证券代码：601689 证券简称：拓普集团 公告编号：2025-080 宁波拓普集团股份有限公司 关于签订募集资金专户存储三方监管协议的公告 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。 一、募集资金基本情况 （一）公开发行可转换公司债券募集资金 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 值 100 元人民币，募集资金总额为人民币 2,500,000,000.00 元，扣除发行费用人 民币 11,027,358.47 元（不含税）后，募集资金净额为人民币 2,488,972,641.53 元。 以上募集资金已于 2022 年 7 月 20 日全部到账，并由立信会计师事务所（特殊普 通合伙）对本次发行的募集资金到位情况进行了 ...

Group 1 - On October 31, Top Group executed a block trade of 119,100 shares, with a transaction amount of 7.5307 million yuan, accounting for 0.12% of the total transaction amount for the day [1] - The transaction price was 63.23 yuan, which represents a discount of 14.3% compared to the market closing price of 73.78 yuan [1]

Core Viewpoint - The company reported its performance for the first three quarters of 2025, showing a revenue increase but a decline in net profit, highlighting the impact of market dynamics and strategic initiatives on its financials [1] Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 20.93 billion yuan, a year-on-year increase of 8%, while the net profit attributable to shareholders was 1.97 billion yuan, a year-on-year decrease of 12% [1] - For Q3 2025, the company reported a revenue of 7.99 billion yuan, a year-on-year increase of 12% and a quarter-on-quarter increase of 12%, with a net profit of 670 million yuan, down 14% year-on-year and 8% quarter-on-quarter [1] - The gross profit margin for Q3 2025 was 18.6%, down 2.2 percentage points year-on-year and 0.6 percentage points quarter-on-quarter, while the net profit margin was 8.4%, down 2.5 percentage points year-on-year and 1.8 percentage points quarter-on-quarter [1] Market Expansion and Product Diversification - The company is expanding its global production capacity and customer base, with the Mexico Phase I project already in operation and plans for a Phase II factory in Poland to support local European orders [2] - A production base in Thailand is also being established to enhance global layout and risk resilience, with a focus on automotive electronics products, which are expected to see significant order growth [2] Technological Advancements - The company is investing in core technologies, particularly in robotics and liquid cooling systems, with ongoing collaborations to expand product offerings [3] - In H1 2025, the revenue from the electric drive system business was 10 million yuan, reflecting a year-on-year increase of 22% with a gross margin of 31% [3] - The company is developing liquid cooling products and has established flexible production lines for electronic expansion valves, aiming to enhance production capacity in Mexico, Poland, and Thailand [3] Profit Forecast - The company anticipates net profits of 3.1 billion yuan, 3.8 billion yuan, and 4.6 billion yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 40, 32, and 27 times [3]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a revenue of 20.93 billion yuan for the first three quarters of 2025, representing an 8% year-on-year increase, while the net profit attributable to shareholders decreased by 12% to 1.97 billion yuan [1] - The company is expanding its global footprint and diversifying its product offerings, which is expected to create new growth points for performance [2] - The company is focusing on core technologies in robotics and liquid cooling, with significant potential for future growth [3] Financial Performance - In Q3 2025, the company achieved a revenue of 7.99 billion yuan, a 12% increase year-on-year and quarter-on-quarter, while the net profit attributable to shareholders was 670 million yuan, down 14% year-on-year and 8% quarter-on-quarter [1] - The gross profit margin for Q3 2025 was 18.6%, a decrease of 2.2 percentage points year-on-year and 0.6 percentage points quarter-on-quarter, while the net profit margin was 8.4%, down 2.5 percentage points year-on-year and 1.8 percentage points quarter-on-quarter [1] - The company expects net profits attributable to shareholders to reach 3.1 billion yuan, 3.8 billion yuan, and 4.6 billion yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 40, 32, and 27 times [3] Business Development - The company is actively expanding its global production capacity, with projects in Mexico and plans for a second phase in Poland, as well as a production base in Thailand [2] - The company is enhancing its product matrix, particularly in automotive electronics, with expected production capacity to reach approximately 1.5 million units by 2025 [2] - The company has made strategic acquisitions, such as the purchase of a supplier for Chery, which is expected to increase market share [1]

