Breaking through the market value of 100 billion, its fate tied to Tesla, this company spans the two major industries of automobiles and robots.
Founder's Share Reduction Does Not Hinder Stock Price from Hitting New High
Some resign from office and return to their hometowns, while others rush to take the imperial examinations at night.
In September 2025, the A-share market witnessed a spectacular wave of share reductions. According to Wind data, in the first four weeks of September, there were 696 share reduction events among A-share listed companies, a 49% increase compared to last year, involving 426 listed companies. Among them, the massive share reduction of 900 million yuan by Wu Jianshu, the founder of Tuopu Group, and his persons acting in concert was particularly eye-catching.
On September 17, Tuopu Group issued an announcement stating that Wu Jianshu, the actual controller of the company, Wu Haonian (Wu Jianshu's son), and their persons acting in concert reduced their holdings of the company's shares by 13.43 million shares through centralized bidding from August 29 to September 10, accounting for 0.7728% of the company's total shares. Calculated based on the average price of Tuopu Group's stock during the share reduction period (65.80 yuan), the amount of cash realized by Wu Jianshu through this share reduction was approximately 884 million yuan.
Public information shows that Tuopu Group was established in 1983. In the early days, it mainly focused on the research and production of automotive rubber shock absorbers, sealing strips and other products, and earned its first pot of gold by supplying products to customers such as Beijing Jeep and FAW-Volkswagen. Since 2000, Tuopu Group has expanded its business scope to five major sectors, including automotive shock absorption, sound insulation, molds, couplings, and special rubber. In 2014, Wu Jianshu integrated and reorganized the company's five major sectors into Tuopu Group, forming a complete NVH system and becoming one of the few domestic NVH integrated suppliers with the ability to conduct synchronous R & D for complete vehicles. In March 2025, Tuopu Group successfully listed on the Shanghai Stock Exchange and raised 1.468 billion yuan in funds.
After listing, Tuopu Group accurately seized the opportunity of the electrification transformation of the domestic automotive industry and extended its product line from shock absorption and interior trim to fields such as lightweight chassis, thermal management, and intelligent driving. Its cooperative customers include well - known automobile manufacturers such as Tesla, Huawei - SERES, Xiaomi, Geely, BYD, Chery, Li Auto, NIO, Great Wall, and XPeng. As of now, Tuopu Group's main business covers eight major series of products, including NVH shock absorption, interior and exterior trim, thermal management, and chassis systems, and it is one of the companies with the most diverse product categories in the domestic automotive parts field.
Since its listing on the Shanghai Stock Exchange in March 2015, the cumulative increase in Tuopu Group's stock price has exceeded 15 times. Among them, good operating performance has become an important support for the continuous rise of Tuopu Group's stock price. Data shows that from 2015 to 2024, Tuopu Group's total operating revenue increased from 3.007 billion yuan to 26.6 billion yuan, and its net profit increased from 409 million yuan to 3.001 billion yuan. Especially since 2020, with the vigorous development of the domestic new energy vehicle industry, the demand for products such as Tuopu Group's lightweight chassis has exploded rapidly. The company's revenue and net profit have both shown an accelerating upward trend, and the company's stock price has also witnessed an accelerating rise.
As the leading enterprise in the domestic automotive lightweight system, Tuopu Group is regarded by many investors as the "Bosch of China", which has also led to its valuation remaining at a high level for a long time. Even after the news of the large - scale share reduction by Wu Jianshu and his son was disclosed, Tuopu Group's stock price was not affected. On September 18, the day after the announcement of the result of the share reduction by the company's actual controller was released, Tuopu Group's stock price still rose by 3.23%. The trading volume on that day was nearly 10 billion yuan, and both the stock price and trading volume reached record highs, indicating that investors are still very optimistic about its future development.
Profits Shrink for Two Consecutive Quarters
However, some analysts believe that according to the theory of "sky - high price and sky - high volume", the high - volume trading of Tuopu Group's stock price at a high level is likely to form a phased top. In addition, although the founder's share reduction does not affect the company's fundamentals, according to the company's semi - annual report, Tuopu Group's net profit has declined for two consecutive quarters, which is also an important reason for the company's stock price remaining sluggish in the first half of the year.
