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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 13, 2025
China Automotive Systems, Inc.
(Exact name of registrant as specified in its charter)
| Delaware | 000-33123 | 33-0885775 |
| (State or other jurisdiction of incorporation) |
(Commission File Number) | (I.R.S. Employer Identification No.) |
No. 1 Henglong Road, Yu Qiao Development Zone
Shashi District, Jing Zhou City
Hubei Province
The People's Republic of China
(Address of principal executive offices, including zip code)
Registrant’s telephone number, including area code (86) 27-8757 0027
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol | Name of each exchange on which registered |
| Common Stock, $0.0001 par value | CAAS | The Nasdaq Capital Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
| Item 2.02 | Results of Operations and Financial Condition |
On August 13, 2025, China Automotive Systems, Inc. issued a press release announcing financial results for the quarter ended June 30, 2025. The press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.
The information in this Item 2.02 and in Exhibit 99.1 attached to this Form 8-K is furnished pursuant to Item 2.02 of Form 8-K and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of that section.
| Item 9.01 | Financial Statements and Exhibits |
| (d) | Exhibits |
| Exhibit No | Description | |
| 99.1 | Press Release of China Automotive Systems, Inc. dated August 13, 2025. | |
| 104 | Cover Page Interactive Data File (formatted in Inline XBRL in Exhibit 101) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| China Automotive Systems, Inc. | ||
| (Registrant) | ||
| Date: August 13, 2025 | By: | /s/ Hanlin Chen |
| Hanlin Chen | ||
| Chairman | ||
Exhibit 99.1
China
Automotive Systems Reports Income From Operations Increased by 20.2%
in the Second Quarter of 2025
WUHAN, China, August 13, 2025 -- China Automotive Systems, Inc. (NASDAQ: CAAS) ("CAAS" or the "Company"), a leading power steering components and systems supplier in China, today announced its unaudited financial results for the second quarter and six months ended June 30, 2025.
Second Quarter 2025 Highlights
| · | Net sales rose 11.1% year-over-year to $176.2 million from $158.6 million in the second quarter of 2024. |
| · | Sales in Brazil grew 49.4% year-over-year, representing 10.1% of total net sales. |
| · | Gross profit increased by 4.2% year-over-year to $30.5 million from $29.3 million in the second quarter of 2024; gross profit margin was 17.3% in the second quarter of 2025. |
| · | Income from operations increased by 20.2% year-over-year to $13.0 million, from income from operations of $10.8 million in the second quarter of 2024. |
| · | Net income attributable to parent company’s common shareholders increased 6.8% to $7.6 million from $7.1 million, in the second quarter of 2024. |
| · | Diluted earnings per share attributable to parent company’s common shareholders was $0.25 compared with $0.24 in the second quarter of 2024. |
First Six Months of 2025 Highlights
| · | Net sales grew by 15.2% year-over-year to $343.3 million, compared to $298.0 million in the first six months of 2024. |
| · | Gross profit increased by 10.8% year-over-year to $59.1 million, compared to $53.4 million in the first six months of 2024; gross profit margin was 17.2% in the first six months of 2025. |
| · | Income from operations rose by 5.7% year-over-year to $21.6 million compared to income from operations of $20.5 million in the first six months of 2024. |
| · | Net income attributable to parent company’s common shareholders decreased to $14.7 million from $15.4 million in the first six months of 2024. |
| · | Diluted earnings per share attributable to parent company’s common shareholders was $0.49 compared with $0.51 in the first six months of 2024. |
| · | Cash, cash equivalents and short-term investments were $135.3 million, or approximately $4.48 per share, as of June 30, 2025. |
Mr. Qizhou Wu, Chief Executive Officer of CAAS, commented, “We continued to grow our sales, gross profit, net profit and cashflow in the second quarter of 2025. Sales of our traditional steering products remained steady while sales of our Electric Power Steering (“EPS”) products grew by 31.1% year over year in the second quarter of 2025. EPS sales have continuously increased and now represent 41.4% percent of our product sales in the second quarter of 2025.”
“We continue to transition to more technology-focused advanced steering products. In the second quarter of 2025, based on our iRCB's (intelligent electro-hydraulic circulating ball power steering) performance and cost-efficiency, new orders in July were at a record setting pace in the power steering industry for the ramp up to mass production. Our second-generation iRCB is compatible with L2+assisted driving. By optimizing energy consumption, iRCB products are projected to reduce vehicle operational costs creating substantial economic value.”
