Ningbo Tuopu Group Co., Ltd. (Tuopu Group, 601689) (601689)

Equity Research Report　|　Industry: Platform-Based Automotive Components Supplier　|　Report Date: September 13, 2026　|　As of the September 11, 2026 close; the current date is September 13, 2026, and September 12–13 are the weekend, making September 11 the most recent trading day.

This report was automatically compiled by AI based on publicly available information and is for reference only. It does not constitute investment advice.

1. Executive Summary

Tuopu Group’s latest fundamentals show “revenue growth but declining profit”: revenue in the first half of 2026 was RMB 14.199 billion, up 9.78% year on year; net profit attributable to shareholders was RMB 1.023 billion, down 21.03%; and non-GAAP net profit attributable to shareholders was RMB 0.908 billion, down 21.87%. For full-year 2025, revenue was RMB 29.581 billion, up 11.21%, while net profit attributable to shareholders was RMB 2.779 billion, down 7.38%. Profitability was primarily pressured by intensifying industry competition, customer price cuts, rising raw-material and manufacturing costs, the ramp-up of new and overseas capacity, increased R&D investment, and foreign-ex exchange losses.

The company continues to exhibit platform-based and system-integration characteristics. Its products cover chassis, interiors, damping, thermal management, automotive electronics, air suspension and other areas. Through its “Tier 0.5” model, it participates in synchronized vehicle-development programs and supplies modular products to automakers. In 2025, automotive-components revenue was RMB 27.524 billion, accounting for approximately 93% of revenue; R&D expenses were RMB 1.496 billion, or 5.06% of revenue, and R&D personnel totaled 4,466. Continued volume growth in air suspension, automotive electronics, brake-by-wire, steer-by-wire and smart-cockpit products, together with overseas manufacturing expansion and improving capacity utilization, underpin the medium- to long-term growth thesis.

However, the quality of earnings remains subject to significant constraints. The overall gross margin for automotive components was 18.04% in 2025, down 1.38 percentage points year on year; first-half 2026 gross margin was approximately 18.81%, down 0.74 percentage points year on year. The five largest customers accounted for 65.79% of sales in 2025, indicating relatively high downstream customer concentration. Direct materials accounted for 79.37% of automotive-component costs, and the company lacks absolute pricing power over aluminum, steel, rubber and other materials. Annual price reductions imposed by automakers, project competition and depreciation from new capacity could continue to squeeze margins.

As of September 11, 2026, the share price closed at RMB 43.10, down approximately 12.9% over the past 20 trading days and close to the lower end of its 52-week range. The share price was below the MA5, MA10 and MA20, with short-term moving averages in a bearish alignment. Net outflows from large and extra-large orders totaled approximately RMB 111 million, indicating weak technical and fund-flow conditions. At the same time, the RSI was approximately 35.5 and the share price was below the estimated lower Bollinger Band, leaving room for a technical rebound, although there is not yet sufficient evidence of a trend reversal. The current TTM P/E is approximately 30–37x and P/B approximately 3.1–3.3x, meaning the valuation is not extremely low.

2. Company Overview

2.1 Basic Information

2.2 Principal Businesses and Product Portfolio

• NVH damping systems: powertrain mounts, drive-motor dampers, tubular mounts, torsional dampers, subframe mounts, hydraulic bushings and others
• Interior and exterior systems: door panels, headliners, main carpets, parcel shelves, soundproofing and heat-insulation components, sealing strips, decorative strips and others; revenue from interior functional components in the 2025 product breakdown was RMB 9.672 billion, with a gross margin of 16.88%
• Lightweight body structures: integrated formed front and rear body floors, body structural components, door structural components, battery-pack structural components and others
• Smart-cockpit components: rotating-screen controllers, power tailgates, power sliding doors, seat-comfort systems and others
• Thermal-management systems: integrated heat-pump assemblies, integrated multi-way valves, electronic water pumps, electronic expansion valves and others; 2025 revenue was RMB 2.091 billion, with a gross margin of 16.34%
• Chassis systems: front and rear steel or aluminum subframes, control arms, tie rods, steering knuckles and others; 2025 revenue was RMB 8.722 billion, with a gross margin of 19.14%
• Air-suspension systems: integrated air-supply units, air springs, height sensors and others
• Intelligent-driving systems: brake-by-wire IBS, steer-by-wire EPS, electronically adjustable steering columns and others
• Robot actuators: linear actuators, rotary actuators, dexterous-hand motors, sensors, body structural components, foot dampers, electronic flexible skin and others; 2025 revenue was RMB 13.59 million, with a gross margin of 28.25%, and the business remains in the early commercialization stage
• 2025 automotive-components revenue mix: interior functional components approximately 35.1%, chassis systems approximately 31.7%, damping systems approximately 15.5%, automotive electronics approximately 10.1%, and thermal-management systems approximately 7.6%; percentages are calculated based on annual-report disclosures, and robot actuators are excluded from this total
• The company has proposed a “Tier 0.5” cooperation model involving participation in automakers’ product definition, system R&D, synchronized development and modular supply, with the aim of upgrading from a single-component supplier to a system-level, platform-based supplier

