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During the initial period, Apollo Go and Autogo will collaborate to deploy dozens of autonomous vehicles in Abu Dhabi, with phased expansion planned ahead of full commercial operations by 2026. This marks Apollo Go's further expansion into the UAE, applying its proven autonomous driving technology and operational experience from China. Apollo Go and Autogo will collaborate to scale commercial operations and expect to build Abu Dhabi's largest driverless fleet. BEIJING, March 29, 2025 /PRNewswire/ -- Baidu (NASDAQ: BIDU and HKEX: 9888) announced today (March 29, 2025, Beijing Time) that its autonomous ride-hailing service, Apollo Go, has entered into a strategic partnership with Autogo, a UAE-based autonomous mobility company and subsidiary brand of Kintsugi Holding, with the goal of deploying the largest fully driverless fleet in Abu Dhabi. Through this strategic partnership, Apollo Go and Autogo aim to bring next-generation mobility to the streets of the UAE capital. Initial trials of dozens of Apollo Go autonomous vehicles will be deployed in select areas of Abu Dhabi, with phased expansion planned ahead of full commercial operations by 2026. The trials in Abu Dhabi will be conducted in close coordination with the city's Integrated Transport Centre (ITC), ensuring that the service aligns with local transport strategies, regulatory standards, and infrastructure planning as part of the emirate's smart mobility goals. By combining Apollo Go's cutting-edge technology in autonomous driving and extensive experience in large-scale fleet operations, this partnership will enable Abu Dhabi and Autogo to rapidly build a smart mobility service ecosystem. Apollo Go's proven solutions will integrate seamlessly with Autogo's local expertise and market insight, offering residents a more convenient and sustainable transportation experience. As Baidu's robotaxi arm, Apollo Go stands as China's largest of its kind. Since February 2025, Apollo Go has commenced 100% fully driverless operations across over 10 cities in China and continues to expand. In November 2024, Apollo Go was granted the first autonomous vehicle pilot license in Hong Kong, its first entry into a right-hand drive, left-hand traffic market. Backed by 150 million kilometers of safe autonomous driving track record and over 10 million cumulative rides, Apollo Go brings proven technology and operational experience to the UAE, and is poised to enhance the city's transportation efficiency and smart mobility solutions. As an all-electric, on-demand service, Apollo Go also promotes a more sustainable approach to urban transportation — helping reduce emissions, ease congestion, and reshape the city landscape. Looking ahead, Apollo Go and Autogo will work together to scale commercial operations of robotaxi services to serve more users and contribute to Abu Dhabi's smart city vision. About Baidu Founded in 2000, Baidu's mission is to make the complicated world simpler through technology. Baidu is a leading AI company with strong Internet foundation, trading on the NASDAQ under "BIDU" and HKEX under "9888." One Baidu ADS represents eight Class A ordinary shares. Media Contact:Intlcomm@baidu.com
The first 100 Apollo Go autonomous vehicles to be deployed in Dubai by the end of 2025, with no less than 1,000 to be deployed over the next three years This marks a major milestone in Apollo Go's international expansion, after it was granted the very first autonomous vehicle pilot license in Hong Kong BEIJING, March 29, 2025 /PRNewswire/ -- Baidu Inc. (NASDAQ: BIDU and HKEX: 9888) today announced that its autonomous ride-hailing platform, Apollo Go, has signed a strategic cooperation agreement with the Roads and Transport Authority (RTA) of Dubai to launch autonomous driving testing and services in the city. This marks Apollo Go's first international fleet deployment outside of mainland China and Hong Kong, and its first entry into the Middle East. As part of the agreement, Apollo Go will deploy 100 fully autonomous vehicles in urban Dubai by the end of 2025, using its 6th-generation, purpose-built RT6 robotaxi, with plans to scale the fleet to no fewer than 1,000 by 2028. "We see strong synergy between our mission and Dubai's ambitious vision for autonomous transportation," said Yunpeng Wang, Corporate Vice President of Baidu and President of Baidu's Intelligent Driving Group. "It is a privilege to partner with the RTA and support its goal of making 25% of the city's transportation autonomous by 2030. With Apollo Go's proven success in China and Baidu's cutting-edge expertise in AI and autonomous driving, we are excited to introduce safe, efficient, and sustainable autonomous mobility solutions to the region." Over the past few years, Dubai has emerged as a pioneer in the global autonomous driving space, with the RTA actively promoting the technology's commercial application. Through this partnership, Apollo Go will share technical, operational, and regulatory expertise gained from years of deployment across major Chinese cities. This includes its large-scale deployment in Wuhan — a city of over 10 million people — which served as a key technical and operational proving ground. All tests and services will be conducted in line with Dubai's local laws and adapted for regional needs to ensure seamless localized operation. The collaboration aims to integrate autonomous ride-hailing into Dubai's broader transportation ecosystem, offering enhanced mobility services for residents and contributing to the city's intelligent infrastructure goals. Apollo Go's deployment will begin directly in the heart of Dubai, where a complex urban traffic environment will test the maturity and stability of its autonomous driving system. Having achieved over 150 million kilometers of safe driving and provided more than 10 million rides to the public, Apollo Go stands as one of the world's largest autonomous ride-hailing platforms. The RT6 model, purposefully built for driverless mobility, features enhanced reliability, exceptional comfort and an intuitive design, providing a refined and optimized autonomous vehicle experience for users. With the RTA partnership, Apollo Go plans to bring this same level of service to Dubai — and beyond — in partnership with local authorities. The announcement of the collaboration came one month after Robin Li, co-founder and CEO of Baidu, attended the World Governments Summit in Dubai in February 2025 and met with local leaders. The agreement with the RTA underscores the UAE government's strong trust and support for Apollo Go's technology and vision. This partnership is the latest milestone in Apollo Go's global expansion, after it was granted the first autonomous driving test licenses in Hong Kong in November 2024, Apollo Go's first entry into a right-hand-drive market. Having begun testing in Hong Kong, Apollo Go has now chosen Dubai as the first official international market outside China to deploy a fleet as the company rapidly expands its global footprint. As Apollo Go continues to scale internationally, the company remains committed to delivering safe, green, and intelligent mobility services in collaboration with global partners to drive the future of urban transportation — making cities smarter, more connected, and ready for the autonomous era. About Baidu Founded in 2000, Baidu's mission is to make the complicated world simpler through technology. Baidu is a leading AI company with strong Internet foundation, trading on the NASDAQ under "BIDU" and HKEX under "9888." One Baidu ADS represents eight Class A ordinary shares.
