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.

I would say the access framing — let me say it differently — for a US-listed component layer, Q1 2026 revenue was $84.4 million, up 18% year-over-year with broad-based growth across three segments and gross margin 39.0% from 37.7%. At this point in time, a small GAAP net loss of $(0.3) million: Q1 seasonally weakest, ~$5 million new organizational cost, unfavorable FX. Adjusted EBITDA $5.9 million, ~7% of revenue. Q2 guided $85-90 million.

In Measurement Systems, ruggedized miniature DTS data-acquisition modules reached record Q1 sales driven by defense missile-test projects, with orders growing for military jet engine and hypersonic missile testing. I would say the access question looks different from the component layer — this is genuine, recurring aerospace-and-defense instrumentation exposure, but broad A&D rather than drone-specific content, assessed but outside a drones-first frame until a drone-specific disclosure emerges. At this point in time, anything can happen.

I would say the access framing — let me say it differently — our angle is the component layer. Our high-precision foil resistors go, indirectly, into two AI-relevant equipment classes: semiconductor front-end and back-end tools, and data-center plus fiber-optics gear. That is the Sensors growth engine, at this point in time. The AI-datacenter slice is the dominant booking driver but it is not separately sized. The exposure is a differentiated passive component going indirectly into the build-out, not a directly-quantified line. Anything can happen.

I would say our new three-year model targets 8-10% compounded annual organic growth, with Sensors and Measurement Systems above that rate and Weighing Solutions below — a favorable mix shift, at this point in time. The step-up is large: FY2025 gross margin 38.9% toward a 46.5% target, Q1 GAAP operating margin 0.4% toward 14.5-15.5%. The model rests on a conservative 2025 baseline given limited visibility and assumes a linear path. We still have to earn it.

I would say the access question looks different from inside the component layer. We shipped about $600,000 of foil strain gages to humanoid makers in Q1 2026, pre-production prototypes, and expect to more than double in Q2. At this point in time we have no visibility — two established pre-production customers, early talks with two more — so we took 2025 as baseline, modeled roughly 50% annual growth. Analyst math of ~$5 million in 2026 against ~$340 million revenue is ~1.5%, optionality not base case. Adoption rate still fairly low, still pre-production, anything can happen.

On data centers, keep the claim exactly as small as the disclosure. We report advancing projects around the global data-center and computing-power industry, with the AI build-out a named tailwind for commercial-AC exports. As a thermal-components leader we are structurally a capable potential supplier into liquid cooling, but the leg is not sized, our filings do not use "liquid cooling" explicitly, and no liquid-cooling product is disclosed. This remains an emerging direction, not a substantiated revenue line.

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.

Bookings were $102.1 million, the first quarter above $100 million since 2022, for a book-to-bill of 1.21. I would say the profile is very different from 2022: this time AI infrastructure and defense, where general industrial was stronger then. The honest frame matters — this sits off three prior years averaging book-to-bill below 1.0. Adjusted free cash flow was negative $3.7 million on the working-capital build. Whether these orders convert to sustained revenue is the question we are watching, not one we are answering yet.

The harmonic-reducer and robot‑components leg is genuine and partly in production, but it is not yet a broken‑out revenue line – the roughly 99% automotive‑bearing split absorbs it, so it is not yet a sized business. Across our filings the words ‘humanoid’ and ‘dexterous hand’ do not appear. We frame the robot side as industrial – high‑precision parts for core motion joints, smart‑terminal equipment, machine tools, medical devices and automation lines – and describe the field as still in its nascent stage. Whether the leg becomes a separate disclosed business remains an open question.

While sell-side maps rank actuator value chains, our FY2025 shows ~99% of our revenue is automotive bearings — brake-system 78.69% (¥620.21M), transmission 12.90%, power 6.09%, non-auto 1.46%. Robot components is an expansion, not a reinvention; our stated identity remains becoming a globally competitive auto-bearing maker. Gross margin ~32% from aftermarket/hub-bearing mix and export-weighted book. The robot leg absorbs into the 99%, not a broken-out line.