WUHAN,
China, Aug. 11, 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 second
quarter and six months ended June 30,
2023.
Second Quarter 2023 Highlights
- Net sales rose 8.1% year-over-year to $137.4 million from $127.2
million in the second quarter of 2022.
- Gross profit was $22.7 million,
which is consistent with the $22.7
million in the second quarter of 2022.
- Income from operations was $7.8
million, compared to income from operations of $7.2 million in the second quarter of 2022.
- Net income attributable to parent company's common shareholders
was $10.5 million, or diluted
earnings per share of $0.35, compared
to net income attributable to parent company's common shareholders
of $9.4 million, or diluted earnings
per share of $0.31 in the second
quarter of 2022
First Six Months of 2023 Highlights
- Net sales grew by 6.1% year-over-year to $279.7 million, compared to $263.6 million in the first six months of
2022.
- Gross profit increased by 18.4% year-over-year to
$44.3 million, compared to
$37.4 million in the first six months
of 2022.
- Income from operations rose by 171.9% year-over-year to
$15.5 million compared to income from
operations of $5.7 million in the
first six months of 2022.
- Net income attributable to parent company's common shareholders
was $17.3 million, compared to net
income attributable to parent company's common shareholders of
$9.4 million in the first six months
of 2022;
- Diluted earnings per share attributable to parent company's
common shareholders increased by 90.0% year-over-year to
$0.57, compared to diluted
earnings per share attributable to parent company's common
shareholders of $0.30 in the first
six months of 2022.
- Cash and cash equivalents, and pledged cash were $125.5 million, or approximately $4.16 per share, as of June 30, 2023.
Mr. Qizhou Wu, Chief Executive Officer of CAAS, commented,
"Our revenue growth accelerated in the second quarter. Most
of our divisions reported higher sales and most encouragingly, net
sales of our advanced electric power steering ("EPS") grew by 28.4%
year-over-year."
"According to statistics from the China Association of
Automobile Manufacturers, overall automobile sales in China increased by 17.9% year-over-year in the
second quarter of 2023 with passenger vehicles sales rising by
19.3% year-over-year and commercial vehicle sales up 10.1%
year-over-year. For the six months ended June 30, 2023, overall car sales increased by
9.8% year-over-year as passenger vehicle sales grew 8.8%
year-over-year and commercial vehicle sales grew by 15.8%
year-over-year."
"Chinese GDP growth rate for the first half of 2023 was 5.5%
year-over-year. The Chinese government recently announced a plan to
increase economic growth through policy changes and incentives. The
automobile, housing and real estate, tourism and other services
sectors were highlighted as key parts of this plan. We are hopeful
that new changes and forthcoming policies can help boost consumer
confidence and further improve the automotive market," Mr. Wu
concluded.
Mr. Jie Li, Chief Financial
Officer of CAAS, commented, "We maintained a strong balance sheet
with cash and cash equivalents plus pledged cash of $125.5 million, with working capital of
$153.3 million at June 30, 2023. In the first six months of 2023,
we used approximately $5.4 million to
acquire property, plant and equipment. During the second quarter,
we also managed cost reductions by reducing spending in selling,
and general and administrative, and research and development
expenses."
Second Quarter of 2023
Net sales increased by 8.1% year-over-year to $137.4 million in the second quarter of 2023,
compared to $127.2 million in the
second quarter of 2022. Net sales of traditional steering
products and parts increased by 1.1% year-over-year to $95.8 million for the second quarter of 2023,
compared to $94.8 million for the
same quarter in 2022. Net sales of EPS products rose 28.4%
year-over-year to $41.6 million from
$32.4 million for the same period in
2022. EPS product sales were 30.3% of the total net sales for
the second quarter of 2023, compared to 25.5% for the same
period in 2022. Export net sales to North American customers
decreased by 24.5% year-over-year to $28.9
million in the second quarter of 2023, compared to
$38.3 million in the second quarter
of 2022. North American sales declined due to less demand and the
effects of foreign exchange fluctuations. Sales in
Brazil rose 43.5% year-over-year
to $12.2 million in the second
quarter of 2023 from $8.5 million in
the second quarter of 2022.
Gross profit was $22.7
million, which is stable to $22.7
million in the second quarter of 2022. Gross margin in the
second quarter of 2023 was 16.5%, compared to 17.9%
in the second quarter of 2022. The decrease in gross margin was
mainly due to the changes in the product mix.