“The high quality and high performance of our steering products have allowed us to become the tier-1 supplier to large global OEM customers in North America, Europe, Asia and South America. International sales have become our growth engine as we continue to expand our customer base and enhance our sales and profits. In the second quarter of 2025, we won our first R-EPS product order from a large, well-known European automaker. This order, with annual sales expected to exceed US$100 million, will start mass production by 2027 and power multiple new models. Our North and South American sales also grew in the second quarter of 2025, and we expect to enhance our organizational structure to capture more future international market opportunities.”
Mr. Jie Li, Chief Financial Officer of CAAS, commented, “Maintaining a strong balance sheet and financial resources are among our highest priorities. Cash, cash equivalents and short-term investments were $135.3 million, working capital was $170.9 million, with net cash provided by operating activities of $49.1 million in the first six months of 2025. Our capital expenditures were $18.5 million in the first half of 2025 as we continue to invest in our future.”
Second Quarter of 2025
Net sales increased by 11.1% year-over-year to $176.2 million, compared to $158.6 million in the second quarter of 2024. Net sales of traditional steering products and parts increased slightly year-over-year to $103.3 million in the second quarter of 2025. Net sales of EPS products rose 31.1% year-over-year to $72.9 million from $55.6 million for the same period in 2024. EPS product sales grew to 41.4% of the total net sales for the second quarter of 2025, compared to 35.1% for the same period in 2024. Our subsidiary, Jiulong’s sales of commercial vehicle steering systems rose by 25.6% to $23.5 million, compared with $18.7 million for the second quarter of 2024. Sales to North American customers increased by 11.8% to $30.0 million, compared to $26.8 million in the second quarter of 2024. North American sales increased primarily due to improved demand by one customer. Sales in Brazil were 49.4% higher in the second quarter of 2025 to $17.9 million from $12.0 million in the second quarter of 2024.
Gross profit grew by 4.2% year-over-year to $30.5 million from $29.3 million in the second quarter of 2024. Gross profit margin decreased to 17.3% in the second quarter of 2025 from 18.5% in the second quarter of 2024. The decrease in gross profit margin was mainly due to an increase in tariffs and the product mix change from increased sales portion of relatively lower-margin products.
Gain on other sales was $0.5 million in the second quarter of 2025, compared to $1.7 million in the second quarter of 2024.
Selling expenses at $4.5 million in the second quarter of 2025 were consistent with the second quarter of 2024. Selling expenses represented 2.6% of net sales in the second quarter of 2025, compared to 2.9% in the second quarter of 2024.
General and administrative expenses (“G&A expenses”) decreased to $5.4 million, compared to $7.4 million in the second quarter of 2024, primarily due to decreased business taxes and surcharges. G&A expenses represented 3.1% of net sales in the second quarter of 2025, compared to 4.7% of net sales in the second quarter of 2024.
Research and development expenses (“R&D expenses”) were stable at $8.1 million in the second quarter of each year. R&D expenses represented 4.6% of net sales in the second quarter of 2025, compared to 5.2% in the second quarter of 2024. Research and development programs include but are not limited to electric power and hydraulic steering systems, automotive intelligence and software technologies, automobile electronics, high polymer materials, and manufacturing technologies.
Other income was $1.1 million for the second quarter of 2025, compared to $1.7 million for the three months ended June 30, 2024.
Income from operations rose 20.2% to $13.0 million in the second quarter of 2025, from $10.8 million in the second quarter of 2024. The increase was primarily due to higher sales.
Interest expense was $0.3 million in the second quarter of 2025, compared to $0.2 million in the second quarter of 2024.
Net financial income was $1.3 million in the second quarter of 2025, compared to net financial expense of $0.7 million in the second quarter of 2024. The increase in net financial income was primarily due to an increase in the foreign exchange gain due to the foreign exchange volatility.
Income before income tax expenses and equity in earnings of affiliated companies was $15.1 million in the second quarter of 2025, compared to income before income tax expenses and equity in earnings of affiliated companies of $11.7 million in the second quarter of 2024. The change in income before income tax expenses and equity in earnings of affiliated companies was mainly due to higher income from operations in the second quarter of 2025 compared with income in last year’s same quarter.
Income tax expense was $4.0 million in the second quarter of 2025, compared to $2.1 million for the second quarter of 2024. The increase in income tax expense was primarily due to a higher income before income tax expenses and a higher expected annual effective tax rate in 2025 based on the latest annual forecast as compared to 2024.
Net income attributable to parent company’s common shareholders was $7.6 million in the second quarter of 2025, compared to net income attributable to parent company’s common shareholders of $7.1 million in the second quarter of 2024. Diluted earnings per share was $0.25 in the second quarter of 2025, compared to $0.24 per share in the second quarter of 2024.
