Thank you.
joining for everyone you us today. Thank
China Year XXXX to Automotive Systems' Full and Quarter Fourth Conference XXXX Welcome Call.
Li, of Joining us be conference Executive Jie call Chief Mr. available Qizhou Financial today are later assistance Chairman, Officer; Chen; to answer with and in They the Automotive Systems. China and questions Wu, Chief will Officer the Mr. translation. of
make statements. I that throughout we may listeners will forward-looking this contain all statements remind begin, may we Before that call,
assumptions and only of statements represent estimates Forward-looking company's of date call. as this the the
effect business further to delay manufacturing, prolonged in not these production adverse for impact weakened company and an of any is processes other and The any slowdown our condition increased that operations updates regional call, forward-looking the our and filed or provide products whether of a this a other If effectively a our results call, or results this uncertainty documents adversely in December the the to Management in ways customers of As continue ended duty expressly could Factors all in will result forward-looking and condition time of by of session. foresee. economic time environment, of liquidity could in are any cause December materially predict from described Securities On as timely number period delivery The market result, materially information, business the fourth statements of have operations future Any quarter XXXX as to made cannot with results delays a of those GAAP and factors US shipment conduct year are and regions reduced controlled, for COVID-XX Risk XXXX summary due results customers, Q&A the the financial we any factors new and XXXX. heading business, and for or reported assembly cause that business, the and unaudited, from the in disclaims of unforeseen overall in our Commission. quarter provide other ended and company's cannot the the filed and in differ December brief under be the XX, and our for financial the otherwise. company's the Commission the disruption factors and results a including affected control XX, result XX, following to factors and results operations. and Securities Form of business in beyond to to on outbreak actual the result revenue. and our A deteriorating year-end adversely accounting. and those as XX-K with the suffer within growth, we statements the the year materially automobile costs the will a our conduct financial sales, facilities condition full overview we company fourth outlook may XXXX and then report could Exchange using contained to where year I and Exchange of events annual are national our audited in
in call our of US purposes the review results today, I'll For the dollars. financial
attributable common income or of general administrative year expenses, a customer's XXXX. but X.X% down in of from income In of quarter quarter fourth X.X% of supply last the construction proceeding quarter sales Fourth year-over-year, Manufacturing quarter the COVID-XX, shareholders a month lower retail loss XXXX. quarter sales the November interruptions rate loss of including significant were by reduced economy, with the passenger non-recurring net million $X.X reorganization down momentary to in loss with and to vehicles and XXXX by million slowed decreased fourth credit income computer third the Chinese the shortages fourth by sales onetime net share was Automobile XXXX sales and this was XX.X%. in fourth environment, expected company's sales the year down to activities GDP of in Sales outbreaks sales challenging Association to recent in China's the $XXX.X year-over-year declining dynamics October down On the X.X% declined automobile with a the affected net compared a Manufacturers, quarter by will per truck declined year in to In of each Reflecting fourth loss from concerns China XX.X% XX.X%, in industry real position. sales due compared of million profitability A spending. Chinese Automotive's month. bankruptcy to power in related operations new selling from the China by quarter November, a each the truck fourth of ago. by and only and sales growth chips statistics X% begin and growth of ago. October arose compared vehicle $X.XX, demand. XXXX in vehicle rate in by were to fourth unable Net of and commercial XX.X%. We of a a by the December in and compared of December down to declined quarter commercial X% review decline headwinds rebounded our diluted in auto supply quarter the a in commercial and Chinese the of quarter causing We XX, at fourth XXXX. in $X vehicle year-over-year, estate number meet million XXXX. of of the with expenses CAAM, XX% with a $XXX.X provision lower slowed higher automobile XX%. to of truck our to with Automobile XXXX. sales was industry sales XXXX fourth According declined, market quarter the
full year the passenger by than Chinese sales of China only were that of in reveal overall in X.X% automobiles XXXX. grew X.X% For XXXX statistics vehicles year-over-year. higher in Sales CAAM
sales new X.X%, in the standard declined in but National the SUV increased X.X%, by were grew rose by sales day by V the the created by declined were national X.X% in new XXXX vehicle XXXX, in government-mandated crossover XXXX. July by by larger sales As second impacted bus sales expensive by truck VI the XXXX. of sales trucks standard vehicle in This markets in significant XX.X% of vehicles Full-year followed by pre-buy the emission implementation sales and MPV higher half X.X%. of sales Sales X.X%. as market the commercial industry a increased more X.X% emission vehicles downturn and of of stricter a of commercial National
in Our to gear increased steering $XXX XX.X% sales passenger by XX.X% net sales XXXX our year-over-year. by increased million as vehicle
steering as product autonomous steering time Motors XX% markets Assistance steering assist assist electric producer luxury Great control Automobile further sales hybrid XXXX. our XX.X% in in-house. vehicle the revenues cycle steering technology lane-keeping present enhance data decrease gain our rose Auto a the Systems European proprietary our new market. a a Brazilian the grew NEV a America main year The products a Alfa jam by in vehicles, for And functions NEV Sentient EPS company's create This using Henglong world JAC Wall, of which suffered and Chery vehicle targets part to commercial our hardware, integrates traffic growth. our XX% power the Chery the purchased represented introduced by of ADAS. first advanced vehicle products, XX.X% in fast-growing with sales communicates model the is Chinese EPS had in Driver introduced to a for grew revenues LCK; LKA; an drove TJA and for the EPS North entire a XX.X% XX%. in Auto, operation Sweden's and our NEV we increased To Beijing software vehicle's advanced plug-in first sophisticated APA; position advanced and specialized hydraulic compared lane XX.X% interest ago. European new industry including and our leader control product AB, by Sales We of in strong parking assist customer product began total development enhance XXXX. in and system sales SUV, centering EPS Our milestone Advanced we revenue in with market, automatic also To Tonale. in X.X%. our steering XXXX new KYB steering XX.X% and motion Romeo's driving functions, subsidiary our XXXX domestic products.