2.3 Position in the Upstream and Downstream Chain and Cost-Profit Structure

Tuopu Group occupies the middle of the automotive-components value chain and is a system-components manufacturer characterized by a high materials-cost ratio and ongoing R&D and capacity-expansion requirements. Through product platformization, cross-domain technology R&D, synchronized development, global manufacturing and the “Tier 0.5” model, the company seeks to increase value-added and customer stickiness. However, relatively high downstream automaker concentration, upstream commodity prices and electronic-component costs continue to affect profitability.

• The company primarily purchases and uses aluminum alloys, steel and related casting and forging materials for lightweight chassis, subframes, control arms, steering knuckles and body structural components. The company’s 2024 annual report disclosed an aluminum-ingot procurement contract, indicating that aluminum is an important raw material for certain businesses.
• NVH damping products use rubber, plastics, seals and composite materials; interior functional components use plastics, fibers, carpets, adhesives and surface materials.
• Automotive electronics, thermal management, air suspension and brake-by-wire chassis products require motors, solenoid valves, electronic controllers, sensors, wiring harnesses, pump bodies and other electronic components.
• Production involves die casting, forging, injection molding, stamping, assembly, automated inspection and digital manufacturing. Production equipment, tooling investment and depreciation affect costs.
• In 2025, direct materials for automotive components cost RMB 17.904 billion, accounting for 79.37% of total automotive-component costs; direct labor accounted for 6.16% and manufacturing overhead for 14.47%, indicating a cost structure heavily weighted toward materials.
• The company controls costs mainly through centralized procurement, technological innovation, budget management and lean production. However, it does not have absolute pricing power over commodities such as aluminum, steel and rubber and is therefore a midstream manufacturer able to manage some costs while passively absorbing others.
• Procurement from the five largest suppliers in 2025 amounted to RMB 3.791 billion, or 20.48% of total annual procurement. The company disclosed that no single supplier accounted for more than 50% of procurement. This is the formal 2025 disclosure basis; supplier concentration is relatively low, although material-price changes still directly affect gross margin.
• Downstream customers mainly comprise domestic and overseas automakers, including new-energy vehicle companies, traditional domestic brands and international automotive groups. Disclosed customers include Seres, Xiaomi, Geely, BYD, Chery, Li Auto, NIO, Great Wall, XPeng, Zeekr and Tank, as well as RIVIAN, Ford, General Motors, Stellantis, BMW, Mercedes-Benz and Lucid. Some customers are disclosed anonymously, and public annual reports alone cannot confirm the identities of all anonymous customers.
• The company has secured orders for the global BMW X1 model and the N-Car global new-energy platform. Air-suspension customers include Seres, Xiaomi, Li Auto, SAIC, Zeekr and Tank; forged-aluminum ball-joint control arms are supplied to multiple domestic and overseas customers.
• Sales to the five largest customers in 2025 totaled RMB 19.462 billion, or 65.79% of annual sales. The company disclosed that no single customer accounted for more than 50% of sales. This is the formal 2025 disclosure basis, and customer concentration is significantly higher than the concentration of the five largest suppliers.
• Downstream bargaining power in the automotive-components industry generally favors automakers. Automakers transmit cost pressure through annual price reductions, project-nomination competition, lifecycle price management, quality claims and supplier switching.
• Tuopu improves customer stickiness through product platformization, synchronized R&D and the “Tier 0.5” model. However, the broad decline in gross margins across major products in 2025 still reflects pressure from customer price reductions, intensifying competition and depreciation from new capacity.
• At the end of 2025, the balance of financing receivables was RMB 4.829 billion, representing 10.99% of total assets and up 81.55% from RMB 2.660 billion at the end of 2024, mainly due to an increase in bank acceptance bills received. Prepayments were RMB 2.256 billion, accounting for 0.51% of total assets, primarily due to increased prepayments for materials. Net operating cash flow in 2025 was RMB 4.482 billion, up 38.50% year on year; the annual report attributed this mainly to increased collections. These figures indicate generally strong collection capability, although the business involves sizable bill settlements and customer credit-term arrangements. The report does not use accounts-receivable turnover days or average customer credit periods that were not directly disclosed or cross-verified in the annual report. Financing receivables cannot be directly equated with accounts receivable and cannot be used to precisely assess overall bargaining power.
• For 2025, the five largest customers accounted for 65.79% of sales and the five largest suppliers accounted for 20.48% of procurement, with customer concentration clearly higher than supplier concentration. The company disclosed that no single customer accounted for more than 50% of sales and no single supplier accounted for more than 50% of procurement. These concentration data are based on the 2025 annual report; the report does not use customer-specific sales shares, revenue or market-share data that cannot be cross-verified.

