WUHAN,
China, Nov. 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 third quarter and nine
months ended September 30, 2024.
Third Quarter 2024 Highlights
- Net sales rose 19.4% year-over-year to $164.2 million from $137.5
million in the third quarter of 2023.
- Gross profit increased by 6.5% year-over-year to $26.4 million from $24.8
million in the third quarter of 2023; gross margin was 16.0%
in the third quarter of 2024 compared to 18.0% in the third quarter
of 2023.
- Income from operations was $11.1
million for the third quarter of 2024, a nearly 10.0%
increase compared to $10.2 million
for the three months ended September 30,
2023.
- Net income attributable to parent company's common shareholders
was $5.5 million, or diluted earnings
per share of $0.18.
First Nine Months of 2024 Highlights
- Net sales grew by 10.8% year-over-year to $462.2 million, compared to $417.2 million in the first nine months of
2023.
- Gross profit increased by 15.4% year-over-year to $79.7 million, compared to $69.1 million in the first nine months of 2023;
gross margin increased to 17.2% in the first nine months of 2024
from 16.6% in the same period last year.
- Income from operations rose by 22.9% year-over-year to
$31.6 million compared to income from
operations of $25.7 million in the
first nine months of 2023.
- Net income attributable to parent company's common shareholders
was $20.9 million.
- Diluted earnings per share attributable to parent company's
common shareholders was $0.69.
- Cash and cash equivalents, and pledged cash were $138.8 million, or approximately $4.60 per share, as of September 30, 2024.
- A special cash dividend of $0.80
per common share was paid to shareholders in August 2024.
Mr. Qizhou Wu, Chief Executive Officer of CAAS, commented,
"We are pleased to report sales growth for both the third quarter
and the nine-month periods. Our third quarter's solid performance
was driven by a noteworthy 43.5% year-over-year increase in sales
of Electric Power Steering ("EPS") products, now accounting for
almost 40.0% of our total sales. Additionally, sales of traditional
steering products in the domestic Chinese passenger vehicle market
climbed by 29.6% year-over-year, despite a slower industry growth
environment. We are also pleased to see our commercial vehicle
market sales rebounded with a 10.5% increase this quarter. Domestic
sales were buoyed by the vehicle replacement cycle and subsidy
policies. All business units, with the exception of North America, reported sales growth in the
third quarter of 2024."
"According to statistics from the China Association of
Automobile Manufacturers, overall automobile sales in China increased by 2.1% year-over-year in the
first nine months of 2024 with passenger car sales up by 3.0% and
commercial vehicle sales lower by 1.6%. Sales of new energy
vehicles increased by 32.5% and Chinese vehicle exports rose by
27.3% for the first nine months of 2024."
"Given our recent financial performance and positive outlook,
our shareholders were rewarded with a special cash dividend of
$0.80 per common share in August of
2024. Also in August 2024, we
celebrated the 20th anniversary of our NASDAQ listing," Mr. Wu
concluded.
Mr. Jie Li, Chief Financial
Officer of CAAS, commented, "We continued to maintain a strong
balance sheet with cash and cash equivalents plus pledged cash of
$138.8 million, despite spending
$9.3 million on cash dividends to
shareholders and investing $18.3
million in property, plant and equipment in the first nine
months of 2024. At September
30th, working capital was $156.6 million and positive cash flow from
operations increased by almost 54.0% year-over-year in the first
nine months of 2024. We remain well positioned in our markets
for long-term growth."
