Stock Code: 601689 Abbr.: Tuopu Group
Ningbo Tuopu Group Co. Ltd.Semi-annual Report 2026
August 2026Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
Important Notes
1. The Board of Directors the Directors and the senior management of the Company warrant that
this Semi-annual Report is true accurate and complete and contains no false record misleading
statement or material omission and undertake individual and joint liability.
2. All Directors attended the Board meeting.
3. This Semi-annual Report has not been audited.
4. Wu Jianshu the person in charge of the Company and Hong Tieyang who is both the person in
charge of accounting affairs and the head of the accounting department declare that the financial
statements in this Semi-annual Report are true accurate and complete.
5. Profit distribution plan or plan for capitalization of capital reserve for the Reporting Period
approved by resolution of the Board
None
6. Risk statement regarding forward-looking statements
□ Applicable √ Not applicable
7. Whether there was any non-operating appropriation of funds by the controlling shareholder or
other related parties
No
8. Whether there was any external guarantee provided in violation of the prescribed decision-
making procedures
No
9. Whether more than half of the Directors are unable to warrant the truthfulness accuracy and
completeness of the Semi-annual Report disclosed by the Company
No
10. Material risk warning
There were no material risk events during the Reporting Period. The material risks that may adversely
affect the Company's future development and the achievement of the Company's business objectives are
described in this Report; please refer to Section 3 Management Discussion and Analysis.
11. Others
√ Applicable □ Not applicable
During the Reporting Period on 31 March 2026 the Company applied to The Stock Exchange of
Hong Kong Limited to issue and list overseas listed shares (H shares) and published the application
materials. In accordance with the relevant requirements the Company has filed the record-filing materials
for this issue and listing with the China Securities Regulatory Commission which accepted them in June
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
2026. The issue and listing still requires record-filing approval or authorization from the relevant
regulators and depends on market conditions. It therefore remains uncertain.Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
Contents
SECTION 1 DEFINITIONS ............................... 5
SECTION 2 COMPANY PROFILE AND KEY FINANCIAL INDICA... 5
SECTION 3 MANAGEMENT DISCUSSION AND ANALYSIS ........ 8
SECTION 4 CORPORATE GOVERNANCE ENVIRONMENT AND SOC.. 32
SECTION 5 SIGNIFICANT EVENTS ....................... 34
SECTION 6 CHANGES IN SHARES AND SHAREHOLDERS ....... 74
SECTION 7 BOND-RELATED INFORMATION ................. 79
SECTION 8 FINANCIAL REPORT ......................... 80
The full text and abstract of this Semi-annual Report bearing the signature of
the legal representative and the Company's seal.The financial statements bearing the signatures and seals of the legal
List of documents representative the person in charge of accounting affairs and the head of the
available for inspection accounting department.The originals of all documents publicly disclosed on the websites designated
by the CSRC during the Reporting Period and the original manuscripts of the
announcements.Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
Section 1 Definitions
In this Report unless the context otherwise requires the following terms have the meanings set out
below:
Definitions of frequently used terms
the Company the Issuer Tuopu
Group means Ningbo Tuopu Group Co. Ltd.MECCA HK means MECCA INTERNATIONAL HOLDING (HK) LIMITED the controlling shareholder of the Company
the Reporting Period means 1 January 2026 to 30 June 2026
the Board the general meeting means the board of directors and the general meeting of Ningbo Tuopu Group Co. Ltd.RMB RMB'0000 RMB'00 Renminbi the lawful currency of the People's Republic of
million means China expressed in yuan tens of thousands of yuan and hundreds of millions of yuan respectively
Convertible Bonds means convertible corporate bonds
the CSRC means the China Securities Regulatory Commission
the SSE means the Shanghai Stock Exchange
Section 2 Company Profile and Key Financial Indicators
1. Company information
Chinese name of the Company 宁波拓普集团股份有限公司
Chinese abbreviation 拓普集团
Foreign name of the Company Ningbo Tuopu Group Co. Ltd.English abbreviation of the Company Tuopu Group
Legal representative of the Company Wu Jianshu
2. Contact persons and contact details
Secretary to the Board Representative for Securities Affairs
Name Wang Mingzhen Gong Yuchao
Contact address No. 268 Yuwangshan Road Beilun No. 268 Yuwangshan Road Beilun District Ningbo Zhejiang Province District Ningbo Zhejiang Province
Telephone 0574-86800850 0574-86800850
Fax 0574-86800877 0574-86800877
E-mail wmz@tuopu.com gyc@tuopu.com
3. Summary of changes in basic information
Registered address of the Company No. 268 Yuwangshan Road Daqi Subdistrict Beilun District Ningbo Zhejiang Province
On 16 June 2020 the registered address of the Company
Historical changes to the registered address was changed from No. 215 Huangshan West Road Beilun
of the Company District Ningbo Zhejiang Province to No. 268 Yuwangshan Road Daqi Subdistrict Beilun District
Ningbo Zhejiang Province
Office address of the Company No. 268 Yuwangshan Road Daqi Subdistrict Beilun District Ningbo Zhejiang Province
Postal code of the office address 315806
Website of the Company www.tuopu.com
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
E-mail tuopu@tuopu.com
Index for enquiries on changes during the
Reporting Period None
4. Summary of changes to the place of information disclosure and document availability
Name of the newspaper designated by the
Company for information disclosure China Securities Journal
Website on which the Semi-annual Report is Website of the Shanghai Stock Exchange
published (www.sse.com.cn)
Place where the Semi-annual Report is
available for inspection Office of the Secretary to the Board
Index for enquiries on changes during the
Reporting Period None
5. Summary of the shares of the Company
Stock exchange on
Class of shares which the shares Stock abbreviation Stock code Former stock
are listed abbreviation
A shares the Shanghai Stock Exchange Tuopu Group 601689 -
6. Other relevant information
□ Applicable √ Not applicable
7. Key accounting data and financial indicators of the Company
(1) Key accounting data
Unit: RMB
Current reporting Change from the
Key accounting data period (January to Corresponding corresponding
June) period of last year period of last year (%)
Revenue 14199245308.27 12934627599.03 9.78
Total profit 1174547456.44 1457443066.13 -19.41
Net profit attributable to shareholders
of the listed company 1022548890.95 1294928327.93 -21.03
Net profit attributable to shareholders
of the listed company after deducting 907521896.35 1161595892.64 -21.87
non-recurring profit or loss
Net cash flows from operating
activities 2596056538.23 2456271248.25 5.69
End of the End of the prior
Change from the
Reporting Period year end of the prior year (%)
Net assets attributable to shareholders
of the listed company 24217925035.11 24097986619.12 0.50
Total assets 42590141069.42 43934595369.02 -3.06
(2) Key financial indicators
Current reporting Change from the
Key financial indicators period (January to Corresponding corresponding
June) period of last year period of last year (%)
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
Basic earnings per share
(RMB/share) 0.59 0.75 -21.33
Diluted earnings per share
(RMB/share) 0.59 0.75 -21.33
Basic earnings per share after
deducting non-recurring profit 0.52 0.68 -23.53
or loss (RMB/share)
Weighted average return on net A decrease of 1.81
assets (%) 4.21 6.02 percentage points
Weighted average return on net
assets after deducting non- 3.74 5.40 A decrease of 1.66
recurring profit or loss (%) percentage points
Notes to the key accounting data and financial indicators of the Company
□ Applicable √ Not applicable
8. Differences in accounting data under domestic and overseas accounting standards
□ Applicable √ Not applicable
9. Non-recurring profit or loss items and amounts
√ Applicable □ Not applicable
Unit: RMB
Non-recurring profit or loss items Amount Notes (if applicable)
Gains and losses on disposal of non-current
assets including the write-back of impairment -4785725.37
provisions previously made
Government grants recognized in profit or loss
excluding grants that are closely related to
ordinary business are made under national 142436646.82 Section 8 11
policy are received on defined terms and have a
continuing effect on profit or loss
Gains and losses on financial assets and financial
liabilities held by non-financial enterprises
whether from changes in fair value or from 4585345.04
disposal excluding effective hedging related to
ordinary business
Funds occupation fees charged to non-financial
enterprises and recognized in profit or loss
Gains and losses from entrusting others to invest
in or manage assets
Gains and losses from entrusted loans granted to
third parties
Asset losses arising from force majeure events
such as natural disasters
Reversal of impairment provisions for
receivables tested for impairment on an
individual basis
Gains arising where the cost of an investment in
a subsidiary associate or joint venture is less
than the share of the investee's identifiable net
assets at fair value on acquisition
Net profit or loss of subsidiaries from the
beginning of the period to the combination date
arising from business combinations under
common control
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
Non-recurring profit or loss items Amount Notes (if applicable)
Gains and losses on exchanges of non-monetary
assets
Gains and losses on debt restructuring
One-off expenses incurred because the relevant
business activities are discontinued such as
expenditure on employee resettlement
One-off effects on profit or loss for the period
arising from changes in tax accounting and other
laws and regulations
Share-based payment expenses recognized on a
one-off basis due to the cancellation or
modification of share incentive schemes
For cash-settled share-based payments gains and
losses arising from changes in the fair value of
employee benefits payable after the vesting date
Gains and losses from changes in fair value of
investment properties subsequently measured
using the fair value model
Gains arising from transactions with transaction
prices that are manifestly unfair
Gains and losses from contingencies unrelated to
the ordinary course of the Company's business
Custodian fee income from entrusted operations
Other non-operating income and expenses apart
from the above items -4635694.66
Other items of gain or loss that meet the
definition of non-recurring profit or loss -
Less: effect of income tax 22339934.51
Effect on non-controlling interests (after
tax) 233642.72
Total 115026994.60
Explanatory Announcement No. 1 on Information Disclosure by Companies Offering Securities to the
Public sets out which items are non-recurring. Reasons must be given where the Company treats an
unlisted item as non-recurring and the amount is material or treats a listed item as recurring.□ Applicable √ Not applicable
10. Companies with share incentive schemes or employee shareholding plans may elect to disclose
net profit excluding the effect of share-based payments
□ Applicable √ Not applicable
11. Others
□ Applicable √ Not applicable
Section 3 Management Discussion and Analysis
1. Description of the industry in which the Company operates and the principal business of the
Company during the Reporting Period
(I) Industry overview
In the first half of 2026 global passenger vehicle sales were approximately 40.814 million down 1.2%
YoY. Of these electric vehicles accounted for approximately 10.460 million units up 10.2% YoY and
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
represent 25.6% of total global passenger vehicle sales. In the domestic market China's vehicle sales were
15.017 million units down 4.1% YoY: domestic sales were 9.921 million units down 21.1% while
vehicle exports reached 5.096 million units up 65.3% making exports an important support for the
industry; domestic electric vehicle sales were 7.446 million units up 7.3% YoY representing 49.6% of
total new vehicle sales. The global market data were retrieved from MarkLines and the domestic data were
from the China Association of Automobile Manufacturers. Against a background of subdued domestic
demand and accelerating vehicle exports with overseas localization auto components suppliers with a
global manufacturing footprint and ability to deliver a full product matrix outside China encounter a
tailwind with structural opportunity.(II) Principal business and business model
1. Principal business
The Company's principal business is the research and development manufacture and sale of
automotive parts embodied intelligence components and liquid cooling products. Automotive parts
business spans eight product lines: air suspension systems intelligent driving systems thermal
management systems smart cockpit components chassis systems body lightweight system vibration
control systems and interior and exterior systems. Embodied artificial intelligence business centers on
robot actuators and is extending into other key components such as body structural parts. Liquid cooling
business draws on the Company's automotive-grade thermal management technology to supply core
components for data centers energy storage and similar applications. The Company's principal customers
include international and domestic intelligent electric vehicle OEMs traditional automobile OEMs
embodied intelligence companies and data center customers.Both the embodied intelligence and liquid cooling businesses extend from the electric drive
electronic control precision manufacturing and thermal management technologies the Company has
accumulated in automotive parts and are expected to support future growth. To accelerate the
commercialization of the embodied intelligence business the Company has established a robot actuator
division with a dedicated management structure and team.The Company is guided by the principle of creating value for customers committed to research and
innovation continues to advance digital and intelligent manufacturing and globalization strategies and
strengthens overall competitiveness with the aim of becoming a more trusted partner for automobile
OEMs embodied intelligence companies and others.Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
2. Business processes and business model
3. The Company's principal operations by industry product and region during the Reporting
Period were as follows:
Unit: RMB
Principal operations by industry
Change in Change in Change in
Gross revenue cost of gross
By industry Revenue Cost of sales margin from the sales from margin
(%) prior year the prior from the
(%) year (%) prior year
An
Automotive increase of
parts 13261004946.87 10912342053.03 17.71 8.9 8.7 0.15 percentage
points
Principal operations by product
Change in Change in Change in
Gross revenue cost of gross
By product Revenue Cost of sales margin from the sales from margin
(%) prior year the prior from the
(%) year (%) prior year
A decrease
Mechatronic
system 1108043925.47 926786257.63 16.36 3.08 4.25
of 0.94
percentage
points
Thermal A decrease
management 1017643682.12 853964139.27 16.08 3.79 4.34 of 0.45
system percentage points
Robot actuator 14047726.94 10250358.50 27.03 83.43 92.75 A decrease of 3.53
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
percentage
points
A decrease
Chassis system 4243193316.70 3493572248.83 17.67 14.44 15.12 of 0.48 percentage
points
An
Interior & increase of
exterior system 4765622178.79 3957779868.09 16.95 9.15 8.07 0.83 percentage
points
An
Vibration increase of
control system 2112454116.85 1669989180.71 20.95 3.56 2.5 0.83 percentage
points
Principal operations by region
Change in revenue from
Region Revenue for the period the corresponding period
of last year (%)
Domestic 9935967600.51 7.18
Overseas 3325037346.36 14.41
Description of significant new non-principal businesses during the Reporting Period
□ Applicable √ Not applicable
2. Discussion and analysis of operations
During the Reporting Period the Company overcame changes in the global economy trading
environment and industry to continue optimizing operating efficiency. Faced with falling demand in the
domestic passenger vehicle market the Company drew on strengths built up in the intelligent electric
vehicle industry - including broad product range systems development capability and innovative business
model - together with global manufacturing footprint covering North America South America Europe
and South-East Asia to effectively offset the impact of market volatility. The Company took on the
localization requirements of international OEMs and the overseas supply requirements of Chinese OEMs
at the same time achieving revenue growth against the headwind and growth in both customer coverage
and supply share. The decline in net profit for the period was mainly due to the Company's product
category expansion increased labor costs and depreciation in new factories and temporary effects of
higher raw material prices and exchange losses. These effects are expected to ease as the new capacity
comes on stream and economies of scale take hold. At the same time emerging businesses such as robot
actuators and data center liquid cooling are entering commercialization phase providing new momentum
for the Company's medium and long-term growth. Works across all areas of management are progressing
in an orderly manner as set out below:
(1) Market and sales
During the Reporting Period the Company's Tier 0.5 innovative business model and the platform-
based product lines worked together to generate synergies effect and entered a phase of large-scale
implementation. Guided by the philosophy of rapid response and full cooperation the Company creates
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
value for customers through QSTP products and services. In the domestic market cooperation continued
to expand with OEMs including Seres Xiaomi Geely BYD Chery Li Auto NIO Great Wall Motor and
Xpeng with steady increases in both value per vehicle and order volumes. In international markets
cooperation in electric vehicles progressed well with Customer A an innovative US OEM and with
RIVIAN Ford GM BMW Stellantis and Mercedes-Benz. Cooperation with RIVIAN in particular
continued to deepen extending across several product lines and stands out as a successful example of the
Tier 0.5 model being adopted by an international customer.The Company is steadfast in adopting a platform-based product strategy. Supported by research and
innovation with digital and intelligent manufacturing the competitiveness of products like interior
functional components lightweight chassis and thermal management improved continuously.Mechatronic system products including air suspension smart cockpit IBS and EPS all entered volume
production further improving the product matrix and laying a foundation for the Company's long-term
development.The Company accelerated the globalization strategy. With Chinese vehicle exports growing strongly
and international OEMs accelerating their shift to electrification the strategic value of the Company's
global manufacturing footprint has become increasingly clear. Civil works at the phase I plant in Thailand
are completed and some production lines are already operating; once fully operational the Company will
cover the entire current product range outside China. Capacity utilization at the Mexico plant is rising
steadily and a phase II project is being planned. Planning and design have also begun for the phase II
Poland plant laying the groundwork for more European orders. A global footprint helps the Company
respond flexibly to changes in the international trading environment and reduce operating risk allowing
the Company to supply customers locally and quickly.In the domestic market Wuhu Tuopu Automobile Parts Co. Ltd. formerly Wuhu Changpeng Auto
Parts Co. Ltd. has been fully integrated into the Company's interior and exterior system unit integration
has gone smoothly and it has now reached the stage of stable contribution with supply to customers such
as Chery and Leapmotor progressing steadily.
(2) Research development and innovation
During the Reporting Period the Company increased R&D spending and resources to maintain a
leading position. R&D expenses were RMB791 million up 12.17% YoY and 5.57% of revenue. A new
R&D building at the Company's headquarters has been completed with a floor area of 71000 square
meters and capacity for 2500 research staff. Together with the existing R&D center testing center tooling
center and prototyping center it forms an integrated center for teams working on automotive parts liquid
cooling energy storage robot components and software development. Air suspension smart cockpit IBS
and EPS have all entered volume production and a next generation of products - active suspension EMB
and RBS - is taking shape.Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
In interior and exterior systems the Company focused on advanced materials and new processes
development. MOFs (metal-organic frameworks) are now in volume production for headliners carpets
and spare wheel covers where the adsorption properties of the material can effectively suppress odor and
reduce VOC emissions. Bamboo material fiber board has been applied to luggage compartment side panels
and tailgate trim substrates. High-imitation leather headliners feature on premium models such as the
AITO M9 starlight roof and recycled polyester fiber (rPET) interior materials have extended from carpets
to headliners and side trim panels now fitted to several NIO and Geely models. The Company's low-
pressure injection molding process won a new headliner nomination from Leapmotor. In exterior products
the sealing strip project at the Malaysia site is about to enter production.In chassis systems the Company's forged aluminum ball joint control arm passed six million wear
cycles with zero failures meeting the customer's technical requirements in all aspects. During the
Reporting Period the customer base extended to Volkswagen FAW Toyota and Jaguar Land Rover
beyond existing customers of Seres Xiaomi Xpeng Great Wall Motor Chery BYD Changan SAIC
Customer A BMW LUCID and SCOUT. The business also won several important nominations: the
Poland plant was nominated by Leapmotor International the joint venture between Leapmotor and
Stellantis and further nominations came from European premium brands.In body lightweight systems the Company expanded the light alloy structural components business
winning projects from Jaguar Land Rover Ford GAC Xiaomi LUCID and SCOUT and additional
nominations for longitudinal beams and shock towers from European premium brands.In suspension systems the Company was the first in China to supply closed-loop air suspension (C-
ECAS) in large-scale volume production and has built full in-house capability from core components - air
tanks air springs ASU and ECAS - to single dual and triple-chamber air suspension systems. With orders
growing quickly air suspension capacity reached about 1.3 million units a year by the end of the Reporting
Period and the target of about 1.5 million units for the full year is unchanged. Air suspension customers
now include Seres Xiaomi Li Auto SAIC ZEEKR TANK BYD Leapmotor and GAC. The Company
also launched ASU 2.0 a second-generation closed-loop air supply unit using active heating dehydration
and molecular sieve regeneration for long-life moisture control improving performance while reducing
cost and supporting multiple electrical interfaces and vehicle platforms; it has already been nominated. In
active suspension the Company has developed a hydraulic active suspension system and an 800V active
stabilizer bar and is one of the few companies worldwide with in-house capability across the full range of
active suspension core components - air suspension hydraulic active suspension and active stabilizer bar.In intelligent driving several IBS projects have reached volume production; a Hongqi electric vehicle
fitted with the Tuopu IBS braking system recorded a 100 km/h braking distance of 29.68 meters. IBS 2.0
which offers better cost performance is progressing steadily. The Company's brake-by-wire technology
path continues to develop: the EMB project with Hongqi and Seres is progressing well and the newly
developed RBS redundant braking system uses a dual braking control architecture that backs up the ESC
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
natively supports Level 3 and above autonomous driving and is expected to reach volume production in
2027.
In the smart cockpit area the world's first automotive-grade oxygen concentrator developed by the
Company entered volume production in March 2026 and made its global debut on the Leapmotor D19. It
uses vacuum pressure swing adsorption (VPSA) delivers up to 8 L/min at a stable oxygen concentration
of 90% or above meets medical oxygen standards and supports both cabin-wide diffusion and nasal
delivery. Power consumption is below 320 W energy efficiency 0.66 kWh/m3 and in-cabin noise as low
as 38 dB all better than industry limits. During development the Company carried out more than twenty
system optimizations with the customer in an NVH laboratory cutting noise from around 72 dB at the
outset. The product has passed altitude testing from sea level to 5000 meters and in nasal mode raises
blood oxygen saturation from 72% to above 90% in about 100 seconds; the vehicle has completed
CATARC in-cabin oxygen certification. The product fills a gap in the industry and extends the health
functions of the smart cockpit. The Company is leading work on a national standard for in-vehicle oxygen
concentrators.On quality and certification the IBS with redundant braking unit (RBU) has passed ISO 26262 ASIL
D functional safety certification and the air suspension system (ASU) is working through ISO 26262
ASIL B. The Company holds 64 software copyrights together with a number of invention patents and
utility model patents.