The company operates in the midstream manufacturing segment of the smile curve. It is neither an upstream resource company with high margins nor a typical downstream branded company. Further margin improvement will primarily depend on volume growth in air suspension, automotive electronics, brake-by-wire, steer-by-wire and smart-cockpit products; higher utilization at new plants to dilute depreciation and manufacturing overhead; greater system-integration value and per-vehicle content under the “Tier 0.5” model; and lower materials, logistics and supply-chain costs through overseas localization, centralized procurement, automation and vertical integration.

3. Financial Data and Valuation Analysis

3.1 Recent Operating Performance

The latest disclosed financial report is the 2026 interim report, published on August 28, 2026. Non-GAAP net profit attributable to shareholders in the first half of 2026 was RMB 0.908 billion, down 21.87% year on year; net operating cash flow was RMB 2.596 billion, up 5.69% year on year; and basic EPS was approximately RMB 0.59. Non-GAAP net profit attributable to shareholders in 2025 was RMB 2.611 billion, down 4.30% year on year; net operating cash flow was RMB 4.482 billion, up 38.50% year on year; and basic EPS was RMB 1.61.

The company’s latest fundamentals show revenue growth but declining profit. First-half 2026 gross margin was approximately 18.81%, down 0.74 percentage points year on year; net margin was approximately 7.21%, down 2.81 percentage points year on year. Profit was mainly pressured by intensifying industry competition, the ramp-up of new and overseas capacity, rising raw-material prices, foreign-exchange losses and increased R&D investment. Foreign-exchange losses in the first half of 2026 were approximately RMB 118 million, compared with a foreign-exchange gain of approximately RMB 81 million in the same period of the previous year. R&D expenses in 2025 were approximately RMB 1.496 billion, up 22.20% year on year.

3.2 Earnings Forecasts

According to Wind data as of September 11, 2026, 30 institutions had issued forecasts for 2026 earnings over the preceding six months, while 28 institutions had issued forecasts for 2028 earnings. These data are aggregated excerpts from institutional research reports and do not represent Wind’s own forecasts or official company guidance. Forecasts for 2026 net profit attributable to shareholders range from RMB 2.472 billion to RMB 3.703 billion, with EPS forecasts ranging from RMB 1.42 to RMB 2.13; 2027 net profit forecasts range from RMB 3.046 billion to RMB 4.400 billion, with EPS forecasts ranging from RMB 1.75 to RMB 2.53; and 2028 net profit forecasts range from RMB 3.438 billion to RMB 5.288 billion, with EPS forecasts ranging from RMB 1.98 to RMB 3.04. The latest institutional forecasts have generally been lowered from certain earlier research reports.

3.3 Valuation and Institutional Ratings

As of the September 11, 2026 close, the share price was RMB 43.10, total market capitalization approximately RMB 74.901 billion, and total shares approximately 1.738 billion. Different data sources show a static/TTM P/E of approximately 29.88–36.62x, non-GAAP P/E of approximately 31.78x, and P/B of approximately 3.09–3.29x. A reasonable range-based presentation is TTM P/E of approximately 30–37x and P/B of approximately 3.1–3.3x. CFi.cn reported P/E of 29.88x, non-GAAP P/E of 31.78x and P/B of 3.09x; the median P/E and non-GAAP P/E for the automobile-manufacturing industry during the same period were approximately 28.33x and 30.19x, respectively. According to Lixinger, as of September 9, 2026, P/E-TTM was approximately 31.81x and P/B approximately 3.29x; the historical P/E percentile was approximately 42.07%, with the 50th and 20th percentile P/E levels at approximately 33.29x and 28.77x, respectively. Based on a market capitalization of approximately RMB 74.9 billion, the 2026 forward P/E would be approximately 24.0x using the Wind institutional forecast average; using the Huatai and Orient Securities forecasts, it would be approximately 26.9x and 26.6x, respectively. Thus, 2026 forward P/E is approximately 24–27x. Futu data as of September 5, 2026 showed an average institutional target price of RMB 73.47, a high of RMB 86.30 and a low of RMB 65.67. However, this data may include research reports published at different times and cannot be directly equated with the latest target prices lowered in September. The current valuation is not in an extremely low range, and the market has significant disagreement over the pace of volume growth in robot actuators, liquid cooling, automotive electronics and overseas capacity.