LISHUI, China, March 28, 2025 /PRNewswire/ -- Farmmi, Inc. ("Farmmi" or the "Company") (Nasdaq: FAMI) today announced the official opening of its brand-new warehouse located in New Jersey, USA on March 27, 2025. The facility covers approximately 49,800 square feet and marks a significant expansion of the Company's logistics and warehousing operations on the U.S. East Coast, reinforcing Farmmi's strategic presence in the American market. The new logistics hub, operated by Farmmi's U.S. subsidiary, Farmmi USA Inc., is located on Randolph Road in Somerset, New Jersey. This expansion will substantially enhance the Company's warehousing capabilities, streamline logistics operations, and significantly reduce shipping costs for customer orders in the Eastern U.S., while also shortening delivery times. Ms. Yefang Zhang, Chairwoman and CEO of Farmmi, commented:"As an agricultural products supplier and distribution logistics services provider, we are dedicated to optimizing our distribution network to better serve our growing customer base with high-quality products. The official launch of our New Jersey facility not only strengthens Farmmi's competitiveness in the U.S. market but also further improves our operational efficiency and supports our long-term strategic goals." About Farmmi, Inc. Founded in 1998, Farmmi, Inc. (Nasdaq: FAMI) is an agricultural products supplier, processor and logistics service provider, with a focus on edible mushrooms (including shiitake and wood ear mushrooms) and other agricultural products. The Company distributes high-quality agricultural goods to the global market primarily through its established distribution channels. For more information, please visit the Farmmi official website. Forward-Looking Statements This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities. Such offers may only be made in accordance with the Securities Act of 1933, as amended, and applicable state securities laws. Certain statements in this press release regarding the Company's future growth prospects are forward-looking statements made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks and uncertainties that may cause actual results to differ materially from those expressed or implied in such statements. These risks and uncertainties include, but are not limited to: our ability to secure financing on favorable terms, customer order fulfillment, earnings volatility, exchange rate fluctuations, our ability to manage growth, the ability to generate revenue from business expansion and acquisitions, our ability to attract and retain qualified professionals, customer concentration, segment concentration, and other factors affecting the general economic conditions of the industry. Further information regarding these and other risks is included in the Company's filings with the U.S. Securities and Exchange Commission (SEC), which are available at www.sec.gov. Farmmi may also make additional forward-looking statements from time to time in written or oral form, including in filings with the SEC and in reports to shareholders. Please note that all forward-looking statements are based on current assumptions believed to be reasonable as of the date of this press release. The Company undertakes no obligation to update or revise any forward-looking statements, except as required by law. For more information, please contact: Farmmi, Inc.Investor RelationsTel: +86-0578-82612876ir@farmmi.com
BEIJING, March 28, 2025 /PRNewswire/ -- Autozi Internet Technology (Global) Ltd. (Nasdaq: AZI) ("Autozi" or the "Company"), a automotive products and services company in China, today announced that it has received written notification (the "Notification Letter") from The Nasdaq Stock Market LLC ("Nasdaq") dated March 25, 2025, notifying the Company that it is not in compliance with the minimum Market Value of Listed Securities (MVLS) of $50,000,000. Nasdaq Listing Rule 5450(b)(2)(A) requires a company that has its primary equity security listed on the Nasdaq Global market to maintain a minimum Market Value of Listed Securities (MVLS) of $50,000,000, and Nasdaq Listing Rule 5810(c)(3)(C) provides that a failure to meet the market value requirement exists if the deficiency continues for a period of last 30 consecutive business days. Based on the market value of the Company for the 30 consecutive business days from February 10, 2025 to March 24, 2025, the Company no longer meets the requirement of minimum Market Value of Listed Securities (MVLS). The Notification Letter does not impact the Company's listing on The Nasdaq Global Market at this time. In accordance with Nasdaq Listing Rule 5810(c)(3)(C), the Company has been provided 180 calendar days, or until September 22, 2025, to regain compliance with the market value requirement. To regain compliance, the Company's MVLS must close at $50,000,000 or more for a minimum of ten consecutive business days during the compliance period of 180 calendar days. If the Company does not regain compliance by September 22, 2025 or transfer to The Nasdaq Capital Market, the Company will receive written notification that its securities are subject to delisting. The Company intends to monitor its market value of publicly held shares between now and September 22, 2025 and intends to cure the deficiency within the prescribed grace period. During this time, the Company expects that its Class A ordinary shares will continue to be listed and traded on The Nasdaq Global Market. Notwithstanding the Notification Letter, the Company remains confident in its core business fundamentals and its position in the automotive services market in China. Autozi's advanced supply chain cloud platform and SaaS solutions continue to create tangible value for both customers and partners, supporting the Company's long-term growth strategy. Management is focused on operational optimization, disciplined execution, and prudent capital allocation, all with the goal of driving sustainable value for Autozi's shareholders. The Company believes that these efforts will position Autozi for continued success and expansion in the years ahead. About Autozi Autozi Internet Technology (Global) Ltd. is a leading, fast-growing provider of lifecycle automotive services in China. Founded in 2010, Autozi offers a comprehensive range of high-quality, affordable, and professional automotive products and services through both online and offline channels across the country. Leveraging its advanced online supply chain cloud platform and SaaS solutions, Autozi has built a dynamic ecosystem that connects key participants across the automotive industry. This interconnected network enables more efficient collaboration and streamlined processes throughout the entire supply chain, positioning Autozi as a key driver of innovation and growth in the automotive services sector. Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995, including but not limited to statements related to Autozi's cash position, financial resources and potential for future growth, market acceptance and penetration of new or planned product offerings, and future recurring revenues and results of operations. These forward-looking statements can be identified by terminology such as "aim," "anticipate," "believe," "estimate," "expect," "hope," "going forward," "intend," "ought to," "plan," "project," "potential," "seek," "may," "might," "can," "could," "will," "would," "shall," "should," "is likely to" and the negative form of these words and other similar expressions. Among other things, statements that are not historical facts, including statements about the Company's beliefs and expectations are or contain forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement. All information provided in this press release is as of the date of this press release and is based on assumptions that the Company believes to be reasonable as of this date, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law. Contact Information The Blueshirt GroupJack WangEmail: Jack@blueshirtgroup.co
