joining for everyone, you, us today. Thank
China Conference Call. to Automotive Systems' Year and Quarter Fourth XXXX Welcome
Joining are available China the Automotive later us Officer the assistance Systems. Financial today in He Mr. of Jie translation. will call be conference to questions Chief answer with Li, of
Before I Securities XXXX. the within meaning all the Private will listeners call, of throughout this statements we may contain make forward-looking Reform begin, Litigation Act we statements remind that that may of
assumptions and only of Forward-looking statements estimates represent company's of date call. as this the the
a year results and As Factors forward-looking could materially from described number with result, documents to as Exchange of XX, Securities the those company's Risk Due heading from Commission. ended the December Results the the these in of differ and other under the Any Form company's the including factors, Operations to filed XX-K actual filed Commission. by time and Exchange those in statements. company a contained the XXXX, report with Securities annual time for
Any whether to result our to production reduced products information, disclaims result our events predict a forward-looking of in operations adversely adverse condition control delay provide duty business in our business, suffer could of to assembly our any region and increased the business we processes overall this that our made results where facilities customers, and could or factors in any and company operations. revenue. cause the new cost unforeseen environment, in manufacturing, cause beyond of delivery other on disruption the of an we delays or impact updates to expressly have call, and statements any conduct financial shipment our factors as materially in prolonged within ways any cannot future of in and otherwise. The these the impact uncertainties business, A of and
period quarter U.S. are quarter this for and a overview session. results in call, fourth XXXX. year Management GAAP will fourth then The the results Financial conduct summary and the audited. year accounting. results ended brief On unaudited. December a results question-and-answer of XXXX are reported are I'll XX, The provide
of dollars. For call review in purposes our the today, U.S. results financial the I'll
a some economy, begin automobile our highlights, market industry recent the We'll of the of of review dynamics company's the position. with Chinese and
achieved are that We pleased sales $XXX.X to report million. net XXXX of record
per of income the year-over-year to sales net to million of the Operating and higher was on -- $XX XXXX Our million, increased diluted XX%. million ended highest sales XXXX $XXX.X year the largest attributable quarterly and results quarter year. with share XX.X% rose XXXX the fourth sorry, common high per gross company's a $X.XX largest net XXX% shareholders quarterly net the share. margin income by achieving XX.X% during at income We parent percentage to gain -- I'm the quarterly $XX.X for at note
in XX.X% sales a XXXX from automobile in November, in economy XX.X% lingering GDP COVID-XX XX.X% statistics of of the partially in of in unsettled reflected CAAM, XX.X% by in XXXX XXXX, Chinese fourth Chinese rate after growth which China in these accomplished unit year-over-year December. year-over-year Commercial followed included effects accelerated to rise quarter December. reflected the We year-over-year of an According fourth October, rise recovery. year-over-year November in during and vehicle X.X% unit an of Manufacturers, a increase growth increase a approximately in a XXXX XX.X% the October, increase Automobile sales post an growth and for XX.X% X% of in year-over-year in of Association of quarter the China. passenger to The
operating to from margin the rising XX.X% mix gross to XX.X% changed income operating $XX.X and year-over-year. quarter fourth product million as declined to XXXX operations Our climbed due by expenses
G&A selling, to in in of reduced to XXX.X% -- fourth the XX% Diluted fourth compared the by per sorry, led and efficiency of to XXXX. share quarter $X.XX increasing quarter R&D rose $X.XX income expenses Our XXXX.
commercial increased sales XX.X% For XXXX, XX.X% by vehicle reported rose CAAM passenger by year-over-year. year-over-year vehicle sales and
sales of $XXX.X by and electric by grew and power were parts in net an XXXX million, of year-over-year year-over-year. Brazil for sales to as traditional demand with increased to XXXX percentage year-over-year the due in million, sales XX.X% in primarily in products of America passenger XX.X% to steering Chinese partially $XXX.X in a our production of sales $XXX.X higher XXXX. by sales impact in to ramp greater declined Stellantis.
