WUHAN,
China, Nov. 10, 2023 /PRNewswire/ -- China
Automotive Systems, Inc. (Nasdaq: CAAS) ("CAAS" or the
"Company"), a leading power steering components and systems
supplier in China, today announced its unaudited financial
results for the third quarter and nine months ended September
30, 2023.
Third Quarter 2023 Highlights
- Net sales increased slightly to $137.5
million, compared to $137.2
million in the third quarter of 2022.
- Electric power steering ("EPS") product sales increased by 2.0%
year-over-year to $45.7 million.
- Gross profit increased 18.7% to $24.8
million and gross margin rose to 18.0%, compared to 15.2% in
the third quarter of 2022.
- Income from operations increased by 108.2% to $10.2 million, compared to $4.9 million in the third quarter of 2022;
- Net income attributable to parent company's common shareholders
increased by 26.7% to $9.5 million,
or diluted income per share of $0.31,
compared to a net income attributable to parent company's common
shareholders of $7.5 million, or
diluted income per share of $0.24, in
the third quarter of 2022.
First Nine Months of 2023 Highlights
- Net sales rose by 4.1% to $417.2
million, compared to $400.8
million in the first nine months of 2022.
- Gross profit increased 18.3% to $69.1
million and gross margin was 16.6%, compared to 14.6% in the
first nine months of 2022.
- Income from operations increased 144.8% to $25.7 million, compared to income from operations
of $10.5 million in the first nine
months of 2022.
- Net income attributable to parent company's common shareholders
was $26.8 million, or diluted income
per share of $0.89, compared to net
income attributable to parent company's common shareholders of
$16.8 million, or diluted income per
share of $0.55 in the first nine
months of 2022.
- Cash and cash equivalents and pledged cash were $135.1 million as of September 30, 2023.
Mr. Qizhou Wu, the Chief Executive Officer of CAAS,
commented, "Our EPS product sales and our Brazilian operations
continued to grow as we face headwinds in the global auto markets.
Sales of both traditional hydraulic and EPS steering
products were stable in the third quarter of 2023. Sales into the
U.S. were down slightly as one customer's orders declined. On the
other hand, orders from our major customer in Brazil continued to increase."
"Chinese GDP grew at 4.9% year-over-year in the third quarter of
2023 according to the Chinese National Bureau of Statistics,
exceeding the consensus estimate. The Chinese auto industry has
rebounded but various market segments are experiencing differing
growth trends. The Chinese government has implemented favorable
policies to further revitalize the economy including purchase
exemptions for EVs, with local governments also providing auto
purchase incentives. We have maintained our position in the Chinese
and North American auto markets and are well positioned for future
growth."
Mr. Jie Li, the Chief Financial Officer of CAAS, commented,
"We continued to generate profits and positive cash flow in the
third quarter of 2023 as we reduced our operating expenses. At
September 30, 2023, cash and cash
equivalents and pledged cash totaled $135.1
million and working capital totaled $166.3 million. For the first nine months of
2023, our inventory level was $9.0
million lower and short-term loans declined by $7.1 million as compared to the end of our fiscal
year 2022. At September 30, 2023,
total current assets were $509.0
million, compared to total liabilities of $358.8 million."
Third Quarter of 2023
In the third quarter of 2023, net sales increased slightly to
$137.5 million, compared to
$137.2 million in the same quarter of
2022. The increase in net product sales was due to an increase of
EPS net product sales and steering columns compared to the third
quarter of 2022. EPS net sales were $45.7
million, or 33.2% of net sales, compared to $44.8 million, or 32.6% of net sales, in the
third quarter of 2022. Net product sales to North America were $27.6 million, compared to $29.5 million in the third quarter of 2022,
primarily due to lower product sales. Net product sales in
Brazil rose by 15.7% to
$13.3 million due to higher
demand.
Gross profit increased by 18.7% to $24.8
million in the third quarter of 2023, compared to
$20.9 million in the third quarter of
2022. Gross margin was 18.0%, compared to 15.2% for the same period
of 2022, mainly due to a change in product mix and a decrease in
unit cost.
Selling expenses declined by 5.0% to $3.8
million from $4.0 million in
the third quarter of 2022. Selling expenses represented 2.8% of net
sales in the third quarter of 2023, compared to 2.9% in the third
quarter of 2022.
