 2,198

Expenses relating to short-term leases (included in selling, general and administrative expenses and research and development expenses)

25,022

3,599

27,686

Total amount recognized in profit or loss

¥ 69,698

$ 10,026

¥ 70,963

[1]	In 2020, COVID-19 related rent rebate received from lessors of RMB 0.2 million has been offset against the depreciation of right-of-use assets.

Leases - Summary of Detailed Information About Future Minimum Rental Receivables Under Non-Cancellable Operating Leases (Detail) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Disclosure of maturity analysis of operating lease payments [line items]
Future minimum operating leases	¥ 71,669	$ 10,307	¥ 37,730
Within 1 Year [member] \| Related parties [member]
Disclosure of maturity analysis of operating lease payments [line items]
Future minimum operating leases	17	2	598
Within 1 Year [member] \| Joint ventures [member]
Disclosure of maturity analysis of operating lease payments [line items]
Future minimum operating leases	1,587	228	1,425
Within 1 Year [member] \| Third parties [member]
Disclosure of maturity analysis of operating lease payments [line items]
Future minimum operating leases	8,136	1,170	5,573
After 1 Year but within 5 years [member] \| Related parties [member]
Disclosure of maturity analysis of operating lease payments [line items]
Future minimum operating leases	17	2	2,358
After 1 Year but within 5 years [member] \| Joint ventures [member]
Disclosure of maturity analysis of operating lease payments [line items]
Future minimum operating leases	6,292	905	5,698
After 1 Year but within 5 years [member] \| Third parties [member]
Disclosure of maturity analysis of operating lease payments [line items]
Future minimum operating leases	19,364	2,785	7,240
More than 5 years [member] \| Joint ventures [member]
Disclosure of maturity analysis of operating lease payments [line items]
Future minimum operating leases	9,690	1,394	10,566
More than 5 years [member] \| Third parties [member]
Disclosure of maturity analysis of operating lease payments [line items]
Future minimum operating leases	¥ 26,566	$ 3,821	¥ 4,272

Issued capital - Summary of Issued Capital (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥) shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 CNY (¥) shares
Ordinary shares issued and fully paid
Ending balance			40,858,290
Equity
Ending balance	¥ 2,081,138	$ 299,362	¥ 2,081,138
One special share issued and fully paid at US$0.10 per share	Less than RMB 1 (US$ 1)	Less than RMB 1 (US$ 1)	Less than RMB 1 (US$ 1)
Ordinary shares [member]
Disclosure of classes of share capital [line items]
Ordinary share of par value US$0.10 each	100,000,000	100,000,000	100,000,000

Issued capital - Summary of Issued Capital (Parenthetical) (Detail) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Disclosure of classes of share capital [line items]
Par value	$ 0.1	$ 0.1
Ordinary shares [member]
Disclosure of classes of share capital [line items]
Par value	$ 0.1	$ 0.1

Issued capital - Additional Information (Detail)	12 Months Ended
Issued capital - Additional Information (Detail)	Dec. 31, 2022 shares
Ordinary shares [member] \| Bottom of range [member]
Disclosure of classes of share capital [line items]
Number of special share shall cease to carry any rights in event by HLA	7,290,000

Dividends Declared and Paid - Summary of Dividends Declared and Paid (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Disclosure of dividends declared and paid on ordinary capital [line items]
Dividends on ordinary shares	¥ 109,684		¥ 448,712	¥ 245,871
Dividend paid in cash	109,684	$ 15,778	448,712
Final dividend [member]
Disclosure of dividends declared and paid on ordinary capital [line items]
Dividends on ordinary shares	¥ 109,684	$ 15,778	¥ 448,712

Dividends Declared and Paid - Summary of Dividends Declared and Paid (Parenthetical) (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of dividends declared and paid on ordinary capital [line items]
Dividends on ordinary shares, per share	$ 0.4	$ 1.7	$ 0.85
Final dividend [member]
Disclosure of dividends declared and paid on ordinary capital [line items]
Dividends on ordinary shares, per share	$ 0.4	$ 1.7

Reserves - Summary of Statutory Reserves (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Disclosure of reserves within equity [line items]
Beginning balance	¥ 309,237
Ending balance	335,735	$ 48,294	¥ 309,237
Statutory general reserve [member]
Disclosure of reserves within equity [line items]
Beginning balance	283,531	40,785	281,459
Transfer from retained earnings	26,498	3,811	2,072
Ending balance	310,029	44,596	283,531
General surplus reserve [member]
Disclosure of reserves within equity [line items]
Beginning balance	25,706
Ending balance	25,706	3,698	25,706
Capital reserves [member]
Disclosure of reserves within equity [line items]
Beginning balance	30,704	4,416	30,704
Issuance of put option to non-controlling interest of subsidiary	(34,900)	(5,020)	0
Ending balance	¥ (4,196)	$ (604)	¥ 30,704

