2013 Q2 Form 10-Q Financial Statement

#000114420413045380 Filed on August 14, 2013

View on sec.gov

Income Statement

Concept 2013 Q2 2012 Q2
Revenue $97.89M $80.38M
YoY Change 21.78% 2.79%
Cost Of Revenue $79.50M $64.75M
YoY Change 22.79% 0.7%
Gross Profit $18.39M $15.63M
YoY Change 17.64% 13.28%
Gross Profit Margin 18.79% 19.45%
Selling, General & Admin $7.017M $5.218M
YoY Change 34.48% -10.03%
% of Gross Profit 38.16% 33.38%
Research & Development $4.616M $3.650M
YoY Change 26.47% 160.71%
% of Gross Profit 25.1% 23.35%
Depreciation & Amortization $3.700M $3.700M
YoY Change 0.0% 12.46%
% of Gross Profit 20.12% 23.67%
Operating Expenses $11.63M $8.868M
YoY Change 31.18% 23.17%
Operating Profit $7.814M $8.574M
YoY Change -8.86% 29.91%
Interest Expense $582.0K $200.0K
YoY Change 191.0% -133.33%
% of Operating Profit 7.45% 2.33%
Other Income/Expense, Net -$200.0K -$100.0K
YoY Change 100.0%
Pretax Income $7.709M $12.91M
YoY Change -40.3% 98.66%
Income Tax $1.571M $1.314M
% Of Pretax Income 20.38% 10.18%
Net Earnings $4.981M $13.02M
YoY Change -61.75% 202.84%
Net Earnings / Revenue 5.09% 16.2%
Basic Earnings Per Share $0.18 $0.43
Diluted Earnings Per Share $0.18 $0.29
COMMON SHARES
Basic Shares Outstanding 28.04M shares 28.26M shares
Diluted Shares Outstanding 28.05M shares 30.26M shares

Balance Sheet

Concept 2013 Q2 2012 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $90.60M $77.70M
YoY Change 16.6% 40.25%
Cash & Equivalents $75.27M $77.69M
Short-Term Investments $15.40M
Other Short-Term Assets $31.40M $25.90M
YoY Change 21.24% -9.12%
Inventory $48.25M $46.90M
Prepaid Expenses
Receivables $244.2M $208.7M
Other Receivables $15.20M $0.00
Total Short-Term Assets $429.7M $20.74M
YoY Change 1972.32% -93.84%
LONG-TERM ASSETS
Property, Plant & Equipment $83.36M $77.30M
YoY Change 7.84% -3.25%
Goodwill
YoY Change
Intangibles $662.0K
YoY Change
Long-Term Investments $3.900M $3.600M
YoY Change 8.33% 9.09%
Other Assets $7.500M $13.70M
YoY Change -45.26% 5.38%
Total Long-Term Assets $96.54M $6.623M
YoY Change 1357.62% -93.27%
TOTAL ASSETS
Total Short-Term Assets $429.7M $20.74M
Total Long-Term Assets $96.54M $6.623M
Total Assets $526.2M $27.36M
YoY Change 1823.51% -93.71%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $120.5M $102.0M
YoY Change 18.14% -4.32%
Accrued Expenses $26.17M $14.40M
YoY Change 81.74% 1.41%
Deferred Revenue
YoY Change
Short-Term Debt $110.4M $30.00M
YoY Change 268.0% -48.1%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $276.5M $16.82M
YoY Change 1543.34% -91.76%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $1.600M
YoY Change -100.0% -93.39%
Other Long-Term Liabilities $0.00
YoY Change -100.0%
Total Long-Term Liabilities $0.00 $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $276.5M $16.82M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $276.5M $16.82M
YoY Change 1543.34% -94.08%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $39.37M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.000M
YoY Change
Treasury Stock Shares
Shareholders Equity $207.8M $184.8M
YoY Change
Total Liabilities & Shareholders Equity $526.2M $457.7M
YoY Change 14.97% 5.24%