(3) Robotics business segment
Driven by the rapid development of artificial intelligence the humanoid robot industry is now moving
from technology validation to large-scale production phase. On policy aspect after embodied intelligence
appeared in the Government Work Report for the first time in 2025 the 2026 Government Work Report
set out further measures listing it among the future industries to be cultivated and for the first time calling
for a new form of intelligent economy and faster adoption of intelligent robots and other next-generation
intelligent terminals. On industry side 2026 is widely regarded as the first year of humanoid robot volume
production: leading overseas companies are bringing production plans into effect and planning large-scale
capacity shipments from several domestic manufacturers are growing quickly and applications are
moving from demonstrations toward industrial manufacturing commercial services and other real work.On technology the deep integration of multimodal large language models with embodied intelligence has
markedly improved motion control environmental perception and task execution and the path to reducing
the cost of core components at scale is becoming clearer. Institutional forecasts suggest that robots will
eventually take on jobs currently held by several hundred million people worldwide and that the global
robotics industry could reach a scale of RMB100 trillion. With frontier technologies such as AI advancing
rapidly and populations aging the robotics industry has entered a period of accelerated development and
is a leading example of new quality productive forces.Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
The Company has developed IBS brake-by-wire systems for many years building deep expertise in
mechanics reduction mechanisms motors electronic control and software and extending it to thermal
management steer-by-wire air suspension smart cockpit actuators and robot electric drive actuators.Actuators are the core component of a robot and fall into two types: linear and rotary. To reproduce the
coordination and multi-degree-of-freedom flexibility of human movement an actuator must be light
compact and low in power consumption and must push against many limits of engineering design to
integrate and communicate between motors reduction mechanisms encoders drivers and controllers. The
structure is complex and the technology highly concentrated.The Company's core strengths in robot actuators are: first in-house development of permanent
magnet servo motors frameless motors and other motor types; second experience in integrating motors
reduction mechanisms and controllers; third precision machining capability; and fourth the ability to
coordinate R&D and testing resources. Each humanoid robot requires dozens of motion actuators giving
a high value per unit and a substantial market. The Company's growing competitive advantage should
secure a larger share of that market and more business from existing customers.During the Reporting Period the robotics business made important progress: linear actuators rotary
actuators and dexterous hand motors entered small-batch delivery. Body structural parts foot shock
absorbers and electronic flexible skin are being brought to production readiness in parallel and a platform-
based product matrix is taking shape. The first phase of the robot components industrial base is largely
complete providing the capacity for larger-scale delivery.Alongside developing the eight product lines for intelligent electric vehicles the Company has taken
the opportunity presented by the rapid growth of the robotics industry focusing on and steadily expanding
key products and core technologies in the robotics supply chain. Intelligent vehicle components and robot
components now develop together providing a foundation for the Company to keep growing quickly.
(4) Thermal management systems and liquid cooling business
The Company has built full R&D and manufacturing capability for thermal management modules
and components and is capable of producing all the core sub-components of the v2.0 thermal management
modules: multi-port valves electronic water pumps electronic expansion valves solenoid valves heat
exchangers flow plates check valves gas-liquid separators accumulators and controllers. Beyond
demonstrating the Company's technical strength in thermal management optimizing the system design
delivers clear value to users:
1. Longer range. Intelligent control extends driving range by more than 20% in extreme
conditions such as winter substantially improving vehicle efficiency.
2. Lighter design. New materials and structural optimization cut overall weight by 25%
reducing energy consumption while improving handling.
3. Intelligent control. The thermal management controller uses an integrated design supports
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
OTA updates and adapts energy consumption to operating conditions.
4. Better reliability. An optimized system layout reduces refrigerant and coolant lines by 30%
lowering the risk of leaks and improving stability and reliability.
5. Quieter operation. Advanced vibration isolation gives the module an isolation rate above
20 dB markedly improving vehicle NVH performance.
During the Reporting Period the Company completed a strategic investment in Shanghai Aiweilan
New Energy Technology Co. Ltd. a leading domestic manufacturer of electric scroll compressors whose
products cover battery electric plug-in hybrid and 800V high-voltage platforms. The investment
completes the Company's capability of compressor plus heat pump assembly. Two companies will
together develop integrated delivery capability for third-generation thermal management system based on
deep compressor integration with a secondary loop architecture and prepare for the next generation of
technology using natural refrigerants such as R290. The Tuopu energy flow module the first product from
the collaboration uses single-piece brazing to integrate the flow plate LCC chiller and accumulator
reducing sealing interfaces at source and markedly lowering the risk of refrigerant leakage. The module
carries a two-in-one compressor with integrated PTC and hot-gas bypass control achieving a 20% weight
reduction and a 3% efficiency gain with 8 kW heating capacity and COP of 2.0 or above at ?20°C and
stable operation down to ?40°C. An intelligent domain controller supports 12V and 48V platforms and
OTA updates and the module takes about 50% less packaging space than a conventional solution.In AI liquid cooling the rapid development of large AI models is accelerating data center construction
worldwide. AI chip power consumption and per-rack power density continue to rise conventional air
cooling is approaching its physical limits and liquid cooling is shifting from an option to a requirement
for high-density computing. Industry forecasts put liquid cooling penetration in domestic AI servers above
50% in 2026 with the global data center liquid cooling market reaching the scale of USD10 billion as the
industry enters volume growth. Drawing on technology and products developed for automotive-grade
thermal management and IBS the Company has moved quickly to develop liquid cooling pumps flow
control valves gas-liquid separators and liquid cooling flow plates. Because customers design based on
standardized and platform-based principles the Company's automotive thermal management technology
can be reused in data centers setting. Automotive-grade reliability standards and large-scale manufacturing
capabilities are what differentiate the Company when entering the computing-power cooling supply chain.In energy storage as cell capacity increases and installed capacity at storage plants grows quickly
liquid cooling is becoming the mainstream approach for large storage systems offering higher cooling
efficiency and lower operating energy consumption. Drawing on platform-based thermal management
products the Company has extended multi-port valves electronic water pumps heat exchangers and
controllers into energy storage temperature control opening further room for growth in the thermal
management business.Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
In digital and intelligent manufacturing by combining a range of system simulation software with
experience built up in mechatronic systems the Company completed the first electronic heat pump
production line in only four months earning customer recognition for automation vision inspection
product traceability and quality control. The Company's first fully automated digital flexible production
line for electronic expansion valves handles several product variants and has delivered more than 500000
units since start-up.During the Reporting Period the Company's thermal management technology and products were
adopted in liquid-cooled servers energy storage robotics and other emerging fields with cumulative
orders in these businesses rising to RMB1.75 billion. The Company continues to promote these products
to data center operators in China and overseas. Thermal management now has a multi-scenario platform
covering electric vehicles and these emerging fields and it is becoming a new source of growth for the
Company.
(5) Production capacity layout
During the Reporting Period phase 9 plant at Hangzhou Bay and the Guangzhou plant were
completed and brought into production. Civil works at the phase I plant in Thailand are complete and some
production lines are already operating. Planning and design have begun for phase II of the Poland plant.Equipment commissioning at the Kentucky plant in the United States is expected to be completed during
the year. The first phase of the robot components industrial base is largely complete and ready for
production.Building these plants creates some cost pressure in the short term but electric vehicles and embodied
intelligence are both growing quickly and the Company's capacity expansion follows rigorous analysis
and a disciplined decision-making process. The global capacity footprint has moved from the investment
phase into the production ramp-up phase and as the new plants reach full output they will provide a solid
basis for winning international orders and for margin recovery.
(6) Cost control
During the Reporting Period against raw material price volatility rising labor costs and external
factors such as exchange rates and tariffs the Company controlled costs through scale procurement
technical innovation process optimization and strict budget management pursuing cost reduction and
efficiency gains improving operating performance and keeping the gross margin relatively stable.On technical cost reduction the Company lowered costs through design optimization and greater
integration. Lightweighting cut the automotive-grade oxygen concentrator from about 9 kg to about 7.8
kg reducing both cost and vehicle energy consumption. Integrating the control circuit board reduced the
number of main control chips required. The Company is also substituting domestically produced
components for key electronic parts further improving the supply chain cost structure.Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
The Company has built a number of plants in recent years so administrative and manufacturing
expenses run high during ramp-up and trial production averaging several tens of millions of RMB a year
per plant. As these projects reach full output the plants will move from loss to profit and the drag on the
Company's profit will gradually disappear and turn into a positive contribution.R&D expenses have grown steadily as the Company has run more projects and recruited technical
staff each year. Capital expenditure has been high to support capacity expansion so depreciation and
amortization account for a relatively large share of revenue. As mechatronic system products such as air
suspension and brake-by-wire reach full volume and utilization of the new capacity improves economies
of scale will take effect; together with an improving product mix there is extra room for the gross margin
to rise in the future.
(7) Manufacturing improvement
The Company's aim to accelerate digitalizing factories with IT-based management TPS tools and
MES. Digital plants built on this basis give effective control over quality product traceability lean
production and equipment management connect data across the Company customers and the supply chain
and take the Company toward Industry 4.0 smart factories.On quality control the Company has built error-proofing by integrating control plans with the
traceability system and has digitized quality management across the whole production process. Production
line design begins with the customer at the project development stage and process parameters are
monitored and calibrated throughout giving comprehensive error-proofing in manufacturing. Every
product generates about 0.5 GB of process data as it comes off the line allowing quality issues to be traced
quickly and located precisely. All key data feeds in real time into the operations management platform so
managers have a live and complete view of quality cost and delivery the three core QCD indicators to
support decision-making. During the Reporting Period on the strength of consistent quality and delivery
the Company received NIO's Award for Excellence in Quality and GAC Toyota's Outstanding Quality
Award and the Brazil plant received General Motors' Supplier Quality Excellence Award.In advanced manufacturing DFM production simulation gives the Company an optimal planning
platform. The technology is now used throughout plant construction and production line upgrades
simulating quality traceability automation vision inspection energy use and carbon emissions to ensure
the best balance of product quality and cost and to shorten time to volume production substantially.As the global footprint expanded the Company replicated manufacturing system worldwide to a
common standard. Because tooling and equipment are designed and built in-house the Company can
construct production lines commission equipment and resolve problems at overseas sites without relying
on outside equipment suppliers which shortens response times and reduces cost. New overseas plants are
planned and built to a single digital standard with MES and other systems deployed at the same time so
that business processes quality standards and management systems are consistent across all plants.Experienced management and technical teams are sent to run overseas projects ensuring they start
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
production on time and to a high standard while connected and unified management information systems
keep overseas operations under real-time control and in compliance. Together these measures replicate
mature domestic intelligent manufacturing capability efficiently at plants worldwide supporting rapid
ramp-up and full output at new capacity.
(8) Sustainable development
Management places a high priority on ESG and is building an ESG sustainability management system.The Board sets and reviews ESG policy and strategy and oversees progress toward ESG targets. The
Company has established an ESG risk assessment and management system has embedded ESG
compliance in day-to-day operations and refines ESG practices through annual risk assessment.The Company is pursuing low-carbon production and meeting social responsibilities on energy
saving and emissions reduction steadily increasing installed photovoltaic capacity and the use of green
electricity. Photovoltaic generation reached 114.2 million kWh during the Reporting Period. By 2029 the
Company plans to reduce energy consumption per unit of output value (per RMB10000 of output value)
by 2% against 2025 and to raise the share of renewable energy in total energy consumption by 30% against
2025.
The Company's commitment to the environment also shows in the products. Lightweight chassis and
body products help reduce vehicle weight and energy consumption; thermal management systems extend
winter range by more than 20%; and data center liquid cooling products markedly reduce cooling system
energy consumption and carbon emissions compared with conventional air cooling. On green materials
recycled polyester fiber (rPET) interior materials are in volume production with recycled fiber content of
30% to 70% and bamboo material fiber board MOFs and other environmental materials are in volume
use raising the proportion of bio-based materials and improving cabin air quality.The Company will continue to pursue eco-friendly development embedding it throughout operations
leading through technological innovation reducing carbon emissions through a range of measures and
working toward zero-carbon plants in support of China's carbon neutrality goals.Significant changes in the Company's operations during the Reporting Period and matters
occurring during the Reporting Period that have had or are expected to have a material impact
on the Company's operations
□ Applicable √ Not applicable
3. Analysis of core competitiveness during the Reporting Period
√ Applicable □ Not applicable
The Company has steadily strengthened overall competitiveness and raised the barriers of entry over
the past forty years since foundation.
(1) Product platform advantages
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
The Company has followed industry trends built depth in intelligent electric vehicles and continued
to widen the product range becoming a platform company. The automotive parts business now comprises
eight product families: vibration control systems interior and exterior systems body lightweight system
smart cockpit components thermal management systems chassis systems air suspension systems and
intelligent driving systems with value per vehicle reaching as much as about RMB30000 with further
room to extend the range. Building on existing technology the Company has also moved into robot
components liquid cooling and other new products. These are core high-growth fields with broad
prospects and will become the Company's new sources of earnings growth.The breadth of the product range allows the Company to offer customers one-stop system-level
modular products and services. This capability is rare in the global automotive parts industry with few
directly comparable companies. In an era of industry revolution and business model innovation the
combined strengths of a platform company allow deep collaboration with customers meeting
requirements more precisely improving satisfaction and providing a solid basis for growth.With a broad range covering suspension systems air suspension IBS and EPS together with chassis
tuning capability the Company has all the elements needed to integrate a by-wire chassis and an intelligent
chassis. A by-wire chassis is a prerequisite for advanced autonomous driving and an intelligent chassis is
the next step beyond it. The Company can provide customers with deeper engineering support adapt to
the evolution of vehicle E/E architecture and domain control and respond quickly to new vehicle-building
models as they emerge.The Company's automotive parts product lines are summarized below. 1. Vibration control systems
including powertrain mounts drive motor shock absorbers telescopic shock absorbers torsional shock
absorbers subframe brackets and hydraulic bushings. 2. Interior and exterior systems including door trim
headliners main carpets package trays sound and heat insulation parts luggage compartment insulation
and other acoustic products together with exterior products such as sealing strips and decorative strips. 3.Body lightweight system including integrally formed front and rear floor panels body structures door
structural parts and battery pack structural parts. 4. Smart cockpit components including rotary screen
controllers power tailgate system electric power sliding doors seat comfort systems and in-cabin oxygen
systems. 5. Thermal management systems including integrated heat pump assembly multi-port valves
electronic water pumps and electronic expansion valves. 6. Chassis systems including front and rear steel
and aluminum sub-frames control arms tie rods and knuckles. 7. Air suspension systems including
integrated air supply units and air springs. 8. Intelligent driving systems including IBS EPS and
electrically adjustable steering columns.In robotics the Company's main products are linear actuators rotary actuators dexterous hand
motors and assemblies body structural parts foot shock absorbers and electronic flexible skin. In liquid
cooling major products include liquid cooling pumps flow control valves gas-liquid separators and liquid
cooling flow plates.Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
(2) Advantages in forward-looking research and development and cross-domain capability building
Building R&D and innovation capability is the only route to becoming a world-class automotive parts
company. The Company has been committed to research and innovation throughout and was among the
first in the industry to adopt a forward-development strategy twenty years ago. Years of technical
accumulation have produced system-level synchronous forward-development capability across every
product line and across materials mechanics electronic control and software accumulating a substantial
portfolio of invention patents and other intellectual property. The Company continues to invest in R&D
spending averaging about 5% of revenue each year. As R&D competitiveness continues to improve and
the product range extends further and the Technology Tuopu strategy keeps strengthening the Company's
core competitiveness.R&D centers in North America Europe Shenzhen and Ningbo serve global customers and attract
senior talent from China and abroad. The research team now exceeds 4000 people including nearly 350
holders of master's and doctoral degrees.The Company has built cross-domain capability and strengthened overall competitiveness: (1) a
connected development chain across materials mechanics motors solenoid valves electronic hardware
and software; (2) a continually widening product range; (3) command of a full range of product processes;
(4) a world-leading testing center with material-level product-level system-level and vehicle-level testing
and validation capability certified to ISO/IEC 17025 by CNAS; and (5) in-house design and manufacture
of tooling and equipment including automated production lines for IBS EPS air suspension and ball
joints. As more vehicle OEMs are moving to an asset-light development model they now require suppliers
to have system-level testing and validation capability during development and for production line
development and capacity building to support a fast ramp-up in volume production. The Company can
provide both and that is the basis on which the Company takes on customers' front-loaded development
and large-scale supply requirements.An extensible underlying technology architecture also allows the Company to transfer technology
across fields: NVH expertise underpins lightweight chassis solutions; chassis and electronic control
technology underpin air suspension systems; the motor electronic control reduction mechanism and
software capability built up on IBS extends to robot actuators; and automotive thermal management
technology has opened the way into data center liquid cooling. Reusing and transferring technology allows
the Company to extend the product range quickly at low marginal cost creating a virtuous circle of cross-
domain innovation.
(3) Customer base and business model advantages
Creating value for customers is the Company's core mission. In the intelligent electric era the core
competitiveness built on QSTP has established long-term stable relationships with the major intelligent
electric vehicle OEMs and traditional OEMs in China and overseas. Customer loyalty continues to
strengthen and the Tuopu brand has grown in recognition and standing. At the same time the Company
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
has actively improved the customer mix: customer concentration has fallen year by year and reliance on
any single customer has steadily reduced.These deeper relationships come from the Tier 0.5 model that the Company adopted. The model goes
beyond a conventional supply relationship to a strategic partnership with the customer helping OEMs to
improve efficiency and reduce cost. It suits what the automotive industry needs today and sets a high
competitive barrier. Under the model the Company and the customer develop in parallel across R&D
manufacturing and validation with the customer's quality engineers stationed on site from project start to
take part in production line design and process parameter setting. This shortens development cycles and
improves consistency of quality in volume production. Service built on rapid response and full cooperation
has earned customer recognition and provides the basis for supply relationships at the scale of several
million vehicles.
(4) Global footprint advantages
At the end of the Reporting Period the Company operated in 42 cities across 11 countries with 61
production bases and more than 100 manufacturing plants worldwide 4 R&D centers 6 technical support
centers 8 sales companies and 4 overseas warehousing centers and more than 3000 overseas employees.Overseas revenue accounted for more than 20% of the total during the Reporting Period. Manufacturing
bases in Ningbo Chongqing Wuhan and elsewhere serve the main domestic automotive clusters while
overseas plants in the United States Brazil Malaysia Poland Mexico and Thailand both meet
international OEMs' localization requirements and support Chinese OEMs going abroad.Supply chain barriers in the automotive industry are also markedly higher than those in consumer
electronics: plants require heavy investment and long construction periods processes are complex and a
supplier must pass strict PPAP approval before it can supply in volume so changing supplier is costly and
slow for the customer. The Company has established volume supply systems in all the major markets
worldwide and every volume production nomination forms a long-term stable base of business creating
a first-mover advantage that is difficult to replicate.
(5) Intelligent manufacturing advantages
The Company pursues an intelligent manufacturing strategy aimed at building smart factories
continually raising the level of digitalization. DFM virtual simulation is applied from the nomination and
development stage to model plant layout production line design manufacturing processes parameter
control vision inspection cycle time logistics and warehousing and energy saving which substantially
shortens the time to volume production while improving quality and reducing cost. An equipment
automation department raises the level of production automation improving efficiency quality assurance
and output per employee and providing a foundation for further globalization. On top of production
automation the Company deploys AI vision inspection AGV automated logistics intelligent warehousing
and RFID barcode and traceability systems and applies AI big data analytics and 5G to strengthen
intelligent manufacturing assure quality and reduce cost.Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
(6) Management advantages
Built on the IATF 16949 quality system and a philosophy of intelligent management years of
innovation and accumulated experience have produced a distinctive Tuopu management culture. In
organizational structure the group operates through business divisions which reduces management
burden keeps each division focused on the business it runs improves operating efficiency and creates
healthy internal competition. Each division uses a flat horizontal structure led by sales keeping the
organization market-driven concentrating resources and responding quickly. Business units use a pyramid
structure with strict adherence to process standards improving efficiency and reducing cost.On management systems the Company works to principles of process discipline digitalization
standardization and lean operation with established standard processes management rules and
performance measures supported by SAP PLM OA MES and other systems that ensure processes are
followed enabling digital management and improving both decision-making and operating performance.On incentives the Company gives employees a platform and real authority is willing to let people try
tolerant of mistakes and quick to correct them encouraging new methods and ideas in an open
environment. Managers are developed internally and selected on fair and open terms so that promotion
paths stay clear and align with strategy creating a positive cycle between business growth and employee
development.
(7) Talent advantages
The Company places a high priority on selecting and developing talent. A postdoctoral research
station attracts scientific and technical talent worldwide. Managers are selected on the principle of placing
the right people in the right roles and appointing on merit and in a spirit of benchmarking against the best
and taking the initiative building a competitive and young management team. A comprehensive
distinctive and transparent set of financial measures has helped managers move from single business or
administrative roles into all-round roles combining commercial judgment with entrepreneurial thinking.The Company encourages a learning atmosphere and gives real decision-making power to a young
experienced and international team across sales R&D and manufacturing that supports their rapid growth.
