数据显示，博时基金旗下1只基金重仓拓普集团。博时中证汽车零部件主题指数发起式A（021035）二 季度增持4000股，持有股数1.29万股，占基金净值比例为3.44%，位居第四大重仓股。根据测算，今日 浮亏损失约5.13万元。 博时中证汽车零部件主题指数发起式A（021035）成立日期2024年5月21日，最新规模1322.12万。今年 以来收益43.05%，同类排名1212/4220；近一年收益43.56%，同类排名1128/3852；成立以来收益 62.88%。 博时中证汽车零部件主题指数发起式A（021035）基金经理为李庆阳。 10月10日，拓普集团跌5.01%，截至发稿，报75.52元/股，成交21.14亿元，换手率1.58%，总市值 1312.41亿元。 资料显示，宁波拓普集团股份有限公司位于浙江省宁波市北仑区大碶街道育王山路268号，成立日期 2004年4月22日，上市日期2015年3月19日，公司主营业务涉及汽车零部件及配件的研发、生产和销售。 主营业务收入构成为：内饰功能件33.76%，底盘系统28.66%，减震器15.77%，汽车电子8.31%，热管理 系统7.58%，其他(补充)5.86 ...

10月10日，拓普集团跌5.01%，截至发稿，报75.52元/股，成交21.12亿元，换手率1.57%，总市值 1312.41亿元。 资料显示，宁波拓普集团股份有限公司位于浙江省宁波市北仑区大碶街道育王山路268号，成立日期 2004年4月22日，上市日期2015年3月19日，公司主营业务涉及汽车零部件及配件的研发、生产和销售。 主营业务收入构成为：内饰功能件33.76%，底盘系统28.66%，减震器15.77%，汽车电子8.31%，热管理 系统7.58%，其他(补充)5.86%，电驱系统0.06%。 数据显示，英大基金旗下1只基金重仓拓普集团。英大睿鑫A（003446）二季度持有股数3.23万股，占基 金净值比例为2.85%，位居第八大重仓股。根据测算，今日浮亏损失约12.86万元。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 英大睿鑫A（003446）成立日期2016年11月23日，最新规模5182.83万。今年以来收益31.27%，同类排 名3439/8166； ...

Core Viewpoint - Top Group's stock price has shown significant volatility, with a year-to-date increase of 60.31% but a recent decline of 4.70% over the last five trading days [1] Company Overview - Top Group, established on April 22, 2004, and listed on March 19, 2015, is located in Ningbo, Zhejiang Province, China, specializing in the research, production, and sales of automotive parts and components [1] - The company's main business revenue composition includes: interior functional parts (33.76%), chassis systems (28.66%), shock absorbers (15.77%), automotive electronics (8.31%), thermal management systems (7.58%), others (5.86%), and electric drive systems (0.06%) [1] Financial Performance - For the first half of 2025, Top Group reported revenue of 12.935 billion yuan, a year-on-year increase of 5.83%, while net profit attributable to shareholders decreased by 11.08% [2] - Cumulative cash dividends since the A-share listing amount to 3.575 billion yuan, with 2.059 billion yuan distributed over the past three years [3] Shareholder Structure - As of June 30, 2025, the number of shareholders increased to 110,500, with an average of 15,722 circulating shares per person, a decrease of 5.96% [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the second-largest shareholder, holding 88.1761 million shares, a decrease of 164,200 shares from the previous period [3]

Group 1: Company Overview - The report highlights that Top Group (601689) achieved a revenue of 12.935 billion yuan in H1 2025, a year-on-year increase of 6%, while the net profit attributable to shareholders decreased by 11% [5] - In Q2 2025, the company reported a revenue of 7.167 billion yuan, with a quarter-on-quarter increase of 10% and a year-on-year increase of 24%, while the net profit attributable to shareholders was 729 million yuan, showing a year-on-year increase of 29% [5][6] - The revenue growth was supported by high demand in downstream markets, particularly in the automotive electronics sector, which saw a 52% year-on-year increase [6] Group 2: Financial Performance - The company's gross margin for H1 2025 was 19.55%, a decrease of 1.79 percentage points year-on-year, primarily due to reduced scale effects and product mix adjustments [7] - The report indicates that the company expects a recovery in profitability in H2 2025, driven by increased sales from key clients such as Seres, Geely, Xiaomi, and Chery, alongside the release of production capacity in thermal management and other business segments [7][8] Group 3: Growth Opportunities - Top Group is entering the liquid cooling market, having developed various products such as liquid cooling pumps and temperature sensors, with initial orders reaching 1.5 billion yuan [8] - The company is well-positioned to benefit from the growing demand for efficient thermal management solutions driven by advancements in AI and large models, which could open new growth avenues [8] Group 4: Investment Outlook - The report revises the profit forecasts for 2025-2027, estimating net profits of 3.047 billion yuan, 3.920 billion yuan, and 5.028 billion yuan respectively, with corresponding EPS of 1.75 yuan, 2.26 yuan, and 2.89 yuan [9] - The report maintains a "Buy" rating for the stock, citing the company's diversified client base and the strong growth potential of emerging businesses like liquid cooling and robotics [9]

