Core Viewpoint - China Automotive Systems, Inc. will release its unaudited financial results for Q3 2024 on November 13, 2024, before market opening, followed by a conference call to discuss the results [1]. Company Overview - China Automotive Systems, Inc. is a leading supplier of power steering components and systems in China, operating through eight Sino-foreign joint ventures [3]. - The company offers a comprehensive range of steering system parts for both passenger automobiles and commercial vehicles, with an annual production capacity exceeding 8 million sets of steering gears, columns, and hoses [3]. - Its customer base includes major automotive manufacturers such as China FAW Group, Dongfeng Auto Group, BYD Auto, Beiqi Foton, Chery Automobile, Stellantis N.V., and Ford Motor Company [3].

Core Points - China Automotive Systems, Inc. (CAAS) will hold its Annual Meeting of Stockholders on September 24, 2024, at 9:00 AM local time in Wuhan, China [1] - A conference room will be available for shareholders in Michigan, U.S., on September 23, 2024, at 9:00 PM EDT for participation via WebEx [1] - Shareholders can access the meeting through a conference call or a live webcast [2] Company Overview - CAAS is a leading supplier of power steering components and systems in China, operating through eight Sino-foreign joint ventures [3] - The company has an annual production capacity of over 8 million sets of steering gears, columns, and steering hoses [3] - CAAS serves major automotive manufacturers in China and North America, including China FAW Group, Dongfeng Auto Group, BYD, Stellantis, and Ford [3]

Exhibit 99.1 China Automotive Systems Reports Income From Operations Increased by 38.7% in the Second Quarter of 2024 WUHAN, China, August 13, 2024 -- 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 second quarter and six months ended June 30, 2024. Second Quarter 2024 Highlights · Net sales rose 15.4% year-over-year to $158.6 million from $137.4 million in the ...

Financial Performance - Net product sales for the three months ended June 30, 2024, were $158.608 million, an increase of 15.4% compared to $137.410 million in the same period of 2023[115]. - The company reported a net income of $8.755 million for the three months ended June 30, 2024, a decrease of 23.7% from $11.468 million in the same period of 2023[115]. - Total segments reported sales of $224.362 million, an 18.3% increase from $189.650 million in the prior year[116]. - Net product sales for the three months ended June 30, 2024, were $158.6 million, an increase of $21.2 million or 15.4% compared to $137.4 million in the same period of 2023, driven by higher sales of electric power steering (EPS) systems[117]. - Net sales of EPS systems and parts increased to $55.6 million for the three months ended June 30, 2024, from $41.6 million in the same period of 2023, representing a growth of $14.0 million or 33.7%[117]. - Total net product sales for the six months ended June 30, 2024, were $298.0 million, an increase of $18.3 million or 6.6% compared to $279.7 million in the same period of 2023[133]. - Net sales of traditional steering products and parts for the six months ended June 30, 2024, were $195.0 million, up $4.7 million or 2.5% from $190.3 million in the same period of 2023[133]. Expenses - Cost of products sold for the same period was $129.306 million, reflecting a 12.7% increase from $114.692 million in the prior year[115]. - Research and development expenses increased by 23.9% to $8.184 million, up from $6.606 million year-over-year[115]. - Selling expenses rose by 21.6% to $4.614 million, compared to $3.794 million in the previous year[115]. - Selling expenses increased to $4.6 million for the three months ended June 30, 2024, representing a rise of $0.8 million or 21.6% compared to $3.8 million in the same period of 2023, primarily due to higher marketing expenses[126]. - General and administrative expenses increased by $3.0 million, or 29.3%, to $13.0 million for the six months ended June 30, 2024, compared to $10.0 million in 2023[144]. - Research and development expenses increased by $0.5 million, or 3.8%, to $13.5 million for the six months ended June 30, 2024, compared to $13.0 million in 2023[145]. Income and Profitability - Net income attributable to parent company's common shareholders decreased to $7.1 million for the three months ended June 30, 2024, down from $10.5 million in the same period of 2023, a decline of $3.4 million[129]. - Net income attributable to parent company's common shareholders decreased by $1.9 million to $15.4 million for the six months ended June 30, 2024, compared to $17.3 million in 2023[147]. - Gross margin improved to 18.5% for the three months ended June 30, 2024, up from 16.5% in the same period of 2023, reflecting a 2.0% increase due to changes in product mix and reduced sales unit costs[126]. - The company's gross margin improved to 17.9% for the six months ended June 30, 2024, up from 15.9% in the same period of 2023[144]. Cash Flow and Financing - Net cash provided by operating activities for the six months ended June 30, 2024 was $9.1 million, an increase of $9.2 million compared to the same period in 2023[167]. - Net cash used in investing activities for the six months ended June 30, 2024 was $28.2 million, an increase of $4.2 million compared to the same period in 2023[168]. - Net cash provided by financing activities for the six months ended June 30, 2024 was $14.2 million, an increase of $19.8 million compared to the same period in 2023[169]. - The company had cash and cash equivalents of $120.4 million, a decrease of $5.3 million, or 4.2%, from $125.7 million as of December 31, 2023[148]. Credit Facilities and Loans - Total comprehensive credit facilities amount to $200.651 million, with $86.111 million used and an assessed mortgage value of $51.211 million[154]. - The company has pledged assets including land use rights and buildings with an aggregate assessed value of approximately $59.2 million to secure its credit lines[156]. - The credit facilities with China CITIC Bank have an available amount of $104.535 million, with $49.238 million used and an assessed mortgage value of $23.041 million[154]. - The company has secured a total of 4,209 million in working capital loans from the Bank of China with an annual interest rate of 2.58% due on March 30, 2025[161]. - The company has also obtained a working capital loan of 3,929 million from the Industrial and Commercial Bank of China at an interest rate of 2.60%, maturing on February 21, 2025[161]. - The company has multiple loans from Chongqing Bank, with amounts ranging from 10 million to 158 million, all at an interest rate of 3.60%[161]. Risk Management - The company has implemented stringent processes to oversee and manage risks associated with third-party service providers[170]. - The company had complied with financial covenants as of June 30, 2024, avoiding penalties on loans[166].