Reserves - Summary of Statutory Reserves (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2022
Disclosure of reserves within equity [line items]
Appropriation of net income to the statutory general reserve	10.00%
Percentage of certain statutory general reserve balance with share capital	50.00%
Bottom of range [member]
Disclosure of reserves within equity [line items]
Minimum statutory general reserval balance with share capital	25.00%

Reserves - Summary of Other Components of Equity (Detail) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Disclosure of other components of equity [line items]
Other components of equity	¥ (64,995)	$ (9,349)	¥ (140,792)
Foreign currency translation reserve [member]
Disclosure of other components of equity [line items]
Other components of equity	(44,699)	(6,430)	(118,176)
Performance shares reserves [member]
Disclosure of other components of equity [line items]
Other components of equity	19,758	2,842	19,758
Premium paid for acquisition of non-controlling interests [member]
Disclosure of other components of equity [line items]
Other components of equity	(9,463)	(1,361)	(11,472)
Fair value reserve of financial assets at FVOCI
Disclosure of other components of equity [line items]
Other components of equity	¥ (30,591)	$ (4,400)	¥ (30,902)

Share-based Payment - Additional Information (Detail) ¥ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2022 $ / shares	Dec. 31, 2021 $ / shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Equity incentive plan period	10 years
Exercise price for options outstanding \| $ / shares				$ 21.11	$ 21.11
Weighted average remaining contractual life for the share options outstanding	1.6	2.6
Expense arising from equity-settled share-based payment transactions \| ¥	¥ 0	¥ 0	¥ 0
One year after date of grant [member] \| Top of range [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share-based payment vesting percentage	33.00%
Two years after date of grant [member] \| Top of range [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share-based payment vesting percentage	66.00%
Three years after date of grant [member] \| Top of range [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share-based payment vesting percentage	100.00%

Share-based Payment - Number and Weighted Average Exercise Prices ("WAEP") of, and Movements in Share Options (Detail)	12 Months Ended
	Dec. 31, 2022 shares Associate $ / shares	Dec. 31, 2021 shares Associate $ / shares
Disclosure of terms and conditions of share-based payment arrangement [abstract]
Outstanding at January 1 \| shares	270,000	470,000
Cancelled during the year \| Associate	0	(200,000)
Number of share options outstanding \| shares	270,000	270,000
Number of share options exercisable \| shares	270,000	270,000
Beginning balance	$ 21.11	$ 21.11
Cancelled during the year	21.11	21.11
WAEP outstanding	21.11	21.11
WAEP exercisable	$ 21.11	$ 21.11

Share-based Payment - Fair Value of Share Options and Assumptions (Detail)	Jul. 29, 2014 USD ($) Associate $ / shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share price \| $ / shares	$ 21.11
Exercise price \| $ / shares	$ 21.11
Expected volatility	47.40%
Expected dividends	5.81%
Bottom of range [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Fair value at measurement date \| $	$ 5.7
Expected option life (years) \| Associate	3.5
Risk-free interest rate	1.40%
Top of range [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Fair value at measurement date \| $	$ 6.74
Expected option life (years) \| Associate	5.5
Risk-free interest rate	2.00%

Trade and Other Payables - Summary of Trade and Other Current Payables (Detail) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Trade and other current payables [abstract]
Trade payables	¥ 4,199,072	$ 604,018	¥ 3,884,812
Bills payables	2,356,574	338,983	3,085,206
Other payables	319,723	45,991	423,787
Accrued expenses	159,735	22,977	167,575
Accrued staff costs	422,045	60,709	689,327
Refund liabilities	222,342	31,983	718,379
Dividend payable	30,205	4,345	29,304
Amount due to associates and joint ventures (trade)	67,556	9,718	176,819
Amount due to associates and joint ventures (non-trade)	22	3	27
Amount due to related parties (trade)	296,219	42,610	214,980
Amount due to related parties (non-trade)	7,289	1,048	1,308
Financial liabilities carried at amortized cost (Note 32, Note 35)	8,080,782	1,162,385	9,391,524
Deferred grants (Note 27)	13,404	1,928	12,482
Advance from customers	254	37	316
Other tax payable	44,968	6,468	39,416
Total trade and other payables (current)	¥ 8,139,408	$ 1,170,818	¥ 9,443,738