(8) Corporate culture advantages
Tuopu's vision is to satisfy customers employees shareholders society and partners and to be an
outstanding corporate citizen. Employees work together with dedication contributing to society through
what the industry produces. The Company works at the front of the industry invests in R&D and
innovation fosters a team spirit of genuine cooperation and mutual support maintains a frugal and prudent
operating style avoids impatience and extravagance holds to the Company's mission and vision and
applies quality policies and targets strictly. The Company operates lawfully and in compliance takes on
social responsibility and works to contribute positively to society. Employees are given a comfortable
working environment equal relationships good pay and benefits and strong career development so that
everyone can make the most of their ability. Relationships with suppliers are built as partnerships on equal
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
mutually beneficial terms that support the development of the supply chain as a whole. The Company
values and protects the interests of investors complies strictly with disclosure and other legal requirements
puts investors first and holds to the principle of respecting protecting and rewarding them maintaining
dividends even while capital expenditure continues to grow with all employees working together to
improve performance and maximize returns to investors.
(9) Shareholding structure advantages
The Company is run by the founder which keeps major decisions relatively steady focused on long-
term interests and long-term development while allowing decisions to be made quickly and executed
strongly. The founder holds a substantial shareholding and the ownership structure is clear giving control
at the top that supports long-term stability while leaving considerable room for capital expansion. The
Board led by the chairman is experienced clear in its division of work understated in manner ambitious
and can be relied on to keep the Company on the right course at the front of the industry.
(10) Risk control advantages
The Company has a reasonable gearing ratio ample cash flow a sound financial system and rigorous
risk control which together support the delivery of strategy and investment plans and allow acquisitions
to be made when the opportunity arises. A strong risk control culture keeps operating risk in check and
gives the Company long-term investment value.
4. Principal operations during the Reporting Period
During the Reporting Period the Company recorded revenue of RMB14.199 billion up 9.78% YoY;
total profit of RMB1.175 billion down 19.41% YoY; net profit attributable to shareholders of the listed
company of RMB1.023 billion down 21.03% YoY; and net profit attributable to shareholders plus
depreciation and amortization of RMB2.184 billion down 4.40% YoY.Net cash generated from operating activities was RMB2.596 billion. Cash outflows from investing
activities were RMB2.305 billion of which RMB1.354 billion was cash paid to acquire fixed assets and
other long-term assets preparing the ground for continued growth and higher competitive barriers.Depreciation and amortization totalled RMB1.162 billion or 8.18% of revenue.At the end of the Reporting Period total assets were RMB42.590 billion down 3.06% from the end
of the prior year; total liabilities were RMB18.335 billion down 7.40%; the gearing ratio was 43.05%;
and equity attributable to owners of the parent company was RMB24.218 billion up 0.50%.
(1) Analysis of principal operations
1. Analysis of movements in the relevant financial statement items
Unit: RMB
Item Current period Corresponding period of last year Percentage change (%)
Revenue 14199245308.27 12934627599.03 9.78
Cost of sales 11527968958.85 10405770831.37 10.78
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
Selling and distribution
expenses 130898899.67 131613897.97 -0.54
General and administrative
expenses 424898467.34 378158457.59 12.36
Finance costs 175427698.08 -9005267.50 2048.06
Research and development
expenses 790837436.30 705060676.30 12.17
Net cash flows from
operating activities 2596056538.23 2456271248.25 5.69
Net cash flows from
investing activities -1663912946.53 -1626604438.28 Not applicable
Net cash flows from
financing activities -288516363.71 -366639672.19 Not applicable
Explanation of the change in finance costs: mainly due to movements in exchange gains and losses
during the period
2. Detailed explanation of any significant change in the Company's business types profit
composition or sources of profit during the period
□ Applicable √ Not applicable
(2) Explanation of significant changes in profit caused by non-principal operations
□ Applicable √ Not applicable
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
(3) Analysis of assets and liabilities
√ Applicable □ Not applicable
1. Assets and liabilities
Unit: RMB
Percentage of Percentage of Percentage
Project name Closing balance for total assets at Closing balance of total assets at change from the period the end of the the prior year the end of the the end of the Explanation
period (%) prior year (%) prior year (%)
Notes receivable 9841908.49 0.02% 15798084.56 0.04% -37.70 Mainly due to fewer commercial acceptance bills received during the period
Receivables 3356382393.06 7.88% 4828918846.99 10.99% -30.49 Mainly due to fewer bank acceptance bills financing received during the period
Other current 871430040.37 2.05% 646073361.14 1.47% 34.88 Mainly due to the increase in creditable assets input value-added tax during the period
Long-term equity
investments 259967715.57 0.61% 105254429.52 0.24% 146.99
Mainly due to the investment in Shanghai
Aiweilan during the period
Other non-current Mainly due to the increase in equity
financial assets 130000000.00 0.31% 50000000.00 0.11% 160.00 investments during the period
Long-term Mainly due to the increase in returnable
prepaid expenses 492319443.24 1.16% 356977245.83 0.81% 37.91 containers and material racks during the period
Short-term
borrowings 3911158821.30 9.18% 2930929246.63 6.67% 33.44
Mainly due to the increase in bank
borrowings during the period
Contract liabilities 37332757.98 0.09% 21061458.96 0.05% 77.26 Mainly due to the increase in receipts in advance during the period
Non-current Mainly due to the decrease in long-term
liabilities due 809257601.46 1.90% 1602987963.30 3.65% -49.52 borrowings due within one year during the
within one year period
Other current Mainly due to the decrease in endorsed but
liabilities 29088325.10 0.07% 82658540.23 0.19% -64.81 unmatured receivable instruments during the period
Long-term
borrowings 748000000.00 1.76% 225116422.68 0.51% 232.27
Mainly due to the increase in bank
borrowings during the period
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
2. Overseas assets
√ Applicable □ Not applicable
(1) Size of assets
Including: overseas assets of 5827105184.84 (Unit: RMB) representing 13.68% of total assets.
(2) Explanation where overseas assets account for a relatively high proportion
□ Applicable √ Not applicable
3. Restrictions on major assets as at the end of the Reporting Period
√ Applicable □ Not applicable
Unit: RMB
Item Closing gross carrying Closing carrying Reason for the amount amount restriction
Cash and bank balances 139547054.41 139547054.41 Guarantee deposits
Receivables financing 178525938.15 178525938.15 Pledge
Property plant and
equipment 899044462.19 521776333.38 Mortgage
Intangible assets 202898354.01 151006553.55 Mortgage
Investment properties 24529646.86 6605700.08 Mortgage
Total 1444545455.62 997461579.57
4. Other information
□ Applicable √ Not applicable
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
(4) Analysis of investments
1. Overall analysis of external equity investments
√ Applicable □ Not applicable
During the Reporting Period the Company subscribed RMB300 million from the Company's own
funds to establish Ningbo Towin Hangke Venture Capital Partnership (Limited Partnership) focusing on
emerging fields including advanced intelligent manufacturing integrated circuits new energy robotics
new materials and artificial intelligence. RMB105.5 million was paid up in the first installment and the
fund completed AMAC filing on 26 March 2026 with SPD Bank as custodian. Given the Company's
contribution to the partnership and the terms of the partnership agreement the Company controls the fund's
principal operating activities and has therefore included it in the scope of consolidation.During the Reporting Period the Company acquired a 20% equity interest in Shanghai Aiweilan New
Energy Technology Co. Ltd. ("Shanghai Aiweilan") by way of a cash capital increase. Under Shanghai
Aiweilan's articles of association the Company is able to exercise significant influence over it and it has
therefore been treated as an associate and accounted for using the equity method.
(1)Significant equity investments
□ Applicable √ Not applicable
(2)Significant non-equity investments
√ Applicable □ Not applicable
No. Date of Announcement Title of the Principal contents Progress of the
signing number announcement matter
In April 2025
The Company entered into the Company
the Investment Agreement through the
for the Robotics Electric wholly-owned
Drive System Research second-tier
Development and subsidiary
Announcement Manufacturing Base Ningbo Lingyu
of Tuopu Group Project with the Tactile Co.on the signing of Administrative Committee Ltd. won at
the investment of Ningbo Economic and auction a plot of
1 January 2024 2024-004
agreement for Technological industrial land
the robot electric Development Zone. The of
drive system Company intends to invest approximately
R&D and RMB5 billion on a site of 6.7 hectares
production base approximately 20 hectares (100 mu) in
project (300 mu) to build a Beilun District
manufacturing base for Ningbo. The
core robotics components main structural
in the Ningbo Economic works of the
and Technological project are now
Development Zone. substantially
complete.Announcement To win further orders give Civil works are
April of Tuopu Group stronger support to now 2 2025 2025-032 on the overseas strategic substantially investment in customers and meet the complete. Part
and construction supply chain requirements of the facility is
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
of a production of domestic automobile in commercial
base in Thailand OEMs expanding abroad production and
the Company intends to the remaining
invest up to USD300 equipment is
million in an automotive being installed
parts manufacturing base and
in Thailand. The commissioned.investment will be carried
out in phases according to
order demand and the
progress of the business.
(3)Financial assets measured at fair value
√ Applicable □ Not applicable
Unit: RMB
Gains
and
losses Cumulativ
from e changes Impairme
Class of Opening change in fair nt
Amount Amount sold or
provided purchased redeemed
Other
assets balance s in value change Closing balance
fair recognize for the
during the during the
period period period
s
value d in equity
for the
period
Short-term
wealth
manageme 400000000.00 631000000.00 601000000.00 430000000.00
nt products
Receivable 4828918846.9 7655875407.2 9128411861.1 3356382393.0s financing 9 6 9 6
Other non-
current
financial 50000000.00 80000000.00 130000000.00
assets
Total 5278918846.9 8366875407.2 9729411861.1 3916382393.09 6 9 6
Securities investments
□ Applicable √ Not applicable
Notes on securities investments
□ Applicable √ Not applicable
Private equity fund investments
□ Applicable √ Not applicable
Derivative investments
□ Applicable √ Not applicable
(5) Disposal of significant assets and equity interests
□ Applicable √ Not applicable
(6) Analysis of principal subsidiaries and associates
√ Applicable □ Not applicable
Principal subsidiaries and associates contributing more than 10% to the Company's net profit
√ Applicable □ Not applicable
Unit: RMB'0000
Company name Type of Principal company business Registered capital Total assets Net assets Revenue
Operating
profit Net profit
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
Automobile Subsidiary Manufacture of electronics automotive parts RMB2.5 billion 683378.14 425441.47 257120.03 38050.12 33047.75
Thermal Manufacture of
management Subsidiary automotive parts RMB4.5 billion 581859.18 455729.82 197245.83 5347.04 5539.89
Tuopu
Electromechanical Subsidiary
Manufacture of
automotive parts RMB200 million 141240.49 85772.57 191887.82 2145.43 1948.20
Tuopu Parts Subsidiary Manufacture of automotive parts RMB200 million 180001.93 42125.86 621430.75 7847.27 5970.78
Tuopu Acoustics Subsidiary Manufacture of automotive parts RMB200 million 196680.19 31852.97 389761.13 -2041.29 -2091.37
Zhejiang Towin Subsidiary Manufacture of automotive parts RMB180 million 62659.21 49879.91 20544.81 628.21 213.76
Suining Tuopu Subsidiary Manufacture of automotive parts RMB150 million 38084.74 31538.74 13868.74 655.04 510.38
Tuopu Poland Subsidiary Manufacture of automotive parts PLN10 million 39956.80 27018.95 54158.72 9063.58 7379.89
Tuopu Chassis Subsidiary Manufacture of automotive parts RMB600 million 118207.77 90400.21 60151.54 2152.68 2142.21
Hunan Tuopu Subsidiary Manufacture of automotive parts RMB800 million 126044.58 101261.99 56753.03 3777.59 3205.39
Skateboard
chassis Subsidiary
Manufacture of
automotive parts RMB4 billion 354583.43 260056.58 180155.85 -1994.82 -1769.54
Tuopu Mexico Subsidiary Manufacture of MXN245.5979 automotive parts million 224584.35 131659.04 82192.31 -2219.55 -1960.96
Tuopu North
America Subsidiary
Manufacture of
automotive parts CAD10000 4711.69 -163.06 40980.05 110.49 115.81
Tuopu Electric Associate Manufacture of automotive parts USD7.6572 million 31674.21 24009.85 18482.13 3334.61 2939.45
Acquisition and disposal of subsidiaries during the Reporting Period
□ Applicable √ Not applicable
Other information
□ Applicable √ Not applicable
(7) Structured entities controlled by the Company
□ Applicable √ Not applicable
5. Other matters disclosed
(1) Risks that may be faced
√ Applicable □ Not applicable
1. Movements in exchange rates and raw material prices and price reductions requested by customers
may create operating risk for the Company. The Company intends to address these risks by strengthening
overall competitiveness. Over forty years of development the Company has met each of these risks more
than once while maintaining sound operating performance and momentum and has built a well-developed
risk control system on that experience.
2. The new energy vehicle sector in which the Company operates is now broadly endorsed by
governments and by industry and market demand continues to rise. Against that background the
Company's strategic direction carries a high degree of certainty although day-to-day operations still face
risks from technology upgrades and market competition which the Company will address through
sustained research and development and market expansion.
3. To address the risk arising from changes in tariffs the Company has built a protective barrier
through the global placement of manufacturing plants. The high-quality capacity established at the
Company's overseas bases is both a supply chain resource that international OEMs urgently need for the
transition to electrification and a key foothold for domestic OEMs to expand abroad. By developing
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
business with these two core customer groups the Company has effectively hedged the risk of
international investment while maximizing the value created.
(2) Other matters disclosed
□ Applicable √ Not applicable
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
Section 4 Corporate Governance Environment and Society
1. Changes in Directors and senior management of the Company
√ Applicable □ Not applicable
Name Position held Nature of the Reason for Explanation of the change change reason for the change
Zhao Xiangqiu Independent Director Departure Personal reasons Resignation for personal reasons
Wang Yongbin Independent Director Departure Personal reasons Resignation for personal reasons
Wang Minquan Independent Director Election Change of term of Adjustment to the office governance structure
Chen Yuehua Independent Director Election Change of term of Adjustment to the office governance structure
Notes on changes in Directors and senior management of the Company
□ Applicable √ Not applicable
2. Proposal for profit distribution or capitalization of capital reserve
Semi-annual proposal for profit distribution or for capitalization of capital reserve
Whether a distribution or capitalization will be
made No
Number of bonus shares per 10 shares (shares)
Dividend per 10 shares (RMB) (inclusive of tax)
Number of shares converted per 10 shares (shares)
Notes on the proposal for profit distribution or capitalization of capital reserve
Not applicable
3. Share incentive schemes employee shareholding plans or other employee incentive measures
of the Company and their effects
(1) Share incentive matters disclosed in semi-annual announcements with no subsequent
progress or change in implementation
□ Applicable √ Not applicable
(2) Incentive matters not disclosed in semi-annual announcements or with subsequent
developments
Share incentive schemes
□ Applicable √ Not applicable
Other information
□ Applicable √ Not applicable
Employee shareholding plans
□ Applicable √ Not applicable
Other incentive measures
□ Applicable √ Not applicable
4. Environmental information of listed companies and their principal subsidiaries included in
the list of enterprises required to disclose environmental information according to law
√ Applicable □ Not applicable
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
Number of enterprises included in the list of enterprises
required to disclose environmental information according 8
to law
No. Name of the enterprise Index for enquiries on the environmental information disclosure report
Ningbo Tuopu Group Co. Ltd. (No. 36 Guanhai
1 Road / Longtanshan Road / Chunxiao Suspension / https://sthjj.ningbo.gov.cn/col/col1229051374/art/2026/art_590b0ce43
Huangshan Road plants) 7074480a5a57ffe0d68aa3e.html
2 Ningbo Tuopu Chassis System Co. Ltd. https://sthjj.ningbo.gov.cn/col/col1229051374/art/2026/art_590b0ce437074480a5a57ffe0d68aa3e.html
3 Ningbo Tuopu Automobile Electronics Co. Ltd. https://sthjj.ningbo.gov.cn/col/col1229051374/art/2026/art_590b0ce437074480a5a57ffe0d68aa3e.html
4 Tuopu Electric Vehicle Thermal Management https://sthjj.ningbo.gov.cn/col/col1229051374/art/2026/art_590b0ce43System (Ningbo) Co. Ltd. 7074480a5a57ffe0d68aa3e.html
5 Tuopu Skateboard Chassis (Ningbo) Co. Ltd. https://sthjj.ningbo.gov.cn/col/col1229051374/art/2026/art_590b0ce437074480a5a57ffe0d68aa3e.html
6 Zhejiang Towin Automobile Parts Co. Ltd. http://sthjj.jinhua.gov.cn/col/col1229168524/art/2026/art_3e1587502458488c806b07b1c509ce4a.html
7 Hunan Tuopu Automobile Parts Co. Ltd. https://sthjj.xiangtan.gov.cn/6250/6256/content_1424652.html
8 Suining Tuopu Automobile Chassis System Co. https://ssthjj.suining.gov.cn/zwgk/show/764186e99a414f47a3ac2fc642Ltd. ebea1e.html
Other information
□ Applicable √ Not applicable
5. Details of work on consolidating and expanding the achievements of poverty alleviation and
on rural revitalization
□ Applicable √ Not applicable
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
Section 5 Significant Events
1.Performance of undertakings
(1) Undertakings given by the de facto controller shareholders related parties and acquirers of the Company by the Company itself and by other
undertaking parties during or continuing into the Reporting Period
√ Applicable □ Not applicable
If not
performed If not
Whether Whether on time the performed Background
to the Type of Undertaking party Content of the Date of the there is a Term of the
performed specific on time
undertaking undertaking undertaking undertaking performance undertaking
strictly reasons for the next
period and on non- steps shall time performance be
shall be explained
explained
1. The Company does
not currently and will
not in future engage
directly or indirectly in
any business or activity
that competes or in
Undertakings substance competes or
relating to Resolution MECCA may potentially
the initial of INTERNATIONAL compete with the March Not Not
public horizontal HOLDING (HK) business now or in 2012
No Ongoing Yes applicable applicable
offering competition LIMITED future carried on by Tuopu Group and the
controlled subsidiaries
of Tuopu Group
whether through a
controlling or minority
shareholding an
associate a joint
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
If not
performed If not
Whether Whether on time the performed Background
to the Type of Undertaking party Content of the Date of the there is a Term of the
performed specific on time
undertaking undertaking undertaking undertaking performance undertaking
strictly reasons for the next
period and on non- steps shall time performance be
shall be explained
explained
venture a partnership a
lease an agency
arrangement a trust or
any similar form.
2. In respect of
enterprises and
economic entities that
the Company controls
directly or indirectly
the Company will
through the bodies and
personnel it appoints
(including directors
general managers and
finance staff) or
through a controlling
position (such as
shareholder and
director rights) require
those entities to comply
with obligations to
avoid horizontal
competition to the same
standard as the
Company undertakes in
this letter so that they
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
If not
performed If not
Whether on time the performed
Background Whether
to the Type of Undertaking party Content of the Date of the there is a Term of the
performed specific on time
undertaking undertaking undertaking undertaking performance undertaking
strictly reasons for the next
period and on non- steps shall time performance be
shall be explained
explained
do not compete with
Tuopu Group or the
subsidiaries of Tuopu
Group.
3. If a change in law or
policy or another cause
not attributable to the
Company unavoidably
results in another
enterprise or economic
entity controlled by the
Company or over
which the Company
can exercise significant
influence competing or
potentially competing
with Tuopu Group
then Tuopu Group will
have a right of first
refusal on equivalent
terms to take over the
management of that
business whether by
contract operation
lease operation or
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
If not
performed If not
Whether on time the performed
Background Whether
to the Type of
performed specific on time
undertaking Undertaking party
Content of the Date of the there is a Term of the
undertaking undertaking performance undertaking strictly reasons for the next undertaking period and on non- steps shall time performance be
shall be explained
explained
otherwise or to acquire
it.
4. This undertaking is
unconditional. If the
Company breaches it
and Tuopu Group
suffers economic loss
as a result the
Company will
compensate Tuopu
Group the other
shareholders of Tuopu
Group and any affected
parties in full and
without delay.
5. This undertaking
remains in effect for as
long as the Company
or any company it
controls remains
connected with Tuopu
Group.Resolution MECCA 1. The company and the
of related INTERNATIONAL enterprises it controls March Not Not
party HOLDING (HK) will avoid related party 2012 No Ongoing Yes applicable applicable
transactions LIMITED transactions with the
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
If not
performed If not
Whether Whether on time the performed Background
to the Type of Undertaking party Content of the Date of the there is a Term of the
performed specific on time
undertaking undertaking undertaking performance undertaking strictly reasons for the next undertaking period and on non- steps shall time performance be
shall be explained
explained
Issuer and the
subsidiaries of the
Issuer wherever
possible.
2. Where a related party
transaction cannot be
avoided both parties
will follow normal
commercial practice.Pricing will be fair
impartial and open and
will be based on the
prices charged in
comparable
transactions with
independent third
parties. Where no
comparable market
price exists or where
pricing is restricted the
price will be set at the
cost of the goods or
services plus a
reasonable profit so
that it remains fair.Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
If not
performed If not
Whether Whether on time the performed Background
to the Type of Undertaking party Content of the Date of the there is a Term of the
performed specific on time
undertaking undertaking undertaking performance undertaking strictly reasons for the next undertaking period and on non- steps shall time performance be
shall be explained
explained
3. The Company
undertakes to complete
the necessary
procedures strictly in
accordance with
prevailing national
laws regulations and
normative documents
the Articles of
Association the related
party transaction
control system and
other applicable
requirements; to follow
the principles of
fairness impartiality
and openness of the
market; to set out
clearly the rights and
obligations of each
party; and to ensure that
related party
transactions are fair and
reasonable and do not
prejudice the interests
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
If not
performed If not
Whether on time the performed
Background Whether
to the Type of Undertaking party Content of the Date of the there is a Term of the
performed specific on time
undertaking undertaking undertaking performance undertaking strictly reasons for the next undertaking period and on non- steps shall time performance be
shall be explained
explained
of any shareholder of
Tuopu.