BEIJING, March 28, 2025 /PRNewswire/ -- Cheche Group Inc. (NASDAQ: CCG) ("Cheche", "the Company" or "we"), China's leading auto insurance technology platform, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2024. Financial and Operational Highlights Net revenues for the quarter increased by 13.4% year-over-year to RMB983.6 million (US$134.8 million), while net revenues for the full year of 2024 increased by 5.2% over the prior year to RMB3.5 billion (US$475.8 million). Operating loss for the quarter decreased by 93.7% year-over-year to RMB3.0 million (US$0.4 million), while operating loss for the full year of 2024 decreased by 60.3% over the prior year to RMB66.5 million (US$9.1 million). Adjusted operating income(1) for the quarter was RMB1.3 million (US$0.2 million), compared to adjusted operating loss of RMB12.0 million in the prior-year quarter. Adjusted operating loss for the full year of 2024 decreased by 40.2% over the prior year to RMB28.2 million (US$3.9 million). Net loss for the quarter decreased by 67.4% year-over-year to RMB10.4 million (US$1.4 million), while net loss for the full year of 2024 decreased by 61.6% over the prior year to RMB61.2 million (US$8.4 million). Adjusted net loss(1) for the quarter decreased by 38.6% year-over-year to RMB3.0 million (US$0.4 million). Adjusted net loss for the full year of 2024 decreased by 25.3% from RMB33.2 million in the prior year to RMB24.8 million (US$3.4 million). Total written premiums placed for the quarter increased by 15.6% year-over-year to RMB7.4 billion (US$1.0 billion), while total written premiums placed for the full year of 2024 increased by 7.5% over the prior year to RMB24.3 billion (US$3.3 billion). Total number of policies issued for the quarter increased from 4.8 million for the prior-year quarter to 5.1 million, while the total number of policies issued over the full year of 2024 increased from 15.8 million of the prior year to 17.3 million. Partnerships with New Energy Vehicle (NEV) companies(2) numbered 15 in the quarter and led to 441,000 embedded policies with corresponding written premium of RMB1.4 billion (US$189.8 million), representing an increase of 184.5% and 171.1% compared to the prior-year quarter, respectively. Embedded policies and corresponding written premium for the full year of 2024 reached 1.1 million and RMB3.3 billion (US$452.4 million), respectively, representing growth of 158.9 % for policies embedded and 127.8% for written premium compared to the prior year. (1) Adjusted Operating Loss/Income and Adjusted Net Loss are non-GAAP financial measures. For further information on the non-GAAP financial measures presented above, see the "Non-GAAP Financial Measures" section below. (2) The rapid growth of the NEV market has created new opportunities for auto insurance offerings and propelled revenue growth of auto insurance providers. Cheche started to collaborate with NEV manufactures in 2022 and such collaborations yielded considerable results in 2023 and 2024. Cheche believes that the further growth of the NEV market and the introduction of innovative NEV auto insurance solutions will further fuel the revenue contribution by its partnership with NEV manufacturers. The management of Cheche utilizes the number of partnerships with NEV manufacturers, the number of insurance policies embedded in the new NEV deliveries, and the amount of corresponding premium generated from such embedded policies as the main operating metrics to evaluate its business and presents such operating metrics for investors to better understand and evaluate Cheche's business. Management Comments "Our latest financial results validate the success of our strategic focus on the intelligent connected electric vehicle insurance sector. Revenues for the fourth quarter achieved robust growth of over 13%, and notably, our NEV-related business has experienced a remarkable 171% growth in written premiums over the same period. This strong growth momentum, coupled with our adjusted operating income for the quarter, demonstrates our ability to balance business expansion with operational efficiency. By leveraging technological innovation to enhance customer experiences and drive sustainable growth, we are well-positioned to maintain this upward trajectory," said Lei Zhang, Founder, CEO, and Chairman of Cheche Group. "As we reflect on 2024, we are thrilled by the remarkable growth in China's NEV market, which saw sales surge to 12.9 million units, marking a 35.5% increase from the previous year. This trend underscores the immense market opportunity for our company to innovate and expand our auto Insurtech offerings, particularly in the intelligent connected NEV market where the integration of AI with intelligent connected NEVs is revolutionizing traditional insurance practices by not only delivering an innovative and seamless customer experience but also setting a new standard for AI applications across specialized sectors. "We are now aligned with the majority of significant NEV manufacturers in China and our AI driven next generation of solutions will embed us deeper into the value chain and significantly improve the operational efficiency for insurers and cost savings for consumers in this dynamic market. We remain committed to leveraging our expertise in intelligent digital insurance platforms, technical capabilities and precise insights into market demand to capitalize on these trends and further establish ourselves as an Insurtech leader in the largest automotive market in the world." Unaudited Fourth Quarter 2024 Financial Results Net Revenues were RMB983.6 million (US$134.8 million), representing a 13.4% year-over-year increase from the prior-year quarter. The growth was driven by an increase in insurance transactions conducted through Cheche's platform by referral partners and third-party platform partners. Cost of Revenues increased by 13.0% to RMB932.0 million (US$127.7 million) from RMB824.4 million for the prior-year quarter, which was consistent with the growth of business volume and net revenues. Selling and Marketing Expenses decreased by 20.1% to RMB19.7 million (US$2.7 million) from RMB24.7 million in the prior-year quarter, mainly due to decreases in marketing expenses and staff costs. As a result, selling and marketing expenses as a percentage of net revenues decreased from 2.8% for the prior-year quarter to 2.0%. Excluding share-based compensation expenses, selling and marketing expenses as a percentage of net revenues decreased further to 1.9%, compared to 2.8% for the prior-year quarter. General and Administrative Expenses decreased by 53.2% to RMB25.7 million (US$3.5 million) from RMB54.9 million for the prior-year quarter, which was mainly due to the decrease in share-based compensation expenses, partially offset by the increases in post-listing professional service fees and staff costs. Excluding the impact of share-based compensation expenses and listing-related professional service fees, general and administrative expenses increased by 20.1%, mainly due to the increases in post-listing professional service fees and staff costs. Research and Development Expenses decreased by 25.3% to RMB9.3 million (US$1.3 million) from RMB12.4 million in the prior-year quarter. The change was mainly driven by decreases in technical service fees and staff costs. Excluding share-based compensation expenses, research and development expenses decreased by 26.5% from the prior-year quarter, while research and development expenses as a percentage of net revenues decreased from 1.4% to 0.9% for the same