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2024-08-13
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities
Exchange Act of 1934
Date of Report (Date of earliest event reported):
August 13, 2024
China Automotive Systems, Inc.
(Exact name of registrant as specified in its charter)
Delaware |
000-33123 |
33-0885775 |
(State or other jurisdiction of
incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
No. 1 Henglong Road, Yu Qiao Development Zone
Shashi District, Jing Zhou City
Hubei Province
The People's Republic of China
(Address of principal executive offices, including zip code)
Registrant’s telephone number, including
area code (86) 27-8757 0027
(Former name or former address, if changed since
last report)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ | Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered
pursuant to Section 12(b) of the Act:
Title of each class |
Trading Symbol |
Name of each exchange on which
registered |
Common Stock, $0.0001 par value |
CAAS |
The Nasdaq Capital Market |
Indicate by check mark whether the registrant is an emerging growth
company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities
Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act. ¨
Item 2.02 |
Results of Operations and Financial Condition |
On August 13, 2024, China Automotive Systems,
Inc. issued a press release announcing financial results for the quarter ended June 30, 2024. The press release is attached as Exhibit
99.1 to this Current Report on Form 8-K.
The information in this Item 2.02 and in Exhibit
99.1 attached to this Form 8-K is furnished pursuant to Item 2.02 of Form 8-K and shall not be deemed to be “filed” for
purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of that section.
Item 9.01 |
Financial Statements and Exhibits |
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, as amended, the Company has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
|
|
China Automotive Systems, Inc. |
|
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|
(Registrant) |
|
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Date: August 13, 2024 |
|
By: |
/s/ Hanlin Chen |
|
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Hanlin Chen |
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Chairman |
Exhibit
99.1
China
Automotive Systems Reports Income From Operations Increased by 38.7%
in the Second Quarter of 2024
WUHAN,
China, August 13, 2024 -- 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 second quarter and six months ended June 30, 2024.
Second
Quarter 2024 Highlights
| · | Net
sales rose 15.4% year-over-year to $158.6 million from $137.4 million in the second quarter
of 2023. |
| · | Gross
profit increased by 29.0% year-over-year to $29.3 million from $22.7 million in the second
quarter of 2023; gross margin increased to 18.5% in the second quarter of 2024 from 16.5%
in the second quarter of 2023 |
| · | Income
from operations increased by 38.7% year-over-year to $10.8 million, from income from operations
of $7.8 million in the second quarter of 2023. |
| · | Net
income attributable to parent company’s common shareholders was $7.1 million, or diluted
earnings per share of $0.24. |
First
Six Months of 2024 Highlights
| · | Net
sales grew by 6.6% year-over-year to $298.0 million, compared to $279.7 million in the first
six months of 2023. |
| · | Gross
profit increased by 20.4% year-over-year to $53.4 million, compared to $44.3 million in the
first six months of 2023; gross margin increased to 17.9% in the first six months of 2024
from 15.9% in the same period last year |
| · | Income
from operations rose by 31.7% year-over-year to $20.5 million compared to income from operations
of $15.5 million in the first six months of 2023. |
| · | Net
income attributable to parent company’s common shareholders was $15.4 million. |
| · | Diluted
earnings per share attributable to parent company’s common shareholders was $0.51. |
| · | Cash
and cash equivalents, and pledged cash were $148.4 million, or approximately $4.92 per share,
as of June 30, 2024. |
| · | A
special cash dividend of $0.80 per common share has been declared for shareholders of record
on July 30, 2024. |
Mr. Qizhou
Wu, Chief Executive Officer of CAAS, commented, “We are pleased to report strong top line growth and accelerating margin expansion.
Sales growth was led by an increase of 33.7% in sales of Electric Power Steering (“EPS”) products in the second quarter of
2024, which now accounts for one-third of our total sales.”
“According
to statistics from the China Association of Automobile Manufacturers, overall automobile sales in China increased by 6.1% year-over-year
in the first six months of 2024 with passenger car sales up by 6.3% and commercial vehicle sales
ahead by 4.9%. Sales of domestic cars rose by 1.4% and Chinese vehicle exports increased by 30.5% for the first six months of 2024.”
“Based
on our recent financial performance, current financial condition, expected cash requirements and future free cash-flow generation, we
rewarded our shareholders with a special cash dividend of $0.80 per common share. We are confident that our operational excellence and
technology prowess will eventually be reflected in appropriate long-term shareholder value.”