4. The company and the
enterprises it controls
will not unlawfully
appropriate any funds
assets or resources of
Tuopu Group for any
reason. They will not
ask Tuopu Group to
provide any form of
guarantee.
5. This undertaking is
unconditional. If the
Company breaches it
and Tuopu Group
suffers economic loss
as a result the
Company will
compensate Tuopu
Group the other
shareholders of Tuopu
Group and any affected
parties in full and
without delay.Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
If not
performed If not
Whether on time the performed
Background Whether
to the Type of
performed specific on time
undertaking Undertaking party
Content of the Date of the there is a Term of the
undertaking undertaking performance undertaking strictly reasons for the next undertaking period and on non- steps shall time performance be
shall be explained
explained
6. This undertaking
remains in effect for as
long as the Company
or any enterprise it
controls remains
connected with Tuopu
Group.If the Issuer's
prospectus contains a
false record a
misleading statement or
a material omission that
has a material and
substantive effect on
MECCA whether the Issuer met
Others INTERNATIONAL
the issue conditions
HOLDING (HK) prescribed by law the
March No Ongoing Yes Not Not
LIMITED Company will within
2012 applicable applicable
30 days of the CSRC
confirming the
violation repurchase
the restricted shares it
originally transferred
and will require the
Issuer to repurchase all
the new shares issued in
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
If not
performed If not
Whether Whether on time the performed Background
to the Type of Undertaking party Content of the Date of the there is a Term of the
performed specific on time
undertaking undertaking undertaking undertaking performance undertaking
strictly reasons for the next
period and on non- steps shall time performance be
shall be explained
explained
the offering. The
repurchase price will be
the higher of the
Issuer's issue price and
the average trading
price of the Issuer's
shares over the 30
trading days before the
CSRC confirmed the
violation and the
Company will buy back
all the originally
restricted shares it has
sold. If the Issuer's
shares are subject to a
bonus issue
capitalization of capital
reserve or similar
event the issue price
and the number of
shares to be
repurchased will be
adjusted accordingly. If
investors suffer losses
in securities trading
because the prospectus
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
If not
performed If not
Whether Whether on time the performed Background
to the Type of Undertaking party Content of the Date of the there is a Term of the
performed specific on time
undertaking undertaking undertaking undertaking performance undertaking
strictly reasons for the next
period and on non- steps shall time performance be
shall be explained
explained
for the offering
contains a false record
a misleading statement
or a material omission
the Company will
compensate them as
required by law. Within
30 days of the violation
being confirmed by the
CSRC the stock
exchange or a judicial
authority the Company
will compensate
investors for the direct
economic loss they
have suffered on the
principles of simplified
procedure active
negotiation advance
payment and effective
protection of investors
particularly small and
medium investors.Compensation will be
based on the
measurable direct
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
If not
performed If not
Whether on time the performed
Background Whether Type of Content of the Date of the there is a Term of the performed specific on time to the Undertaking party strictly reasons for the next
undertaking undertaking undertaking undertaking performance undertaking period and on non- steps shall time performance be
shall be explained
explained
economic loss and may
take the form of
settlement with
investors mediation
through a third party or
the establishment of an
investor compensation
fund. The
compensation standard
the parties liable and
the amounts payable
will follow the
compensation plan
finally adopted when
such circumstances
actually arise.With effect from 31
August 2012 I will not
cause Ningbo Tuopu
MECCA Group Co. Ltd. to use
Others INTERNATIONAL or substantively use March Not Not HOLDING (HK) any of the proceeds 2012 No Ongoing Yes applicable applicable
LIMITED raised from this
offering and listing for
real estate business or
real estate enterprises.Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
If not
performed If not
Whether Whether on time the performed Background Type of Content of the Date of the there is a Term of the performed specific on time to the
undertaking undertaking
Undertaking party undertaking undertaking performance undertaking strictly reasons for the next
period and on non- steps shall time performance be
shall be explained
explained
If the prospectus
contains a false record
a misleading statement
or a material omission
that has a material and
substantive effect on
whether the Company
met the issue
conditions prescribed
by law the Company
will within 30 days of
the CSRC confirming
Others Ningbo Tuopu the violation March Not Not Group Co. Ltd. repurchase all the new 2015 No Ongoing Yes applicable applicable
shares issued in the
initial public offering
as required by law. The
repurchase price will be
the higher of the
Company's issue price
and the average trading
price of the Company's
shares over the 30
trading days before the
CSRC confirmed the
violation. If the
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
If not
performed If not
Whether Whether on time the performed Background
to the Type of Undertaking party Content of the Date of the there is a Term of the
performed specific on time
undertaking undertaking undertaking undertaking performance undertaking
strictly reasons for the next
period and on non- steps shall time performance be
shall be explained
explained
Company's shares are
subject to a bonus issue
capitalization of capital
reserve or similar
event the issue price
and the number of
shares to be
repurchased will be
adjusted accordingly. If
investors suffer losses
in securities trading
because the prospectus
for the offering
contains a false record
a misleading statement
or a material omission
the Company will
compensate them as
required by law. Within
30 days of the violation
being confirmed by the
CSRC the stock
exchange or a judicial
authority the Company
will compensate
investors for the direct
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
If not
performed If not
Whether on time the performed
Background Whether
to the Type of Undertaking party Content of the Date of the there is a Term of the
performed specific on time
undertaking undertaking undertaking undertaking performance undertaking
strictly reasons for the next
period and on non- steps shall time performance be
shall be explained
explained
economic loss they
have suffered on the
principles of simplified
procedure active
negotiation advance
payment and effective
protection of investors
particularly small and
medium investors.Compensation will be
based on the
measurable direct
economic loss and may
take the form of
settlement with
investors mediation
through a third party or
the establishment of an
investor compensation
fund. The
compensation standard
the parties liable and
the amounts payable
will follow the
compensation plan
finally adopted.Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
If not
performed If not
Whether Whether on time the performed Background
to the Type of Undertaking party Content of the Date of the there is a Term of the
performed specific on time
undertaking undertaking undertaking undertaking performance undertaking
strictly reasons for the next
period and on non- steps shall time performance be
shall be explained
explained
If within three years of
the initial public
offering and listing the
share price falls below
the Company's audited
net assets per share for
the preceding year (net
assets per share being
total ordinary
shareholders' equity
attributable to the
parent company in the
Others Ningbo Tuopu consolidated financial March Not Not Group Co. Ltd. statements divided by 2015 No Ongoing Yes applicable applicable
the number of shares in
issue at the year end
adjusted where the
Company has
undergone an ex-rights
or ex-dividend
adjustment as a result
of a cash dividend
bonus issue
capitalization of
reserves or issue of new
shares; the same
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
If not
performed If not
Whether Whether on time the performed Background
to the Type of Undertaking party Content of the Date of the there is a Term of the
performed specific on time
undertaking undertaking undertaking undertaking performance undertaking
strictly reasons for the next
period and on non- steps shall time performance be
shall be explained
explained
applies below) the
Company will
repurchase shares
through centralized
bidding on the
exchange by way of
offer or by another
method approved by
the securities regulator.The Company further
undertakes that the
aggregate funds applied
to repurchasing shares
will not exceed the total
proceeds raised in the
initial public offering;
that in each twelve-
month period from the
date of listing not less
than RMB50 million
will be applied to
repurchasing shares for
the purpose of
stabilizing the share
price; and that the
repurchase price will
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
If not
performed If not
Whether Whether on time the performed Background
to the Type of Undertaking party Content of the Date of the there is a Term of the
performed specific on time
undertaking undertaking undertaking undertaking performance undertaking
strictly reasons for the next
period and on non- steps shall time performance be
shall be explained
explained
not exceed the
Company's most recent
audited net assets per
share as at the date of
announcement of the
price stabilization plan
With effect from 31
August 2012 none of
the proceeds raised
Others Ningbo Tuopu from this offering and March Not Not Group Co. Ltd. listing will be used or 2015 No Ongoing Yes applicable applicable
substantively used for
real estate business or
real estate enterprises.
1. I and the enterprises I
control will avoid
related party
transactions with the
Resolution Issuer and the
of related
party Wu Jianshu
subsidiaries of the March Not Not
Issuer wherever 2012 No Ongoing Yes applicable applicable
transactions possible.
2. Where a related party
transaction cannot be
avoided both parties
will follow normal
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
If not
performed If not
Whether Whether on time the performed Background
to the Type of Undertaking party Content of the Date of the there is a Term of the
performed specific on time
undertaking undertaking undertaking undertaking performance undertaking
strictly reasons for the next
period and on non- steps shall time performance be
shall be explained
explained
commercial practice.Pricing will be fair
impartial and open and
will be based on the
prices charged in
comparable
transactions with
independent third
parties. Where no
comparable market
price exists or where
pricing is restricted the
price will be set at the
cost of the goods or
services plus a
reasonable profit so
that it remains fair.
3. I undertake to
complete the necessary
procedures strictly in
accordance with
prevailing national
laws regulations and
normative documents
the Articles of
Association the related
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
If not
performed If not
Whether Whether on time the performed Background
to the Type of Undertaking party Content of the Date of the there is a Term of the
performed specific on time
undertaking undertaking undertaking undertaking performance undertaking
strictly reasons for the next
period and on non- steps shall time performance be
shall be explained
explained
party transaction
control system and
other applicable
requirements; to follow
the principles of
fairness impartiality
and openness of the
market; to set out
clearly the rights and
obligations of each
party; and to ensure that
related party
transactions are fair and
reasonable and do not
prejudice the interests
of any shareholder of
Tuopu.
4. I and the enterprises I
control will not
unlawfully appropriate
any funds assets or
resources of Tuopu
Group for any reason.We will not ask Tuopu
Group to provide any
form of guarantee.Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
If not
performed If not
Whether Whether on time the performed Background
to the Type of Undertaking party Content of the Date of the there is a Term of the
performed specific on time
undertaking undertaking undertaking undertaking performance undertaking
strictly reasons for the next
period and on non- steps shall time performance be
shall be explained
explained
5. This undertaking is
unconditional. If I
breach it and Tuopu
Group suffers
economic loss as a
result I will
compensate Tuopu
Group the other
shareholders of Tuopu
Group and any affected
parties in full and
without delay.
6. For as long as a
connected relationship
exists between me and
the enterprises I control
and Tuopu Group the
above undertaking is
unconditional. If I
breach it and Tuopu
Group suffers loss as a
result I will
compensate Tuopu
Group the other
shareholders of Tuopu
Group and any affected
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
If not
performed If not
Whether on time the performed
Background Whether Type of Content of the Date of the there is a Term of the performed specific on time to the
undertaking undertaking
Undertaking party undertaking undertaking performance undertaking strictly reasons for the next
period and on non- steps shall time performance be
shall be explained
explained
parties in full and
without delay.
7. This undertaking
remains in effect for as
long as I or any
enterprise I control
remain connected with
Tuopu Group
1. I do not currently
and will not in future
engage directly or
indirectly in any
business or activity that
competes or in
substance competes or
Resolution may potentially
of Wu Jianshu compete with the March Not Not horizontal business now or in 2012 No Ongoing Yes applicable applicable
competition future carried on by
Tuopu Group and the
controlled subsidiaries
of Tuopu Group
whether through a
controlling or minority
shareholding an
associate a joint
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
If not
performed If not
Whether Whether on time the performed Background
to the Type of Undertaking party Content of the Date of the there is a Term of the
performed specific on time
undertaking undertaking undertaking undertaking performance undertaking
strictly reasons for the next
period and on non- steps shall time performance be
shall be explained
explained
venture a partnership a
lease an agency
arrangement a trust or
any similar form.
2. In respect of
enterprises and
economic entities that I
control directly or
indirectly I will
through the bodies and
personnel I appoint
(including directors
general managers and
finance staff) or
through my controlling
position (such as
shareholder and
director rights) require
those entities to comply
with obligations to
avoid horizontal
competition to the same
standard as I undertake
in this letter so that
they do not compete
with Tuopu Group or
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
If not
performed If not
Whether Whether on time the performed Background
to the Type of Undertaking party Content of the Date of the there is a Term of the
performed specific on time
undertaking undertaking undertaking performance undertaking strictly reasons for the next undertaking period and on non- steps shall time performance be
shall be explained
explained
the subsidiaries of
Tuopu Group.
3. If a change in law or
policy or another cause
not attributable to me
unavoidably results in
another enterprise or
economic entity
controlled by the
Company or over
which I can exercise
significant influence
competing or
potentially competing
with Tuopu Group
then Tuopu Group will
have a right of first
refusal on equivalent
terms to take over the
management of that
business whether by
contract operation
lease operation or
otherwise or to acquire
it.Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
If not
performed If not
Whether Whether on time the performed Background Type of Content of the Date of the there is a Term of the performed specific on time to the
undertaking undertaking
Undertaking party undertaking undertaking performance undertaking strictly reasons for the next
period and on non- steps shall time performance be
shall be explained
explained
4. This undertaking is
unconditional. If I
breach it and Tuopu
Group suffers
economic loss as a
result I will
compensate Tuopu
Group the other
shareholders of Tuopu
Group and any affected
parties in full and
without delay.
5. This undertaking
remains in effect for as
long as I or any
company I control
remain connected with
Tuopu Group.If investors suffer
losses in securities
trading because the
Others Wu Jianshu prospectus for the March Not Not Issuer's public offering 2015 No Ongoing Yes applicable applicable
contains a false record
a misleading statement
or a material omission
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
If not
performed If not
Whether Whether on time the performed Background
to the Type of Undertaking party Content of the Date of the there is a Term of the
performed specific on time
undertaking undertaking undertaking performance undertaking strictly reasons for the next undertaking period and on non- steps shall time performance be
shall be explained
explained
I will compensate them
as required by law.Within 30 days of the
violation being
confirmed by the
CSRC the stock
exchange or a judicial
authority I will
compensate investors
for the direct economic
loss they have suffered
on the principles of
simplified procedure
active negotiation
advance payment and
effective protection of
investors particularly
small and medium
investors.Compensation will be
based on the
measurable direct
economic loss and may
take the form of
settlement with
investors mediation
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
If not
performed If not
Whether on time the performed
Background Whether
to the Type of Undertaking party Content of the Date of the there is a Term of the
performed specific on time
undertaking undertaking undertaking performance undertaking strictly reasons for the next undertaking period and on non- steps shall time performance be
shall be explained
explained
through a third party or
the establishment of an
investor compensation
fund. The
compensation standard
the parties liable and
the amounts payable
will follow the
compensation plan
finally adopted when
such circumstances
actually arise.
2.Non-operating appropriation of funds by the controlling shareholder and other related parties during the Reporting Period
□ Applicable √ Not applicable
3.Guarantees provided in breach of regulations
□ Applicable √ Not applicable
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
4.Audit of the Semi-annual Report
□ Applicable √ Not applicable
5.Changes in and handling of the matters covered by the modified audit opinion in the prior year
annual report
□ Applicable √ Not applicable
6.Matters relating to bankruptcy reorganization
□ Applicable √ Not applicable
7.Material litigation and arbitration
□ The Company had material litigation or arbitration during the Reporting Period
√ The Company had no material litigation or arbitration during the Reporting Period
8.Suspected violations of laws and regulations by the listed company and the Directors senior
management controlling shareholder and de facto controller penalties imposed and
rectification measures taken
□ Applicable √ Not applicable
9.Notes on the integrity status of the Company the controlling shareholder and the de facto
controller during the Reporting Period
√ Applicable □ Not applicable
During the Reporting Period the Company the controlling shareholder and the de facto controller
maintained a good integrity record.
10.Material related party transactions
(1) Related party transactions relating to day-to-day operations
1. Matters disclosed in semi-annual announcements with no subsequent progress or change in
implementation
□ Applicable √ Not applicable
2. Matters disclosed in semi-annual announcements with subsequent progress or change in
implementation
□ Applicable √ Not applicable
3. Matters not disclosed in semi-annual announcements
□ Applicable √ Not applicable
(2) Related party transactions arising from the acquisition or disposal of assets or equity interests
1. Matters disclosed in semi-annual announcements with no subsequent progress or change in
implementation
□ Applicable √ Not applicable
2. Matters disclosed in semi-annual announcements with subsequent progress or change in
implementation
□ Applicable √ Not applicable
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
3. Matters not disclosed in semi-annual announcements
□ Applicable √ Not applicable
4. Where performance undertakings are involved the performance achieved during the
Reporting Period shall be disclosed
□ Applicable √ Not applicable
(3) Material related party transactions involving joint external investments
1. Matters disclosed in semi-annual announcements with no subsequent progress or change in
implementation
□ Applicable √ Not applicable
2. Matters disclosed in semi-annual announcements with subsequent progress or change in
implementation
□ Applicable √ Not applicable
3. Matters not disclosed in semi-annual announcements
□ Applicable √ Not applicable
(4) Related party receivables and payables
1. Matters disclosed in semi-annual announcements with no subsequent progress or change in
implementation
□ Applicable √ Not applicable
2. Matters disclosed in semi-annual announcements with subsequent progress or change in
implementation
□ Applicable √ Not applicable
3. Matters not disclosed in semi-annual announcements
□ Applicable √ Not applicable
(5) Financial business between the Company and any connected finance company and between any
finance company controlled by the Company and related parties
□ Applicable √ Not applicable
(6) Other material related party transactions
□ Applicable √ Not applicable
(7) Others
□ Applicable √ Not applicable
11.Material contracts and their performance
(1) Custody contracting and leasing matters
□ Applicable √ Not applicable
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
(2) Material guarantees performed during and not yet fully performed at the end of the Reporting Period
√ Applicable □ Not applicable
Unit: RMB
External guarantees provided by the Company (excluding guarantees for subsidiaries)
Date the
Relationsh guarantee Whether
ip between was the Whethe Overdu Whethe
the Party Guarant given Guarantee Guarant Type of Details Collater guarante r the e Counter- r a Related Guarant
or guarantor guarante ee (date of commenceme
ee guarant of the al (if e has guarant amount guarantee guarant party
and the ed amount signing nt date expiry ee principdate al debt any)
been ee is of the arrangemen ee for a relationsh
listed the fully overdue guarant ts related ip
company agreemen perform ee party
t) ed
Total guarantees given during the Reporting Period (excluding guarantees
for subsidiaries)
Total outstanding guarantees at the end of the Reporting Period (A)
(excluding guarantees for subsidiaries)
Guarantees provided by the Company for subsidiaries
Total guarantees given for subsidiaries during the Reporting Period 16320055.18
Total outstanding guarantees for subsidiaries at the end of the Reporting
Period (B) 564333237.74
Total guarantees of the Company (including guarantees for subsidiaries)
Total guarantees (A+B) 564333237.74
Total guarantees as a percentage of the Company's net assets (%) 2.33
Including:
Amount of guarantees provided for shareholders the de facto controller
and their related parties (C)
Amount of debt guarantees provided directly or indirectly for guaranteed
parties with a gearing ratio exceeding 70% (D)
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
Amount by which total guarantees exceed 50% of net assets (E)
Aggregate of the above three guarantee amounts (C+D+E)
Notes on possible joint and several liability under guarantees not yet due
(1) To support the European business the Company's wholly owned subsidiary Tuopu
Poland proposes to lease an industrial facility comprising office space production areas
and warehousing to be purpose-built for it from 7R Projekt 35 Sp. z o.o. (the "7R project
company"). In line with commercial practice and practical requirements the Company
has provided a performance guarantee in respect of that lease and has authorized the
chairman or his authorized representative to sign the letter of guarantee. Total liability
under the guarantee is capped at EUR7 million and it runs for the whole term of the
lease and for five months after the lease expires or is terminated but in any event no later
than 1 August 2029.
(2) To expand the North American business the Company's subsidiary Tuopu Mexico
leased an industrial plant in Nuevo León Mexico (the phase I plant) jointly owned by
five individuals David Wolberg Peia Armando Arturo González Gutiérrez Arturo
González Gutiérrez Alberto González Gutiérrez and Adrián González Gutiérrez
(together the "lessors") and has signed a lease agreement with Irma Garza Ita the legal
representative of those five joint owners. The agreement provides for rent to be paid
Notes on the guarantees monthly from 1 November 2023 for 84 months ending on 31 October 2030. In line with commercial practice and practical requirements the Company has guaranteed the rent
payable under that lease and has authorized the chairman or his authorized representative
to sign the letter of guarantee. Total liability under the guarantee is capped at USD14
million and the guarantee runs for the whole term of the lease.
