CHINA AUTOMOTIVE SYSTEMS INC

CIK:0001157762|SEC Filings

Condensed Unaudited Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Condensed Unaudited Consolidated Statements of Operations and Comprehensive Income
Net product sales	$ 176,245	$ 158,608	$ 343,339	$ 298,002
Cost of products sold	145,698	129,306	284,207	244,631
Gross profit	30,547	29,302	59,132	53,371
Gain on other sales	455	1,720	1,606	2,234
Less: Operating expenses
Selling expenses	4,514	4,614	9,332	8,687
General and administrative expenses	5,412	7,418	12,977	12,965
Research and development expenses	8,092	8,184	16,805	13,496
Total operating expenses	18,018	20,216	39,114	35,148
Income from operations	12,984	10,806	21,624	20,457
Other income, net	1,060	1,735	3,001	4,138
Interest expense	(292)	(183)	(775)	(441)
Financial income/(expense), net	1,327	(690)	3,305	(702)
Income before income tax expenses and equity in earnings of affiliated companies	15,079	11,668	27,155	23,452
Less: Income taxes	4,049	2,108	6,986	3,851
Add: Equity in losses of affiliated companies	(658)	(805)	(1,342)	(1,582)
Net income	10,372	8,755	18,827	18,019
Less: Net income attributable to non-controlling interests	2,747	1,608	4,080	2,597
Accretion to redemption value of redeemable non-controlling interests		(7)		(15)
Net income attributable to parent company's common shareholders	7,625	7,140	14,747	15,407
Comprehensive income:
Net income	10,372	8,755	18,827	18,019
Other comprehensive income:
Foreign currency translation gain/(loss), net of tax	1,342	(2,846)	2,262	(3,194)
Comprehensive income	11,714	5,909	21,089	14,825
Less: Comprehensive income attributable to non-controlling interests	2,887	1,431	4,283	2,372
Accretion to redemption value of redeemable non-controlling interests		(7)		(15)
Comprehensive income attributable to parent company	$ 8,827	$ 4,471	$ 16,806	$ 12,438
Net income attributable to parent company's common shareholders per share -
Basic (in dollars per share)	$ 0.25	$ 0.24	$ 0.49	$ 0.51
Diluted (in dollars per share)	$ 0.25	$ 0.24	$ 0.49	$ 0.51
Weighted average number of common shares outstanding -
Basic (in shares)	30,170,702	30,185,702	30,170,702	30,185,702
Diluted (in shares)	30,170,702	30,185,702	30,170,702	30,185,702

Condensed Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Cash flows from operating activities:
Net income	$ 18,827	$ 18,019
Adjustments to reconcile net income from operations to net cash provided by operating activities:
Depreciation and amortization	8,267	9,868
(Reversal)/addition of credit losses	(159)	9
Equity in losses of affiliated companies	1,342	1,582
Impairment loss on property, plant and equipment	657
Loss on disposal of property, plant and equipment	580	773
(Increase)/decrease in:
Accounts and notes receivable	50,982	(20,451)
Inventories	(3,491)	4,271
Other current assets	(1,077)	3,654
Increase/(decrease) in:
Accounts and notes payable	(24,349)	1,994
Accrued expenses and other payables	2,238	1,134
Long-term taxes payable		(7,025)
Other current liabilities	(4,735)	(4,697)
Net cash provided by operating activities	49,082	9,131
Cash flows from investing activities:
Cash received from disposal of property, plant and equipment sales	522	607
Payments to acquire property, plant and equipment (including $2,193 and $2,839 paid to related parties for the six months ended June 30, 2025 and 2024, respectively)	(18,484)	(10,016)
Payments to acquire intangible assets	(67)	(332)
Investment under the equity method	(1,112)
Purchase of short-term investments	(23,096)	(40,054)
Proceeds from maturities of short-term investments	29,570	20,626
Cash received from long-term investments	2,368	937
Net cash used in investing activities	(10,299)	(28,232)
Cash flows from financing activities:
Proceeds from bank loans	52,829	47,054
Repayments of bank loans	(53,890)	(48,384)
Dividends paid to the common shareholders	(1,773)
Cash received from capital contributions of a non-controlling interest		15,504
Net cash (used in)/provided by financing activities	(2,834)	14,174
Effects of exchange rate on cash, cash equivalents and pledged cash	1,195	(1,882)
Net increase/(decrease) in cash, cash equivalents and pledged cash	37,144	(6,809)
Cash, cash equivalents and pledged cash at beginning of the period	101,824	155,194
Cash, cash equivalents and pledged cash at end of the period	$ 138,968	$ 148,385

Condensed Unaudited Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 102,194	$ 56,961
Pledged cash	36,774	44,863
Inventories	116,518	112,558
Other current assets	50,271	44,757
Total current assets	599,965	602,638
Non-current assets:
Property, plant and equipment, net	114,705	103,820
Land use rights, net	9,235	8,835
Long-term investments	61,876	64,332
Other non-current assets	57,935	70,954
Total assets	843,716	850,579
Current liabilities:
Short-term loans	71,946	72,566
Accounts and notes payable	269,604	292,808
Accrued expenses and other payables	60,002	59,238
Other current liabilities	27,477	31,870
Total current liabilities	429,029	456,482
Long-term liabilities:
Other non-current liabilities	3,809	4,308
Total liabilities	432,838	460,790
Commitments and Contingencies (See Note 21)
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, 2025 and December 31, 2024, respectively	3	3
Additional paid-in capital	69,656	69,656
Retained earnings-
Appropriated	13,668	12,180
Unappropriated	303,532	290,273
Accumulated other comprehensive income	(12,721)	(14,780)
Treasury stock -2,167,600 and 2,167,600 shares as of June 30, 2025 and December 31, 2024, respectively	(7,763)	(7,763)
Total parent company stockholders' equity	366,375	349,569
Non-controlling interests	44,503	40,220
Total stockholders' equity	410,878	389,789
Total liabilities and stockholders' equity	843,716	850,579
Unrelated parties
Current assets:
Accounts and notes receivable, net	279,144	329,275
Current liabilities:
Accounts and notes payable	257,418	281,065
Related parties
Current assets:
Accounts and notes receivable, net	15,064	14,224
Current liabilities:
Accounts and notes payable	$ 12,186	$ 11,743