Automotive us Thank for call. today. Systems XXXX Welcome you, fourth joining to everyone, conference quarter China
Mr. available today Chief Wu, later call the to Li, answer are Mr. Automotive Systems. with Executive of conference of Financial questions Officer Joining China and translation. the They Jie Qizhou us Officer, Chief will assistance be in
listeners that statements all this Before call, forward-looking make we remind begin, may throughout that statements. we I contain may
Forward-looking statements call. only date represent the of this assumptions company's estimates of as and the
under the a result, the with the in XXXX, by the as heading time Form those time due from ended Securities forward-looking March December Risk in XX-K to As and materially the other company's statements for XX, annual XX, company's XXXX, Commission. on described filed and Exchange documents the to a from could factors, and the differ in of Commission filed these year results company Factors contained number Securities Exchange report actual with those including
of this The to any in provide company to as or call future information, updates whether disclaims a made statements expressly events forward-looking any result otherwise. new duty
Management I then this On year. quarter session. call, conduct of for and XXXX a summary and financial will brief results fiscal overview will provide a first the question-and-answer XXXX
GAAP. and are XXXX periods are results The financial fourth reported and unaudited fiscal are financial following US quarter XXXX both audited year under results
I in of financial dollars. For results call, today's the review purposes the will US
Automotive's the dynamics automobile review a with market of will We recent the of industry China position. and begin
the X%, GDP of quarter rate the China's XXXX. For of growth quarter the was unchanged third from fourth XXXX, in
the China's year, XX years. in last the was For growth GDP was slowest which annual the X.X%, XXXX
XXXX. sales the $XX.X sales the the Automobile a X.X% X.X% compared XXXX with This global car vehicle China year. China, to in Association Manufacturers, decrease million were largest in to market, decline of in followed passenger sales CAAM, automotive in down According XXXX
total vehicles by vehicle sedans, buses, year. car MPVs. X.X% decline registered XX.X% for XXXX Including decreased million types, sales sedans XX.X% type trucks year. to compared XX.X minivans, of SUV to X.X% smallest and and vehicles the XXXX decreased for in SUVs and at a decline the Crossover Sales of a including all and in decline of
market decline and MPVs are of led crossover sharp declined market share, having The branded in of share. record but share, market a the car Chinese Sedans vehicle the market X.X% share X.X% lost in domestic of sedans largest vehicles car MPVs SUV with and with reaching to market. the a XXXX. passenger XX.X% Chinese sales segment sales gaining by XX.X% still XX.X%, only
in the half as plug-in include electric plug-in declined these million Within X.X EVs year. sales of the XXXX X% segments, vehicle first the to passenger different in and of of electric subsidies and Sales energy hybrids government units XXXX new hybrids year time. for the in vehicles, annual the cut second vehicles which fell
according with but to the overcrowded XX%, this declined EV the in number level to government subsidies for EV region vehicle XXXX, manufacturers sales data. Last vehicles reduce again new wants reduced large XXth sales CAAM model. the year's and exact impact of central In of The the emerging energy industry. substantial as month April consecutive by a as by reduced EV determined were on much as subsidies the had
decisions impacted consumers, created subsidy sales reduction anxiety intensified of as among Automobile The Slower which growth trade to the well. between factors. EV and economic number purchase in consumers' a China. lagged tensions by XXXX the substantially due was US Chinese above-mentioned
provinces in vehicles, Henan. Shandong, of phase the powered Shanghai, passenger XXXX standards phase Hebei, cities for and Guangdong, Beijing, first began emission VI on first July the gasoline X, and include Anhui engine Chongqing, more the Additionally, Shenzhen, national vehicles. Tianjin, stringent Hangzhou, The
the XXXX our of product XXXX, sales the due change The the with decline a With climate, domestic and a net industry XXXX. in for mix in quarter fourth in compared quarter were X.X% fourth was lower to the $XXX.X this quarter decrease. same mainly of quarter fourth demand Chinese XXXX $XXX.X in branded to automobiles of million million the in compared of
due million full XXXX of hydraulic lower sales to XX.X% XXXX sales million total $XXX.X year, in annual the to system EPS in and declined legacy by products XXXX, For mainly $XXX.X compared sales. our to
$XX with XXXX. EPS of Decline December our However, EPS of sales products, our million vehicle sales XXXX. million in total compared reflected Henglong XX, the KYB supplies subsidy. passenger net XXXX of in for EPS EPS ended transfer primarily our the our represented had $XX.X also KYB sales revenue Henglong into business in XX.X% which subsidiary, year
were customers hydraulic American only compared overall vehicle North of Sales systems our steering soft with America. North in though in were to sales down XXXX even slightly XXXX
KYB with joint on advanced EPS Our Henglong Japan Limited venture Company KYB systems. concentrates providing
exclusive Great demonstrates electric to our vehicle RXXX the EPS contract Company's Wall Our Motor small EPS new and for performance systems supply ORA all systems. their with of supply capabilities