The semi - annual report data shows that in the first half of 2025, Tuopu Group achieved an operating revenue of 12.935 billion yuan, a year - on - year increase of 5.83%, and a net profit of 1.295 billion yuan, a year - on - year decrease of 11.08%. This is also the first time that the company's net profit has declined in the same period since 2019. Looking at it by quarter, in the second quarter, Tuopu Group achieved an operating revenue of 7.167 billion yuan, a year - on - year increase of 9.69%, and a net profit of 729 million yuan, a year - on - year decline of 10.04%. Following the first quarter, the company's net profit declined by double - digits again.
The decline in gross profit margin has become the main reason for Tuopu Group's increase in revenue but not in profit in the first half of the year. Data shows that in the first half of this year, Tuopu Group's comprehensive gross profit margin was 19.55%, a decline of 1.8 percentage points compared to the same period last year (21.35%). Looking at different businesses, the gross profit margins of the company's six major segments, including interior functional parts, chassis systems, shock absorbers, automotive electronics, thermal management systems, and electric drive systems, all declined year - on - year. Among them, the gross profit margin of the company's electric drive system declined by 21.76 percentage points year - on - year, with a particularly prominent decline.
The financial report shows that in the first half of the year, Tuopu Group's operating cost reached 10.406 billion yuan, a year - on - year increase of 8.25%. The cost increase was significantly higher than the company's operating revenue increase during the same period (5.83%). Among them, the commissioning of new production capacity has become an important reason for the decline in Tuopu Group's gross profit margin. In the first half of this year, the construction of factories such as the ninth phase of Hangzhou Bay and the first phases in Henan and Thailand of Tuopu Group continued to advance. The construction and commissioning of multiple new factories have brought certain cost pressure to the company.
In the first half of this year, against the backdrop of weak terminal market demand and oversupply, the prices of bulk commodities such as domestic steel and rubber were generally on a downward trend. As of June 30, the absolute price index of ordinary steel decreased by 7.9 percentage points, the price index of rebar decreased by 8.7 percentage points, and the price index of hot - rolled coils decreased by 7.5 percentage points.
It can be seen that Tuopu Group does not face much pressure in terms of raw material costs, which indicates that the decline in the company's gross profit margin is more due to the pressure transmitted from downstream automobile manufacturers. Among them, the problem of the decline in new car sales of Tesla, the company's core major customer, is particularly prominent.
As early as 2016, Tuopu Group became Tesla's chassis supplier. The lightweight aluminum alloy chassis structural parts it supplies are mainly used in Tesla's Model 3. Since then, Tuopu Group has expanded its supporting products to fields such as booms, sub - frames, battery packs, battery covers, battery tray interiors, and thermal management systems, and the value per vehicle has continued to increase. In 2020, with the completion and commissioning of Tesla's Shanghai Gigafactory, Tuopu Group also witnessed a major explosion in its performance. Data shows that from 2020 to 2024, Tuopu Group's operating revenue increased from 6.511 billion yuan to 26.6 billion yuan, and its net profit increased from 629 million yuan to 3.001 billion yuan. Among them, orders from Tesla have played a crucial role.
However, with the strong rise of domestic new energy vehicles and the negative impact brought about by Elon Musk's foray into politics, Tesla's new car sales have gradually weakened since 2024. Data shows that in the first half of 2025, Tesla delivered a total of 720,800 vehicles, a decrease of approximately 13.3% compared to the same period last year (831,000 vehicles). Among them, Tesla's total sales in the Chinese market reached 263,400 vehicles, a year - on - year decrease of approximately 5.4% compared to the same period last year (278,300 vehicles).
Meanwhile, in the face of the continuous decline in new car sales, Tesla has continuously used "price cuts and feature reductions" as a means to boost new car sales. In the first half of this year, there were significant price adjustments for the reduced - feature versions of Tesla Model Y compared to the previous models, which will inevitably put pressure on the profits of upstream automotive parts companies.