Trade and Other Payables - Summary of Trade and Other Current Payables (Parenthetical) (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Disclosure Of Detailed Information About Trade And Other Payables [line items]
Bills payable	¥ 2,356,574	$ 338,983	¥ 3,085,206
Bottom of range [member]
Disclosure Of Detailed Information About Trade And Other Payables [line items]
Trade payables settlement term	60 days
Top of range [member]
Disclosure Of Detailed Information About Trade And Other Payables [line items]
Trade payables settlement term	90 days
Joint ventures [member]
Disclosure Of Detailed Information About Trade And Other Payables [line items]
Bills payable	¥ 36,300	5,200	28,400
Associates [member]
Disclosure Of Detailed Information About Trade And Other Payables [line items]
Bills payable	0	0	5,400
Other related parties [member]
Disclosure Of Detailed Information About Trade And Other Payables [line items]
Bills payable	¥ 192,600	$ 27,700	¥ 237,600

Trade and Other Payables - Summary of Other Non-current Payables (Detail) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Trade and other non-current payables [abstract]
Other payables (Note 32, Note 35)	¥ 189,366	$ 27,239	¥ 188,725

Provision - Summary of Provision (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)
Disclosure of other provisions [line items]
Beginning balance	¥ 253,028	$ 36,397	¥ 269,078	$ 38,706
Provision made	317,076	45,610	296,986	42,720
Provision utilized	(345,161)	(49,650)	(299,397)	(43,067)
Provision reversed	(4,829)	(695)	(13,639)	(1,962)
Ending balance	220,114	$ 31,662	253,028	$ 36,397
Product warranty provision [member]
Disclosure of other provisions [line items]
Beginning balance	248,199		255,439
Provision made	317,076		292,157
Provision utilized	(345,161)		(299,397)
Provision reversed	0
Ending balance	220,114		248,199
Provision for onerous contract [member[
Disclosure of other provisions [line items]
Beginning balance	4,829		13,639
Provision made	0		4,829
Provision utilized	0
Provision reversed	(4,829)		(13,639)
Ending balance	¥ 0		¥ 4,829

Contract Liabilities - Summary of Contract Liabilities (Detail) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Disclosure of contract liabilities [line items]
Contract liabilities	¥ 695,076	$ 99,984	¥ 642,432
Current	617,737	88,859	573,259
Non-current	77,339	11,125	69,173
Unfulfilled service-type maintenance services [member]
Disclosure of contract liabilities [line items]
Contract liabilities	195,245	28,085	209,773
Advance from customer [member]
Disclosure of contract liabilities [line items]
Contract liabilities	¥ 499,831	$ 71,899	¥ 432,659

Lease Liabilities - Summary of Detailed Information About In Lease Liabilities (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Disclosure Of Detailed Information About Lease Liabilities [Line Items]
Current	¥ 31,433	$ 4,521	¥ 27,125
Non- current	¥ 28,208	4,058	13,406
Lease Liabilities Current [Member]
Disclosure Of Detailed Information About Lease Liabilities [Line Items]
Maturity	2023
Current	¥ 31,433	$ 4,521	27,125
Lease Liabilities Current [Member] \| Bottom of range [member]
Disclosure Of Detailed Information About Lease Liabilities [Line Items]
Effective interest rate	1.25%	1.25%
Lease Liabilities Current [Member] \| Top of range [member]
Disclosure Of Detailed Information About Lease Liabilities [Line Items]
Effective interest rate	6.40%	6.40%
Lease Liabilities Noncurrent [Member]
Disclosure Of Detailed Information About Lease Liabilities [Line Items]
Non- current	¥ 28,208	$ 4,058	¥ 13,406
Lease Liabilities Noncurrent [Member] \| Bottom of range [member]
Disclosure Of Detailed Information About Lease Liabilities [Line Items]
Effective interest rate	1.25%	1.25%
Maturity	2024
Lease Liabilities Noncurrent [Member] \| Top of range [member]
Disclosure Of Detailed Information About Lease Liabilities [Line Items]
Effective interest rate	6.40%	6.40%
Maturity	2026

Loans and borrowings - Summary of Loans and Borrowings (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2022 USD ($)
Disclosure of detailed information about borrowings [line items]
Non-current borrowings	¥ 200,000	¥ 100,000	$ 28,769
Current borrowings	¥ 2,141,432	¥ 2,103,000	$ 308,036
Non-current borrowings [member] \| Renminbi [Member]
Disclosure of detailed information about borrowings [line items]
Effective interest rate	3.00%	3.45%	3.00%
Maturity	2025	2023
Non-current borrowings	¥ 200,000	¥ 100,000	$ 28,769
Current borrowings [member] \| Renminbi [Member]
Disclosure of detailed information about borrowings [line items]
Maturity	2023	2022
Current borrowings	¥ 2,141,432	¥ 2,103,000	$ 308,036
Current borrowings [member] \| Renminbi [Member] \| Bottom of range [member]
Disclosure of detailed information about borrowings [line items]
Effective interest rate	0.86%	1.10%	0.86%
Current borrowings [member] \| Renminbi [Member] \| Top of range [member]
Disclosure of detailed information about borrowings [line items]
Effective interest rate	3.70%	3.85%	3.70%

