Thank you, Automotive Welcome China us for XXXX Second joining Systems today. Quarter to everyone, Conference Call.
are Systems. available Joining of with the in today Mr. translation. Chief call Li, us of Financial the China conference Automotive answer He to be assistance will questions later Jie Officer
will all that that statements. throughout contain we may call, we Before forward-looking remind begin, this I statements listeners may make
assumptions only call. Forward-looking as the statements estimates represent this the date and company's of of
other could to XX, Securities results number differ report from As as Exchange those the Commission. filed a documents XX-K actual result, statements the Factors time and a company's in contained the Exchange to with described Risk in forward-looking Form and filed of from materially company with these ended annual by the for the time December heading the those XXXX, Securities and including year company's in under Commission, due the factors,
business prolonged other made business, or in otherwise. timely the reduced uncertainties have in not in deteriorating to market of predict of liquidity cost beyond and facilities we could If any result adversely impact international further in cannot statements regional we the our customers, results and to a as whether adversely production our overall of environment, all disruption within of the our a automobile any provide ways and duty materially an outbreak this A result new to operations updates the manufacturing, and affected cause weakened be of our the is of economic the business and operations national conduct or as company and of effectively business our control condition delay outlook adverse information, and and delays financial the controlled, delivery may assembly business other growth, financial COVID-XX the shipment any condition on condition any in disclaims where customers cannot Any our slowdown to could sales, factors foresee. continue factors products these and for The factors events effect we forward-looking suffer on result revenue. unseen of our operations. financial materially or increased process that of our to call, expressly future and regions
call, overview and conduct this summary the a On ended unaudited the months six for second XXXX question-and-answer XX, then reported and The Management June months provide GAAP brief and first six are results quarter session. second results of will quarter XXXX. are I'll first period accounting. a US and
of the the purposes our today, US financial dollars. results call I'll review For in
economy of We growth position. with the dynamics GDP of first signs year-over-year Chinese will X.X% quarter XXXX half with a economy, a was rate our Chinese review showed recent the of The as X.X% first and market in second industry in the automobile following begin year-over-year year-over-year quarter. increase recovery of X.X% the the the a in
Chinese GDP as factors. was still base were in second the both pandemic-induced Quarter-over-quarter, XXXX X.X% of of growth influenced rates these external low and the economy However, by the lockdowns. internal the by quarter affected effect was
the space concerns section tensions regulatory the and in half with and demand confidence markets in be of in of The consumer first reduced goods. to many by year sales Property by six of continued X.X% Chinese property fiscal declined in high floor affecting XXXX. Chinese Exports demand. weak policies as the of first political months terms for declined inflation foreign affected
the the sales quarter XXXX, second in rebounded statistics rising sales of sales commercial quarter the with year-over-year. vehicle CAAM the XXXX by According to vehicles XX.X% XX.X% passenger year-over-year passenger automobile following of vehicle in both the the and in automobile statistics in during CAAM, sales Manufacturers, China from decline overall quarter Automobile and up first of China second year-over-year increased Association of commercial XX.X% XXXX. show China sales by in
first car year-over-year X.X% and year-over-year sales as increased X.X% overall XX, sales For sales the passenger by vehicle months XXXX, by June commercial six grew year-over-year. ended grew vehicle XX.X%
energy rose six to periods by the in New vehicle growth These XX.X% months first COVID-XX numbers sales the the weak year-ago restrictions. in also reflect sales due period. industry the
the help and dealers major across is a coupons and growth provided in and to local China have growth. car car to contributes promote country financial employer subsidies the as Some auto sales in economic government industry
Net America year-over-year, with temporarily and revenues. XX.X%. rose volatility. Our sales second affected sales most South declined of year-over-year foreign quarter X.X% electric by reporting advanced Sales steering, divisions increased North were rate American and into exchange growth our by higher EPS, power XX.X% revenue increased by by
Our sales higher by also were up rose commercial Henglong to due XX.X% to passenger and sales vehicle by market vehicle demand, the X.X%.