Mr. Jie
Li, Chief Financial Officer of CAAS, commented, “We maintained a strong balance sheet with
cash and cash equivalents plus pledged cash of $148.4 million, working capital of $190.0 million and positive cash flow from operations
in the first six months of 2024. In August 2024, we celebrate the 20th anniversary of our NASDAQ listing. Since our initial
listing, we have grown from a small Chinese domestic auto parts company to a large global tier-1 supplier with customers in North America,
South America, Europe and Asia. With our diversified customer base and best-in-class product offerings, we look forward to continuing
long-term growth in China and the global markets.”
Second
Quarter of 2024
Net
sales increased by 15.4% year-over-year to $158.6 million in the second quarter of 2024, compared to $137.4 million in the second quarter
of 2023. Net sales of traditional steering products and parts increased by 7.5% year-over-year to $103.0 million for the second quarter
of 2024, compared to $95.8 million for the same quarter in 2023. Net sales of EPS products rose 33.7% year-over-year to $55.6 million
from $41.6 million for the same period in 2023. EPS product sales grew to 35.1% of the total net sales for the second quarter
of 2024, compared to 30.3% for the same period in 2023. Sales of Henglong’s passenger vehicle steering
customers increased by 18.9% and sales to Chery Auto rose by 28.8% due to higher demand. Export sales to North American customers were
consistent at $26.8 million in the second quarter of 2024, compared to $28.9 million in the second quarter of 2023. North American sales
declined due to decreased demand from one customer. Sales in Brazil were $12.0 million in the second quarter of 2024, compared to $12.2
million in the second quarter of 2023.
Gross
profit grew by 29.0% year-over-year to $29.3 million from $22.7 million in the second quarter of 2023. Gross
margin increased to 18.5% in the second quarter of 2024 from 16.5% in the second quarter of 2023. The increase in gross margin was mainly
due to the changes in the product mix and improved cost management.
Gain
on other sales was $1.7 million in the second quarter of 2024, compared to $0.7 million in the second quarter of 2023.
Selling
expenses increased by 21.6% year-over-year to $4.6 million compared to $3.8 million in the second quarter of 2023. Selling expenses represented
2.9% of net sales in the second quarter of 2024, compared to 2.8% in the second quarter of 2023.
General and administrative expenses
(“G&A expenses”) increased by 40.7% year-over-year to $7.4 million, compared to $5.3 million in the second quarter of
2023, primarily due to higher consulting fee and business tax and surcharges. G&A expenses represented 4.7% of net sales in the second
quarter of 2024, compared to 3.9% of net sales in the second quarter of 2023.
Research
and development expenses (“R&D expenses”) increased by 23.9% year-over-year to $8.2 million compared to $6.6 million
in the second quarter of 2023. R&D expenses represented 5.2% of net sales in the second quarter of 2024,
compared to 4.8% in the second quarter of 2023. Research and development programs include electric power and hydraulic steering systems,
automotive intelligence and software technologies, automobile electronics, steering columns, high polymer materials, automotive parts,
manufacturing technologies, and automotive parts among other products.
Other
income was $1.7 million for the second quarter of 2024, compared to $2.0 million for the three months ended June 30, 2023. The decrease
was primarily due to lower government subsidies in the second quarter of 2024.
Income
from operations rose 38.7% to $10.8 million in the second quarter of 2024, from $7.8 million in
the second quarter of 2023. The increase was primarily due to higher sales and better margins.
Interest
expense was $0.2 million in the second quarter of 2024, compared to $0.3 million in the second quarter
of 2023.
Net
financial expense was $0.7 million in the second quarter of 2024, compared to net financial income
of $4.0 million in the second quarter of 2023. The change in net financial expense/income was primarily due to foreign exchange volatility
generating a loss in the second quarter of 2024 compared with income in last year’s same quarter.
Income
before income tax expenses and equity in earnings of affiliated companies was $11.7 million in the
second quarter of 2024, compared to income before income tax expenses and equity in earnings of affiliated companies of $13.4 million
in the second quarter of 2023. The change in income before income tax expenses and equity in earnings of affiliated companies was mainly
due to foreign exchange volatility generating a loss in the second quarter of 2024 compared with income in last year’s same quarter.