General and administrative expenses ("G&A expenses")
increased by 24.5% to $6.1 million in
the third quarter of 2023, compared to $4.9 million in
the same quarter of 2022. The increase was primarily due to higher
marketing and office expenses, a one-time expense for the Company's
30th anniversary celebrations and the impact of the
appreciation of the USD against the RMB. G&A expenses
represented 4.4% of net sales in the third quarter of 2023,
compared to 3.6% of net sales in the third quarter of 2022.
Research and development expenses ("R&D expenses") decreased
by 27.4% to $6.9 million in the third
quarter of 2023, compared to $9.5
million in the third quarter of 2022. R&D expenses
represented 5.0% of net sales in the third quarter of 2023,
compared to 6.9% of net sales in the third quarter of 2022. Lower
R&D expenses were primarily due to higher R&D expenses in
the third quarter of 2022 for the development of iRCB, eRCB and
REPS new products.
Income from operations increased by 108.2% year-over-year to
$10.2 million, compared to
$4.9 million in the third quarter of
2022. Higher income from operations was mainly due to increased
gross profit and an 8.2% year-over-year reduction in operating
expenses in the third quarter of 2023.
Other income was $1.2 million in
the third quarter of 2023, compared to $0.7
million in the third quarter of 2022, primarily due to more
government subsidies received in the third quarter of 2023.
Net financial income was $0.2
million in the third quarter of 2023, compared to net
financial income of $4.8 million in
the third quarter of 2022, mainly due to a decrease in the foreign
exchange gain due to the foreign exchange volatility.
Income before income tax expenses and equity in earnings of
affiliated companies increased by 12.0% to $11.2 million in the third quarter of 2023,
compared to income before income tax expenses and equity in
earnings of affiliated companies of $10.0
million in the third quarter of 2022. The higher income
before income tax expenses and equity in earnings of affiliated
companies was mainly due to increased income from operations
compared to the third quarter of 2022.
Income tax expense was $0.7
million in the third quarter of 2023, compared to an income
tax expense of $0.9 million for the
third quarter of 2022, which was mainly due to a valuation
allowance recognized in the third quarter of 2022.
Net income attributable to parent company's common shareholders
was $9.5 million in the third quarter
of 2023, compared to net income attributable to parent company's
common shareholders of $7.5 million
in the third quarter of 2022. Diluted income per share increased by
29.2% to $0.31 in the third quarter
of 2023, compared to diluted income per share of $0.24 in the third quarter of 2022.
The weighted average number of diluted common shares outstanding
was 30,189,363 in the third quarter of 2023, compared to 30,640,260
in the third quarter of 2022.
First Nine Months of 2023
Net sales for the first nine months of 2023 increased by 4.1% to
$417.2 million compared to
$400.8 million in the first nine
months of 2022. Gross profit for the first nine months of 2023
increased by 18.3% to $69.1 million,
compared to $58.4 million in the
corresponding period last year. Gross margin for the first nine
months of 2023 was 16.6%, compared to 14.6% for the corresponding
period in 2022. For the nine months ended September 30, 2023, gain on other sales amounted
to $3.6 million, compared to
$5.3 million for the corresponding
period in 2022. Income from operations increased 144.8% to
$25.7 million compared to income from
operations of $10.5 million in the
first nine months of 2022.
Net income attributable to parent company's common shareholders
was $26.8 million, compared to net
income attributable to parent company's common shareholders of
$16.8 million in the corresponding
period last year. Diluted income per share was $0.89 in the first nine months of 2023, compared
to diluted income per share of $0.55
for the corresponding period in 2022.
As of September 30, 2023, total
cash and cash equivalents and pledged cash deposits were
$135.1 million. Total accounts
receivable, including notes receivable, were $241.5 million. Accounts payable, including notes
payable, were $222.1 million. Total
parent company stockholders' equity was $328.6 million as of September 30, 2023, compared to $311.7 million as of December 31, 2022.
Net cash provided by operating activities was $10.7 million in the first nine months of 2023,
compared to net cash provided by operating activities of
$31.7 million in the first nine
months of 2022. Payments to acquire property, plant and equipment
were $12.2 million, compared to
$11.8 million in the first nine
months of 2022.
Business Outlook
Management reiterates its revenue guidance of $560 million for the full year 2023. This target
is based on the Company's current views on operating and market
conditions, which are subject to change.
Conference Call
Management will conduct a conference call on November 10, 2023 at 8:00
A.M. EST/9:00 P.M. Beijing
Time to discuss these results. A question and answer session will
follow management's presentation. To participate, please see the
dial-in information below, enter the call 10 minutes before the
call start time and ask to be connected to the "China Automotive
Systems" conference with pin 235512.