4. Recent News and Announcements

4.1 2026 Interim Report: Revenue Growth but Lower Net Profit Attributable to Shareholders

On August 28, 2026, the company released its 2026 Interim Report. On September 10, 2026, the announcement list added the English version, Tuopu Group Semi-annual Report 2026. As of June 30, 2026, the company recorded revenue of RMB 14.199 billion, up 9.78% year on year; total profit of RMB 1.175 billion, down 19.41%; net profit attributable to shareholders of the listed company of RMB 1.023 billion, down 21.03%; and total profit plus depreciation and amortization of RMB 2.184 billion, down 4.40%. The company’s interim 2026 profit-distribution plan was to make no distribution and no capitalization issue. These financial data are formally disclosed company data, and the interim report is unaudited. The publication dates of the Chinese interim report, the date shown on the company’s website and the date of the English announcement differ; the official exchange disclosure time should prevail.

4.2 Company to Hold 2026 Interim Results Briefing

On September 8, 2026, the company announced that it planned to hold its 2026 interim results briefing through “Value Online” from 15:00 to 16:00 on September 15, 2026. Participants include company President Wang Bin, Board Secretary Wang Mingzhen, Independent Director Xie Huajun and CFO Hong Tieyang. The meeting is expected to cover first-half results, operating strategy, robotics, overseas capacity and the progress of fund-raising projects. As of September 13, 2026, the briefing had not yet been held, and no new official communication minutes or Q&A conclusions had been released.

4.3 Increase in Expected 2026 Ordinary Related-Party Transaction Quota

On August 28, 2026, the company released the Announcement on Increasing the Expected Quota for 2026 Ordinary Related-Party Transactions. The counterparty is Ninghai Xidian Qingqing Plastics Factory, a related party of Wu Weifeng, the company’s director and business-unit president. The transaction involves materials procurement. The original expected transaction amount for 2026 was RMB 4.5 million; cumulative transactions from the beginning of the year through the announcement date totaled RMB 3.11988507 million. The newly added expected quota is RMB 3 million, bringing the adjusted full-year expected amount to RMB 7.5 million. The transaction represents approximately 0.02% of purchases of similar materials. The company stated that pricing would be based on market prices, that the transaction would not result in significant dependence on the related party, and that it would not materially affect the company’s financial condition or continuing-operation capability. Related director Wu Weifeng abstained from voting. The board approved the matter with 8 votes in favor, 0 against and 0 abstentions; shareholder approval was not required. Future attention should focus on actual transaction amounts, pricing and internal approval procedures.

4.4 Certain Fund-Raising Projects Delayed to December 2027

On July 29, 2026, the company released the Announcement on the Extension of Certain Fund-Raising Investment Projects, extending the planned completion dates for certain projects from July–August 2026 to December 2027. The projects include: the Ningbo Qianwan annual-production project for 2.2 million lightweight chassis systems, with planned total investment of approximately RMB 1.563 billion; the Ningbo Qianwan annual-production project for 1.1 million automotive interior functional components and 1.3 million thermal-management systems, with planned total investment of approximately RMB 2.036 billion and RMB 450 million of fund-raising capital earmarked for investment; the Ningbo Qianwan annual-production project for 1.6 million lightweight chassis systems, with planned total investment of approximately RMB 1.146 billion and RMB 500 million of fund-raising capital earmarked for investment; and the Thailand annual-production project for 1.3 million thermal-management systems, with planned total investment of approximately RMB 648 million and RMB 380 million of fund-raising capital earmarked for investment. As of May 31, 2026, net proceeds from the private placement were approximately RMB 3.498 billion, while actual investment in the relevant fund-raising projects was approximately RMB 1.795 billion, representing an overall investment progress of approximately 51.30%. The company attributed the delays to international trade barriers and geopolitical factors, a leveling-off in domestic new-energy vehicle market growth, and the impact on the Thailand project of the phase-out of overseas new-energy subsidies, tighter consumer credit and delays in customers’ overseas vehicle-launch plans. The company stated that the extension would not change the total project investment, implementation entities or uses of the funds. The sponsor, China Merchants Securities, had no objection to the extension.

4.5 No New Share Buyback Announcement Recently Identified

As of September 13, 2026, no new share-buyback plan, buyback progress announcement or buyback cancellation announcement had been identified in the company’s announcement lists for July–September 2026 reviewed in this search. This conclusion is based on public searches of the Shanghai Stock Exchange announcement list, the company’s announcement page and announcement aggregation pages. It does not exclude the possibility that an announcement had not yet been fully indexed by search engines or that its title did not directly contain the term “buyback.”

4.6 No Recent New Shareholding Increase or Reduction Announcements by the Actual Controller, Controlling Shareholder or Directors and Senior Officers Identified

As of September 13, 2026, no new announcement regarding shareholding increases or reductions by the actual controller, controlling shareholder, directors or senior officers in September 2026 or recently had been identified. The most recent identifiable major-shareholder change occurred from August 29 to September 10, 2025, when Wu Jianshu and persons acting in concert with him, including Wu Haonian, Ningbo Zhuyue Investment Management Co., Ltd. and Ningbo Paishe Real Estate Co., Ltd., collectively reduced their holdings of Tuopu Group by 13.430021 million shares, representing approximately 0.7728% of total shares. Their combined ownership declined from 59.2548% to 58.4820%. This event occurred in 2025 and is not a recent September 2026 development.

