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China Automotive Systems Inc. (CAAS-1.57%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing net product sales of $650.9 million, up from $576.4 million in the previous year. This increase is attributed to higher sales of electric power steering systems.
Cost of products sold rose to $541.8 million from $472.6 million, reflecting increased sales volume and unit costs. The gross profit margin decreased to 16.8% from 18.0% due to OEM price reductions.
Net income for the year was $37.9 million, down from $42.7 million in the previous year. The decrease is attributed to higher operating expenses and interest costs.
The company reported a net income attributable to common shareholders of $30.0 million, compared to $37.7 million in the previous year, with a basic and diluted earnings per share of $0.99.
China Automotive Systems highlighted its strategic focus on expanding both domestic and international markets, emphasizing brand recognition, quality control, cost efficiency, research and development, and strategic acquisitions.
The company continues to face risks related to doing business in China, including government policies, foreign exchange fluctuations, and regulatory changes.
China Automotive Systems maintains several bank credit facilities, with short-term loans totaling $72.6 million and long-term loans of $0.1 million as of December 31, 2024.
The filing also details the company's plans to retain future earnings to finance operations and expansion, with no anticipated cash dividends in the near future.
China Automotive Systems' operations are primarily conducted through its subsidiaries in China, with significant business relationships with major vehicle manufacturers, including Stellantis N.V. and Ford Motor Company.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the China Automotive Systems Inc. annual 10-K report dated March 28, 2025. To report an error, please email earnings@qz.com.