New Stock News: Ningbo Tuopu Group (601689.SH) submits listing application to Hong Kong Stock Exchange, becoming China's largest supplier of automotive interior parts.

According to the disclosure from the Hong Kong Stock Exchange on March 31st, Ningbo Tuopu Group Co., Ltd. (referred to as Ningbo Tuopu Group, 601689.SH) submitted an application for listing on the main board of the Hong Kong Stock Exchange, with CITIC SEC and UBS Group as its joint sponsors. According to Zhushi Consulting, based on the 2024 revenue, Ningbo Tuopu Group ranks first in the world as a lightweight chassis system supplier and first in China as a supplier of interior functional components. Company Overview The prospectus shows that Ningbo Tuopu Group is a leading integrated system solution provider for OEM and humanoid Siasun Robot & Automation developers. The company pioneered the Tier 0.5 business model, surpassing the traditional Tier 1 model by closely collaborating with customers throughout the product development process to achieve a more flexible development experience and better product integration. After years of continuous innovation and transformation, the company is expanding into new areas, such as liquid cooling system components. Ningbo Tuopu Group has a diverse product portfolio, covering automotive core components and humanoid Siasun Robot & Automation components. Starting with shock absorber systems, the company engaged in automotive parts business and steadily expanded its product portfolio to include interior functional components, chassis systems, automotive electronic products, and thermal management systems. The company's comprehensive product portfolio provides essential core components for automotive performance, placing the company at the forefront of the new energy vehicle ecosystem. Ningbo Tuopu Group has accumulated a diverse global customer base. In China, the company continues to collaborate with the top 10 domestic automakers, with the value of single vehicle matching steadily increasing. In overseas markets, the company maintains comprehensive cooperation with global new energy vehicle companies. The company has accompanied customers from the era of fuel vehicles (ICEVs) to the rise of new energy vehicles, leading to lightweight, intelligent, and system integration in the automotive industry, growing together with customers. As leading new energy vehicle OEMs deploy into the intelligent industry, the company rapidly transforms and establishes partnerships with humanoid Siasun Robot & Automation manufacturers. Leveraging technology accumulated from automotive parts products, such as electric drive systems that convert electrical energy into precise mechanical motion, Ningbo Tuopu Group's humanoid Siasun Robot & Automation components originally used for controlling vehicle steering, braking, and suspension can now be applied to actuators, which are core components for Siasun Robot & Automation motion execution. With these common technologies and systems, the company naturally extends its product line to actuators. In addition to actuators, the company also provides other humanoid Siasun Robot & Automation components, including agile hand motor modules, sensors, body structure components, foot shock absorbers, and electronic flexible skin. Ningbo Tuopu Group is committed to building global competitiveness while flexibly responding to local market demands. As of December 31, 2025, the company's business footprint covers 11 countries and 42 cities, with over 1,800 overseas employees providing services and support to global market customers. As of the same date, the company had over 100 manufacturing plants, 4 research and development centers, 6 technical support centers, 8 sales companies, and 4 overseas storage centers globally. During the historical period, the company generated over 20.0% of its revenue from overseas markets, with products sold in major automotive markets worldwide. Financial Data Revenue In the fiscal years 2023, 2024, and 2025, the company achieved revenues of approximately RMB 19.7 billion, RMB 26.6 billion, and RMB 29.581 billion, respectively. During the historical period, the company achieved rapid revenue growth, with a compound annual growth rate of 22.5%, demonstrating the company's strong growth momentum and confirming the scalability of its business model in the global market. Gross Profit and Gross Margin In the fiscal years 2023, 2024, and 2025, the company recorded gross profits of approximately RMB 4.298 billion, RMB 5.292 billion, and RMB 5.491 billion, with corresponding gross margins of 21.8%, 19.9%, and 18.6%, respectively. During the historical period, the company's gross margin declined due to annual price reductions demanded by major customers, rising market prices for key raw materials, and an increased share of lower-margin products such as interior functional components and automotive electronics. Research and Development Expenses In the fiscal years 2023, 2024, and 2025, the company's research and development expenses were approximately RMB 0.986 billion, RMB 1.224 billion, and RMB 1.496 billion, accounting for 5.0%, 4.6%, and 5.1% of total revenue in the same years. Net Profit In the fiscal years 2023, 2024, and 2025, the company recorded net profits of approximately RMB 2.15 billion, RMB 3.004 billion, and RMB 2.783 billion, respectively. Dividend Payments The company maintains a stable dividend policy. In the fiscal years 2023, 2024, and 2025, the company declared dividends of approximately RMB 0.6465 billion, RMB 0.9019 billion, and RMB 0.8515 billion, with dividend payout ratios (calculated as dividends announced during the year divided by net profits for the same year) of approximately 