Gain on other sales was $0.7
million, compared to $2.1
million in the second quarter of 2022.
Selling expenses decreased by 6.7% year-over-year to
$3.8 million compared to $4.1 million in the second quarter of
2022, primarily due to lower marketing and office expenses.
The appreciation of the USD against RMB also affected expense
levels. Selling expenses represented 2.8% of net sales in the
second quarter of 2023, compared to 3.2% in the second quarter of
2022.
General and administrative expenses ("G&A expenses")
decreased by 6.9% year-over-year to $5.3
million compared to $5.7 million in the second quarter
of 2022, primarily due to reversal of credit losses and the impact
of appreciation of the USD against the RMB. G&A expenses
represented 3.9% of net sales in the second quarter of 2023,
compared to 4.5% of net sales in the second quarter of
2022.
Research and development expenses ("R&D expenses") decreased
by 16.2% year-over-year to $6.6
million compared to $7.9
million in the second quarter of 2022. R&D
expenses represented 4.8% of net sales in the second quarter of
2023 compared to 6.2% in the second quarter of 2022.
Other income, net was $2.0 million
for the second quarter of 2023, compared to $2.8 million for the three months ended
June 30, 2022.
Income from operations was $7.8
million in the second quarter of 2023, compared to income
from operations of $7.2 million in
the second quarter of 2022. The increase was primarily due to lower
operating costs.
Interest expense was $0.3
million in the second quarter of 2023, compared to
$0.4 million in the second
quarter of 2022.
Net financial income was $4.0
million in the second quarter of 2023, compared to net
financial income of $2.5 million
in the second quarter of 2022. The change in net financial
income was primarily due to the appreciation of the USD
against RMB.
Income before income tax expenses and equity in earnings of
affiliated companies was $13.4
million in the second quarter of 2023, compared to income
before income tax expenses and equity in earnings of affiliated
companies of $12.2 million in the
second quarter of 2022.
Net income attributable to parent company's common shareholders
was $10.5 million in the second
quarter of 2023, compared to net income attributable to parent
company's common shareholders of $9.4
million in the second quarter of 2022. Diluted
earnings per share was $0.35 in the
second quarter of 2023, compared to $0.31 per share in the second quarter of
2022.
The weighted average number of diluted common shares outstanding
was 30,189,537 in the second quarter of 2023, compared to
30,849,009 in the second quarter of 2022.
First Six Months of 2023
Net sales increased by 6.1% year-over-year to $279.7 million in the first six months of 2023,
compared to $263.6 million in the
first six months of 2022. Six-month gross profit was $44.3 million, compared to $37.4 million in the corresponding period last
year. Six-month gross margin was 15.9%, compared with 14.2% in the
first six months of 2022. Gain on other sales was
$1.4 million in the first six months
of 2023, compared to $3.0
million in the corresponding period last year. Income
from operations was $15.5 million in
the first six months of 2023, compared with income from operations
of $5.7 million in the first six
months of 2022.
Net income attributable to parent company's common shareholders
was $17.3 million in the first six
months of 2023, compared to net income attributable to parent
company's common shareholders of $9.4
million in the corresponding period in 2022. Diluted
earnings per share increased by 90.0% year-over-year to
$0.57 in the first six months of
2023, compared to diluted earnings per share of $0.30 in the first six months of 2022.
Balance Sheet
As of June 30, 2023, total cash
and cash equivalents, and pledged cash were $125.5 million, total accounts receivable
including notes receivable, were $234.0
million, accounts payable including notes payable, were
$216.7 million and short-term loans
were $38.5 million. Total parent
company stockholders' equity was $317.8
million as of June 30, 2023,
compared to $311.7 million as of
December 31, 2022.
Business Outlook
Management has reiterated its revenue guidance for the full year
2023 of $560.0 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 11, 2023 at 8:00
A.M. EDT/8:00 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: 235847
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.
