$CAAS

China Automotive Systems, Inc.

CIK:0002037400|SEC Filings

CONSOLIDATED STATEMENTS OF INCOME OR LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
CONSOLIDATED STATEMENTS OF INCOME OR LOSS
Net product sales ($33,528, $48,860 and $47,514 sold to related parties for the years ended December 31, 2025, 2024 and 2023)	$ 765,736	$ 650,935	$ 576,354
Cost of products sold ($34,038, $30,088 and $27,288 purchased from related parties for the years ended December 31, 2025, 2024 and 2023)	620,273	541,751	472,603
Gross profit	145,463	109,184	103,751
Net gain on other sales	3,581	4,303	5,788
Operating expenses:
Selling expenses	20,692	17,855	15,610
General and administrative expenses	29,660	27,728	25,503
Research and development expenses	45,061	27,649	29,181
Total operating expenses	95,413	73,232	70,294
Operating income	53,631	40,255	39,245
Other income, net	7,109	5,776	5,345
Interest expense	(1,702)	(1,813)	(1,021)
Financial income/(expense), net	2,362	(87)	4,666
Income before income tax expenses and equity in earnings of affiliated companies	61,400	44,131	48,235
Less: Income taxes	11,576	5,892	5,137
Add: Equity in earnings of affiliated companies	2,088	(340)	(360)
Net income	51,912	37,899	42,738
Net income attributable to non-controlling interest	9,074	7,897	5,050
Accretion to redemption value of redeemable non-controlling interests		(23)	(30)
Net income attributable to parent company's common shareholders	$ 42,838	$ 29,979	$ 37,658
Net income attributable to parent company's common shareholders per share -
Basic (in dollars per share)	$ 1.42	$ 0.99	$ 1.25
Diluted (in dollars per share)	$ 1.42	$ 0.99	$ 1.25
Weighted average number of common shares outstanding -
Basic (in shares)	30,170,702	30,184,513	30,185,702
Diluted (in shares)	30,170,702	30,184,513	30,189,421

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net income	$ 51,912	$ 37,899	$ 42,738
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	14,259	20,224	18,708
Deferred income taxes	(1,444)	(6,036)	(1,319)
(Reversal) of/ allowance for credit losses	(620)	(953)	1,564
Equity in (gain)/loss of affiliates	(2,088)	340	360
Impairment loss on property, plant and equipment	628	886	794
Loss/(gain) on disposal of fixed assets	997	1,300	(3)
(Increase)/decrease in:
Other assets and other non-current assets	474	(7,356)
Accounts and notes receivable	(9,615)	(77,692)	(50,699)
Advance payments and others	(1,451)	2,737	(3,881)
Inventories	(9,159)	(1,791)	(1,654)
Other receivables	(516)	138	(556)
Increase/(decrease) in:
Accounts and notes payable	50,068	40,391	22,024
Customer deposits	940	(4,097)	3,091
Accrued payroll and related costs	2,760	956	77
Accrued expenses and other payables	17,458	13,275	(2,667)
Taxes payable	(2,693)	(10,457)	(6,835)
Advances payable	(278)	12	(1,836)
Net cash provided by operating activities	111,632	9,776	19,906
Cash flows from investing activities:
Purchase of short-term investments and long-term time deposits	(32,205)	(77,859)	(68,550)
Proceeds from maturities of short-term investments	38,557	29,442	63,240
Cash received from property, plant and equipment sales	169	20,510	2,790
Cash paid to acquire property, plant and equipment and land use right (including $23,158, $6,343 and $5,336 paid to related parties for the years ended December 31, 2025, 2024 and 2023, respectively)	(37,189)	(43,656)	(18,235)
Cash paid to acquire intangible assets	(3,145)	(804)	(3,445)
Cash received from long-term investments	3,443	316	3,292
Investment under equity method	(1,120)	(5,880)	(7,729)
Net cash used in investing activities	(31,490)	(77,931)	(28,637)
Cash flows from financing activities:
Proceeds from bank loans	35,262	83,357	64,776
Repayment of bank loans and loans	(21,421)	(58,995)	(61,437)
Dividends paid to the common shareholders	(2,190)	(22,433)
Dividends paid to non-controlling shareholder	(199)
Repurchase of common shares		(68)
Cash received from capital contributions by a non-controlling shareholder		15,504	3,459
Net cash provided by financing activities	11,452	17,365	6,798
Cash and cash equivalents affected by foreign currency	863	(2,580)	(1,824)
Net increase/(decrease) in cash, cash equivalents and pledged cash	92,457	(53,370)	(3,757)
Cash, cash equivalents and pledged cash at beginning of year	101,824	155,194	158,951
Cash, cash equivalents and pledged cash at end of year	194,281	101,824	155,194
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for interest	1,702	1,792	1,145
Cash paid for income taxes	20,454	18,507	7,965
Non-cash investing activities:
Property, plant and equipment recorded during the year which previously were advance payments	8,287	3,595	2,699
Change in accounts payable for acquiring property, plant and equipment	$ 448	$ 3,527	960
Supplemental disclosure of acquisition of operating lease assets			$ 278