typically years, VI standard were in implemented higher retail on standard National the are This sold is stricter implemented nationwide emission even standards July to become with VI-b Due National being X technology, XXXX years. VI added the air National a quality. stricter price. to at during compliant few a to The improve progressively vehicles a new
C-EPS that its Ltd. products. Hyoseong report Co. to (Wuhan) powerpack joint mass commence motors brushless electric Mechatronics venture Hyoseong phase owned of XXXX, and plan In Motion XX% our joint pleased will motors. one venture System our production P/DP-EPS small completed proprietary with its these development for June successfully for are i-RCB, We brushless
performance of own another the our provide In small these channel the to improved motors future. addition electric products, for sales
SUV become to products. also our In Motor, preferred Type to and of us commercial quality performance and subsidiary the vehicle A Maxus, supplier XXXX, an of SAIC upgraded a SAIC due excellent
over presence for auto European Daily Daily iconic most market. commercial duty steering the the significantly million we Europe, of van into model. X development began drive in XXX for world have Fiat XXX for all-wheel increases vehicle vans as plug-in Europe XXXX in Also, the made in sold units the been The than one electric hybrid the SpA in include of van products shipments Italian markets. new in light IVECO Other more our geographic large is which the
used the RCB, X In us to for their customer made a i-RCB tier lead program, global steering autonomous new in a Americas, vehicles. developer North America be headquartered future recirculating-ball, the in system,
Automobiles the contracts with market the FCA winning the Fiat largest CAS American America. further penetrated OEM, South Chrysler and South by region's
products XXXX, month to third per jeep sale a in addition, in approached JXXX XXXX. and late the been new selected units we've the In of of XX,XXX to supply FCA product series starting quarter our models
subsidiary as the Henglong our three finalists of to Year. being one product's – Thanks for performance, South was the chassis nominated America for South nominated America's as our FCA of by superior as Chassis Supplier well XXXX Brazil Best Supplier
For operating XXXX. loss the income research in operating of selling and versus million We XXXX year, our more development our streamlined and million expenses $X.X was XXXX. efficient in $X.X become an to
net XXXX. of income per to diluted XXXX in compared Diluted $X.XX in share $X.XX per share income was
$XX.X million. equivalents, of were and XXXX As Net was fiscal million cash investments cash operating in XX, cash, activities pledged XXXX, cash the year. $XXX.X December flow from total short-term
on consideration the $X.X of for December repurchase For of XXX,XXX approved XXXX. total million year, shares program under X, XXXX a were a a repurchased
the Year And were struck COVID-XX headquartered quarter were of the New mid-March, the of panic In first Since China. operations affected. in January late we the interrupted. XXXX, until being beginning Wuhan, Chinese in our
Chongqing Wuhu in to (Wuhu, We were lockdown Henglong the in our respective Henglong that report in Province) center restrictions Brilliance Province), operations are the production pleased mid-March resumed lifted Liaoning City by full governments. Henglong (Shenyang, and Chongqing local after Anhui
Wuhan we temporary operating reopened relocation in facilities, our including at Jingzhou the March. with We and to after Wuhan are capacity presently City all full headquarters
quarter has The coronavirus impact auto of an and production economy the XXXX. Chinese on first had in
and While both have taken the we is and company the vehicle growth passenger commercial XXXX new clouded position markets opportunities advantage vehicle diversified action to in to outlook take across of markets. for challenging,
the coronavirus may quarter gradually economy production following we regain quarters second Chinese the of the growth we the and sales auto As believe is weakening in and impact XXXX. in recovers,
industry. policies tax the a for policies. Going and monetary loosened are the auto initiated government Chinese regulations central several forward, improved promising The there cut, economy and
including smaller. Subsidies or incentives New the of in areas, vehicles purchase rural liters purchase autos electric stimulate to subsidy new X.X now implemented the to been for further have of engines are with cars extended.
business The US Chinese agreement confidence. should trade help
China's the first automobile million a X.X% increase in fact, since sales units, June monthly X.X reached in ago, In XXXX. same sales the up year April month XXXX
of compared quarter let XXXX results million compared review quarter in financial the for and quarter of mix in the to mainly lower fourth branded same for was with million $XXX.X XXXX. quarter sales the to due of Now, XXXX. the The the decrease of fourth $XXX.X me quarter of XXXX. were in fourth Net in sales change the Chinese a product the XXXX fourth domestic automobiles demand net
Gross profit reduced the in change and the the mix due and in the gross $XX.X quarter quarter quarter of Gross of XXXX. million gross fourth compared was The was margin $XX.X increase margin fourth to a million the fourth X.X% compared to XX.X% XXXX. costs in of fourth product XXXX compared to in in quarter primarily of profit with XXXX.
