China Automotive Systems Inc (CAAS)

$CAAS $KNDI Electric Vehicles
Kandi builds compact and utility-focused electric vehicles aimed at affordable, practical transportation.

Urban electric cars — small EVs designed for short-distance commuting and city use

Neighborhood electric vehicles (NEVs) — low-speed EVs for campuses, gated communities, and local transport

Electric utility vehicles — compact work vehicles used for delivery, maintenance, and municipal tasks

Off-Road & Recreational Vehicles
This is one of Kandi’s strongest and fastest-growing business areas, especially in the U.S.

Utility terrain vehicles (UTVs) — electric and gas models for farms, recreation, and light commercial work

All-terrain vehicles (ATVs) — recreational and utility ATVs for both consumers and industrial users

Go-karts — including performance-oriented electric models in the Cyber and Dart series

Golf carts — electric carts, including models assembled in the United States

Electric scooters and e-bikes — lightweight electric mobility options for short-range travel

Battery & Charging Technology
Kandi develops energy systems that support both its own vehicles and external partners.

Lithium battery packs — battery systems for EVs and off-road vehicles

Battery-swap stations — automated swap equipment for passenger EVs and heavy trucks

Quick-change battery modules — modular battery units designed for fleet operations

Charging equipment — components and systems for EV charging infrastructure

Intelligent Robotics
Kandi has expanded into automation and robotics to support manufacturing and industrial clients.

Industrial robots — robotic systems used in automated production environments

Smart manufacturing equipment — automation tools that improve efficiency and precision in factories

EV Components & Power Systems
Kandi manufactures many of the parts used in its own vehicles and supplies components to other companies.

Electric motors — propulsion systems for EVs and off-road vehicles

Battery modules — lithium-based energy units for various applications

Vehicle frames and chassis — structural platforms for EVs and off-road vehicles

Powertrain components — drivetrain and control system parts

Parts, Accessories & Support Services
Kandi supports its vehicles with a full aftermarket ecosystem.

Replacement parts — components for EVs, ATVs, UTVs, scooters, and go-karts

Maintenance and repair services — service programs for customers and dealers

Warranty and customer support — after-sales assistance and technical help

U.S. Operations (Kandi America)
Kandi’s American division focuses on off-road and recreational electric vehicles.

Electric UTVs

Electric golf carts

Electric go-karts

E-bikes and scooters

U.S. assembly operations in Texas for select models

China Automotive Systems Began Volume Shipment of EPS Systems to a Global Automaker in EuropeMay 18, 2026 6:00 AM
PR Newswire (US) WUHAN, China, May 18, 2026 /PRNewswire/ -- China Automotive Systems, Inc. (NASDAQ: CAAS) ("CAAS" or the "Company"), a leading power steering components and systems supplier in China, today announced that the first batch of electric power steering ("EPS") models for a global automaker's European division has been shipped from the CAAS' factory. This EPS steering model will be featured in two new vehicle models in Europe, with more vehicle projects to follow. Annual sales volume is expected to reach approximately 300,000 units.CAAS' senior management team and key project members hosted celebration on-site to jointly witness this milestone moment. From project initiation to volume shipment during the past two years, the CAAS team leveraged their strong technical capabilities and meticulous engineering work, earning high recognition from this global automaker. Despite the strict technical and quality requirements, the CAAS team completed a total of 66 DV/PV tests, 65 of which were approved by the customer on the first attempt; the software also underwent 11 major upgrades; along with our state-of-the-art production line powered by eight modern manufacturing technologies, including seamless integration of Manufacturing Execution System (MES) with Automated Guided Vehicles (AGV), computer vision Poka-Yoke, and 100% autonomous robotic inspection.Mr. Qizhou Wu, Chief Executive Officer of CAAS, commented, "We are proud of entering another major OEM's supply chain as we make strides in broadening our customer base and geographic reach. We remain laser-focused on pursuing our global mission of 'providing intelligent chassis system solutions for global automakers'. EPS products are one of our advanced steering products in an expanding product portfolio to meet the diverse needs of both passenger and commercial vehicles on a worldwide scale."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 its sixteen Sino-foreign joint ventures and wholly owned subsidiaries. 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 StatementsThis 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 20-F as filed with the Securities and Exchange Commission on April 22, 2026, 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 @pcjockey-510-8922
Kevin@awakenlab.com  View original content:https://www.prnewswire.com/news-releases/china-automotive-systems-began-volume-shipment-of-eps-systems-to-a-global-automaker-in-europe-302774376.htmlSOURCE China Automotive Systems Original: China Automotive Systems Began Volume Shipment of EPS Systems to a Global Automaker in Europe

China Automotive Systems Reports Record Earnings Per Share and Net Sales in 2025April 22, 2026 6:00 AM
PR Newswire (US)

