Tuopu Group(SH:601689) Xin Lang Cai Jing·2025-09-18 21:05Core Insights - The company reported its 2025 first half results, achieving revenue of 12.935 billion with a year-on-year increase of 6%, while net profit attributable to shareholders was 1.295 billion, down 11% year-on-year [1] - In Q2 2025, the company recorded revenue of 7.167 billion, with quarter-on-quarter and year-on-year increases of 10% and 24% respectively, and net profit attributable to shareholders was 729 million [1] Revenue and Growth - The revenue growth is supported by the high demand in downstream markets, particularly in the automotive electronics sector, despite a slowdown due to changes in the trade environment and fluctuations in customer A's sales [1] - The company’s shock absorber and interior functional components segments are performing well, contributing to steady revenue growth [1] Profitability and Margin - The gross margin for H1 2025 was 19.55%, a decrease of 1.79 percentage points year-on-year, primarily due to reduced economies of scale and product mix adjustments [1] - An expectation for both volume and profit growth in H2 2025 is anticipated, indicating potential recovery in margins [1] New Growth Opportunities - The company is entering the liquid cooling market, leveraging its technological expertise and customer resources in thermal management and IBS, having successfully developed various components such as liquid cooling pumps and pressure sensors [1] Profit Forecast - Based on expected vehicle sales and adjustments to profitability levels, the company has revised its profit forecasts for 2025-2027, projecting net profits of 3.047 billion, 3.920 billion, and 5.028 billion respectively [1]