4.7 No Regulatory Inquiry or Penalty Announcement Concerning the Company Identified as of September 13, 2026

As of September 13, 2026, no regulatory inquiry letter, disciplinary action or major regulatory measure issued against 601689 in September 2026 had been identified in the Shanghai Stock Exchange regulatory-inquiry section or the company’s recent announcement list. This conclusion is based on searches of public regulatory-query pages and recent announcement lists. It does not mean that the company has never attracted regulatory attention and does not exclude delayed disclosure or limitations in page searches.

4.8 No Pricing or Listing Progress Disclosed for the H-Share Issuance and Listing

On April 1, 2026, the company disclosed that it had submitted an application to the Hong Kong Stock Exchange for the issuance and listing of overseas-listed shares and publication of application documents. The relevant H-share issuance and listing matters had been considered at the March 2026 shareholders’ meeting. This is an overseas listing and financing arrangement, not an M&A transaction. As of September 13, 2026, this search had identified no further disclosure of the H-share issue price, hearing, listing date or final issuance result.

4.9 No Major M&A or Restructuring Announcement Recently Identified

As of September 13, 2026, no major M&A or restructuring announcement involving a newly occurring event in September 2026 had been identified. In March 2026, the company and Xianyuan (Shanghai) Investment Management Co., Ltd. jointly established Ningbo Tuowei Aviation Technology Venture Capital Partnership, with subscribed capital of approximately RMB 300 million. This is an industrial investment or external-investment matter, rather than a major acquisition of an existing listed company or large target.

5. Share-Price Performance and Technical Analysis

5.1 Price Overview

5.2 Technical Indicators

As of September 11, 2026, Tuopu Group’s share price was near the lower end of its 52-week range, with a decline of approximately 12.9% over the past 20 trading days. The closing price was below the MA5, MA10 and MA20, and short-term moving averages were in a bearish alignment. The closing price was also below the independently estimated lower Bollinger Band, while RSI(14) was approximately 35.5, indicating that the share price had weakened materially and that a technical rebound was possible, but not yet confirming a trend reversal. Combined net outflows from large and extra-large orders were approximately RMB 111 million on September 11, and the share price closed near the intraday low, so price and fund-flow signals were broadly weak. Key areas to monitor are whether the RMB 42.5–43.7 support zone stabilizes, whether the RMB 45.3–46.1 moving-average resistance can be reclaimed on higher volume, and whether fund flows improve in tandem with rising turnover value.

5.3 Short-Term Outlook for the Coming Week (Scenario Analysis for Reference Only)

⚠️ Risk warning: The following is a subjective scenario analysis based on the September 11, 2026 closing data, historical prices and technical indicators. It does not constitute investment advice or a guarantee of future prices.

① Key Technical Levels

② Scenarios for the Coming Week (Subjective Weights, Not Statistical Probabilities)

• Range-bound consolidation (relatively higher weight, approximately 60%; this is a subjective heuristic judgment based on the current technical pattern and fund flows, not a statistical probability): price range approximately RMB 42.5–45.5. Trigger conditions are support emerging near RMB 42.5, while the rebound fails to break through RMB 45.3–46.1, turnover value remains approximately RMB 600–900 million and the scale of net outflows from major funds narrows. This would imply repeated oscillation around the 52-week low and lower Bollinger Band, with technical indicators recovering from low levels but still insufficient to confirm a trend reversal
• Moderately weak decline (medium weight; a subjective heuristic judgment based on the current technical pattern and fund flows, not a statistical probability): price range approximately RMB 40.5–42.5. Trigger conditions are a decisive close below RMB 42.5, daily turnover value significantly exceeding the recent average of approximately RMB 880 million, and continued sizable net outflows from extra-large and large orders. If support at RMB 42.5 fails, the share price could retest RMB 42 or even lower levels, with volatility potentially expanding after the support break
• Strengthening rebound (low weight but not impossible; a subjective heuristic judgment based on the current technical pattern and fund flows, not a statistical probability): price range approximately RMB 45.5–47.8. Trigger conditions are a recovery above RMB 43.7–44.0 followed by a break through the RMB 45.3–46.1 moving-average resistance zone, with daily turnover value remaining above recent averages—preferably reaching approximately RMB 1 billion or more—and consecutive net inflows from extra-large and large orders. If MA5 and MA10 are reclaimed on higher volume, the share price could rebound toward MA20 and approximately RMB 47; only a further break above RMB 47.8 would indicate a more significant short-term repair of the declining structure

③ Fund-Flow and Liquidity Background

As of September 11, 2026, the turnover rate was approximately 1.13% and turnover value approximately RMB 844 million. The average turnover value over the past 20 trading days, roughly estimated from closing prices and trading volume, was approximately RMB 880 million. Recent turnover value can broadly be divided into lower levels of approximately RMB 510–600 million, normal levels of approximately RMB 650–850 million and approximately RMB 1.09–1.38 billion during periods of increased volatility. Liquidity remains adequate, but the combined net outflow from large and extra-large orders was approximately RMB 111 million on September 11, with no clear high-volume stabilization signal yet.