WUHAN, China, April 22, 2026 /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 fourth quarter and the audited results for the fiscal year ended December 31, 2025.Fourth Quarter 2025 HighlightsNet sales increased by 21.4% year-over-year to $229.2 millionGross profit increased by 79.8% to $53.0 million from $29.5 million.  Gross margin of 23.1% compared to 15.6% in the fourth quarter of 2024Operating income grew 108.0% to $18.1 million, compared with $8.7 million in the fourth quarter of 2024Net income attributable to parent company's common shareholders was $18.4 million, or diluted net income per share of $0.61, compared to net income of $9.1 million, or diluted net income per share of $0.30 in the fourth quarter of 2024.Fiscal Year 2025 HighlightsNet sales increased by 17.6% to an annual record of $765.7 million compared to $650.9 million in 2024; Net sales of EPS product grew by 25.5%Gross profit increased by 33.2% to $145.5 million compared to $109.2 million in 2024. Gross margin increased to 19.0%, compared with 16.8% in 2024Operating income increased by 33.2% to $53.6 million from $40.3 million in 2024Diluted net income per share increased by 43.4% to a record $1.42 in 2025 compared to $0.99 in 2024Total cash and cash equivalents, pledged cash, short-term investments and long-term time deposit were $256.7 million at year endNet cash flow provided by operating activities was $111.6 million in 2025, compared with $9.8 million in 2024Capex was $37.2 million, compared with $43.7 million in 2024.Mr. Qizhou Wu, Chief Executive Officer of CAAS, commented, "The 2025 year was marked by higher sales growth, improved profitability, strengthened finances, higher cash flow from operations and organizational changes. Our traditional hydraulic steering products grew by 12.6% in 2025 as our more advanced electric power steering ("EPS") grew by 25.5%. Domestically, our steering product sales benefitted as Chinese branded vehicles continued to experience higher sales and capture more market share.""Our strategy of selling a broad portfolio of steering products into multiple markets resulted in a range of sales growth both domestically and internationally.  In our major market segments, we achieved higher sales in all except for sales to Chery Auto.  Our operations in Brazil reported stronger sales growth and demand in North America improved.  The high quality and performance enhancements of our steering products provide the impetus to be a tier-1 supplier to large global OEM customers in North America, Europe, Asia and South America."  "Improved profitability reflected the ongoing success of our transition to higher technology-focused steering products and improved manufacturing activities.  In 2025, our Jingzhou Henglong subsidiary won its first R-EPS product order from a large, well-known European automobile producer. Also, Shashi Jiulong's L2+ standard electro-hydraulic steering system entered mass production in 2025.  This system utilizes cutting-edge electro-hydraulic control technology; a power steering system used in heavy-duty vehicles that utilizes both hydraulic power and electronic controls to assist with steering. The Company also launched its active rear-wheel steering using its ball screw and nut mechanisms to provide the ability to adapt steering strategies to different vehicle speeds, boosting our ADAS capabilities.  Another subsidiary, Hyoseong (Wuhan) Motion Mechatronics System Co. Ltd., finalized its new 115–platform steering motor production line, to support the CAAS eRCB commercial vehicle program.  Our Hubei Henglong subsidiary entered into a strategic cooperation with KYB-UMW Sdn Bhd in Malaysia to develop a regional manufacturing and supply system for ASEAN markets.  In 2025, our subsidiary, Shashi Jiulong Power Steering Gears Co., Ltd ("Shashi Jiulong"), won customer awards and accolades from two major vehicle OEM customers, Beiqi Foton Motor, and Shaanxi Automobile Heavy Truck.""In September 2025, we announced the completion of our merger to redomicile the Company as a Cayman Islands company.  We believe this action will pave the way for CAAS to better position itself as a global company as this move enables us to shift resources and focus more on operations, product development and global sales.  Part of our changes will include reporting sales and operational results on a six-month reporting cycle."  Mr. Jie Li, Chief Financial Officer of CAAS, commented, "Our record sales and net profits generated much higher cash flow from operations and free cash flow in 2025.  Cash and cash equivalents, pledged cash and short-term investments and long-term time deposit rose to $256.7 million at year end with net cash approaching $169.7 million.  We look forward to reaping the savings, greater flexibility and benefits of our redomiciliation."Fourth Quarter of 2025In the fourth quarter of 2025, net sales increased by 21.4% to $229.2 million compared to $188.7 million in the same quarter of 2024.  The net sales increase was mainly due to a change in the product mix and higher demand for passenger automobiles and commercial vehicles in the fourth quarter of 2025 compared to the fourth quarter of 2024.  Additionally, export sales increased during the fourth quarter of 2025.Gross profit increased by 79.8% to $53.0 million from $29.5 million in the fourth quarter of 2024.  Gross margin in the fourth quarter of 2025 rose to 23.1% compared to 15.6% in the fourth quarter of 2024, primarily due to changes in product mix.Selling expenses were $5.0 million in the fourth quarter of 2025, compared with $4.8 million in the fourth quarter of 2024. Selling expenses represented 2.2% of net sales in the fourth quarter of 2025, compared to 2.5% in the fourth quarter of 2024.General and administrative expenses ("G&A expenses") were $12.2 million in the fourth quarter of 2025, compared to $9.7 million in the same period in 2024.  G&A expenses represented 5.3% of net sales in the fourth quarter of 2025, compared to 5.1% of net sales in the fourth quarter of 2024.Research and development expenses ("R&D expenses") were $17.8 million compared with $7.8 million in the fourth quarter of 2024.  R&D expenses represented 7.8% of net sales in the fourth quarter of 2025, compared to 4.1% in the fourth quarter of 2024.  Operating income was $18.1 million in the fourth quarter of 2025 compared to $8.7 million in the fourth quarter of 2024.  