Phone Number: +1-888-506-0062 (North
America)
Phone Number: +1-973-528-0011 (International)
Mainland China Toll Free:
+86-400-120-3199
A replay of the call will be available on the Company's website
under the investor relations section.
About China Automotive Systems, Inc.
Based in Hubei Province,
the People's Republic of China,
China Automotive Systems, Inc. is a leading supplier of power
steering components and systems to the Chinese automotive industry,
operating through eight Sino-foreign joint ventures. The Company
offers a full range of steering system parts for passenger
automobiles and commercial vehicles. The Company currently offers
four separate series of power steering with an annual production
capacity of over 6 million sets of steering gears, columns and
steering hoses. Its customer base is comprised of leading auto
manufacturers, such as China FAW Group, Corp., Dongfeng Auto Group
Co., Ltd., BYD Auto Company Limited, Beiqi Foton Motor Co., Ltd.
and Chery Automobile Co., Ltd. in China, and Fiat Chrysler Automobiles ("FCA")
and Ford Motor Company in North
America. For more information, please visit:
http://www.caasauto.com.
Forward-Looking Statements
This press release contains statements that are "forward-looking
statements" as defined under the Private Securities Litigation
Reform Act of 1995. Forward-looking statements represent our
estimates and assumptions only as of the date of this press
release. Our actual results may differ materially from the results
described in or anticipated by our forward-looking statements due
to certain risks and uncertainties. As a result, the Company's
actual results could differ materially from those contained in
these forward-looking statements due to a number of factors,
including those described under the heading "Risk Factors" in the
Company's Annual Report on Form 10-K as filed with the Securities
and Exchange Commission on March 30,
2023, and in documents subsequently filed by the Company
from time to time with the Securities and Exchange Commission. Any
of these factors and other factors beyond our control, could have
an adverse effect on the overall business environment, cause
uncertainties in the regions where we conduct business, cause our
business to suffer in ways that we cannot predict and materially
and adversely impact our business, financial condition and results
of operations. A prolonged disruption or any further unforeseen
delay in our operations of the manufacturing, delivery and assembly
process within any of our production facilities could continue to
result in delays in the shipment of products to our customers,
increased costs and reduced revenue. We expressly disclaim any duty
to provide updates to any forward-looking statements made in this
press release, whether as a result of new information, future
events or otherwise.
For further information, please contact:
Jie Li
Chief Financial Officer
China Automotive Systems, Inc.
Email: jieli@chl.com.cn
Kevin Theiss
Investor Relations
+1-212-510-8922
Email: Kevin@awakenlab.com
- Tables Follow –
|
China Automotive
Systems, Inc. and Subsidiaries
|
|
Condensed Unaudited
Consolidated Statements of Operations and Comprehensive
Income
|
|
(In thousands of
USD, except share and per share amounts)
|
|
|
|
Three Months Ended
September 30,
|
|
|
2023
|
|
2022
|
|
Net product sales
($8,407 and $11,181 sold to related parties for the three
months
ended September 30, 2023 and 2022)
|
|
$
|
137,541
|
|
$
|
137,207
|
|
Cost of products sold
($6,266 and $7,689 purchased from related parties for the three
months ended September 30, 2023 and 2022)