periods. Total Cost and Operating Expenses increased by 7.7% to RMB986.7 million (US$135.2 million) from RMB916.4 million in the prior-year quarter, mainly due to the increase in cost of revenues and the decrease in share-based compensation expenses. Excluding share-based compensation expenses, amortization of intangible assets related to the acquisition and listing-related professional service fees, total cost and operating expenses increased by 11.7% over the prior-year quarter. Operating Loss decreased by 93.7% year-over-year to RMB3.0 million (US$0.4 million). Excluding share-based compensation expenses, amortization of intangible assets related to the acquisition and, listing-related professional service fees, the Adjusted Operating Income was RMB1.3 million (US$0.2 million), compared to an adjusted operating loss of RMB12.0 million in the prior-year quarter, which resulted from the growth of our net revenues and the improvement of our operational efficiency. Net Loss decreased by 67.4% to RMB10.4 million (US$1.4 million) over the prior-year quarter. Excluding share-based compensation expenses, amortization of intangible assets, and changes in fair value of amounts due to a related party, change in fair value of warrants, listing related professional service fees, the Adjusted Net Loss for the quarter was RMB3.0 million (US$0.4 million), mainly due to foreign exchange losses of RMB5.3 million. Nonetheless, adjusted net loss decreased by 38.6% compared to the prior-year quarter. Net Loss attributable to Cheche's shareholders decreased by 67.4% to RMB10.4 million (US$1.4 million) over the prior-year quarter. Adjusted Net Loss attributable to Cheche's shareholders decreased by 38.6% to RMB3.0 million (US$0.4 million) over the prior-year quarter. Net Loss Per Share, basic and diluted, was RMB0.13 (US$0.02), compared to a loss of RMB0.42 for the prior-year quarter. Adjusted Net Loss Per Share, basic and diluted, was RMB0.04 (US$0.01), compared to a loss of RMB0.06 for the prior-year quarter. Unaudited Full Year 2024 Financial Results Net Revenues were RMB3.5 billion (US$475.8 million), representing a 5.2% year-over-year increase from the prior year. The growth was driven by an increase in insurance transactions conducted through Cheche's platform by referral partners and third-party platform partners. Cost of Revenues increased by 4.8% to RMB3.3 billion (US$454.1 million) from the prior year, which was consistent with the growth of business volume and net revenues. Selling and Marketing Expenses decreased by 28.7% to RMB79.5 million (US$10.9 million) from RMB111.5 million in the prior year. This was mainly due to decreases in share-based compensation expenses, marketing expenses and staff costs. As a result, selling and marketing expenses as a percentage of net revenues decreased from 3.4% in the prior year to 2.3% in 2024. Excluding share-based compensation expenses, the percentage for 2024 further decreased to 2.1%. General and Administrative Expenses decreased by 22.6% to RMB107.9 million (US$14.8 million) from RMB139.4 million for the prior year, which was mainly driven by a decrease in share-based compensation expenses, partially offset by the increases in post-listing professional service fees and staff costs. Excluding share-based compensation expenses, listing-related professional service fees and dispute resolution expenses, general and administrative expenses increased by 25.0%, primarily due to the increase in post-listing professional service fees and staff costs. Research and Development Expenses decreased by 33.6% to RMB38.0 million (US$5.2 million) from RMB57.2 million in the prior year. The change was mainly driven by the decreases in share-based compensation expenses, technical service fees and staff costs. Excluding share-based compensation expenses, research and development expenses decreased 20.9% from the prior year, and research and development expenses as a percentage of net revenues decreased from 1.4% to 1.0% for the same periods. Total Cost and Operating Expenses increased by 2.0% to RMB3,539.7 million (US$484.9 million) from RMB3,469.2 million in the prior year, mainly due to the increase in cost of revenues and the decrease in share-based compensation expenses and staff costs. Excluding share-based compensation expenses, amortization of intangible assets related to the acquisition, listing-related professional service fees and dispute resolution expenses, total cost and operating expenses increased by 4.6% over the prior year. Operating Loss decreased by 60.3% year-over-year to RMB66.5million (US$9.1 million). Excluding share-based compensation expenses, amortization of intangible assets related to the acquisition, listing-related professional service fees and dispute resolution expenses, the Adjusted Operating Loss was RMB28.2 million (US$3.9 million), which decreased by 40.2% from RMB47.2 million for the prior year, resulting from the growth of our net revenues and the improvement of our operational efficiency. Net Loss decreased by 61.6% to RMB61.2 million (US$8.4 million) from RMB159.6 million over the prior year. Excluding share-based compensation expenses, amortization of intangible assets, and changes in fair value of amounts due to a related party, change in fair value of warrants, listing related professional service fees and dispute resolution expenses, the Adjusted Net Loss was RMB24.8 million (US$3.4 million), which decreased by 25.3% from RMB33.2 million for the prior year. Net Loss attributable to Cheche's shareholders decreased by 93.4% to RMB61.2 million (US$8.4 million) from RMB921.8 million for the prior year. Adjusted Net Loss attributable to Cheche's shareholders was RMB24.8 million (US$3.4 million), which decreased by 96.9% from RMB795.4 million for the prior year. Net Loss Per Share, basic and diluted, was RMB0.78 (US$0.11), compared to a loss of RMB20.3 for the prior year. Adjusted Net Loss Per Share, basic and diluted, was RMB0.32 (US$0.04), compared to a loss of RMB17.51 for the prior year. 2024 and Subsequent Business Highlights On March 5, 2024, Cheche announced its expanded partnership with Sinopec, whose non-oil businesses cover a nationwide retail footprint of over 30,000 gas stations in China. Cheche currently provides embedded auto insurance services to the unified digital platform of a subsidiary of Sinopec and has deployed services in over 5,000 gas stations nationwide in China. On March 28, 2024, Cheche announced its partnership with Beijing Houji Insurance Brokerage Co., Ltd. ("Beijing Houji"), an affiliate and the insurance brokerage firm of Xiaomi Corporation ("Xiaomi Group"). As an insurance service partner of Beijing Houji, Cheche offers a digital auto insurance transaction SaaS service platform with operational support. Cheche provides auto insurance service solutions to Xiaomi car owners in multiple cities nationwide, including, among others, Beijing, Shenzhen and Hangzhou. On May 13, 2024, Cheche announced its partnership with Volkswagen (Anhui) Digital Sales and Services Co., Ltd., the exclusive service provider of NEV insurance business for Volkswagen (Anhui) Automotive Company Limited ("Volkswagen Anhui"). Cheche aims to support Volkswagen Anhui's branded insurance needs and enhance the attractiveness of Volkswagen Anhui's branded insurance products, boosting its penetration rate. On June 20, 2024, Cheche announced its partnership with NIO Insurance Broker Co., Ltd. ("NIO Insurance Broker") to provide its accessible digital platform powered by industry-leading technology, simplifying the process of securing auto insurance for NIO's customers, while reducing front-end insurance delivery costs and enabling NIO to digitally manage its insurance business. Cheche is committed to creating value for its partners throughout