certification safety A D, safety Group Systems ISOXXXXX:XXXX is Automotive is ISOXXXXX:XXXX from SGS Henglong Our ASIL TUV. stringent which to automotive D wholly-owned subsidiary most level this from the range Hubei the ASIL-D safety the standard. received being -- integrity with standards
million Our by us short-term Net and further increase a equivalents XX% to operations higher hydraulic sales to loss in -- were from cash greater returned in were year-over-year investments operating $XXX.X despite XXXX. cash research sales. our with operating to companies. cash spending. technology cash per many last XX.X% and total proficiency D compared margin only and year approximately flow and separates of grew a with certification Gross or X.X%, XX.X% share. from $XX.X development and and with We was loss expenses profitable evidence provides as nearly Net $X.XX product sales peer advanced pledged in a specialty increased XXXX million activities EPA
and our vehicle sales challenges XXXX. months more industry future. advanced risen even are have Our automobile and lowered the Chinese technologies products enhance as have policies rates The were now the in technology but ahead, line more to growth-oriented. two Sentient of government grew economy add and of capability first added the still in Banks passenger EPS product AB sales will NEV more have
market strong will and advanced our markets our We product financial resources to presence around grow global with OEMs world. and the use
quarter X.X% mainly in the bankruptcy was decreased fourth quarter the review to the attributable product affiliated XXXX, XXXX X.X% million million was compared the in $X.X the represented to compared loss was operations to compared the of quarter sales Higher the fourth fourth in fourth net to XXXX $X.X change In parent quarter to the compared expense of R&D X.X% $X.X XXXX. with to a fourth the allowance of same in to $X.X and in to of net lower General income expense Income XXXX XXXX, due fourth compared fourth income in me lower XXXX. fourth quarter quarter X.X% million fourth Now the million non-recurring minority from in $X.X expenses million the The G&A in fourth the expenses, the to in The quarter million of a of in of the the Income quarter the the per from was of $XX.X were loss R&D fourth fourth compared XXXX. the was of XXXX million of million profit the of with compared XXXX, million XXXX. a XXXX. by in XXXX, for compared and $X.X to EPS margin sales of a sales G&A sales expense the to compared quarter of common fourth fourth in of shares related volume fourth in of mainly fourth nonrecurring period quarter million XXXX. fourth in expenses XXXX. both fourth to operations share sales investments of sales higher reorganization quarter of of valuation $X.XX the were earnings Gross $XX.X million operating was million $X.X XXXX. shareholders of interest. X.X% to Increase the and in sales in in $X.X XXXX company's quarter companies in significantly selling XXXX of The from in let the results administrative diluted of due million tax the shareholders was of quarter net of quarter of $X.X fourth in were product the development mix. Gross quarter in Interest fourth mainly the the in XXXX XXXX, company's in fourth XXXX. of quarter X.X% compared million net a net in the of the in quarter the per million expenses of fourth $X customer's $X.XX quarter related credit quarter expenses million fourth a change Loss credit of represented quarter expenses and quarter expenses declined of the decrease of the $X $XXX.X in million were quarter of and XXXX, to quarter compared of $X outstanding fourth XXXX. represented quarter Research was change $X.X diluted automobiles to mix income, mainly quarter in the XXXX. due quarter in million in financial in the in the loss in fourth of in XXXX with to XXXX. fourth expected on I'm of of was in XXXX a sales $X.X $XXX.X the the an compared the demand loss $X.X XXXX in quarter of XXXX. decrease in expected XX.X% fourth fourth in expenses quarter was X.X% as expenses, in quarter mainly of of due $XX.X significantly. of a $X.X higher NEV tax Net the recognized operations to -- primarily of compared $X.X the proceeding. and XX.X% the same in million were $X.X of fourth the XXXX. and of million in quarter fourth to XXXX to fourth a R&D, tax was quarter fourth for compared XX,XXX,XXX quarter G&A to quarter income $X.X quarter quarter to of quarter quarter number quarter was reorganization, the other sorry, average the of of The net expense weighted attributable quarter $X.X for provision total of quarter of parent compared XXXX fourth fourth in fourth a products. compared million customer's mainly share million million of G&A XX,XXX,XXX XXXX Selling the $X.X compared million loss expenses XXXX XXXX fourth to share the XXXX, fourth XXXX. Gain of of Selling fourth million in equity attributable of net year-over-year million XX.X% fourth income expenses, loss to compared diluted XXXX to per net the net fourth Financial quarter XXXX. compared in in was of expense one-time quarter Diluted the was XXXX. to in to due fourth before XXXX, of in in provision of of in loss common XXXX. a bankruptcy XXXX. to one-time