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,
|
|
|
2023
|
|
2022
|
|
Net product sales
($13,194 and $9,158 sold to related parties for the three
months ended June 30, 2023 and 2022)
|
|
$
|
137,410
|
|
$
|
127,161
|
|
Cost of products sold
($7,311 and $6,496 purchased from related parties for the
three months ended June 30, 2023 and
2022)
|
|
|
114,692
|
|
|
104,450
|
|
Gross profit
|
|
|
22,718
|
|
|
22,711
|
|
Gain on other
sales
|
|
|
742
|
|
|
2,105
|
|
Less: Operating
expenses
|
|
|
|
|
|
|
|
Selling
expenses
|
|
|
3,794
|
|
|
4,068
|
|
General and
administrative expenses
|
|
|
5,271
|
|
|
5,662
|
|
Research and
development expenses
|
|
|
6,606
|
|
|
7,886
|
|
Total operating
expenses
|
|
|
15,671
|
|
|
17,616
|
|
Income from
operations
|
|
|
7,789
|
|
|
7,200
|
|
Other income,
net
|
|
|
1,963
|
|
|
2,804
|
|
Interest
expense
|
|
|
(276)
|
|
|
(370)
|
|
Financial income,
net
|
|
|
3,963
|
|
|
2,543
|
|
Income before income
tax expenses and equity in earnings of affiliated
companies
|
|
|
13,439
|
|
|
12,177
|
|
Less: Income taxes
expense
|
|
|
1,487
|
|
|
3,156
|
|
Add: Equity in
(loss)/earnings of affiliated companies
|
|
|
(484)
|
|
|
914
|
|
Net income
|
|
|
11,468
|
|
|
9,935
|
|
Less: Net income
attributable to non-controlling interests
|
|
|
995
|
|
|
500
|
|
Accretion to redemption
value of redeemable non-controlling interests
|
|
|
(7)
|
|
|
(7)
|
|
Net income attributable
to parent company's common shareholders
|
|
$
|
10,466
|
|
$
|
9,428
|
|
Comprehensive
income:
|
|
|
|
|
|
|
|
Net income
|
|
$
|
11,468
|
|
$
|
9,935
|
|
Other comprehensive
income:
|
|
|
|
|
|
|
|
Foreign currency
translation loss, net of tax
|
|
|
(16,886)
|
|
|
(19,055)
|
|
Comprehensive
loss
|
|
|
(5,418)
|
|
|
(9,120)
|
|
Comprehensive loss
attributable to non-controlling interests
|
|
|
(80)
|
|
|
(642)
|
|
Accretion to redemption
value of redeemable non-controlling interests
|
|
|
(7)
|
|
|
(7)
|
|
Comprehensive loss
attributable to parent company
|
|
$
|
(5,345)
|
|
$
|
(8,485)
|
|
|
|
|
|
|
|
|
Net income attributable
to parent company's common shareholders per share -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.35
|
|
$
|
0.31
|
|
Diluted
|
|
$
|
0.35
|
|
$
|
0.31
|
|
|
|
|
|
|
|
|
Weighted average number
of common shares outstanding -
|
|
|
|
|
|
|
|
Basic
|
|
|
30,185,702
|
|
|
30,847,706
|
|
Diluted
|
|
|
30,189,537
|
|
|
30,849,009
|
|
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,
|
|
|
2023
|
|
2022
|
|
Net product sales
($26,770 and $20,162 sold to related parties for the six
months ended June 30, 2023 and 2022)
|
|
$
|
279,653
|
|
$
|
263,557
|
|
Cost of products sold
($14,326 and $14,036 purchased from related parties
for the six months ended June 30, 2023 and
2022)
|
|
|
235,317
|
|
|
226,112
|
|
Gross profit
|
|
|
44,336
|
|
|
37,445
|
|
Gain on other
sales
|
|
|
1,395
|
|
|
3,036
|
|
Less: Operating
expenses
|
|
|
|
|
|
|
|
Selling
expenses
|
|
|
7,178
|
|
|
8,380
|
|
General and
administrative expenses
|
|
|
10,024
|
|
|
10,416
|
|
Research and
development expenses
|
|
|
12,996
|
|
|
16,023
|
|
Total operating
expenses
|
|
|
30,198
|
|
|
34,819
|
|
Income from
operations
|
|
|
15,533
|
|
|
5,662
|
|
Other income,
net
|
|
|
3,465
|
|
|
6,323
|
|
Interest
expense
|
|
|
(525)
|
|
|
(772)
|
|
Financial income,
net
|
|
|
3,541
|
|
|
4,558
|
|
Income before income
tax expenses and equity in earnings of affiliated
companies
|
