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0001157762
2023-08-11
2023-08-11
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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 11, 2023
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 11, 2023, China Automotive Systems,
Inc. issued a press release announcing financial results for the quarter ended June 30, 2023. 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. |
| |
(Registrant) |
| |
|
|
| Date: August 11, 2023 |
By: |
/s/ Hanlin Chen |
| |
|
Hanlin Chen |
| |
|
Chairman |
Exhibit
99.1
China
Automotive Systems Reports 90.0% Increase in Net Income Per Share
to $0.57 in the First Six Months of 2023
WUHAN,
China, August 11, 2023 -- 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 stable
to $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 | |
v3.23.2
Cover
|
Aug. 11, 2023 |
| Cover [Abstract] |
|
| Document Type |
8-K
|
| Amendment Flag |
false
|
| Document Period End Date |
Aug. 11, 2023
|
| 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
|
| Trading Symbol |
CAAS
|
| Security Exchange Name |
NASDAQ
|
| Entity Emerging Growth Company |
false
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China Automotive Systems (NASDAQ:CAAS)
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From Mar 2024 to Apr 2024
China Automotive Systems (NASDAQ:CAAS)
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From Apr 2023 to Apr 2024