the product lifecycle. On June 27, 2024, Cheche announced a strategic partnership with Beijing Anpeng Insurance Broker Co., Ltd. ("Beijing Anpeng"), a subsidiary of Beijing Automotive Group Co., Ltd. ("BAIC Group"). BAIC Group is one of the largest auto manufacturers in China, producing and selling vehicles through its own brands as well as foreign-branded joint-ventures, with Beijing Anpeng handling the insurance business for the brands, which encompass ARCFOX, Beijing Automotive, Beijing Hyundai, Beijing Benz and Beijing Off-road, among others. The partnership names Cheche as a core partner of BAIC Group, providing digital insurance solutions for brands. The opportunity was off to a strong start by providing ARCFOX with a designed service system which was being launched through ARCFOX's direct-sales channel. Cheche is also rolling out and expecting to cover 200 dealerships with the service system provided for Beijing Automotive by the end of the year, and to cover 100 dealerships with the service system provided for Beijing Hyundai by the end of the year. On August 15, 2024, Cheche announced a strategic partnership with Wuhan Dongfeng Insurance Broker Co., Ltd. ("Dongfeng Insurance"), an insurance provider for Dongfeng Motor Group Company Limited ("Dongfeng Motor Group"). Dongfeng Insurance designated Cheche as an approved provider for Dongfeng Motor Group's NEV brands, such as VOYAH, a luxury EV brand that recently engaged the services of Cheche's digital insurance solutions platform. On August 19, 2024, Cheche Group announced its latest progress with BAIC Group's NEV brand ARCFOX. Cheche has successfully launched a full-service insurance platform for ARCFOX to provide its car owners with a comprehensive insurance application system. The collaboration with ARCFOX allows Cheche to gradually introduce high-margin insurance products, while continuing to grow its NEV insurance presence, diversifying Cheche's revenue mix and boosting the Company's reputation among automotive enterprises. On September 12, 2024, Cheche announced a partnership with Laoyou Insurance Brokerage Co., Ltd. ("Laoyou Insurance"), a wholly controlled subsidiary of Great Wall Motor Company Limited ("GWM"), a renowned Chinese auto manufacturer. Cheche's insurance solutions and sophisticated transaction system have been gradually rolled out with GWM's newly established direct-sales network in more than 20 cities nationwide. Cheche plans to develop a comprehensive insurance solution tailored for traditional automakers within one to two years. On October 1, 2024, Cheche announced a strategic partnership with The Tokio Marine & Nichido Fire Insurance Company (China) Limited ("TMNCH"), as Cheche continues to broaden its collaborations with insurance companies in China. Leveraging each other's strengths, the two companies are working to develop specialized insurance products, services, and sales strategies. This collaboration will not only enhance Cheche's insurance service capabilities but also increase its business scale for serving traditional automotive companies, paving the way for future partnerships with Japanese automotive companies. On January 13, 2025, Cheche announced that Cheche Technology Inc., the Company's wholly owned subsidiary, as a pioneer of insurance technology in China, was recognized by KPMG China as one of China's top 50 leading fintech companies. Cheche's growth and success at the helm of digital insurance transformation is further underscored by this recognition. On February 24, 2025, Cheche announced that its innovative Tianmu Insurance Anti-Fraud and Risk Control Model has been recognized in the prestigious Top 100 AI Products of 2024 list. The award-winning Tianmu Model integrates advanced technologies such as big data, artificial intelligence, and biometrics to construct an intelligent anti-fraud and risk control system. This accolade highlights Cheche's commitment to leveraging cutting-edge technology in the insurance industry. Balance Sheet As of December 31, 2024, the Company had RMB152.9 million (US$21.0 million) in total cash and cash equivalents and short-term investments. Business Outlook For the full year of 2025, Cheche expects the following results: Net revenues ranging from RMB3.6 billion to RMB3.8 billion, representing an increase of 3.7% to 9.4 %, compared to the full year of 2024. Total Written Premiums Placed ranging from RMB25.5 billion to RMB27.0 billion, representing an increase of 4.9% to 11.1%, compared to the full year of 2024. NEV Written Premiums Placed ranging from RMB7.0 billion to RMB8.0 billion, representing an increase of 112% to 142%, compared to the full year of 2024. Adjusted Operating Results shifting from a loss to a profit. Conference Call Cheche will host a webcast and conference call to discuss its fourth quarter and full year 2024 results today at 8:00 a.m. EDT. A live webcast and a slide presentation will be available on Cheche's investor relations website in the "Events" section of the Company's investor relations website under the "News & Events" header at ir.chechegroup.com. The dial-in numbers for the conference call are as follows: Participant (toll-free): 1-888-346-8982 Participant (international): 1-412-902-4272 Hong Kong LT: 852-301-84992 Hong Kong Toll Free: 800-905945 Mainland China Toll-Free: 4001-201203 Please dial in 10 to 15 minutes before the scheduled start time. A webcast replay of the call will be available at ir.chechegroup.com for one year following the call. Exchange Rate Information This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the reader's convenience. Unless otherwise noted, all translations from RMB to U.S. dollars and from U.S. dollars to RMB are made at a rate of RMB7.2993 to US$1.00, the exchange rate on December 31, 2024, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or U.S. dollar amounts referenced could be converted into U.S. dollars or RMB, as the case may be, at any particular rate or at all. About Cheche Group Inc. Established in 2014 and headquartered in Beijing, China, Cheche is a leading auto insurance technology platform with a nationwide network of around 108 branches licensed to distribute insurance policies across 25 provinces, autonomous regions, and municipalities in China. Capitalizing on its leading position in auto insurance transaction services, Cheche has evolved into a comprehensive, data-driven technology platform that offers a full suite of services and products for digital insurance transactions and insurance SaaS solutions in China. Learn more at https://www.chechegroup.com/en. Cheche Group Inc.: IR@chechegroup.com Crocker Coulsoncrocker.coulson@aummedia.org(646) 652-7185 Non-GAAP Financial Measures Cheche has provided in this press release non-GAAP financial measures that have not been prepared in accordance with generally accepted accounting principles in the United States (GAAP). Cheche uses adjusted cost of revenues, adjusted selling and marketing expenses, adjusted general and administrative expenses, adjusted research and development expenses, adjusted total cost and operating expenses, adjusted operating loss/income, adjusted net loss/income and adjusted net loss/income per share, which are non-GAAP financial measures, in evaluating our operating results and for financial and operational decision-making purposes. Cheche defines adjusted total cost and operating expenses as total cost and operating expenses adjusted for the impact of share-based compensation, amortization of intangible assets related to the acquisition of Cheche Insurance Sales & Services Co., Ltd. (previously named Fanhua Times Sales and Service Co., Ltd), listing-related professional service fees and dispute resolution expenses, representing expenses Cheche incurred in a dispute with a certain security