Ningbo Tuopu Group (601689) H2 2025 earnings summary

Executive summary

• Achieved revenue of RMB 29.58 billion in 2025, up 11.21% year-over-year; net profit attributable to shareholders was RMB 2.78 billion, down 7.38% year-over-year.

• Operating cash flow increased 38.5% year-over-year to RMB 4.48 billion.

• Completed acquisition of Wuhu Changpeng, enhancing market share in interior products.

• Continued expansion in international markets with new production bases in Mexico, Poland, and Thailand.

Financial highlights

• Revenue: RMB 29.58 billion (+11.21% YoY); Net profit: RMB 2.78 billion (-7.38% YoY).

• Operating cash flow: RMB 4.48 billion (+38.5% YoY).

• Gross margin for auto parts: 18.04%, down 1.38 percentage points YoY.

• R&D expenses: RMB 1.50 billion (+22.2% YoY), representing 5.06% of revenue.

• Total assets: RMB 43.93 billion (+17.02% YoY); Net assets: RMB 24.10 billion (+23.26% YoY).

Outlook and guidance

• Focus on expanding global production capacity, especially in Thailand, Mexico, and Poland.

• Continued investment in R&D and digital manufacturing.

• Plans to list H-shares in Hong Kong to support internationalization.

• Anticipates further growth in international and domestic EV markets.