Higher gross profit compared with the same period last year was the main driver.Interest expense was $0.5 million in the fourth quarter of 2025 compared with $1.1 million in the fourth quarter of 2024.Financial expense was $1.1 million in the fourth quarter of 2025 compared with financial income of $0.8 million in the fourth quarter of 2024.Income before income tax expenses and equity in earnings of affiliated companies increased by 121.0% to $19.4 million in the fourth quarter of 2025 compared to $8.8 million in the fourth quarter of 2024.Income tax expense was $1.4 million in the fourth quarter of 2025, compared to income tax benefit of $2.0 million in the fourth quarter of 2024.  Net income attributable to parent company's common shareholders increased by 103.2% to $18.4 million in the fourth quarter of 2025 compared to net income attributable to parent company's common shareholders of $9.1 million in the fourth quarter of 2024.  Diluted income per share was $0.61 in the fourth quarter of 2025, compared to diluted income per share of $0.30 in the fourth quarter of 2024.The weighted average number of diluted common shares outstanding was 30,170,702 compared to 30,180,947 in the fourth quarter of 2024.Fiscal Year 2025Net sales increased by 17.6% to an annual record of $765.7 million in 2025, compared to $650.9 million in 2024.  This increase was mainly due to higher sales and production of passenger vehicles in China, increased vehicle export sales, and commercial vehicle sales in China increasing by approximately 10.9% year-over-year in 2025.  Total sales of the Company's EPS systems increased by 25.5% year-over-year and sales of the traditional steering products increased by 12.6% year-over-year. Henglong's sales of passenger vehicle steering systems rose by 12.1% year-over-year to $365.3 million in 2025. Jiulong's sales of commercial vehicle steering systems increased by 28.9% year-over-year to $92.3 million. Brazil Henglong's net sales grew by 34.7% year-over-year to $68.7 million in 2025.  Net sales to North American customers rose by 15.3% year-over-year in 2025 to $121.6 million. EPS sales represented 41.5% of total revenue in 2025 compared to 38.9% in 2024. Gross profit in 2025 increased by 33.2% year-over-year to $145.5 million compared to $109.2 million in 2024. The gross margin was 19.0% compared with 16.8% in 2024 mainly due to a change in product mix. Net gain on other sales in 2025 was $3.6 million compared to $4.3 million in 2024.  Selling expenses rose by 15.9% year-over-year to $20.7 million in 2025 from $17.9 million in 2024, mainly due to an increase in marketing and office expenses offsetting lower other expenses. Selling expenses continued to represent 2.7% of net sales in 2025 and 2024.G&A expenses increased by 7.0% year-over-year to $29.7 million in 2025, compared to $27.7 million in 2024. G&A expenses represented 3.9% of net sales in 2025, compared to 4.3% of net sales in 2024. This expense increase was mainly due to higher personnel and other expenses.R&D expenses increased by 63.0% year-over-year to $45.1 million in 2025, compared to $27.6 million in 2024. Higher R&D expenses reflected increased personnel expenses due to an acceleration in R&D activities including more investment in traditional product upgrades, advancing EPS technologies and miscellaneous research expenses.  R&D expenses were 5.9% of net sales in 2025, compared to 4.2% of net sales in 2024.Operating income increased by 33.2% year-over-year to $53.6 million in 2025, compared to $40.3 million in 2024.  The increase in operating income was mainly due to higher sales and gross profit.Interest expense was $1.7 million in 2025, compared to $1.8 million in 2024.Net financial income was $2.4 million in 2025, compared to net financial expense of $0.09 million in 2024.  This increase in financial income of $2.4 million was primarily due to an increase in foreign exchange gains due to foreign exchange volatility.Income before income tax expenses and equity in earnings of affiliated companies increased by 39.1% year-over-year to $61.4 million in 2025 compared with $44.1 million in 2024. The change was primarily due to higher operating income in 2025.  Income tax expense was $11.6 million in 2025 compared to $5.9 million in 2024. This increase was mainly due to higher income before income tax expenses and equity in earnings of affiliated companies, and the effective tax rate in 2025.Net income attributable to parent company's common shareholders was a record $42.8 million in 2025 compared to $30.0 million in 2024.  Diluted net income per share increased by 43.4% to $1.42 in 2025 compared to $0.99 in 2024.The weighted average number of diluted common shares outstanding was 30,170,702 in 2025 compared with 30,184,513 in 2024.Balance SheetAs of December 31, 2025, total cash and cash equivalents, pledged cash, short-term investments and long-term time deposit were $256.7 million. Total accounts receivable including notes receivable were $361.8 million. Accounts payable including notes payable were $350.3 million. Short-term bank loans were $81.3 million and long-term loans were $5.7 million. Total parent company stockholders' equity was $401.3 million as of December 31, 2025 compared to $349.6 million as of December 31, 2024.  Net cash flow from operating activities was $111.3 million in 2025 compared to $9.8 million in 2024. Cash paid to acquire property, plant and equipment and land use rights was $37.2 million in 2025 compared to $43.7 million in 2024.Business OutlookManagement provides revenue guidance for the fiscal year 2026 of $810.0 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 April 22, 2026 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 call the following numbers 10 minutes before the call start time and ask to be connected to the "China Automotive Systems" conference call with pin 861648:Phone Number: +1-888-506-0062 (North America)
Phone Number: +1-973-528-0011 (International)
Mainland China Toll Free: +86-400-120-3199A 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 its sixteen Sino-foreign joint ventures and wholly owned subsidiaries. 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 StatementsThis 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 20-F as filed with the Securities and Exchange Commission on April 22, 2026, 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.
Email: jieli @pcjockey-510-8922
Email: Kevin@awakenlab.com -Tables Follow – CHINA AUTOMOTIVE SYSTEMS, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands of U.S. dollars, except for share and per share data or otherwise noted)