Third Quarter of 2024
Net sales increased by 19.4% year-over-year to $164.2 million in the third quarter of 2024,
compared to $137.5 million in the
third quarter of 2023. Net sales of traditional steering products
and parts increased by 7.4% year-over-year to $98.6 million for the third quarter of 2024,
compared to $91.8 million for the
same quarter in 2023. Net sales of EPS products rose 43.5%
year-over-year to $65.6 million from
$45.7 million for the same period in
2023. EPS product sales grew to 39.9% of the total net sales for
the third quarter of 2024, compared to 33.2% for the same period in
2023. Sales of Henglong's passenger vehicle steering systems
increased by 29.6% and sales to Chery Auto rose by 12.4% due to
higher demand. Sales to the commercial vehicle markets increased by
10.5%. Export sales to North American customers decreased to
$18.7 million in the third quarter of
2024, compared to $27.6 million in
the third quarter of 2023. North American sales declined primarily
due to decreased demand from one customer. Sales in Brazil were $14.3
million in the third quarter of 2024, compared to
$13.3 million in the third quarter of
2023. Net product sales for other entities rose 23.4% to
$35.2 million compared to
$28.5 million for the third quarter
in 2023.
Gross profit grew by 6.5% year-over-year to $26.4 million from $24.8
million in the third quarter of 2023. Gross margin was 16.0%
in the third quarter of 2024 compared to 18.0% in the third quarter
of 2023. The change in gross margin was mainly due to the changes
in the product mix for the three months ended September 30, 2024.
Gain on other sales was $0.6
million in the third quarter of 2024, compared to
$2.2 million in the third quarter of
2023.
Selling expenses increased by 14.6% year-over-year to
$4.4 million compared to $3.8 million in the third quarter of 2023.
This expense increase was primarily due to higher warehouse
and logistic costs related to the increased revenue. Selling
expenses represented 2.7% of net sales in the third quarter of
2024, compared to 2.8% in the third quarter of 2023.
General and administrative expenses ("G&A expenses")
decreased by 17.0% year-over-year to $5.1
million, compared to $6.1
million in the third quarter of 2023, primarily due to the
reversal of bad debt provisions for receivables. G&A expenses
represented 3.1% of net sales in the third quarter of 2024,
compared to 4.4% of net sales in the third quarter of 2023.
Research and development expenses ("R&D expenses") decreased
by 7.1% year-over-year to $6.4
million compared to $6.9
million in the third quarter of 2023. This decrease was
related to lower R&D miscellaneous expenses caused by a
reduction in R&D activities for new projects. R&D expenses
represented 3.9% of net sales in the third quarter of 2024,
compared to 5.0% in the third quarter of 2023.
Other income was $1.3 million for
the third quarter of 2024, which is stable compared to $1.2 million for the three months ended
September 30, 2023.
Income from operations was $11.1
million for the third quarter of 2024, a nearly 10.0%
increase compared to $10.2 million
for the three months ended September 30,
2023.
Interest expense was $0.3
million in the third quarter of 2024 compared to
$0.2 million in the third quarter of
2023.
Net financial expense was $0.2
million in the third quarter of 2024, compared to net
financial income of $0.2 million in
the third quarter of 2023. The change in net financial
expense/income primarily resulted from an increase in the foreign
exchange losses due to the foreign exchange volatility.
Income before income tax expenses and equity in earnings of
affiliated companies was $11.9
million in the third quarter of 2024, compared to income
before income tax expenses and equity in earnings of affiliated
companies of $11.2 million in the
third quarter of 2023.
Income tax expense was $4.0 million in the third quarter of 2024
compared to $0.7 million for the
third quarter of 2023, primarily due to a one-time income tax
expense settlement for the subsidiaries in the PRC and an increase
in the Global Intangible Low-Taxed Income ("GILTI") tax
expenses.
Net income attributable to parent company's common shareholders
was $5.5 million in the third quarter
of 2024, compared to net income attributable to parent company's
common shareholders of $9.5 million
in the third quarter of 2023. Diluted earnings per share was
$0.18 in the third quarter of 2024,
compared to $0.31 per share in the
third quarter of 2023.
The weighted average number of diluted common shares outstanding
was 30,185,702 in the third quarter of 2024, compared to 30,189,363
in the third quarter of 2023.
