"Ningbo's Richest Person" makes a second trip to Hong Kong for an IPO, Top Group expects increased revenue but no profit growth in 2025, with a total dividend of 2.4 billion over three years

Rui Finance Wang Min On March 31, according to a disclosure by the Hong Kong Exchanges and Clearing Limited (HKEX), Ningbo Tuopu Group Co., Ltd. (hereinafter referred to as “Tuopu Group”) has submitted a listing application to the main board of HKEX. Citic Securities and UBS Group are its joint sponsors.

The prospectus shows that Tuopu Group was established in 2004 and is a leading integrated system solutions provider serving original equipment manufacturer (OEM) vehicle manufacturers and humanoid robot developers. The company pioneered the Tier0.5 business model, going beyond the traditional Tier1 model. It works closely with customers throughout the entire product development process to achieve a more flexible development experience and better product integration.

According to materials from ZhiS Consulting, based on 2024 revenue, the company ranks No. 1 globally among lightweight chassis system suppliers, and ranks No. 1 in China among suppliers of soft interior functional components.

Tuopu Group was officially listed on the main board of the Shanghai Stock Exchange on March 19, 2015, with stock code 601689. As of the midday trading break on April 1, its total market value was 101.4 billion yuan.

For the fiscal years 2023, 2024, and 2025, the company achieved revenue of approximately 19.7 billion yuan, 26.6 billion yuan, and 29.581 billion yuan, respectively; and profit for the year of approximately 2.15 billion yuan, 3.004 billion yuan, and 2.783 billion yuan, respectively.

In 2025, Tuopu Group increased revenue without increasing profit. Operating revenue grew 11.2% year over year, while net profit fell 7.36% year over year.

For the fiscal years 2023, 2024, and 2025, Tuopu Group declared dividends of 0.6465 billion yuan, 0.9019 billion yuan, and 0.8515 billion yuan, respectively. The total dividends over the three years were 2.4 billion yuan. The dividend payout ratio for each year (calculated as dividends declared during the year divided by net profit for the same year) was approximately 30.0% each year.

Before the IPO, Tuopu Group’s Chairman Wu Jianshu held approximately 57.88% of the shares through Mako Hong Kong, held approximately 0.52% shares directly, and therefore controlled approximately 58.40% of the equity interests in total.

Wu Jianshu, 62, is an executive director and chairman. He is mainly responsible for the group’s overall strategic planning and business direction. He founded the group in April 2004, and has served as a director and chairman since then.

Wu Jianshu previously served as: from December 1999 to November 2014, Ningbo Economic and Technological Development Zone Tuopu Industrial Co., Ltd.; from July 2001 to December 2010, Ningbo Tuopu Damping System Co., Ltd.; from August 2003 to August 2018, Ningbo Tuopu Soundproofing System Co., Ltd.; from March 2007 to March 2019, Ningbo Tuopu Coupling Shaft Co., Ltd.; and from September 2007 to July 2022, a director of Ningbo Tuopu Automotive Special Rubber Co., Ltd.

According to the “2025 Hurun Global Rich List,” Tuopu Group Chairman Wu Jianshu ranked 382nd with a net worth of 59 billion yuan, becoming the “Ningbo’s No. 1 Richest Person.”

Related companies: Tuopu Group sh601689, Puji