The weighted average number of diluted common shares outstanding was 30,170,702 in the second quarter of 2025, compared to 30,185,702 in the second quarter of 2024.
First Six Months of 2025
Net sales increased by 15.2% year-over-year to $343.3 million in the first six months of 2025, compared to $298.0 million in the first six months of 2024 primarily due to increased sales of EPS systems. Six-month gross profit increased by 10.8% year-over-year to $59.1 million from $53.4 million in the corresponding period last year. Six-month gross profit margin was 17.2% compared with 17.9% in the first six months of 2024. Gain on other sales was $1.6 million in the first six months of 2025, compared to $2.2 million in the corresponding period last year. Income from operations increased by 5.7% year-over-year to $21.6 million in the first six months of 2025 from $20.5 million in the first six months of 2024.
Net income attributable to parent company’s common shareholders was $14.7 million in the first six months of 2025, compared to net income attributable to parent company’s common shareholders of $15.4 million in the corresponding period in 2024. Diluted earnings per share in the first six months of 2025 were $0.49, compared to diluted earnings per share of $0.51 in the first six months of 2024.
Balance Sheet
Cash, cash equivalents and short-term investments were $135.3 million, or approximately $4.48 per share, as of June 30, 2025. Net working capital was $170.9 million. Total accounts receivable including notes receivable were $294.2 million, accounts payable including notes payable were $269.6 million and short-term loans were $71.9 million. Total parent company stockholders' equity was $366.4 million as of June 30, 2025, compared to $349.6 million as of December 31, 2024.
Business Outlook
Management has raised revenue guidance for the full fiscal year 2025 to $720.0 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 August 13th, 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 489385:
Toll Free: 888-506-0062
International: 973-528-0011
China Toll Free: 86 400 120 3199
A replay of the call will be available on the Company's website in 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 result in delays in the shipment of products to our customers, increase costs and reduce 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 Li
Chief Financial Officer
China Automotive Systems, Inc.
jieli@chl.com.cn
Kevin Theiss
Awaken Advisors
+1-212-510-8922
Kevin@awakenlab.com
China Automotive Systems, Inc. and Subsidiaries
Condensed Unaudited Consolidated Statements of Operations and Comprehensive Income
(In thousands of USD, except share and per share amounts)
| Three Months Ended June 30, | ||||||||
| 2025 | 2024 | |||||||
| Net product sales ($8,522 and $13,550 sold to related parties for the three months ended June 30, 2025 and 2024) | $ | 176,245 | $ | 158,608 | ||||
| Cost of products sold ($7,771 and $7,689 purchased from related parties for the three months ended June 30, 2025 and 2024) | 145,698 | 129,306 | ||||||
| Gross profit | 30,547 | 29,302 | ||||||
| Gain on other sales | 455 | 1,720 | ||||||
| Less: Operating expenses | ||||||||
| Selling expenses | 4,514 | 4,614 | ||||||
| General and administrative expenses | 5,412 | 7,418 | ||||||
| Research and development expenses | 8,092 | 8,184 | ||||||
| Total operating expenses | 18,018 | 20,216 | ||||||
| Income from operations | 12,984 | 10,806 | ||||||
| Other income, net | 1,060 | 1,735 | ||||||
| Interest expense | (292 | ) | (183 | ) | ||||
| Financial income/(expense), net | 1,327 | (690 | ) | |||||
| Income before income tax expenses and equity in earnings of affiliated companies | 15,079 | 11,668 | ||||||
| Less: Income taxes | 4,049 | 2,108 | ||||||
| Add: Equity in losses of affiliated companies | (658 | ) | (805 | ) | ||||
| Net income | 10,372 | 8,755 | ||||||
| Less: Net income attributable to non-controlling interests | 2,747 | 1,608 | ||||||
| Accretion to redemption value of redeemable non-controlling interests | — | (7 | ) | |||||
| Net income attributable to parent company’s common shareholders | $ | 7,625 | $ | 7,140 | ||||
| Comprehensive income: | ||||||||
| Net income | $ | 10,372 | $ | 8,755 | ||||
| Other comprehensive income: | ||||||||
