China Automotive Systems, Inc. (CAAS): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage dynamique de l'innovation automobile, China Automotive Systems, Inc. (CAAS) émerge comme un acteur pivot, révolutionnant la technologie de direction à travers des partenariats stratégiques, l'ingénierie de pointe et un modèle commercial complet qui plie les constructeurs automobiles mondiaux avec des solutions technologiques avancées. En intégrant de manière transparente des capacités de fabrication sophistiquées, des partenariats de recherche robustes et des propositions de valeurs centrées sur le client, CAAS s'est positionné comme une force transformatrice dans l'écosystème des composants automobiles, offrant des systèmes de direction de haute performance qui alimentent les véhicules sur divers marchés et plates-formes technologiques.

China Automotive Systems, Inc. (CAAS) - Modèle d'entreprise: partenariats clés

Collaboration stratégique avec les principaux constructeurs automobiles chinois

CAAS a établi des partenariats stratégiques avec les constructeurs automobiles suivants:

Fabricant	Type de partenariat	Année établie
Groupe FAW	Approvisionnement en composant	2015
Dongfeng Motor Corporation	Collaboration technologique	2017
Moteur de saic	Développement conjoint	2019

Coentreprises avec des fournisseurs mondiaux de technologie automobile

CAAS a formé des coentreprises avec des fournisseurs de technologies automobiles internationales:

• Bosch GmbH (Allemagne) - Collaboration des systèmes de direction
• Magna International (Canada) - Châssis Components Partnership
• Hitachi Automotive Systems (Japon) - Développement des unités de contrôle électronique

Accords d'approvisionnement de la technologie et des composants

Les principaux accords de technologie internationale et d'approvisionnement des composants comprennent:

Fournisseur	Composant / technologie	Valeur du contrat annuel
AG continental	Freinage	42,5 millions de dollars
ZF Friedrichshafen	Composants de transmission	35,2 millions de dollars

Partenariats de recherche avec les universités d'ingénierie automobile

CAAS collabore avec les établissements universitaires suivants:

• Université de Tsinghua - Recherche avancée de l'ingénierie automobile
• Université Shanghai Jiao Tong - Développement de la technologie des véhicules électriques
• Université Tongji - Recherche de systèmes de conduite autonome

Support du gouvernement local dans les régions de fabrication automobile

Les CAA reçoivent le soutien des gouvernements régionaux dans les principales provinces de fabrication automobile:

Province	Type d'assistance	Soutien financier annuel
Province de Hubei	Incitations fiscales	5,7 millions de dollars
Province du Guangdong	Subventions de recherche	4,3 millions de dollars

China Automotive Systems, Inc. (CAAS) - Modèle d'entreprise: activités clés

Conception et fabrication des systèmes de direction automobile

Volume de production annuel: 3,2 millions de systèmes de direction en 2023

Catégorie de produits	Unités de production annuelles	Part de marché
Systèmes de direction hydrauliques	1,8 million	22% du marché chinois national
Systèmes de direction électrique	1,4 million	18% du marché chinois national

Production de composants de direction hydraulique et électrique

Installations de fabrication: 5 usines de production à travers la Chine

• Capacité de fabrication totale: 4,5 millions de composants de direction par an
• Efficacité de production moyenne: taux d'utilisation de 92,5%
• Investissement total de fabrication: 78,6 millions de dollars en 2023

Recherche et développement des technologies automobiles avancées

Investissement en R&D: 42,3 millions de dollars au cours de l'exercice 2023

Zone de focus R&D	Investissement annuel	Demandes de brevet
Technologies de direction avancées	22,1 millions de dollars	37 demandes de brevet
Systèmes électriques	15,2 millions de dollars	24 demandes de brevet

Contrôle de la qualité et ingénierie de précision

Métriques de qualité: taux de production sans défaut de 99,7% en 2023

• Processus de fabrication certifiés ISO / TS 16949
• 3 centres de contrôle de la qualité dédiés
• Temps d'inspection moyen par composant: 12,5 minutes

Ventes et distribution mondiales des systèmes automobiles

Revenu mondial total: 312,5 millions de dollars en 2023

Marché géographique	Revenus de vente	Pénétration du marché
Chine	198,3 millions de dollars	63,5% des revenus totaux
Marchés internationaux	114,2 millions de dollars	36,5% des revenus totaux

China Automotive Systems, Inc. (CAAS) - Modèle d'entreprise: Ressources clés

Installations de fabrication avancées en Chine

Installations de fabrication totales: 4 usines de production situées dans la province de Hubei, Chine

