WUHAN,
China, Aug. 13, 2024 /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, 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
|
View original
content:https://www.prnewswire.com/news-releases/china-automotive-systems-reports-income-from-operations-increased-by-38-7-in-the-second-quarter-of-2024--302220722.html
SOURCE China Automotive Systems, Inc.