公司代码：601689 公司简称：拓普集团 宁波拓普集团股份有限公司 2025 年半年度报告 2025 年 8 月 宁波拓普集团股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人邬建树、主管会计工作负责人洪铁阳及会计机构负责人（会计主管人员）洪铁 阳声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 本报告期不进行利润分配或公积金转增股本。 六、 前瞻性陈述的风险声明 十一、 其他 √适用 □不适用 本报告中关于公司未来发展战略、 经营计划等前瞻性描述， 均不构成对投资者的实质承诺，敬 请投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 ...

证券代码：601689 证券简称：拓普集团 公告编号：2025-068 宁波拓普集团股份有限公司 2025年半年度募集资金存放与使用情况专项报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 根据中国证券监督管理委员会《上市公司募集资金监管规则》，上海证券交 易所《上海证券交易所上市公司自律监管指引第 1 号——规范运作》以及《上海 证券交易所上市公司自律监管指南第 1 号——公告格式》的相关规定，本公司就 2025 年半年度募集资金存放与使用情况作如下专项报告： 一、募集资金基本情况 （一）2022 年 7 月完成的公开发行可转债募集资金情况 1、实际募集资金金额、资金到位情况 经中国证券监督管理委员会下发的《关于核准宁波拓普集团股份有限公司公 开发行可转换公司债券的批复》（证监许可〔2022〕830 号）核准，公司向社会 公开发行面值总额为 2,500,000,000.00 元可转换公司债券，期限 6 年。截至 2022 年 7 月 20 日止，公司实际已发行人民币可转换公司债券 25,000,000 张，每张面 ...

一、本次制定、修订及废止的制度清单 证券代码：601689 证券简称：拓普集团 公告编号：2025-069 宁波拓普集团股份有限公司 关于不再设置监事会并修订《公司章程》 及修订、制定公司相关治理制度的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 鉴于《中华人民共和国公司法》《上市公司章程指引》等法律法规、规范性 文件已修订并颁布实施，为贯彻落实相关要求，进一步完善治理结构，宁波拓普 集团股份有限公司（以下简称"公司"）于2025年8月28日召开第五届董事会第二 十五次会议、第五届监事会第二十次会议，审议通过了《关于修订<公司章程> 及其附件的议案》《关于公司不再设置监事会并修订<公司章程>及相关议事规则 的议案》。公司结合实际情况对《公司章程》及相关治理制度进行修订、制定和 废止。本次修订章程后，公司不再设置监事会，原监事会相关职权由董事会审计 委员会承接，《监事会议事规则》等监事会相关制度相应废止。同时，为进一步 提升公司环境、社会及管治（ESG）管理水平，积极履行企业社会责任，促进公 司的可持续发展，公司拟 ...

拓普集团(601689.SH)发布2025年半年度报告，营业收入129.35亿元，同比增长5.83%；实现归属于上市 公司股东的净利润12.95亿元，同比下降11.08%。 ...

Group 1 - The core viewpoint is that a potential interest rate cut by the Federal Reserve may enhance capital expenditure willingness in the U.S. industrial and consumer goods sectors, benefiting export chain enterprises [2] - The Fed's interest rate futures market indicates an 89% probability of a 25 basis point cut in September, up from 75% the previous day, with an expected cumulative cut of approximately 58 basis points for the year [2] Group 2 - Zhiyuan Robotics held its first partner conference, showcasing its full-chain layout in products, technology, business, ecology, capital, and team, aiming to accelerate the commercialization of embodied intelligence [3] - NVIDIA is set to launch a new AI product on August 25, which is anticipated to be a significant breakthrough in the smart field [3] Group 3 - Recommended companies for investment include SANY Heavy Industry (600031.SH), Anhui Heli (600761.SH), Top Group (601689.SH), and Bozhong Precision (688097.SH) [1][4] - Various sectors to focus on include engineering machinery, general machinery, humanoid robots, 3C sector, semiconductor equipment, energy equipment, scientific instruments, controlled nuclear fusion, and other specialized equipment [4]