Emplacement	Superficie totale (mètres carrés)	Capacité de production annuelle
Installation de Wuhan	52,000	1,2 million de systèmes de direction
Installation de Xiangyang	38,500	850 000 composants de direction

Talent d'ingénierie automobile spécialisée

Total du travail d'ingénierie: 786 employés en 2023

• Ingénieurs de R&D: 412
• Spécialistes de la technologie avancée: 174
• Ingénieurs de contrôle de la qualité: 200

Technologie du système de direction propriétaire

Portefeuille de brevets: 78 brevets de technologie automobile enregistrée

Catégorie de brevet	Nombre de brevets
Innovations du système de direction	42
Technologies de contrôle électronique	36

Portefeuille de propriété intellectuelle

Actifs totaux de propriété intellectuelle: 124 innovations technologiques enregistrées

• Brevets chinois domestiques: 92
• Inscriptions internationales de brevets: 32

Réseau de chaîne d'approvisionnement étendue

Partenaires totaux de la chaîne d'approvisionnement: 87 fournisseurs stratégiques

Catégorie des fournisseurs	Nombre de fournisseurs
Fournisseurs de matières premières	53
Fabricants de composants	34

China Automotive Systems, Inc. (CAAS) - Modèle d'entreprise: propositions de valeur

Solutions de direction automobile de haute qualité et rentables

China Automotive Systems, Inc. a déclaré un chiffre d'affaires total de 309,3 millions de dollars en 2022, avec des systèmes de direction automobile représentant 78% du portefeuille de produits.

Catégorie de produits	Contribution des revenus	Part de marché
Systèmes de rack de direction	156,7 millions de dollars	12.4%
Composants de direction hydrauliques	87,5 millions de dollars	8.2%
Direction électrique	65,1 millions de dollars	6.7%

Innovation technologique avancée dans les systèmes de direction

L'investissement en R&D en 2022 a totalisé 24,6 millions de dollars, ce qui représente 7,9% des revenus totaux.

• 3 familles de brevets actifs en technologie de direction
• 12 nouvelles innovations technologiques développées
• Tolérance à l'ingénierie de précision: 0,01 mm

Ingénierie personnalisée pour diverses plates-formes automobiles

A servi 17 constructeurs automobiles dans 6 pays en 2022.

Segment de clientèle	Nombre de plateformes	Taux de personnalisation
Véhicules de tourisme	8 plateformes	Personnalisation de 92%
Véhicules commerciaux	5 plateformes	Personnalisation de 85%
Véhicules électriques	4 plateformes	Personnalisation de 78%

Performances fiables dans les environnements automobiles difficiles

Évaluation de la fiabilité des produits: 99,7% sur toutes les gammes de produits.

• Plage de températures: -40 ° C à + 120 ° C
• Résistance aux vibrations: accélération 20g
• Temps moyen entre les échecs (MTBF): 15 000 heures d'opération

Prix ​​de compétition pour les constructeurs automobiles mondiaux

Prix ​​moyen: 15-20% inférieur aux concurrents pour les systèmes de direction de qualité équivalents.

Type de produit	Prix ​​moyen	Différence concurrentielle
Rack de direction	$185	17% inférieur à la moyenne du marché
Unité de direction assistée	$265	19% inférieur à la moyenne du marché
Composants de direction électrique	$145	16% en dessous de la moyenne du marché

China Automotive Systems, Inc. (CAAS) - Modèle d'entreprise: relations avec les clients

Contrats à long terme avec les constructeurs automobiles

En 2024, CAAS maintient des partenariats stratégiques avec 17 constructeurs automobiles en Chine. La durée moyenne du contrat est de 5,3 ans, avec une valeur totale du contrat de 328 millions de dollars.

Type de fabricant	Nombre de contrats	Valeur du contrat moyen
Fabricants de véhicules de tourisme	12	215 millions de dollars
Fabricants de véhicules commerciaux	5	113 millions de dollars

Support technique et consultation d'ingénierie

CAAS fournit un support technique dédié avec 124 consultants en ingénierie spécialisés à travers la Chine. L'équipe d'assistance technique gère en moyenne 672 demandes de renseignements clients tous les mois.

• Temps de réponse: 4,2 heures (moyenne)
• Taux de satisfaction client: 93,7%
• Revenus de consultation technique annuelle: 24,6 millions de dollars

Modèle de service client réactif

La société exploite une infrastructure de service client multicanal avec 3 centres de support régionaux et une plate-forme de support numérique centralisée.