(3) To continue expanding the North American business the Company's subsidiary
Tuopu Mexico leased an industrial plant in Nuevo León Mexico from the lessors Banco
Actinver S.A. Institución de Banca Múltiple Grupo Financiero Actinver and Terrafina
for use as the phase II plant of the Tuopu Mexico facility (the "phase II plant") for the
manufacture of automotive parts and entered into a lease agreement with them for a term
from 15 November 2023 to 14 January 2034. In line with commercial practice and
practical requirements the Company's wholly-owned subsidiary Tuopu USA LLC has
guaranteed the rent and related taxes and charges payable under that lease with total
liability capped at USD35 million the guarantee running for the whole term of the lease.The Board also agreed that the Company would deliver to the lessors a standby letter of
credit issued by a commercial bank as security for the phase II plant lease in the amount
of USD3213810.48. The guarantees above total USD38213810.48.Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
(4) To continue expanding the North American business the Company's subsidiary
Tuopu Mexico leased an industrial plant in Nuevo León Mexico from the lessor Banco
Monex S.A. I.B.M. Monex Grupo Financiero acting as trustee of the trust identified
as F/3485 for use as the trim plant of the Tuopu Mexico facility (the "trim plant" or
"phase III plant") for the manufacture of automotive parts and entered into a lease
agreement with it on 6 February 2024 for a term of five years. In line with commercial
practice and practical requirements the Board agreed that the Company would guarantee
the rent payable under that lease by way of standby letters of credit. The two standby
letters of credit total USD5582293.20 equivalent to 24 months' rent excluding tax.
(5) In line with commercial practice and practical circumstances the Company agreed
to issue a letter of guarantee covering all liabilities arising between the Company's
wholly-owned subsidiary Ningbo Tuopu Automobile Parts Co. Ltd. ("Tuopu Parts") and
an integrator in the course of business conducted from 1 June 2025 to 1 June 2035. The
integrator is a customer of Tuopu Parts and Tuopu Parts may incur payment obligations
in supplying it such as liquidated damages for late delivery or compensation for product
quality issues. The guarantee covers the principal debt interest liquidated damages
compensation for loss and the costs of enforcing remedies. The maximum amount
guaranteed is RMB100 million. The guarantee period is six years running from the date
on which the performance period of each guaranteed obligation expires.
(6) To continue expanding the North American business the Company's subsidiary
Tuopu Mexico leased an industrial plant in the Avante Industrial Park Apodaca Nuevo
León Mexico from the lessor Banco Actinver S.A. I.B.M. Grupo Financiero Actinver
División Fiduciaria (as trustee of trust no. F/6271) for the manufacture of automotive
parts and entered into a lease agreement with it for a term from 22 January 2026 to 21
January 2031. In line with commercial practice and practical requirements Tuopu
Mexico paid the lessor a deposit of USD599041.80 equivalent to six months' rent.Tuopu Mexico also delivered to the lessor an irrevocable letter of credit issued by a
commercial bank as security for the lease of the plant in the amount of
USD2396167.20 equivalent to the first year's rent for the plant including related taxes.The guarantees above total USD2396167.20.Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
(3) Other material contracts
□ Applicable √ Not applicable
12.Notes on the progress of the use of raised funds
√ Applicable □ Not applicable
(1) Overall use of raised funds
√ Applicable □ Not applicable
Unit: RMB'0000
Cumulativ Cumulativ
Total Including: e e
Date investmen Cumulativ cumulativ investment
investment Percentag
the t Total e raised e over- progress
progress e of the Total
Source of raised Total Net committe over- funds raised of raised
of over- Amount raised
d in the raised invested as proceeds funds as at raised invested
amount funds
the raised funds raised proceeds invested
funds were funds raised (1) prospectu proceed at the end invested the end of
proceeds during
as at the the year during the
whose
receive s or s (3) = of the as at the the year (%)
use has
d offering (1) - (2) Reporting end of the Reporting
end of the (8) (9) = been
document Period (4) Reporting Period (%) Reporting Period (%) (8)/(1)
changed
(2) Period (5) (6) =
(4)/(1) (7) = (5)/(3)
Issue of
convertibl 20 July 250000.0 248897.2 248897.22022 0 6 6 - 222703.97 - 89.48 - 9031.95 3.63 30000.00 e bonds
Issue of
shares to 16 January 351482.6 349843.7 349843.7specific 9 8 8 - 180432.01 - 51.58 -
14081.2
2024 7
4.03 73000.00
investors
Total / 601482.6 598741.0 598741.0 - 403135.98 - / / 23113.2 / 103000.09 4 4 2 0
Other information
□ Applicable √ Not applicable
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
(2) Details of the projects funded by the raised proceeds
√ Applicable □ Not applicable
1. Detailed use of raised funds
√ Applicable □ Not applicable
Unit: RMB'0000
Whether
Cumulati
Whether the ve
a project Cumulati Whether Specific Benefits feasibilit
committe Whether Total ve raised investmen Date the Whether the reasons realized or y of the
d to in the planned Amount funds t progress project the investme where the Benefits research project Source of as at the reached Surplu
the raised Project name Nature of the intended investme invested invested project nt
investme realized and has s
funds the project prospect use has nt of during as at the
end of the its has been progress nt during developme changed amoun
us or been raised the year end of the Reporting intended complete is in line progress Period usable falls the year
nt results materiall t
offering changed funds (1) Reporting d with the achieved y and if
documen Period (2) (%) state plan short of by the so
t (3)＝ the plan project details (2)/(1) of the
change
Project for
an annual
Issue of capacity of Production Not
convertibl 1.5 million and Yes No 72133.99 - 72905.66 101.07 June Yes Yes applicabl -
e bonds lightweight constructio 2024 e 1105.35
-541.69 No
chassis n
systems
Yes. The
project
Project for has not
an annual been
Issue of capacity of Production canceled;
convertibl 3.3 million and Yes the total 146763.2constructio investme 7 2910.93
142938.3
1 97.39
January
2026 Yes No Note 2 3444.96 3444.96 No e bonds lightweight
chassis n nt of
systems raised funds has
been
adjusted
Issue of Intelligent Production
convertibl Manufacturi and
Yes. This Not Not
ng Industrial constructio No is a new 30000.00 6121.02 6860.00 22.87
Decemb
er 2026 No Yes applicabl applicabl
Not
e bonds project e e applicable
No
Park project n
Issue of Chongqing Yes. The
shares to project for
Production project
an annual and Yes has not 35000.00 1350.70 28422.52 81.21 January
Not
No No Note 1 applicabl Not specific No
investors capacity of
constructio been 2028 e applicable
1.2 million n canceled;
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
lightweight the total
chassis investme
systems and nt of
600000 raised
automotive funds has
interior been
functional adjusted
components
Ningbo
Qianwan
Issue of project for Production
shares to an annual capacity of and Decemb
Not Not
specific 2.2 million constructio
Yes No 75000.00 3967.48 41031.69 54.71 er 2027 No No Note 1 applicabl applicable No
investors lightweight n
e
chassis
systems
Ningbo
Qianwan
project for
Issue of an annual Production
shares to capacity of and Yes No 10000.00 465.96 8080.67 80.81 July
Not Not
specific 500000 constructio 2026 No Yes applicabl applicabl
Not
applicable No
investors automotive n e e
interior
functional
components
Ningbo
Qianwan
project for Yes. The
an annual project
capacity of has not
1.1 million been Issue of
shares to automotive
Production canceled;
interior and Yes the total Decemb
Not Not
specific functional constructio investme
45000.00 1238.99 19643.66 43.65 er 2027 No No Note 1 applicable applicable
No
investors components n nt of
and 1.3 raised
million funds has
thermal been
management adjusted
systems
Ningbo
Issue of Qianwan Production
shares to project for and Decemb Not Not
specific an annual constructio Yes No 50000.00 469.62 15473.78 30.95 capacity of er 2027
No No Note 1 applicabl applicable No
investors e 1.6 million n
lightweight
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
chassis
systems
Anhui
Shouxian Yes. The
project for project
an annual has not
capacity of been
Issue of 300000 Production canceled;
shares to lightweight and the total Not
specific chassis constructio Yes investme 9843.78 15.14 9772.86 99.28
January
2026 Yes Yes applicabl 588.74 588.74 No
investors systems and n nt of e
500000 raised
automotive funds has
interior been
functional adjusted
components
Huzhou
Changxing
project for
an annual
capacity of
Issue of 800000 Production
shares to lightweight chassis and January
Not
specific systems and constructio
Yes No 15000.00 38.73 15009.52 100.06 2026 Yes Yes applicabl 41.33 41.33 No
investors n e 400000
automotive
interior
functional
component
systems
Yes. The
project
has not
been
Issue of Intelligent Production canceled;
shares to driving R&D and the total January Not Not Yes Not specific center constructio investme 37000.00 1776.24 31972.24 86.41 2026 Yes Yes applicabl applicabl No
investors project n nt of e e
applicable
raised
funds has
been
adjusted
Thailand
Issue of project for Production
shares to an annual and Yes. This Decemb Not Not
specific capacity of constructio No is a new 38000.00 4419.76 10686.42 28.12 er 2027 No No Note 1 applicabl applicable No
investors 1.3 million n project e
thermal
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
management
systems
Issue of Intelligent Production
shares to Manufacturi and Yes. This Not Not
specific ng Industrial constructio No is a new 10000.00 - - -
Decemb Not
er 2026 No Yes applicabl applicabl applicable No
investors Park project n project e e
Tuopu
Issue of Group Production
shares to headquarters and Yes. This Not
specific R&D center constructio No is a new 17200.00 135.04 135.04 0.79
Decemb
er 2027 No Yes Note 1 applicabl
Not
project e applicable
No
investors upgrade n
project
New energy
Issue of intelligent Production
shares to vehicle core and Yes. This Decemb Not Not
specific components constructio No is a new 7800.00 203.61 203.61 2.61 project er 2027
No Yes Note 1 applicabl applicable No
investors testing center n e
project
Total / / / / 598741.0 23113.2 403135.94 2 8 / / / / / / /
Note 1: Geopolitical uncertainty in recent years together with the shift of part of OEMs' capacity from the PRC to overseas locations means that expanding
domestically as originally planned could leave capacity idle and capital tied up. On a prudent basis the Company has slowed the pace of domestic expansion limited
the amount and timing of investment in certain projects and accelerated new product development and technological innovation. (1) The twenty-ninth meeting of the
fifth session of the Board on 27 January 2026 and the first extraordinary general meeting of 2026 on 12 February 2026 approved the resolution on changing and
extending certain projects funded by the raised proceeds. The date for the Chongqing project for an annual capacity of 1.2 million lightweight chassis systems and
600000 automotive interior functional components to reach its intended usable state was extended from January 2026 to January 2028 and RMB250 million of
proceeds not yet invested was redirected to the Tuopu Group headquarters R&D center upgrade project and the new energy intelligent vehicle core components testing
center project. (2) The thirty-fourth meeting of the fifth session of the Board on 28 July 2026 approved the resolution on extending certain projects funded by the
raised proceeds. The dates for the Ningbo Qianwan projects for annual capacities of 2.2 million lightweight chassis systems; 1.1 million automotive interior functional
components and 1.3 million thermal management systems; and 1.6 million lightweight chassis systems together with the Thailand project for an annual capacity of
1.3 million thermal management systems were extended from July and August 2026 to December 2027.
Note 2: The project for an annual capacity of 3.3 million lightweight chassis systems and the intelligent driving R&D center project reached their intended usable
state in January 2026 and the Ningbo Qianwan project for an annual capacity of 500000 automotive interior functional components did so in July 2026. Contract
payments remain outstanding on these projects so the Company will keep the special accounts for the raised proceeds open and manage them under the rules governing
raised proceeds until those balances have been paid. The Company will then close the accounts and the related supervision agreements with the sponsor and the
account banks will terminate.
2. Detailed use of over-raised proceeds
□ Applicable √ Not applicable
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
3. Details of any re-assessment of the funded projects during the Reporting Period
√ Applicable □ Not applicable
The twenty-ninth meeting of the fifth session of the Board on 27 January 2026 and the first extraordinary general meeting of 2026 on 12 February 2026 approved
the resolution on changing and extending certain projects funded by the raised proceeds. The date for the Chongqing project for an annual capacity of 1.2 million
lightweight chassis systems and 600000 automotive interior functional components to reach its intended usable state was extended from January 2026 to January
2028.
As the Company's domestic production bases have been built out and upgraded capacity for interior components and lightweight chassis is now well above the
level before the funded projects began. The domestic footprint is largely complete meets current business needs and leaves headroom for moderate order growth. The
Company has therefore tracked the interior components and lightweight chassis projects as they proceed and adjusted their timing to the actual pace of the business.Geopolitical pressures and overseas market opportunities have coincided and OEMs in the PRC and abroad are building plants overseas. As an upstream supplier
the Company is following them and has already invested in capacity in Mexico and Thailand. To limit investment risk the Company intends at the same time to
moderate the pace of construction on certain domestic projects.The Company has therefore extended the date for the Chongqing project for an annual capacity of 1.2 million lightweight chassis systems and 600000 automotive
interior functional components to reach its intended usable state. The project has not been canceled or terminated investment in it continues and there has been no
material change in its feasibility or expected returns.
(3) Changes to or termination of funded projects during the Reporting Period
√ Applicable □ Not applicable
Unit: RMB'0000
Total Total Amount of
raised raised raised
funds funds funds Notes on the Project Date of the
name change (date of Type of committed already
applied to decision-
Project name replenish making
before the first change to the invested in Reason for the change or termination project the project after the change working procedures and change announcement) before the before the capital information
change or change or after the disclosure
termination termination change or termination
Chongqing Reduction Chongqing Approved by
project for 28 January in the project for an resolution of
an annual 2026 amount of 60000.00 25197.33 annual capacity Note - the Board and
capacity of raised of 1.2 million the general
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
1.2 million funds lightweight meeting and
lightweight invested chassis systems announced as a
chassis and 600000 change to the
systems automotive use of raised
and interior funds
600000 functional
automotive components
interior Tuopu Group
functional headquarters
components R&D center
upgrade project
New energy
intelligent
vehicle core
components
testing center
project
Note: As the new energy vehicle supply chain develops OEMs increasingly want customized components on short iteration cycles. Suppliers must therefore develop
the next generation of technology in advance and adapt it across vehicle platforms which brings both R&D spending and product testing forward of the orders they
are meant to win. To meet that demand the Company needs to buy R&D equipment and upgrade the R&D center and the product testing center so as to speed up new
product development and hold the Company's technological lead. To use the raised proceeds more efficiently the Company proposes to redirect RMB250 million not
yet invested in the Chongqing project for an annual capacity of 1.2 million lightweight chassis systems and 600000 automotive interior functional components to the
Tuopu Group headquarters R&D center upgrade project and the new energy intelligent vehicle core components testing center project.Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
(4) Other matters concerning the use of raised funds during the Reporting Period
1. Pre-investment in and replacement of funds for projects funded by the raised proceeds
√ Applicable □ Not applicable
At the first extraordinary meeting of the fifth session of the Board and the first extraordinary meeting
of the fifth session of the Board of Supervisors both held on 14 October 2024 the resolution on paying
for funded projects by bill and replacing those payments with an equivalent amount of raised proceeds
was approved. The Company and the wholly-owned subsidiaries may during the implementation of the
funded projects first pay part of the project costs using bank acceptance bills or commercial acceptance
bills whether issued or transferred by endorsement and then replace those payments with an equivalent
amount of raised proceeds.During the Reporting Period in implementing the project for an annual capacity of 3.3 million
lightweight chassis systems funded by the proceeds of the public issue of convertible corporate bonds the
Company replaced RMB1192340.00 of amounts previously paid by bill.
2. Temporary use of idle raised funds to replenish working capital
√ Applicable □ Not applicable
1. At the twenty-first meeting of the fifth session of the Board held on 22 April 2025 the resolution
on using part of the temporarily idle raised proceeds to replenish working capital was approved. Up to
RMB1.2 billion of temporarily idle proceeds may be used for this purpose from 1 July 2025 to 30 June
2026 with each individual application limited to 12 months. The Board of Supervisors and the sponsor
issued opinions consenting to the arrangement. The resolution was approved at the 2024 annual general
meeting held on 14 May 2025.
2. At the thirty-first meeting of the fifth session of the Board held on 23 March 2026 the resolution
on using part of the temporarily idle raised proceeds to replenish working capital was approved. Up to
RMB1.2 billion of temporarily idle proceeds may be used for this purpose from 1 July 2026 to 30 June
2027 with each individual application limited to 12 months. The sponsor issued an opinion consenting to
the arrangement. The resolution was approved at the 2025 annual general meeting held on 29 April 2026.The Company applied RMB300 million in July 2025 RMB200 million in August 2025 RMB100
million in September 2025 RMB62.1902 million in December 2025 and RMB100 million in January
2026. As at 30 June 2026 the Company had returned the full RMB762.1902 million of raised proceeds
used to replenish working capital to the special account for raised proceeds.
3. Cash management of idle raised funds and investment in related products
√ Applicable □ Not applicable
Unit: RMB'0000
Whether
the
Approved Balance under cash highest
Date of limit for management balance
consideration by cash Commencement management date End date at the end of
during the
the Board the period of raised Reporting exceeded funds Period the authorized
limit
22 April 2025 240000.00 1 July 2025 30 June 2026 43000.00 No
23 March 2026 200000.00 1 July 2026 30 June 2027 0.00 No
Other information
1. At the twenty-first meeting of the fifth session of the Board held on 22 April 2025 the resolution
on the entrusted management of temporarily idle raised proceeds was approved. The Company including
the wholly-owned subsidiaries proposed to place up to RMB2.4 billion of temporarily idle raised proceeds
under entrusted management in structured deposits or principal-protected wealth management products
for an authorized period from 1 July 2025 to 30 June 2026 with funds within that limit available on a
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
revolving basis. The Board of Supervisors and the sponsor issued opinions consenting to the arrangement.The resolution was approved at the 2024 annual general meeting held on 14 May 2025.
2. At the thirty-first meeting of the fifth session of the Board held on 23 March 2026 the resolution
on the entrusted management of temporarily idle raised proceeds was approved. The Company including
the wholly-owned subsidiaries proposed to place up to RMB2 billion of temporarily idle raised proceeds
under entrusted management in structured deposits or principal-protected wealth management products
for an authorized period from 1 July 2026 to 30 June 2027 with funds within that limit available on a
revolving basis. The Board of Supervisors and the sponsor issued opinions consenting to the arrangement.The resolution was approved at the 2025 annual general meeting held on 29 April 2026.
3. In the period from January to June 2026 the Company placed idle raised proceeds under cash
management purchasing products totalling RMB631 million and redeeming products totalling RMB601
million. As at 30 June 2026 wealth management products of RMB430 million had not yet matured. Details
of the products purchased are set out in the table below:
Unit: RMB'0000
Whet
her
recov
ered
on
N Entrusted party Name of the entrusted wealth Amount entrusted
Interest Maturity matur
o. management product (RMB'0000) commencement date date ity at the
balan
ce
sheet
date
1 Bank of Ningbo Beilun Branch Structured deposits 10000.00 23 January 2026
22 April
2026 Yes
2 Ping An Bank Ningbo Beilun Branch Structured deposits 10100.00 23 January 2026
23 April
2026 Yes
3 Bank of Ningbo Beilun Structured deposits 5000.00 23 April 2026 20 October Branch 2026 No
4 China Merchants Bank Structured deposits 10000.00 23 April 2026 23 July Ningbo Branch 2026 No
5 Bank of Hangzhou Ningbo Beilun Branch Structured deposits 8000.00 24 April 2026
24 October
2026 No
6 Bank of Hangzhou Ningbo
25
Beilun Branch Structured deposits 20000.00 25 June 2026 December No 2026
4. Others
□ Applicable √ Not applicable
(5) Notes on any irregularities identified by intermediaries in their verification of the deposit and
use of raised funds
□ Applicable √ Not applicable
(6) Subsequent rectification of any unauthorized change in the use of raised funds or improper
appropriation of raised funds
□ Applicable √ Not applicable
13.Notes on other significant events
□ Applicable √ Not applicable
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
Section 6 Changes in Shares and Shareholders
1. Changes in share capital
(1) Table of changes in shares
1. Table of changes in shares
During the Reporting Period there was no change in the total number of shares or the share capital structure of the Company.
