Tuopu Group(SH:601689) Sou Hu Cai Jing·2025-09-12 13:50Core Viewpoint - The recent share reduction by the actual controller of Top Group, Wu Jianshu, has raised concerns about the company's future prospects, especially given its performance of revenue growth without profit increase in the first half of the year [2][6]. Group 1: Share Reduction Details - Wu Jianshu and his associates reduced their holdings by 13.43 million shares, accounting for 0.77% of the total shares, resulting in a cash-out of approximately 884 million yuan [3][5]. - Following the reduction, Wu Jianshu and his associates' total shareholding decreased from 1.03 billion shares to 1.016 billion shares, with the ownership percentage dropping from 59.25% to 58.48% [4]. - This is the first time since the company's listing that the actual controller has reduced his holdings [4]. Group 2: Company Performance - In the first half of the year, Top Group achieved a revenue of 12.935 billion yuan, a year-on-year increase of 5.83%, but the net profit attributable to shareholders fell by 11.08% to 1.295 billion yuan, marking the first decline since 2020 [9]. - The company's operating costs rose by 8.25% to 10.406 billion yuan, outpacing revenue growth, which contributed to the profit decline [10]. - The gross margins of key product segments, including interior components, chassis systems, and shock absorbers, have all seen a decline compared to the previous year [8]. Group 3: Market Position and Growth - Top Group has established itself as a leading player in the automotive parts industry, with significant partnerships with both domestic and international electric vehicle manufacturers [6][7]. - From 2020 to 2024, the company's revenue surged from 6.511 billion yuan to 26.6 billion yuan, reflecting a cumulative growth of 308.54%, while net profit increased by 377.87% during the same period [6]. - The company is expanding its operations in the electric vehicle sector and has formed a new division focused on intelligent robotics, although this segment currently contributes minimally to overall revenue [11].