holder. Cheche defines adjusted operating loss/income as operating loss/income adjusted for the impact of share-based compensation, amortization of intangible assets related to the acquisition of Cheche Insurance Sales & Services Co., Ltd. (previously named Fanhua Times Sales and Service Co., Ltd), listing-related professional service fees and dispute resolution expenses. Cheche defines adjusted net loss/income as net loss/income adjusted for the impact of share-based compensation expenses, amortization of intangible assets and changes in fair value of amounts due to a related party related to the acquisition of Cheche Insurance Sales & Services Co., Ltd. (previously named Fanhua Times Sales and Service Co., Ltd), change in fair value of warrants, listing related professional service fees and dispute resolution expenses. Adjusted net loss/income per share, basic and diluted, is calculated as adjusted net loss/income divided by weighted-average ordinary shares outstanding. Cheche believes that these non-GAAP financial measures help identify underlying trends in its business that could otherwise be distorted by the impact of share-based compensation expenses, amortization of intangible assets related to acquisition, and change in fair value of amounts due to a related party related to the acquisition of Cheche Insurance Sales & Services Co., Ltd. (previously named Fanhua Times Sales and Service Co., Ltd), change in fair value of warrants, and listing related professional service fees and dispute resolution expenses. Cheche believes that such non-GAAP financial measures also provide useful information about its operating results, enhance the overall understanding of its past performance and future prospects, and allow for greater visibility with respect to key metrics used by its management in its financial and operational decision making. The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. They should not be considered in isolation or construed as alternatives to net loss or any other measure of performance or as an indicator of Cheche's operating performance. Further, these non-GAAP financial measures may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company's data. Cheche encourages investors and others to review the Company's financial information in its entirety and not rely on a single financial measure. Investors are encouraged to compare the historical non-GAAP financial measures with the most directly comparable GAAP measures. Cheche mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating its performance. Safe Harbor Statements This press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "expect," "anticipate," "believe," "seek," "target" or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements also include, but are not limited to, statements regarding projections, estimations, and forecasts of revenue and other financial and performance metrics, projections of market opportunity and expectations, the Company's ability to scale and grow its business, the Company's advantages and expected growth, and its ability to source and retain talent, as applicable. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of the Company's management and are not predictions of actual performance. These statements involve risks, uncertainties, and other factors that may cause the Company's actual results, levels of activity, performance, or achievements to be materially different from those expressed or implied by these forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. Although the Company believes that it has a reasonable basis for each forward-looking statement contained in this press release, the Company cautions you that these statements are based on a combination of facts and factors currently known and projections of the future, which are inherently uncertain. The forward-looking statements in this press release represent the views of the Company as of the date of this press release. Subsequent events and developments may cause those views to change. Except as may be required by law, the Company does not undertake any duty to update these forward-looking statements. Unaudited Condensed Consolidated Balance Sheets (All amounts in thousands, except for share andper share data) December 31, December 31, December 31, 2023 2024 2024 RMB RMB USD ASSETS Current assets: Cash and cash equivalents 243,392 117,472 16,094 Short-term investments 21,474 35,423 4,853 Accounts receivable, net 466,066 982,479 134,599 Prepayments and other current assets 49,321 45,436 6,225 Total current assets 780,253 1,180,810 161,771 Non-current assets: Restricted Cash 5,000 5,000 685 Property, equipment and leasehold improvement, net 1,667 1,368 187 Intangible assets, net 8,050 5,950 815 Right-of-use assets 10,249 5,653 774 Goodwill 84,609 84,609 11,591 Other non-current assets 4,149 4,530 621 Total non-current assets 113,724 107,110 14,673 Total assets 893,977 1,287,920 176,444 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable 316,868 725,815 99,436 Short-term borrowings 20,000 30,000 4,110 Contract liabilities 4,295 1,781 244 Salary and welfare benefits payable 73,609 80,377 11,012 Tax payable 950 12,011 1,646 Amounts due to related party 55,251 - - Accrued expenses and other current liabilities 25,759 25,248 3,458 Short-term lease liabilities 3,951 3,037 416 Warrant 850 - - Total current liabilities 501,533 878,269 120,322 Non-current liabilities: Amounts due to related party - 45,811 6,276 Deferred tax liabilities 2,013 1,488 204 Long-term lease liabilities 5,398 2,137 293 Deferred revenue 1,432 1,432 196 Warrant 5,419 3,032 415 Total non-current liabilities 14,262 53,900 7,384 Total liabilities 515,795 932,169 127,706 Ordinary shares 5 6 1 Treasury stock (1,025) (1,025) (140) Additional paid-in capital 2,491,873 2,525,741 346,025 Accumulated deficit (2,113,821) (2,175,057) (297,982) Accumulated other comprehensive income 1,150 6,086 834 Total Cheche's shareholders' equity 378,182 355,751 48,738 Total liabilities and shareholders' equity 893,977 1,287,920 176,444 Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss (All amountsin thousands, except for share and per share data) For the Three Months Ended For the Year Ended December 31, December31, December31, December31, December31, December31, 2023 2024 2024 2023 2024 2024 RMB RMB USD RMB RMB USD Net revenues 867,778 983,636 134,758 3,301,418 3,473,139 475,818 Cost and Operating expenses: Cost of revenues (824,432) (932,013) (127,685) (3,161,193) (3,314,377) (454,068) Selling and marketing expenses (24,707) (19,730) (2,703) (111,454) (79,501) (10,892) General and administrative expenses (54,882) (25,682) (3,518) (139,385) (107,857) (14,776) Research and development expenses (12,399) (9,256) (1,268) (57,167) (37,947) (5,199) Total cost and operating expenses (916,420) (986,681) (135,174) (3,469,199) (3,539,682) (484,935) Operating loss (48,642) (3,045) (416) (167,781) (66,543) (9,117) Other expenses: Interest income 2,705 1,027 141 5,398 6,037 827 Interest expense (575) (222) (30) (1,446) (838) (115) Foreign exchange gains/(losses) 2,719 (5,257) (720) (2,546) (2,810) (385) Government grants 2,445 410 56 12,371 887 122 Changes in fair value of warrant 12,136 (1,734) (238) 1,702 2,634 361 Changes in fair value of amounts due to related party (2,602) (1,372) (188) (7,524) (757) (104) Others, net (126) (323) (44) (127) (137) (19) Loss before income tax (31,940) (10,516) (1,439) (159,953) (61,527) (8,430) Income tax credit (23) 101 14 363 291 40 Net loss (31,963) (10,415) (1,425) (159,590) (61,236) (8,390) Accretions to preferred shares redemption value - - - (762,169) - - Net loss attributable to the Cheche's ordinary shareholders (31,963) (10,415) (1,425) (921,759) (61,236) (8,390) Net loss (31,963) (10,415) (1,425) (159,590) (61,236) (8,390) Other