Core Viewpoint - China Automotive Systems, Inc. (CAAS) reported significant growth in net sales and profits for both the fourth quarter and the fiscal year 2023, driven by increased demand for electric power steering (EPS) products and a favorable product mix [1][4]. Fourth Quarter 2023 Highlights - Net sales increased by 23.6% year-over-year to $159.2 million [2][6]. - Gross profit rose by 38.8% to $34.7 million, with gross margin improving to 21.8% from 19.4% [2][6]. - Operating income was $13.6 million, a turnaround from an operating loss of $2.6 million in the same quarter of 2022 [2][8]. - Net income attributable to common shareholders surged by 153.5% to $10.9 million, translating to diluted net income per share of $0.36 [2][9]. Fiscal Year 2023 Highlights - Annual net sales reached a record $576.4 million, an increase of 8.8% compared to $529.6 million in 2022 [3][10]. - Gross profit for the year increased by 24.5% to $103.8 million, with gross margin rising to 18.0% from 15.7% [3][10]. - Operating income skyrocketed by 390.0% to $39.2 million, compared to $8.0 million in 2022 [3][12]. - Diluted net income per share increased by 81.2% to $1.25 [3][14]. Product Performance - EPS sales grew by 24.6% in 2023, accounting for 33.8% of total net sales [4][10]. - Sales in Brazil increased by 22.9%, which helped offset a decline in North American sales [4][10]. Financial Position - Total cash and cash equivalents, pledged cash, and short-term investments were $166.3 million at year-end [5][15]. - The company maintained a strong balance sheet with a current ratio of nearly 1.5 [5][15]. Business Outlook - Management anticipates revenue guidance for fiscal year 2024 to be $605.0 million, reflecting optimism about market conditions and recovery in North America [16].

WUHAN, China, March 15, 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 fourth quarter ended December 31, 2023, on Thursday, March 28, 2024, before the market opens. Management will conduct a conference call on March 28th at 8:00 A.M. EDT/8:00 P.M. Beijing Time to discuss these results.  A question and answer session will foll ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 Or ☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | --- | --- | --- | |-----------------------------------------------------------------------------|------------------|-------|----------------------------------------- ...

China Automotive Systems, Inc. (NASDAQ:CAAS) Q3 2023 Earnings Conference Call November 10, 2023 8:00 AM ET Company Participants Kevin Theiss - IR Jie Li - CFO Conference Call Participants Operator Good morning, everyone, and welcome to the China Automotive Systems' Third Quarter 2023 Conference Call. At this time, all participants are in a listen-only mode and the floor will be open for questions after the presentation. [Operator Instructions] Please note, this conference is being recorded. I will now turn ...

Financial Data and Key Metrics Changes - The company's net sales increased by 8.1% year-over-year to $137.4 million in Q2 2023 compared to $127.2 million in Q2 2022 [14] - Net income attributable to parent company's common shareholders rose to $10.5 million in Q2 2023 from $9.4 million in Q2 2022, with diluted earnings per share increasing by 12.9% to $0.35 [18] - For the first six months of 2023, net sales increased by 6.1% year-over-year to $279.7 million, with net income attributable to parent company shareholders reaching $17.3 million compared to $9.4 million in the same period last year [20] Business Line Data and Key Metrics Changes - Net sales of advanced electric power steering (EPS) products rose by 28.4% year-over-year to $41.6 million in Q2 2023 [14] - Sales of traditional steering products increased by 1.1% year-over-year to $95.8 million in Q2 2023 [14] - Sales to the commercial vehicle market increased by 7.2%, while Henglong passenger vehicle sales rose by 27.4% due to higher demand [9] Market Data and Key Metrics Changes - Overall automobile sales in China increased by 17.9% year-over-year in Q2 2023, with passenger vehicle sales rising by 19.3% and commercial vehicle sales up by 10.1% [8] - New energy vehicle sales rose by 44.1% in the first six months of 2023, reflecting a recovery from the previous year's COVID-19 