|
|
|
112,784
|
|
|
116,289
|
|
Gross profit
|
|
|
24,757
|
|
|
20,918
|
|
Gain on other
sales
|
|
|
2,177
|
|
|
2,290
|
|
Less: Operating
expenses
|
|
|
|
|
|
|
|
Selling
expenses
|
|
|
3,803
|
|
|
3,978
|
|
General and
administrative expenses
|
|
|
6,108
|
|
|
4,893
|
|
Research and
development expenses
|
|
|
6,870
|
|
|
9,450
|
|
Total operating
expenses
|
|
|
16,781
|
|
|
18,321
|
|
Income from
operations
|
|
|
10,153
|
|
|
4,887
|
|
Other income,
net
|
|
|
1,155
|
|
|
744
|
|
Interest
expense
|
|
|
(245)
|
|
|
(384)
|
|
Financial income,
net
|
|
|
163
|
|
|
4,760
|
|
Income before income
tax expenses and equity in earnings of affiliated
companies
|
|
|
11,226
|
|
|
10,007
|
|
Less: Income
taxes
|
|
|
688
|
|
|
899
|
|
Add: Equity in
earnings/(loss) of affiliated companies
|
|
|
706
|
|
|
(1,101)
|
|
Net income
|
|
|
11,244
|
|
|
8,007
|
|
Less: Net income
attributable to non-controlling interests
|
|
|
1,749
|
|
|
529
|
|
Accretion to redemption
value of redeemable non-controlling interests
|
|
|
(7)
|
|
|
(8)
|
|
Net income attributable
to parent company's common shareholders
|
|
$
|
9,488
|
|
$
|
7,470
|
|
Comprehensive
income:
|
|
|
|
|
|
|
|
Net income
|
|
$
|
11,244
|
|
$
|
8,007
|
|
Other comprehensive
income:
|
|
|
|
|
|
|
|
Foreign currency
translation income/(loss), net of tax
|
|
|
3,580
|
|
|
(18,705)
|
|
Comprehensive
income/(loss)
|
|
|
14,824
|
|
|
(10,698)
|
|
Less: Comprehensive
income/(loss) attributable to non-controlling interests
|
|
|
3,590
|
|
|
(604)
|
|
Accretion to redemption
value of redeemable non-controlling interests
|
|
|
(7)
|
|
|
(8)
|
|
Comprehensive
income/(loss) attributable to parent company
|
|
$
|
11,227
|
|
$
|
(10,102)
|
|
|
|
|
|
|
|
|
Net income attributable
to parent company's common shareholders per share -
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.31
|
|
$
|
0.24
|
|
Diluted
|
|
$
|
0.31
|
|
$
|
0.24
|
|
|
|
|
|
|
|
|
Weighted average number
of common shares outstanding -
|
|
|
|
|
|
|
|
Basic
|
|
|
30,185,702
|
|
|
30,637,876
|
|
Diluted
|
|
|
30,189,363
|
|
|
30,640,260
|
|
China Automotive
Systems, Inc. and Subsidiaries
|
|
Condensed Unaudited
Consolidated Statements of Operations and Comprehensive
Income
|
|
(In thousands of
USD, except share and per share amounts)
|
|
|
|
Nine Months Ended
September 30,
|
|
|
2023
|
|
2022
|
|
Net product sales
($35,177 and $31,343 sold to related parties for the nine
months
ended September 30, 2023 and 2022)
|
|
$
|
417,194
|
|
$
|
400,764
|
|
Cost of products sold
($20,592 and $21,725 purchased from related parties for the
nine months ended September 30, 2023 and 2022)
|
|
|
348,101
|
|
|
342,401
|
|
Gross profit
|
|
|
69,093
|
|
|
58,363
|
|
Gain on other
sales
|
|
|
3,572
|
|
|
5,326
|
|
Less: Operating
expenses
|
|
|
|
|
|
|
|
Selling
expenses
|
|
|
10,981
|
|
|
12,358
|
|
General and
administrative expenses
|
|
|
16,132
|
|
|
15,309
|
|
Research and
development expenses
|
|
|
19,866
|
|
|
25,473
|
|
Total operating
expenses
|
|
|
46,979
|
|
|
53,140
|
|
Income from
operations
|
|
|
25,686
|
|
|
10,549
|
|
Other income,
net
|
|
|
4,620
|
|
|
7,067
|
|
Interest
expense
|
|
|
(770)
|
|
|
(1,156)
|
|
Financial income,
net
|
|
|
3,704
|
|
|
9,318
|
|
Income before income
tax expenses and equity in earnings of affiliated
companies
|
|
|
33,240
|
|
|
25,778
|
|
Less: Income
taxes
|
|
|
3,004
|
|
|
5,013
|
|
Add: Equity in
earnings/(loss) of affiliated companies
|
|
|
359
|
|
|
(2,674)
|
|
Net income
|
|
|
30,595
|
|
|
18,091
|
|
Less: Net income
attributable to non-controlling interests
|
|
|
3,799
|
|
|
1,229
|
|
Accretion to redemption
