Tuopu Group reallocates capital, delays project amid market shifts

China Merchants Securities Co. Ltd. has verified Ningbo Tuopu Group's plan to reallocate 400,000,000.00 yuan in raised funds. This reallocation will support the "Intelligent Manufacturing Industrial Park Project" in Ningbo, focusing on ASU and intelligent door drive systems to leverage market opportunities and meet customer demands. The funds will be shifted from the "Annual Production of 3.3 Million Sets of Lightweight Chassis System Construction Project" (300,000,000.00 yuan from convertible bond funds) and the "Anhui Shouxian Annual Production of 300,000 Sets of Lightweight Chassis System Project and 500,000 Sets of Automotive Interior Functional Parts Project" (100,000,000.00 yuan from A-share equity funds).

Concurrently, the completion date for the "Annual Production of 3.3 Million Sets of Lightweight Chassis System Construction Project" is extended from October 2025 to December 2026. This delay aims to mitigate investment risks and align with the company's cautious construction approach amid geopolitical and overseas market developments. These decisions, approved by the Board of Directors and Board of Supervisors on September 17, 2025, await shareholder approval at the Extraordinary General Meeting on October 10, 2025.

Ningbo Tuopu Group also released meeting materials and a notice for the Extraordinary General Meeting, to be held on October 10, 2025, at its headquarters, with both on-site and online voting available. The agenda includes resolutions for the fund reallocation, project delay, and revisions to the company's articles of association and governance policies, including the abolition of the Board of Supervisors.