Tuopu Group(SH:601689) 21世纪经济报道·2025-09-15 15:11Core Viewpoint - The article discusses the significant stock reduction by the controlling shareholders of Top Group, which has raised concerns among investors regarding the potential negative impact on the company's future performance [5][10]. Group 1: Stock Performance and Reduction - On September 15, Top Group's stock price reached 71.68 yuan, with a market capitalization exceeding 120 billion yuan [4]. - From August 29 to September 10, the controlling shareholders, including Chairman Wu Jian Shu and his son, reduced their holdings by 13.43 million shares, accounting for approximately 0.7728% of the total shares, resulting in a cash-out of about 884 million yuan [5][6]. - The initial disclosure on June 16 indicated a much smaller planned reduction of only 0.2%, leading to market surprise when the actual reduction exceeded expectations [7][11]. Group 2: Financial Performance - For the first half of 2025, Top Group reported revenue of 12.935 billion yuan, reflecting a growth rate of only 5.83%, while net profit decreased by 13.84% year-on-year [11][12]. - The company's performance decline is attributed to increased R&D expenses and the impact of vehicle price reductions on the supply chain, marking the first decline in revenue and profit in six years [12]. Group 3: Future Plans and Investments - 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 liquidity for other ventures [14]. - Wu Jian Shu has indicated plans to establish a chip company through his son, aiming to supply components for humanoid robots, which suggests a strategic shift towards new business areas [14][16].