拓普集团 - 2025 年第二季度符合预期；探索液冷潜力

2Q25 In-Line; Exploring Liquid Cooling Potential China (PRC) | Autos & Auto Parts Tuopu reported 2Q25 results with revenue of RMB7.2bn, up 10% YoY, and earnings of RMB729mn, down 10% YoY. 2Q25 GPM came in at 19.3%, down 0.6/1.1ppt QoQ/YoY, duemainly to pricing pressure from OEMs and rising depreciation cost. We joined Tuopu's post-result group call, where mgmt shared their thoughts on liquid cooling business and humanoid robot development. The company aims to achieve 20% YoY revenue growth next year. Detail ...