Cashflow Statement

Concept 2013 Q2 2012 Q2
OPERATING ACTIVITIES
Net Income $4.981M $13.02M
YoY Change -61.75% 202.84%
Depreciation, Depletion And Amortization $3.700M $3.700M
YoY Change 0.0% 12.46%
Cash From Operating Activities $1.540M -$1.640M
YoY Change -193.9% -108.22%
INVESTING ACTIVITIES
Capital Expenditures -$2.730M -$6.880M
YoY Change -60.32% 132.43%
Acquisitions
YoY Change
Other Investing Activities -$14.31M -$240.0K
YoY Change 5862.5% -121.62%
Cash From Investing Activities -$17.04M -$7.130M
YoY Change 138.99% 285.41%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -870.0K 6.980M
YoY Change -112.46% -282.25%
NET CHANGE
Cash From Operating Activities 1.540M -1.640M
Cash From Investing Activities -17.04M -7.130M
Cash From Financing Activities -870.0K 6.980M
Net Change In Cash -16.37M -1.790M
YoY Change 814.53% -112.54%
FREE CASH FLOW
Cash From Operating Activities $1.540M -$1.640M
Capital Expenditures -$2.730M -$6.880M
Free Cash Flow $4.270M $5.240M
YoY Change -18.51% -77.13%