| Foreign currency translation gain/(loss), net of tax | 1,342 | (2,846 | ) | |||||
| Comprehensive income | 11,714 | 5,909 | ||||||
| Less: Comprehensive income attributable to non-controlling interests | 2,887 | 1,431 | ||||||
| Accretion to redemption value of redeemable non-controlling interests | — | (7 | ) | |||||
| Comprehensive income attributable to parent company | $ | 8,827 | $ | 4,471 | ||||
| Net income attributable to parent company’s common shareholders per share - | ||||||||
| Basic | $ | 0.25 | $ | 0.24 | ||||
| Diluted | $ | 0.25 | $ | 0.24 | ||||
| Weighted average number of common shares outstanding - | ||||||||
| Basic | 30,170,702 | 30,185,702 | ||||||
| Diluted | 30,170,702 | 30,185,702 | ||||||
China Automotive Systems, Inc. and Subsidiaries
Condensed Unaudited Consolidated Statements of Operations and Comprehensive Income
(In thousands of USD, except share and per share amounts)
| Six Months Ended June 30, | ||||||||
| 2025 | 2024 | |||||||
| Net product sales ($20,015 and $24,910 sold to related parties for the six months ended June 30, 2025 and 2024) | $ | 343,339 | $ | 298,002 | ||||
| Cost of products sold ($15,546 and $14,657 purchased from related parties for the six months ended June 30, 2025 and 2024) | 284,207 | 244,631 | ||||||
| Gross profit | 59,132 | 53,371 | ||||||
| Gain on other sales | 1,606 | 2,234 | ||||||
| Less: Operating expenses | ||||||||
| Selling expenses | 9,332 | 8,687 | ||||||
| General and administrative expenses | 12,977 | 12,965 | ||||||
| Research and development expenses | 16,805 | 13,496 | ||||||
| Total operating expenses | 39,114 | 35,148 | ||||||
| Income from operations | 21,624 | 20,457 | ||||||
| Other income, net | 3,001 | 4,138 | ||||||
| Interest expense | (775 | ) | (441 | ) | ||||
| Financial income/(expense), net | 3,305 | (702 | ) | |||||
| Income before income tax expenses and equity in earnings of affiliated companies | 27,155 | 23,452 | ||||||
| Less: Income taxes | 6,986 | 3,851 | ||||||
| Add: Equity in losses of affiliated companies | (1,342 | ) | (1,582 | ) | ||||
| Net income | 18,827 | 18,019 | ||||||
| Less: Net income attributable to non-controlling interests | 4,080 | 2,597 | ||||||
| Accretion to redemption value of redeemable non-controlling interests | — | (15 | ) | |||||
| Net income attributable to parent company’s common shareholders | $ | 14,747 | $ | 15,407 | ||||
| Comprehensive income: | ||||||||
| Net income | $ | 18,827 | $ | 18,019 | ||||
| Other comprehensive income: | ||||||||
| Foreign currency translation gain/(loss), net of tax | 2,262 | (3,194 | ) | |||||
| Comprehensive income | 21,089 | 14,825 | ||||||
| Less: Comprehensive income attributable to non-controlling interests | 4,283 | 2,372 | ||||||
| Accretion to redemption value of redeemable non-controlling interests | — | (15 | ) | |||||
| Comprehensive income attributable to parent company | $ | 16,806 | $ | 12,438 | ||||
| Net income attributable to parent company’s common shareholders per share - | ||||||||
| Basic | $ | 0.49 | $ | 0.51 | ||||
| Diluted | $ | 0.49 | $ | 0.51 | ||||
| Weighted average number of common shares outstanding - | ||||||||
| Basic | 30,170,702 | 30,185,702 | ||||||
| Diluted | 30,170,702 | 30,185,702 | ||||||
China Automotive Systems, Inc. and Subsidiaries
Condensed Unaudited Consolidated Balance Sheets
(In thousands of USD unless otherwise indicated)
| June 30, 2025 | December 31, 2024 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 102,194 | $ | 56,961 | ||||
| Pledged cash | 36,774 | 44,863 | ||||||
| Accounts and notes receivable, net - unrelated parties | 279,144 | 329,275 | ||||||
| Accounts and notes receivable, net - related parties | 15,064 | 14,224 | ||||||
| Inventories | 116,518 | 112,558 | ||||||
| Other current assets | 50,271 | 44,757 | ||||||
| Total current assets | 599,965 | 602,638 | ||||||
| Non-current assets: | ||||||||
| Property, plant and equipment, net | 114,705 | 103,820 | ||||||
| Land use rights, net | 9,235 | 8,835 | ||||||
| Long-term investments | 61,876 | 64,332 | ||||||
| Other non-current assets | 57,935 | 70,954 | ||||||
| Total assets | $ | 843,716 | $ | 850,579 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Short-term loans | $ | 71,946 | $ | 72,566 | ||||