was $X fourth compared XXXX. other the on to sales of quarter Gain in million $X.X million
fourth primarily of fourth million expenses the XXXX quarter quarter in XXXX. compared were lower $X.X and the in costs to $X.X fourth decline decreased expenses was reduced XXXX. volume. quarter to cost the X.X% Selling of the expenses due to better the net quarter The of of represented million of with controls personnel in compared XXXX in to sales transportation related fourth X.X% Selling
net million in represented expenses, The of million of G&A net General in the due X.X% XXXX XXXX the in the to fourth X.X% $X.X cost to was of expenses X.X% $X.X improved XXXX. of fourth to the mainly XXXX. fourth quarter decreased decrease of compared quarter by G&A, in and quarter in administrative controls. quarter sales of expenses from G&A fourth sales
Research million of of fourth and in sales the XXXX in fourth X.X% [XXXX] development quarter net of expenses, $X.X the expenses in compared to were X.X% of R&D $XX.X (sic) in to million fourth fourth quarter R&D of represent the compared XXXX. quarter the quarter XXXX XXXX. expenses,
to compared operations higher operating $X.X Loss was XXXX. and fourth mainly from quarter operations in to a loss expenses of of loss $X.X much-reduced due The lower of in quarter the fourth XXXX compared quarter profit XXXX. fourth gross of from was million million the to the
of company's in to in quarter common the in compared net XXXX compared $X.X shareholders fourth attributable expense loss quarter million of the quarter common attributable the fourth million was in to to fourth was a quarter Interest $X.X million million to parent of $X.X $X.X shareholders fourth XXXX. company's Net income the of of XXXX parent XXXX.
of share the quarter Diluted income $X.XX number quarter in fourth quarter Weighted was the the common the XX,XXX,XXX fourth XXXX. in was XXXX per fourth compared share diluted compared fourth average to of quarter in to XXXX. of shares loss $X.XX of in outstanding per XX,XXX,XXX diluted XXXX of
XX-month the XXXX. $XXX.X over represented legacy of go due in financials. systems. Annual XX.X% hydraulic to I'll million in revenue decrease sales and EPS was net to sales Now, XXXX The in EPS XXXX. products total compared total compared system with $XXX.X sales in lower was XXXX of million XX.X%
vehicle North to steering of customers XXXX. American with sales compared down Net in were company's slightly the XXXX systems
million increased mainly profit products. of from sales to compared in XXXX. in $XX.X gross increased to $XX.X margin in margin XXXX, to XX.X% was Gross The million higher XXXX due XX.X%
and of consisted disposal net from other and gain sales income, on of technical the of property, service and sales Gain assets, revenue. amount mainly of plant intangible retained equipment rental
gain ended primarily XX, was increase $X.X December on of million amounted due million to to disposal other sales property, XXXX, in plant XXXX. on in to the gain year and $X.X equipment. the increase This For compared
compared X.X% Selling represented $XX.X Selling XXXX in lower in due of sales X.X% expenditures. personnel to million mainly in expenses decreased sales and net expenses in net resulting million XXXX, compared were to marketing XXXX to $XX.X XXXX. in expenses
$XX.X of XXXX were G&A X% net generally with million, in X.X% of compared in consistent expenses sales sales in XXXX. represented the million $XX XXXX. to net G&A expenses
expenses R&D net were sales expenses XXXX $XX.X sales X.X% XXXX. of in to in compared net R&D X.X% to million in of represented XXXX. XXXX compared million $XX in
primarily was due an operating income million in compared $X.X research lower XXXX. Operating loss million development in in selling expenses of $X.X and XXXX. change is XXXX to and to The
$X.X XXXX. million million consistent Interest generally with in $X expense was in XXXX,
million financial Net $X.X to was with in in compared XXXX $X.X increase income. due XXXX income interest in million
companies affiliated to before mainly was equity Income to expenses profit. increase due operating and affiliated expenses tax income a before of was compared tax earnings million the higher and and companies and $X.X for equity million loss $X.X of This XXXX. loss from
million million $XX was parent XXXX. shareholders company's common company's $X.X income attributable XXXX parent in in to compared attributable income Net shareholders net to common to of
$X.XX was per to $X.XX in The income was share outstanding per compared number income weighted XXXX common to of diluted XX,XXX,XXX XXXX. in net of average shares in XXXX diluted share Diluted compared XXXX. XX,XXX,XXX in
sheet go we'll some and over Now, cash balance items. flow
December XX, were investments XXXX, cash short-term total of pledged cash and and As $XXX.X cash equivalents, million.
receivable loans accounts And $XXX were Total including were Accounts government $XXX.X notes were notes receivable including payable million. and short-term bank million. payable $XX.X million.
equity to of $XXX.X XX, company million stockholders' XX, compared as parent $XXX.X was of XXXX. Total million December as XXXX December
Net from million operating $XX.X cash in flow activities was XXXX.
consideration total XXX,XXX December program of During of aggregate X, XXXX, $X repurchase million were approved a under on shares repurchased, XXXX.
to and year. of million during plant acquire property, and We the cash also paid rights $XX.X use equipment land
target of based coronavirus' and are This provided business outlook, view subject to for economies the guidance on operating impact US. especially management which in conditions, company's million. light the and of change, China the For XXXX $XXX the on the of current full-year market revenue the is of
that, are With the begin we Q&A. to operator, ready