December 31, 

2025
2024ASSETS





Current assets:





Cash and cash equivalents
$142,001
$56,961Pledged cash

52,280

44,863Short-term investments

35,930

27,563Accounts and notes receivable, net - unrelated parties (Allowance for credit losses of $7,203 and $11,783, respectively)

346,038

329,275Accounts and notes receivable, net - related parties (Allowance for credit losses of $973 and $1,463, respectively)

15,741

14,224Advance payments and others, net - unrelated parties (Allowance for credit losses of $79 and $34, respectively)

12,621

10,838Advance payments and others - related parties

2,118

2,202Inventories

124,418

112,558Other assets

7,038

4,154Total current assets

738,185

602,638Non-current assets:





Property, plant and equipment, net

133,548

103,820Land use rights, net

11,656

8,835Intangible assets, net

3,599

3,417Operating lease assets

—

94Long-term time deposits

26,505

40,057Other receivables, net (Allowance for credit losses of nil and $56, respectively)

987

452Advance payment for property, plant and equipment - unrelated parties

3,830

2,414Advance payment for property, plant and equipment - related parties

1,359

6,570Other non-current assets

4

3,202Long-term investments

65,515

64,332Deferred tax assets

16,510

14,748Total assets
$1,001,698
$850,579






LIABILITIES AND STOCKHOLDERS' EQUITY





Current liabilities:





Short-term bank loans
$81,341
$72,566Accounts and notes payable - unrelated parties

334,304

281,065Accounts and notes payable - related parties

16,033

11,743Customer deposits

5,504

4,447Accrued payroll and related costs

15,141

12,063Accrued expenses and other payables

76,138

59,238Taxes payable

12,980

15,308Operating lease liabilities - current portion

—

52Total current liabilities

541,441

456,482Long-term liabilities:





Advances payable

—

278Operating lease liabilities - non-current portion

—

—Long-term loans

5,691

145Deferred tax liabilities

3,864

3,885Long-term taxes payable

—

—






Total liabilities

550,996

460,790Commitments and Contingencies





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

3Additional paid-in capital

70,505

69,656Retained earnings-





Appropriated

13,827

12,180Unappropriated

331,464

290,273Accumulated 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

349,569Non-controlling interests

49,363

40,220Total equity

450,702

389,789Total liabilities and equity
$1,001,698
$850,579CHINA AUTOMOTIVE SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF INCOME OR LOSS
(In thousands of U.S. dollars, except for share and per share data or otherwise noted)