Loans and borrowings - Additional Information (Detail) $ in Millions, $ in Millions			12 Months Ended
	Apr. 12, 2022	Jan. 01, 2019	Dec. 31, 2022 USD ($)	Dec. 31, 2022 SGD ($)	Jun. 25, 2021 SGD ($)	Jun. 24, 2020 USD ($)	Jun. 10, 2020 SGD ($)
DBS Bank Ltd [member]
Disclosure of detailed information about borrowings [line items]
Refinancing of uncommitted multi-currency revolving credit facility					$ 30.0
Ownership interest in the entity, percentage			76.40%
Facility limit				$ 30.0
DBS Bank Ltd [member] \| Hong Leong Asia Limited [member]
Disclosure of detailed information about borrowings [line items]
Ownership interest in the entity, percentage		35.00%
DBS Bank Ltd [member] \| Top of range [member]
Disclosure of detailed information about borrowings [line items]
Credit facility with bank				30.0
Consolidated tangible net worth ratio			1.0 times
DBS Bank Ltd [member] \| Bottom of range [member]
Disclosure of detailed information about borrowings [line items]
Consolidated tangible net worth			$ 400.0
Credit facility with MUFG Singapore Branch [member]
Disclosure of detailed information about borrowings [line items]
Credit facility maturity period			three years
Refinancing of unsecured multi-currency revolving credit facility							$ 30.0
Credit facility with MUFG Singapore Branch [member] \| Top of range [member]
Disclosure of detailed information about borrowings [line items]
Credit facility with bank				30.0
Consolidated tangible net worth			$ 120.0
Consolidated tangible net worth ratio			2.0 times
Facility limit				$ 30.0
Sumitomo branch [Member]
Disclosure of detailed information about borrowings [line items]
Refinancing of unsecured multi-currency revolving credit facility						$ 30.0
Sumitomo branch [Member] \| United States of America, Dollars
Disclosure of detailed information about borrowings [line items]
Credit facility maturity period	6 months
Sumitomo branch [Member] \| Singapore, Dollars
Disclosure of detailed information about borrowings [line items]
Credit facility maturity period	3 months
Sumitomo branch [Member] \| Top of range [member]
Disclosure of detailed information about borrowings [line items]
Credit facility with bank			$ 30.0
Facility limit			30.0
Sumitomo branch [Member] \| Bottom of range [member]
Disclosure of detailed information about borrowings [line items]
Consolidated tangible net worth			$ 200.0
Consolidated tangible net worth ratio			2.0 times

Deferred Grants - Summary of Deferred Grants (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2022 USD ($)
Subclassifications of assets, liabilities and equities [abstract]
Beginning balance	¥ 424,140	$ 61,011	¥ 541,610
Received during the year	186,993	26,898	50,582
Grant disbursed to partner of joint project	(13,243)	(1,905)	(16,270)
Released to consolidated statement of profit or loss	(108,102)	(15,550)	(151,782)
Ending balance	489,788	$ 70,454	424,140
Current (Note 22)	13,404		12,482	$ 1,928
Non-current	¥ 476,384		¥ 411,658	$ 68,526

Other financial liability - Additional Information (Detail) ¥ in Millions, $ in Millions	1 Months Ended
	Nov. 30, 2022 CNY (¥)	Nov. 30, 2022 USD ($)	Nov. 01, 2022
Disclosure Of Other Liabilities [Line Items]
Minority interest ownership percentage by noncontrolling owners			9.10%
CYDYuchai xin lan
Disclosure Of Other Liabilities [Line Items]
Proceeds from changes in ownership interests in subsidiaries that do not result in loss of control	¥ 50.0	$ 7.2

Related Party Disclosures - Additional Information (Detail) ¥ in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2022 CNY (¥) shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 CNY (¥) shares	Dec. 31, 2020 CNY (¥)
Hong Leong Asia Limited [member] \| Subsidiaries [member]
Disclosure of transactions between related parties [line items]
Ownership interest in the entity, shares	18,270,965	18,270,965	18,270,965
Ownership interest in the entity, percentage	44.70%	44.70%	44.70%
Consultancy fees charged	¥ 400	$ 0.1	¥ 500	¥ 30
HL Technology Systems Private Limited [member] \| Subsidiaries [member]
Disclosure of transactions between related parties [line items]
Ownership interest held by controlling shareholder, percent	23.30%	23.30%	23.30%
Well Summit Investments Limited [member] \| Subsidiaries [member]
Disclosure of transactions between related parties [line items]
Ownership interest held by controlling shareholder, percent	21.40%	21.40%	21.40%
Yulin City Government [member]
Disclosure of transactions between related parties [line items]
Ownership interest held by non-controlling shareholder with significant influence over the Group	17.20%	17.20%	17.20%