value of redeemable non-controlling interests
|
|
|
(22)
|
|
|
(23)
|
|
Net income attributable
to parent company's common shareholders
|
|
$
|
26,774
|
|
$
|
16,839
|
|
Comprehensive
income:
|
|
|
|
|
|
|
|
Net income
|
|
$
|
30,595
|
|
$
|
18,091
|
|
Other comprehensive
income:
|
|
|
|
|
|
|
|
Foreign currency
translation loss, net of tax
|
|
|
(8,752)
|
|
|
(36,323)
|
|
Comprehensive
income/(loss)
|
|
|
21,843
|
|
|
(18,232)
|
|
Less: Comprehensive
income/(loss) attributable to non-controlling interests
|
|
|
4,831
|
|
|
(957)
|
|
Accretion to redemption
value of redeemable non-controlling interests
|
|
|
(22)
|
|
|
(23)
|
|
Comprehensive
income/(loss) attributable to parent company
|
|
$
|
16,990
|
|
$
|
(17,298)
|
|
|
|
|
|
|
|
|
Net income attributable
to parent company's common shareholders per share -
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.89
|
|
$
|
0.55
|
|
Diluted
|
|
$
|
0.89
|
|
$
|
0.55
|
|
|
|
|
|
|
|
|
Weighted average number
of common shares outstanding -
|
|
|
|
|
|
|
|
Basic
|
|
|
30,185,702
|
|
|
30,778,336
|
|
Diluted
|
|
|
30,190,660
|
|
|
30,779,883
|
|
China Automotive
Systems, Inc. and Subsidiaries
|
|
Condensed Unaudited
Consolidated Balance Sheets
|
|
(In thousands of USD
unless otherwise indicated)
|
|
|
|
September 30, 2023
|
|
December 31, 2022
|
|
ASSETS
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
108,244
|
|
$
|
121,216
|
|
Pledged cash
|
|
|
26,877
|
|
|
37,735
|
|
Accounts and notes
receivable, net - unrelated parties
|
|
|
227,946
|
|
|
214,308
|
|
Accounts and notes
receivable, net - related parties
|
|
|
13,571
|
|
|
10,016
|
|
Inventories
|
|
|
103,187
|
|
|
112,236
|
|
Other current
assets
|
|
|
29,127
|
|
|
25,207
|
|
Total current
assets
|
|
|
508,952
|
|
|
520,718
|
|
Non-current
assets:
|
|
|
|
|
|
|
|
Property, plant and
equipment, net
|
|
|
100,598
|
|
|
106,606
|
|
Land use rights,
net
|
|
|
9,073
|
|
|
9,555
|
|
Long-term
investments
|
|
|
60,866
|
|
|
59,810
|
|
Other non-current
assets
|
|
|
28,604
|
|
|
17,663
|
|
Total assets
|
|
$
|
708,093
|
|
$
|
714,352
|
|
|
|
|
|
|
|
|
LIABILITIES, MEZZANINE
EQUITY AND STOCKHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Short-term
loans
|
|
$
|
38,568
|
|
$
|
45,671
|
|
Accounts and notes
payable-unrelated parties
|
|
|
211,788
|
|
|
218,412
|
|
Accounts and notes
payable-related parties
|
|
|
10,283
|
|
|
16,695
|
|
Accrued expenses and
other payables
|
|
|
47,573
|
|
|
48,311
|
|
Other current
liabilities
|
|
|
34,439
|
|
|
35,106
|
|
Total current
liabilities
|
|
|
342,651
|
|
|
364,195
|
|
Long-term
liabilities:
|
|
|
|
|
|
|
|
Long-term tax
payable
|
|
|
8,781
|
|
|
15,805
|
|
Other non-current
liabilities
|
|
|
7,402
|
|
|
6,937
|
|
Total
liabilities
|
|
$
|
358,834
|
|
$
|
386,937
|
|
|
|
|
|
|
|
|
Commitments and
Contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mezzanine
equity:
|
|
|
|
|
|
|
|
Redeemable
non-controlling interests
|
|
|
605
|
|
|
582
|
|
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
Common stock, $0.0001
par value - Authorized - 80,000,000 shares; Issued
– 32,338,302 and 32,338,302 shares as of September 30, 2023
and
December 31, 2022, respectively
|
|
$
|
3
|
|
$
|
3
|
|
Additional paid-in
capital
|
|
|
63,731
|
|
|
63,731
|
|
Retained
earnings-
|
|
|
|
|
|
|
|
Appropriated
|
|
|
11,851
|
|
|
11,851
|
|
Unappropriated
|
|
|
273,948
|
|
|
247,174
|
|
Accumulated other
comprehensive income
|
|
|
(13,197)
|
|
|
(3,413)
|
|
Treasury stock –
2,152,600 and 2,152,600 shares as of
September 30, 2023
and December 31, 2022, respectively
|
|
|
(7,695)
|
|
|
(7,695)
|
|
Total parent company