|
|
22,014
|
|
|
15,771
|
|
Less: Income taxes
expense
|
|
|
2,316
|
|
|
4,114
|
|
Add: Equity in loss of
affiliated companies
|
|
|
(347)
|
|
|
(1,573)
|
|
Net income
|
|
|
19,351
|
|
|
10,084
|
|
Less: Net income
attributable to non-controlling interests
|
|
|
2,050
|
|
|
700
|
|
Accretion to redemption
value of redeemable non-controlling interests
|
|
|
(15)
|
|
|
(15)
|
|
Net income attributable
to parent company's common shareholders
|
|
$
|
17,286
|
|
$
|
9,369
|
|
Comprehensive
income:
|
|
|
|
|
|
|
|
Net income
|
|
$
|
19,351
|
|
$
|
10,084
|
|
Other comprehensive
income:
|
|
|
|
|
|
|
|
Foreign currency
translation loss, net of tax
|
|
|
(12,332)
|
|
|
(17,618)
|
|
Comprehensive
income/(loss)
|
|
|
7,019
|
|
|
(7,534)
|
|
Comprehensive
income/(loss) attributable to non-controlling interests
|
|
|
1,241
|
|
|
(353)
|
|
Accretion to redemption
value of redeemable non-controlling interests
|
|
|
(15)
|
|
|
(15)
|
|
Comprehensive
income/(loss) attributable to parent company
|
|
$
|
5,763
|
|
$
|
(7,196)
|
|
|
|
|
|
|
|
|
Net income attributable
to parent company's common shareholders per
share -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.57
|
|
$
|
0.30
|
|
Diluted
|
|
$
|
0.57
|
|
$
|
0.30
|
|
Weighted average number
of common shares outstanding -
|
|
|
|
|
|
|
|
Basic
|
|
|
30,185,702
|
|
|
30,849,730
|
|
Diluted
|
|
|
30,191,309
|
|
|
30,850,859
|
|
China Automotive
Systems, Inc. and Subsidiaries
Condensed Unaudited
Consolidated Balance Sheets
(In thousands of USD
unless otherwise indicated)
|
|
|
|
|
|
|
|
|
|
|
June 30, 2023
|
|
December 31, 2022
|
|
ASSETS
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
95,620
|
|
$
|
121,216
|
|
Pledged cash
|
|
|
29,921
|
|
|
37,735
|
|
Accounts and notes
receivable, net - unrelated parties
|
|
|
217,493
|
|
|
214,308
|
|
Accounts and notes
receivable, net - related parties
|
|
|
16,547
|
|
|
10,016
|
|
Inventories
|
|
|
100,262
|
|
|
112,236
|
|
Other current
assets
|
|
|
28,063
|
|
|
25,207
|
|
Total current
assets
|
|
|
487,906
|
|
|
520,718
|
|
Non-current
assets:
|
|
|
|
|
|
|
|
Property, plant and
equipment, net
|
|
|
99,347
|
|
|
106,606
|
|
Land use rights,
net
|
|
|
9,080
|
|
|
9,555
|
|
Long-term
investments
|
|
|
62,179
|
|
|
59,810
|
|
Other non-current
assets
|
|
|
26,065
|
|
|
17,663
|
|
Total assets
|
|
$
|
684,577
|
|
$
|
714,352
|
|
|
|
|
|
|
|
|
LIABILITIES, MEZZANINE
EQUITY AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Short-term
loans
|
|
$
|
38,457
|
|
$
|
45,671
|
|
Accounts and notes
payable-unrelated parties
|
|
|
205,951
|
|
|
218,412
|
|
Accounts and notes
payable-related parties
|
|
|
10,762
|
|
|
16,695
|
|
Accrued expenses and
other payables
|
|
|
45,972
|
|
|
48,311
|
|
Other current
liabilities
|
|
|
33,458
|
|
|
35,106
|
|
Total current
liabilities
|
|
|
334,600
|
|
|
364,195
|
|
Long-term
liabilities:
|
|
|
|
|
|
|
|
Long-term tax
payable
|
|
|
8,781
|
|
|
15,805
|
|
Other non-current
liabilities
|
|
|
6,761
|
|
|
6,937
|
|
Total
liabilities
|
|
$
|
350,142
|
|
$
|
386,937
|
|
|
|
|
|
|
|
|
Commitments and
Contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mezzanine
equity:
|
|
|
|
|
|
|
|
Redeemable
non-controlling interests
|
|
|
598
|
|
|
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 June 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
|
|
|
264,460
|
|
|
247,174
|
|
Accumulated other
comprehensive income
|
|
|
(14,936)
|
|