Income
tax expense was $2.1 million in the second quarter of 2024 compared to $1.5 million for the second quarter of 2023 primarily due to an
increase in the Global Intangible Low-Taxed Income (“GILTI”) tax expenses.
Net
income attributable to parent company’s common shareholders was $7.1 million in the second quarter of 2024, compared to net income
attributable to parent company’s common shareholders of $10.5 million in the second quarter of 2023. Diluted earnings per share
was $0.24 in the second quarter of 2024, compared to $0.35 per share in the second quarter of 2023.
The
weighted average number of diluted common shares outstanding was 30,185,702 in the second quarter of 2024, compared to 30,189,537 in
the second quarter of 2023.
First
Six Months of 2024
Net
sales increased by 6.6% year-over-year to $298.0 million in the first six months of 2024, compared to $279.7 million in the first six
months of 2023 primarily due to increased sales of EPS systems. Six-month gross profit increased by 20.4% year-over-year to $53.4 million
from $44.3 million in the corresponding period last year. Six-month gross margin was 17.9% compared with 15.9% in the first six months
of 2023. Gain on other sales was $2.2 million in the first six months of 2024, compared to $1.4
million in the corresponding period last year. Income from operations increased by 31.7% year-over-year to $20.5 million in the first
six months of 2024 from $15.5 million in the first six months of 2023.
Net
income attributable to parent company’s common shareholders was $15.4 million in the first six months of 2024, compared to net
income attributable to parent company’s common shareholders of $17.3 million in the corresponding period in 2023. Diluted earnings
per share in the first six months of 2024 were $0.51, compared to diluted earnings per share of $0.57 in the first six months of 2023.
Balance
Sheet
As
of June 30, 2024, total cash and cash equivalents, and pledged cash were $148.4 million, total
accounts receivable including notes receivable were $288.1 million, accounts payable including notes payable, were $254.0 million and
short-term loans were $46.6 million. Total parent company stockholders' equity was $362.9 million as of June 30, 2024, compared
to $344.5 million as of December 31, 2023.
Business
Outlook
Management
has reiterated its revenue guidance for the full year 2024 of $605.0 million. 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 August 13, 2024 at 7:00 A.M. EDT/7:00 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 call:
Phone
Number: +1-888-506-0062 (North America)
Phone
Number: +1-973-528-0011 (International)
Mainland
China Toll Free: +86-400-120-3199
Code:
748049
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 8 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 Stellantis N.V. 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 28, 2024, 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.
jieli@chl.com.cn
Kevin
Theiss
Awaken
Advisors
+1-212-521-4050
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 June 30, | |
| |
2024 | | |
2023 | |
Net product sales ($13,550 and $13,194 sold to related parties for the three months ended June 30, 2024 and 2023) | |
$ | 158,608 | | |
$ | 137,410 | |
Cost of products sold ($7,689 and $7,311 purchased from related parties for the three months ended June 30, 2024 and 2023) | |
| 129,306 | | |
| 114,692 | |
Gross profit | |
| 29,302 | | |
| 22,718 | |
Gain on other sales | |
| 1,720 | | |
| 742 | |
Less: Operating expenses | |
| | | |
| | |
Selling expenses | |
| 4,614 | | |
| 3,794 | |
General and administrative expenses | |
| 7,418 | | |
| 5,271 | |
Research and development expenses | |
| 8,184 | | |
| 6,606 | |
Total operating expenses | |
| 20,216 | | |
| 15,671 | |
Income from operations | |
| 10,806 | | |
