Tuopu Group reports strong 2024, eyes continued growth

** Ningbo Tuopu Group (SSE: 601689) reported a robust financial performance for 2024, with operating income reaching RMB 26.60 billion, a 35.02% increase compared to the previous year. Net profit attributable to shareholders rose to RMB 3.00 billion, up 39.52%. The company attributes this growth to its Tier0.5 business model and expanded partnerships in the intelligent electric vehicle sector. In response to increasing NEV penetration, Tuopu is expanding capacity with new facilities in China, Mexico, and Thailand. Refinancing efforts finalized in January 2024, yielding approximately RMB 3.498 billion. As of year-end 2024, total assets reached RMB 37.54 billion, with a proposed cash dividend of RMB 5.19 per 10 shares to be distributed. The company holds a positive outlook, continuing to prioritize R&D and global expansion in 2025.