Gathering the spirit of restraint, casting the spirit of harmony, Yuchai quietly walked through the road of “rebuilding” for three years

In the year 55, what did Yuchai mean? Established in 1951, Yuchai achieved its goal of surpassing 10 billion yuan in annual sales revenue after 55 years of effort. This milestone marked a significant turning point for the company, showcasing its resilience and long-term vision. In just three years, what did Yuchai represent? From 2006 to 2008, Yuchai experienced an impressive leap from 10 billion to 20 billion yuan in sales, rebuilding itself into a stronger, more competitive entity. This rapid growth was not only a financial achievement but also a testament to the company’s strategic direction and leadership. Although the full three-year plan was not completed by 2008, Yuchai exceeded expectations by achieving the target of “10 billion yuan for the engine business of the joint-stock company” one year ahead of schedule in 2007. In the first half of that year, Yuchai generated 12.259 billion yuan in sales revenue, representing a 29.46% increase compared to the previous year. The company completed 61.295% of its 20 billion yuan target, demonstrating strong momentum and confidence under Chairman Mao Ping's leadership. The team believed that by the end of 2008, all expected goals would be successfully met, marking the successful conclusion of the "Rebuilding Yuchai in Three Years" initiative. In 2005, when Yu Ping took on the roles of chairman and party secretary at Yuchai Group Co., Ltd., the domestic diesel engine industry was in a difficult period. Overall sales volume of the internal combustion engine sector showed negative growth, and the market situation became increasingly severe. The automotive industry faced challenges, with truck markets declining significantly—heavy trucks and quasi-heavy trucks saw a drop of 32%. The internal combustion engine market fell into a deep slump. The sudden market downturn posed a serious challenge to Yuchai. However, under the leadership of Zhang Ping, the new leader, Yuchai conducted a thorough analysis of the situation, initiated integration, shifted its development model, and promoted independent innovation and green development. This proactive approach led to a remarkable turnaround: in 2005, Yuchai achieved operating income of 12 billion yuan, up 12.3%; sold 267,500 diesel engines, up 16%; and generated 17 million U.S. dollars in export revenue, up 96%. This performance earned it the recognition of the "Yuchai Phenomenon." After reversing the downward trend and achieving a balanced transition, Fuping made a bold promise in 2006: "Rebuild Yuchai in Three Years." By the end of 2008, the company aimed to achieve 20 billion yuan in sales revenue, effectively recreating a powerful and prosperous Yuchai. For Yuchai, these three years were filled with challenges and entrepreneurial passion. It was a period of "green development and mutual benefit," as well as a time of extraordinary significance. Rebuilding Yuchai was not just about quantity—it was also about quality. Over the past three years, Yuchai made substantial progress in expanding its market and increasing sales. It also refined a new set of technologies in corporate systems, mechanisms, management, R&D, investment, and culture, establishing a sustainable corporate philosophy. During these three years, Yuchai remained restrained, and the outside world was unaware of the changes happening internally. However, this restraint reflected Yuchai’s maturity and determination. In three years, Yuchai was rebuilt and developed a unique temperament—one that combined passion, responsibility, and self-confidence. This temperament embodied discipline and harmony, elevating Yuchai to new heights in China’s manufacturing industry. **Deepen Reform and Optimize the System** After joining Yuchai, a new problem troubled Yuping: although Yuchai’s output increased year-on-year, so did the cost per unit. This contradicted the fundamental principles of manufacturing. Was there a systemic issue? To address this, Junping launched reforms in labor, personnel, and distribution systems. He clarified property rights relationships, established a modern enterprise system, and standardized governance structures. These efforts improved the group’s operations and laid the foundation for efficient management. In the labor system, a standardized contract system was implemented. In personnel management, functions were reconfigured based on lean, efficient, and optimized principles, reducing management levels and introducing competition among staff. In the distribution system, a dynamic mechanism linked salaries to economic performance and individual contributions, ensuring that remuneration aligned with responsibilities and achievements. These reforms injected vitality into Yuchai, enhancing employee enthusiasm and creativity. They also strengthened the parent