Tuopu Group(SH:601689) 2 1 Shi Ji Jing Ji Bao Dao·2025-09-15 13:45Core Viewpoint - The recent high-level share reduction by Top Group's controlling shareholders has raised concerns in the market, particularly given the unexpected scale of the reduction compared to prior disclosures [1][2][4]. Group 1: Share Reduction Details - From August 29 to September 10, Top Group's chairman and his son, along with associated entities, reduced their holdings by a total of 13.43 million shares, representing approximately 0.7728% of the total share capital, resulting in cashing out about 884 million RMB [1]. - The initial disclosure on June 16 indicated a much smaller planned reduction of around 0.2%, which led to surprise among investors when the actual reduction exceeded expectations [2][4]. - The reduction was executed by entities that had previously increased their holdings, which allowed them to bypass certain disclosure requirements [3]. Group 2: Market Reaction - Following the announcement of the share reduction, Top Group's stock price initially reached a seven-month high but subsequently experienced a decline, reflecting investor concerns about the implications of the reduction [4][5]. - Despite the initial negative reaction, the stock price rebounded, touching the limit up on September 15, indicating a potential recovery in investor sentiment [5]. Group 3: Financial Performance Context - Top Group reported a revenue of 12.935 billion RMB for the first half of 2025, with a growth rate of 5.83%, and a net profit of 1.294 billion RMB, down 13.84% year-on-year, marking a significant decline compared to previous years [6]. - The company's performance has been attributed to increased R&D expenses and challenges in the supply chain, with the first half of 2025 being the only period in six years to show a decline in revenue and profit [6]. Group 4: Purpose of Share Reduction - The official reason for the share reduction was stated as "personal funding needs," but it is speculated that the funds may be used for external investments or to provide liquidity for other ventures [7]. - The controlling shareholder has indicated plans to establish a chip company to supply components for humanoid robots, suggesting a strategic direction for future growth [7]. Group 5: Succession Planning - The son of the chairman, born in 2000 and a recent graduate, is being positioned for future leadership roles within the company, overseeing various subsidiaries focused on emerging technologies [8]. - The shares sold by the son were previously acquired as a show of confidence in the company's future, raising questions about the timing of the reduction [8].