Related Party Disclosures - Significant Transactions with Related Parties (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Associates and joint ventures [member]
Disclosure of transactions between related parties [line items]
Sales of engines and parts	¥ 411,010	$ 59,122	¥ 393,440	¥ 1,256,268
Purchase of parts, supplies and engines	1,396,611	200,896	2,036,675	2,792,707
Joint ventures [member]
Disclosure of transactions between related parties [line items]
Hospitality, restaurant, consultancy and other service income	5,803	835	2,152	3,918
Service charge charged by	128	18	5,023
Rental income	4,634	667	4,415	4,565
Selling, general and administrative expenses	0	0	2,530	7,287
Hong Leong Asia Limited [member]
Disclosure of transactions between related parties [line items]
Selling, general and administrative expenses	8,994	1,294	7,188	6,687
GY Group (including its subsidiaries and affiliates) [member]
Disclosure of transactions between related parties [line items]
Sales of engines and parts	2,262,306	325,423	3,223,785	2,637,845
Purchase of parts, supplies and engines	1,053,607	151,557	1,307,137	1,245,030
Hospitality, restaurant, consultancy and other service income	10,398	1,496	6,609	6,765
Rental income	580	83	275	3,970
Property management service expenses	22,128	3,183	21,978	24,968
Selling, general and administrative expenses	30,151	4,337	9,315	4,728
Delivery, storage, distribution and handling expenses	201,669	29,009	300,699	312,891
Payments For Lease Liabilities	19,802	2,848	17,215	18,086
Purchases of vehicles and machineries	¥ 2,513	$ 361	¥ 3,460	¥ 2,838

Related Party Disclosures - Compensation of Key Management Personnel (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Disclosure of transactions between related parties [abstract]
Short-term employee benefits	¥ 25,011	$ 3,598	¥ 25,289	¥ 43,178
Contribution to defined contribution plans	208	30	273	292
Total	¥ 25,219	$ 3,628	¥ 25,562	¥ 43,470

Commitments and Contingencies - Additional Information (Detail) ¥ in Millions, $ in Millions	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Disclosure of commitments and contingencies [line items]
Capital commitments related to property, plant and equipment	¥ 319.5	$ 46.0	¥ 425.2

Commitments and Contingencies - Future Minimum Rentals Payable Under Non-cancellable Operating Leases (Detail) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Disclosure of finance lease and operating lease by lessee [line items]
Future minimum rentals payable under non-cancellable operating leases	¥ 0	$ 0	¥ 4,947
One year or less [member]
Disclosure of finance lease and operating lease by lessee [line items]
Future minimum rentals payable under non-cancellable operating leases	0	0	2,769
Later than one year and not later than five years [member]
Disclosure of finance lease and operating lease by lessee [line items]
Future minimum rentals payable under non-cancellable operating leases	0	0	¥ 2,178
Later than five years [member]
Disclosure of finance lease and operating lease by lessee [line items]
Future minimum rentals payable under non-cancellable operating leases	¥ 0	$ 0

Segment Information - Additional Information (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥) Segments	Dec. 31, 2022 USD ($) Segments	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Disclosure of operating segments [line items]
Number of reportable segments	2	2
Revenue	¥ 16,030,636	$ 2,305,936	¥ 21,265,930	¥ 20,581,170
Top 5 customers [member]
Disclosure of operating segments [line items]
Revenue	¥ 5,916,900	$ 851,100	¥ 10,442,300	¥ 11,896,400

- Definition

The income arising in the course of an entity's ordinary activities. Income is increases in assets, or decreases in liabilities, that result in increases in equity, other than those relating to contributions from holders of equity claims.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2022-03-24
-Paragraph 28
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2022-en-r&anchor=para_28_a&doctype=Standard
-URIDate 2022-03-24

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2022-03-24
-Paragraph 23
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2022-en-r&anchor=para_23_a&doctype=Standard
-URIDate 2022-03-24

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2022-03-24
-Paragraph 32
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2022-en-r&anchor=para_32&doctype=Standard
-URIDate 2022-03-24

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2022-03-24
-Paragraph 33
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2022-en-r&anchor=para_33_a&doctype=Standard
-URIDate 2022-03-24

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2022-03-24
-Paragraph 34
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2022-en-r&anchor=para_34&doctype=Standard
-URIDate 2022-03-24