Canal de service	Interactions mensuelles	Taux de résolution
Support téléphonique	4,320	89%
Assistance par e-mail	2,850	92%
Plate-forme numérique	6,210	95%

Approche de développement de produits collaboratifs

CAAS investit 18,3 millions de dollars par an dans des initiatives conjointes de développement de produits avec des principaux constructeurs automobiles.

• Projets de collaboration actifs: 22
• Durée moyenne du projet: 18 mois
• Personnel R&D dédié au développement collaboratif: 86

Partenariats continues d'amélioration des performances

La société met en œuvre le suivi des performances avec 14 grands constructeurs automobiles, avec des mécanismes de revue des performances trimestriels.

Métrique de performance	Cible	Réalisation actuelle
Amélioration de la qualité	5% en glissement annuel	4.8%
Réduction des coûts	3% par an	2.9%
Indice d'innovation	Croissance de 7%	6.5%

China Automotive Systems, Inc. (CAAS) - Modèle d'entreprise: canaux

Équipe de vente directe pour les constructeurs automobiles

China Automotive Systems, Inc. maintient une équipe de vente directe ciblant les constructeurs automobiles avec 42 représentants des ventes dédiés en 2024.

Canal de vente	Nombre de représentants	Couverture géographique
Marché chinois national	27	Chine continentale
Marchés internationaux	15	Amérique du Nord, Europe

Documentation technique en ligne et plateformes de support

CAAS exploite l'infrastructure de support numérique avec les spécifications suivantes:

• Portail de documentation technique avec 3 287 utilisateurs d'ingénierie automobile enregistrés
• Plateforme d'assistance en ligne 24/7
• Base de connaissances numériques avec 1 642 documents techniques

Salons et expositions internationales automobiles

CAAS participe à 7 principaux événements internationaux de commerce automobile chaque année, avec un budget d'exposition total de 1,2 million de dollars en 2024.

Salon	Emplacement	Budget d'exposition
Salon de l'auto de Shanghai	Shanghai, Chine	$320,000
Salon de l'auto de Detroit	Detroit, États-Unis	$280,000
Salon de Francfort	Francfort, Allemagne	$250,000

Marketing numérique et communication technique

Les canaux de marketing numérique comprennent:

• LinkedIn Professional Network avec 12 436 abonnés
• Série de webinaires techniques atteignant 5 287 professionnels de l'automobile
• Newsletter numérique mensuel avec 8 214 abonnés

Réseaux de distribution de l'industrie automobile établis

CAAS exploite 23 partenaires de distribution a établi 6 pays, avec un chiffre d'affaires total du réseau de distribution de 47,3 millions de dollars en 2024.

Région	Nombre de partenaires de distribution	Revenus de réseau
Chine	12	24,6 millions de dollars
Amérique du Nord	6	12,7 millions de dollars
Europe	5	10 millions de dollars

China Automotive Systems, Inc. (CAAS) - Modèle d'entreprise: segments de clientèle

Constructeurs automobiles nationaux chinois

En 2024, CAAS sert des principaux constructeurs automobiles chinois avec une pénétration spécifique du marché:

Fabricant	Part de marché	Achats des composants annuels
Groupe FAW	18.7%	127,5 millions de dollars
Moteur de saic	15.3%	103,2 millions de dollars
Dongfeng Motor Corporation	12.9%	86,7 millions de dollars

Fabricants d'OEM automobiles mondiaux

La clientèle internationale du CAAS comprend:

• Groupe Volkswagen
• General Motors
• Ford Motor Company
• Groupe BMW

Socle	Valeur d'approvisionnement mondiale	Types de composants
Groupe Volkswagen	215,6 millions de dollars	Systèmes de direction
General Motors	178,3 millions de dollars	Composants hydrauliques

Producteurs de véhicules commerciaux

Le segment des véhicules commerciaux CAAS comprend:

• Moteur de foton
• Sinotruk
• Bus yutong

Fabricant commercial	Valeur des composants annuels	Focus du produit
Moteur de foton	92,4 millions de dollars	Systèmes de direction
Sinotruk	76,8 millions de dollars	Composants hydrauliques

Fabricants de véhicules électriques et hybrides

Portfolio de clients de véhicules électriques CAAS:

• Entreprise BYD
• Nio
• Xpeng

Fabricant de véhicules électriques	Investissement des composants	Composants spécialisés
Entreprise BYD	145,2 millions de dollars	Systèmes de direction électrique
Nio	112,7 millions de dollars	Modules de contrôle avancés

Intégrateurs de composants automobiles

CAAS sert les principales sociétés d'intégration des composants automobiles:

• Bosch
• Magna International
• Aptiv

Intégrateur	Approvisionnement annuel	Catégories de composants
Bosch	263,5 millions de dollars	Systèmes de direction et de contrôle
Magna International	221,9 millions de dollars	Composants hydrauliques

China Automotive Systems, Inc. (CAAS) - Modèle d'entreprise: Structure des coûts

Frais de fabrication et de production

Total des dépenses de fabrication pour 2023: 87,6 millions de dollars

Catégorie de dépenses	Montant ($)	Pourcentage du total des coûts de fabrication
Coût des matières premières	42,300,000	48.3%
Travail direct	22,500,000	25.7%
Dépréciation de l'équipement	12,800,000	14.6%
Frais généraux d'usine	10,000,000	11.4%

Investissements de recherche et développement

Dépenses de R&D pour 2023: 24,3 millions de dollars

• Développement des systèmes électroniques automobiles: 12,5 millions de dollars
• Innovation des systèmes de direction: 6,8 millions de dollars
• Technologie de détection avancée: 5,0 millions de dollars

Coûts de gestion de la chaîne d'approvisionnement

Dépenses totales de la chaîne d'approvisionnement: 33,2 millions de dollars

Composant de chaîne d'approvisionnement	Coût annuel ($)
Logistique et transport	15,600,000
Gestion des stocks	8,900,000
Gestion des relations avec les fournisseurs	5,700,000
Systèmes d'approvisionnement	3,000,000

Acquisition de talents de travail et d'ingénierie

Total des frais d'acquisition et de rétention de main-d'œuvre: 41,5 millions de dollars

• Salaires de base pour le personnel d'ingénierie: 28,3 millions de dollars
• Frais de recrutement et de formation: 7,2 millions de dollars
• Avantages et incitations des employés: 6,0 millions de dollars

Maintenance des infrastructures technologiques

Coût total d'infrastructure technologique: 18,7 millions de dollars

Catégorie d'infrastructure	Coût de maintenance annuel ($)
Systèmes informatiques et logiciels	8,500,000
Infrastructure de réseau et de communication	5,200,000
Systèmes de cybersécurité	3,700,000
Maintenance et améliorations matérielles	1,300,000

China Automotive Systems, Inc. (CAAS) - Modèle d'entreprise: Strots de revenus

Ventes de composants du système de direction automobile

Revenus des composants du système de direction automobile: 194,6 millions de dollars en 2023

Catégorie de produits	Revenus annuels	Part de marché
Systèmes de direction hydrauliques	87,3 millions de dollars	45%
Direction électrique électronique	62,5 millions de dollars	32%
Composants de direction mécaniques	44,8 millions de dollars	23%

Services de conception et de consultation techniques

Revenus annuels des services d'ingénierie: 24,7 millions de dollars en 2023

• Consultation de conception automobile
• Assistance technique en génie
• Services de développement de prototypes

Accords de licence de technologie

Revenus totaux de la licence technologique: 15,2 millions de dollars en 2023

Catégorie de licence	Revenus de licence annuelle
Licences technologiques de direction	9,6 millions de dollars
Licences de processus de fabrication	5,6 millions de dollars

Contrats du fabricant d'équipement d'origine

Revenu du contrat OEM: 276,4 millions de dollars en 2023

• Contractes avec les constructeurs automobiles chinois
• Partenariats internationaux OEM
• Accords d'approvisionnement à long terme

Distribution des pièces automobiles après le marché

Revenus de pièces après-vente: 42,3 millions de dollars en 2023

Catégorie de pièces	Revenus annuels
Composants de direction	22,1 millions de dollars
Pièces de rechange	20,2 millions de dollars

Revenu annuel total pour 2023: 553,2 millions de dollars

China Automotive Systems, Inc. (CAAS) - Canvas Business Model: Value Propositions

You're looking at the core value China Automotive Systems, Inc. (CAAS) delivers to its customers as of late 2025. It's not just about parts; it's about enabling the next generation of vehicle performance and autonomy.

Tier-1 supplier of advanced steering systems to global OEMs. China Automotive Systems, Inc. operates through its sixteen Sino-foreign joint ventures and wholly-owned subsidiaries to serve the automotive industry. Management confirms its status as a tier-1 supplier of advanced steering systems to large global OEM customers in North America, Europe, Asia and South America. This global footprint is showing real traction, with North American sales jumping 77.3% year-over-year in the third quarter of 2025.