Group 1 - The core point of the news is that Top Group's stock price increased by 5.14% to 73.87 CNY per share, with a trading volume of 1.74 billion CNY and a market capitalization of 128.37 billion CNY as of October 31 [1] - Top Group, established on April 22, 2004, and listed on March 19, 2015, specializes in the research, production, and sales of automotive parts and accessories [1] - The revenue composition of Top Group includes: interior functional parts 33.76%, chassis systems 28.66%, shock absorbers 15.77%, automotive electronics 8.31%, thermal management systems 7.58%, others 5.86%, and electric drive systems 0.06% [1] Group 2 - From the perspective of major fund holdings, one fund under Agricultural Bank of China holds shares in Top Group, specifically the Agricultural Bank of China Rui Feng 6-month holding mixed fund (014576), which held 5,100 shares, accounting for 0.77% of the fund's net value, ranking as the sixth largest holding [2] - The Agricultural Bank of China Rui Feng 6-month holding mixed fund was established on March 22, 2022, with a latest scale of 53.32 million CNY and has achieved a year-to-date return of 8.74%, ranking 6,120 out of 8,154 in its category [2] - The fund manager, Shi Xiangming, has a tenure of 19 years and 124 days, with the fund's total asset size at 526 million CNY, achieving a best return of 107.52% and a worst return of -19.9% during his tenure [3]

Summary of Ningbo Tuopu Group Co Ltd 3Q25 Earnings Call Company Overview - **Company**: Ningbo Tuopu Group Co Ltd - **Industry**: China Autos & Shared Mobility - **Stock Rating**: Overweight - **Price Target**: Rmb67.00 - **Current Share Price**: Rmb70.26 (as of October 30, 2025) - **Market Capitalization**: Rmb120,280.2 million Key Financial Results - **3Q25 Earnings**: Declined 14% YoY and 8% QoQ to Rmb672 million, missing market expectations for positive YoY growth in 3Q25 [1][2] - **3Q25 Revenue**: Increased 12% YoY and QoQ to Rmb8.0 billion, supported by Geely's 48% YoY production volume growth [1][2] - **Gross Margin**: Contracted 2.2 percentage points YoY and 0.6 percentage points QoQ to 18.6%, the lowest since 2020, due to pricing pressure and high depreciation & amortization costs [2] - **Operating Margin**: Declined by 2.4 percentage points YoY to 9.8% as operating expenses grew faster than revenue [2] - **Recurring Net Profit**: Decreased 10% YoY to Rmb655 million [2] Revenue Breakdown - **Revenue Comparison**: - 3Q24: Rmb7,130 million - 2Q25: Rmb7,167 million - 3Q25: Rmb7,994 million - **Gross Profit**: Remained flat YoY at Rmb1,490 million, with a slight increase of 8% QoQ [2] Market Context - **Competitors**: Performance varied among competitors with Aito (+11% YoY), BYD (-5% YoY), and Tesla global (-5% YoY) [1] - **Industry Dynamics**: The automotive industry is facing ongoing pricing pressures and high costs, impacting margins [2] Future Outlook - **Earnings Call Focus Areas**: - Progress on humanoids and AIDC liquid cooling - OEM annual price cut and gross margin outlook - Plant ramp-up progress in Mexico and Thailand [6] Risks and Opportunities - **Upside Risks**: - New project wins from existing customers or new customer orders - Higher value content per vehicle from product coverage expansion - Margin expansion from falling aluminum alloy costs [10] - **Downside Risks**: - Weaker-than-expected demand from Tesla - Lower-than-expected utilization for chassis parts capacity - Rising aluminum alloy costs [10] Conclusion - **Investment Thesis**: Despite the modest shortfall in earnings and ongoing challenges in the automotive sector, Ningbo Tuopu Group's growth potential in chassis, thermal management, and intelligent driving systems remains a focal point for long-term investment considerations [8]

Core Insights - The company reported a revenue of 20.928 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 8.14% [1] - The net profit attributable to the parent company was 1.967 billion yuan, showing a year-on-year decline of 11.97% [1] - The net profit after deducting non-recurring gains and losses was 1.816 billion yuan, down 10.22% year-on-year [1] - The basic earnings per share stood at 1.14 yuan [1]

Core Viewpoint - Top Group is a leading automotive parts supplier in China, with a diverse product matrix and a focus on providing comprehensive modular services to clients [1] Group 1: Business Performance - In Q3 2025, Top Group achieved a revenue of 20.928 billion, ranking second among 103 companies in the industry, with the industry leader Weichai Power generating 170.571 billion [2] - The company's net profit for the same period was 1.969 billion, also ranking second, while Weichai Power's net profit was 10.852 billion [2] Group 2: Financial Ratios - As of Q3 2025, Top Group's debt-to-asset ratio was 44.05%, down from 45.63% year-on-year, but higher than the industry average of 39.06% [3] - The gross profit margin for the same period was 19.20%, down from 21.17% year-on-year, and below the industry average of 21.53% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 30.02% to 143,700, while the average number of shares held per shareholder decreased by 23.09% to 12,100 [5] - Major shareholders include Hong Kong Central Clearing Limited and Huatai-PB CSI 300 ETF, with significant reductions in their holdings [5] Group 4: Strategic Developments - Top Group is expanding its product matrix across eight business segments and has established stable partnerships with various automotive manufacturers [5] - The company is also entering international markets, with a manufacturing base in Thailand expected to be operational by the end of 2025 [5] - New business areas such as robotics and liquid cooling are being developed, with initial orders for liquid cooling products reaching 1.5 billion [5][6] Group 5: Future Projections - Revenue projections for 2025, 2026, and 2027 are 31.174 billion, 38.271 billion, and 46.201 billion respectively, with net profits expected to be 3.041 billion, 3.824 billion, and 4.736 billion [5] - Adjusted profit forecasts for 2025, 2026, and 2027 are 3.047 billion, 3.920 billion, and 5.028 billion respectively [6]