restrictions [9] Company Strategy and Development Direction - The company continues to collaborate with major OEMs like BYD and Stellantis to enhance product offerings and develop new technologies [10] - Focus on developing proprietary EPS products for advanced driver assistance systems (ADAS) and level-4 autonomous driving [11] - Management reiterated a revenue growth target of $560 million for the full year 2023, based on current market conditions [21] Management Comments on Operating Environment and Future Outlook - The Chinese economy showed signs of recovery with a GDP growth rate of 5.5% year-over-year in the first half of 2023, although affected by internal and external factors [6] - Management noted that sales to North America declined by 24.5% due to reduced demand from customers, but market share remained stable [23] - New government incentives are expected to enhance economic growth in targeted markets, including the automobile sector [13] Other Important Information - Total cash, cash equivalents, and pledged cash were $125.5 million as of June 30, 2023 [20] - The company achieved an approximate 11% year-over-year decline in total operating expenses, contributing to an operating profit of $8.2 million in Q2 2023 [12] Q&A Session Summary Question: Could you shed some light on the decline in sales to the US and expectations going forward? - Management confirmed a 24.5% decline in sales to North America, primarily due to a decrease in customer production volumes, but market share remained stable [23] - The company is working on new products and expects to increase shipments as these are rolled out, while also pursuing new clients in North America [24] Question: What percentage of your sales come from North America currently? - Management indicated that approximately 20% of total revenues come from North America [25]

Part I [Unaudited Financial Statements](index=4&type=section&id=Item%201.%20Unaudited%20Financial%20Statements.) The unaudited financial statements for the period ended June 30, 2023, show a year-over-year increase in net product sales and net income for both the three and six-month periods, with a slight decrease in total assets primarily due to reduced cash and cash equivalents [Condensed Unaudited Consolidated Statements of Operations and Comprehensive Income](index=4&type=section&id=Condensed%20Unaudited%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Income) For Q2 2023, net product sales increased by 8.1% to $137.4 million, and net income attributable to shareholders rose by 11.0% to $10.5 million, while H1 2023 saw net sales grow by 6.1% to $279.7 million and net income increase by 84.5% to $17.3 million Q2 2023 vs Q2 2022 Performance (Three Months Ended June 30) | Metric | Q2 2023 (in thousands USD) | Q2 2022 (in thousands USD) | Change (%) | | :--- | :--- | :--- | :--- | | Net Product Sales | 137,410 | 127,161 | +8.1% | | Gross Profit | 22,718 | 22,711 | +0.03% | | Income from Operations | 7,789 | 7,200 | +8.2% | | Net Income Attributable to Parent | 10,466 | 9,428 | +11.0% | | Diluted EPS | $0.35 | $0.31 | +12.9% | H1 2023 vs H1 2022 Performance (Six Months Ended June 30) | Metric | H1 2023 (in thousands USD) | H1 2022 (in thousands USD) | Change (%) | | :--- | :--- | :--- | :--- | | Net Product Sales | 279,653 | 263,557 | +6.1% | | Gross Profit | 44,336 | 37,445 | +18.4% | | Income from Operations | 15,533 | 5,662 | +174.3% | | Net Income Attributable to Parent | 17,286 | 9,369 | +84.5% | | Diluted EPS | $0.57 | $0.30 | +90.0% | [Condensed Unaudited Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Unaudited%20Consolidated%20Balance%20Sheets) As of June 30, 2023, total assets decreased to $684.6 million from $714.4 million at year-end 2022, primarily due to reductions in cash and inventories, while total liabilities also decreased to $350.1 million from $386.9 million Consolidated Balance Sheet Highlights (in thousands USD) | Account | June 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Total Current Assets** | 487,906 | 520,718 | | Cash and cash equivalents | 95,620 | 121,216 | | Total Assets | 684,577 | 714,352 | | **Total Current Liabilities** | 334,600 | 364,195 | | Short-term loans | 38,457 | 45,671 | | Total Liabilities | 350,142 | 386,937 | | **Total