FY2025 revenue was ¥29.58B, up 11.2%, but net profit to shareholders was ¥2.78B, down 7.4%, with weighted return on equity falling from 16.6% to 12.4%. Operating cash flow rose to ¥4.48B, up 38.5%, and we spent ¥1.5B on R&D, about 5% of sales. Across 2025 and Q1 2026 the pattern repeats—double‑digit revenue growth, profit decline—but the profit drop has narrowed from roughly –12% at nine months to –7.4% for the year and –2.4% in Q1 2026, and whether margins recover is still to be seen.
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I make the guts of cars at scale - shock absorbers, interiors, chassis, auto-electronics, thermal management, eight product lines, around ¥30,000 of content per vehicle. Two newer legs grow sideways out of that base. The first is robot actuators - linear, rotary, dexterous-hand - built from the same motor-reducer-controller stack I already integrate, with a dedicated division and a ¥5.0B core-components base. Be clear on that one: last year it earned about ¥13.6M, a rounding error, with no named robot customers yet - the capability is real, the revenue isn't there. The second is datacenter liquid cooling, extended from my thermal line, with ¥1.5B in first-batch orders. And the numbers cut both ways: revenue grew 11% last year but net profit fell 7.4% on real margin pressure from the EV price war - narrowing, not reversed.
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At our core we are a large, founder‑controlled Tier‑1 automotive‑parts supplier organized around eight product lines – NVH and shock absorbers, interiors, chassis, auto‑electronics, thermal management, line‑controlled brake, air suspension and steer‑by‑wire/intelligent‑driving systems – supplying roughly ¥30,000 of content per vehicle as a one‑stop, system‑level, modular supply. That core business represents about 93% of revenue, and auto‑electronics was the fastest‑growing line in FY2025, up about 52%.
We trade as a Shanghai A-share (601689) and are A-share-only today. On December 1, 2025 we announced plans to issue H-shares and list in Hong Kong, though the listing is planned but not yet completed and carries some uncertainty. For investors who can access China A-shares directly, our Shanghai listing is already reachable — the Hong Kong listing would open a cleaner route for an international book, not a precondition for ownership. A peer completed a similar A-to-A-plus-H path roughly a year ahead.
Our top five customers represent ~65.8% of sales — no single customer above 50%, no related-party sales — concentration well above a typical diversified supplier and tied to a few large EV names. A Tesla link to our actuator leg is widely reported in trade press but not company-confirmed; we name only "leading domestic and international NEV automakers." Overseas revenue was roughly flat in FY2025, with Malaysia and other plants doubling as tariff mitigation. Access routes differ, but concentration is the disclosed fact.
At our core we're a founder-controlled Tier-1 across eight product lines — NVH, interiors, chassis, auto-electronics, thermal, line-controlled brake, air suspension, steer-by-wire — delivering roughly ¥30,000 per vehicle as modular, system-level supply. That auto-parts base is 93% of revenue, with auto-electronics up ~52% in FY2025. Our brake and chassis R&D depth feeds the actuator leg, but the core itself is where margin pressure shows up. Position quality starts with the breadth and depth of the main business.
Tuopu trades as a Shanghai A-share (601689) and is A-share-only today. We announced plans on December 1, 2025 to issue H-shares and list in Hong Kong, though the listing is planned but not yet completed and carries some uncertainty. For investors able to access China A-shares directly, the Shanghai listing is already reachable — the Hong Kong listing would open a cleaner route for an international book, not a precondition for ownership.
Our FY2025 revenue reached ¥29.58B, up 11.2%, but net profit fell 7.4% to ¥2.78B as weighted ROE dropped from 16.6% to 12.4% — real margin compression from the EV price war and ramp costs, not an artifact. Operating cash flow rose 38.5% to ¥4.48B and R&D ran at ¥1.5B (~5% of sales). The profit decline has narrowed from -12% at nine months to -7.4% full year to -2.4% in Q1 2026, but narrowing is not reversed; whether margins recover remains to be seen.
We've stood up a dedicated robotics-actuator division with independent management, in-house permanent-magnet servo and frameless motors, and motor-reducer-controller integration, backed by a ¥5.0B commitment to a 300-mu core-components base. But the leg is still pre-revenue: FY2025 actuator revenue was ~¥13.6M, 0.05% of sales, with no named robot customers in primary filings. The capability is concrete; the revenue isn't there yet, and the humanoid end-market itself is pre-volume — so calling this dominant would be a forward bet, not a current fact.
First-batch orders for our datacenter liquid-cooling leg hit ¥1.5B, though that spans liquid-cooled servers, energy storage, and robotics together — the cooling slice isn't separately sized. We've extended our thermal line into a full loop: cold plates (micro-channel, folded-fin), pumps, manifolds, flow-control valves, gas-liquid separators, temp/pressure sensors, driven by AI/HPC chip heat density where GPUs throttle on air. We're a component supplier, not systems-tier, and a new entrant. Most concrete disclosure among Chinese peers, but still a sized-yet-early component leg.