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 5
-IssueDate 2022-03-24
-Paragraph 33
-Subparagraph b
-Clause i
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-URIDate 2022-03-24

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 12
-IssueDate 2022-03-24
-Paragraph B12
-Subparagraph b
-Clause v
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2022-en-r&anchor=para_B12_b_v&doctype=Appendix&subtype=B
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2022-03-24
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Reference 10: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Segment Information - Summary of Segment Information (Detail)
¥ in Thousands, $ in Thousands

12 Months Ended

Dec. 31, 2022

CNY (¥)

Dec. 31, 2022

USD ($)

Dec. 31, 2021

CNY (¥)

Dec. 31, 2020

CNY (¥)

Dec. 31, 2022

USD ($)

Revenue

Total external revenue (Note 6.1)

¥ 16,030,636

$ 2,305,936

¥ 21,265,930

¥ 20,581,170

Results

131,879

18,970

132,083

166,970

Impairment of property, plant and equipment

(90,909)

(13,077)

(111,792)

(147,293)

(17,278)

(2,485)

(7,227)

(3,920)

Staff severance cost

(19,531)

(2,809)

(11,771)

(19,712)

Share of (loss)/profit of associates and joint venture

(624,692)

(89,859)

(573,596)

(494,607)

(29,093)

(4,185)

(95,895)

(58,970)

(59,065)

(8,496)

(43,816)

(192,538)

335,661

48,283

407,894

779,326

24,137,556

24,905,309

26,290,958

$ 3,472,080

Impairment of investment in joint venture

(12,302,492)

(13,289,965)

(14,458,248)

(1,769,659)

(990)

(142)

154,703

151,095

227,120

$ 22,253

Operating segments [member] | Yuchai segment [member]

353,348

$ 50,828

478,891

554,847

Revenue

Total external revenue (Note 6.1)

15,997,766

21,254,134

20,557,660

Results

116,668

129,520

158,569

Impairment of property, plant and equipment

(90,846)

(111,747)

(147,161)

(17,278)

(7,227)

(3,920)

Staff severance cost

(19,531)

(11,771)

(19,712)

Share of (loss)/profit of associates and joint venture

(619,000)

(567,465)

(488,536)

(29,554)

(96,658)

(59,476)

(47,555)

(29,043)

(156,007)

354,865

443,499

829,042

23,020,241

23,897,506

25,330,625

Impairment of investment in joint venture

(12,220,938)

(13,206,953)

(14,328,688)

(990)

150,219

147,106

223,918

Operating segments [member] | HL Global Enterprises Limited segment [member]

352,737

474,562

550,424

Revenue

Total external revenue (Note 6.1)

32,870

11,796

23,510

Results

2,902

1,363

3,538

(49)

(19)

(35)

Share of (loss)/profit of associates and joint venture

(4,770)

(5,221)

(5,181)

461

763

506

(39)

(245)

(200)

5,152

(6,728)

1,052

405,871

368,415

392,096

(12,062)

(10,322)

(10,346)

4,484

3,989

3,202

Operating segments [member] | Corporate segment [member]

564

4,310

4,409

Results

12,309

1,200

4,863

(14)

(26)

(97)

(922)

(910)

(890)

(9)

(69)

(18,245)

(20,321)

(17,127)

2,215,652

2,146,060

2,075,262

(14,256)

(13,550)

(15,797)

Elimination of intersegment amounts [member]

Results

^[1]

(11,462)

(14,528)

(36,262)

^[1]

(6,111)

(8,556)

(33,641)

(1,504,208)

(1,506,672)

(1,507,025)

Disclosure of detailed information about financial instruments [line items]

^[2]

¥ 55,236

¥ 59,140

¥ 103,417

[1]	This relates mainly to the deferred tax expense relating to withholding tax on dividends from Yuchai.
[2]	This relates mainly to the deferred tax liabilities relating to cumulative withholding tax on dividends that are expected to be declared from income earned after December 31, 2007 by Yuchai.

Segment Information - Summary of Geographic Information (Detail) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Disclosure of geographical areas [line items]
Non-current assets	¥ 6,372,427	$ 916,645	¥ 6,459,953
People's Republic of China [member]
Disclosure of geographical areas [line items]
Non-current assets	6,281,907	903,624	6,370,404
Other countries [member]
Disclosure of geographical areas [line items]
Non-current assets	¥ 90,520	$ 13,021	¥ 89,549