Stockholders' Equity** | 333,837 | 326,833 | [Condensed Unaudited Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Unaudited%20Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2023, net cash used in operating activities was $0.05 million, a significant shift from the $14.5 million provided in the prior year, while net cash used in investing activities remained stable and financing activities increased cash usage due to higher loan repayments Cash Flow Summary (Six Months Ended June 30, in thousands USD) | Cash Flow Activity | 2023 | 2022 | | :--- | :--- | :--- | | Net cash (used in)/provided by operating activities | (52) | 14,484 | | Net cash used in investing activities | (24,046) | (24,443) | | Net cash (used in)/provided by financing activities | (5,556) | 1,610 | | **Net decrease in cash, cash equivalents and pledged cash** | **(33,410)** | **(15,676)** | [Notes to Condensed Unaudited Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Unaudited%20Financial%20Statements) The notes detail the company's organizational structure, including a new subsidiary, Hubei Zhirong, established in June 2023, and cover significant accounting policies, customer concentration, segment performance, and related party transactions - In June 2023, the company established a new wholly-owned subsidiary, Hubei Zhirong Automobile Technology Co., Ltd., which engages in the inspection and testing of automotive products[28](index=28&type=chunk)[114](index=114&type=chunk) - For the six months ended June 30, 2023, the company's five largest customers accounted for **41.7%** of consolidated net product sales, with one single customer representing **20.0%** of sales[38](index=38&type=chunk) - The company operates through **16 product sectors**, with six main segments (Henglong, Jiulong, Wuhu, Henglong KYB, Hubei Henglong, and Brazil Henglong) being the principal profit makers[101](index=101&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=31&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations.) Management attributes the 6.1% year-over-year revenue growth for the first six months of 2023 to a 21.8% increase in electric power steering (EPS) systems sales, which now constitute 32.0% of total net sales, with improved gross margin and reduced operating expenses contributing to higher operating and net income [Results of Operations - Q2 2023 vs Q2 2022](index=34&type=section&id=Results%20of%20Operations%20-%20Three%20Months%20Ended%20June%2030%2C%202023%20and%202022) In Q2 2023, net product sales increased by 8.1% to $137.4 million, driven by a 28.4% surge in electric power steering (EPS) sales, which now represent 30.3% of total sales, while gross margin slightly decreased to 16.5% and net income attributable to shareholders grew by 11.0% to $10.5 million - Net sales of electric power steering (EPS) systems increased by **28.4%** to **$41.6 million** in Q2 2023, accounting for **30.3%** of total net sales, up from 25.5% in Q2 2022[123](index=123&type=chunk) - Gross margin decreased by **1.4 percentage points** to **16.5%** in Q2 2023, mainly due to a change in product mix[131](index=131&type=chunk) - Operating expenses decreased, with selling expenses down **6.7%**, G&A down **6.9%**, and R&D expenses down **16.2%** year-over-year[132](index=132&type=chunk) [Results of Operations - H1 2023 vs H1 2022](index=39&type=section&id=Results%20of%20Operations%20-%20Six%20Months%20Ended%20June%2030%2C%202023%20and%202022) For the first half of 2023, net sales grew 6.1% to $279.7 million, propelled by a 21.8% increase in EPS sales, with gross margin improving significantly to 15.9% due to a better product mix, and net income attributable to shareholders rising sharply by 84.5% to $17.3 million - Net sales of EPS systems increased by **21.8%** to **$89.4 million** in H1 2023, making up **32.0%** of total net sales, compared to 27.8% in H1 2022[141](index=141&type=chunk) - Gross margin increased by **1.7 percentage points** to **15.9%** in H1 2023, primarily due to a change in product mix[150](index=150&type=chunk) - R&D expenses decreased by **18.9%** to **$13.0 million**, mainly due to decreased R&D activities for new projects[150](index=150&type=chunk) [Liquidity and Capital Resources](index=44&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2023, the