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China Automotive Systems, Inc. and Subsidiaries

Consolidated Balance Sheets

(In thousands of USD, except share and per share amounts)

December 31, 

2024

2023

ASSETS

Current assets:

Cash and cash equivalents

$

56,961

$

114,660

Pledged cash

44,863

40,534

Short-term investments

27,563

11,084

Accounts and notes receivable, net - unrelated parties (Allowance for credit losses of $11,783 and $15,599, respectively)

329,275

261,237

Accounts and notes receivable, net - related parties (Allowance for credit losses of $1,463 and $1,404, respectively)

14,224

8,169

Advance payments and others, net - unrelated parties (Allowance for credit losses of $34 and $22, respectively)

10,838

14,008

Advance payments and others - related parties

2,202

1,991

Inventories

112,558

112,392

Other assets

4,154

—

Total current assets

602,638

564,075

Non-current assets:

Property, plant and equipment, net

103,820

101,359

Land use rights, net

8,835

9,233

Intangible assets, net

3,417

3,865

Operating lease assets

94

278

Long-term time deposits

40,057

8,647

Other receivables, net (Allowance for credit losses of $56 and $49, respectively)

452

598

Advance payment for property, plant and equipment - unrelated parties

2,414

3,554

Advance payment for property, plant and equipment - related parties

6,570

5,759

Other non-current assets

3,202

—

Long-term investments

64,332

60,173

Deferred tax assets

14,748

8,899

Total assets

$

850,579

$

766,440

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Short-term bank loans

$

72,566

$

48,005

Accounts and notes payable - unrelated parties

281,065

240,739

Accounts and notes payable - related parties

11,743

12,839

Customer deposits

4,447

8,633

Accrued payroll and related costs

12,063

11,282

Accrued expenses and other payables

59,238

44,771

Taxes payable

15,308

17,267

Operating lease liabilities - current portion

52

203

Total current liabilities

456,482

383,739

Long-term liabilities:

Advances payable

278

282

Operating lease liabilities - non-current portion

—

52

Long-term loans

145

1,221

Deferred tax liabilities

3,885

3,943

Long-term taxes payable

—

8,781

Total liabilities

460,790

398,018

Commitments and Contingencies

Mezzanine equity:

Redeemable non-controlling interests

—

613

Stockholders' Equity

Common stock, $0.0001 par value - Authorized - 80,000,000 shares Issued – 32,338,302 and 32,338,302 shares at December 31, 2024 and 2023, respectively

3

3

Additional paid-in capital

69,656

63,731

Retained earnings-

Appropriated

12,180

11,851

Unappropriated

290,273

284,832

Accumulated other comprehensive income

(14,780)

(8,258)

Treasury stock – 2,167,600 and 2,152,600 shares at December 31, 2024 and 2023, respectively

(7,763)

(7,695)

Total parent company stockholders' equity

349,569

344,464

Non-controlling interests

40,220

23,345

Total stockholders' equity

389,789

367,809

Total liabilities, mezzanine equity and stockholders' equity

$

850,579

$

766,440

China Automotive Systems, Inc. and Subsidiaries

Consolidated Statements of Income or Loss

(In thousands of USD, except share and per share amounts)

Year Ended December 31, 

2024

2023

Net product sales ($48,860 and $47,514 sold to related parties for the years ended
   December 31, 2024 and 2023)

$

650,935

$

576,354

Cost of products sold ($30,088 and $27,288 purchased from related parties for the years ended
   December 31, 2024 and 2023)

541,751

472,603

     Gross profit

109,184

103,751

Net gain on other sales

4,303

5,788

Operating expenses:

Selling expenses

17,855

15,610

General and administrative expenses

27,728

25,503

Research and development expenses

27,649

29,181

Total operating expenses

73,232

70,294

     Operating income

40,255

39,245

Other income, net

5,776

5,345

Interest expense

(1,813)

(1,021)

Financial (expense)/income, net

(87)

4,666

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

44,131

48,235

Less: Income taxes

5,892

5,137

Add: Equity in loss of affiliated companies

(340)

(360)

Net income

37,899

42,738

Net income attributable to non-controlling interest

7,897

5,050

Accretion to redemption value of redeemable non-controlling interests

(23)

(30)

     Net income attributable to parent company's common shareholders

29,979

37,658

Net income attributable to parent company's common shareholders per share -

Basic

$

0.99

$

1.25

Diluted

$

0.99

$

1.25

Weighted average number of common shares outstanding -

Basic

30,184,513

30,185,702

Diluted

30,184,513

30,189,421

China Automotive Systems, Inc. and Subsidiaries

Consolidated Statements of Comprehensive Income or Loss

(In thousands of USD unless otherwise indicated)

Year Ended December 31,

2024

2023

Net income

37,899

42,738

Other comprehensive income:

Foreign currency translation loss

(7,123)

(5,191)

Comprehensive income

30,776

37,547

Comprehensive income attributable to non-controlling interest

7,296

4,704

Accretion to redemption value of redeemable non-controlling interest

(23)