Investment Rating - The report maintains a positive outlook on the automotive industry, indicating an "Overweight" rating for the sector, suggesting it will outperform the overall market [4][16]. Core Insights - The report highlights the strong performance of Tianzhun Technology, Fuyao Glass, and Xingyu Co., emphasizing their competitive advantages and growth potential in the automotive sector [3][4][6][7]. - Tianzhun Technology is expected to benefit significantly from the release of NVIDIA's Orin chip, enhancing its position in the Jetson platform and leading to a potential valuation increase [3][5]. - Fuyao Glass has revised its annual profit guidance upwards, projecting a profit of 10 billion yuan for 2025, supported by a 17% year-on-year revenue growth in the first half of 2025 [4][6]. - Xingyu Co. reported a 28.3% year-on-year revenue increase in Q1 2025, with expectations for continued strong performance in subsequent quarters [4][7]. - Top Group is anticipated to rebound due to expected improvements in Tesla's performance and the upcoming launch of its third-generation humanoid robot [4][9]. - Leap Motor has shown significant improvement, achieving profitability in the first half of 2025, with a focus on high-margin products and strategic partnerships [4][10]. Summary by Company Tianzhun Technology - Anticipated to gain a competitive edge with the release of NVIDIA's Orin chip, enhancing its capabilities in the Jetson platform [3][5]. - The report suggests a clear trend of computational power inflation, with expectations of reaching hundreds of TeraFLOPS [5]. Fuyao Glass - Achieved a revenue of 21.447 billion yuan in H1 2025, a 17% increase year-on-year, with a projected profit of 10 billion yuan for the full year [4][6]. - The growth is attributed to increased market share and the rising demand for high-value glass applications in the automotive sector [6]. Xingyu Co. - Reported a revenue of 3.09 billion yuan in Q1 2025, marking a 28.3% increase year-on-year, with strong performance expected to continue [4][7]. - The company is well-positioned in the global market, benefiting from competitors' struggles [7]. Top Group - Experienced a significant stock price drop due to underperformance from Tesla, but is expected to recover with upcoming product launches [4][9]. - The anticipated release of Tesla's third-generation humanoid robot is seen as a major catalyst for growth [9]. Leap Motor - Achieved profitability in H1 2025, with a focus on high-end product lines and strategic partnerships contributing to revenue growth [4][10]. - The D series is expected to differentiate itself in the market, leading to increased sales and profitability [10].

Group 1 - The market is optimistic about the future development of humanoid robots, with several manufacturers expecting significant growth by 2026 [1] - The humanoid robot industry is anticipated to enter a phase of tens of thousands of units, with a notable order of 10,000 units marking the largest single order in the industry's history [1] - The market scale is expected to expand at a tenfold rate as manufacturers' sales targets shift from thousands to tens of thousands of units [1] Group 2 - The rapid growth of the market may lead to increased differentiation among manufacturers, as the rise in robot sales is driven by the development of new application scenarios rather than traditional ones [2] - New application scenarios for humanoid robots include industrial manufacturing, logistics sorting, security inspection, textile and clothing, and healthcare, which will attract more manufacturers into the market [2] - The influx of new suppliers into the industry chain may dilute the market share of existing manufacturers while enhancing the share of leading companies in certain segments [2] Group 3 - High barriers to expansion exist in areas with significant manufacturing challenges, such as the production of planetary roller screws, which require advanced materials and equipment [3] - Key processes like thread grinding, surface hardening, and precision assembly have high external dependencies, contributing to the barriers in these segments [3] Group 4 - As sales of humanoid robots increase, their prices are expected to decline, with potential costs dropping to $20,000 as indicated by industry leaders [4] - Companies with strong manufacturing and management capabilities are likely to capture a larger market share as the price-performance ratio of humanoid robots improves [4] - The automotive, construction machinery, and consumer electronics sectors have already demonstrated that companies with excellent manufacturing and management skills can achieve higher market shares [4]