As of June 30, 2026, the top 10 tradable shareholders collectively held approximately 1.116 billion shares, representing 64.20% of tradable shares. The largest shareholder, Maike International Holdings (Hong Kong) Limited, held 57.88% of total shares. Identifiable funds, insurers and overseas investors among the top 10 tradable shareholders included the ChinaAMC CSI Robotics ETF, China Life traditional insurance products, E Fund CSI Robotics ETF, Morgan Stanley, the Abu Dhabi Investment Authority and Tianhong CSI Robotics ETF. Wind data showed that institutional holdings collectively accounted for approximately 66.87% of tradable shares, including approximately 4.41% held by funds, 0.98% by insurers and 0.67% by QFII, with the remainder mainly held by major shareholders or other institutions. The number of shareholders was 200,258 as of June 30, 2026, up 18.34% from March 31, 2026, while the holdings ratio of the top 10 tradable shareholders declined approximately 2.38 percentage points quarter on quarter. This indicates that ownership became somewhat more dispersed than in the previous quarter, although nominal concentration remained high. Because the ownership data are approximately two and a half months older than the latest share-price data, they cannot fully reflect actual holding changes from July to September 2026. Accordingly, the above concentration and institutional-structure data should be treated only as lagging background information and should not be used to directly infer the latest shareholder structure.

A verifiable volume-confirmation signal would be the following: if daily turnover value subsequently exceeds approximately RMB 1 billion for several consecutive sessions, the closing price regains the RMB 45.3–46.1 range, and extra-large and large-order flows turn into simultaneous net inflows, this could be viewed as an observation signal of improved short-term fund participation. If turnover value increases to more than RMB 1 billion during declines while large orders continue to show net outflows, this would be more consistent with risk release.

④ Points to Monitor (Observation Framework Only, Not Trading Instructions)

• Observe whether the RMB 42.5–43.7 area stabilizes on lower volume; do not treat a single intraday rebound as a trend reversal. This is an observation framework, not a trading instruction.
• Observe whether the RMB 45.3–46.1 moving-average resistance zone can be reclaimed on higher volume. This is an observation framework, not a trading instruction.
• Observe whether RMB 42.5 is decisively broken; if it is broken on higher volume, monitor support near RMB 42 and lower levels. This is an observation framework, not a trading instruction.
• Observe whether turnover value exceeds approximately RMB 1 billion for several consecutive sessions and whether extra-large and large-order flows shift from net outflows to consecutive net inflows. This is an observation framework, not a trading instruction.

The above scenario analysis is based on the September 11, 2026 closing data and calculations using historical prices and technical indicators. Short-term share prices will also be affected by news, fund flows, broader market conditions and other factors. Technical indicators themselves have lagging characteristics and limitations. This analysis does not guarantee actual future performance or constitute a buy or sell recommendation. Investors should independently assess the latest market information and bear their own investment risk.

6. Industry Landscape and Competitor Analysis

6.1 Industry Conditions

The automotive-components industry is characterized by “concentrated automakers, fragmented component segments and gradual concentration among system-level suppliers.” New-energy vehicles are driving components from mechanical parts toward electrification, electronics, software and system integration. Automakers increasingly favor suppliers capable of participating in synchronized development, providing modular solutions and delivering globally. Tuopu covers chassis, thermal management, air suspension, automotive electronics, interiors and damping. It benefits from the development of new-energy vehicles and intelligent driving, while facing competition from international suppliers, specialized domestic companies and automakers’ in-house R&D.

6.2 Competitive Landscape

• Key competitive factors include customer certification and synchronized-development capabilities, product quality and mass-production stability, lightweighting and electrification capabilities, software capabilities, global manufacturing and delivery capabilities, cost control and the ability to absorb annual price reductions, financial strength and capacity-expansion capabilities, and coverage of new-energy and overseas customers.
• New-energy vehicles are driving upgrades in chassis, thermal management, air suspension and automotive electronics, but these segments simultaneously face competition from traditional international suppliers, specialized domestic companies and automakers’ in-house development.
• The competitive advantages of system-level suppliers are gradually shifting from single-component manufacturing toward platform-based products, cross-domain technology, global manufacturing, synchronized R&D and modular supply.
• Tuopu does not possess traditional mineral, energy or natural-resource reserves. Its principal resources are reflected in R&D capabilities, customer nominations, production bases and capacity under construction.
• At the end of 2025, overseas assets totaled RMB 4.682 billion, or 10.66% of total assets. The company had established a global production and R&D footprint in China, Mexico, Poland, Brazil and Malaysia, and was advancing construction of a Thailand production base. Overseas plants may face labor, management, logistics, quality-certification and capacity-ramp costs during the initial production stage.
• The company disclosed that air-suspension capacity is expected to increase to approximately 1.5 million units in 2026. This figure is a 2026 plan or estimate and does not represent actual capacity that had been fully ramped as of December 31, 2025.
• The five largest customers accounted for 65.79% of sales in 2025, indicating high customer concentration. The company has not disclosed unified market-share data for its various products globally. Its competitive position is assessed mainly based on product coverage, customer nominations, capacity footprint and R&D capabilities.