Year Ended December 31, 

2025
2024
2023Net product sales ($33,528, $48,860 and $47,515 sold to related parties for the years ended December 31, 2025, 2024 and 2023)
$765,736
$650,935
$576,354Cost 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

472,603Gross profit

145,463

109,184

103,751Net gain on other sales

3,581

4,303

5,788Operating expenses:








Selling expenses

20,692

17,855

15,610General and administrative expenses

29,660

27,728

25,503Research and development expenses

45,061

27,649

29,181Total operating expenses

95,413

73,232

70,294Operating income

53,631

40,255

39,245Other income, net

7,109

5,776

5,345Interest expense

(1,702)

(1,813)

(1,021)Financial income/(expense), net

2,362

(87)

4,666Income before income tax expenses and equity in earnings of affiliated companies

61,400

44,131

48,235Less: Income taxes

11,576

5,892

5,137Add: Equity in earnings of affiliated companies

2,088

(340)

(360)Net income

51,912

37,899

42,738Net income attributable to non-controlling interest

9,074

7,897

5,050Accretion 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
$1.42
$0.99
$1.25Diluted
$1.42
$0.99
$1.25









Weighted average number of common shares outstanding -








Basic

30,170,702

30,184,513

30,185,702Diluted

30,170,702

30,184,513

30,189,421CHINA AUTOMOTIVE SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME OR LOSS
(In thousands of U.S. dollars, except for share and per share data or otherwise noted)

Year Ended December 31,

2025

2024


2023









Net income

51,912


37,899


42,738Other comprehensive income:










Foreign currency translation gain /(loss)

9,200


(7,123)


(5,191)Comprehensive income

61,112


30,776


37,547Comprehensive income  attributable to non-controlling interest

10,220


7,296


4,704Accretion to redemption value of redeemable non-controlling interest

—


(23)


(30)Comprehensive income attributable to parent company
$50,892

$23,457

$32,813CHINA AUTOMOTIVE SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(In thousands of U.S. dollars, except for share and per share data or otherwise noted)











2025
2024
2023Ordinary shares/Common stock (prior to Redomicile Merger)








Balance at January 1, 2025, 2024 and 2023 - 32,338,302, 32,338,302 and 32,338,302 shares, respectively
$3
$3
$3Recapitalization in connection with Redomicile Merger

29

—

—Balance at December 31, 2025, 2024 and 2023 - 32,338,302, 32,338,302 and 32,338,302 shares, respectively
$32
$3
$3









Additional Paid-in Capital








Balance at January 1
$69,656
$63,731
$63,731Change in non-controlling shareholder's interest in the Brazil Henglong

—

(66)

—Contribution by the non-controlling interest of Henglong KYB

878

5,991

—Recapitalization in connection with Redomicile Merger

(29)

—

—Balance at December 31
$70,505
$69,656
$63,731









Retained Earnings - Appropriated








Balance at January 1
$12,180
$11,851
$11,851Appropriation of retained earnings

1,647

329

—Balance at December 31
$13,827
$12,180
$11,851









Unappropriated








Balance at January 1
$290,273
$284,832
$247,174Net income attributable to parent company

42,838

30,002

37,688Accretion of redeemable non-controlling interests

—

(23)

(30)Appropriation of retained earnings

(1,647)

(329)

—Dividend payables to common shareholders

—

(24,149)

—Dividend payables to non-controlling interests

—

(60)

—Balance at December 31
$331,464
$290,273
$284,832









Accumulated Other Comprehensive Loss








Balance at January 1
$(14,780)
$(8,258)
$(3,413)Net foreign currency translation adjustment attributable to parent company

8,054

(6,522)

(4,845)Balance at December 31
$(6,726)
$(14,780)
$(8,258)









Treasury Stock








Balance at January 1, 2025, 2024 and 2023 –2,167,600, 2,152,600 and 2,152,600 shares, respectively
$(7,763)
$(7,695)
$(7,695)Repurchase of common stock in 2025, 2024 and 2023 – nil, 15,000 and nil shares, respectively

—

(68)

—Balance at December 31, 2025, 2024 and 2023 – 2,167,600, 2,167,600 and 2,152,600 shares, respectively
$(7,763)
$(7,763)
$(7,695)









Total parent company equity
$401,339
$349,569
$344,464









Non-controlling Interest








Balance at January 1
$40,220
$23,345
$15,182Net foreign currency translation adjustment attributable to non-controlling shareholder

1,146

(601)

(346)Net income attributable to non-controlling interest

9,074

7,897

5,050Change in non-controlling shareholder's interest in the Brazil Henglong

—

66

—Contribution by non-controlling shareholder of Henglong KYB

(878)

9,513

—Contribution by non-controlling shareholder of Wuhan Hyoseong

—

—

3,459Distribution of cash dividends to non-controlling interests

(199)

