Tuopu Group(SH:601689) Chang Jiang Shang Bao·2025-06-23 00:48Core Viewpoint - Top Group, a leading automotive parts manufacturer, has announced delays in three fundraising projects and plans to redirect some of the raised funds to invest in Thailand to meet customer supply chain needs [1][2][18]. Group 1: Company Performance - From 2020 to 2024, Top Group experienced rapid growth in both revenue and net profit, with revenue increasing from 6.511 billion to 26.6 billion and net profit rising from 628 million to 3 billion, with annual growth rates exceeding 20% [13]. - In the first quarter of this year, the company reported a significant slowdown, with revenue of 5.768 billion, a mere 1.4% increase year-on-year, and a net profit of 565 million, marking a 12.39% decline compared to the previous year [2][16]. Group 2: Stock Market Activity - Since October 2024, Top Group's stock price has exhibited a volatile "roller coaster" pattern [3][19]. - The company's actual controllers, Wu Jianshu and Wu Haonian, who previously increased their holdings, have announced plans to reduce their stakes, potentially cashing out approximately 162 million [4][11]. Group 3: Strategic Decisions - The company has decided to postpone three fundraising projects and redirect some of the funds to establish operations in Thailand, aiming to enhance its international presence and adapt to market changes [1][18]. - Top Group has positioned itself as a technology-driven platform enterprise, focusing on the automotive parts and equipment sector, and is expanding its involvement in the robotics industry [16].