2. Notes on changes in shares
□ Applicable √ Not applicable
3. Effect (if any) of share changes occurring between the end of the Reporting Period and the date of publication of the Semi-annual Report on financial
indicators such as earnings per share and net assets per share
□ Applicable √ Not applicable
4. Other matters that the Company considers necessary to disclose or that the securities regulator requires to be disclosed
□ Applicable √ Not applicable
(2) Changes in shares subject to trading restrictions
□ Applicable √ Not applicable
2. Shareholders
(1) Total number of shareholders:
Total number of ordinary shareholders as at the end of the Reporting Period (holders) 200258
Total number of preference shareholders with restored voting rights as at the end of the Reporting Period (holders) Not applicable
(2) Shareholdings of the top ten shareholders and the top ten holders of tradable shares (or shares not subject to trading restrictions) as at the end of the
Reporting Period
Unit: share
Shareholdings of the top ten shareholders (excluding shares lent under the refinancing securities lending business)
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
Increase or Pledged marked
Name of shareholder (full name) decrease during Number of shares held Percentage
Number of shares held or frozen status Nature of
the Reporting at the end of the period (%) that are subject to trading restrictions Status of Qua shareholder Period shares ntity
MECCA INTERNATIONAL
HOLDING (HK) LIMITED 1005836000 57.88 None
Overseas legal
person
Hong Kong Securities Clearing
Company Limited 47524665 2.73 Unknown Unknown
Industrial Bank Co. Ltd. -
ChinaAMC CSI Robot ETF 12928171 0.74 Unknown Unknown
China Life Insurance Company
Limited - Traditional -
Ordinary Insurance Products - 11437208 0.66 Unknown Unknown
005L - CT001 Hu
Wu Jianshu 8998469 0.52 Unknown Overseas legal person
China Construction Bank
Corporation - E Fund CNI 7147902 0.41 Unknown Unknown
Robot Industry ETF
MORGAN STANLEY & CO.INTERNATIONAL PLC. 6748795 0.39 Unknown Unknown
China Life Insurance Company
Limited - Participating -
Individual Participating - 005L 5592900 0.32 Unknown Unknown
- FH002 Hu
Abu Dhabi Investment
Authority - Proprietary Funds 4848799 0.28 Unknown Unknown
Guotai Haitong Securities Co.Ltd. - Tianhong CSI Robot 4648764 0.27 Unknown Unknown
ETF
Shareholdings of the top ten holders of shares not subject to trading restrictions (excluding shares lent under the refinancing securities lending business)
Name of shareholder Number of tradable shares held that are not subject to trading Class and number of shares restrictions Type Quantity
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
RMB-
MECCA INTERNATIONAL HOLDING (HK)
LIMITED 1005836000
denominated
ordinary 1005836000
shares
RMB-
Hong Kong Securities Clearing Company Limited 47524665 denominated ordinary 47524665
shares
RMB-
Industrial Bank Co. Ltd. - ChinaAMC CSI Robot 12928171 denominated ETF ordinary 12928171
shares
China Life Insurance Company Limited - RMB-
Traditional - Ordinary Insurance Products - 005L - 11437208 denominated ordinary 11437208 CT001 Hu shares
RMB-
Wu Jianshu 8998469 denominated ordinary 8998469
shares
RMB-
China Construction Bank Corporation - E Fund denominated
CNI Robot Industry ETF 7147902 ordinary 7147902
shares
RMB-
MORGAN STANLEY & CO. INTERNATIONAL
PLC. 6748795
denominated
ordinary 6748795
shares
China Life Insurance Company Limited - RMB-
Participating - Individual Participating - 005L - 5592900 denominated
FH002 Hu ordinary
5592900
shares
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
RMB-
Abu Dhabi Investment Authority - Proprietary denominated
Funds 4848799 ordinary 4848799
shares
RMB-
Guotai Haitong Securities Co. Ltd. - Tianhong CSI
Robot ETF 4648764
denominated
ordinary 4648764
shares
Notes on any repurchase special account among the
top ten shareholders Not applicable
Notes on the entrustment acceptance or waiver of
voting rights by the above shareholders Not applicable
Explanation of any connected relationship or acting in Mr. Wu Jianshu holds 100% of MECCA INTERNATIONAL HOLDING (HK) LIMITED. Otherwise
concert among the above shareholders the Company is not aware of any connection between the shareholders listed above or of any of them acting in concert.Notes on preference shareholders with restored voting
rights and the number of shares they hold Not applicable
Shares lent under the refinancing securities lending business by shareholders holding more than 5% the top ten shareholders and the top ten holders of shares not
subject to trading restrictions
□ Applicable √ Not applicable
Changes from the previous period in the top ten shareholders and the top ten holders of shares not subject to trading restrictions arising from the lending or return of
shares under the refinancing securities lending business
□ Applicable √ Not applicable
Number of shares held by the top ten holders of shares subject to trading restrictions and the restrictions applicable
□ Applicable √ Not applicable
(3) Strategic investors or ordinary legal persons becoming top ten shareholders through the placing of new shares
□ Applicable √ Not applicable
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
3. Directors and senior management
(1) Changes in shareholdings of incumbent Directors and senior management and of those who left office during the Reporting Period
□ Applicable √ Not applicable
Other notes
□ Applicable √ Not applicable
(2) Share incentives granted to Directors and senior management during the Reporting Period
□ Applicable √ Not applicable
(3) Other information
□ Applicable √ Not applicable
4. Changes in the controlling shareholder or de facto controller
□ Applicable √ Not applicable
5. Preference shares
□ Applicable √ Not applicable
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
Section 7 Bond-related Information
1.Corporate bonds (including enterprise bonds) and debt financing instruments of non-financial
enterprises
□ Applicable √ Not applicable
2.Convertible corporate bonds
□ Applicable √ Not applicable
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
Section 8 Financial Report
1.Auditor's report
□ Applicable √ Not applicable
2.Financial statements
Consolidated balance sheet
30 June 2026
Prepared by: Ningbo Tuopu Group Co. Ltd.Unit: RMB
Item Notes 30 June 2026 31 December 2025
Current assets:
Cash and bank balances 7.1 5325874116.45 5219806007.92
Settlement provisions
Placements with banks and
other financial institutions
Financial assets held for 7.2
trading 430000000.00 400000000.00
Derivative financial assets
Notes receivable 7.4 9841908.49 15798084.56
Trade receivables 7.5 6621502356.53 7325793120.79
Receivables financing 7.7 3356382393.06 4828918846.99
Prepayments 7.8 259762539.86 225582478.98
Premiums receivable
Reinsurance accounts
receivable
Reinsurance contract
reserves receivable
Other receivables 7.9 69636118.31 65810353.73
Including: interest
receivable
Dividends receivable
Financial assets held under
resale agreements
Inventories 7.10 4815270782.12 4716826854.45
Including: data resources
Contract assets
Assets held for sale
Non-current assets due
within one year
Other current assets 7.13 871430040.37 646073361.14
Total current assets 21759700255.19 23444609108.56
Non-current assets:
Loans and advances to
customers
Debt investments
Other debt investments
Long-term receivables
Long-term equity 7.17
investments 259967715.57 105254429.52
Investments in other equity
instruments
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
Other non-current financial 7.19
assets 130000000.00 50000000.00
Investment properties 7.20 17611580.81 18685082.96
Property plant and 7.21
equipment 15147476100.73 15049407542.38
Construction in progress 7.22 1773263525.53 1879671312.18
Productive biological assets
Oil and gas assets
Right-of-use assets 7.25 492335053.68 511031729.89
Intangible assets 7.26 1544975364.95 1569588056.63
Including: data resources
Development expenditure
Including: data resources
Goodwill 7.27 340475037.28 340475037.28
Long-term prepaid expenses 7.28 492319443.24 356977245.83
Deferred tax assets 7.29 252821117.87 261153623.11
Other non-current assets 7.30 379195874.57 347742200.68
Total non-current assets 20830440814.23 20489986260.46
Total assets 42590141069.42 43934595369.02
Current liabilities:
Short-term borrowings 7.32 3911158821.30 2930929246.63
Borrowings from the central
bank
Placements from banks and
other financial institutions
Financial liabilities held for
trading
Derivative financial
liabilities
Notes payable 7.35 4200316676.58 5716338315.74
Trade payables 7.36 7068438408.30 7479896927.88
Receipts in advance
Contract liabilities 7.38 37332757.98 21061458.96
Financial assets sold under
repurchase agreements
Customer deposits and
placements from banks
Funds received as securities
trading agent
Funds received as securities
underwriting agent
Employee benefits payable 7.39 383972515.51 468463681.05
Taxes payable 7.40 228061503.36 319479049.45
Other payables 7.41 23298682.39 21000056.22
Including: interest payable
Dividends payable
Fees and commissions
payable
Reinsurance accounts
payable
Liabilities held for sale
Non-current liabilities due 7.43
within one year 809257601.46 1602987963.30
Other current liabilities 7.44 29088325.10 82658540.23
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
Total current liabilities 16690925291.98 18642815239.46
Non-current liabilities:
Insurance contract reserves
Long-term borrowings 7.45 748000000.00 225116422.68
Bonds payable
Including: preference shares
Perpetual bonds
Lease liabilities 7.47 421760715.45 442455857.59
Long-term payables
Long-term employee
benefits payable
Provisions
Deferred income 7.51 409417506.55 422912904.23
Deferred tax liabilities 7.29 64943926.74 66742024.12
Other non-current liabilities
Total non-current
liabilities 1644122148.74 1157227208.62
Total liabilities 18335047440.72 19800042448.08
Owners' equity (or shareholders' equity):
Paid-in capital (or share 7.53
capital) 1737835580.00 1737835580.00
Other equity instruments
Including: preference shares
Perpetual bonds
Capital reserve 7.55 10872539090.01 10872539090.01
Less: treasury shares
Other comprehensive 7.57
income -74630.41 50996410.35
Special reserve
Surplus reserve 7.59 1039768774.30 1039768774.30
General risk reserve
Retained earnings 7.60 10567856221.21 10396846764.46
Total equity attributable to
owners of the parent company 24217925035.11 24097986619.12
Non-controlling interests 37168593.59 36566301.82
Total owners' equity (or
shareholders' equity) 24255093628.70 24134552920.94
Total liabilities and
owners' equity (or 42590141069.42 43934595369.02
shareholders' equity)
Person in charge of the Company: Wu Jianshu Person in charge of accounting affairs: Hong
Tieyang Head of the accounting department: Hong Tieyang
Balance sheet of the parent company
30 June 2026
Prepared by: Ningbo Tuopu Group Co. Ltd.Unit: RMB
Item Notes 30 June 2026 31 December 2025
Current assets:
Cash and bank balances 1656159902.26 1157355311.50
Financial assets held for
trading 430000000.00 400000000.00
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
Derivative financial assets
Notes receivable 19000.00
Trade receivables 19.1 2206641792.95 2751659709.32
Receivables financing 443094.12
Prepayments 29448046.02 42293674.20
Other receivables 19.2 406067138.25 280001682.34
Including: interest
receivable
Dividends receivable
Inventories 746735932.77 811799481.31
Including: data resources
Contract assets
Assets held for sale
Non-current assets due
within one year
Other current assets 50873580.66
Total current assets 5526388487.03 5443109858.67
Non-current assets:
Debt investments
Other debt investments
Long-term receivables
Long-term equity
investments 19.3 17629463508.43
17137300222.38
Investments in other equity
instruments
Other non-current financial
assets 130000000.00 50000000.00
Investment properties 17611580.81 18685082.96
Property plant and
equipment 2270659849.31 2369371538.81
Construction in progress 283968056.10 255001459.10
Productive biological assets
Oil and gas assets
Right-of-use assets
Intangible assets 286299804.79 292934127.71
Including: data resources
Development expenditure
Including: data resources
Goodwill
Long-term prepaid expenses 38987472.67 30309027.76
Deferred tax assets 10522040.01 12727405.82
Other non-current assets 41772171.46 42484813.96
Total non-current assets 20709284483.58 20208813678.50
Total assets 26235672970.61 25651923537.17
Current liabilities:
Short-term borrowings 1861243030.15 1520973786.29
Financial liabilities held for
trading
Derivative financial
liabilities
Notes payable 730770440.63 665378756.74
Trade payables 2506248391.11 2529602620.05
Receipts in advance
Contract liabilities 41456832.04 2756019.63
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
Employee benefits payable 114525595.40 150409712.14
Taxes payable 47569995.42 82229372.17
Other payables 111800575.55 11071216.12
Including: interest payable
Dividends payable
Liabilities held for sale
Non-current liabilities due
within one year 594945713.70 1289504958.09
Other current liabilities 5389388.16 180182.55
Total current liabilities 6013949962.16 6252106623.78
Non-current liabilities:
Long-term borrowings 748000000.00 200000000.00
Bonds payable
Including: preference shares
Perpetual bonds
Lease liabilities
Long-term payables
Long-term employee
benefits payable
Provisions
Deferred income 112942318.54 121148852.38
Deferred tax liabilities
Other non-current liabilities
Total non-current
liabilities 860942318.54 321148852.38
Total liabilities 6874892280.70 6573255476.16
Owners' equity (or shareholders' equity):
Paid-in capital (or share
capital) 1737835580.00 1737835580.00
Other equity instruments
Including: preference shares
Perpetual bonds
Capital reserve 10872539090.01 10872539090.01
Less: treasury shares
Other comprehensive
income
Special reserve
Surplus reserve 1039768774.30 1039768774.30
Retained earnings 5710637245.60 5428524616.70
Total owners' equity (or
shareholders' equity) 19360780689.91 19078668061.01
Total liabilities and
owners' equity (or 26235672970.61 25651923537.17
shareholders' equity)
Person in charge of the Company: Wu Jianshu Person in charge of accounting affairs: Hong
Tieyang Head of the accounting department: Hong Tieyang
Consolidated income statement
January to June 2026
Unit: RMB
Item Notes First half of 2026 First half of 2025
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
I. Total operating revenue 14199245308.27 12934627599.03
Including: revenue 7.61 14199245308.27 12934627599.03
Interest income
Net premiums earned
Fee and commission income
II. Total operating costs 13150241673.25 11704235503.29
Including: cost of sales 7.61 11527968958.85 10405770831.37
Interest expense
Fee and commission expense
Surrender payments
Net claims paid
Net provision for insurance
contract reserves
Policyholder dividend expense
Reinsurance expense
Taxes and surcharges 7.62 100210213.01 92636907.56
Selling and distribution expenses 7.63 130898899.67 131613897.97
General and administrative 7.64
expenses 424898467.34 378158457.59
Research and development 7.65
expenses 790837436.30 705060676.30
Finance costs 7.66 175427698.08 -9005267.50
Including: interest expense 67986772.28 87530742.57
Interest income 15007027.71 19925614.80
Add: other income 7.67 182328060.98 221315449.17
Investment income (losses shown 7.68
with a minus sign) 19298631.09 33948234.37
Including: share of profits of
associates and joint ventures 14713286.05 21235412.15
Gains on derecognition of
financial assets measured at amortized
cost (losses shown with a minus sign)
Exchange gains (losses shown with
a minus sign)
Gains on net exposure hedges
(losses shown with a minus sign)
Gains from changes in fair value
(losses shown with a minus sign)
Credit impairment losses (losses 7.71
shown with a minus sign) 26709786.76 6598315.66
Asset impairment losses (losses 7.72
shown with a minus sign) -92976776.92 -32245147.39
Gains on disposal of assets (losses 7.73
shown with a minus sign) 613296.67
III. Operating profit (losses shown with a
minus sign) 1184976633.60 1460008947.55
Add: non-operating income 7.74 1774874.41 5774104.76
Less: non-operating expenses 7.75 12204051.57 8339986.18
IV. Total profit (total losses shown with a
minus sign) 1174547456.44 1457443066.13
Less: income tax expense 7.76 151303579.84 161499705.66
V. Net profit (net losses shown with a
minus sign) 1023243876.60 1295943360.47
(I) Classified by continuity of operations
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
1. Net profit from continuing
operations (net losses shown with a minus 1023243876.60 1295943360.47
sign)
2. Net profit from discontinued
operations (net losses shown with a minus
sign)
(II) Classified by ownership
1. Net profit attributable to
shareholders of the parent company (net 1022548890.95 1294928327.93
losses shown with a minus sign)
2. Profit or loss attributable to non-
controlling interests (net losses shown 694985.65 1015032.54
with a minus sign)
VI. Other comprehensive income net of
tax -51163734.64 111492257.21
(I) Other comprehensive income
attributable to owners of the parent -51071040.76 111441020.65
company net of tax
1. Items that will not be reclassified
to profit or loss
(1) Remeasurement of defined benefit
plans
(2) Share of other comprehensive income
of investees that will not be reclassified to
profit or loss under the equity method
(3) Changes in fair value of investments in
other equity instruments
(4) Changes in fair value arising from the
entity's own credit risk
2. Items that may be reclassified to
profit or loss -51071040.76 111441020.65
(1) Share of other comprehensive income
of investees that may be reclassified to
profit or loss under the equity method
(2) Changes in fair value of other debt
investments
(3) Amounts of financial assets
reclassified into other comprehensive
income
(4) Credit loss allowance for other debt
investments
(5) Cash flow hedging reserve
(6) Exchange differences on translation of
foreign currency financial statements -51071040.76 111441020.65
(7) Others
(II) Other comprehensive income
attributable to non-controlling interests -92693.88 51236.56
net of tax
VII. Total comprehensive income 972080141.96 1407435617.68
(I) Total comprehensive income
attributable to owners of the parent 971477850.19 1406369348.58
company
(II) Total comprehensive income
attributable to non-controlling interests 602291.77 1066269.10
VIII. Earnings per share:
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
(I) Basic earnings per share
(RMB/share) 0.59 0.75
(II) Diluted earnings per share
(RMB/share) 0.59 0.75
Where a business combination under common control occurred during the period the net profit achieved
by the party being combined before the combination was RMB0 and the net profit achieved by the party
being combined in the prior period was RMB0.Person in charge of the Company: Wu Jianshu Person in charge of accounting affairs: Hong
Tieyang Head of the accounting department: Hong Tieyang
Income statement of the parent company
January to June 2026
Unit: RMB
Item Notes First half of 2026 First half of 2025
I. Revenue 19.4 4022183511.00 4066613933.05
Less: cost of sales 19.4 3124566960.14 3052651134.86
Taxes and surcharges 24229335.49 28737376.88
Selling and distribution expenses 500238.96 1027526.86
General and administrative
expenses 164752648.04 139375977.24
Research and development
expenses 423979857.32 367576295.73
Finance costs 41457707.66 26007516.67
Including: interest expense 30425085.39 55433942.75
Interest income 4370655.92 11783079.15
Add: other income 75656519.87 114941800.45
Investment income (losses shown 19.5
with a minus sign) 819298631.09 1116387510.19
Including: share of profits of
associates and joint ventures 14713286.05 21235412.15
Gains on derecognition of
financial assets measured at amortized
cost (losses shown with a minus sign)
Gains on net exposure hedges
(losses shown with a minus sign)
Gains from changes in fair value
(losses shown with a minus sign)
Credit impairment losses (losses
shown with a minus sign) 22046885.20 -11987316.63
Asset impairment losses (losses
shown with a minus sign) -24096437.71 -12717875.58
Gains on disposal of assets (losses
shown with a minus sign) -265396.87
II. Operating profit (losses shown with a
minus sign) 1135336964.97 1657862223.24
Add: non-operating income 292288.22 385381.13
Less: non-operating expenses 823572.39 1146007.75
III. Total profit (total losses shown with a
minus sign) 1134805680.80 1657101596.62
Less: income tax expense 1153617.70 17506588.29
IV. Net profit (net losses shown with a
minus sign) 1133652063.10 1639595008.33
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
(I) Net profit from continuing
operations (net losses shown with a minus 1133652063.10 1639595008.33
sign)
(II) Net profit from discontinued
operations (net losses shown with a minus
sign)
V. Other comprehensive income net of
tax
(I) Items that will not be reclassified to
profit or loss
1. Remeasurement of defined benefit
plans
2. Share of other comprehensive
income of investees that will not be
reclassified to profit or loss under the
equity method
3. Changes in fair value of
investments in other equity instruments
4. Changes in fair value arising from
the entity's own credit risk
(II) Items that may be reclassified to
profit or loss
1. Share of other comprehensive
income of investees that may be
reclassified to profit or loss under the
equity method
2. Changes in fair value of other debt
investments
3. Amounts of financial assets
reclassified into other comprehensive
income
4. Credit loss allowance for other
debt investments
5. Cash flow hedging reserve
6. Exchange differences on
translation of foreign currency financial
statements
7. Others
VI. Total comprehensive income 1133652063.10 1639595008.33
VII. Earnings per share:
(I) Basic earnings per share
(RMB/share) 0.65 0.95
(II) Diluted earnings per share
(RMB/share) 0.65 0.95
Person in charge of the Company: Wu Jianshu Person in charge of accounting affairs: Hong
Tieyang Head of the accounting department: Hong Tieyang
Consolidated cash flow statement
January to June 2026
Unit: RMB
Item Notes First half of 2026 First half of 2025
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
I. Cash flows from operating activities:
Cash received from sales of goods and
rendering of services 14126411024.28 11764996065.19
Net increase in customer deposits and
placements from banks
Net increase in borrowings from the central
bank
Net increase in placements from other
financial institutions
Cash received from premiums under
original insurance contracts
Net cash received from reinsurance
business
Net increase in policyholder deposits and
investment funds
Cash received from interest fees and
commissions
Net increase in placements from banks and
other financial institutions
Net increase in funds from repurchase
transactions
Net cash received as securities trading
agent
Refunds of taxes and surcharges received 339714886.58 275715679.41
Other cash received relating to operating
activities 7.78 152442436.28 213676100.89
Sub-total of cash inflows from operating
activities 14618568347.14 12254387845.49
Cash paid for goods and services 8713448280.03 6806692165.54
Net increase in loans and advances to
customers
Net increase in deposits with the central
bank and other banks
Cash paid for claims under original
insurance contracts
Net increase in placements with banks and
other financial institutions
Cash paid for interest fees and
commissions
Cash paid for policyholder dividends
Cash paid to and on behalf of employees 1932361086.05 1713939029.93
Payments of taxes and surcharges 825679002.90 749575976.56
Other cash paid relating to operating
activities 7.78 551023439.93 527909425.21
Sub-total of cash outflows from
operating activities 12022511808.91 9798116597.24
Net cash flows from operating
activities 2596056538.23 2456271248.25
II. Cash flows from investing activities:
Cash received from disposal of investments 605585345.04 1362712822.22
Cash received from investment income 35000000.00
Net cash received from disposal of fixed
assets intangible assets and other long-term 35842983.26 22670747.44
assets
Net cash received from disposal of
subsidiaries and other business units
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
Other cash received relating to investing
activities 7.78
Sub-total of cash inflows from investing
activities 641428328.30 1420383569.66
Cash paid for acquisition of fixed assets
intangible assets and other long-term assets 1354341274.83 1559639672.75
Cash paid for investments 951000000.00 1200000000.00
Net increase in pledged loans
Net cash paid for acquisition of
subsidiaries and other business units 287348335.19
Other cash paid relating to investing
activities 7.78
Sub-total of cash outflows from
investing activities 2305341274.83 3046988007.94
Net cash flows from investing
activities -1663912946.53 -1626604438.28
III. Cash flows from financing activities:
Cash received from capital contributions
Including: cash received by subsidiaries
from capital contributions by non-controlling
interests
Cash received from borrowings 3490000000.00 2170000000.00
Other cash received relating to financing
activities
Sub-total of cash inflows from financing
activities 3490000000.00 2170000000.00
Cash repayments of borrowings 2780100874.08 1504454467.14