—

—Balance at December 31
$49,363
$40,220
$23,345









Total  equity
$450,702
$389,789
$367,809CHINA AUTOMOTIVE SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands of U.S. dollars, except for share and per share data or otherwise noted)











Year Ended December 31, 

2025
2024
2023Cash flows from operating activities:








Net income
$51,912
$37,899
$42,738Adjustments to reconcile net income to net cash provided by operating activities:








Depreciation and amortization

14,259

20,224

18,708Deferred income taxes

(1,444)

(6,036)

(1,319)(Reversal) of/ allowance for credit losses

(620)

(953)

1,564Equity in (gain)/loss of affiliates

(2,088)

340

360Impairment loss on property, plant and equipment

628

886

794Loss/(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

22,024Customer deposits

940

(4,097)

3,091Accrued payroll and related costs

2,760

956

77Accrued 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

63,240Cash received from property, plant and equipment sales

169

20,510

2,790Cash 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 investment

3,443

316

3,292Investment 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

64,776Repayment 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

3,459Net 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

158,951Cash, cash equivalents and pledged cash at end of year
$194,281
$101,824
$155,194CHINA AUTOMOTIVE SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
(In thousands of U.S. dollars, except for share and per share data or otherwise noted)SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:











Year Ended December 31, 

2025
2024
2023Cash paid for interest
$1,702
$1,792
$1,145Cash paid for income taxes
$20,454
$18,507
$7,965SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES:Non-cash investing activities:











Year Ended December 31, 

2025
2024
2023Property, plant and equipment recorded during the year which previously were advance payments
$8,287
$3,595
$2,699Change in accounts payable for acquiring property, plant and equipment
$448
$3,527
$960 











Year Ended December 31, 

2025
2024
2023Supplemental disclosure of acquisition of operating lease assets
$—
$—
$278



View original content:https://www.prnewswire.com/news-releases/china-automotive-systems-reports-record-earnings-per-share-and-net-sales-in-2025-302749833.htmlSOURCE China Automotive Systems

Original: China Automotive Systems Reports Record Earnings Per Share and Net Sales in 2025

China Automotive Systems to Announce Unaudited 2025 Fourth Quarter and Audited 2025 Year Financial Results on April 22, 2026April 13, 2026 6:00 AM
PR Newswire (US)

WUHAN, China, April 13, 2026 /PRNewswire/ -- China Automotive Systems, Inc. (Nasdaq: CAAS) ("CAAS" or the "Company"), a leading power steering components and systems supplier in China, today announced that it will issue unaudited financial results for the fourth quarter and audited financial results for the 2025 year ended December 31, 2025, on Wednesday, April 22, 2026, before the market opens.  Management will conduct a conference call on April 22nd 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 call the following numbers 10 minutes before the call start time and ask to be connected to the "China Automotive Systems" conference call with pin 861648:Toll Free: 888-506-0062International: 973-528-0011China Toll Free: 86 400 120 3199A replay of the call will be available on the Company's website in 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 its sixteen Sino-foreign joint ventures and wholly owned subsidiaries. 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 StatementsThis 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 @pcjockey-521-4050
Kevin@awakenlab.com



View original content:https://www.prnewswire.com/news-releases/china-automotive-systems-to-announce-unaudited-2025-fourth-quarter-and-audited-2025-year-financial-results-on-april-22-2026-302740100.htmlSOURCE China Automotive Systems

Original: China Automotive Systems to Announce Unaudited 2025 Fourth Quarter and Audited 2025 Year Financial Results on April 22, 2026

https://finance.yahoo.com/news/china-automotive-systems-receives-sgs-110000347.html

Interesting article for ones who haven’t read!

https://finance.yahoo.com/news/kind-investors-own-most-china-053927351.html

You said it!! Cheer's to great Day!

The stock market is awash with crooks and charlatans.

Yep. Pretty much what I am thinking... that is why I refuse to "Pay for the secret" >>> "click here to find out what this NBT is...only $9.95 if you act now!" LMAO

Such rumors should be regarded as simply that. Rumors.

Probably be some BS outfit trading on Cromwell Coulson's stock market.

Yes, but on the "lithium front," I want to know who/what this NBT (next big thing/technology) is, that is the so-called "Tesla-killer." Have you heard anything on what this NEW technology is that is supposed to be Greater than the almighty battery! I would Love to get in on the "bottom-floor" of that Monster --- if it exists???

Yes, VW has developed a unique battery. The Japanese, European, South Korean, and US vehicle makers already have plant and equipment to supply the planetary fleet.

The question is, where will the lithium, the primary metal for the batteries, come from? Other than China, Chile has the world's largest known lithium deposits.

