Thank you, Automotive Welcome China us for XXXX second joining Systems today. quarter to everyone conference call.
are Li, from call with Joining and answer questions will today Mr. assistance the Chief to Wu, us conference on Executive be Mr. available Jie Automotive of Chief China Officer the later Financial Systems. They Qizhou Officer translation.
may listeners we will Before call, contain statements. we this forward-looking begin, that I throughout remind statements that all make
the and Forward-looking this date statements of company's only of estimates assumptions represent call. as the
As XX, the from actual to with filed could those the by December call XX-K including heading results any Securities expressly contained as March of events result updates and Form to documents on Securities report due the company's the with company a those or annual Exchange number provide from ended XXXX, a XX, statements or disclaims Commission. future Risk for company's XXXX, result, and new the year other Exchange differ the in Factors described to under as of this The in materially statements these a in company made factors, time forward-looking the duty and in filed otherwise. information, whether Commission any forward-looking time to
question-and-answer On are a and for session. will summary US unaudited The the quarter this and XXXX results will provide in results are conduct call, following I of GAAP. XXXX Management financial a overview brief then second financial reported quarter. second
I'll US dollars. call For the in purposes of review the results today, financial our
grew lower second X.X% position. China's XXXX second in the first X.X% in of of Automotive's XXXX. automobile quarter X.X%, quarter market than with and in from the review of the begin We'll the growth down quarter industry in of recent of XXXX dynamics GDP China
dependent economy X.X% purchases on XX campaigning months more Chinese last and a the XXXX. of Railroads pollution. consumers But are is United of The decline domestic less States to China nervous willing the experienced the government slowest growth major is the sharp make for first in and in exports years. becoming the represented consumption. against six to
emission this This automotive in implemented and restricted actually New Tier some improve resulted vehicle quality the emission standards, VI scheduled July in new X on ahead in X cities these air standards. areas national sales. provinces of were the implementation to of implementation is the and National
XXXX. passenger and National Bureau X.X% cars Unit the PMI in the vehicles growth in guide Index, according XX.X for Managers came of reached by below at factory level, XX.X% Chinese expansion sales the of XX not indicating June to in declined The commercial first Statistics. June six stage economic the and Purchasing months conditions an of is
growth decline the declined Manufacturers to continue XX.X. to new month in of XX cut XX.X from again jobs to while with XX.X factory XX.X slowed May's XX.X June, For May, orders in June, the employment to following May. total declining compared Chinese with XX.X the continues orders Export from from output in XX.X.
year-over-year Manufacturers, decline, of reported sales X.X% production reflected XX.X% with overall vehicle June the data to According and Association Automotive down a by year-over-year. China CAAM,
For XX.X% XX.X% by declined XXXX, the the in six year-over-year, and sales period of decline to months same year-over-year. production first XXXX compared
In total XX.X% to and unit of production to declined car combustion Vehicle X.X% sales compared declined XX.X% segment, year-over-year commercial the market significant bus was and sales XXXX. sales June down XX.X% down down the passenger in were by decrease XX.X%. commercial XXXX. was XXXX, June sales was continues June down production quarter a year-over-year. vehicles In and of Commercial internal experience sales vehicle XX.X% Overall truck in traditional second the in
vehicle with of our of EPS as Henglong the by million XX.X% sales reflects business the declined year-over-year conditions to second and transfer environment this response quarter lower market In the well sales our in as second hydraulic quarter XXXX, the $XX.X of This products joint to traditional the KYB of net steering in reduction XXXX. venture.