Investment Rating - The report maintains a positive investment rating for the automotive and automotive parts industry, highlighting strong performance and growth potential in the sector [5]. Core Views - The automotive industry is experiencing a significant transformation driven by the rise of intelligent and electric vehicles, with a focus on high-quality domestic brands such as Geely, Xiaopeng, Li Auto, BYD, and Xiaomi [10][13]. - The report emphasizes the robust performance of passenger car companies in Q2 2025, with notable improvements in gross margins and reduced operating losses for new energy vehicle manufacturers [2][11]. - The collaboration between NVIDIA and Foxconn in the robotics sector is expected to catalyze growth in the artificial intelligence and robotics market, with significant production targets set for humanoid robots [3][12]. Summary by Sections 1. Weekly Insights - Passenger car sales for the third week of August 2025 reached 437,000 units, representing a year-on-year increase of 8.2% and a month-on-month increase of 14.2% [42]. - The automotive sector outperformed the market, with the A-share automotive sector rising by 7.2% during the week of August 18-22, 2025, ranking sixth among sub-industries [29]. 1.1 Passenger Cars - The report highlights the acceleration of high-end domestic vehicle production, with new models set to launch in late August and September 2025, which is expected to boost sales [11][13]. 1.2 Intelligent Electric Vehicles - The report notes the long-term growth potential in the intelligent electric vehicle segment, with a focus on the increasing market share of domestic brands and the expansion of overseas markets [14]. 1.3 Robotics - The report discusses the entry of leading companies into the robotics market, with a focus on the production of humanoid robots and the expected commercialization of embodied intelligence [3][12]. 1.4 Motorcycles - The motorcycle market is experiencing rapid expansion, particularly in the mid-to-large displacement segment, with significant year-on-year sales growth [20][22]. 1.5 Heavy Trucks - The heavy truck market is expected to recover due to expanded subsidies for replacing old vehicles, which will stimulate demand [23][24]. 1.6 Tires - The tire industry is benefiting from high demand and low valuations, with a focus on global expansion and the development of high-end products [25][28]. 2. Weekly Data - The report provides detailed sales data for passenger cars, highlighting the impact of new consumption stimulus policies on demand [42][43].

Core Viewpoint - Ningbo Topu Chassis System Co., Ltd. has obtained a patent for an "air spring piston," indicating its innovation in the automotive manufacturing sector [1] Company Overview - Ningbo Topu Chassis System Co., Ltd. was established in 2020 and is located in Ningbo City, primarily engaged in the automotive manufacturing industry [1] - The company has a registered capital of 600 million RMB [1] - According to data from Tianyancha, the company has participated in 7 bidding projects and holds 53 patents, along with 4 administrative licenses [1] Patent Details - The newly granted patent (CN223257397U) was applied for on November 2024 and describes an air spring piston that includes a piston body and an electromagnetic valve [1] - The piston body consists of an upper piston and a lower piston, with specific design features aimed at enhancing functionality, such as a downward extending annular extension and a vent hole in the lower piston [1] - The design also incorporates a supporting ring made of metal, which is fixed within the lower piston, indicating a focus on durability and performance [1]

Index Performance - The CSI A500 Index increased by 4.27% this week, closing at 5198.91 points as of August 22 [5] - The average daily trading volume for the week was 8003.97 billion yuan, with a week-on-week increase of 32.60% [5] Component Stocks Performance - The top ten gainers this week included: 1. Cambrian (688256.SH) with a rise of 34.59% 2. Sinopec Capital (000617.SZ) up by 34.38% 3. ZTE Corporation (000063.SZ) increasing by 32.21% 4. Kunlun Wanwei (300418.SZ) up by 23.48% 5. Northern Rare Earth (600111.SH) rising by 22.95% [2] - The top ten losers included: 1. Quzhou Development (600208.SH) down by 11.68% 2. Giant Star Technology (002444.SZ) decreasing by 6.90% 3. Weilan Lithium Core (002245.SZ) down by 6.82% 4. Xuan Tai Medical (688617.SH) down by 5.66% 5. Tiger Med (300347.SZ) decreasing by 4.92% [2] Fund Performance - All 39 CSI A500 funds closed with a gain of 2% or more this week, with the leading fund being Huatai-PineBridge's A500 Index Fund (512370) which rose by 4.62% [5] - The total scale of CSI A500 funds reached 1810.70 billion yuan, showing an increase compared to the previous week [5] - The top three funds by scale are: 1. Huatai-PineBridge with 203.31 billion yuan 2. Guotai Fund with 183.57 billion yuan 3. E Fund with 183.57 billion yuan [5] Market Outlook - Shenyin Wanguo Securities reported a continued bullish market atmosphere, expecting strong performance to persist until early September, with limited corrections thereafter [5] - Guotai Junan Securities emphasized a cautious optimism regarding the market's upward potential, suggesting that a transition from liquidity-driven growth to fundamental-driven growth is necessary for sustained upward movement [5]