Yes. Volvo is doing quite well. Wish I would have caught them a few months back...missed the EARLY boat on that one! Volvo, among other's, is one that I am waiting in the wings for a Big Dip (almost always happens) to get a position.

Also, check out Volkswagen >>> https://www.vw.com/en/electric-vehicles.html

Volvo and Bentley have as objectives to produce all electric vehicles by 2030

Michael Taylor
Michael TaylorContributor
Transportation
Long experienced in auto journalism, Taylor is based in Italy.
Volvo will be an all-electric automaker by 2030, CEO Hakan Samuelsson said today.
Volvo will be an all-electric automaker by 2030, CEO and President Hakan Samuelsson said today. ... [+] GETTY IMAGES
Proposed combustion-engine bans in Europe and Japan by 2030 shouldn’t concern Swedish premium automaker Volvo too much, its CEO insisted.

They’ll only make electric cars (EVs) by then anyway, Volvo CEO and President Hakan Samuelsson told the Financial Times Future of the Car Summit today .

Samuelsson said he’d be shocked if Volvo wasn’t a pure EV maker by 2030, with the company already planning to be halfway there by 2025.

"I would be surprised if we wouldn't deliver only electric cars from 2030," Samuelsson told the summit.

While he hasn’t set a deadline on the delivery of Volvo’s last internal-combustion engine, it wants one in five of its sales this year to be electrified and half of them to be EVs by 2025.

The admission by Samuelsson would make it the second legacy brand after Bentley to become a full EV maker by 2030.

Exactly. Same sentiment,, which is why I got out of NIO too soon :\

As long as I don't get "taken to the cleaners," and can stay one step ahead making profits...to h*ll with em' --- truth is, I prefer American manufactures to China anyday, but gotta follow the money when the pickin' is ripe!

The problem with Chinese companies listed on NASDAQ is they tend to be share selling operations.

GM MD! I took an early day yesterday, needed a break! Yes the EV sector is definitely going to experience volatility, but by the same token...rest assured will be seeing massive gains in the future.

I have to agree with you on the travel industry stocks, but still playing those very carefully with all that is going on with the PlanDemic, anything can happen at any moment that could send the sector south!

Interesting event with CAAS yesterday...made some excellent gains here so far, but man, this one is a trip... if you listen to some, they will swear it's a scam P&D! I believe it's headed UP ^ $$$ Will see! +

The PR this morning about increased sales pushed the stock to 9.60. Turned out to be a non event. The three leading Chinese electric vehicles traded higher in the morning session then spent the rest of the day declining. They're not going to zero by any stretch of the imagination.

The S&P 500 was mostly bullish. Over 230 listed stocks made new 52week highs. With such bullishness abounding, it is no suprise the number of listed issues making new 52 week lows came to maybe five. This means the junk is going up along with the profitable companies. A rising tide tends to lift all the boats, even the leaky ones.

Cloud computing stocks were among the day's big gainers. Many sport price tags in the hundreds of American dollars. But they continue to make new highs.

Airline stocks were among tbe best gainers, along with selected retail and restaurant issues. And cruise lines. The market is saying it is seeing the light at the end of the tunnel getting brighter. US citizens who want a vaccine should receive one by June. It will up the CDC and other health care data keepers to determine when herd immunity has been achieved.

More rhetoric about the evils of fossil fuel usage. What else is new? That rhetoric has been with us since before the hippie era years.

The conversion from fossil fuels powering passenger automobiles and commercial trucks is a daunting task. The required capital will be in the trillions as measured in US currency. This is a planet on wheels. I don't have the percentage ratio of humans versus the total number of fossil fueled vehicles on the planet. It could easily be something like 7 billion humans and 1 billion vehicles.

CAAS!!! + $$$

It's lunch period now and profit taking is on the menu. I've sold CAAS at 8.40 from a buy this morning at 7.50.

It could rally this afternoon, but I wouldn't bet on it.

I like what I see on my account screen for the positions I took right at the open for NIO, XPEV, LI and CAAS. I could sell at any time, though.

Nice. I have had positions in all of those at one time or another. On watch for the moment on two in particular.

I am still amazed at how well NIO performed... I was in @ 2.94 and sold too soon! Don't like to chase...been waiting for the right moment to get back in >>> I am still believing the entire market is due for a substantial Correction!! that is when I plan on making my move on quite a few!!! $$$

I took another position at 7.50 earlier this morning.

XPEV, NIO, LI have climbed from the open.

KNDI lagged, then reversed.

Uh Oh!! Looking like Shorties are getting Nervous! Lol

Go $CAAS +

China Automotive (CAAS) hit a low this morning at the open and has since rallied, as have Li Auto (LI), Xpeng (XPEV) and Nio Inc (NIO). This will probably continue for another 15 minutes and then they will sell back.