Facts In Submission

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caas Cash Decrease For Subsidiary Sold
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caas Noncontrolling Interests Contribution Of Capital With Property Plant And Equipment
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2846000 USD
caas Accounts Receivable From Sale Of Subsidiary
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us-gaap Valuation Allowances And Reserves Adjustments
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300000 USD
us-gaap Valuation Allowances And Reserves Adjustments
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us-gaap Amortization Of Intangible Assets
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us-gaap Depreciation
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us-gaap Depreciation
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54400000 USD
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3700000 USD
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3700000 USD
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240000 USD
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CY2012Q4 us-gaap Deferred Tax Assets Net
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CY2013Q2 us-gaap Short Term Debt Weighted Average Interest Rate
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CY2012Q2 us-gaap Line Of Credit Facility Description
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CY2012Q2 us-gaap Notes Receivable Net
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CY2013Q1 caas Interest Free Government Loan
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CY2013Q1 caas Interest Free Government Loan
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caas Gain Loss Of Note Discount Net
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caas Gain Loss Of Note Discount Net
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caas Handling Charge
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caas Handling Charge
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CY2013Q2 us-gaap Line Of Credit Facility Interest Rate At Period End
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0.0227 pure
CY2013Q2 us-gaap Line Of Credit Facility Description
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LIBOR plus 2.0%
CY2013Q2 caas Short Term Government Loan
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CY2012Q4 caas Short Term Government Loan
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CY2013Q2 caas Short Term Bank Loans And Notes Payable Gross
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CY2012 us-gaap Debt Issuance Costs
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CY2013Q2 caas Accounts Payable Unrelated Parties
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CY2012Q4 caas Accounts Payable Unrelated Parties
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99100000 USD
CY2013Q2 caas Notes Payable Unrelated Parties
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CY2012Q4 caas Notes Payable Unrelated Parties
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CY2013Q2 us-gaap Accounts Payable Related Parties Current And Noncurrent
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CY2013Q2 caas Accounts And Notes Payable Total
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183706000 USD
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170901000 USD
CY2013Q2 caas Accrued Expenses Current
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3040000 USD
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2557000 USD
CY2012Q4 us-gaap Standard Product Warranty Accrual
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18081000 USD
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313000 USD
us-gaap Standard Product Warranty Accrual Period Increase Decrease
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0 USD
us-gaap Standard Product Warranty Accrual Period Increase Decrease
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CY2013Q2 us-gaap Standard Product Warranty Accrual
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20018000 USD
CY2012Q2 us-gaap Standard Product Warranty Accrual
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16470000 USD
CY2013Q2 us-gaap Sales And Excise Tax Payable Current
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CY2012Q4 caas Advances Payable
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CY2013Q2 us-gaap Accrual For Taxes Other Than Income Taxes Current
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368000 USD
CY2013Q2 caas Advances Payable
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2620000 USD
CY2012Q2 us-gaap Retained Earnings Appropriated
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caas Statutory Accounting Practices Statutory Surplus Required Percentage
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0.1 pure
caas Percentage Of Statutory Surplus Reserve
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us-gaap Cumulative Effect On Retained Earnings Net Of Tax1
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us-gaap Cumulative Effect On Retained Earnings Net Of Tax1
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927000 USD
CY2012 us-gaap Cumulative Effect On Retained Earnings Net Of Tax1
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CY2012 us-gaap Net Income Loss
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us-gaap Investment Income Interest
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us-gaap Investment Income Interest
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us-gaap Foreign Currency Transaction Gain Loss Before Tax
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us-gaap Foreign Currency Transaction Gain Loss Before Tax
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94000 USD
CY2011Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
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us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
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3361000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
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CY2012Q2 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
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CY2011Q4 us-gaap Minority Interest
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CY2012 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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CY2012 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
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CY2012 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Noncontrolling Interest
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CY2012Q2 us-gaap Minority Interest
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caas Capital Contribution From Noncontrolling Interests
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caas Capital Contribution From Noncontrolling Interests
CapitalContributionFromNoncontrollingInterests