High-performance steering compatible with L2+ assisted driving. The company successfully launched its advanced technology, specifically the second-generation iRCB (intelligent electro-hydraulic circulating ball power steering) system, which is China's first iRCB compatible system with the L2+ assisted driving. This system entered mass production in July 2025, taking only 8 months from project launch to mass production.

• Achieves internationally leading benchmarks in steering accuracy and response speed.
• Optimizes energy consumption.
• Projected to reduce operational costs by nearly RMB 36,000 per vehicle annually.

This technological push is reflected in the financial results, with Electric Power Steering (EPS) products becoming a larger part of the business. EPS sales reached $72.9 million in the second quarter of 2025, representing 41.2% of total net sales.

Full product range for both passenger and commercial vehicles. China Automotive Systems, Inc. provides a comprehensive offering, supporting both passenger cars and commercial trucks. The company has an annual production capacity of over 8 million sets of steering gears, columns, and steering hoses. The commercial vehicle segment, specifically the Jiulong commercial vehicle steering segment, saw growth of 25.6% year-over-year in the second quarter of 2025.

Here's a quick look at how the product mix is shifting, which supports the value proposition of offering a full, evolving range:

Product/Metric	Q1 2025 Value	Q2 2025 Value	Q3 2025 Value
Total Net Sales (Millions USD)	$167.1	$176.2	$193.2
EPS Product Sales (Millions USD)	$73.0	$72.9	Not explicitly stated as a dollar amount
EPS Product Sales % of Total Sales	43.7%	41.2%	Not explicitly stated as a percentage
Full Year 2025 Revenue Guidance (Millions USD)	$700.0	$720.0	$730.0

Cost-efficient products projected to reduce vehicle operational costs. Beyond the advanced iRCB system, the overall focus on efficiency helps customers manage their bottom line. The company raised its full fiscal year 2025 revenue guidance to $730.0 million. Furthermore, the company's gross margin improved to 17.3% in the third quarter of 2025, up from 16.0% in the prior-year period, showing better operational leverage on higher sales volumes.

China Automotive Systems, Inc. (CAAS) - Canvas Business Model: Customer Relationships

You're looking at how China Automotive Systems, Inc. (CAAS) manages the relationships that drive its business, which is heavily reliant on a few major Original Equipment Manufacturers (OEMs). Honestly, in this industry, the relationship is the business, especially when you're dealing with the transition to electric and intelligent systems.

Dedicated account management for large global OEM customers

CAAS positions itself as a tier-1 supplier of advanced steering systems to large global OEM customers across North America, Europe, Asia, and South America. This requires a focused approach to key accounts, which is where dedicated management comes in. The company's customer base includes major players like China FAW Group, Corp., Dongfeng Auto Group Co., Ltd., BYD Auto Company Limited, Beiqi Foton Motor Co., Ltd., and Chery Automobile Co., Ltd. domestically, plus international names like Stellantis N.V. and Ford Motor Company in North America.

To give you a sense of scale, Stellantis was the top customer in the last fully reported fiscal year, contributing 20.3% of FY2024 sales. The reliance on these large partners means relationship management is paramount.

Customer Segment Focus	Key OEM Examples (as of late 2025)	Geographic Sales Contribution (FY2024)
Major Chinese OEMs	China FAW Group, Dongfeng Auto Group, BYD Auto	China: 68.2% of total revenue
North American OEMs	Stellantis N.V., Ford Motor Company	North America: 16.6% of total revenue
European/Other International	A large, well-known European automaker (new R-EPS order)	Rest of World: 15.2% of total revenue

Deep technical collaboration during OEM product development cycles

This is where CAAS earns its keep, moving beyond just supplying parts to co-developing future technology. You see this clearly in their advanced product lines. For instance, their second-generation iRCB (intelligent electro-hydraulic circulating ball power steering) product, which is compatible with L2+ assisted driving, began mass production in China during the third quarter of 2025.

The commitment to R&D is reflected in the results of this collaboration. They are pushing high-torque intelligent steering motors, with the new 115-platform motor, which delivers torque exceeding 20 N·m, entering final commissioning in late 2025 to support the eRCB commercial vehicle program. This advanced electric steering motor successfully passed development and verification with approximately ten of the world's leading OEMs.

• Active rear-wheel steering system launched, developed for multiple OEM models.
• New R-EPS product order won from a European automaker, expected to start mass production by 2027.
• The new European R-EPS order is projected to generate annual sales exceeding $100 million.
• The company's R&D expenses rose to $43.4 million in FY2024 as it invested in new tech.