Kandi Tech (KNDI) is a laggard. I wouldn't take a positon until the price reaches some ridiculously low like 4 dollars.

The four Chinese electric vehicle stocks that trade on NASDAQ are lower again this morning.

Kandi Tech (KNDI)
Nio Inc (NIO)
XPeng (XPEV)
Li Auto (LI)

Tesla (TSLA) is also lower.

It may take a few more sessions, perhaps a month of trading sessions, for these stocks to bottom out.

Might be a Great Day to BURN some shorts!!! $CAAS

* * $CAAS Video Chart 12-01-2020 * *

Link to Video - click here to watch the technical chart video

Thanks for chiming in, M D

You make some great points/observations. Agreed, though nothing new, the technology, design, and market demand have grown exponentially. I expect the sector to continue to grow and demand to increase along with innovation of course.

I would actually go so far to say (at the risk of wishful thinking/speculation) that a company such as CAAS would also want to expand their business model to say, battery-related components and anything else that would give them room to grow their bottom line and expand into the EV sector. That is one reason I am thinking long here...ESPECIALLY if I see some development in that direction.

That said, still not a bad play just as they are because--obviously--car companies need to have the product(s) they produce. Will see what the future brings...hopefully sooner that later! Peace

Electric vehicles are nothing new, providing one thinks about golf carts.

Late last century General Motors made the EV1, only about 1700, then scrapped the project, bought back those vehicles and junked them.

In the current century, the Japanese makers have produced and sold electric vehicles. GM started making them a year or so later. Ford followed.

The Japanese, the South Koreans, Europeans, make or have plans to make electric vehicles. Their problem, to a certain degree, is much of the revenue they derive from production is dependent upon exports.

CAAS makes the steering components for Chinese vehicle makers. It would not surprise me to learn one day that it is making components for the foreign makers because China is a source of cheap labor.

Truth. I agree with your sentiment there... I was planning to be long in this position, especially if held the gains somewhat. When this sht happens, makes one question a bit...but then That's the whole intent of the "other side" after all. Watching closely.

I don't know about a week from today, much less a month from today. Over the longer haul, all these Chinese companies connected with the electric vehicle business--in China--will have larger market values. With over a billion citizens, China doesn't need to import electric vehicles. Plenty of capital and labor available in China.

Sure looks that way. Arrg! Took profits, was riding free -- Now this!... No problem, I am patient when need be.

P.S. What's your take? Any strength in this CO?, or are they just BS? Sure look pretty good in the DD dept., especially with that little EV tease yesterday--just as I was hoping for <<< we all know that sector is on fire! I guess it's Market "GAMES" time... they really know how to Crash a freakin' Party!! lol

gap fill back to 4. Shorts are winning

Its coming back down

Sold.....! Ty very much

$CAAS - HUGE!!

In at 6.30 -- out at 12.00 (after hours).

And I'm not complaining.

* * $CAAS Video Chart 11-30-2020 * *

Link to Video - click here to watch the technical chart video

Here comes $10 baby! Been trying to alert!

Join the ride to $20-$30 +

(((((((HOLY MACK-A-ROLLI !!!))))))) GO $CAAS!

Call it what you will, but I am making GREEN here!!! Beautiful Day through my Shades!!!

Scam bamm thank you mame!

Another China company dumping shares.

CAAS headed to $10-$20-$30 +

China Automotive's stock rallies after update on power-steering product sales to EV makers

BoooooooM!!! Like I was saying ; EV-related NEW$ - Ya'll need to get in Here!!!

6:30 am ET November 30, 2020 (MarketWatch)

Shares of China Automotive Systems Inc. (CAAS) shot up 21% in premarket trading Monday, after the Wuhan, China-based company said so far this yaer it has shipped about 120,000 of its electric power-steering products for use in electric vehicles made in China. The company said it expects to sell over 140,000 units of its steering products this year, and about 200,000 units next year. Among the electric vehicle makers the company sells to are SUV and truck maker Great Wall Motors, state-owned auto maker Chery Automobile, Beijing Auto, JAC Motors and Dongfeng Auto and Hozon Auto. China Automotive noted that sales of China-made EVs about doubled from a year ago to 144,000 units in October, and China's government has set and EV car target of 25% of all new cars by 2025. China Automotive's stock has run up 43.5% over the past three months through Friday, while the iShares MSCI China ETF (MCHI) has gained 6.7% and the S&P 500 has edged up 3.7%.

GM CAAS!!! $$$---Ya'll need to get in here!!!

This is going much HIGHER

Weeeeeeee! (((((((BoooooooM!!!)))))))

I can't believe I am the only one here for the Party?? Not for long $$$

$CAAS Closing in on 52-week High! Go Baby, Go!

Something going on here ya'll ; maybe some EV New$ coming?