| 7,789 | |
Other income, net | |
| 1,735 | | |
| 1,963 | |
Interest expense | |
| (183 | ) | |
| (276 | ) |
Financial (expense)/income, net | |
| (690 | ) | |
| 3,963 | |
Income before income tax expenses and equity in earnings of affiliated companies | |
| 11,668 | | |
| 13,439 | |
Less: Income taxes | |
| 2,108 | | |
| 1,487 | |
Add: Equity in losses of affiliated companies | |
| (805 | ) | |
| (484 | ) |
Net income | |
| 8,755 | | |
| 11,468 | |
Less: Net income attributable to non-controlling interests | |
| 1,608 | | |
| 995 | |
Accretion to redemption value of redeemable non-controlling interests | |
| (7 | ) | |
| (7 | ) |
Net income attributable to parent company’s common shareholders | |
$ | 7,140 | | |
$ | 10,466 | |
Comprehensive income: | |
| | | |
| | |
Net income | |
$ | 8,755 | | |
$ | 11,468 | |
Other comprehensive income: | |
| | | |
| | |
Foreign currency translation loss, net of tax | |
| (2,846 | ) | |
| (16,886 | ) |
Comprehensive income/(loss) | |
| 5,909 | | |
| (5,418 | ) |
Less: Comprehensive income/(loss) attributable to non-controlling interests | |
| 1,431 | | |
| (80 | ) |
Accretion to redemption value of redeemable non-controlling interests | |
| (7 | ) | |
| (7 | ) |
Comprehensive income/(loss) attributable to parent company | |
$ | 4,471 | | |
$ | (5,345 | ) |
| |
| | | |
| | |
Net income attributable to parent company’s common shareholders per share - | |
| | | |
| | |
Basic | |
$ | 0.24 | | |
$ | 0.35 | |
Diluted | |
$ | 0.24 | | |
$ | 0.35 | |
| |
| | | |
| | |
Weighted average number of common shares outstanding - | |
| | | |
| | |
Basic | |
| 30,185,702 | | |
| 30,185,702 | |
Diluted | |
| 30,185,702 | | |
| 30,189,537 | |
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)
| |
Six Months Ended June 30, | |
| |
2024 | | |
2023 | |
Net product sales ($24,910 and $26,770 sold to related parties for the six months ended June 30, 2024 and 2023) | |
$ | 298,002 | | |
$ | 279,653 | |
Cost of products sold ($14,657 and $14,326 purchased from related parties for the six months ended June 30, 2024 and 2023) | |
| 244,631 | | |
| 235,317 | |
Gross profit | |
| 53,371 | | |
| 44,336 | |
Gain on other sales | |
| 2,234 | | |
| 1,395 | |
Less: Operating expenses | |
| | | |
| | |
Selling expenses | |
| 8,687 | | |
| 7,178 | |
General and administrative expenses | |
| 12,965 | | |
| 10,024 | |
Research and development expenses | |
| 13,496 | | |
| 12,996 | |
Total operating expenses | |
| 35,148 | | |
| 30,198 | |
Income from operations | |
| 20,457 | | |
| 15,533 | |
Other income, net | |
| 4,138 | | |
| 3,465 | |
Interest expense | |
| (441 | ) | |
| (525 | ) |
Financial (expense)/income, net | |
| (702 | ) | |
| 3,541 | |
Income before income tax expenses and equity in earnings of affiliated companies | |
| 23,452 | | |
| 22,014 | |
Less: Income taxes | |
| 3,851 | | |
| 2,316 | |
Add: Equity in losses of affiliated companies | |
| (1,582 | ) | |
| (347 | ) |
Net income | |
| 18,019 | | |
| 19,351 | |
Less: Net income attributable to non-controlling interests | |
| 2,597 | | |
| 2,050 | |
Accretion to redemption value of redeemable non-controlling interests | |
| (15 | ) | |
| (15 | ) |
Net income attributable to parent company’s common shareholders | |
$ | 15,407 | | |
$ | 17,286 | |
Comprehensive income: | |
| | | |
| | |
Net income | |
$ | 18,019 | | |
$ | 19,351 | |
Other comprehensive income: | |
| | | |
| | |
Foreign currency translation loss, net of tax | |
| (3,194 | ) | |
| (12,332 | ) |
Comprehensive income | |
| 14,825 | | |
| 7,019 | |
Less: Comprehensive income attributable to non-controlling interests | |
| 2,372 | | |
| 1,241 | |
Accretion to redemption value of redeemable non-controlling interests | |
| (15 | ) | |
| (15 | ) |
Comprehensive income attributable to parent company | |
$ | 12,438 | | |