First Nine Months of 2024
Net sales increased by 10.8% year-over-year to $462.2 million in the first nine months of 2024,
compared to $417.2 million in the
first nine months of 2023 primarily due to an increase in sales of
both traditional steering and EPS products. Nine-month gross profit
increased by 15.4% year-over-year to $79.7
million from $69.1 million in
the corresponding period last year. Nine-month gross margin
increased to 17.2% from 16.6% in the first nine months of 2023.
Gain on other sales was $2.8 million
in the first nine months of 2024, compared to $3.6 million in the corresponding period last
year. Income from operations increased by 22.9%
year-over-year to $31.6 million in
the first nine months of 2024 from $25.7
million in the first nine months of 2023.
Net income attributable to parent company's common shareholders
was $20.9 million in the first nine
months of 2024, compared to net income attributable to parent
company's common shareholders of $26.8
million in the corresponding period in 2023. Diluted
earnings per share in the first nine months of 2024 were
$0.69, compared to diluted earnings
per share of $0.89 in the first nine
months of 2023.
Balance Sheet
As of September 30, 2024, total
cash and cash equivalents, and pledged cash were $138.8 million, total accounts receivable
including notes receivable were $314.2
million, accounts payable including notes payable were
$271.8 million and short-term loans
were $59.7 million. Total parent
company stockholders' equity was $388.6 million as of September 30, 2024, compared to $367.8 million as of December 31, 2023.
Business Outlook
Management has raised its revenue guidance for the full year
2024 to $630.0 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 Wednesday, November 13, 2024 at 8:00 A.M. EST/9:00
P.M. Beijing Time to discuss these results. A question and
answer session will follow management's presentation. To
participate, please see the dial-in information below, enter the
call 10 minutes before the call start time and ask to be connected
to the "China Automotive Systems" conference 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: 546311
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
September 30,
|
|
|
2024
|
|
2023
|
|
Net product sales
($13,703 and $8,407 sold to related parties for the three
months ended September 30, 2024 and 2023)
|
|
$
|
164,215
|
|
$
|
137,541
|
|
Cost of products sold
($7,217 and $6,266 purchased from related parties
for the three months ended September 30, 2024 and
2023)
|
|
|
137,859
|
|
|
112,784
|
|
Gross profit
|
|
|
26,356
|
|
|
24,757
|
|
Gain on other
sales
|
|
|
553
|
|
|
2,177
|
|
Less: Operating
expenses
|
|
|
|
|
|
|
|
Selling
expenses
|
|
|
4,357
|
|
|
3,803
|
|
General and
administrative expenses
|
|
|
5,070
|
|
|
6,108
|
|
Research and
development expenses
|
|
|
6,383
|
|
|
6,870
|
|
Total operating
expenses
|
|
|
15,810
|
|
|
16,781
|
|
Income from
operations
|
|
|
11,099
|
|
|
10,153
|
|
Other income,
net
|
|
|
1,251
|
|
|
1,155
|
|
Interest
expense
|
|
|
(271)
|
|
|
(245)
|
|
Financial
(expense)/income, net
|
|
|
(167)
|
|
|
163
|
|
Income before income
tax expenses and equity in earnings of affiliated
