China Automotive Systems, Inc. (CAAS) 2004年年度报告「NASDAQ」.pdf

1、 CAAS 2004 ANNUAL REPORT I TO OUR SHAREHOLDERS:The past year was a period of significant accomplishments for China Automotive Systems.With the commencement of trading on the Nasdaq market in August 2004,the company achieved a particularly important milestone-providing shareholders with improved mark

2、et dynamics and the company with a greatly enhanced ability to attract a broader institutional shareholder base.I was particularly gratified to have had the opportunity to light the Nasdaq board to close the market on March 24,2005 an appropriate symbolic event in the evolution of the company and co

3、mplementary to managements focus on being a world-class provider of steering systems and components to leading automotive manufacturers.Much has been written about the short-and long-term prospects of the Chinese automotive market.While demand for passenger vehicles in China slowed in the second qua

4、rter of 2004,management anticipated these potential fluctuations and was able to shift the companys sales focus to higher margin truck related products in order to address the near-term softness in the Chinese automotive market.However,the long-term prospects for both markets segments are excellent

5、and we remain extremely optimistic about the industry.The tremendous export potential moving forward adds even further to the companys growth potential.It is worth highlighting several accomplishments in 2004:Success at penetrating the heavy-duty market,with integral power steering systems increasin

6、g 44.3 percent to$27.0 million in 2004 from$18.7 last year-representing 46.3 percent of total sales in 2004 compared with 34.8 percent of total sales in 2003.Increased steering pump growth with sales increasing sharply to$4.3 million from$1.7 million in 2003.The selection of China Automotive by SAIC