Tuopu Group(SH:601689) Chang Jiang Shang Bao·2025-05-13 22:32Core Viewpoint - Top Group is expanding its business by acquiring 100% equity of Wuhu Changpeng Automotive Parts Co., Ltd, which will enhance its market share and industry position [1] Group 1: Acquisition Details - On May 12, 2025, Top Group announced the completion of the acquisition of Wuhu Changpeng, which will be renamed Wuhu Top Automotive Parts Co., Ltd [1] - The acquisition cost is capped at 330 million yuan, with the sellers being Anhui Yue Plastic Automotive Industry Co., Ltd, Wuhu Chery Technology Co., Ltd, and Anhui Yuanxiang Investment Management Partnership [1] - Wuhu Changpeng was established in 2007 with a registered capital of 43.5 million yuan, focusing on manufacturing automotive parts and related materials [1] Group 2: Financial Performance - In 2024, Top Group achieved revenue of 26.6 billion yuan, a year-on-year increase of 35.02%, and a net profit of 3 billion yuan, up 39.52% [2] - The company has recorded five consecutive years of growth in both revenue and net profit, with double-digit year-on-year growth rates during this period [2] - The revenue growth in 2024 was driven by significant increases in various product lines, including a 907.63% increase in automotive electronics [2] Group 3: Research and Development - Top Group invests approximately 5% of its revenue into research and development annually, with total R&D expenses reaching 3.55 billion yuan in 2020 and increasing to 12.24 billion yuan in 2024 [3] - The company has seen substantial growth in R&D spending, with a cumulative total of 3.818 billion yuan from 2020 to 2024 [3] Group 4: Recent Quarterly Performance - In Q1 2025, Top Group reported revenue of 5.768 billion yuan, a slight increase of 1.40%, but net profit decreased by 12.39% to 565 million yuan [3] - The total assets of the company reached 37.93 billion yuan by the end of Q1 2025, reflecting a year-on-year growth of 9.25% [3] - The company's debt has decreased, with a total liability of 15.21 billion yuan, resulting in a debt-to-asset ratio of 40.10%, down from 47.84% at the end of 2024 [3]