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 142,001	$ 56,961
Pledged cash	52,280	44,863
Short-term investments	35,930	27,563
Advance payments and others, net	14,739	13,040
Inventories	124,418	112,558
Other assets	7,038	4,154
Total current assets	738,185	602,638
Non-current assets:
Property, plant and equipment, net	133,548	103,820
Land use rights, net	11,656	8,835
Intangible assets, net	3,599	3,417
Operating lease assets		94
Long-term time deposits	26,505	40,057
Other receivables, net (Allowance for credit losses of nil and $56, respectively)	987	452
Other non-current assets	4	3,202
Long-term investments	65,515	64,332
Deferred tax assets	16,510	14,748
Total assets	1,001,698	850,579
Current liabilities:
Short-term bank loans	81,341	72,566
Accounts and notes payable	350,337	292,808
Customer deposits	5,504	4,447
Accrued payroll and related costs	15,141	12,063
Accrued expenses and other payables	76,138	59,238
Taxes payable	12,980	15,308
Operating lease liabilities - current portion		52
Total current liabilities	541,441	456,482
Long-term liabilities:
Advances payable		278
Long-term loans	5,691	145
Deferred tax liabilities	3,864	3,885
Total liabilities	550,996	460,790
Commitments and Contingencies (Note 25)
Equity
Ordinary share, $0.001 par value - Authorized - 50,000,000 shares, Issued - 32,338,302 shares at December 31, 2025, and Common stock, $0.0001 par value - Authorized -80,000,000 shares, Issued - 32,338,302 shares at December 31, 2024, respectively	32	3
Additional paid-in capital	70,505	69,656
Retained earnings-
Appropriated	13,827	12,180
Unappropriated	331,464	290,273
Accumulated other comprehensive income	(6,726)	(14,780)
Treasury stock - 2,167,600 and 2,167,600 shares at December 31, 2025 and 2024, respectively	(7,763)	(7,763)
Total parent company equity	401,339	349,569
Non-controlling interests	49,363	40,220
Total equity	450,702	389,789
Total liabilities and equity	1,001,698	850,579
Unrelated parties
Current assets:
Accounts and notes receivable, net	346,038	329,275
Advance payments and others, net	12,621	10,838
Non-current assets:
Advance payment for property, plant and equipment	3,830	2,414
Current liabilities:
Accounts and notes payable	334,304	281,065
Related parties
Current assets:
Accounts and notes receivable, net	15,741	14,224
Advance payments and others, net	2,118	2,202
Non-current assets:
Advance payment for property, plant and equipment	1,359	6,570
Current liabilities:
Accounts and notes payable	$ 16,033	$ 11,743