companies
|
|
|
11,912
|
|
|
11,226
|
|
Less: Income
taxes
|
|
|
4,042
|
|
|
688
|
|
Add: Equity in earnings
of affiliated companies
|
|
|
203
|
|
|
706
|
|
Net income
|
|
|
8,073
|
|
|
11,244
|
|
Less: Net income
attributable to non-controlling interests
|
|
|
2,562
|
|
|
1,749
|
|
Accretion to redemption
value of redeemable non-controlling interests
|
|
|
(7)
|
|
|
(7)
|
|
Net income attributable
to parent company's common shareholders
|
|
$
|
5,504
|
|
$
|
9,488
|
|
Comprehensive
income:
|
|
|
|
|
|
|
|
Net income
|
|
$
|
8,073
|
|
$
|
11,244
|
|
Other comprehensive
income:
|
|
|
|
|
|
|
|
Foreign currency
translation gain, net of tax
|
|
|
6,584
|
|
|
3,580
|
|
Comprehensive
income
|
|
|
14,657
|
|
|
14,824
|
|
Less: Comprehensive
income attributable to non-controlling interests
|
|
|
3,287
|
|
|
3,590
|
|
Accretion to redemption
value of redeemable non-controlling interests
|
|
|
(7)
|
|
|
(7)
|
|
Comprehensive income
attributable to parent company
|
|
$
|
11,363
|
|
$
|
11,227
|
|
|
|
|
|
|
|
|
Net income attributable
to parent company's common shareholders per
share -
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.18
|
|
$
|
0.31
|
|
Diluted
|
|
$
|
0.18
|
|
$
|
0.31
|
|
|
|
|
|
|
|
|
Weighted average number
of common shares outstanding -
|
|
|
|
|
|
|
|
Basic
|
|
|
30,185,702
|
|
|
30,185,702
|
|
Diluted
|
|
|
30,185,702
|
|
|
30,189,363
|
|
China Automotive
Systems, Inc. and Subsidiaries
|
|
Condensed Unaudited
Consolidated Statements of Operations and Comprehensive
Income
|
|
(In thousands of
USD, except share and per share amounts)
|
|
|
|
Nine Months Ended
September 30,
|
|
|
2024
|
|
2023
|
|
Net product sales
($38,613 and $35,177 sold to related parties for the nine
months ended September 30, 2024 and 2023)
|
|
$
|
462,217
|
|
$
|
417,194
|
|
Cost of products sold
($21,874 and $20,592 purchased from related parties
for the nine months ended September 30, 2024 and
2023)
|
|
|
382,490
|
|
|
348,101
|
|
Gross profit
|
|
|
79,727
|
|
|
69,093
|
|
Gain on other
sales
|
|
|
2,787
|
|
|
3,572
|
|
Less: Operating
expenses
|
|
|
|
|
|
|
|
Selling
expenses
|
|
|
13,044
|
|
|
10,981
|
|
General and
administrative expenses
|
|
|
18,035
|
|
|
16,132
|
|
Research and
development expenses
|
|
|
19,879
|
|
|
19,866
|
|
Total operating
expenses
|
|
|
50,958
|
|
|
46,979
|
|
Income from
operations
|
|
|
31,556
|
|
|
25,686
|
|
Other income,
net
|
|
|
5,389
|
|
|
4,620
|
|
Interest
expense
|
|
|
(712)
|
|
|
(770)
|
|
Financial
(expense)/income, net
|
|
|
(869)
|
|
|
3,704
|
|
Income before income
tax expenses and equity in earnings of affiliated
companies
|
|
|
35,364
|
|
|
33,240
|
|
Less: Income
taxes
|
|
|
7,893
|
|
|
3,004
|
|
Add: Equity in
(losses)/earnings of affiliated companies
|
|
|
(1,379)
|
|
|
359
|
|
Net income
|
|
|
26,092
|
|
|
30,595
|
|
Less: Net income
attributable to non-controlling interests
|
|
|
5,159
|
|
|
3,799
|
|
Accretion to redemption
value of redeemable non-controlling interests
|
|
|
(22)
|
|
|
(22)
|
|
Net income attributable
to parent company's common shareholders
|
|
$
|
20,911
|
|
$
|
26,774
|
|
Comprehensive
income:
|
|
|
|
|
|
|
|
Net income
|
|
$
|
26,092
|
|
$
|
30,595
|
|
Other comprehensive