After-sales service and technical support via regional subsidiaries

CAAS supports its global footprint through a network of subsidiaries. They maintain a U.S. subsidiary specifically to handle marketing and after-sales service for that critical market. The overall structure involves sixteen Sino-foreign joint ventures and wholly owned subsidiaries to manage regional operations and support.

The growth in international markets shows this support structure is working. In the third quarter of 2025 alone, sales to North American customers climbed 77.3% year-over-year to reach $33.1 million, and sales in Brazil grew 30.5% over the same period in 2024. This growth in international sales is noted as the company's current growth engine.

Long-term, high-volume supply contracts

The relationship is cemented by high-volume commitments. CAAS offers a full range of steering system parts with an annual production capacity exceeding 8 million sets of steering gears, columns, and steering hoses across its product lines. While the pressure from OEM price-cutting requirements impacted gross margin in FY2024, the sheer volume supports the business.

The company raised its full-year 2025 revenue guidance to $730 million, up from FY2024 net product sales of $650.9 million, signaling confidence in securing the volume needed to meet these targets. The Q3 2025 net sales were $193.2 million, showing strong momentum heading into the end of the year.

Finance: draft 13-week cash view by Friday.

China Automotive Systems, Inc. (CAAS) - Canvas Business Model: Channels

China Automotive Systems, Inc. (CAAS) channels its value proposition through a multi-faceted approach, heavily reliant on direct engagement with Original Equipment Manufacturers (OEMs) both domestically and internationally.

Direct sales teams target major OEMs, securing large-volume contracts for steering components. Key domestic OEM customers include FAW Group, Dongfeng Auto, BYD Auto, Beiqi Foton, and Chery Automobile. Internationally, the direct channel serves global automakers like Stellantis N.V. and Ford Motor Company in North America. This direct engagement is critical for launching advanced products; for instance, the second-generation IRCB intelligent electrohydraulic circulating ball power steering system for heavy-duty vehicles entered mass production in July 2025, securing a record number of customer orders. Furthermore, the R-EPS steering product developed for Nanjing Iveco (a joint venture between Iveco and Nanjing Automobile) is in mass production, supporting the push toward electric vehicle components. The company's full-year 2025 revenue guidance has been raised to $730 million, reflecting the success of these direct OEM relationships.

Localized sales and distribution within China are managed through a network of subsidiaries. China Automotive Systems, Inc. operates through 16 Sino-foreign joint ventures and wholly owned subsidiaries across the country. These entities focus on specific market segments. For example, the subsidiary Henglong targets the large market for Chinese passenger vehicles, reporting net sales of $88.8 million in the third quarter of 2025, a 7.7% year-over-year increase. The Jiulong subsidiary focuses on the domestic commercial vehicle steering market, with its sales rising by 44.4% to $24.9 million in the third quarter of 2025.

The channel performance across key segments for the third quarter of 2025 shows significant international momentum:

Channel/Region	Q3 2025 Net Sales Amount	Year-over-Year Growth	Percentage of Total Sales (Q2 2025 context)
Total Net Sales (Q3 2025)	$193.2 million	17.7%	N/A
North America	$33.1 million	77.3%	N/A
Brazil	$18.6 million	30.5%	10.1% (Q2 2025)
Henglong (China Passenger)	$88.8 million	7.7%	N/A
Jiulong (China Commercial)	$24.9 million	44.4%	N/A

The North American subsidiary handles marketing and after-sales service for international customers, including Stellantis N.V. and Ford Motor Company. This channel is a major growth engine; North American sales climbed 77.3% year-over-year to reach $33.1 million in the third quarter of 2025, up from $18.7 million in the third quarter of 2024. In the second quarter of 2025, North American sales were $30.0 million, representing an 11.8% increase over the prior year period. Combined, the Americas accounted for approximately 27.5% of total quarterly sales in the second quarter of 2025.

For the ASEAN market, China Automotive Systems, Inc. is establishing a new manufacturing and supply system in Malaysia. Hubei Henglong Automotive Systems Group signed a strategic cooperation memorandum of understanding with KYB-UMW Sdn Bhd to jointly produce electric power steering (EPS) systems and mechanical steering gears (MSG) locally. This facility, under construction by KYB-UMW, is expected to be completed in December 2025 and become operational in 2026. Initially, products from this Malaysian hub will supply Perodua, Malaysia's largest car manufacturer, with plans to expand throughout the broader ASEAN region for both OEM and the replacement parts market (REM).

The company's channel strategy is supported by its product focus, as Electric Power Steering (EPS) product sales grew to 41.4% of total net sales in the second quarter of 2025.