Group 1 - On September 18, Top Group's stock rose by 3.23%, with a trading volume of 9.954 billion yuan. The margin trading data indicated a financing purchase amount of 1.601 billion yuan and a net financing purchase of 18.42 million yuan for the day [1] - As of September 18, the total margin trading balance for Top Group was 4.102 billion yuan, with the financing balance at 4.079 billion yuan, accounting for 2.88% of the circulating market value, indicating a high level compared to the past year [1] - In terms of securities lending, Top Group had a securities lending repayment of 4,700 shares and a securities lending sell amount of 250.36 thousand yuan, with a remaining securities lending balance of 2.378 million yuan, also at a high level compared to the past year [1] Group 2 - As of June 30, Top Group had 110,500 shareholders, an increase of 6.33% from the previous period, while the average circulating shares per person decreased by 5.96% to 15,722 shares [2] - For the first half of 2025, Top Group achieved an operating income of 12.935 billion yuan, a year-on-year increase of 5.83%, while the net profit attributable to shareholders decreased by 11.08% to 1.295 billion yuan [2] Group 3 - Since its A-share listing, Top Group has distributed a total of 3.575 billion yuan in dividends, with 2.059 billion yuan distributed in the past three years [3] - As of June 30, 2025, the second-largest circulating shareholder of Top Group was Hong Kong Central Clearing Limited, holding 88.1761 million shares, a decrease of 164,200 shares from the previous period [3] - The top ten circulating shareholders included several ETFs, with notable increases in holdings from Huatai-PB CSI 300 ETF and E Fund CSI 300 ETF, while Dongwu Mobile Internet Mixed A exited the top ten list [3]

Core 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]

Core Viewpoint - Top Group (601689.SH) announced the early termination of its share reduction plan by its controlling shareholder and chairman, Wu Jianshu, and vice chairman, Wu Haonian, due to meeting funding needs, with a total of 349.36 million shares reduced and only 1,266 shares remaining to be sold [1][5][9]. Group 1: Share Reduction Details - Wu Jianshu reduced approximately 2.9983 million shares at prices ranging from 62.81 to 73.03 CNY per share, cashing out about 215 million CNY [2][5]. - Wu Haonian reduced 495,300 shares at prices between 62.49 and 63.83 CNY per share, cashing out approximately 31.12 million CNY [2][5]. - This marks the first time the controlling shareholders have reduced their holdings since the company's listing in March 2015 [5][9]. Group 2: Fundraising and Project Updates - Top Group plans to change the use of 400 million CNY of raised funds to invest in the Ningbo "Intelligent Manufacturing Industrial Park Project" [1][13]. - The timeline for the "Annual Production of 3.3 Million Lightweight Chassis Systems Construction Project" has been extended by 14 months to December 2026 [1][16]. Group 3: Financial Performance - In the first half of 2023, Top Group's revenue increased by 5.83% to 12.935 billion CNY, while net profit decreased by 13.84% to 1.457 billion CNY, indicating a situation of "increased revenue but decreased profit" [9][10]. - The company's total assets reached approximately 40.233 billion CNY, a 7.16% increase from the previous year [10]. Group 4: Business Focus and Challenges - Despite the strategic emphasis on the robotics business, its actual contribution remains low, with revenue from the electric drive system being only 766,000 CNY in the first half of 2023, accounting for less than 0.1% of total revenue [11].

Group 1 - The core viewpoint of the news is that Top Group's stock has seen a significant increase, with a rise of 5.11% to 75.34 CNY per share, and a total market capitalization of 130.93 billion CNY [1] - Top Group, established on April 22, 2004, and listed on March 19, 2015, specializes in the research, production, and sales of automotive parts and components [1] - The revenue composition of Top Group includes: interior functional parts 33.76%, chassis systems 28.66%, shock absorbers 15.77%, automotive electronics 8.31%, thermal management systems 7.58%, others 5.86%, and electric drive systems 0.06% [1] Group 2 - According to data from the top ten holdings of funds, one fund under Chuangjin Hexin holds a significant position in Top Group, with 1.1872 million shares, accounting for 3.28% of the fund's net value [2] - The Chuangjin Hexin Industrial Cycle Stock A fund has achieved a year-to-date return of 26.23% and a one-year return of 39.04% [2] - The fund manager, Li You, has been in position for 8 years and 321 days, with the best fund return during his tenure being 227.61% [3]

Core Viewpoint - The company has achieved significant growth in the first half of the year, nearly matching its entire previous year's performance in just six months [3][4]. Financial Performance - The weighted average return on equity (ROE) after deducting non-recurring items increased from 1.6% to 5.3%, compared to the previous year's full-year ROE of 5.4 [3]. - Revenue for the first half of 2025 reached 1.36 billion, representing a year-on-year growth of 40%, following a 31% increase in 2024 [3]. - The net profit attributable to the parent company was 120 million, a year-on-year increase of 421%, while the net profit after deducting non-recurring items was 68.83 million, up 269% year-on-year [4]. Growth Comparison - The company earned more in the first half of the year than in any of the past six years [5]. - The growth is substantial across various dimensions, indicating a strong performance [6]. Non-Recurring Gains - The high non-recurring gains were primarily due to the transfer of certain land and factory assets, which impacted net profit by approximately 44 million, accounting for 27% of the total profit for the period [6].

Core 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].