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CY2012 caas Capital Contribution From Noncontrolling Interests
CapitalContributionFromNoncontrollingInterests
3012000 USD
CY2013Q2 caas Coupon Interest And Make Whole Redemption Interest
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CY2012Q2 caas Coupon Interest And Make Whole Redemption Interest
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CY2013Q2 us-gaap Interest Expense
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CY2012Q2 us-gaap Interest Expense
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CY2013Q2 us-gaap Investment Income Interest
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CY2012Q2 us-gaap Investment Income Interest
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CY2013Q2 us-gaap Foreign Currency Transaction Gain Loss Before Tax
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21000 USD
CY2012Q2 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
109000 USD
CY2013Q2 caas Gain Loss Of Note Discount Net
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CY2012Q2 caas Gain Loss Of Note Discount Net
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CY2013Q2 caas Handling Charge
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CY2012Q2 caas Handling Charge
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caas Coupon Interest And Make Whole Redemption Interest
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caas Coupon Interest And Make Whole Redemption Interest
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us-gaap Interest Expense
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us-gaap Interest Expense
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CY2008Q1 us-gaap Convertible Debt
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CY2008Q1 us-gaap Debt Instrument Maturity Date
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CY2011Q4 us-gaap Derivative Assets Liabilities At Fair Value Net
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CY2012Q1 us-gaap Derivative Liabilities
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CY2012Q2 caas Decrease Due To Convertible Notes Conversion
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CY2012Q2 caas Derivative Financial Instruments Liabilities Fair Value Disclosure Loss Gain Adjustment
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CY2012Q2 us-gaap Derivative Liabilities
DerivativeLiabilities
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CY2011Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
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caas Decrease Due To Convertible Notes Conversion
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caas Derivative Financial Instruments Liabilities Fair Value Disclosure Loss Gain Adjustment
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449000 USD
CY2013Q2 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35 pure
CY2008 caas Withholding Tax Percentage Applicable To Foreign Investors As Non Resident Enterprises
WithholdingTaxPercentageApplicableToForeignInvestorsAsNonResidentEnterprises
0.1 pure
caas Percentage Owned In Holding Company To Avail Withholding Tax Of Five Percent
PercentageOwnedInHoldingCompanyToAvailWithholdingTaxOfFivePercent
0.25 pure
caas Withholding Tax Percentage Applicable To Foreign Investors To Direct Holding Company
WithholdingTaxPercentageApplicableToForeignInvestorsToDirectHoldingCompany
0.05 pure
caas Additional Tax Payable Subject To Residential Status
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us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
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0.15 pure
caas Additional Tax Payable Percentage Subject To Residential Status
AdditionalTaxPayablePercentageSubjectToResidentialStatus
0.1 pure
CY2012 us-gaap Undistributed Earnings
UndistributedEarnings
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caas Tax Provision On Retained Earning Not Reinvested
TaxProvisionOnRetainedEarningNotReinvested
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CY2012 caas Tax Provision On Retained Earning Not Reinvested
TaxProvisionOnRetainedEarningNotReinvested
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us-gaap Undistributed Earnings
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caas Additional Tax Payable Subject To Residential Status
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CY2013Q2 us-gaap Effective Income Tax Rate Continuing Operations
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0.204 pure
CY2012Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.102 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.196 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.191 pure
caas Ownership Interest Percentage
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0.51 pure
CY2012Q2 caas Purchases From Zhejiang
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300000 USD
caas Purchases From Zhejiang
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400000 USD
CY2012Q2 caas Operational Profit From Component Of Discontinued Operations
OperationalProfitFromComponentOfDiscontinuedOperations
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2494000 USD
caas Operational Profit From Component Of Discontinued Operations
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2494000 USD
CY2012Q2 caas Revenue From Component Of Discontinued Operations
RevenueFromComponentOfDiscontinuedOperations
3710000 USD
CY2012Q2 caas Pretax Profit From Component Of Discontinued Operations
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73000 USD
caas Revenue From Component Of Discontinued Operations
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7423000 USD
caas Pretax Profit From Component Of Discontinued Operations
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CY2012Q2 us-gaap Assets Current
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CY2012Q2 us-gaap Assets
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CY2012Q2 us-gaap Liabilities
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CY2013Q2 caas Net Income Loss Allocated To Convertible Note Holders
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CY2012Q2 caas Net Income Loss Allocated To Convertible Note Holders
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859000 USD
CY2013Q2 caas Net Income Loss Attributable To Parent After Allocation To Convertible Note Holders Basic
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CY2012Q2 caas Net Income Loss Attributable To Parent After Allocation To Convertible Note Holders Basic
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12163000 USD
CY2012Q2 caas Net Income Loss Allocated Back To Convertible Note Holders
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859000 USD
CY2013Q2 caas Net Income Loss Allocated Back To Convertible Note Holders
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CY2013Q2 us-gaap Interest On Convertible Debt Net Of Tax
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CY2012Q2 us-gaap Interest On Convertible Debt Net Of Tax
InterestOnConvertibleDebtNetOfTax