$ | 5,763 | |
| |
| | | |
| | |
Net income attributable to parent company’s common shareholders per share - | |
| | | |
| | |
Basic | |
$ | 0.51 | | |
$ | 0.57 | |
Diluted | |
$ | 0.51 | | |
$ | 0.57 | |
| |
| | | |
| | |
Weighted average number of common shares outstanding - | |
| | | |
| | |
Basic | |
| 30,185,702 | | |
| 30,185,702 | |
Diluted | |
| 30,185,702 | | |
| 30,191,309 | |
China Automotive
Systems, Inc. and Subsidiaries
Condensed Unaudited
Consolidated Balance Sheets
(In thousands
of USD unless otherwise indicated)
| |
June 30, 2024 | | |
December 31, 2023 | |
ASSETS | |
| | | |
| | |
Current assets: | |
| | | |
| | |
Cash and cash equivalents | |
$ | 107,094 | | |
$ | 114,660 | |
Pledged cash | |
| 41,291 | | |
| 40,534 | |
Accounts and notes receivable, net - unrelated parties | |
| 271,391 | | |
| 261,237 | |
Accounts and notes receivable, net - related parties | |
| 16,738 | | |
| 8,169 | |
Inventories | |
| 107,438 | | |
| 112,392 | |
Other current assets | |
| 26,112 | | |
| 27,083 | |
Total current assets | |
| 570,064 | | |
| 564,075 | |
Non-current assets: | |
| | | |
| | |
Property, plant and equipment, net | |
| 100,098 | | |
| 101,359 | |
Land use rights, net | |
| 9,044 | | |
| 9,233 | |
Long-term investments | |
| 57,360 | | |
| 60,173 | |
Other non-current assets | |
| 48,427 | | |
| 31,600 | |
Total assets | |
$ | 784,993 | | |
$ | 766,440 | |
| |
| | | |
| | |
LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY | |
| | | |
| | |
Current liabilities: | |
| | | |
| | |
Short-term loans | |
$ | 46,576 | | |
$ | 48,005 | |
Accounts and notes payable-unrelated parties | |
| 241,183 | | |
| 240,739 | |
Accounts and notes payable-related parties | |
| 12,821 | | |
| 12,839 | |
Accrued expenses and other payables | |
| 46,237 | | |
| 44,771 | |
Other current liabilities | |
| 33,221 | | |
| 37,385 | |
Total current liabilities | |
| 380,038 | | |
| 383,739 | |
Long-term liabilities: | |
| | | |
| | |
Long-term tax payable | |
| — | | |
| 8,781 | |
Other non-current liabilities | |
| 6,204 | | |
| 5,498 | |
Total liabilities | |
$ | 386,242 | | |
$ | 398,018 | |
| |
| | | |
| | |
Commitments and Contingencies | |
| | | |
| | |
| |
| | | |
| | |
Mezzanine equity: | |
| | | |
| | |
Redeemable non-controlling interests | |
| 628 | | |
| 613 | |
| |
| | | |
| | |
Stockholders’ equity: | |
| | | |
| | |
Common stock, $0.0001 par value -- Authorized -- 80,000,000 shares; Issued – 32,338,302 and 32,338,302 shares as of June 30, 2024 and December 31, 2023, respectively | |
$ | 3 | | |
$ | 3 | |
Additional paid-in capital | |
| 69,722 | | |
| 63,731 | |
Retained earnings- | |
| | | |
| | |
Appropriated | |
| 12,174 | | |
| 11,851 | |
Unappropriated | |
| 299,916 | | |
| 284,832 | |
Accumulated other comprehensive income | |
| (11,227 | ) | |
| (8,258 | ) |
Treasury stock – 2,152,600 and 2,152,600 shares as of June 30, 2024 and December 31, 2023, respectively | |
| (7,695 | ) | |
| (7,695 | ) |
Total parent company stockholders’ equity | |
| 362,893 | | |
| 344,464 | |
Non-controlling interests | |
| 35,230 | | |
| 23,345 | |
Total stockholders’ equity | |
| 398,123 | | |
| 367,809 | |
Total liabilities, mezzanine equity and stockholders’ equity | |
$ | 784,993 | | |
$ | 766,440 | |
China Automotive
Systems, Inc. and Subsidiaries
Condensed Unaudited
Consolidated Statements of Cash Flows
(In thousands
of USD unless otherwise indicated)
| |
Six months Ended June 30, | |
| |
2024 | | |
2023 | |
Cash flows from operating activities: | |
| | | |
| | |
Net income | |
$ | 18,019 | | |
$ | 19,351 | |
Adjustments to reconcile net income from operations to net cash provided by operating activities: | |
| | | |
| | |
Depreciation and amortization | |
| 9,868 | | |
| 9,528 | |
Reversal of credit losses | |
| 9 | | |
| (459 | ) |
Deferred income taxes | |