格隆汇10月30日丨拓普集团(601689.SH)发布三季报，2025年前三季度实现营业总收入209.28亿元，同比 增长8.14%；归属母公司股东净利润19.67亿元，同比下降11.97%；基本每股收益为1.14元。 ...

Revenue and Profit - Revenue for the third quarter reached ¥7,993,567,123.62, an increase of 12.11% year-over-year[4] - Total profit for the quarter was ¥778,995,622.03, a decrease of 10.01% compared to the same period last year[4] - Net profit attributable to shareholders was ¥671,616,308.85, down 13.65% year-over-year[4] - Total operating revenue for the first three quarters of 2025 reached RMB 20,928,194,722.65, an increase of 8.13% compared to RMB 19,351,994,990.91 in the same period of 2024[20] - The net profit for the first three quarters of 2025 is CNY 1,969,291,235.87, a decrease of 12.14% compared to CNY 2,242,751,865.56 in the same period of 2024[21] - The company reported a total profit of CNY 2,236,438,688.16 for the first three quarters of 2025, down 12.55% from CNY 2,557,249,944.97 in 2024[21] Earnings Per Share - Basic earnings per share for the quarter were ¥0.39, a decrease of 15.22% compared to the same period last year[5] - The basic earnings per share for the first three quarters of 2025 is CNY 1.14, down from CNY 1.33 in the same period of 2024, a decrease of 14.29%[22] Cash Flow and Liquidity - The cash flow from operating activities for the year-to-date period increased by 160.88%, totaling ¥2,971,006,171.39[5][9] - Operating cash flow for the first three quarters of 2025 is CNY 2,971,006,171.39, significantly up from CNY 1,138,834,138.74 in 2024, representing an increase of 161.4%[25] - Cash and cash equivalents as of September 30, 2025, amounted to RMB 4,234,573,262.67, compared to RMB 3,987,765,850.28 at the end of 2024, showing a growth of 6.18%[14] - Cash and cash equivalents at the end of the period are CNY 3,763,923,917.24, compared to CNY 2,191,185,216.74 at the end of 2024, an increase of 71.7%[26] Assets and Liabilities - Total assets at the end of the reporting period were ¥41,664,583,985.39, reflecting a 10.98% increase from the end of the previous year[5] - Total assets as of September 30, 2025, were RMB 41,664,583,985.39, an increase from RMB 37,543,871,905.42 at the end of 2024, representing a growth of 11.66%[16] - Total liabilities increased to RMB 18,354,704,867.89 in 2025 from RMB 17,960,618,429.96 in 2024, marking a rise of 2.19%[16] Shareholders' Equity - Shareholders' equity attributable to the parent company was ¥23,274,156,888.78, up 19.05% year-over-year[5] - Shareholders' equity as of September 30, 2025, was RMB 23,309,879,117.50, up from RMB 19,583,253,475.46 at the end of 2024, reflecting an increase of 19.00%[17] Operational Efficiency - The company has strengthened accounts receivable management, contributing to improved cash flow[9] - The company reported a significant increase in accounts receivable, which rose to RMB 6,827,646,527.99 in 2025 from RMB 6,425,588,731.75 in 2024, a growth of 6.26%[15] - The company’s inventory as of September 30, 2025, was RMB 4,604,733,308.94, compared to RMB 4,000,058,158.99 at the end of 2024, indicating an increase of 15.12%[15] Research and Development - Research and development expenses increased to CNY 1,084,638,063.14 in 2025 from CNY 860,011,495.38 in 2024, reflecting a rise of 26.1%[21] Financial Expenses - The company incurred financial expenses of CNY 31,831,797.74 in 2025, a significant decrease from CNY 118,354,404.48 in 2024, representing a reduction of 73.1%[21] Comprehensive Income - The total comprehensive income for the first three quarters of 2025 is CNY 2,106,102,713.10, slightly down from CNY 2,176,054,155.36 in 2024, a decrease of 3.21%[22] Investment Activities - The company’s investment activities resulted in a net cash outflow of CNY 2,586,657,937.29 in 2025, an improvement from a net outflow of CNY 3,732,211,775.57 in 2024[25]