stockholders' equity
|
|
|
328,641
|
|
|
311,651
|
|
Non-controlling
interests
|
|
|
20,013
|
|
|
15,182
|
|
Total stockholders'
equity
|
|
|
348,654
|
|
|
326,833
|
|
Total liabilities,
mezzanine equity and stockholders' equity
|
|
$
|
708,093
|
|
$
|
714,352
|
|
China Automotive
Systems, Inc. and Subsidiaries
|
|
Condensed Unaudited
Consolidated Statements of Cash Flows
|
|
(In thousands of USD
unless otherwise indicated)
|
|
|
|
Nine
Months Ended September 30,
|
|
|
|
2023
|
|
|
2022
|
|
|
Cash
flows
from operating activities:
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
30,595
|
|
|
$
|
18,091
|
|
|
Adjustments to
reconcile net income from operations to net cash provided by
operating activities:
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
13,666
|
|
|
|
17,402
|
|
|
(Reversal)/provision of
credit losses
|
|
|
(450)
|
|
|
|
602
|
|
|
Deferred income
taxes
|
|
|
(1,017)
|
|
|
|
2,880
|
|
|
Equity in earnings of
affiliated companies
|
|
|
(359)
|
|
|
|
2,674
|
|
|
Loss on fixed assets
disposals
|
|
|
79
|
|
|
|
35
|
|
|
(Increase)/decrease
in:
|
|
|
|
|
|
|
|
|
|
Accounts and notes
receivable
|
|
|
(24,315)
|
|
|
|
(21,616)
|
|
|
Inventories
|
|
|
6,070
|
|
|
|
115
|
|
|
Other current
assets
|
|
|
(1,391)
|
|
|
|
(3,748)
|
|
|
Other non-current
assets
|
|
|
(517)
|
|
|
|
—
|
|
|
Increase/(decrease)
in:
|
|
|
|
|
|
|
|
|
|
Accounts and notes
payable
|
|
|
(6,198)
|
|
|
|
5,795
|
|
|
Accrued expenses and
other payables
|
|
|
849
|
|
|
|
3,004
|
|
|
Long-term taxes
payable
|
|
|
(5,268)
|
|
|
|
(2,809)
|
|
|
Other current
liabilities
|
|
|
(1,004)
|
|
|
|
9,252
|
|
|
Net cash provided by
operating activities
|
|
|
10,740
|
|
|
|
31,677
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
|
(Increase)/decrease in
demand loans included in other non-current assets
|
|
|
—
|
|
|
|
288
|
|
|
Cash received from
property, plant and equipment sales
|
|
|
664
|
|
|
|
1,143
|
|
|
Payments to acquire
property, plant and equipment (including $6,414 and $2,632
paid to related parties for the nine months ended September
30, 2023 and 2022,
respectively)
|
|
|
(12,184)
|
|
|
|
(11,842)
|
|
|
Payments to acquire
intangible assets
|
|
|
(2,437)
|
|
|
|
(68)
|
|
|
Investment under the
equity method
|
|
|
(7,729)
|
|
|
|
(12,802)
|
|
|
Purchase of short-term
investments
|
|
|
(55,290)
|
|
|
|
(79,311)
|
|
|
Proceeds from
maturities of short-term investments
|
|
|
48,281
|
|
|
|
55,944
|
|
|
Cash received from
long-term investments
|
|
|
3,115
|
|
|
|
3,986
|
|
|
Net cash used in
investing activities
|
|
|
(25,580)
|
|
|
|
(42,662)
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
|
Proceeds from bank
loans
|
|
|
42,828
|
|
|
|
43,616
|
|
|
Repayments of bank
loans
|
|
|
(48,147)
|
|
|
|
(41,465)
|
|
|
Repayments of the
borrowing for sale and leaseback transaction
|
|
|
—
|
|
|
|
(1,130)
|
|
|
Repurchase of common
shares
|
|
|
—
|
|
|
|
(1,567)
|
|
|
Net cash used in
financing activities
|
|
|
(5,319)
|
|
|
|
(546)
|
|
|
Effects of exchange
rate on cash, cash equivalents and pledged cash
|
|
|
(3,671)
|
|
|
|
(16,223)
|
|
|
Net decrease in cash,
cash equivalents and pledged cash
|
|
|
(23,830)
|
|
|
|
(27,754)
|
|
|
Cash, cash equivalents
and pledged cash at beginning of the period
|
|
|
158,951
|
|
|
|
159,499
|
|
|
Cash, cash equivalents
and pledged cash at end of the period
|
|
$
|
135,121
|
|
|
$
|
131,745
|
|
View original
content:https://www.prnewswire.com/news-releases/china-automotive-systems-reports-a-29-2-increase-in-diluted-earnings-per-share-growth-in-the-third-quarter-of-2023--301984311.html
SOURCE China Automotive Systems, Inc.