leaders We world largest to Alfa continue the multiple OEMs, Stellantis, such industry markets Jeep, Motor Ford Fiat to as China, Ram, and large of producer in a be in BYD, and long-standing in different the vehicle around America. including number EV Company operations including a Romeo of supplier North
to also In improve the development enhance customers research we OEM steering of programs providing collaborate their products create vehicles. addition to and and with new current our to products, products
We our a EPS XX used internationally, vehicle in new sold with For the years, series our is luxury their expanding Tonale, Romeo's new example, for products for BYD, presence. of a which plug-in number we models. further Alpha developed are SUV, which hybrid worldwide steering being developed being partner of
in new capabilities. research product and to participation improvement development our excellent development provides product in a testament Our their and confidence
technology Each Using own level-X our Systems, for proprietary R&D expertise, our Advanced Driver Assistance for and design driving developing ADAS, been base EPS beyond. products we our EPS have increases advance to autonomous future use. our endeavor
of are subsidiary’s our hardware Technology, to design the functions, We heighten are products vehicle development with leveraging stronger. never steering market steering combined motion presence. the we autonomous AB our and advanced portfolio our for capability enlarged improve of future our been Automotive including to for models Sentient program. With and has steering software And EPS hydraulic, controls new on driving of ADAS steering, working
total to quarter approximate [$X.X year-over-year share $X.XX XX% pledged and resulting operating per was operating led in XX.X% in decline an efficient share. last $XXX.X cash cost the grew compared million, profit per with the in income At year. an same by controls equivalents Net and million] (ph) XX, to Our quarter. second expenses, June $X.XX our approximating cash
enhance including central, the a consumer on electric in sector by greater New through incentives targeted, regional growth with automobile, improved governments designed infrastructure, and economic the well quarters. regulations and are and are increasing and Specific to adjusting for investment services promoting future companies demand to markets in policy focus specific losing and banking including as as are local real estate EV encouraged and and estate real investment reducing taxes, markets vehicles purchase research consumption. Measures, in development. automobile Private policies private tourism. changes increase
Now second results in review let me the XXXX. quarter financial of the
for the net XXXX Our the to of second and million XXXX sales million to increased year-over-year by X.X% quarter of in $XX.X products quarter second to to in traditional steering the by year-over-year of million second compared $XX.X $XXX.X quarter same quarter parts XXXX. the million X.X% compared of XXXX. for increased $XXX.X of Net sales
quarter for sales $XX.X year-over-year quarter XX.X% of to EPS sales total from XXXX. products XXXX. were rose of in effects net $XX.X of sales to to customers and second the the to of North million by XXXX period net in quarter the year-over-year $XX.X decreased demand the in of for million the million in of American XX.X% same compared exchange Export compared the second to the North XX.X% in for sales XX.X% sales $XX.X second quarter due EPS American Product Net XXXX. fluctuation. declined foreign same million XXXX less
second other was to $X.X sales mainly to gross is XXXX to the in was in XXXX rose stable XXXX. in quarter compared second from Brazil margin million year-over-year compared second XXXX. decrease million was of in $XX.X in margin Gross product quarter $X.X the changes to the mix. million in the million, of XXXX. second second to The of XX.X% $XX.X million $XX.X of XXXX. in the second of profit quarter quarter on Gain the was quarter million the XX.X% due the Gross $X.X Sales in of quarter which XX.X%
quarter decreased to US also XXXX of expenses to accretion net appreciation The compared dollar in XXXX, of million quarter second the -- of XXXX. primarily quarter affected X.X% X.X% second represented $X.X $X.X the RMB office against expense due Selling the X.X% expenses. second levels. sales the million compared in Selling to by marketing and year-over-year the of expenses lower of to in
of of to $X.X expenses, compared X.X% million the administrative of to and credit year-over-year the the due US quarter the by X.X% G&A, quarter of the G&A in million sales of of XXXX, net General of losses second appreciation dollar and $X.X represented the XXXX impact compared against to expenses net the second of RMB. reversal quarter in XXXX. to X.X% decreased sales in second primarily
by the development sales decreased from X.X% of quarter net three of to compared from net second XXXX. of quarter compared XX, Research $X.X primarily of $X.X quarter in X.X% in to expenses, million The $X the to operations and XX.X% represented is in quarter $X.X million XXXX. $X.X June second was quarter quarter XXXX second XXXX. was of Other ended operations second lower year-over-year compared Income second R&D of XXXX. due in second the costs. the million the operating income to to R&D, the income million for XXXX million months for of $X.X expenses increase million in the compared to XXXX
the the income dollar income in in second million due against the income XXXX million XXXX. was the of of of $X.X million million financial second of primarily second quarter financial the depreciation the quarter The RMB. to was of net second compared quarter net in to XXXX. in $X.X Net compared XXXX $X.X was expense the Interest change quarter financial US to in $X
was and the to before Net attributable million taxes, earnings earnings in shareholders of of quarter million of $X.X $XX.X income XXXX million taxes the income income equity shareholders $XX.X before parent company's net compared parent equity affiliated and income and company's income in common second to of second XXXX. quarter quarter of $XX.X companies to million common second XXXX the XXXX. attributable of in the of was in quarter companies expenses to compared affiliate Income in second of
per number earnings quarter XXXX outstanding share XXXX. second the to shares the in in of XX,XXX,XXX per $X.XX of second second the XXXX. quarter Weighted share diluted second Diluted the quarter XXXX of compared to was of XX,XXX,XXX of in $X.XX in quarter was common average compared
to million Six-month in in our the in million $XX.X $XXX year. million Six-month six the the first the compared first six the XX.X% compared $XXX.X other gross For months XXXX. first sales months first net $X.X was in six months X.X% six by in compared months corresponding year. first of $X corresponding of last XXXX with period sales last on XX.X% year-over-year margin of to XXXX increased gross of six compared $XX.X the in XXXX, to profit million million of to million was Gain was the period months XXXX.
compared Income per shareholders XXXX. XXXX. $X.XX the parent per XXXX Net income XXXX by period million of million to from from corresponding to months operations in $XX.X compared first six the in increased of $XX.X $X.X first common in six was $X.X the XXXX company's the in net parent to the months XXXX. attributable earnings to $X.XX share the six to of of in income to million compared shareholders months first months first of of year-over-year in earnings of operations company share first million was six XX% diluted in Diluted six income attributable months
On balance sheet items.
cash $XX.X parent Accounts Total million. $XXX.X notes XXXX, cash December pledged XX, million loans and as receivable, was of company million equity XXXX. compared $XXX were XXXX, cash, as short-term accounts payable, including total including payable, June were And were million. XX, stockholders' $XXX.X of million. were notes equivalents June Total XX, As $XXX.X receivable, to $XXX.X of million.
company's for subject change. management current is views are XXXX the to full and $XXX on its target growth million. operating on business conditions, which has year the This market based reiterated to outlook, revenue the For
operator, begin to that, With we're the Q&A. ready