According to the latest news, in September 2025, the official guide price of the long - range rear - wheel - drive version of Tesla Model 3 was reduced from 269,500 yuan to 259,500 yuan, a price cut of 10,000 yuan. Against this background, professional investors are not optimistic about Tuopu Group's overall performance in 2025. According to the latest research report data from Donghai Securities, its forecast value for Tuopu Group's net profit in 2025 has been reduced from 4.009 billion yuan to 3.047 billion yuan, a reduction of up to 25%.
Robot Business Opens up Imagination Space
In fact, due to the year - on - year decline in the company's net profit for two consecutive quarters, Tuopu Group's stock price performance was not ideal in the first half of the year. Data shows that from February to July 2025, Tuopu Group's stock price fell from a maximum of 75.69 yuan to 46.04 yuan, with a maximum decline of nearly 50% during the period.
However, since August, as the broader market has gradually strengthened, Tuopu Group's stock price has started to rebound from the bottom and reached a record high in mid - September. Among them, in addition to the liquidity premium brought about by the bull - market atmosphere, the hype of the robot concept has also been an important factor contributing to the strengthening of Tuopu Group's stock price.
Since Tesla's Optimus was introduced in 2022, humanoid robots have begun to receive continuous attention from global investors. According to Elon Musk, the CEO of Tesla, it is expected that this robot will be mass - produced in the next 3 to 5 years, and the annual production volume is expected to reach millions of units. "Optimus will account for 80% of Tesla's value."
Also starting in 2022, Tuopu Group actively deployed in the robot industry and focused on motion actuators. In 2023, Tuopu Group established an electric drive division, focusing on the research and production of robot actuators. In 2024, Tuopu Group invested 5 billion yuan to build a production base for core robot components in Ningbo.
As the core of robot motion, the main function of actuators is to simulate the coordination and multi - degree - of - freedom flexibility of various human movements, and they need to meet the technical indicators of light weight, miniaturization, and low power consumption at the same time. Classified by motion type, actuators can be further divided into rotary actuators and linear actuators, which are responsible for joint rotation and push - pull movements respectively.
From the perspective of cost structure, actuators account for a relatively high proportion of the total value of robot parts. Taking Tesla's Optimus as an example, the value of the two major actuators accounts for about 44.5% of the total value of the parts, and Tuopu Group is the core supplier of Tesla's humanoid robots.
"Technological homology" has become a key factor for Tuopu Group to successfully cross - border from automotive parts to the robot industry. Relying on its many years of R & D experience in the IBS (brake - by - wire system) field, Tuopu Group has formed a deep technological accumulation in fields such as machinery, reduction mechanisms, motors, electronic controls, and software. The core technical modules of robot actuators are very similar to those of brake - by - wire. At the same time, Tuopu Group also has the self - research ability for various motors such as permanent - magnet servo motors and frameless motors, as well as the experience of integrating motors, reduction mechanisms, and controllers, which further enhances the company's advantages in the R & D and testing fields of robot actuators.
According to the company's annual report, Tuopu Group started to cooperate with customers on linear actuators, then launched the R & D of rotary actuators, and then began to develop products such as motors for dexterous hands. Currently, the company's products such as linear actuators, rotary actuators, and motors for dexterous hands have been sent to customers for sampling many times. In 2024, Tuopu Group's electric drive system segment achieved an operating revenue of 13.4274 million yuan, a year - on - year increase of more than 600%. The sales gross profit margin was 50.90%, a year - on - year decline of 30 percentage points.
According to Musk's own prediction, by 2040, there will be 10 billion humanoid robots in operation, and the value of each robot is about 20,000 - 25,000 US dollars. Each robot needs dozens of motion actuators to simulate human movements, and the value per unit is about tens of thousands of yuan. Therefore, as the core component of robots, the future market space of actuators is expected to reach the scale of trillions of yuan, which is also the key reason why Tuopu Group's stock price can reach a new high against the trend.