Financial Risk Management Objectives and Policies - Additional Information (Detail) ¥ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022 CNY (¥) Customer	Dec. 31, 2022 USD ($) Customer	Dec. 31, 2021 CNY (¥) Customer	Dec. 31, 2022 USD ($)
Disclosure of detailed information about financial instruments [line items]
Basis points	50.00%		50.00%	50.00%
Increase decrease in profit before tax on basis of higher lower basis points	¥ 12.2	$ 1.8	¥ 15.4
People's Republic of China [member]
Disclosure of detailed information about financial instruments [line items]
Number of top customers	5	5	5
People's Republic of China [member] \| Top 5 Customers [member]
Disclosure of detailed information about financial instruments [line items]
Amount owed	¥ 993.1		¥ 203.5	$ 142.8
Percentage of trade receivables excluding bills receivables	53.50%	53.50%	47.00%

Financial Risk Management Objectives and Policies - Exposures to Foreign Currency (Detail) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Disclosure of nature and extent of risks arising from financial instruments [line items]
Cash and bank balances	¥ 4,850,743	$ 697,758	¥ 5,331,555
Financial liabilities	(10,717,171)	(1,541,618)	(11,823,780)
Trade and other payables	(8,328,774)	(1,198,057)	(9,632,463)
Foreign currency risk [Member] \| Singapore dollar [Member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
Quoted equity securities			606
Trade and other receivables	1,504		676
Cash and bank balances	166,517		164,544
Financial liabilities	(202)		(1,428)
Trade and other payables	(5,064)		(4,551)
Net assets/(liabilities)	162,755	23,412	159,847
Foreign currency risk [Member] \| Euro [Member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
Trade and other receivables	7,328		8,806
Cash and bank balances	1,282		2,535
Trade and other payables	(11,586)		(8,997)
Net assets/(liabilities)	(2,976)	(428)	2,344
Foreign currency risk [Member] \| USD [Member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
Trade and other receivables	4,484		297
Cash and bank balances	26,521		4,345
Trade and other payables	(7,258)		(3,651)
Net assets/(liabilities)	23,747	3,416	991
Foreign currency risk [Member] \| Others [Member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
Trade and other receivables	218		0
Cash and bank balances	15,340		14,342
Trade and other payables	(2,579)		(510)
Net assets/(liabilities)	¥ 12,979	$ 1,867	¥ 13,832

Financial Risk Management Objectives and Policies - Foreign Currency Risk Sensitivity Analysis Assuming 10% Strengthening of Major Currencies against Functional Currency (Detail) - Foreign currency risk [Member] ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Singapore dollar [Member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
Effect on profit before tax	¥ 16,276	$ 2,341	¥ 15,985
Euro [Member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
Effect on profit before tax	(298)	(43)	234
USD [Member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
Effect on profit before tax	¥ 2,375	$ 342	¥ 99

Financial Risk Management Objectives and Policies - Equity Price Risk Sensitivity Analysis Assuming 10% Increase/(Decrease) in Underlying Prices (Detail) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Equity price risk [member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
Statement of profit or loss	¥ 0	$ 0	¥ 61

Financial Risk Management Objectives and Policies - Summary of Information about Credit Risk on Trade Receivables using Provision Matrix (Detail) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Disclosure of provision matrix [line items]
Financial assets	¥ 11,772,588	$ 1,693,435	¥ 12,239,276
Expected credit loss	¥ 33,247	$ 4,782	¥ 33,210
Trade receivables [member]
Disclosure of provision matrix [line items]
Expected credit loss rate	2.10%	2.10%	9.10%
Expected credit loss	¥ 33,247		¥ 33,210
Trade receivables [member] \| Cost [member]
Disclosure of provision matrix [line items]
Financial assets	1,549,462		364,445
Current [member] \| Trade receivables [member] \| Cost [member]
Disclosure of provision matrix [line items]
Financial assets	¥ 1,138,365		¥ 117,832
Days past due 0- 90 days [member] \| Trade receivables [member]
Disclosure of provision matrix [line items]
Expected credit loss rate	0.20%	0.20%	0.50%
Expected credit loss	¥ 500		¥ 714
Days past due 0- 90 days [member] \| Trade receivables [member] \| Cost [member]
Disclosure of provision matrix [line items]
Financial assets	¥ 216,355		¥ 131,411
Days Past due 91-180 days [member] \| Trade receivables [member]
Disclosure of provision matrix [line items]
Expected credit loss rate	0.20%	0.20%	7.20%
Expected credit loss	¥ 124		¥ 2,428
Days Past due 91-180 days [member] \| Trade receivables [member] \| Cost [member]
Disclosure of provision matrix [line items]
Financial assets	¥ 80,132		¥ 33,897
Days past due 181-365 days [member] \| Trade receivables [member]
Disclosure of provision matrix [line items]
Expected credit loss rate	0.60%	0.60%	15.30%
Expected credit loss	¥ 372		¥ 5,686
Days past due 181-365 days [member] \| Trade receivables [member] \| Cost [member]
Disclosure of provision matrix [line items]
Financial assets	¥ 63,477		¥ 37,169
Days past due greater than 365 days [member] \| Trade receivables [member]
Disclosure of provision matrix [line items]
Expected credit loss rate	63.10%	63.10%	55.20%
Expected credit loss	¥ 32,251		¥ 24,382
Days past due greater than 365 days [member] \| Trade receivables [member] \| Cost [member]
Disclosure of provision matrix [line items]
Financial assets	¥ 51,133		¥ 44,136