company had working capital of $153.3 million and cash and short-term investments of $111.1 million, with primary capital sources being bank loans and acceptance facilities totaling $140.2 million in available credit, of which $68.3 million was utilized Working Capital and Cash Position (in millions USD) | Metric | June 30, 2023 (in millions USD) | December 31, 2022 (in millions USD) | | :--- | :--- | :--- | | Working Capital | 153.3 | 156.5 | | Cash, Cash Equivalents & Short-term Investments | 111.1 | 134.1 | Credit Facilities as of June 30, 2023 (in thousands USD) | Facility Type | Amount Available | Amount Used | | :--- | :--- | :--- | | Comprehensive credit facilities | 140,193 | 68,291 | - Net cash used in operating activities was **$0.1 million** for H1 2023, compared to net cash provided of **$14.5 million** in H1 2022, a decrease of **$14.6 million** primarily due to unfavorable movements in working capital[171](index=171&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=53&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk.) The company reports that there have been no material changes to its market risk disclosures since its Annual Report on Form 10-K for the year ended December 31, 2022 - There were no material changes to the market risk disclosures from the Company's 2022 Annual Report on Form 10-K[177](index=177&type=chunk) [Controls and Procedures](index=53&type=section&id=Item%204.%20Controls%20and%20Procedures.) The company's management, including the CEO and CFO, evaluated the disclosure controls and procedures and concluded they were effective as of June 30, 2023, with no material changes in internal control over financial reporting during the quarter - The CEO and CFO concluded that the Company's disclosure controls and procedures were effective as of June 30, 2023[178](index=178&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, the company's internal controls[179](index=179&type=chunk) Part II — Other Information [Legal Proceedings](index=54&type=section&id=Item%201.%20Legal%20Proceedings.) The company is not a party to any pending or threatened legal proceedings, and no director, officer, affiliate, or major security holder is involved in litigation adverse to the company - The Company is not a party to any pending or threatened legal proceedings[181](index=181&type=chunk) [Risk Factors](index=54&type=section&id=Item%201A.%20Risk%20Factors.) There have been no material changes from the risk factors that were previously disclosed in Item 1A of the company's 2022 Annual Report on Form 10-K - No material changes have occurred regarding the risk factors previously disclosed in the 2022 Annual Report on Form 10-K[182](index=182&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=54&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds.) The company reported no unregistered sales of equity securities or use of proceeds during the period - None[182](index=182&type=chunk) [Defaults Upon Senior Securities](index=54&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities.) The company reported no defaults upon senior securities - None[183](index=183&type=chunk) [Mine Safety Disclosures](index=54&type=section&id=Item%204.%20Mine%20Safety%20Disclosures.) This item is not applicable to the company - Not applicable[183](index=183&type=chunk) [Other Information](index=54&type=section&id=Item%205.%20Other%20Information.) The company reported no other information for this item - None[183](index=183&type=chunk) [Exhibits](index=55&type=section&id=Item%206.%20Exhibits.) This section lists the exhibits filed with the quarterly report, including CEO and CFO certifications (Rule 13a-14(a) and Section 1350) and XBRL interactive data files - Exhibits filed include Rule 13a-14(a) Certifications, Section 1350 Certifications, and various XBRL documents[185](index=185&type=chunk)

China Automotive Systems, Inc. (NASDAQ:CAAS) Q1 2023 Earnings Conference Call May 12, 2023 8:00 AM ET Company Participants Kevin Theiss - Investor Relations Jie Li - Chief Financial Officer Conference Call Participants William Gregozeski - Greenridge Global Operator Greetings. Welcome to the China Automotive Systems First Quarter 2023 Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] Please no ...