comprehensive (loss)/income: Foreign currency translation adjustments, net of nil tax (4,429) 8,132 1,114 1,621 4,739 649 Fair value changes of amounts due to related party due to own credit risk (1) (19) (3) (405) 197 27 Total other comprehensive (loss)/income (4,430) 8,113 1,111 1,216 4,936 676 Total comprehensive loss (36,393) (2,302) (314) (158,374) (56,300) (7,714) Net loss per ordinary shares outstanding Basic (0.42) (0.13) (0.02) (20.30) (0.78) (0.11) Diluted (0.42) (0.13) (0.02) (20.30) (0.78) (0.11) Weighted average number of ordinary shares outstanding Basic 75,439,487 80,184,139 80,184,139 45,415,205 78,043,661 78,043,661 Diluted 75,439,487 80,184,139 80,184,139 45,415,205 78,043,661 78,043,661 Reconciliation of GAAP Cost and Operating Expenses and Operating Loss/Income to Non-GAAPCost and Operating Expenses and Operating Loss/Income (Unaudited) (All amounts in thousands) For the Three Months Ended For the Year Ended December31, December31, December31, December31, December31, December 31, 2023 2024 2024 2023 2024 2024 RMB RMB USD RMB RMB USD Cost of revenues (824,432) (932,013) (127,685) (3,161,193) (3,314,377) (454,068) Add: Share-based compensation expenses 3 3 - 191 12 2 Amortization of intangible assets related to acquisition 525 525 72 2,100 2,100 288 Adjusted Cost of revenues (823,904) (931,485) (127,613) (3,158,902) (3,312,265) (453,778) Selling and marketing expenses (24,707) (19,730) (2,703) (111,454) (79,501) (10,892) Add: Share-based compensation expenses 635 1,340 184 30,688 5,690 780 Adjusted Selling and marketing expenses (24,072) (18,390) (2,519) (80,766) (73,811) (10,112) General and administrative expenses (54,882) (25,682) (3,518) (139,385) (107,857) (14,776) Add: Share-based compensation expenses 41,830 2,228 305 67,519 26,272 3,599 Listing related professional expenses (6,479) - - 8,493 - - Dispute resolution expenses - - - - 2,355 323 Adjusted General and administrative expenses (19,531) (23,454) (3,213) (63,373) (79,230) (10,854) Research and development expenses (12,399) (9,256) (1,268) (57,167) (37,947) (5,199) Add: Share-based compensation expenses 122 228 31 11,585 1,895 260 Adjusted Research and development expenses (12,277) (9,028) (1,237) (45,582) (36,052) (4,939) Total cost and operating expenses (916,420) (986,681) (135,174) (3,469,199) (3,539,682) (484,935) Adjusted total cost and operating expenses (879,784) (982,357) (134,582) (3,348,623) (3,501,358) (479,683) Operating loss (48,642) (3,045) (416) (167,781) (66,543) (9,117) Add: Share-based compensation expenses 42,590 3,799 520 109,983 33,869 4,641 Amortization of intangible assets related to acquisition 525 525 72 2,100 2,100 288 Listing related professional expenses (6,479) - - 8,493 - - Dispute resolution expenses - - - - 2,355 323 Adjusted operating (loss)/income (12,006) 1,279 176 (47,205) (28,219) (3,865) Reconciliation of GAAP to Non-GAAP Measures (Unaudited) (All amounts in thousands, except for share data and per share data) For the Three Months Ended For the Year Ended December31, December31, December31, December31, December31, December31, 2023 2024 2024 2023 2024 2024 RMB RMB USD RMB RMB USD Net loss (31,963) (10,415) (1,425) (159,590) (61,236) (8,390) Add: Share-based compensation expenses 42,590 3,799 520 109,983 33,869 4,641 Amortization of intangible assets related to acquisition 525 525 72 2,100 2,100 288 Listing related professional expenses (6,479) - - 8,493 - - Change in fair value of warrant (12,136) 1,734 238 (1,702) (2,634) (361) Changes in fair value of amounts due to related party 2,602 1,372 188 7,524 757 104 Dispute resolution expenses - - - - 2,355 323 Adjusted net loss (4,861) (2,985) (407) (33,192) (24,789) (3,395) Accretions to preferred shares redemption value - - - (762,169) - - Adjusted net loss attributable to Cheche's ordinary shareholders (4,861) (2,985) (407) (795,361) (24,789) (3,395) Weighted average number of ordinary shares used in computing non- GAAP adjusted net loss per ordinary share Basic 75,439,487 80,184,139 80,184,139 45,415,205 78,043,661 78,043,661 Diluted 75,439,487 80,184,139 80,184,139 45,415,205 78,043,661 78,043,661 Net loss per ordinary share Basic (0.42) (0.13) (0.02) (20.30) (0.78) (0.11) Diluted (0.42) (0.13) (0.02) (20.30) (0.78) (0.11) Non-GAAP adjustments to net loss per ordinary share Basic 0.36 0.09 0.01 2.79 0.46 0.07 Diluted 0.36 0.09 0.01 2.79 0.46 0.07 Adjusted net loss per ordinary share Basic (0.06) (0.04) (0.01) (17.51) (0.32) (0.04) Diluted (0.06) (0.04) (0.01) (17.51) (0.32) (0.04)
- Electric Power Steering ("EPS") Sales Increased by 29.9% in 2024 - WUHAN, China, March 28, 2025 /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, 2024. Fourth Quarter 2024 Highlights Net sales increased by 18.6% year-over-year to $188.7 million Gross profit was $29.5 million from $34.7 million. Gross margin of 15.6% compared to 21.8% in the fourth quarter of 2023 Operating income was $8.7 million, compared with $13.6 million in the fourth quarter of 2023 Net income attributable to parent company's common shareholders was $9.1 million, or diluted net income per share of $0.30, compared to net income of $10.9 million, or diluted net income per share of $0.36 in the fourth quarter of 2023. Fiscal Year 2024 Highlights Net sales increased by 12.9% to an annual record of $650.9 million compared to $576.4 million in 2023 Gross profit increased by 5.2% to $109.2 million compared to $103.8 million in 2023. Gross margin was 16.8% compared with 18.0% in 2023 Operating income increased by 2.6% to $40.3 million from $39.2 million in 2023 Diluted net income per share was $0.99 in 2024 compared to $1.25 in 2023 Total cash and cash equivalents, pledged cash and short-term investments were $129.4 million at year end Net cash flow provided by operating activities was $9.8 million in 2024. Mr. Qizhou Wu, Chief Executive Officer of CAAS, commented, "We had a solid year in 2024 with record annual revenue, continued profitable operations, positive cash flow from operations, provided a special cash dividend to reward shareholders and initiated a share repurchase program." "Despite modest economic growth in China, our traditional hydraulic steering products continued to grow in 2024 even as our more advanced electric power steering ("EPS") achieved stronger growth of 29.9%. EPS products comprised 38.9% of total sales in 2024, up from 33.8% a year ago." "Selling into multiple markets, we experienced a range of growth both domestically and internationally. Our operations in Brazil reported modest growth while demand from North American weakened. Domestically, our steering product sales into the Chinese passenger vehicle market continued healthy. Domestic steering product sales growth into the commercial vehicle market remains sluggish due to lower commercial vehicle sales in 2024." "We ended the 2024 year strongly as our highest quarterly revenues were in the fourth quarter. For 2024, our subsidiary, Jingzhou Henglong Auto Parts Manufacturing Co., Ltd. ("Jinzhou Henglong") reported 2024 annual production and sales volume exceeded 5.0 million units, representing an 18.5% year-over-year growth. We also announced in early 2025 that Jingzhou Henglong achieved a production and sales increase of 35% year-over-year in the fourth quarter of 2024, and reached a new single monthly record high sales and production in December 2024 of more than 620,000 units, a 46.7% year-over-year increase. In addition, 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 Co., Ltd. and Shaanxi Automobile Heavy Truck. We remain encouraged as China has initiated a number of economic incentives to bolster economic growth and improve the automobile industry prospects," Mr. Wu concluded. Mr. Jie Li, Chief Financial Officer of CAAS, commented, "We remain in a strong financial position even after spending over $22.4 million in cash dividends, or $0.80 per share in cash, as well as spending money on share repurchases. Our total cash and cash equivalents, pledged cash and short-term investments reached $129.4 million at year end, or approximately $4.29 per share. Our current ratio was 1.3 on December 31, 2024. We continue to have the resources to support our future growth." Fourth Quarter of 2024 In the fourth quarter of 2024, net sales increased by 18.6% to $188.7 million compared to $159.2 million in the same quarter of 2023. 