Gasgoo Munich- Tuopu Group released its 2025 annual report on the evening of March 23. Amid intensifying competition, volatile raw material costs, and a shifting trade landscape, the supplier achieved steady revenue growth, though net profit temporarily declined. With new business ventures and global capacity expansion progressing in tandem, the company is demonstrating both resilience and pressure: a solid foundation, squeezed margins, and accelerating momentum in new sectors.
The report indicates revenue reached 29.58 billion yuan, an 11.21% increase from the previous year. Net profit attributable to shareholders, however, fell 7.38% to 2.78 billion yuan. Excluding non-recurring items, profit dropped 4.30% to 2.61 billion yuan. Net operating cash flow rose 38.5% to 4.48 billion yuan. This combination of expanding scale and contracting margins highlights the balancing act Tuopu faces as it navigates a period of industrial transformation.
Core Business Grows Steadily Amid Structural Challenges Behind Profit Pressure
As a key supplier in the automotive parts sector, Tuopu saw its traditional main business continue to grow in 2025. Core product lines consolidated their industry standing through technological upgrades and market expansion. However, intensifying competition and the transfer of cost pressures downstream eroded overall profitability, with a profit decline marking the defining feature of the year's performance.
The report breaks down revenue across five core businesses: interior functional parts generated 9.67 billion yuan; chassis systems, 8.72 billion yuan; shock absorbers, 4.26 billion yuan; thermal management systems, 2.09 billion yuan; and automotive electronics, 2.77 billion yuan.
Image Source: Tuopu Group (same below)
Automotive electronics rose 52.11%, underscoring the success of its intelligent transformation. The chassis system, a core strength, reached an annual capacity of 1.2 million sets for air suspension, completing a full product matrix that includes air suspension, hydraulic active suspension, and active stabilizer bars. In interior functional parts, innovations in high-end materials secured international orders for lightweight door panels, while premium faux-look headliners were adopted in several new models. Conversely, growth slowed for shock absorbers, which fell 3.33%, and thermal management systems, which declined 2.26%.
Regarding profitability, the decline tracks closely with shrinking margins. Tuopu reported a gross margin of 19.43% for 2025, down 1.37 percentage points, while net margin fell 1.88 points to 9.41%.
Cost pressures stemmed from three main areas. First, the industry's price war trickled downstream: automakers squeezed procurement costs to capture market share, forcing suppliers to sacrifice margins and narrowing gross profit space. Second, R&D spending intensified, reaching 1.50 billion yuan, a 22.2% increase. Strategic investments in humanoid robots and liquid cooling technology drove up costs, though these investments have yet to yield scaled revenue. Third, new capacity involved high initial costs. Facilities in Mexico, Thailand, and domestic industrial hubs are still in the construction or ramp-up phase, increasing fixed costs and dragging on short-term efficiency. Additionally, administrative expenses rose 23.75%, driven by higher staff compensation and increased depreciation and amortization, further squeezing the bottom line.
Notably, the profit decline reveals a structural split. The drop in recurring net profit (4.30%) was less severe than the overall net profit decline (7.38%), suggesting that non-recurring factors had a greater impact on performance. Reduced government subsidies and increased goodwill impairment provisions were the main causes, indicating that the core business's earning power remains resilient.
A quarterly breakdown shows momentum picked up. In the fourth quarter, revenue reached 8.65 billion yuan, up 19.4% year-on-year, while net profit rose 6.0% to 813 million yuan. Gross margin rebounded to 19.97%, a 1.33-point increase from the previous quarter, signaling that cost controls and capacity releases are starting to yield results.
New Business Tracks Accelerate as Global Layout Solidifies Long-Term Growth Foundation
Even as it navigated short-term profit headwinds, Tuopu accelerated its expansion into cross-sector arenas like humanoid robots and liquid cooling technology in 2025. Global capacity building progressed in tandem with domestic industrial base construction. By broadening its business boundaries and refining its production network, the company is laying the groundwork for long-term expansion and making tangible progress on its "second growth curve."
Humanoid robotics represent a key pillar of Tuopu's new strategy. Leveraging its R&D and manufacturing expertise in automotive braking systems, the company has completed development on core products including linear actuators, rotary actuators, dexterous hands, and structural body components, establishing a platform-based product matrix.
In 2025, Tuopu separately reported its robot actuator business for the first time, recording revenue of 13.59 million yuan. As a core supplier for Tesla's Optimus, the company has achieved a precision of ±0.01mm for key components like planetary roller screws. It has also entered the supply chains of more than a dozen leading companies, including Seres, XPENG, and UBTECH.
Liquid cooling technology has emerged as a key bridge for cross-industry expansion. Leveraging its expertise in automotive thermal management, Tuopu rapidly developed core products such as liquid cooling pumps, temperature and pressure sensors, and flow control valves. These are now being applied in energy storage and AI computing server sectors. The company has secured its first batch of orders worth 1.50 billion yuan, successfully transplanting its technology into new industries and creating new growth opportunities.
Global capacity deployment serves as the backbone for managing the industry landscape and expanding markets. The report indicates that Tuopu's Mexico project in North America is now fully operational, while its Thailand production base is expected to be completed in the first half of 2026. The company is also planning a second phase in Mexico and an expansion of its Poland factory. With a footprint spanning Asia, Europe, and North America, Tuopu offers its full product lineup overseas. Domestically, all ten phases of the 2,600-mu smart driving industrial park in the Qianwan New Area are operational, creating a large-scale supporting base. This global-local network not only brings the company closer to overseas customers and boosts delivery efficiency but also mitigates international trade risks, safeguarding the global expansion of both new and legacy businesses.
Overall, Tuopu's 2025 performance presents a picture of growth intertwined with challenges, and stability balanced against transformation. Steady revenue growth validates the strength of its traditional foundation, while the profit decline reflects the dual pressure of fierce competition and the heavy investment required for transition. However, the rapid rollout of new business lines and the maturation of global capacity are injecting fresh momentum into its long-term prospects. Looking ahead, as new capacity comes online, overseas bases ramp up, and cost controls take hold, Tuopu is positioned for a profitability recovery. By leveraging its multi-business synergy, the company aims to continue its evolution into a technology-driven platform supplier, positioning itself to capture long-term opportunities amid the tides of intelligence and globalization in the auto industry.