6.3 Major Competitors

Tuopu Group is a platform-based, system-level components supplier covering chassis, interiors, damping, thermal management, automotive electronics and air suspension. Its core characteristics are a broad product portfolio, system-integration capabilities and the “Tier 0.5” model. Huayu Automotive’s advantages lie in scale, customer coverage and interior/exterior system integration; Yinlun’s in heat exchangers and new-energy thermal management; Baolong Technology’s in TPMS, automotive electronics, air suspension and specialized chassis technologies; and Xusheng Group’s in aluminum-alloy die casting, forging and extrusion. Tuopu’s relative advantages lie in its multi-product platform, chassis-system integration, synchronized development and global manufacturing footprint. However, profitability remains affected by automaker bargaining power, customer concentration, material prices and the ramp-up of new capacity.

7. Risk Factors

• High customer concentration: The five largest customers accounted for 65.79% of annual sales in 2025. Automakers may transmit pressure through annual price reductions, vehicle-lifecycle price management, quality claims or supplier switching. Changes in projects from a single major customer or a group of major customers could materially affect revenue and profit.
• Risk of continued gross-margin decline: Overall automotive-components gross margin fell to 18.04% in 2025, down 1.38 percentage points year on year. Gross margins for major products, including interior functional components, chassis systems, automotive electronics and thermal management, were affected by customer price reductions, materials costs, depreciation from new capacity and capacity ramp-up. Revenue growth may not translate into corresponding profit growth.
• Raw-material cost risk: Direct materials for automotive components cost RMB 17.904 billion in 2025, accounting for 79.37% of total costs. Changes in the prices of aluminum alloys, steel, rubber, plastics and electronic components directly affect profitability, while the company, as a midstream player, lacks absolute pricing power over key materials.
• Capacity-construction and project-delay risk: The planned completion dates for the Ningbo Qianwan lightweight-chassis, interior and thermal-management projects, as well as the Thailand thermal-management project, have all been postponed to December 2027. If market demand, customer vehicle launches or overseas operating conditions continue to change, capacity utilization may be insufficient, depreciation and amortization may increase, and returns on capital expenditure may fall below expectations.
• Overseas operating risk: The company has established operations in Mexico, Poland, Brazil and Malaysia and is advancing construction of a Thailand production base. Overseas projects may be affected by international trade barriers, geopolitics, the phase-out of overseas subsidies, labor and logistics costs, quality certification and management coordination. Foreign-exchange losses of approximately RMB 118 million in the first half of 2026 also weighed on current-period profit.
• Downstream competition and technology-substitution risk: Air suspension, automotive electronics, thermal management, brake-by-wire and steer-by-wire face competition from international suppliers, specialized domestic companies and automakers’ in-house development. If the company’s technology upgrades, quality stability or customer-nomination progress fall short of expectations, this could affect the volume ramp-up of new businesses and execution of the platform strategy.
• Receivables and bill-settlement risk: Financing receivables were RMB 4.829 billion at the end of 2025, up 81.55% year on year, mainly due to an increase in bank acceptance bills. Although net operating cash flow increased 38.50% year on year in 2025, the quality of collections and changes in capital tied up in sizable bill settlements and customer credit-term arrangements still require monitoring.
• Valuation and share-price volatility risk: As of September 11, 2026, the company’s TTM P/E was approximately 30–37x, the share price had declined approximately 12.9% over the past 20 trading days, and large and extra-large orders showed continued net outflows. If earnings forecasts are lowered further or new businesses ramp more slowly than expected, valuation pressure and share-price volatility could increase.

8. Conclusion and Outlook

Tuopu Group’s core growth thesis lies in upgrading from single-component manufacturing to a multi-product, system-level and platform-based supplier. Chassis, air suspension, thermal management and automotive electronics have demand potential arising from the transition toward new energy and intelligent vehicles. R&D investment, synchronized-development capabilities, the global manufacturing footprint and the “Tier 0.5” cooperation model should help improve customer stickiness and per-vehicle content. Robot actuators have generated commercial revenue, but 2025 revenue was only RMB 13.59 million, leaving the business at an early stage and unsuitable as a principal mature earnings pillar in the short term.

