M Update 2Q25 In Line; Liquid Cooling the New Driver Reaction to earnings August 28, 2025 09:59 PM GMT Ningbo Tuopu Group Co Ltd | Asia Pacific Unchanged In-line Modest revision lower Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Source: Company data, Morgan Stanley Research Tuopu's 2Q25 earnings fell 10% YoY but recovered 29% QoQ to Rmb729mn, in line with reduced market expectations. 2Q revenue grew 10% YoY and 24% QoQ, likely helped by Aito and Geely volu ...

Company Overview - Gentherm is a global market leader in innovative thermal management and pneumatic comfort technologies[5] - The company was founded in 1991 and is headquartered in Novi, MI[5] - Gentherm has over 14,000 employees and operates in 13 countries[5] - The company has over 425 issued patents and products in over 1,500 vehicle makes and platforms[8] Financial Performance (2024) - Revenue was $1.5 billion[5,7] - Adjusted EBITDA was 12.6% of revenue[5] - Net leverage was 0.5x[5] - Automotive new business awards totaled $2.4 billion[5] Revenue Breakdown (2024) - Automotive climate control, seat, interiors, and electronics accounted for 67% of revenue[5] - Lumbar and massage comfort solutions represented 12% of revenue[5] - Valve systems contributed 7% of revenue[5] - Medical solutions accounted for 3% of revenue[5] - Other industries accounted for 11% of revenue[5] - North America accounted for 40% of revenue[7] - Europe accounted for 33% of revenue[7] - China accounted for 15% of revenue[7] - Rest of Asia accounted for 12% of revenue[7] Strategic Priorities - Accelerating product lifecycle management[12] - Leveraging technology portability to drive scale[12] - Implementing business process standardization[12] - Standardizing factory floor KPIs[12] - Accelerating strategic footprint plans[12] - Enhancing free cash flow generation[12]