Yinlun
银轮股份Heat-exchanger maker whose H1 2026 revenue rose 25.9% to ¥9.03bn; its commercial-vehicle and data-centre lines earn about twice its passenger-car margin.
- RevenueH1 2026
- ¥9.03bnup 25.9%
- Passenger car gross marginH1 2026
- 12.66%
- Commercial vehicle and non-road gross marginH1 2026
- 23.61%
Overview
Business
Yinlun (浙江银轮机械股份有限公司, Zhejiang Yinlun Machinery) makes heat exchangers and thermal management systems for passenger cars, commercial and off-highway vehicles, and for digital and energy uses such as data centres, communications base stations and energy storage. It has research centres and plants in the United States, Mexico, Sweden, Poland, Malaysia and India, and names Caterpillar, Cummins, John Deere, Navistar, Daimler and Weichai among customers that have recognised its quality (2026 interim report, pp. 12, 28).
Results
In the first half of 2026 revenue rose 25.9% to ¥9.03bn and net profit attributable to shareholders rose 2.5% to ¥452.3m (p. 8). By market, with gross margins (p. 18):
- Passenger cars: ¥4.49bn, up 17.0%, at 12.66%.
- Commercial vehicles and non-road: ¥3.32bn, up 37.0%, at 23.61%.
- Digital and energy: ¥977.5m, up 41.3%, at 25.31%.
By region, 73.0% of revenue was in China, 14.5% in North America and 7.8% in Europe (p. 18).
Where it stands
The margin gap between passenger car thermal parts and the other two lines is the main finding in the filing. Yinlun's growth is fastest where margins are highest.
Key metrics
| Metric | Period | Value |
|---|---|---|
| Revenue2026 interim report, p. 8 | H1 2026 | ¥9.03bnup 25.9% |
| Passenger car gross margin2026 interim report, p. 18 | H1 2026 | 12.66% |
| Commercial vehicle and non-road gross margin2026 interim report, p. 18 | H1 2026 | 23.61% |
| Digital and energy revenue and gross margin2026 interim report, p. 18 | H1 2026 | ¥977.5mup 41.3%, at 25.31% |