Sales product X.X% sales Net fourth steering increase Net Our net to sales growth sales producer autoworker's to XXXX. to North million, other due XXXX, up by of of as the XX.X% Net year-over-year columns. the EPS, strike Henglong rose steering, $XXX.X up XX.X% higher by in Wuhu in began to a America XX.X% million year-over-year entities North reflecting the X.X% of quarter vehicles
into market partially the in vehicle were market reduced segments. essentially certain sales flat XXXX, Our demand to in commercial due
total in to R-EPS the Chinese customers Beiqi China, declined in States to United we increased products Sales our to the XX.X% key and XXXX. Group, Motor of and our in Dongfeng traditional BYD products. total of developing included and sales. sales Foton increased C-EPS, DP-EPS of are sales, Auto largest XX.X% export in for supplying addition BYD, steering percentage Domestically, a Corp., producer EV As to other XX.X% domestic total markets sales
entering space. China. other our technology We and has quality in potential for our spurred performance the are of and current new beyond markets other new high the products with also products customers with -- growth potential working The emerging including customers, NEV OEMs on companies automobile
America, our large & Indian and customers Jeep, automobile and in market. customer Auto's operations Stellantis a Ram the Mahindra America, include North Ford, South in In customers. are Mahindra is Chery Brazilian primary
a Swedish beginning Alfa automotive AB, European Sentient with Romeo, technology market the Our Scania such company. our are also through products and to subsidiary, companies AB penetrate as
current by product maturing activity less new For due additional and development XXXX, new our R&D reduced products. traditional we for XX.X%, the product of development for to primarily
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OEM our advance customers with products base quality collaborate our requirements. technology specific We and to their performance and meet develop to
Our expanded market gained EPS have greater series of products reception.
our forward in that Our catalysts We improved future. acceptance act change in to margins. commercial trends mix growth products greater our gaining sales are future has There several the sales. as look our for ADAS
from gaining the And market. market. market JVs automobile already largest Chinese market single the domestic Western-based in Chinese share world's the is First, vehicles branded are
important leading Second, growth note world's Chinese including growth China also China, XX.X% market passenger have the unit XX.X% electric unit is operators EV with been most vehicles. in without It's EV in battery-powered prior self-developed that to in participation. XXXX
high-tech OEMs the features, In EVs These as both traditional more themselves engines technology by advanced such and are steering entered China, there into producers, combustion EV internal that EV including marketplace. and adding with stand-alone and systems. companies have are our tech companies differentiating ADAS
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vehicle OEMs, of engines. to from smaller Increased markets preparing more models, models affordable in systems export EV sales, markets, of emergence number, and are Chinese-branded which are and to steering car the transition producer vehicle EV we among in as more well-enhanced to especially internal access leading combustion growth are overseas creates exports EV competition greater developer a Chinese more advanced unit opportunity vehicles. greater Chinese away Now
$X.X of a Gross XXXX expenses XXXX, fourth was in the automobiles the fourth primarily quarter stable the quarter due results quarter the in and mix to demand $XX in change the compared product sales million million quarter compared XXXX. the fourth quarter fourth net a of to due in of XX.X% mix. in X.X% higher the represented increased quarter was change fourth sales Gross fourth sales compared increase fourth in net XX.X% review XX.X% The XXXX. margin increased of product million XXXX. to to fourth quarter XXXX, of to the vehicles quarter by In XXXX. of passenger commercial were the the me XXXX of in quarter expenses in $XXX.X Let million compared profit is the XXXX, and in Selling mainly for to same XXXX. quarter X.X% fourth of $X.X by fourth to net XX.X% compared XXXX XXXX. with Selling comparing to of million quarter million in quarter financial in which of XXXX the of quarter in fourth the $XX.X $XXX.X fourth to the
net fourth in a of XXXX of net quarter from decrease period the profit of products. to General Interest in quarter the million XXXX in compared of compared XXXX. compared fourth the compared same due due were and expense XXXX. new quarter XXXX, was sales lower X.X% loss G&A in $XX.X and quarter R&D in a expenses, compared represented the Higher the sales quarter expenses the Operating development R&D, mainly quarter in fourth million million XXXX operating of and quarter the sales to X.X% to expenses the for was fourth the net of both same income XXXX administrative in with of year. $X.X million income to fourth traditional quarter and was last the quarter compared primarily quarter expenses XXXX of to quarter XXXX. XXXX XXXX. development in product to were the $X.X in expenses, XXXX. fourth million $X.X in in fourth operating operations million gross period fourth increased fourth X.X% of Research of fourth of the of in X.X% $XX.X $X.X G&A, fourth million XXXX to the the expenses $XX.X of in represented in in