The key to short-term earnings recovery lies in the ramp-up of new and overseas capacity, progress on fund-raising projects, control of materials and manufacturing costs, and whether customer price pressure eases. Several Ningbo Qianwan projects and the Thailand thermal-management project have been postponed to December 2027, reflecting the impact of slower domestic new-energy vehicle growth, the phase-out of overseas subsidies, trade barriers and delays in customer vehicle launches on the pace of capacity release. Institutional forecasts still expect net profit to increase progressively from 2026 to 2028, but recent forecasts have generally been lowered from earlier estimates and the forecast ranges remain wide. Future delivery will depend on margins rather than revenue growth alone.

Overall, the company has a relatively clear direction of product expansion and platform-based development, but is currently in a phase where revenue expansion and earnings pressure coexist. Investors should focus on volume growth and gross-margin changes in automotive electronics, air suspension and thermal management; actual utilization of overseas plants and fund-raising projects; operating cash flow; customer concentration; and changes in material costs. At the share-price level, attention should be paid to the evolution of support at RMB 42.5–43.7 and moving-average resistance at RMB 45.3–46.1. However, technical indicators reflect only short-term trading conditions and cannot replace fundamental analysis of the company.

Data Sources

• Tuopu Group (601689)_Company Announcements_Tuopu Group: Summary of the 2025 Annual Report_Sina Finance_Sina.com
• Ningbo Tuopu Group Co., Ltd. 2025 Annual Report
• Ningbo Tuopu Group Co., Ltd. 2024 Annual Report
• Huayu Automotive Systems Co., Ltd. 2024 Annual Report
• Yinlun (002126)_Company Announcements_Yinlun: 2024 Annual Report_Sina Finance_Sina.com
• Shanghai Baolong Automotive Corporation 2024 Annual Report
• Xusheng Group　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　Offering Memorandum
• Tuopu Group (601689)_Stock Quote, Quote Homepage_CFi.cn
• Tuopu Group (601689)_Company Announcements_Tuopu Group: Summary of the 2026 Interim Report_Sina Finance_Sina.com
• Tuopu Group (601689) Earnings Forecasts_F10_Tonghuashun Financial Services
• Tuopu Group (601689) 2026 Interim Results Review: Short-Term Profitability Under Pressure; Emerging Businesses Accelerating Deployment_Sina Finance
• Tuopu Group (601689)_Company Announcements_Tuopu Group: 2025 Annual Report_Sina Finance_Sina.com
• Company Announcements_Tuopu Group: 2025 Annual Report_Sina Finance_Sina.com
• Tuopu Group (601689) Earnings Forecasts_F10_Tonghuashun Financial Services
• BOCOM International: Buy Rating on Tuopu Group, Target Price RMB 76.35_Securities Star Stock Channel
• https://reportify.cn/reports/1249423647689543680?utm_source=openai
• Tuopu Group (601689) Stock Forecast and Analyst Ratings – Futu NiuNiu
• Tuopu Group (601689) P/E | Valuation | Fundamentals – Lixinger
• Investor Relations – Tuopu, a Technology Platform Enterprise
• Ningbo Tuopu Group Co., Ltd. 2026 Interim Report
• static.sse.com.cn
• Tuopu Group (601689)_Company Announcements_Tuopu Group: Announcement on Increasing the Expected Quota for 2026 Ordinary Related-Party Transactions_Sina Finance_Sina.com
• Stock Code: 601689　　Stock Abbreviation: Tuopu Group　　Announcement No.: 2026-048
• Tuopu Group (601689) Announcements (All) – Lixinger
• Stock Code: 601689
• Regulatory Inquiries | Shanghai Stock Exchange
• static.sse.com.cn
• Tuopu Group (601689) M&A and Restructuring – Securities Star
• Ningbo Tuopu Group Co Ltd (601689) Historical Data – Investing.com
• Ningbo Tuopu Group Co Ltd (601689) Historical Prices – Investing.com
• Tuopu Group (601689) Stock Price Trend, Technical Analysis, Forecasts and Trading Recommendations – Investing.com
• Tuopu Group (601689)_Fund Flows_Securities Star
• Tuopu Group (601689)_Company Announcements_Tuopu Group: 2026 Interim Report_Sina Finance_Sina.com
• Tuopu Group (601689) Latest Developments_F10_Tonghuashun Financial Services
• Tuopu Group (601689) – Tradable Shareholders – Stock Market Center – Sohu Securities

This report was automatically researched, compiled and generated by AI based on publicly available information. The information is current as of the September 11, 2026 close; the current date is September 13, 2026, and September 12–13 are the weekend, making September 11 the most recent trading day. Information may be subject to timing differences. Specific data should be based on the company’s formal announcements and authoritative data terminals. This report is for information compilation and research reference only and does not constitute investment advice. Investors should make independent judgments and bear their own investment risk.