company’s role and ensured that major decisions, investments, and personnel appointments were properly managed. In addition, Yuchai implemented a financial director appointment system for subsidiaries with over 40% ownership, strengthening financial control and ensuring accurate and complete financial information. These measures helped eliminate internal inefficiencies and created a more integrated and efficient operational environment. **Fine Management Strengthens Responsibility** A successful company has a unique character. Yuchai is known for its practical work style, restraint, and focus on results rather than publicity. This mindset is evident in its fine management and accountability practices. As the engine industry entered a low-profit era, Yuchai introduced a comprehensive budget management system to build profitable and cost-efficient enterprises. This system acted as a data hub, enabling macro-level oversight and timely identification of anomalies, which informed high-level decision-making. In 2006, Yu Ping personally led the establishment of the Cost Center, creating a platform for cost reduction and performance evaluation. That year, Yuchai saved 100 million yuan in costs, and in 2007, the savings reached 239 million yuan. To adapt to fierce market competition, Yuchai introduced accountability measures for senior management, reinforcing their duties and ensuring transparency. This helped eliminate poor management practices and fostered a culture of responsibility and integrity. **Independent Innovation Looks Internationally** Fuping once said, “Being controlled by others will never lead to greatness.” Yuchai is the only company in the internal combustion engine industry that does not rely on OEMs. To survive and grow, it must innovate continuously. For years, Yuchai has been a leader in independent innovation. In 2006, it launched the first diesel engine in China, four years ahead of national standards. It also developed the first CNG gas engine meeting national emission standards and introduced the smallest micro-diesel engine in the world, filling a gap in the domestic manufacturing industry. In 2007, the Yuchai Engineering Institute was established, marking a milestone in the company’s history. That year, Yuchai launched several advanced products, including the Export Exempt Verification Certificate for the YC6A, YC6J, and YC6G diesel engines, as well as the first 5-emission diesel engine (YC6L-50) and hybrid technology for urban passenger vehicles. The brand "Bi" was registered internationally, further solidifying Yuchai’s global presence. Independent innovation is the driving force behind Yuchai’s continuous improvement and its pursuit of core competitiveness. It has enabled Yuchai to expand into international markets and build a harmonious corporate culture. Today, Yuchai operates across Asia, Europe, the U.S., Africa, and Oceania, with over 30 offices, 40 branches, 1,000 distribution centers, and 2,000 service outlets worldwide. Its export volume exceeded 29,000 units in 2007, with trademarks registered in 50 countries. The company aims to reach 50,000 units in overseas sales by 2008, with exports making up over 10% of total sales. At the 2008 marketing conference in Changsha, Yuchai emphasized its internationalization strategy, focusing not only on market expansion but also on global industrial layout, capital operations, management innovation, and talent development. This forward-thinking approach reflects Yuchai’s ambition to become a truly global player. **Green Development and Harmony and Win-Win** A good company is a responsible one. As Yu Ping stated, “As a large-scale manufacturing enterprise, Yuchai consciously fulfills its social responsibilities, and being an outstanding corporate citizen is our important development goal.” In 2006, Yuchai introduced the core concept of “Green Development, Harmony and Win-Win,” extending its corporate responsibility beyond the company to society and its partners. This philosophy promotes sustainable development and creates a win-win “green industry chain” between Yuchai, customers, the government, and the community. In 2007, Yuchai’s Euro 4 products won public tenders in Beijing, Hangzhou, and Shenzhen, securing over 2,000 orders and becoming the only domestic supplier capable of batch supplying Euro 4 diesel engines. “Green Development and Harmony and Win-Win” has become a core value at Yuchai, reflecting its commitment to humanistic care and cultural depth. A mature enterprise is defined by its values and spirit. Yuchai’s dedication to sustainability and social responsibility has elevated its image and reinforced its influence in the industry. This philosophy represents not only Yuchai’s corporate responsibility but also its cultural heritage, showcasing the company’s grand vision and leadership in the global manufacturing landscape.

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