Core Viewpoint - China Automotive Systems, Inc. reported strong financial performance for the second quarter and first six months of 2024, with significant increases in net sales, gross profit, and income from operations, driven by a notable rise in Electric Power Steering (EPS) product sales [2][3][4]. Financial Performance - **Second Quarter 2024 Highlights** - Net sales increased by 15.4% year-over-year to $158.6 million from $137.4 million in Q2 2023 [2]. - Gross profit rose by 29.0% year-over-year to $29.3 million, with gross margin improving to 18.5% from 16.5% [2][6]. - Income from operations increased by 38.7% to $10.8 million from $7.8 million in Q2 2023 [2][8]. - Net income attributable to common shareholders was $7.1 million, with diluted earnings per share of $0.24 [2][10]. - **First Six Months of 2024 Highlights** - Net sales grew by 6.6% year-over-year to $298.0 million from $279.7 million [3][11]. - Gross profit increased by 20.4% to $53.4 million, with gross margin at 17.9% compared to 15.9% in the same period last year [3][11]. - Income from operations rose by 31.7% to $20.5 million from $15.5 million [3][11]. - Net income attributable to common shareholders was $15.4 million, with diluted earnings per share of $0.51 [3][12]. Product Performance - Sales of EPS products surged by 33.7% in Q2 2024, now accounting for one-third of total sales [4][5]. - Traditional steering products saw a 7.5% increase in sales year-over-year to $103.0 million [5]. Market Context - Overall automobile sales in China increased by 6.1% year-over-year in the first half of 2024, with passenger car sales up by 6.3% and commercial vehicle sales by 4.9% [4]. - Domestic car sales rose by 1.4%, while Chinese vehicle exports increased by 30.5% [4]. Shareholder Returns - A special cash dividend of $0.80 per common share was declared for shareholders of record on July 30, 2024 [3][4]. Balance Sheet and Cash Flow - As of June 30, 2024, cash and cash equivalents, along with pledged cash, totaled $148.4 million [3][13]. - The company maintained a strong balance sheet with working capital of $190.0 million and positive cash flow from operations in the first half of 2024 [4][13].

WUHAN, China, Aug. 2, 2024 /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 second quarter ended June 30, 2024, on Tuesday, August 13, 2024, before the market opens. Management will conduct a conference call on August 13th at 7:00 A.M. EDT/7:00 P.M. Beijing Time to discuss these results. A question and answer session will follow man ...

Sergii Petruk/iStock via Getty Images Investment Thesis China Automotive Systems (NASDAQ:CAAS) is one of the largest suppliers of power steering systems and components to China's automotive industry. CAAS poses an interesting, deep value play. The stock is currently trading at 5.4x EBIT (2025), and a 74% discount to its fully diluted book value of $392MM. CAAS is set to benefit from strong tailwinds from the rise in electric vehicle demand and its exclusive electric power steering products. I see decent ups ...

- Celebrating 20th Anniversary of NASDAQ Listing -WUHAN, China, July 19, 2024 /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 Board of Directors has declared a special cash dividend of US$0.80 per common share.  The special cash dividend is payable on or about August 22, 2024 to shareholders of record as of the close of business on Tuesday, July 30, 2024. The aggregate amount ...

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MarioGuti/iStock via Getty Images A Stock in Drive China Automotive Systems, Inc. (NASDAQ:CAAS) stock is a victim of China's New Electric Vehicle and automotive sales industry success. This small company with a $108.97M market cap has been unnoticed for too long. The stock hit a high of $9.61 per share in early 2023. Subsequently, bad news disappointed investors in the EV industry, compounded by political and economic headwinds that undercut the stock's momentum. 12 months later, CAAS shares closed just abo ...