Guangxi Yuchai Machinery Co., Ltd. (NYSE: CYD) is the core subsidiary of Guangxi Yuchai Machinery Group Co., Ltd., with over 9,000 employees, total assets of over 16 billion yuan and an annual engine output of 700,000 units. We completed the shareholding reform in 1992, became a Chinese-foreign joint venture in 1993 through restructuring, and went public on the New York Stock Exchange in 1994 as China's first engine manufacturer listed abroad. Headquartered in Yulin, Guangxi, we have 7 subsidiaries and production bases in areas such as Fujian, Jiangsu, Anhui and Shandong.
We have established a high-efficiency and coordinated lean operation system (YCPS) that is characteristic of Yuchai, oriented on market and based on lean manufacturing, centers on quality, closely integrates products with market and responds to market segments fast, thus enhancing our comprehensive competitiveness integrating commodity force, manufacturing force, marketing force and system force, and laying a slid foundation for our innovative development.
With tremendous R & D strength, we have established research bases in Nanning and Yulin, owned a domestic leading engineering research institute, a national corporate technical center, a state-accredited laboratory, a state engineering laboratory and a postdoctoral workstation, and established a dozen domestic and overseas product and technology R & D centers in association with over 40 domestic and foreign institutions of higher education and engine research institutions. Based on our strong R & D platform, we have undertaken 10 national "863" high-tech frontier research projects, led and participated in the formulation and revision of 55 national and industrial standards, acquired over 2,000 product and technology patents, and successfully developed China's first diesel engine for cars, China's first urban bus hybrid engine (ISG) and the world's first renewable pneumatic hybrid engine. In 2012 and 2013, the key engine technology projects we led and participated in won the second national prize for progress in science and technology.
We manufacture 10 categories and 30 series of mini, light, medium and heavy-duty diesel and gas engines, with a power of ranging from 20kW to 2700kW. We are an engine manufacturer with the most diverse varieties and the most complete product spectrum. With characteristics such as large power, large torque, high reliability, low fuel consumption, low emission and strong adaptability, our products have been widely used in fields such as truck, bus, passenger vehicle, special vehicle, agricultural vehicle, generating set and ship, and have become prioritized power of a host of domestic vehicle brands.
Guided by the marketing philosophy of "forging brand by professionalism and creating value by quality service", we have established a perfect marketing service system, and built 47 domestic and overseas offices, 113 overseas service agents, over 2900 service outlets and over 4800 parts sales outlets worldwide, thus forming a service network with the largest scale, smallest service radius, longest warranted mileage and fastest response time in the domestic industry. Through the YCSS service information management system and 95098 national hotline, we have provided initiative follow-up services, formed the "fast ? sincere" service brand, extended our operations to Asia, Europe, America, Africa and Oceania, and sold products to over 180 countries and regions. In 2014, we registered sales revenues of 22.2 billion yuan and an engine sales volume of over 484,000 units, thus securing our lead in the industry.
With the business philosophy of "Great Power, Globalized Yuchai" and the mission of "satisfying public demands with outstanding and leading engines”, we have kept to the road of green industrial development, followed ISO26000 international standards for social responsibility and the ten principles of the UN Global Compact, built and implemented the green value system, and endeavored to achieve the vision of "becoming the world's most competitive professional engine supplier". We have been widely recognized and praised by all walks of life for our rapid development, and successively won honors such as "National Customer-satisfying Product", "National Customer-satisfying Enterprise", "National Quality Award", "Enterprise Exempt from Export Inspection" and nomination or the 1st "China Quality Award".