| — | | |
| 237 | |
Equity in losses of affiliated companies | |
| 1,582 | | |
| 347 | |
Loss on disposal of property, plant and equipment | |
| 773 | | |
| 15 | |
(Increase)/decrease in: | |
| | | |
| | |
Accounts and notes receivable | |
| (20,451 | ) | |
| (18,323 | ) |
Inventories | |
| 4,271 | | |
| 8,355 | |
Other current assets | |
| 3,654 | | |
| (904 | ) |
Increase/(decrease) in: | |
| | | |
| | |
Accounts and notes payable | |
| 1,994 | | |
| (10,323 | ) |
Accrued expenses and other payables | |
| 1,134 | | |
| (604 | ) |
Long-term taxes payable | |
| (7,025 | ) | |
| (5,268 | ) |
Other current liabilities | |
| (4,697 | ) | |
| (2,004 | ) |
Net cash provided by/(used in) operating activities | |
| 9,131 | | |
| (52 | ) |
Cash flows from investing activities: | |
| | | |
| | |
Increase in demand loans included in other non-current assets | |
| — | | |
| (14 | ) |
Cash received from disposal of property, plant and equipment sales | |
| 607 | | |
| 582 | |
Payments to acquire property, plant and equipment (including $2,839 and $2,022 paid to related parties for the six months ended June 30, 2024 and 2023, respectively) | |
| (10,016 | ) | |
| (5,438 | ) |
Payments to acquire intangible assets | |
| (332 | ) | |
| (2,361 | ) |
Investments under the equity method | |
| — | | |
| (7,729 | ) |
Purchase of short-term investments | |
| (40,054 | ) | |
| (40,491 | ) |
Proceeds from maturities of short-term investments | |
| 20,626 | | |
| 30,822 | |
Cash received from long-term investments | |
| 937 | | |
| 583 | |
Net cash used in investing activities | |
| (28,232 | ) | |
| (24,046 | ) |
Cash flows from financing activities: | |
| | | |
| | |
Proceeds from bank loans | |
| 47,054 | | |
| 34,280 | |
Repayments of bank loans | |
| (48,384 | ) | |
| (39,836 | ) |
Cash received from capital contributions of a non-controlling interest | |
| 15,504 | | |
| — | |
Net cash provided by/(used in) financing activities | |
| 14,174 | | |
| (5,556 | ) |
Effects of exchange rate on cash, cash equivalents and pledged cash | |
| (1,882 | ) | |
| (3,756 | ) |
Net decrease in cash, cash equivalents and pledged cash | |
| (6,809 | ) | |
| (33,410 | ) |
Cash, cash equivalents and pledged cash at beginning of the period | |
| 155,194 | | |
| 158,951 | |
Cash, cash equivalents and pledged cash at end of the period | |
$ | 148,385 | | |
$ | 125,541 | |
v3.24.2.u1
Cover
|
Aug. 13, 2024 |
Cover [Abstract] |
|
Document Type |
8-K
|
Amendment Flag |
false
|
Document Period End Date |
Aug. 13, 2024
|
Entity File Number |
000-33123
|
Entity Registrant Name |
China Automotive Systems, Inc.
|
Entity Central Index Key |
0001157762
|
Entity Tax Identification Number |
33-0885775
|
Entity Incorporation, State or Country Code |
DE
|
Entity Address, Address Line One |
No. 1 Henglong Road, Yu Qiao Development Zone
|
Entity Address, Address Line Two |
Shashi District
|
Entity Address, Address Line Three |
Jing Zhou City
|
Entity Address, City or Town |
Hubei Province
|
Entity Address, Country |
CN
|
City Area Code |
86
|
Local Phone Number |
27-8757 0027
|
Written Communications |
false
|
Soliciting Material |
false
|
Pre-commencement Tender Offer |
false
|
Pre-commencement Issuer Tender Offer |
false
|
Title of 12(b) Security |
Common Stock, $0.0001 par value
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Trading Symbol |
CAAS
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Security Exchange Name |
NASDAQ
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Entity Emerging Growth Company |
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China Automotive Systems (NASDAQ:CAAS)
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From Sep 2024 to Oct 2024
China Automotive Systems (NASDAQ:CAAS)
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From Oct 2023 to Oct 2024