|
(3,413)
|
|
Treasury stock –
2,152,600 and 2,152,600 shares as of June 30, 2023 and
December 31, 2022,
respectively
|
|
|
(7,695)
|
|
|
(7,695)
|
|
Total parent company
stockholders' equity
|
|
|
317,414
|
|
|
311,651
|
|
Non-controlling
interests
|
|
|
16,423
|
|
|
15,182
|
|
Total stockholders'
equity
|
|
|
333,837
|
|
|
326,833
|
|
Total liabilities,
mezzanine equity and stockholders' equity
|
|
$
|
684,577
|
|
$
|
714,352
|
|
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,
|
|
|
2023
|
|
2022
|
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
Net income
|
|
$
|
19,351
|
|
$
|
10,084
|
|
Adjustments to
reconcile net income from operations to net cash provided by
operating activities:
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
9,528
|
|
|
12,012
|
|
(Reversal)/provision of
credit losses
|
|
|
(459)
|
|
|
527
|
|
Deferred income
taxes
|
|
|
237
|
|
|
2,945
|
|
Equity in loss of
affiliated companies
|
|
|
347
|
|
|
1,573
|
|
Loss on fixed assets
disposals
|
|
|
15
|
|
|
46
|
|
(Increase)/decrease
in:
|
|
|
|
|
|
|
|
Accounts and notes
receivable
|
|
|
(18,323)
|
|
|
(4,333)
|
|
Inventories
|
|
|
8,355
|
|
|
896
|
|
Other current
assets
|
|
|
(904)
|
|
|
(1,218)
|
|
Increase/(decrease)
in:
|
|
|
|
|
|
|
|
Accounts and notes
payable
|
|
|
(10,323)
|
|
|
(6,156)
|
|
Accrued expenses and
other payables
|
|
|
(604)
|
|
|
(2,643)
|
|
Long-term taxes
payable
|
|
|
(5,268)
|
|
|
(2,809)
|
|
Other current
liabilities
|
|
|
(2,004)
|
|
|
3,560
|
|
Net cash (used
in)/provided by operating activities
|
|
|
(52)
|
|
|
14,484
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
(Increase)/decrease in
demand loans included in other non-current assets
|
|
|
(14)
|
|
|
291
|
|
Cash received from
property, plant and equipment sales
|
|
|
582
|
|
|
572
|
|
Payments to acquire
property, plant and equipment (including $2,022 and $2,143 paid to
related parties for the
six months ended June 30, 2023 and
2022, respectively)
|
|
|
(5,438)
|
|
|
(7,881)
|
|
Payments to acquire
intangible assets
|
|
|
(2,361)
|
|
|
(41)
|
|
Investment under the
equity method
|
|
|
(7,729)
|
|
|
(5,480)
|
|
Purchase of short-term
investments
|
|
|
(40,491)
|
|
|
(59,758)
|
|
Proceeds from
maturities of short-term investments
|
|
|
30,822
|
|
|
45,150
|
|
Cash received from
long-term investment
|
|
|
583
|
|
|
2,704
|
|
Net cash used in
investing activities
|
|
|
(24,046)
|
|
|
(24,443)
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
Proceeds from bank
loans
|
|
|
34,280
|
|
|
35,852
|
|
Repayments of bank
loans
|
|
|
(39,836)
|
|
|
(32,916)
|
|
Repayments of the
borrowing for sale and leaseback transaction
|
|
|
—
|
|
|
(1,130)
|
|
Repurchase of common
shares
|
|
|
—
|
|
|
(196)
|
|
Net cash (used in)/
provided by financing activities
|
|
|
(5,556)
|
|
|
1,610
|
|
Effects of exchange
rate on cash, cash equivalents and pledged cash
|
|
|
(3,756)
|
|
|
(7,327)
|
|
Net decrease in cash,
cash equivalents and pledged cash
|
|
|
(33,410)
|
|
|
(15,676)
|
|
Cash, cash equivalents
and pledged cash at beginning of the period
|
|
|
158,951
|
|
|
159,498
|
|
Cash, cash equivalents
and pledged cash at end of the period
|
|
$
|
125,541
|
|
$
|
143,822
|
View original
content:https://www.prnewswire.com/news-releases/china-automotive-systems-reports-90-0-increase-in-net-income-per-share-to-0-57-in-the-first-six-months-of-2023--301898651.html
SOURCE China Automotive Systems, Inc.