was a million, quarter. the decline second with Our electric XXXX quarter XX.X% sales steering the power product second compared of $XXX.X in XXXX
the future. EPS Limited As consistent revenues quarter a Chinese which sales same and percentage accounted new in We growth in net potential with for of of brand XX.X% the for venture Japan quarter second Japanese KYB among Henglong our XXXX. KYB believe in the vehicles with stronger the XXXX, was Company joint has
our the market exclusive as for Our as market position our Chinese We EPS for of remain the combined create future. well contract expected with Approximately are in the this to to under Company our exports in vehicle us XXXX in operations be will products, electric model small success all Wall products new optimistic increase enhance contract. Motor RXXX. steer units shipped XXX,XXX for Great EPS to systems ORA
these control with the are for optimistic to We systems. producing our systems. Company also Electric Hyoseong cost these about EPS of electric of we better joint ourselves, EPS quality, over production motors products electric future own and motors have By for venture use in small our the produce
our North XX,XXX technology system initial new steering America i-RCB October XXXX annual for program project. the one us Commercial units. to customers steering growing of tier sales recirculating-ball autonomous their production our in with one expected a selected is approximating Recognize vehicle develop
quarter North decreased the second America in of by sales hydraulic of products our X.X% steering year-over-year XXXX. in export Our
are through the in be autonomous products on will progress in used XX new program company's the that recirculating-ball steering systems now future. the so other i-RCB We developed making vehicle, for
$X.X operating We the in the gross the product XXXX XXXX with the compared the second reduced XX.X% quarter XXXX. in margin And to million in in our of from quarter from quarter XX.X% due in quarter mainly of second XXXX, of XX.X% second in second quarter increased operations Second by $X.X XXXX, the XXXX. of changes expenses increased mix. quarter XXX.X% to point million of income to second
to $X.X or $X.XX, income earnings to to in increase the per common of $X.XX of $X.X attributable second quarter to of parent income common attributable per share compared Net net company's earnings diluted diluted of XXXX. million company's or share parent shareholders million shareholders
June of cash XX, and equivalents million. and $XX.X As XXXX cash pledged were
and on stand XX, elected Dr. Mr. Robert XXXX, Kooi Dr. independent meeting of and Lu Henry were the for annual the Arthur Tung, members replace who did Teo They re-election. July not Wong general directors. as new Mr. At of board Tong
For the using beyond infrastructure RMB using Other affecting XXXX actions and economy. tax initiated the including government trillion slowly billion $XXX about has X debt regulations of is central stimulus in fiscal government the economy. help boost projects for plan, recent include the government to or some cuts which a
the for rural Commission with the rural monetary sector and emissions area emission new Reform areas. The efficient, and announced growth of complying standards cars subsidize vehicles incentives meters in with XXXX vehicles. consumers with Development cars National will China's has replacing in X.X or complying purchase older the plan standards engines more to to smaller promote automobile compact
owned of emission adding meet the do under purchases, programs encourage purchase incentives discounts Vehicle standards. new these to significant sales And vehicles including are some future may also the that new to stimulate XXXX. state in automobiles car new sales not companies to sell later affect
supply other mark we products As and autonomous ventures knowledge into to of We emergent America. a the China, as quality South and ventured better continue opportunities vehicle a and even North steering to of gain in are number steering new X high establish to steering growth in positioned one foothold the joint Tier in position suppliers from of EPS manufacturers well we largest benefit technology. create market, in
be and to the continue goals. to strategic resources financially We our strong maintain accomplish
XXXX. Now, quarter review second financial of the let me results the for
by million to decreased the Our automobile domestic products $XXX.X declined $XXX.X in to XX.X% in of compared brand of quarter weakened net million, sales the as market. sales XX.X% demand XXXX. Net traditional steering Chinese same
of sales XX.X% of power steering million. total American North its declined Additionally, the by net sales. company's represented $X.X to customers electric Sales
in was was change cost Gross quarter product to profit million XXXX, second $XX mix. second XXXX, The million in versus XX.X% mainly a lower in quarter in gross second of of unit of The the due the decrease to profit decreased sales, the compared to XX.X% margin quarter of and higher $XX.X the quarter XXXX. XXXX. gross in second
in second of in second million the $X compared to $X.X was quarter of sales quarter other XXXX, on the XXXX. Gain million
quarter The of quarter. Selling quarter XXXX. compared expenses logistics in sales X.X% quarter due the lower decreased to second second compared million in the net represented X.X% the second in to of Selling mainly million of expenses the with during was of were related quarter XXXX, $X.X sales second decrease expenses XXXX $X.X the XXXX. to of in
XXXX. General expenses G&A the XXXX. in compared percentage of second in of of second to to $X.X and increase net the and second mainly the represented administrative sales million due XXXX. were of quarter expenses, G&A quarter The X.X% of quarter was sales second XXXX each in of XXXX the in reduced expenses X.X% quarter
the other development of of of on company's in focus second decreased R&D of and X.X% $X.X expenses compared second R&D compared R&D expenses in quarter of second sales the the XXXX, XXXX. with XXXX, quarter second XX.X% XXXX. quarter the $X.X expenses, X.X% to of in and Research represented in to continue the new development million million quarter EPS to the expenses products.