Cash paid for distribution of dividends
profits or interest 898545230.69 982837672.03
Including: dividends and profits paid by
subsidiaries to non-controlling interests
Other cash paid relating to financing
activities 7.78 99870258.94 49347533.02
Sub-total of cash outflows from
financing activities 3778516363.71 2536639672.19
Net cash flows from financing
activities -288516363.71 -366639672.19
IV. Effect of foreign exchange rate changes
on cash and cash equivalents -158548250.20 139203362.37
V. Net increase in cash and cash
equivalents 485078977.79 602230500.15
Add: opening balance of cash and cash
equivalents 4701248084.25 3942266589.29
VI. Closing balance of cash and cash
equivalents 5186327062.04 4544497089.44
Person in charge of the Company: Wu Jianshu Person in charge of accounting affairs: Hong
Tieyang Head of the accounting department: Hong Tieyang
Cash flow statement of the parent company
January to June 2026
Unit: RMB
Item Notes First half of 2026 First half of 2025
I. Cash flows from operating activities:
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
Cash received from sales of goods and
rendering of services 3853512749.36 3976572977.82
Refunds of taxes and surcharges received
Other cash received relating to operating
activities 58041302.72 110554135.61
Sub-total of cash inflows from operating
activities 3911554052.08 4087127113.43
Cash paid for goods and services 1639800512.90 1566496879.81
Cash paid to and on behalf of employees 552064825.18 486864214.56
Payments of taxes and surcharges 210962420.83 238693156.25
Other cash paid relating to operating activities 216047668.31 205402111.34
Sub-total of cash outflows from operating
activities 2618875427.22 2497456361.96
Net cash flows from operating activities 1292678624.86 1589670751.47
II. Cash flows from investing activities:
Cash received from disposal of investments 605585345.04 1362712822.22
Cash received from investment income 800000000.00 1235000000.00
Net cash received from disposal of fixed
assets intangible assets and other long-term 75322388.73 50782240.85
assets
Net cash received from disposal of
subsidiaries and other business units
Other cash received relating to investing
activities 1364400000.00
Sub-total of cash inflows from investing
activities 2845307733.77 2648495063.07
Cash paid for acquisition of fixed assets
intangible assets and other long-term assets 321196288.76 331574881.27
Cash paid for investments 1188450000.00 2560853000.00
Net cash paid for acquisition of subsidiaries
and other business units
Other cash paid relating to investing activities 1507452877.20 85455900.00
Sub-total of cash outflows from investing
activities 3017099165.96 2977883781.27
Net cash flows from investing activities -171791432.19 -329388718.20
III. Cash flows from financing activities:
Cash received from capital contributions
Cash received from borrowings 1740000000.00 950000000.00
Other cash received relating to financing
activities 100000000.00
Sub-total of cash inflows from financing
activities 1840000000.00 950000000.00
Cash repayments of borrowings 1546500000.00 1012158659.40
Cash paid for distribution of dividends profits
or interest 881754520.12 946279576.19
Other cash paid relating to financing activities 13924574.60
Sub-total of cash outflows from financing
activities 2442179094.72 1958438235.59
Net cash flows from financing activities -602179094.72 -1008438235.59
IV. Effect of foreign exchange rate changes on
cash and cash equivalents -12163507.19
V. Net increase in cash and cash equivalents 506544590.76 251843797.68
Add: opening balance of cash and cash
equivalents 1149615311.50 1487367750.23
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
VI. Closing balance of cash and cash
equivalents 1656159902.26 1739211547.91
Person in charge of the Company: Wu Jianshu Person in charge of accounting affairs: Hong
Tieyang Head of the accounting department: Hong Tieyang
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
Consolidated statement of changes in owners' equity
January to June 2026
Unit: RMB
First half of 2026
Equity attributable to owners of the parent company
Item Non-controlling Total owners'
Other equity instruments Less: Other General interests equity
Paid-in capital (or Special
Preference Perpetual Capital reserve treasury comprehensive Surplus reserve risk Retained earnings
Others Subtotal
share capital) Others reserve
shares bonds shares income reserve
I. Closing balance of the
prior year 1737835580.00 10872539090.01 50996410.35 1039768774.30 10396846764.46 24097986619.12 36566301.82 24134552920.94
Add: changes in
accounting policies
Correction of prior
period errors
Others
II. Opening balance of
the current year 1737835580.00 10872539090.01 50996410.35 1039768774.30 10396846764.46 24097986619.12 36566301.82 24134552920.94
III. Movements for the
period (decreases shown -51071040.76 171009456.75 119938415.99 602291.77 120540707.76
with a minus sign)
(I) Total comprehensive
income -51071040.76 1022548890.95 971477850.19 602291.77 972080141.96
(II) Capital contributed
and reduced by owners
1. Ordinary shares
contributed by owners
2. Capital contributed
by holders of other
equity instruments
3. Share-based
payments recognized in
owners' equity
4. Others
(III) Profit distribution -851539434.20 -851539434.20 -851539434.20
1. Appropriation to
surplus reserve
2. Appropriation to
general risk reserve
3. Distributions to
owners (or -851539434.20 -851539434.20 -851539434.20
shareholders)
4. Others
(IV) Internal transfers
within owners' equity
1. Capitalization of
capital reserve
2. Capitalization of
surplus reserve
3. Surplus reserve used
to offset losses
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
4. Changes in defined
benefit plans transferred
to retained earnings
5. Other comprehensive
income transferred to
retained earnings
6. Others
(V) Special reserve
1. Appropriated for the
period
2. Utilized for the
period
(VI) Others
IV. Closing balance for
the period 1737835580.00 10872539090.01 -74630.41 1039768774.30 10567856221.21 24217925035.11 37168593.59 24255093628.70
First half of 2025
Equity attributable to owners of the parent company
Item Non-controlling Total owners'
Paid-in capital (or Other equity instruments
Less: Other General
Special Retained interests
equity
Capital reserve treasury comprehensive Surplus reserve risk Others Subtotal
share capital) Preference Perpetual Others reserve earnings shares bonds shares income reserve
I. Closing balance
of the prior year 1686025655.00 143199396.33 8255524193.88 -93966397.00 822049459.12 8737431642.33 19550263949.66 32989525.80 19583253475.46
Add: changes in
accounting policies
Correction of
prior period errors
Others
II. Opening balance
of the current year 1686025655.00 143199396.33 8255524193.88 -93966397.00 822049459.12 8737431642.33 19550263949.66 32989525.80 19583253475.46
III. Movements for
the period
(decreases shown 51809925.00 -143199396.33 2613849066.32 111441020.65 392991661.90 3026892277.54 1066269.10 3027958546.64
with a minus sign)
(I) Total
comprehensive 111441020.65 1294928327.93 1406369348.58 1066269.10 1407435617.68
income
(II) Capital
contributed and 51809925.00 -143199396.33 2613849066.32 2522459594.99 2522459594.99
reduced by owners
1. Ordinary shares
contributed by
owners
2. Capital
contributed by
holders of other 51809925.00 -143199396.33 2613849066.32 2522459594.99 2522459594.99
equity instruments
3. Share-based
payments
recognized in
owners' equity
4. Others
(III) Profit
distribution -901936666.03 -901936666.03 -901936666.03
1. Appropriation to
surplus reserve
2. Appropriation to
general risk reserve
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
3. Distributions to
owners (or -901936666.03 -901936666.03 -901936666.03
shareholders)
4. Others
(IV) Internal
transfers within
owners' equity
1. Capitalization of
capital reserve
2. Capitalization of
surplus reserve
3. Surplus reserve
used to offset
losses
4. Changes in
defined benefit
plans transferred to
retained earnings
5. Other
comprehensive
income transferred
to retained earnings
6. Others
(V) Special reserve
1. Appropriated for
the period
2. Utilized for the
period
(VI) Others
IV. Closing balance
for the period 1737835580.00 10869373260.20 17474623.65 822049459.12 9130423304.23 22577156227.20 34055794.90 22611212022.10
Person in charge of the Company: Wu Jianshu Person in charge of accounting affairs: Hong Tieyang Head of the accounting department: Hong
Tieyang
Statement of changes in owners' equity of the parent company
January to June 2026
Unit: RMB
First half of 2026
Item Paid-in capital (or share Other equity instruments Less: Other
capital) Capital reserve treasury comprehensive
Special
reserve Surplus reserve Retained earnings Total owners' equity Preference Perpetual shares income
shares bonds Others
I. Closing balance of the prior
year 1737835580.00 10872539090.01 1039768774.30 5428524616.70 19078668061.01
Add: changes in accounting
policies
Correction of prior period
errors
Others
II. Opening balance of the
current year 1737835580.00 10872539090.01 1039768774.30 5428524616.70 19078668061.01
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
III. Movements for the period
(decreases shown with a minus 282112628.90 282112628.90
sign)
(I) Total comprehensive income 1133652063.10 1133652063.10
(II) Capital contributed and
reduced by owners
1. Ordinary shares contributed
by owners
2. Capital contributed by
holders of other equity
instruments
3. Share-based payments
recognized in owners' equity
4. Others
(III) Profit distribution -851539434.20 -851539434.20
1. Appropriation to surplus
reserve
2. Distributions to owners (or
shareholders) -851539434.20 -851539434.20
3. Others
(IV) Internal transfers within
owners' equity
1. Capitalization of capital
reserve
2. Capitalization of surplus
reserve
3. Surplus reserve used to offset
losses
4. Changes in defined benefit
plans transferred to retained
earnings
5. Other comprehensive income
transferred to retained earnings
6. Others
(V) Special reserve
1. Appropriated for the period
2. Utilized for the period
(VI) Others
IV. Closing balance for the
period 1737835580.00 10872539090.01 1039768774.30 5710637245.60 19360780689.91
First half of 2025
Item Paid-in capital (or Other equity instruments Less: Other
share capital) Capital reserve treasury comprehensive
Special Surplus reserve Retained earnings Total owners' equity
Preference Perpetual Others shares income
reserve
shares bonds
I. Closing balance of the
prior year 1686025655.00 143199396.33 8255524193.88 822049459.12 4370987446.09 15277786150.42
Add: changes in accounting
policies
Correction of prior
period errors
Others
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
II. Opening balance of the
current year 1686025655.00 143199396.33 8255524193.88 822049459.12 4370987446.09 15277786150.42
III. Movements for the
period (decreases shown 51809925.00 -143199396.33 2613849066.32 737658342.30 3260117937.29
with a minus sign)
(I) Total comprehensive
income 1639595008.33 1639595008.33
(II) Capital contributed and
reduced by owners 51809925.00 -143199396.33 2613849066.32 2522459594.99
1. Ordinary shares
contributed by owners
2. Capital contributed by
holders of other equity 51809925.00 -143199396.33 2613849066.32 2522459594.99
instruments
3. Share-based payments
recognized in owners'
equity
4. Others
(III) Profit distribution -901936666.03 -901936666.03
1. Appropriation to surplus
reserve
2. Distributions to owners
(or shareholders) -901936666.03 -901936666.03
3. Others
(IV) Internal transfers
within owners' equity
1. Capitalization of capital
reserve
2. Capitalization of surplus
reserve
3. Surplus reserve used to
offset losses
4. Changes in defined
benefit plans transferred to
retained earnings
5. Other comprehensive
income transferred to
retained earnings
6. Others
(V) Special reserve
1. Appropriated for the
period
2. Utilized for the period
(VI) Others
IV. Closing balance for the
period 1737835580.00 10869373260.20 822049459.12 5108645788.39 18537904087.71
Person in charge of the Company: Wu Jianshu Person in charge of accounting affairs: Hong Tieyang Head of the accounting department: Hong
Tieyang
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
3.General information on the Company
1. Company overview
√ Applicable □ Not applicable
Ningbo Tuopu Group Co. Ltd. (the "Company") is a joint stock company converted in whole from
the former Ningbo Tuopu Brake System Co. Ltd. and jointly promoted by MECCA INTERNATIONAL
HOLDING (HK) LIMITED Ningbo Jinlun Equity Investment Partnership (Limited Partnership) and
Ningbo Jinrun Equity Investment Partnership (Limited Partnership). Its business license registration
number is 91330200761450380T. The Company was listed on the Shanghai Stock Exchange in March
2015. It operates in the manufacturing sector automobile manufacturing category.
As at 30 June 2026 the Company had issued a total of 1737835580 shares and had registered
capital of RMB1737835580. Its registered address and head office address are both No. 268
Yuwangshan Road Daqi Subdistrict Beilun District Ningbo Zhejiang Province. The Company's
principal activity is the research and development manufacture and sale of automotive parts. The parent
company is MECCA INTERNATIONAL HOLDING (HK) LIMITED and the de facto controller is Wu
Jianshu.These financial statements were approved for issue by the Board on 27 August 2026.
4.Basis of preparation of the financial statements
1. Basis of preparation
These financial statements have been prepared in accordance with the Accounting Standards for
Business Enterprises - Basic Standard and the specific accounting standards application guidance
interpretations and other relevant requirements issued by the Ministry of Finance (together the
"Accounting Standards for Business Enterprises") and with the Rules for the Compilation and Reporting
of Information Disclosure by Companies Offering Securities to the Public No. 15 - General Provisions
on Financial Reports issued by the China Securities Regulatory Commission.
2. Going concern
√ Applicable □ Not applicable
These financial statements have been prepared on a going concern basis.The Company has the ability to continue as a going concern for at least 12 months from the end of
the Reporting Period and there are no material matters affecting that ability.
5.Significant accounting policies and accounting estimates
Note on specific accounting policies and accounting estimates:
√ Applicable □ Not applicable
The disclosures below cover the specific accounting policies and accounting estimates adopted by
the Company in the light of the actual characteristics of the Company's production and operations.
1. Statement of compliance with the Accounting Standards for Business Enterprises
These financial statements comply with the Accounting Standards for Business Enterprises issued
by the Ministry of Finance and present truly and completely the consolidated and parent company
financial position of the Company as at 30 June 2026 and the consolidated and parent company results
of operations and cash flows for the period from January to June 2026.
2. Accounting period
The financial year of the Company runs from 1 January to 31 December of each calendar year.
3. Operating cycle
√ Applicable □ Not applicable
The Company's operating cycle is 12 months.Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
4. Functional currency
The functional currency of the Company is Renminbi.
5. Method of determining materiality thresholds and the basis for their selection
√ Applicable □ Not applicable
Item Materiality threshold
Significant construction in progress Individual construction in progress items exceeding 0.5% of total assets
Significant trade payables aged over one
year Individual trade payables exceeding 0.5% of total assets
Significant contract liabilities aged over
one year Individual contract liabilities exceeding 0.5% of total assets
Significant other payables aged over one
year Individual other payables exceeding 0.5% of total assets
Significant cash flows from investing Cash flows from investing activities where a single item
activities exceeds 10% of total assets
Non-wholly-owned subsidiaries whose total assets
Significant non-wholly-owned represent more than 10% of the Company's consolidated
subsidiaries total assets or whose revenue represents more than 5% of
the Company's consolidated revenue
Joint ventures or associates whose long-term equity
investment carrying amount represents more than 0.5% of
Significant joint ventures and associates the Company's consolidated net assets or whose investment income accounted for under the equity method
represents more than 10% of the Company's consolidated
net profit
6. Accounting treatment of business combinations under common control and not under common
control
√ Applicable □ Not applicable
Business combinations under common control: the assets and liabilities acquired by the combining
party in the combination including any goodwill arising from the ultimate controlling party's acquisition
of the party being combined are measured on the basis of their carrying amounts in the consolidated
financial statements of the ultimate controlling party at the combination date. Any difference between
the carrying amount of the net assets acquired and the carrying amount of the consideration paid or the
aggregate par value of shares issued is adjusted against share premium within capital reserve; where
share premium is insufficient the balance is adjusted against retained earnings.Business combinations not under common control: the cost of combination is the fair value of the
assets given the liabilities incurred or assumed and the equity securities issued by the acquirer at the
acquisition date in exchange for control of the acquiree. Where the cost of combination exceeds the
acquirer's share of the fair value of the acquiree's identifiable net assets the difference is recognized as
goodwill; where it is less the difference is recognized in profit or loss. The identifiable assets liabilities
and contingent liabilities of the acquiree that meet the recognition criteria are measured at fair value at
the acquisition date.Costs directly attributable to a business combination are recognized in profit or loss as incurred.Transaction costs of issuing equity or debt securities in connection with a business combination are
included in the amount at which those securities are initially recognized.
7. Criteria for determining control and method of preparing the consolidated financial statements
√ Applicable □ Not applicable
1. Criteria for determining control
The scope of consolidation is determined on the basis of control and comprises the Company and
all of the Company's subsidiaries. Control exists where the Company has power over the investee is
exposed to variable returns through involvement in the investee's relevant activities and is able to use
that power over the investee to affect the amount of those returns.Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
2. Consolidation procedures
The Company treats the group as a single accounting entity and prepares the consolidated financial
statements under uniform accounting policies so that they present the financial position results of
operations and cash flows of the group as a whole. The effects of intra-group transactions between the
Company and subsidiaries and between subsidiaries are eliminated. Where an intra-group transaction
indicates that a related asset is impaired the loss is recognized in full. Where a subsidiary's accounting
policies or accounting period differ from those of the Company the necessary adjustments are made on
consolidation to conform to the Company's accounting policies and accounting period.The share of a subsidiary's owners' equity profit or loss for the period and total comprehensive
income for the period attributable to non-controlling interests is presented separately within owners'
equity in the consolidated balance sheet below net profit in the consolidated income statement and
below total comprehensive income respectively. Where losses for the period attributable to non-
controlling interests exceed their share of the subsidiary's opening owners' equity the excess is deducted
from non-controlling interests.
(1) Addition of a subsidiary or business
Where a subsidiary or business is added during the Reporting Period through a business
combination under common control its results of operations and cash flows from the beginning of the
period of combination to the end of the Reporting Period are included in the consolidated financial
statements. The opening balances in the consolidated financial statements and the related items in the
comparative statements are adjusted at the same time as if the reporting entity resulting from the
combination had existed from the date the ultimate controlling party first obtained control.Where control over an investee under common control is obtained through an additional investment
or a similar event any profit or loss other comprehensive income and other movements in net assets
recognized in respect of the equity investment held before control was obtained for the period from the
later of the date that investment was acquired and the date the combining party and the party being
combined came under common control to the combination date are offset against opening retained
earnings or against profit or loss of the comparative period as applicable.Where a subsidiary or business is added during the Reporting Period through a business
combination not under common control it is included in the consolidated financial statements from the
acquisition date on the basis of the fair values of its identifiable assets liabilities and contingent
liabilities determined at that date.Where control over an investee not under common control is obtained through an additional
investment or a similar event the equity interest in the acquiree held before the acquisition date is
remeasured at its fair value at that date and the difference between fair value and carrying amount is
recognized in investment income for the period. Other comprehensive income relating to that previously
held interest that may subsequently be reclassified to profit or loss and other changes in owners' equity
recognized under the equity method are transferred to investment income in the period containing the
acquisition date.
(2) Disposal of a subsidiary
(i) General treatment
Where control over an investee is lost through the partial disposal of an equity investment or for
another reason the retained equity investment is remeasured at its fair value at the date control was lost.The sum of the consideration received on disposal and the fair value of the retained interest less the sum
of the Company's share calculated at the original shareholding percentage of the former subsidiary's net
assets computed on a continuous basis from the acquisition or combination date and of the related
goodwill is recognized in investment income in the period in which control was lost. Other
comprehensive income relating to the equity investment in the former subsidiary that may subsequently
be reclassified to profit or loss and other changes in owners' equity recognized under the equity method
are transferred to investment income when control is lost.(ii) Disposal of a subsidiary in stages
Where an equity investment in a subsidiary is disposed of in stages through multiple transactions
until control is lost the transactions are normally treated as a package deal if the terms conditions and
economic effects of the disposals meet one or more of the following conditions:
(a) the transactions were entered into at the same time or in contemplation of one another;
(b) the transactions achieve a complete commercial result only when taken together;
(c) the occurrence of one transaction depends on the occurrence of at least one other transaction;
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
(d) a transaction that is uneconomic on its own but economic when considered together with the
other transactions.Where the transactions constitute a package deal they are accounted for together as a single
transaction disposing of the subsidiary and losing control. In the consolidated financial statements the
difference between the consideration received on each disposal before control is lost and the
corresponding share of the subsidiary's net assets is recognized in other comprehensive income and is
transferred in full to profit or loss in the period in which control is lost.Where the transactions do not constitute a package deal disposals occurring before control is lost
are accounted for as partial disposals of an equity investment in a subsidiary without loss of control and
the transaction in which control is lost is accounted for under the general treatment for the disposal of a
subsidiary.
(3) Acquisition of non-controlling interests in a subsidiary
The difference between the long-term equity investment newly acquired on the purchase of non-
controlling interests and the share of the subsidiary's net assets computed on a continuous basis from the
acquisition or combination date attributable to the additional interest acquired is adjusted against share
premium within capital reserve in the consolidated balance sheet; where share premium is insufficient
the balance is adjusted against retained earnings.