(30)

Comprehensive income attributable to parent company

$

23,457

$

32,813

China Automotive Systems, Inc. and Subsidiaries

Consolidated Statements of Changes in Stockholders' Equity

(In thousands of USD, except share and per share amounts)

2024

2023

Common Stock

Balance at January 1, 2024 and 2023 - 32,338,302 and 32,338,302 shares, respectively

$

3

$

3

Balance at December 31, 2024 and 2023 - 32,338,302 and 32,338,302 shares, respectively

$

3

$

3

Additional Paid-in Capital

Balance at January 1

$

63,731

$

63,731

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

(66)

—

Contribution by the non-controlling interest of Henglong KYB

5,991

—

Balance at December 31

$

69,656

$

63,731

Retained Earnings - Appropriated

Balance at January 1

$

11,851

$

11,851

Appropriation of retained earnings

329

—

Balance at December 31

$

12,180

$

11,851

Unappropriated

Balance at January 1

$

284,832

$

247,174

Net income attributable to parent company

30,002

37,688

Accretion of redeemable non-controlling interests

(23)

(30)

Appropriation of retained earnings

(329)

—

Dividend payables to common shareholders

(24,149)

—

Dividend payables to non-controlling interests

(60)

—

Balance at December 31

$

290,273

$

284,832

Accumulated Other Comprehensive Loss

Balance at January 1

$

(8,258)

$

(3,413)

Net foreign currency translation adjustment attributable to parent company

(6,522)

(4,845)

Balance at December 31

$

(14,780)

$

(8,258)

Treasury Stock

Balance at January 1, 2024 and 2023 –2,152,600 and 2,152,600 shares, respectively

$

(7,695)

$

(7,695)

Repurchase of common stock in 2024 and 2023 –15,000 and nil shares, respectively

(68)

—

Balance at December 31, 2024and 2023 – 2,167,600 and 2,152,600 shares, respectively

$

(7,763)

$

(7,695)

Total parent company stockholders' equity

$

349,569

$

344,464

Non-controlling Interest

Balance at January 1

$

23,345

$

15,182

Net foreign currency translation adjustment attributable to non-controlling interest

(601)

(346)

Net income attributable to non-controlling interest

7,897

5,050

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

66

—

Contribution by non-controlling shareholder of Henglong KYB

9,513

—

Contribution by non-controlling shareholder of Wuhan Hyoseong

—

3,459

Balance at December 31

$

40,220

$

23,345

Total stockholders' equity

$

389,789

$

367,809

China Automotive Systems, Inc. and Subsidiaries

Consolidated Statements of Cash Flows

(In thousands of USD unless otherwise indicated)

Year Ended December 31, 

2024

2023

Cash flows from operating activities:

Net income

$

37,899

$

42,738

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

20,224

18,708

Deferred income taxes

(6,036)

(1,319)

Reversal of credit losses

(953)

1,564

Equity in loss of affiliates

340

360

Impairment loss on property, plant and equipment

886

794

Loss/(gain) on disposal of fixed assets

1,300

(3)

(Increase)/decrease in:

Other assets and other non-current assets

(7,356)

—

Accounts and notes receivable

(77,692)

(50,699)

Advance payments and others

1,540

(3,881)

Inventories

(1,791)

(1,654)

Other receivables

138

(556)

Increase/(decrease) in:

Accounts and notes payable

40,391

22,024

Customer deposits

(4,097)

3,091

Accrued payroll and related costs

956

77

Accrued expenses and other payables

13,275

(2,667)

Taxes payable

(10,457)

(6,835)

Advances payable

1,209

(1,836)

     Net cash provided by operating activities

9,776

19,906

Cash flows from investing activities:

Purchase of short-term investments and long-term time deposits

(77,859)

(68,550)

Proceeds from maturities of short-term investments

29,442

63,240

Cash received from property, plant and equipment sales

20,510

2,790

Cash paid to acquire property, plant and equipment and land use right (including $6,343 and
   $5,336 paid to related parties for the years ended December 31, 2024 and 2023, respectively)

(43,656)

(18,235)

Cash paid to acquire intangible assets

(804)

(3,445)

Cash received from long-term investment

316

3,292

Investment under equity method

(5,880)

(7,729)

     Net cash used in investing activities

(77,931)

(28,637)

Cash flows from financing activities:

Proceeds from bank loans

83,357

64,776

Repayment of bank loans and loans

(58,995)

(61,437)

Dividends paid to the common shareholders

(22,433)

—

Repurchase of common shares

(68)

—

Cash received from capital contributions by a non-controlling interest holder

15,504

3,459

     Net cash provided by financing activities

17,365

6,798

Cash and cash equivalents affected by foreign currency

(2,580)

(1,824)

Net decrease in cash, cash equivalents and pledged cash

(53,370)

(3,757)

Cash, cash equivalents and pledged cash at beginning of year

155,194

158,951

     Cash, cash equivalents and pledged cash at end of year

$

101,824

$

155,194