| Accounts and notes payable-unrelated parties | 257,418 | 281,065 | ||||||
| Accounts and notes payable-related parties | 12,186 | 11,743 | ||||||
| Accrued expenses and other payables | 60,002 | 59,238 | ||||||
| Other current liabilities | 27,477 | 31,870 | ||||||
| Total current liabilities | 429,029 | 456,482 | ||||||
| Long-term liabilities: | ||||||||
| Other non-current liabilities | 3,809 | 4,308 | ||||||
| Total liabilities | $ | 432,838 | $ | 460,790 | ||||
| Commitments and Contingencies | ||||||||
| Stockholders’ equity: | ||||||||
| Common stock, $0.0001 par value – Authorized – 80,000,000 shares; Issued – 32,338,302 and 32,338,302 shares as of June 30, 2025 and December 31, 2024, respectively | $ | 3 | $ | 3 | ||||
| Additional paid-in capital | 69,656 | 69,656 | ||||||
| Retained earnings- | ||||||||
| Appropriated | 13,668 | 12,180 | ||||||
| Unappropriated | 303,532 | 290,273 | ||||||
| Accumulated other comprehensive income | (12,721 | ) | (14,780 | ) | ||||
| Treasury stock –2,167,600 and 2,167,600 shares as of June 30, 2025 and December 31, 2024, respectively | (7,763 | ) | (7,763 | ) | ||||
| Total parent company stockholders’ equity | 366,375 | 349,569 | ||||||
| Non-controlling interests | 44,503 | 40,220 | ||||||
| Total stockholders’ equity | 410,878 | 389,789 | ||||||
| Total liabilities and stockholders’ equity | $ | 843,716 | $ | 850,579 | ||||
China Automotive Systems, Inc. and Subsidiaries
Condensed Unaudited Consolidated Statements of Cash Flows
(In thousands of USD unless otherwise indicated)
| Six months Ended June 30, | ||||||||
| 2025 | 2024 | |||||||
| Cash flows from operating activities: | ||||||||
| Net income | $ | 18,827 | $ | 18,019 | ||||
| Adjustments to reconcile net income from operations to net cash provided by operating activities: | ||||||||
| Depreciation and amortization | 8,267 | 9,868 | ||||||
| (Reversal)/addition of credit losses | (159 | ) | 9 | |||||
| Equity in losses of affiliated companies | 1,342 | 1,582 | ||||||
| Impairment loss on property, plant and equipment | 657 | — | ||||||
| Loss on disposal of property, plant and equipment | 580 | 773 | ||||||
| (Increase)/decrease in: | ||||||||
| Accounts and notes receivable | 50,982 | (20,451 | ) | |||||
| Inventories | (3,491 | ) | 4,271 | |||||
| Other current assets | (1,077 | ) | 3,654 | |||||
| Increase/(decrease) in: | ||||||||
| Accounts and notes payable | (24,349 | ) | 1,994 | |||||
| Accrued expenses and other payables | 2,238 | 1,134 | ||||||
| Long-term taxes payable | — | (7,025 | ) | |||||
| Other current liabilities | (4,735 | ) | (4,697 | ) | ||||
| Net cash provided by operating activities | 49,082 | 9,131 | ||||||
| Cash flows from investing activities: | ||||||||
| Cash received from disposal of property, plant and equipment sales | 522 | 607 | ||||||
| Payments to acquire property, plant and equipment (including $2,193 and $2,839 paid to related parties for the six months ended June 30, 2025 and 2024, respectively) | (18,484 | ) | (10,016 | ) | ||||
| Payments to acquire intangible assets | (67 | ) | (332 | ) | ||||
| Investment under the equity method | (1,112 | ) | — | |||||
| Purchase of short-term investments | (23,096 | ) | (40,054 | ) | ||||
| Proceeds from maturities of short-term investments | 29,570 | 20,626 | ||||||
| Cash received from long-term investments | 2,368 | 937 | ||||||
| Net cash used in investing activities | (10,299 | ) | (28,232 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Proceeds from bank loans | 52,829 | 47,054 | ||||||
| Repayments of bank loans | (53,890 | ) | (48,384 | ) | ||||
| Dividends paid to the common shareholders | (1,773 | ) | — | |||||
| Cash received from capital contributions of a non-controlling interest | — | 15,504 | ||||||
| Net cash (used in)/provided by financing activities | (2,834 | ) | 14,174 | |||||
| Effects of exchange rate on cash, cash equivalents and pledged cash | 1,195 | (1,882 | ) | |||||
| Net increase/(decrease) in cash, cash equivalents and pledged cash | 37,144 | (6,809 | ) | |||||
| Cash, cash equivalents and pledged cash at beginning of the period | 101,824 | 155,194 | ||||||
| Cash, cash equivalents and pledged cash at end of the period | $ | 138,968 | $ | 148,385 | ||||