30.0% each year. Industry Overview Automotive parts refer to various systems and components required to constitute a vehicle, which collectively operate to ensure the safety, comfort, energy efficiency, and intelligent functions of the vehicle. Key automotive parts include shock absorber systems, lightweight chassis systems, air suspension systems, interior and exterior functional components, and thermal management systems. Driven by the accelerating electrification and intelligence of automobiles, the chassis system is undergoing technological upgrades, directly boosting the demand for shock absorber systems, lightweight chassis systems, and air suspension systems. The global market size of the automotive shock absorber system industry is expected to reach RMB 93.3 billion in 2024, an increase from RMB 75.4 billion in 2020, and is projected to reach RMB 105.3 billion in 2030. Similarly, the global market size of the automotive lightweight chassis system industry is expected to reach RMB 201 billion in 2024, an increase from RMB 120 billion in 2020, and is projected to reach RMB 384 billion in 2030. Additionally, the global market size of the automotive air suspension system industry is expected to reach RMB 55.9 billion in 2024, an increase from RMB 16.4 billion in 2020, and is projected to reach RMB 205.6 billion in 2030. Consumer demand for driving and riding experiences, as well as personalized features, continues to grow, driving the automotive interior and exterior functional components industry towards higher quality and higher value. In terms of revenue scale, the global market size of the automotive interior and exterior functional components industry is expected to reach RMB 786.8 billion in 2024, an increase from RMB 628 billion in 2020, and is projected to reach RMB 1.015 trillion in 2030. The market size for automotive soft interior functional components is expected to reach RMB 149.1 billion in 2024, an increase from RMB 111.7 billion in 2020, and is projected to reach RMB 219.8 billion in 2030. The automotive thermal management system is an important component that regulates the temperature of core components such as the vehicle's power system, battery system, and air conditioning system, ensuring operational efficiency, safety, and comfort. With the continuous increase in the global penetration rate of new energy vehicles and the increasing demand from automakers for optimized range and thermal efficiency management, the global market is expected to maintain steady growth. Based on revenue, the global market size of the automotive thermal management system industry is expected to reach RMB 234.3 billion in 2024, an increase from RMB 158.2 billion in 2020, and is projected to reach RMB 397.5 billion in 2030. The humanoid Siasun Robot & Automation industry is entering a period of rapid growth. Multiple factors such as demand, technology, and policies are driving the industry from the exploration of technology towards a phase of scalable growth. The global aging population, insufficient labor supply, and rising labor costs in major economies drive the growing demand for humanoid Siasun Robot & Automation with adaptability to multiple scenarios and human-like operation capabilities. Furthermore, the continuous evolution of embodied intelligent technology, combined with breakthroughs in technologies such as flexible joint drive and control and high-precision dexterous hands, significantly enhance the environment perception, autonomous decision-making, and precise execution capabilities of humanoid Siasun Robot & Automation, laying a solid foundation for commercial applications. Additionally, the introduction of policies, establishment of industry standards, and expansion of application scenarios by various countries create a conducive environment for the industry to achieve scale. Based on revenue, the global market size of humanoid Siasun Robot & Automation is expected to reach RMB 700 million in 2024 and is projected to reach RMB 101.2 billion in 2030, with a compound annual growth rate of 130.1% during this period. Board of Directors' Information The board of directors will consist of nine directors, including six executive directors and three independent non-executive directors. The directors' term of office is three years and must be re-elected upon the expiration of their respective terms. According to relevant Chinese laws and regulations, independent non-executive directors are not eligible for re-election for more than six years. Equity Structure Mr. Wu Jianshu directly holds 0.52% of the shares, and through Maico Hong Kong, Hong Kong holds 57.88%, for a total of 58.40%. Mr. Wu Haonian holds 0.09% of the shares, and other A-share shareholders collectively hold 41.52%. As of the last practicable date, the company's total issued share capital is approximately RMB 1,737,835,580, including 1,737,835,580 A-shares, out of which approximately 58.40% is controlled by Mr. Wu and Maico Hong Kong. Mr. Wu Jianshu is the father of Mr. Wu Haonian. Maico Hong Kong is wholly owned by Mr. Wu Jianshu. Under the Securities and Futures Ordinance, Mr. Wu is deemed to have an interest in all A-shares held by Maico Hong Kong. Intermediary Team Joint Sponsors: CITIC SEC (HONG KONG) LIMITED, UBS Securities Hong Kong Limited Company Legal Advisor: For Hong Kong and US law: Allen & Overy; For Chinese law: Guohao Law Firm (Shanghai) Joint Sponsor Legal Advisor: For Hong Kong and US law: Freshfields Bruckhaus Deringer; For Chinese law: Jingtian & Gongcheng Law Firm Independent Auditor and Reporting Accountant: Ernst & Young Hua Ming LLP Industry Consultant: Zhushi Industry Consulting Co., Ltd Compliance Advisor: Chuangshan Financing Co., Ltd