Financial Performance - Net product sales for Q1 2023 were $142.243 million, an increase of 4.3% from $136.396 million in Q1 2022[113] - Net income for Q1 2023 surged to $7.883 million, a significant increase of 5,190.6% compared to $149 thousand in Q1 2022[113] - Net income attributable to parent company's common shareholders reached $6.820 million, compared to a loss of $59 thousand in Q1 2022, marking an increase of 11,659.3%[113] - Net product sales for the three months ended March 31, 2023, were $142.2 million, an increase of $5.8 million or 4.3% compared to $136.4 million for the same period in 2022, driven by increased sales of electric power steering (EPS) systems[115] - Net sales of EPS were $47.8 million for the three months ended March 31, 2023, up $6.8 million or 16.6% from $41.0 million in the same period of 2022, representing 33.6% of total net sales[115] - Gross margin improved to 15.2% for the three months ended March 31, 2023, compared to 10.8% for the same period in 2022, reflecting a 4.4% increase due to a favorable product mix and higher average selling prices[125] Expenses - Cost of products sold decreased by 0.9% to $120.625 million in Q1 2023 from $121.662 million in Q1 2022[113] - Research and development expenses decreased by 21.5% to $6.390 million in Q1 2023 from $8.137 million in Q1 2022[113] - Selling expenses were reduced by 21.5% to $3.384 million in Q1 2023 compared to $4.312 million in Q1 2022[113] - Selling expenses decreased by $0.9 million or 21% to $3.4 million for the three months ended March 31, 2023, primarily due to reduced transportation, marketing, and office expenses[125] - Research and development expenses were $6.4 million for the three months ended March 31, 2023, down $1.7 million or 21% from $8.1 million in the same period of 2022, mainly due to lower tooling charges[126] Cash Flow and Working Capital - Cash and cash equivalents and short-term investments decreased to $120.6 million as of March 31, 2023, down $13.5 million or 10.1% from $134.1 million as of December 31, 2022[131] - Working capital increased to $164.3 million as of March 31, 2023, up $7.8 million or 5.0% from $156.5 million as of December 31, 2022[131] - Net cash used in operating activities for Q1 2023 was $1.4 million, a decrease of $2.9 million compared to Q1 2022, primarily due to an increase in net income excluding non-cash items by $4.1 million[148] - Net cash used in investing activities for Q1 2023 was $16.7 million, down $28.9 million from $45.6 million in Q1 2022, mainly due to a decrease in short-term investments purchases by $9.9 million and an increase in proceeds from maturities of short-term investments by $24.7 million[149] - Net cash used in financing activities for Q1 2023 was $0.4 million, a decrease of $0.3 million compared to $0.7 million in Q1 2022, attributed to an increase in bank loan repayments by $4.8 million[150] Debt and Credit Facilities - Total comprehensive credit facilities amount to $146.688 billion, with $73.928 billion used and an assessed mortgage value of $123.681 billion[137] - The company has pledged assets including land use rights and buildings valued at approximately $27.8 million for credit facilities with China CITIC Bank[139] - The company has a working capital loan from Bank of China of $2.91 million at an annual interest rate of 3.00%, due on October 28, 2023[143] - The company has a working capital loan from China CITIC Bank of $1.455 million at an annual interest rate of 3.65%, due on March 1, 2024[143] - The company has a total of $37.3 million in bank loans and $36.6 million in notes payable as of March 31, 2023[138] - The assessed value of pledged assets includes equipment valued at approximately $75.4 million for the revolving credit facility with Hubei Bank[140] - The company has a working capital loan from Hankou Bank of $2.789 million at an annual interest rate of 2.30%, due on December 25, 2023[143] - The company has a working capital loan from China Everbright Bank of $4.366 million, with an assessed value of pledged assets at approximately $9.1 million[142] - The company has a working capital loan from Chongqing Bank of $15,000 at an annual interest rate of 3.80%, due on April 14, 2023[143] - The company has a working capital loan from China CITIC Bank of $6.965 million at an annual interest rate of 2.30%, due on June 15, 2023[143] - Total notes payable as of March 31, 2023 amounted to $105.466 million, with specific due amounts for working capital ranging from $13.283 million to $22.892 million across various months[146] Operational Insights - The company has approximately 3,964 employees dedicated to design, development, manufacture, and sales as