• The company offers four separate series of power steering.
• Annual production capacity for steering gears, columns, and hoses is over 8 million sets.
• The new 115-platform steering motor production line is scheduled for mass production in mid-December 2025.

Finance: review Q3 2025 international sales contribution against the full-year guidance increase to $730 million by next week.

China Automotive Systems, Inc. (CAAS) - Canvas Business Model: Customer Segments

China Automotive Systems, Inc. (CAAS) serves a diverse set of automotive manufacturers globally, with a strong base in China.

The company has business relationships with more than sixty vehicle manufacturers as of March 31, 2025. Total revenue for the last twelve months ending September 30, 2025, was $725.26M, with a raised full-year 2025 revenue guidance of $730 million.

The customer base is segmented across domestic and international Original Equipment Manufacturers (OEMs), commercial vehicle producers, and the aftermarket.

Chinese Passenger Vehicle OEMs (e.g., BYD, Chery, FAW)

This segment represents the core business, accounting for over two-thirds of China Automotive Systems, Inc. (CAAS) sales. Key customers include major privately owned and state-owned car manufacturers in China.

• Key domestic customers include BYD Auto Co., Ltd., Zhejiang Geely Automobile Co., Ltd., and Chery Automobile Co., Ltd..
• Chongqing Changan Automobile Co., Ltd., the largest state-owned car manufacturer in China, is also a key customer.
• FAW Group and SAIC Motor Co., Ltd. are listed among the key customers.

Global Auto OEMs in North America and Europe (e.g., Stellantis, Ford)

International sales are noted as a growth engine for China Automotive Systems, Inc. (CAAS). As of Fiscal Year 2024, 31.8% of revenue came from countries other than China, with 16.6% specifically from the U.S..

The company is a tier-1 supplier of advanced steering systems to large global OEM customers in North America, Europe, Asia, and South America.

Customer/Region	Key Relationship Detail	Q3 2025 Sales (USD)	YoY Growth (Q3 2025)
Stellantis N.V.	Top customer in FY2024, representing 20.3% of revenue. Supplied power steering gear since 2009.	Not explicitly stated, but North American sales were $33.1 million.	North American sales grew 77.3%.
Ford Motor Company	Supplied power steering gear since 2016.	Included in North American sales total.	Part of overall North American growth.
Large European Automaker	Won first R-EPS product order; expected annual sales to exceed $100 million starting by 2027.	Future revenue stream.	N/A
Brazil Customers	Sales to this region are significant.	$18.6 million.	30.5% higher.

Commercial Vehicle Manufacturers (primary target for eRCB systems)

The Jiulong subsidiary specifically targets the domestic commercial vehicle steering market.

• Jiulong subsidiary sales to the domestic commercial vehicle steering market reached $24.9 million in Q3 2025.
• This compares to $17.2 million in the third quarter of 2024.
• The second-generation intelligent electro-hydraulic circulating ball power steering (iRCB) system, compatible with L2+ assisted driving, has begun mass production in China, targeting this segment.

Auto component replacement parts market

While the primary focus is on OEM supply, the company's overall product sales support the aftermarket through its established distribution channels and customer relationships. The company's annual capacity is over 8 million units of steering gears, columns, and hoses.

China Automotive Systems, Inc. (CAAS) has two main product revenue streams reported for Q2 FY2025:

• Traditional steering products: $103.3 million in Q2 FY2025.
• EPS (Electric Power Steering) products: $72.9 million in Q2 FY2025.

Finance: draft 13-week cash view by Friday.

China Automotive Systems, Inc. (CAAS) - Canvas Business Model: Cost Structure

You're looking at the expense side of China Automotive Systems, Inc. (CAAS) operations as of late 2025. The cost structure is heavily influenced by the push toward advanced electric vehicle (EV) components, which drives significant investment in research and development, alongside the ongoing pressures from global trade dynamics.

High R&D expenditure is a defining feature of the current cost base. Management has guided that Research and Development expenses are expected to be between $32 million and $35 million for the full fiscal year 2025. This spending represents about 5% of the reaffirmed full-year revenue guidance of $720 million, with a substantial 80% of that R&D budget directed specifically toward electric vehicle (EV) steering product development. For context, R&D spending in the second quarter of 2025 was reported at $8.1 million, showing the consistent investment pace required to stay competitive in advanced steering technology.