Financial the quarter of fourth $X.X of common exchange foreign in quarter XXXX XXXX to income attributable per to the Net expenses fourth $X.XX in of due to income tax of income the before rose and Income in in lower quarter earnings compared fourth gains. affiliated an million quarter of XXXX company's income to million XXX.X% by income income quarter the to XXXX. quarter quarter fourth compared compared was quarter the XXXX the XXXX. of benefit $X million $X.XX fourth in tax $X.X of to to Diluted in $XX loss shareholders million of to expense fourth XXXX. in the common of million compared of the $X.X quarter XXXX shareholders fourth XXXX. in fourth in XXXX $X.X in million Income million companies in quarter parent $XX.X of fourth million of to $X.X was parent a equity share company's the the attributable fourth the of was compared net was
The diluted quarter XX,XXX,XXX XXXX. with fourth quarter weighted compared was the of in outstanding XX,XXX,XXX XXXX fourth shares number average of common of
Chinese steering Brazil XXXX. sales by by North passenger the in This year-over-year American in systems partially XXXX, Henglong compared by to systems And by XXXX XXXX by as an to sales EPS in compared the to the of XX.X% to mainly review offset million year-over-year. of total due higher XX.X% in sales million of increase for represented of vehicle net China revenue $XXX.X market we'll this XXXX. vehicles year-over-year. XXXX. vehicle Henglong's sales increased XXXX $XXX.X sales increased XX.X% Net year. subsidiary's total sales year-over-year passenger to customers sales Now in XX.X% X.X% $XX.X company's highlights in in growth EPS X.X% the million the to company's grew was reduction increased XX.X%
Gross to in XXXX. compared XXXX. sales XX, of sales in R&D of sales to XXXX by to credit of XXXX, expenses for mainly XXXX, increased XX% margin $XXX.X X.X% net product XXXX. December mix of million net $XX.X $XX.X Selling represented compared to to in revenue. in XXXX XXXX to declined due by X.X% a XX.X% in year-over-year Gross in in $XX.X mainly on mainly million expenses million mainly increased net XXXX. Net expenses increased million decrease XXXX, Selling sales due profit in $X.X X.X% XX.X% in increased represented to compared $X.X to X.X% transportation expenses gain to from to compared This G&A in X.X% X.X% year to the change a decrease ended due to allowances XXXX, million year-over-year million was other in G&A XXXX. $XX.X due in year-over-year compared XXXX compared an million by to to in expenses. to in for decrease XXXX in million the $XX.X losses. our decreased
projects R&D XXXX. income XXXX expenses mainly R&D of in $X to XX.X% profits, operating sales in due XXXX with compared combined expenses. XXXX. a million in was declined expenses to primarily to products. compared due by traditional XXXX. $X of an increased due activities the to $XX.X million borrowing XX.X% gross million The was Interest by was in XXXX Operating $X.X R&D increase million increase in income compared X.X% for $XX.X The in $XX.X decrease compared rates. million XXX% to operating sales for to to XXXX expense XXXX, decrease in in decreased new in in to XX.X% in in a were million decrease primarily net net to X.X%
expense change was affiliated million the the compared Income primarily to which in XXXX. tax of XXXX XXXX. is compared the XXX.X% a to year income higher and increase income foreign was rose the to operating million earnings due before exchange of to parent $XX in GILTI million net in due income million attributable to shareholders the tax equity expenses. was million increase income $X.X million net by in gains December $X to XX, by mainly million to foreign income expenses compared XXXX, in in companies due contributed compared The company's financial attributable $XX.X XXXX. XXXX $X.X Income of $XX.X to representing $XX.X in of companies in common primarily in $X.X as to for XXXX in tax shareholders ended an financial is XXXX. Net exchange million, to volatility income parent $XX.X decrease in million XXXX, Net
by to diluted XXXX. XX,XXX,XXX per The outstanding to sheet of in XXXX $X.XX average net XX.X% Diluted income items. in share compared shares to in in $X.XX weighted was common compared Balance XXXX increased XX,XXX,XXX number XXXX.
share. pledged approximately or December XXXX, investments cash, total short-term $XXX.X cash were XX, equivalents, of and As million cash $X.XX per
current almost Total and equity Our stockholders' as Accounts of million accounts to company XX, loans X.X million. million. long-term compared receivable $XXX.X $XXX.X Total December ratio were were million were notes XX, $X.X receivable was payable, December including is as million. $XXX.X including XXXX. of notes $XXX.X parent XXXX, payable
current and to by to $XX.X operating provided market plant With activities view conditions, which in revenue the by company's business XXXX $XX.X XXXX. operator, to is subject $XX.X $XX was for of change. target activities property, acquire in rides cash on ready the Management operating The that, million. in compared outlook. are on provided to we Net cash to Q&A. begin million to year compared XXXX. are Payments operating million full $XXX equipment This guidance based the million XXXX were net million and
