China Automotive Systems, Inc. Business Report FY ended Dec. 2022

Financial Overview

(USD millions)

	FY ended Dec. 31, 2022	FY ended Dec. 31, 2021	Change (%)	Factors
Sales	529.55	497.99	6.3	-Increased sales of electric power steering (EPS) systems and components. Increased demand for passenger cars offset the lower demand for commercial vehicles.
Net income	22.34	10.73	108.3

-In the fiscal year ended December 31, 2022, sales of conventional steering products were USD 373.3 million, almost unchanged from USD 382.7 million in 2021. EPS net sales were USD 156.3 million, up 35.6% year-over-year.

Subsidiary performance (Fiscal year ended December 2022)

Company	Details	Net sales (USD)	Year-over-year change (%)	Factor
Jingzhou Henglong Automotive Parts Co., Ltd.	Passenger car steering system	246.6 million	21.7	Increased sales of passenger car products
Shashi Jiulong Power Steering Gears Co., Ltd.	Commercial vehicle steering system	70.1 million	（25.8）	Declining demand for commercial vehicles
Shenyang Jinbei Henglong Automotive Steering System Co., Ltd.	Delivered steering systems to Brilliance Jinbei	11.9 million	（27.9）	Decrease in demand from customers
Wuhu Henglong Automotive Steering System Co., Ltd.	Delivered steering systems to Chery Automobile	42.2 million	55.1	Increased sales of Chery passenger car products
Hubei Henglong Automotive System Group Co., Ltd.	Provides vehicle steering systems primarily for Chrysler and Ford	126.7 million	-	-
Hubei Henglong & KYB Automobile Electric Steering System Co., Ltd.	EPS products for passenger cars	121.1 million	50.1	Increase in sales of EPS products for passenger cars
CAAS Brazil's Imports and Trade in Automotive Parts Ltd.	Delivered steering systems to Fiat Chrysler in Brazil	39.3 million	54.1	Increased demand for Fiat Chrysler in Brazil
Others	-	81 million	14.2	Sales increase at Hyoseong (Wuhan) Motion Mechatronics System Co., Ltd.

Orders

-The company announced that it has entered into an agreement with Scania AB to develop eRCB steering systems for Scania's trucks and buses. Built upon CAAS' proprietary technology and innovative knowledge coupled with CAAS' advanced driver-assistance systems ("ADAS") L4 platform, named AP04, this eRCB steering system is a fully electric intelligent steering system for light- and medium-duty truck and heavy-duty commercial vehicles. This eRCB steering system features an innovative twin electric motor structure with high output torque. CAAS' proprietary AP04 driver-assist system enables vehicles to execute level-4 autonomous driving. The eRCB steering system is expected to become the world's first mass-produced fully electric intelligent power steering system for commercial vehicles, which bolsters CAAS' status as a premier Tier-1 supplier to global commercial vehicle OEMs. (From a press release on January 25, 2022)

R&D Facilities

Facilities	Year established	Details
Hubei Henglong Group Shanghai Electric R&D Co., Ltd.	2015	-The business range includes: design and sales of automotive parts and automotive electronic products; technology development and technical services in the automotive field.
Qingyan Technological Automotive Intelligent Technology Research Institute Co., Ltd.	2016	-Intelligent manufacturing, intelligent inspection and intelligent vehicle related activities. -Established cooperation relationships with Chinese automobile and transmission manufacturers such as Changan Automobile, Beiqi Yinxiang, Tsingshan Transmission, Landai Powertrain, GAC, Chery, Geely, JAC, Wanliang, and Xingrui.
Hubei Jingzhou Auto Parts Industry Technology Research Institute Co., Ltd.	2021	-Engaged in auto parts and accessories manufacturing, technical services, and technology development.

R&D Expenditure

	FY ended Dec. 31, 2022	FY ended Dec. 31, 2021	FY ended Dec. 31, 2020
R&D expenditure (USD millions)	36.11	28.23	25.72
R&D expenses as percent of Sales (%)	6.82	5.67	6.16

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