• The Bosch for automotive steering systems in China.
• A Chinese ZF, but solely focused on automotive steering components.

Here are the major products of China Automotive Systems (CAAS):

• Power Steering Systems: These systems assist drivers in steering vehicles, encompassing both traditional hydraulic and advanced electric power steering technologies.
• Rack and Pinion Steering Gears: These are core mechanical assemblies that translate the steering wheel's rotation into the lateral movement required to turn the vehicle's wheels.
• Steering Columns: This component connects the steering wheel to the steering gear, allowing the driver's input to be transmitted to the steering mechanism.
• Power Steering Pumps: Primarily used in hydraulic power steering systems, these pumps generate the necessary fluid pressure to assist steering effort.
• Sensor Clusters: These integrated electronic units provide various data inputs essential for modern vehicle systems, including sophisticated steering and control functions.

China Automotive Systems (CAAS) primarily operates on a Business-to-Business (B2B) model, selling its power steering systems and other automotive components directly to original equipment manufacturers (OEMs) in the automotive industry. It does not sell primarily to individuals.

Based on their financial reports and industry information, CAAS serves a wide range of major automotive manufacturers, both in China and internationally. Key customers include:

• Dongfeng Motor Group Company Limited (Symbol: 0489.HK)
• FAW Group (A large state-owned enterprise, not directly publicly traded)
• Beijing Automotive Group (BAIC Group) (A large state-owned enterprise, not directly publicly traded; however, its subsidiary BAIC Motor Corp. Ltd. is public under 1958.HK)
• BYD Company Limited (Symbol: 1211.HK, 002594.SZ)
• Great Wall Motor Company Limited (Symbol: 2333.HK, 601633.SS)
• Geely Automobile Holdings Limited (Symbol: 0175.HK)
• Chery Automobile Co., Ltd. (Private company)
• Ford Motor Company (Symbol: F)
• Stellantis N.V. (Symbol: STLA)

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Qizhou Wu, President, Chief Executive Officer and Director

Mr. Wu was appointed CEO in September 2007 and has a tenure of over 18 years with the company. He directly owns 5.1% of the company's shares.

Jie Li, Chief Financial Officer and Principal Accounting Officer

Mr. Li has served as the Chief Financial Officer since September 2007, and prior to that, he was the corporate secretary from December 2004. Before joining China Automotive Systems in September 2003, Mr. Li held positions as assistant president of Jingzhou Jiulong Industrial Inc. from 1999 to 2003 and general manager of Jingzhou Tianxin Investment Management Co. Ltd. from 2002 to 2003. He holds a Bachelor's degree from the University of Science and Technology of China and completed graduate studies in economics and business management at the Hubei Administration Institute. Mr. Li recently divested 35% of his shares in the company.

Hanlin Chen, Chairman and Executive Officer

Mr. Chen serves as the Chairman of the Board.

Andy Tse, Senior Vice President

Mr. Tse has served as a Senior Vice President of the Company since March 2003. He also served as chairman of the board of Shenyang and was the vice General Manager of Jiulong from 1993 to 1997 and the vice General Manager of Henglong. Mr. Tse possesses over 10 years of experience in automotive parts sales and strategic development and holds an MBA from China People University.

Dr. Haimian Cai, PhD, Vice President

The addressable markets for China Automotive Systems (CAAS) main products and services are significant, particularly within the power steering and broader automotive components sectors, with a strong focus on the Chinese market.

CAAS specializes in manufacturing and supplying a comprehensive range of power steering systems, including rack and pinion, integral, electronic, and manual steering, along with related components such as steering columns, steering oil pumps, and steering hoses. The company also provides aftermarket services for its steering systems.

