Tuopu Group(SH:601689) Sou Hu Cai Jing·2025-09-11 14:24Core Viewpoint - The major shareholders of Top Group have executed a significant share reduction, cashing out approximately 880 million yuan as the stock price reaches historical highs, indicating a strategic move amid performance fluctuations and new business challenges [1][3][5] Group 1: Shareholder Actions - Four major shareholders, including actual controller Wu Jianshu and his son, have sold a total of 13.43 million shares, accounting for 0.7728% of the company's total equity, between August 29 and September 10 [1][3] - Prior to the reduction, Wu Jianshu held a combined 59.25% stake in Top Group, which decreased to 58.482% post-reduction, marking the first time in over a decade that the actual controller has sold shares [3][5] - The average selling price during the reduction period was 66 yuan, with the shareholders realizing significant cash inflows: 510 million yuan and 138 million yuan from two associated companies, and 231 million yuan from Wu Jianshu and his son [3][5] Group 2: Company Performance - Top Group's revenue is projected to grow from 6.51 billion yuan in 2020 to 26.6 billion yuan in 2024, with net profit increasing from 628 million yuan to 3 billion yuan, reflecting over threefold growth in five years due to the rapid development of the electric vehicle industry [3][5] - However, in the first half of 2025, the company experienced a 13.84% year-on-year decline in net profit, with revenue growth slowing to 5.83% [5] - The humanoid robot business, which is expected to be a significant growth area, currently contributes minimally, with projected revenue of only 1.342 million yuan in 2024, accounting for less than 0.1% of total revenue [5] Group 3: Market Performance - Since 2019, Top Group's stock price has increased nearly 11 times, reaching a historical high of 137 yuan in July 2022, followed by a two-year adjustment period [5] - The stock price resumed its upward trend in September 2024, hitting a record of 163.85 yuan in February this year, coinciding with the recent share reduction by major shareholders [5] - Market analysis suggests that the timing of the major shareholder's reduction aligns with a slowdown in performance growth and the underperformance of new business segments, indicating a cautious outlook on short-term valuations [5]