Ningbo Tuopu Group (601689) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 reached ¥12.93 billion, up 5.83% year-over-year, while net profit attributable to shareholders fell 11.08% to ¥1.29 billion.

• Operating cash flow surged 136.54% to ¥2.46 billion, reflecting improved collections.

• Gross margin declined slightly, with most product lines experiencing margin pressure.

• The company completed the redemption of convertible bonds, increasing total shares to 1,737,835,580.

Financial highlights

• Total assets at June 30, 2025: ¥40.23 billion, up 7.16% from year-end 2024.

• Net assets attributable to shareholders: ¥22.58 billion, up 15.48% from year-end.

• Basic and diluted EPS: ¥0.75, down 14.77% year-over-year.

• Gross margin for main business: 17.56%, down 1.36 percentage points year-over-year.

• R&D expenses increased to ¥705 million, representing 5.45% of revenue.

Outlook and guidance

• Management expects continued growth in the smart electric vehicle sector and is expanding capacity in China, Mexico, Poland, and Thailand.

• Ongoing investment in R&D and new business lines, including robotics, is expected to drive future growth.

• Margin improvement is anticipated as new plants reach scale and R&D amortization is diluted by higher sales.