income:
|
|
|
|
|
|
|
|
Foreign currency
translation gain/(loss), net of tax
|
|
|
3,390
|
|
|
(8,752)
|
|
Comprehensive
income
|
|
|
29,482
|
|
|
21,843
|
|
Less: Comprehensive
income attributable to non-controlling interests
|
|
|
5,659
|
|
|
4,831
|
|
Accretion to redemption
value of redeemable non-controlling interests
|
|
|
(22)
|
|
|
(22)
|
|
Comprehensive income
attributable to parent company
|
|
$
|
23,801
|
|
$
|
16,990
|
|
|
|
|
|
|
|
|
Net income attributable
to parent company's common shareholders per
share -
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.69
|
|
$
|
0.89
|
|
Diluted
|
|
$
|
0.69
|
|
$
|
0.89
|
|
|
|
|
|
|
|
|
Weighted average number
of common shares outstanding -
|
|
|
|
|
|
|
|
Basic
|
|
|
30,185,702
|
|
|
30,185,702
|
|
Diluted
|
|
|
30,185,702
|
|
|
30,190,660
|
|
China Automotive
Systems, Inc. and Subsidiaries
|
|
Condensed Unaudited
Consolidated Balance Sheets
|
|
(In thousands of USD
unless otherwise indicated)
|
|
|
|
September 30, 2024
|
|
December 31, 2023
|
|
ASSETS
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
98,310
|
|
$
|
114,660
|
|
Pledged cash
|
|
|
40,514
|
|
|
40,534
|
|
Accounts and notes
receivable, net - unrelated parties
|
|
|
295,515
|
|
|
261,237
|
|
Accounts and notes
receivable, net - related parties
|
|
|
18,658
|
|
|
8,169
|
|
Inventories
|
|
|
108,880
|
|
|
112,392
|
|
Other current
assets
|
|
|
28,245
|
|
|
27,083
|
|
Total current
assets
|
|
|
590,122
|
|
|
564,075
|
|
Non-current
assets:
|
|
|
|
|
|
|
|
Property, plant and
equipment, net
|
|
|
100,703
|
|
|
101,359
|
|
Land use rights,
net
|
|
|
9,130
|
|
|
9,233
|
|
Long-term
investments
|
|
|
60,236
|
|
|
60,173
|
|
Other non-current
assets
|
|
|
68,841
|
|
|
31,600
|
|
Total
assets
|
|
$
|
829,032
|
|
$
|
766,440
|
|
|
|
|
|
|
|
|
LIABILITIES, MEZZANINE
EQUITY AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Short-term
loans
|
|
$
|
59,744
|
|
$
|
48,005
|
|
Accounts and notes
payable-unrelated parties
|
|
|
259,134
|
|
|
240,739
|
|
Accounts and notes
payable-related parties
|
|
|
12,658
|
|
|
12,839
|
|
Accrued expenses and
other payables
|
|
|
65,253
|
|
|
44,771
|
|
Other current
liabilities
|
|
|
36,718
|
|
|
37,385
|
|
Total current
liabilities
|
|
|
433,507
|
|
|
383,739
|
|
Long-term
liabilities:
|
|
|
|
|
|
|
|
Long-term tax
payable
|
|
|
—
|
|
|
8,781
|
|
Other non-current
liabilities
|
|
|
6,266
|
|
|
5,498
|
|
Total
liabilities
|
|
$
|
439,773
|
|
$
|
398,018
|
|
|
|
|
|
|
|
|
Mezzanine
equity:
|
|
|
|
|
|
|
|
Redeemable
non-controlling interests
|
|
|
635
|
|
|
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 September 30, 2024 and
December 31, 2023, respectively, including treasury
stock
|
|
$
|
3
|
|
$
|
3
|
|
Additional paid-in
capital
|
|
|
69,722
|
|
|
63,731
|
|
Retained
earnings-
|
|
|
|
|
|
|
|
Appropriated
|
|
|
12,174
|
|
|
11,851
|
|
Unappropriated
|
|
|
281,271
|
|
|
284,832
|
|
Accumulated other
comprehensive income
|
|
|
(5,368)
|
|
|
(8,258)
|
|
Treasury stock –
2,152,600 and 2,152,600 shares as of September 30, 2024
and December 31, 2023,
respectively
|
|
|
(7,695)
|
|
|
(7,695)
|
|
Total parent company
stockholders' equity
|
|
|
350,107
|
|
|
344,464
|
|
Non-controlling