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CY2013Q2 us-gaap Derivative Gain Loss On Derivative Net
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CY2013Q2 caas Gain On Convertible Notes Conversion
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CY2012Q2 caas Gain On Convertible Notes Conversion
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CY2013Q2 us-gaap Net Income Loss Attributable To Parent Diluted
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4981000 USD
CY2012Q2 us-gaap Net Income Loss Attributable To Parent Diluted
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8781000 USD
CY2013Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2012Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
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CY2013Q2 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
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CY2012Q2 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
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caas Net Income Loss Allocated To Convertible Note Holders
NetIncomeLossAllocatedToConvertibleNoteHolders
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caas Net Income Loss Allocated To Convertible Note Holders
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1055000 USD
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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6844 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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1552 shares
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us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
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10921000 USD
caas Net Income Loss Attributable To Parent After Allocation To Convertible Note Holders Basic And Diluted
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11198000 USD
us-gaap Income Loss From Continuing Operations Attributable To Noncontrolling Entity
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2811000 USD
us-gaap Income Loss From Continuing Operations Attributable To Noncontrolling Entity
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us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
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us-gaap Income Loss From Continuing Operations
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CY2013Q2 us-gaap Income Loss From Continuing Operations Attributable To Noncontrolling Entity
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CY2012Q2 us-gaap Income Loss From Continuing Operations Attributable To Noncontrolling Entity
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1168000 USD
CY2013Q2 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
4981000 USD
CY2012Q2 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
10463000 USD
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CY2012Q2 caas Net Income Loss Attributable To Parent From Continuing Operations After Allocation To Convertible Note Holders Basic
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9772000 USD
CY2013Q2 caas Net Income Loss From Continued Operation Allocated Back To Convertible Note Holders
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CY2012Q2 caas Net Income Loss From Continued Operation Allocated Back To Convertible Note Holders
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691000 USD
CY2013Q2 caas Net Income Loss Attributable To Parent From Continuing Operations Diluted
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4981000 USD
CY2012Q2 caas Net Income Loss Attributable To Parent From Continuing Operations Diluted
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6222000 USD
caas Net Income Loss From Continued Operation Allocated To Convertible Note Holders
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0 USD
caas Net Income Loss From Continued Operation Allocated To Convertible Note Holders
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us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
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0.39
us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
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caas Net Income Loss Attributable To Parent From Continuing Operations Basic And Diluted
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10921000 USD
caas Net Income Loss Attributable To Parent From Continuing Operations Basic And Diluted
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8845000 USD
CY2013Q2 caas Net Income Loss Attributable To Parent From Continuing Operations After Allocation To Convertible Note Holders Basic
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4981000 USD
caas Minimum Percentage Of Profit Allocated To Foreign Investment
MinimumPercentageOfProfitAllocatedToForeignInvestment
0.1 pure
CY2013Q2 caas Accounts Receivable Trade Percentage
AccountsReceivableTradePercentage
0.064 pure
CY2012Q2 caas Accounts Receivable Trade Percentage
AccountsReceivableTradePercentage
0.146 pure
caas Registered Capital Percentage
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0.5 pure
us-gaap Concentration Risk Percentage1
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0.226 pure
CY2012Q2 caas Assets Sold To Related Parties
AssetsSoldToRelatedParties
8493000 USD
CY2013Q2 caas Assets Sold To Related Parties
AssetsSoldToRelatedParties
9035000 USD
caas Assets Sold To Related Parties
AssetsSoldToRelatedParties
17178000 USD
caas Assets Sold To Related Parties
AssetsSoldToRelatedParties
16386000 USD
CY2013Q2 us-gaap Due From Related Parties
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15261000 USD
CY2012Q4 us-gaap Due From Related Parties
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12393000 USD
CY2013Q2 caas Advances Payments From Related
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2611000 USD
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4941000 USD
CY2013Q2 us-gaap Related Party Transaction Purchases From Related Party
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7478000 USD
CY2012Q2 us-gaap Related Party Transaction Purchases From Related Party
RelatedPartyTransactionPurchasesFromRelatedParty
4525000 USD
us-gaap Related Party Transaction Purchases From Related Party
RelatedPartyTransactionPurchasesFromRelatedParty
14571000 USD
us-gaap Related Party Transaction Purchases From Related Party
RelatedPartyTransactionPurchasesFromRelatedParty
11452000 USD
CY2013Q2 us-gaap Contractual Obligation Due In Next Twelve Months
ContractualObligationDueInNextTwelveMonths
10459000 USD
CY2013Q2 us-gaap Contractual Obligation Due In Second Year
ContractualObligationDueInSecondYear
1027000 USD
CY2013Q2 us-gaap Contractual Obligation Due In Third Year
ContractualObligationDueInThirdYear
156000 USD
CY2013Q2 us-gaap Contractual Obligation Due In Fourth Year
ContractualObligationDueInFourthYear
0 USD
CY2013Q2 caas Contractual Obligation Due After Fourth Year
ContractualObligationDueAfterFourthYear
0 USD
CY2013Q2 us-gaap Contractual Obligation
ContractualObligation
11642000 USD

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