second of primarily Income increase operations in to and on operating other the The same from XXXX. million $X.X was of $X.X quarter in due sales a was quarter to the lower million gain higher XXXX, costs. compared
of to a margin XXXX. in XXXX, second the the second net was X.X% quarter operating X.X% percentage compared of sales, the quarter of As in
million, $X.X of with Net second million the quarter compared second in of was $X.X XXXX XXXX. Financial income the in quarter
the affiliated to quarter million compared before in in Income equity in income of earnings XXXX. second to the increased expenses $X.X XXX.X% of companies quarter XXXX, million tax and second $X.X of
increased attributable parent the of shareholders million compared shareholders $X.X to Net parent XXX.X% quarter of common company's to attributable in company's income of income net to million quarter second corresponding common XXXX. XXXX, in $X.X to the
The number to share diluted in XXXX, $X.XX diluted earnings quarter quarter second the compared of compared quarter outstanding shares was average second XX,XXX,XXX of were share to common quarter XX,XXX,XXX second XXXX. per Diluted per of in in of weighted earnings second in XXXX. XXXX, of the the the $X.XX of
Net compared Six months compared months first million $XX.X month six six the first the to sales million, in in gross $XX.X over profit was to million XXXX, $XXX.X last six to year. of highlights. go we'll Now in XX.X% corresponding $XXX.X XXXX. decreased period months financial the of million
was in on year. million last of first months six in gross compared six compared sales first the the period of $X.X million The in margin the with XXXX. $X.X corresponding in gain XX.X% other corresponding was month XX.X% in months the XXXX XXXX Six period to
XXXX, Income X.X% the million six the of from compared of months period first was compared to $X.X the of million in the months margin Operating in of in $X.X six first XXXX. corresponding in to XXXX, operations six X.X% months was XXXX. first
XXXX. Diluted six was parent share to shareholders million corresponding months of to corresponding of the Net in the of compared per per common the earnings $X.XX $X compared in were earnings income $X.X XXXX, in attributable company's in XXXX, six to of first the XXXX. first share period million in period $X.XX months diluted
and now go will flow over some balance sheet cash items. We
As and compared were to $XXX.X company of million. $XX.X notes XXXX, million $XXX.X and June stockholders' as and Accounts of receivable million XX, $XXX.X December parent million. were payable $XX.X loans equivalents XXXX. pledged XX, accounts as $XXX.X million. including was receivable cash of Total cash June were Total XXXX, million were equity short-term XX,
million six million in cash $XX.X Net compared to of months plant first $X.X million in first six acquire in million property, was and of months six the with operating operating of months $XX.X Payments used activities first net compared in cash $XX.X of used XXXX. in 'XX, XXXX. equipment activities were with the the
outlook, revenue subject market on guidance and the company's million conditions, This its for management the million. full on has current are $XXX to is target XXXX year views operating revised $XXX change. to based which business The from
begin With session. now ready that we operator, are to the Q&A