interests
|
|
|
38,517
|
|
|
23,345
|
|
Total stockholders'
equity
|
|
|
388,624
|
|
|
367,809
|
|
Total liabilities,
mezzanine equity and stockholders' equity
|
|
$
|
829,032
|
|
$
|
766,440
|
|
China Automotive
Systems, Inc. and Subsidiaries
|
|
Condensed Unaudited
Consolidated Statements of Cash Flows
|
|
(In thousands of USD
unless otherwise indicated)
|
|
|
|
|
Nine Months Ended
September 30,
|
|
|
2024
|
|
2023
|
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
Net income
|
|
$
|
26,092
|
|
$
|
30,595
|
|
Adjustments to
reconcile net income from operations to net cash provided by
operating activities:
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
14,574
|
|
|
13,666
|
|
Reversal of credit
losses
|
|
|
(903)
|
|
|
(450)
|
|
Deferred income
taxes
|
|
|
—
|
|
|
(1,017)
|
|
Equity in
earnings/(losses) of affiliated companies
|
|
|
1,379
|
|
|
(359)
|
|
Loss on property, plant
and equipment disposals
|
|
|
1,133
|
|
|
79
|
|
(Increase)/decrease
in:
|
|
|
|
|
|
|
|
Accounts and notes
receivable
|
|
|
(40,350)
|
|
|
(24,315)
|
|
Inventories
|
|
|
4,653
|
|
|
6,070
|
|
Other current
assets
|
|
|
874
|
|
|
(1,391)
|
|
Other non-current
assets
|
|
|
(874)
|
|
|
(517)
|
|
Increase/(decrease)
in:
|
|
|
|
|
|
|
|
Accounts and notes
payable
|
|
|
12,996
|
|
|
(6,198)
|
|
Accrued expenses and
other payables
|
|
|
4,945
|
|
|
849
|
|
Long-term taxes
payable
|
|
|
(7,025)
|
|
|
(5,268)
|
|
Other current
liabilities
|
|
|
(952)
|
|
|
(1,004)
|
|
Net cash provided by
operating activities
|
|
|
16,542
|
|
|
10,740
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
Cash received from
property, plant and equipment sales
|
|
|
1,359
|
|
|
664
|
|
Payments to acquire
property, plant and equipment (including $4,597 and $6,414
paid to related parties for the nine months ended
September 30, 2024 and 2023,
respectively)
|
|
|
(18,268)
|
|
|
(12,184)
|
|
Payments to acquire
intangible assets
|
|
|
(383)
|
|
|
(2,437)
|
|
Investments under the
equity method
|
|
|
(2,283)
|
|
|
(7,729)
|
|
Purchase of short-term
investments
|
|
|
(58,472)
|
|
|
(55,290)
|
|
Proceeds from
maturities of short-term investments
|
|
|
25,373
|
|
|
48,281
|
|
Cash received from
long-term investments
|
|
|
1,396
|
|
|
3,115
|
|
Net cash used in
investing activities
|
|
|
(51,278)
|
|
|
(25,580)
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
Proceeds from bank
loans
|
|
|
64,461
|
|
|
42,828
|
|
Repayments of bank
loans
|
|
|
(54,394)
|
|
|
(48,147)
|
|
Dividends paid to the
common shareholders
|
|
|
(9,318)
|
|
|
—
|
|
Cash received from
capital contributions of a non-controlling interest
|
|
|
15,504
|
|
|
—
|
|
Net cash provided
by/(used in) financing activities
|
|
|
16,253
|
|
|
(5,319)
|
|
Effects of exchange
rate on cash, cash equivalents and pledged cash
|
|
|
2,113
|
|
|
(3,671)
|
|
Net decrease in cash,
cash equivalents and pledged cash
|
|
|
(16,370)
|
|
|
(23,830)
|
|
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
|
|
$
|
138,824
|
|
$
|
135,121
|
View original
content:https://www.prnewswire.com/news-releases/china-automotive-systems-reports-sales-increased-by-19-4-in-the-third-quarter-of-2024--302303613.html
SOURCE China Automotive Systems, Inc.