Financial Risk Management Objectives and Policies - Maturity Profile of Financial Assets and Liabilities Based on Contractual Undiscounted Payments (Detail) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Financial assets
Cash and bank balances	¥ 4,850,743	$ 697,758	¥ 5,331,555
Financial assets	11,772,588	1,693,435	12,239,276
Financial liabilities
Trade and other payables (Note 22)	8,328,774	1,198,057	9,632,463
Lease liabilities	59,641	8,579	40,531
Other financial liabilities	45,950	6,610
Financial liabilities	10,717,171	1,541,618	11,823,780
Liquidity risk [member]
Financial assets
Trade and bills receivables	6,487,095	933,140	6,768,335
Other receivables, excluding tax recoverable	434,750	62,537	138,780
Cash and bank balances	4,850,743	697,758	5,331,555
Quoted equity securities			606
Financial assets	11,772,588	1,693,435	12,239,276
Financial liabilities
Loans and borrowings	2,368,239	340,661	2,231,880
Trade and other payables (Note 22)	8,270,148	1,189,624	9,580,249
Lease liabilities	60,246	8,666	41,771
Other financial liabilities	58,212	8,374
Financial liabilities	10,756,845	$ 1,547,325	11,853,900
Liquidity risk [member] \| One year or less [member]
Financial assets
Trade and bills receivables	6,487,095		6,768,335
Other receivables, excluding tax recoverable	434,750		138,780
Cash and bank balances	4,830,743		5,221,555
Quoted equity securities			606
Financial assets	11,752,588		12,129,276
Financial liabilities
Loans and borrowings	2,158,839		2,130,356
Trade and other payables (Note 22)	8,080,782		9,391,524
Lease liabilities	33,102		28,121
Financial liabilities	10,272,723		11,550,001
Liquidity risk [member] \| Two to five years [member]
Financial assets
Cash and bank balances	20,000		110,000
Financial assets	20,000		110,000
Financial liabilities
Loans and borrowings	209,400		101,524
Trade and other payables (Note 22)	189,366		188,725
Lease liabilities	26,928		13,650
Financial liabilities	425,694		¥ 303,899
Liquidity risk [member] \| More than five years [member]
Financial liabilities
Lease liabilities	216
Other financial liabilities	58,212
Financial liabilities	¥ 58,428

Capital Management - Summary of Capital Structure (Detail) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Disclosure of objectives, policies and processes for managing capital [abstract]
Loans and borrowings (current and non-current) (Note 26)	¥ 2,341,432	$ 336,805	¥ 2,203,000
Lease liabilities (current and non-current) (Note 25)	59,641	8,579	40,531
Trade and other payables (current and non-current) (Note 22)	8,328,774	1,198,057	9,632,463
Other financial liability (Note 28)	45,950	6,610
Less: Cash and bank balances (Note 16)	(4,850,743)	(697,758)	(5,331,555)
Net debts	5,925,054	852,293	6,544,439
Equity attributable to equity holders of the Company	9,008,946	1,295,896	8,859,152
Total capital and net debts	¥ 14,934,000	$ 2,148,189	¥ 15,403,591

Fair Value Measurement - Fair Value Measurement Hierarchy for Assets and Liabilities (Detail)
¥ in Thousands, $ in Thousands

Dec. 31, 2022

CNY (¥)

Dec. 31, 2022

USD ($)

Dec. 31, 2021

CNY (¥)

Bill receivables [member]

¥ 11,772,588

$ 1,693,435

¥ 12,239,276

Disclosure of detailed information about financial instruments [line items]

Thakral Corporation Ltd [Member] | Quoted Equity Shares [Member] | Quoted Equity Securities [member]

^[1]

3,227,295

$ 464,232

3,338,816

Disclosure of detailed information about financial instruments [line items]

Quoted prices in active markets (Level 1) [Member] | Thakral Corporation Ltd [Member] | Quoted Equity Shares [Member] | Quoted Equity Securities [member]

606

Disclosure of detailed information about financial instruments [line items]

Significant observable inputs (Level 2) [Member] | Bill receivables [member]

606

Disclosure of detailed information about financial instruments [line items]