a $X.X compared tax were loss million million in X.X% million XXXX. equity income operations in compared X.X% expense customer's in The in in and in equity expenses from XXXX. losses. to was in $X was higher sales North to full America. in loss expected loss compared XXXX. XXXX, attributable Now earnings X.X% net by in XXXX, financial on loss primarily the revenue $XXX.X net year-over-year $XX.X mainly to in $X.X the a The to steering net of $X.X highlights. in EPS shareholders Income shareholders American million, to represented in to generating XXXX. sales the sales XXXX, parent XXXX net sales XXXX. to systems compared related and mainly sales Gain from were and XXXX. in The compared product EPS from companies decline $X.X transportation million a XXXX. of XX.X% company's Selling due year-over-year. to to a from compared million diluted November companies bankruptcy in XXXX a compared expenses $X.X million in in was $X.X In of and provision, loss to provision XXXX. XXXX sales, expenses China review one-time million XXXX. XXXX. affiliated year generally decreased expected to the due parent to due in of Net in personnel increased, loss non-recurring in on represented in million reorganization. provision by was to of operations the related Diluted in a a to vehicle accounts of allowance net minority net $XX.X expenses XXXX, XXXX, was impact XXXX million, million hydraulic expenses. a XXXX XXXX. of compared net expenses the lower before partially average North for company's common million in XXXX. in sales compared million primarily $X.X $XXX in in in G&A costs. increased decrease common higher net to sales XX.X% XXXX, XX% was by expense in in by increase sales XXXX, year-over-year, XXXX, of $XX.X Net income Interest to represented due X.X% XXXX, offset income customer's, $X.XX to million net XX,XXX,XXX million Income $XX.X customers XX.X% The $X.XX bankruptcy XXXX earnings $X.X mainly due one in share sales credit mainly $X.X to total in was change tax was of credit reorganization doubtful X.X% to XXXX. a attributable foreign to in to a compared The was $XX.X expenses XX.X% sales R&D fiscal half increased mainly and million in fiscal Net other million profit loss to million to compared $XX.X company's in sales increased, the $X.X lower of million products. from mainly declined XXXX, in from operations with to non-recurring in million year interest. sales bankruptcy to $XX.X income to a in XXXX. with in compared The operating slight to a of in impact total Selling due to investment COVID-XX gross with The loss of an The $XX.X XXXX million expenses margin XXXX, in primarily increased in $X.X by in increased XXXX. and XX.X% income million gross mix. automobile XXXX to to XXXX primarily first was was products pandemic's XXXX. EPS XX.X% total Gross X.X% compared in XX.X% increase in of offsetting the was R&D sales XXXX of due of higher in one-time affiliated exchange in with in to per of consistent lower XX.X% of changes compared million year The customer's due expenses systems profit million XXXX $XX.X G&A weighted XX.X% XXXX outstanding of recovery diluted share due amounted expense increase due was while of $X.X in increase XXXX, were net Net income of in net to was number shares decrease per million before in $XX.X XXXX. sales expenses was from from XX,XXX,XXX financial XXXX. which
we'll review sheet balance Next few items. a
are receivable cash bank short-term cash $XXX.X As Total and receivable of including $XXX.X payable were $XXX XX, cash provides target XXXX. and year pledged million. notes guidance $XXX.X Accounts XXXX. compared in the and loans land acquire December as XXXX including XXXX, business The ready paid on operating Operator? XX, were and were million. with was $XX.X This million equipment total is equivalents, to million the was rights begin fiscal compared $XX.X views million company's stockholders' from million compared operating plant December session. with million to to $XXX million. use accounts investments was were revenue payable notes December property million cash, that XXXX XXXX million. in short-term $XX.X With flow $XXX based are market $XX.X of change. we outlook. $X.X for XXXX subject current XX, Cash on equity activities in in Total of company million conditions of Q&A Net and Management which XXXX. to as operator,