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 2024 compared to the fourth quarter of 2023. Gross profit was $29.5 million in the fourth quarter of 2024, compared to $34.7 million in the fourth quarter of 2023. Gross margin in the fourth quarter of 2024 was 15.6% compared to 21.8% in the fourth quarter of 2023, primarily due to a change in product mix. Selling expenses were $4.8 million in the fourth quarter of 2024, compared with $4.6 million in the fourth quarter of 2023. Selling expenses represented 2.5% of net sales in the fourth quarter of 2024, compared to 2.9% in the fourth quarter of 2023. General and administrative expenses ("G&A expenses") were $9.7 million in the fourth quarter of 2024, compared to $9.4 million in the same period in 2023. G&A expenses represented 5.1% of net sales in the fourth quarter of 2024, compared to 5.9% of net sales in the fourth quarter of 2023. Research and development expenses ("R&D expenses") were $7.8 million compared with $9.3 million in the fourth quarter of 2023. R&D expenses represented 4.1% of net sales in the fourth quarter of 2024, compared to 5.9% in the fourth quarter of 2023, mainly due to a decrease in miscellaneous development expenses. Operating income was $8.7 million in the fourth quarter of 2024, compared to $13.6 million in the fourth quarter of 2023. Lower gross profit in the 2024 fourth quarter compared with the same period last year was the main cause. Interest expense was $1.1 million in the fourth quarter of 2024 compared with $0.3 million in the fourth quarter of 2023. Financial income was $0.8 million in the fourth quarter of 2024 compared with $1.0 million in the fourth quarter of 2023. Income before income tax expenses and equity in earnings of affiliated companies was $8.8 million in the fourth quarter of 2023 compared to $15.0 million in the fourth quarter of 2023. Income tax benefit was $2.0 million in the fourth quarter of 2024, compared to income tax expense of $2.1 million in the fourth quarter of 2023. Net income attributable to parent company's common shareholders was $9.1 million in the fourth quarter of 2024 compared to net income attributable to parent company's common shareholders of $10.9 million in the fourth quarter of 2023. Diluted income per share was $0.30 in the fourth quarter of 2024, compared to diluted income per share of $0.36 in the fourth quarter of 2023. The weighted average number of diluted common shares outstanding was 30,180,947 compared to 30,185,702 in the fourth quarter of 2023. Fiscal Year 2024 Net sales increased by 12.9% to $650.9 million in 2024, compared to $576.4 million in 2023. This increase was mainly due to higher sales of passenger vehicles in China, as total sales of the Company's EPS systems increased by 29.9% year-over-year and sales of the Henglong subsidiary's steering systems to the Chinese passenger vehicle market increased by 20.0% year-over-year. Brazil Henglong's net sales grew by 5.7% year-over-year to $51.0 million in 2024. This growth partially offset a sales reduction by North American customers in 2024. EPS sales represented 38.9% of total revenue in 2024 compared to 33.8% in 2023. Gross profit in 2024 increased by 5.2% year-over-year to $109.2 million, compared to $103.8 million in 2023. The gross margin was 16.8% compared with 18.0% in 2023 mainly due to a change in our product mix and lower average selling prices for the year ended December 31, 2024. Net gain on other sales in 2023 was $4.3 million compared to $5.8 million in 2023 mainly due to lower material sales in 2024. Selling expenses rose by 14.4% year-over-year to $17.9 million in 2024 from $15.6 million in 2023, mainly due to an increase in marketing and office expenses. Selling expenses represented 2.7% of net sales in 2024 and 2023. G&A expenses increased by 8.7% year-over-year to $27.7 million in 2024, compared to $25.5 million in 2023. G&A expenses represented 4.3% of net sales in 2024, compared to 4.4% of net sales in 2023. This expense increase was mainly due to higher office, property and other taxes and maintenance and repair expense. R&D expenses were $27.6 million in 2024, compared to $29.2 million in 2023. Lower R&D expenses reflect less investment in traditional product upgrades and miscellaneous research expenses. R&D expenses were 4.2% of net sales in 2024, compared to 5.1% of net sales in 2023. Operating income increased by 2.6% to $40.3 million in 2023, compared to $39.2 million in 2023. The increase in operating income was mainly due to a 5.2% increase in gross profit combined with a change in R&D expenses. Interest expense was $1.8 million in 2024, compared to $1.0 million in 2023, primarily due to an increase in bank loans in 2024 compared with 2023. Net financial expense was $0.09 million in 2024, compared to financial income of $4.7 million for 2023. This decrease in financial income of $4.8 million was primarily due to higher foreign exchange gains in 2023. Income before income tax expenses and equity in earnings of affiliated companies was $44.1 million in 2024 compared with $48.2 million in 2023. The change was primarily due to lower operating income in 2024. Income tax expense was $5.9 million in 2024 compared to $5.1 million in 2023. This increase was mainly due to a valuation allowance reversal, and a one-time income tax expense settlement for subsidiaries in the PRC and the U.S. this year. Net income attributable to parent company's common shareholders was $30.0 million in 2024 compared to $37.7 million in 2023. Diluted net income per share was $0.99 in 2024 compared to $1.25 in 2023. The weighted average number of diluted common shares outstanding was 30,184,513 in 2024 compared with 30,189,421 in 2023. Balance Sheet As of December 31, 2024 total cash and cash equivalents, pledged cash and short-term investments were $129.4 million. Total accounts receivable including notes receivable were $343.5 million. Accounts payable including notes payable were $292.8 million and short-term bank loans were $72.6 million. Total parent company stockholders' equity was $349.6 million as of December 31, 2024 compared to $344.5 million as of December 31, 2023. Net cash flow from operating activities was $9.8 million in 2024. Cash paid to acquire property, plant and equipment and land use rights was $43.7 million in 2024 and cash received from property, plant and equipment sales was $20.5 million. Business Outlook Management provides revenue guidance for the fiscal year 2025 of $700.0 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 March 28, 2025 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 826041: Phone Number: +1-888-506-0062 (North America)Phone Number: +1-973-528-0011 (International)Mainland China Toll Free: +86-400-120-3199 A 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 Statements This 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, 2025, 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 LiChief Financial OfficerChina Automotive Systems, Inc.Email: jieli@chl.com.cn Kevin TheissInvestor Relations+1-212-510-8922Email: Kevin@awakenlab.com -Tables Follow - 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
Transportation/Trucking/Railroad
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