of March 31, 2023[103] - The company aims to improve overall margins and long-term operating profitability through operational improvements and business structure adjustments[103] - The company has business relationships with over sixty vehicle manufacturers, including major domestic and foreign brands[102] - The impact of COVID-19 on the company's operations and financial position remains uncertain, with potential ongoing effects[104] Internal Controls and Compliance - The company complied with all financial covenants as of March 31, 2023, ensuring adherence to obligations related to notes payable and working capital loans[145] - The company's disclosure controls and procedures were evaluated as effective as of March 31, 2023, ensuring timely and accurate reporting[153] - There were no material changes in the company's internal control over financial reporting during Q1 2023[154] - The company did not have any significant off-balance sheet arrangements as of March 31, 2023[151]

Financial Data and Key Metrics Changes - Net sales decreased by 7.2% to $128.8 million in Q4 2022 compared to $138.8 million in Q4 2021, primarily due to a change in product mix and lower demand for passenger and commercial vehicles [13] - Gross profit increased by 26.9% to $25 million in Q4 2022, with gross margin rising to 19.4% from 14.2% in Q4 2021, attributed to a favorable product mix [13] - For the full year 2022, net sales increased by 6.3% year-over-year to $529.6 million, driven by higher sales of passenger vehicles [17] Business Line Data and Key Metrics Changes - Electric power steering (EPS) sales represented 29.5% of total revenue in 2022, up from 23.2% in 2021, with EPS sales increasing by 35.6% year-over-year [17] - Sales to Chery Automobile rose by 54.5% year-over-year, contributing to the overall increase in net sales [17] - R&D expenses increased to $36.1 million in 2022, primarily due to higher investment in EPS products and other new products [19] Market Data and Key Metrics Changes - Total automobile sales in China grew by only 3.4% year-over-year in 2022, with passenger vehicle sales up 11.2% and commercial vehicle sales down 31.9% [8] - New Energy Vehicles (NEVs) saw a significant increase in sales, with a 93.4% rise in 2022 [8] Company Strategy and Development Direction - The company is focusing on expanding its EPS product line and enhancing its capabilities in autonomous driving technologies [9][10] - A strategic partnership with BYD has been established to develop new products for autonomous driving, with expectations of significant growth in sales volume [10][30] - The company anticipates EPS sales volume to increase by 30% in 2023, aiming for EPS to account for about 36% of total sales [26] Management Comments on Operating Environment and Future Outlook - Management noted that the new COVID-19 policies have positively impacted the Chinese economy, revitalizing social and business activities [12] - The company expects a recovery in the economy to strengthen over time, leading to greater automobile sales [12] - Revenue guidance for 2023 is set at $560 million, based on current operating and marketing conditions [21] Other Important Information - The company repurchased 666,074 common shares under its buyback program in 2022 [11] - Cash flow from operating activities was $48 million in 2022, compared to $28.3 million in 2021 [21] Q&A Session Summary Question: Are the higher gross margins in Q4 sustainable long-term based on higher EPS contribution? - Management indicated that the gross margin for the full year 2022 was 16%, with Q4 at 19%, and expects continued growth in EPS volume to drive margin expansion in 2023 [24] Question: What are the expectations for hydraulic and EPS builds for 2023 and 2024? - EPS sales volume is anticipated to increase by 30% in 2023, with expectations to surpass 40% of total volume in 2024 [26] Question: How much R&D spending will there be in 2023, and what will be the focus? - R&D expenses are projected to account for approximately 6% to 6.5% of total revenue in 2023, focusing on EPS products and steering by wire technology [28] Question: Can you provide an update on the BYD order and Sentient power order? - Management confirmed significant growth with BYD in 2022 and expects to double sales in 2023, while also noting positive developments with Sentient's autonomous driving technology [30][31]

Table of Contents | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------| | (State or other jurisdiction of incorporation or organization) \nNo. 1 Henglong Road, Yu Qiao Development Zone \nShashi District, Jing Zhou City, Hubei Province | (I.R.S. Employer Identification No.) | | The People's ...