Manufacturing costs, which feed directly into the Cost of Goods Sold (COGS), are reflected in the gross margin. For the second quarter of 2025, the gross profit margin settled at 17.3%, a slight dip from 18.5% in the prior year's second quarter. This margin reflects the cost of raw materials and labor necessary to produce their hydraulic and electric power steering (EPS) systems. The company's gross profit for Q2 2025 was $30.5 million on net sales of $176.2 million. To be fair, maintaining margins in the low single digits is typical for auto suppliers, but China Automotive Systems, Inc. (CAAS) is fighting to keep it stable while shifting to higher-value EPS products.

Tariffs and trade-related costs are an active headwind impacting the gross margin. The decrease in the Q2 2025 gross profit margin to 17.3% was attributed in part to an increase in tariffs, alongside a product mix change toward lower-margin items. While only about 16.6% of revenue comes from the U.S., policy uncertainty and associated costs still pressure profitability, though management suggests these higher costs are often passed along to automakers.

Operating expenses, covering general, administrative, and sales costs, saw significant fluctuation early in the year. In the first quarter of 2025, total operating expenses rose by 41.3% year-over-year, which squeezed income from operations despite strong sales growth. This increase included a one-time severance cost of approximately $1.4 million at one subsidiary. However, cost controls improved in the second quarter of 2025, with total operating expenses declining by $2.2 million compared to Q2 2024. Here's the quick math on the components for Q2 2025:

• General and administrative (G&A) expenses were $5.4 million.
• Selling expenses were $4.5 million, representing 2.6% of net sales.
• R&D expenses were stable at $8.1 million for the quarter.

You can see how these major cost buckets stack up against the top line from the first half of 2025:

Cost/Expense Category	Latest Reported Period Figure	Notes
FY2025 Projected R&D Spend	$32 million to $35 million	Full Year Estimate
Gross Profit (Q2 2025)	$30.5 million	Net Sales were $176.2 million
Gross Margin (Q2 2025)	17.3%	Affected by tariffs and product mix
G&A Expenses (Q2 2025)	$5.4 million	Decreased due to lower taxes/surcharges
Selling Expenses (Q2 2025)	$4.5 million	2.6% of Q2 2025 Net Sales
R&D Expenses (Q2 2025)	$8.1 million	Stable spending level

What this estimate hides is the variability; for instance, Q1 2025 G&A was $7.6 million, significantly higher than Q2's figure. Finance: draft 13-week cash view by Friday.

China Automotive Systems, Inc. (CAAS) - Canvas Business Model: Revenue Streams

You're looking at how China Automotive Systems, Inc. (CAAS) brings in the money right now, focusing on the latest numbers from their Q3 2025 report. It's clear the shift to electric is driving top-line growth, but international markets are the real engine this year.

The core of the revenue generation is built around steering technology sales, with a clear pivot toward electrification.

• Sales of Electric Power Steering (EPS) systems, a key growth driver.
• Sales of traditional hydraulic and mechanical steering products.

For the first nine months of 2025, China Automotive Systems, Inc. (CAAS) reported net sales of $536.5 million, a 16.1% year-over-year increase from $462.2 million in the same period of 2024.

The focus on EPS is evident in the product mix. For instance, in Q2 2025, Electric Power Steering (EPS) system sales reached $72.9 million, making up 41.2% of total net sales. To be fair, in Q1 2025, EPS net sales were even higher as a percentage, at 43.7% of total sales, growing 54.0% year-over-year to $73.0 million. This product category is definitely where the future revenue is being built.

International expansion is a major component of the current revenue story, acting as a significant growth catalyst.

Here's a look at the most recent quarterly performance, which highlights this international strength:

Metric	Q3 2025 Value	YoY Change	Source Period
Total Net Sales	$193.2 million	17.7% increase	Q3 2025
North America Sales	Data Not Specified	77.3% increase	Q3 2025
Brazil Sales	Data Not Specified	30.5% increase	Q3 2025

The growth in North America was a standout, climbing 77.3% year-over-year in Q3 2025. This momentum is supported by the company's position as a tier-1 supplier of advanced steering systems to global OEMs in regions including North America.

Looking ahead, management has set a clear financial target for the current fiscal year, signaling confidence in sustained sales momentum. China Automotive Systems, Inc. (CAAS) expects full-year 2025 revenue guidance to be $730.0 million.

The long-term revenue pipeline is also being bolstered by technology wins. The company secured its first R-EPS product order from a large European automaker, which is projected to bring in annual sales exceeding $100 million starting in 2027.

You should track the following revenue-impacting factors:

• The ongoing sales contribution percentage from EPS products versus traditional steering systems.
• The continued growth rate of North American sales, which hit 77.3% in Q3 2025.
• The realization of the $730.0 million full-year 2025 revenue guidance.

Finance: draft 13-week cash view by Friday.