• Global Electric Power Steering (EPS) Market: This market was valued at USD 29.62 billion in 2024 and is projected to reach USD 45.30 billion by 2033, demonstrating a Compound Annual Growth Rate (CAGR) of 4.59% from 2025 to 2033. The Asia-Pacific region holds a dominant position, accounting for over 50.5% of the market share in 2024.
• China Electric Power Steering (EPS) Market: The market size for China's automotive electric power steering is estimated at USD 15.23 billion in 2024. It is expected to grow to USD 17.91 billion in 2025 and reach USD 36.00 billion by 2030, with a CAGR of 14.98% during the forecast period of 2025-2030.
• Global Active Power Steering Market: This market was estimated at USD 10.55 billion in 2023 and is anticipated to grow at a CAGR of 13.5% from 2024 to 2030.
• China Active Power Steering Market: This market generated a revenue of USD 1,259.3 million in 2024 and is projected to reach USD 2,923.8 million by 2030, with an expected CAGR of 15.3% from 2025 to 2030.
• China Automotive Components Market (Broader Market): The overall automotive components market in China is projected to grow from USD 111.7 billion in 2024 to USD 212.4 billion by 2035, with a CAGR of 6.02% from 2025 to 2035. Another source indicates projected revenues of $669 billion (¥4.78 trillion) by 2025 for China's automotive components industry.
• China Automotive Aftermarket: This market is expected to reach a projected revenue of US$ 85,538.3 million by 2030, with a CAGR of 5.5% from 2025 to 2030.

1. Growth in Electric Power Steering (EPS) Products: China Automotive Systems is experiencing a significant shift in its product mix towards Electric Power Steering (EPS) systems. EPS product sales have shown substantial year-over-year increases, such as a 43.5% surge in Q3 2024 and a 54% rise in Q1 2025, and now represent a growing portion of total net sales, reaching 41.4% in Q2 2025. The company is strategically expanding this product line, which is crucial as the automotive industry transitions to electrification.

2. Expansion into Advanced Driver Assist Systems (ADAS) and Intelligent Steering Technologies: CAAS is focusing on enhancing its advanced driver assist systems and intelligent steering technologies, notably through its Sentient AB operations in Europe. A key development is the mass production of its second-generation intelligent electrohydraulic circulating ball (IRCB) power steering system for heavy-duty vehicles, which supports L2+ assisted driving and has set new industry records for customer orders. The company allocates approximately 80% of its research and development expenses towards electric vehicle (EV) steering product development, positioning it to capitalize on the shift towards autonomous driving.

3. Increased Sales to Chinese Domestic Automakers and Market Share Gains: The domestic Chinese market remains a cornerstone of CAAS's business, with the majority of its revenue derived from this region. The company benefits from the growth of the Chinese automobile industry, with passenger vehicle sales increasing by 12.9% year-over-year in Q1 2025. CAAS's sales to Chinese customers, including major players like Chery Auto and BYD (the largest EV producer in China), have seen significant rebounds and increased demand.

4. International Market Expansion: CAAS is actively expanding its global footprint. The company has reported increasing sales in various international markets, including a rise in North American sales by 14.9% and a substantial increase in Brazilian sales by 49.4% in Q2 2025, with the Americas collectively accounting for approximately 27.5% of total sales. This diversification of its customer base beyond China is a strategic initiative to drive future revenue growth.

Share Repurchases

• China Automotive Systems authorized a share repurchase program of up to $5 million in November 2024, set to expire by November 15, 2025, with a price cap of $5.50 per share.
• In April 2022, the company approved a share repurchase program of up to $5 million, valid for 12 months with a price cap of $4.00 per share.
• Under various programs, the company repurchased 452,559 shares for $1.0 million in 2019 and 322,269 shares in 2022.

Share Issuance

• In September 2025, China Automotive Systems completed a redomiciliation merger, converting each outstanding common stock share into one ordinary share of a new Cayman Islands-incorporated entity on a one-for-one basis.

Outbound Investments

• In March 2022, China Automotive Systems acquired 40% of Sentient AB's share capital for approximately $24.5 million; Sentient AB specializes in steering and vehicle control software and hardware.
• CAAS subsidiary Hubei Henglong signed a strategic cooperation Memorandum of Understanding with KYB-UMW in Malaysia in November 2025 to localize production and transfer steering technology for Electric Power Steering (EPS) and mechanical steering gears.

Capital Expenditures

• Capital expenditures for the first half of 2025 amounted to $18.5 million.
• The trailing twelve months ending June 2025 saw capital expenditures of approximately $52.66 million.
• These investments are primarily focused on developing and enhancing advanced steering technologies, particularly Electric Power Steering (EPS) systems, to maintain market leadership and grow sales to global vehicle manufacturers.