(4) Partial disposal of an equity investment in a subsidiary without loss of control
The difference between the disposal consideration and the share of the subsidiary's net assets
computed on a continuous basis from the acquisition or combination date corresponding to the long-
term equity investment disposed of is adjusted against share premium within capital reserve in the
consolidated balance sheet; where share premium is insufficient the balance is adjusted against retained
earnings.
8. Classification of joint arrangements and accounting treatment of joint operations
√ Applicable □ Not applicable
Joint arrangements are classified as either joint operations or joint ventures.A joint operation is a joint arrangement in which the parties sharing joint control have rights to the
assets and obligations for the liabilities relating to the arrangement.The Company recognizes the following items in relation to the Company's interest in a joint
operation:
(1) the Company's assets including the Company's share of any assets held jointly;
(2) the Company's liabilities including the Company's share of any liabilities incurred jointly;
(3) revenue from the sale of the Company's share of the output of the joint operation;
(4) the Company's share of the revenue from the sale of output by the joint operation;
(5) the Company's expenses including the Company's share of any expenses incurred jointly by the
joint operation.The Company accounts for investments in joint ventures using the equity method. See Note 7.17
Long-term equity investments.
9. Criteria for determining cash and cash equivalents
Cash equivalents are short-term (generally maturing within three months of the date of purchase)
and highly liquid investments held by an enterprise that are readily convertible into known amounts of
cash and subject to an insignificant risk of changes in value.
10. Foreign currency transactions and translation of foreign currency financial statements
√ Applicable □ Not applicable
1. Foreign currency transactions
Foreign currency transactions are translated into Renminbi at the spot exchange rate at the
transaction date or at a rate approximating that spot rate determined on a systematic and rational basis.Foreign currency monetary items are translated at the spot exchange rate at the balance sheet date.The resulting exchange differences are recognized in profit or loss except for exchange differences on
specific foreign currency borrowings relating to the acquisition or construction of a qualifying asset
which are dealt with under the principles for capitalizing borrowing costs.Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
2. Translation of foreign currency financial statements
Assets and liabilities in the balance sheet are translated at the spot exchange rate at the balance
sheet date. Items within owners' equity other than retained earnings are translated at the spot rates
prevailing when they arose. Income and expenses in the income statement are translated at the spot rate
at the transaction date or at a rate approximating that spot rate determined on a systematic and rational
basis.On disposal of a foreign operation the exchange differences on translation of that operation's
financial statements are transferred from owners' equity to profit or loss for the period of disposal.
11. Financial instruments
√ Applicable □ Not applicable
The Company recognizes a financial asset a financial liability or an equity instrument when it
becomes a party to the contractual provisions of the instrument.
1. Classification of financial instruments
On initial recognition financial assets are classified according to the Company's business model for
managing them and their contractual cash flow characteristics as: financial assets measured at amortized
cost financial assets measured at fair value through other comprehensive income and financial assets
measured at fair value through profit or loss.The Company classifies as financial assets measured at amortized cost those financial assets that
meet both of the following conditions and are not designated as at fair value through profit or loss:
- the business model is to hold the asset in order to collect contractual cash flows;
- the contractual cash flows are solely payments of principal and interest on the principal amount
outstanding.The Company classifies as financial assets measured at fair value through other comprehensive
income (debt instruments) those financial assets that meet both of the following conditions and are not
designated as at fair value through profit or loss:
- the business model is achieved both by collecting contractual cash flows and by selling the
financial asset;
- the contractual cash flows are solely payments of principal and interest on the principal amount
outstanding.For an investment in an equity instrument that is not held for trading the Company may on initial
recognition irrevocably designate it as a financial asset measured at fair value through other
comprehensive income (equity instrument). The designation is made on an investment-by-investment
basis and the investment must meet the definition of an equity instrument from the issuer's perspective.Apart from the financial assets measured at amortized cost and at fair value through other
comprehensive income described above the Company classifies all remaining financial assets as at fair
value through profit or loss. On initial recognition where doing so eliminates or significantly reduces an
accounting mismatch the Company may irrevocably designate as at fair value through profit or loss a
financial asset that would otherwise be classified as at amortized cost or at fair value through other
comprehensive income.On initial recognition financial liabilities are classified as either financial liabilities measured at
fair value through profit or loss or financial liabilities measured at amortized cost.A financial liability may be designated on initial measurement as at fair value through profit or loss
where one of the following conditions is met:
1) the designation eliminates or significantly reduces an accounting mismatch.
2) a group of financial liabilities or a group of financial assets and financial liabilities is managed
and its performance evaluated on a fair value basis in accordance with a documented risk management
or investment strategy and information about the group is reported internally on that basis to key
management personnel.
3) the financial liability contains an embedded derivative that requires separation.
2. Basis of recognition and measurement of financial instruments
(1) Financial assets measured at amortized cost
Financial assets measured at amortized cost which include notes receivable trade receivables
other receivables long-term receivables and debt investments are initially measured at fair value with
related transaction costs included in the amount initially recognized. Trade receivables that do not
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
contain a significant financing component and those for which the Company has elected not to account
for a financing component of one year or less are initially measured at the contractual transaction price.Interest calculated using the effective interest method during the holding period is recognized in
profit or loss.On recovery or disposal the difference between the consideration received and the carrying amount
of the financial asset is recognized in profit or loss.
(2) Financial assets measured at fair value through other comprehensive income (debt instruments)
Financial assets measured at fair value through other comprehensive income (debt instruments)
which include receivables financing and other debt investments are initially measured at fair value with
related transaction costs included in the amount initially recognized. They are subsequently measured at
fair value and changes in fair value are recognized in other comprehensive income except for interest
calculated using the effective interest method impairment losses or gains and exchange differences.On derecognition the cumulative gain or loss previously recognized in other comprehensive
income is transferred out of other comprehensive income and recognized in profit or loss.
(3) Financial assets measured at fair value through other comprehensive income (equity
instruments)
Financial assets measured at fair value through other comprehensive income (equity instruments)
which include investments in other equity instruments are initially measured at fair value with related
transaction costs included in the amount initially recognized. They are subsequently measured at fair
value with changes in fair value recognized in other comprehensive income. Dividends received are
recognized in profit or loss.On derecognition the cumulative gain or loss previously recognized in other comprehensive
income is transferred out of other comprehensive income and recognized in retained earnings.
(4) Financial assets at fair value through profit or loss
Financial assets measured at fair value through profit or loss which include financial assets held for
trading derivative financial assets and other non-current financial assets are initially measured at fair
value with related transaction costs recognized in profit or loss. They are subsequently measured at fair
value with changes in fair value recognized in profit or loss.
(5) Financial liabilities at fair value through profit or loss
Financial liabilities measured at fair value through profit or loss which include financial liabilities
held for trading and derivative financial liabilities are initially measured at fair value with related
transaction costs recognized in profit or loss. They are subsequently measured at fair value with changes
in fair value recognized in profit or loss.On derecognition the difference between the carrying amount and the consideration paid is
recognized in profit or loss.
(6) Financial liabilities measured at amortized cost
Financial liabilities measured at amortized cost comprise short-term borrowings notes payable
trade payables other payables long-term borrowings bonds payable and long-term payables. They are
initially measured at fair value with related transaction costs included in the amount initially recognized.Interest calculated using the effective interest method during the holding period is recognized in
profit or loss.On derecognition the difference between the consideration paid and the carrying amount of the
financial liability is recognized in profit or loss.
3. Basis of recognition and measurement for the derecognition and transfer of financial assets
The Company derecognizes a financial asset when any one of the following conditions is met:
- the contractual rights to the cash flows from the financial asset expire;
- the financial asset has been transferred and substantially all the risks and rewards of ownership
have been transferred to the transferee;
- the financial asset has been transferred and although the Company has neither transferred nor
retained substantially all the risks and rewards of ownership it has not retained control of the asset.Where the Company modifies or renegotiates a contract with a counterparty and the change is
substantial the original financial asset is derecognized and a new financial asset is recognized on the
modified terms.Where a financial asset is transferred and the Company retains substantially all the risks and
rewards of ownership the asset is not derecognized.Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
In assessing whether a transfer of a financial asset meets the derecognition conditions above the
Company applies the principle of substance over form.The Company distinguishes between transfers of a financial asset in its entirety and transfers of part
of a financial asset. Where a transfer in its entirety meets the conditions for derecognition the difference
between the following two amounts is recognized in profit or loss:
(1) the carrying amount of the financial asset transferred;
(2) the sum of the consideration received for the transfer and the cumulative fair value changes
previously recognized directly in owners' equity where the financial asset transferred is measured at fair
value through other comprehensive income (debt instrument).Where part of a financial asset is transferred and the conditions for derecognition are met the
carrying amount of the financial asset as a whole is allocated between the part derecognized and the part
still recognized on the basis of their relative fair values and the difference between the following two
amounts is recognized in profit or loss:
(1) the carrying amount of the part derecognized;
(2) the sum of the consideration for the part derecognized and the portion of the cumulative fair
value changes previously recognized directly in owners' equity that corresponds to the part
derecognized where the financial asset transferred is measured at fair value through other
comprehensive income (debt instrument).Where a transfer of a financial asset does not meet the conditions for derecognition the Company
continues to recognize the asset and recognizes the consideration received as a financial liability.
4. Derecognition of financial liabilities
A financial liability or part of it is derecognized when the present obligation is discharged in
whole or in part. Where the Company enters into an agreement with a creditor to replace an existing
financial liability by assuming a new one and the contractual terms of the new liability are substantially
different from those of the existing liability the existing liability is derecognized and the new liability is
recognized at the same time.Where the contractual terms of an existing financial liability are substantially modified in whole or
in part the existing liability or the relevant part of it is derecognized and the liability on the modified
terms is recognized as a new financial liability.On derecognition of all or part of a financial liability the difference between the carrying amount
of the liability derecognized and the consideration paid including any non-cash assets transferred or new
financial liabilities assumed is recognized in profit or loss.Where the Company repurchases part of a financial liability it allocates the carrying amount of the
whole liability at the repurchase date between the part that continues to be recognized and the part
derecognized on the basis of their relative fair values. The difference between the carrying amount
allocated to the part derecognized and the consideration paid including any non-cash assets transferred
or new financial liabilities assumed is recognized in profit or loss.
5. Method of determining the fair value of financial assets and financial liabilities
The fair value of a financial instrument traded in an active market is determined by reference to the
quoted price in that market. The fair value of a financial instrument not traded in an active market is
determined using a valuation technique. In performing a valuation the Company uses techniques that are
appropriate in the circumstances and for which sufficient data and other information are available
selects inputs consistent with the characteristics of the asset or liability that market participants would
take into account in a transaction and gives priority to relevant observable inputs. Unobservable inputs
are used only where relevant observable inputs are unavailable or not practicable to obtain.
6. Impairment testing of financial instruments and the related accounting treatment
The Company accounts for impairment on an expected credit loss basis for financial assets
measured at amortized cost financial assets measured at fair value through other comprehensive income
(debt instruments) and financial guarantee contracts.The Company recognizes expected credit losses as the probability-weighted present value of the
difference between the contractual cash flows receivable and the cash flows it expects to receive
weighted by the risk of default and determined using reasonable and supportable information about past
events current conditions and forecasts of future economic conditions.Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
For receivables and contract assets arising from transactions within the scope of Accounting
Standard for Business Enterprises No. 14 - Revenue the Company always measures the loss allowance
at an amount equal to lifetime expected credit losses whether or not they contain a significant financing
component.For lease receivables arising from transactions within the scope of Accounting Standard for
Business Enterprises No. 21 - Leases the Company has elected always to measure the loss allowance at
an amount equal to lifetime expected credit losses.For other financial instruments the Company assesses at each balance sheet date whether the credit
risk on the instrument has changed since initial recognition.The Company assesses whether the credit risk on a financial instrument has increased significantly
since initial recognition by comparing the risk of default at the balance sheet date with the risk of default
at the date of initial recognition so as to determine the relative change in the risk of default over the
expected life of the instrument. The Company generally regards credit risk as having increased
significantly once an amount is more than 30 days past due unless there is clear evidence that the credit
risk has not increased significantly since initial recognition.Where the credit risk on a financial instrument is low at the balance sheet date the Company
regards the credit risk on that instrument as not having increased significantly since initial recognition.Where the credit risk on a financial instrument has increased significantly since initial recognition
the Company measures the loss allowance at an amount equal to lifetime expected credit losses. Where
the credit risk has not increased significantly since initial recognition the Company measures the loss
allowance at an amount equal to 12-month expected credit losses. Any increase in or reversal of the
loss allowance is recognized in profit or loss as an impairment loss or gain. For financial assets
measured at fair value through other comprehensive income (debt instruments) the loss allowance is
recognized in other comprehensive income and the impairment loss or gain is recognized in profit or
loss without reducing the carrying amount of the financial asset presented in the balance sheet.Where there is objective evidence that a receivable is credit-impaired the Company makes an
impairment provision for that receivable on an individual basis.Apart from the receivables described above for which provision for bad debts is assessed
individually the Company groups the remaining financial instruments by credit risk characteristics and
determines expected credit losses on a collective basis.The categories of grouping used by the Company in determining expected credit losses on notes
receivable and receivables financing and the basis for those groupings are as follows:
Item Category of grouping Basis of determination
Bank acceptance bills Grouping 1 Notes receivable accepted by commercial banks
Commercial acceptance bills Grouping 2 Notes receivable accepted by parties other than commercial banks
The categories of grouping used by the Company in determining expected credit losses on trade
receivables other receivables and similar items and the basis for those groupings are as follows:
Item Category of grouping Basis of determination
Trade receivables Aging grouping Aging is calculated from the date the trade receivable is recognized
Other receivables Aging grouping Aging is calculated from the date the other receivable is recognized
Where the Company no longer has a reasonable expectation of recovering the contractual cash
flows of a financial asset in whole or in part it writes down the gross carrying amount of that asset
directly.
12. Notes receivable
□ Applicable √ Not applicable
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
13. Trade receivables
□ Applicable √ Not applicable
14. Receivables financing
□ Applicable √ Not applicable
15. Other receivables
□ Applicable √ Not applicable
16. Inventories
√ Applicable □ Not applicable
Categories of inventories method of valuing issues inventory system and amortization method
for low-value consumables and packaging materials
√ Applicable □ Not applicable
1. Classification and cost of inventories
Inventories are classified as raw materials revolving materials finished goods work in progress
and goods dispatched.Inventories are initially measured at cost which comprises purchase costs conversion costs and
other costs incurred in bringing the inventories to their present location and condition.
2. Method of valuing inventories issued
Inventories issued are valued using the weighted average method.
3. Inventory system
The perpetual inventory system is used.
4. Amortization of low-value consumables and packaging materials
(1) Low-value consumables are amortized evenly over 12 months;
(2) Packaging materials are written off in full when issued.
Criteria for recognizing and method of providing for declines in the value of inventories
√ Applicable □ Not applicable
At the balance sheet date inventories are measured at the lower of cost and net realizable value.Where the cost of inventories exceeds their net realizable value a provision for decline in value is made.Net realizable value is the estimated selling price in the ordinary course of business less the estimated
costs to completion the estimated selling expenses and related taxes.For inventories held directly for sale such as finished products finished goods and materials held
for sale net realizable value is the estimated selling price in the ordinary course of business less
estimated selling expenses and related taxes. For materials that require further processing net realizable
value is the estimated selling price of the finished products in the ordinary course of business less the
estimated costs to completion estimated selling expenses and related taxes. For inventories held to
satisfy a sales or service contract net realizable value is calculated by reference to the contract price.Where the quantity of inventories held exceeds the quantity ordered under the sales contract the net
realizable value of the excess is calculated by reference to general selling prices.Where the Company makes provision for decline in value of inventories on a collective basis the
categories of grouping the basis for determining them and the basis for determining net realizable value
for each category are as follows:
Category of Basis for
inventory grouping determining the Basis for determining net realizable value grouping
Inventory aging For inventories aged more than one year that relate to
grouping Inventory aging vehicle models no longer in production net realizable value is nil. For other inventories net realizable value is
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
the estimated selling price less estimated selling expenses
and related taxes.Where a provision for decline in value of inventories has been made and the factors that previously
caused the write-down no longer apply so that the net realizable value of the inventories exceeds their
carrying amount the provision is reversed to the extent of the amount previously made and the reversal
is recognized in profit or loss.Categories of groupings for which provision for decline in value of inventories is assessed
collectively and the basis for their determination and the basis for determining net realizable
value for different categories of inventories
□ Applicable √ Not applicable
Method of calculating and basis for determining the net realizable value of each aging grouping
where net realizable value is determined by reference to inventory aging
□ Applicable √ Not applicable
17. Contract assets
√ Applicable □ Not applicable
Method and criteria for recognizing contract assets
√ Applicable □ Not applicable
The Company presents a contract asset or a contract liability in the balance sheet according to the
relationship between its performance and the customer's payment. A right to consideration in exchange
for goods or services already transferred to a customer where that right is conditional on something
other than the passage of time is presented as a contract asset. Contract assets and contract liabilities
under the same contract are presented net. An unconditional right to consideration that is one
conditional only on the passage of time is presented separately as a receivable.Categories of groupings for which provision for bad debts is assessed by credit risk characteristics
and the basis for determination
√ Applicable □ Not applicable
The method of determining expected credit losses on contract assets and the related accounting
treatment are set out in Note 5.11.6 Impairment testing of financial instruments and the related
accounting treatment
Method of calculating aging for groupings of credit risk characteristics determined on the basis of
aging
□ Applicable √ Not applicable
Criteria for determining that provision for bad debts is assessed on an individual basis
□ Applicable √ Not applicable
18. Non-current assets or disposal groups held for sale
√ Applicable □ Not applicable
A non-current asset or disposal group is classified as held for sale where its carrying amount will be
recovered principally through a sale including an exchange of non-monetary assets that has commercial
substance rather than through continuing use.Criteria for classifying non-current assets or disposal groups as held for sale and the related
accounting treatment
√ Applicable □ Not applicable
The Company classifies a non-current asset or disposal group as held for sale where all of the
following conditions are met:
(1) the asset or disposal group is available for immediate sale in its present condition on terms
customary for sales of such assets or disposal groups;
(2) the sale is highly probable that is the Company has resolved on a plan of sale and obtained a
firm purchase commitment and the sale is expected to be completed within one year. Where the
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
applicable requirements provide that the sale may proceed only with the approval of the Company's
competent authority or of a regulator that approval has been obtained.Where the carrying amount of a non-current asset classified as held for sale other than a financial
asset or a deferred tax asset or of a disposal group exceeds its fair value less costs to sell the carrying
amount is written down to fair value less costs to sell. The write-down is recognized as an asset
impairment loss in profit or loss and a corresponding impairment provision for assets held for sale is
made.Criteria for identifying discontinued operations and the method of presentation
√ Applicable □ Not applicable
A discontinued operation is a separately identifiable component that has been disposed of by the
Company or classified by it as held for sale and that meets one of the following conditions:
(1) the component represents a separate major line of business or a separate major geographical
area of operations;
(2) the component is part of a single coordinated plan to dispose of a separate major line of business
or geographical area of operations;
(3) the component is a subsidiary acquired exclusively with a view to resale.
Profit or loss from continuing operations and from discontinued operations are presented separately
in the income statement. Operating results of a discontinued operation including impairment losses and
reversals together with any gain or loss on disposal are presented as profit or loss from discontinued
operations. For an operation presented as discontinued in the current period the Company re-presents in
the current financial statements as profit or loss from discontinued operations for the comparative
period information previously presented as profit or loss from continuing operations.
19. Long-term equity investments
√ Applicable □ Not applicable
1. Criteria for determining joint control and significant influence
Joint control is the contractually agreed sharing of control of an arrangement where decisions
about the relevant activities require the unanimous consent of the parties sharing control. Where the
Company shares control of an investee with other venturers and has rights to the net assets of that
investee the investee is a joint venture of the Company.Significant influence is the power to participate in the financial and operating policy decisions of an
investee without controlling or jointly controlling the formulation of those policies. Where the
Company is able to exercise significant influence over an investee that investee is an associate of the
Company.
2. Determination of initial investment cost
(1) Long-term equity investments arising from business combinations
For a long-term equity investment in a subsidiary arising from a business combination under
common control the initial investment cost is the Company's share of the carrying amount of the
owners' equity of the party being combined as recorded in the consolidated financial statements of the
ultimate controlling party at the combination date. Any difference between that initial investment cost
and the carrying amount of the consideration paid is adjusted against share premium within capital
reserve; where share premium is insufficient the balance is adjusted against retained earnings. Where
control over an investee under common control is obtained through an additional investment or a similar
event any difference between the initial investment cost determined on the above basis and the sum of
the carrying amount of the long-term equity investment held before the combination and the carrying
amount of the further consideration paid at the combination date is adjusted against share premium;
where share premium is insufficient the balance is charged against retained earnings.For a long-term equity investment in a subsidiary arising from a business combination not under
common control the initial investment cost is the cost of combination determined at the acquisition date.Where control over an investee not under common control is obtained through an additional investment
or a similar event the initial investment cost is the sum of the carrying amount of the equity investment
previously held and the cost of the additional investment.
(2) Long-term equity investments acquired other than through a business combination
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
For a long-term equity investment acquired for cash the initial investment cost is the purchase price
actually paid.For a long-term equity investment acquired by issuing equity securities the initial investment cost
is the fair value of the equity securities issued.
3. Subsequent measurement and recognition of gains and losses
(1) Long-term equity investments accounted for using the cost method
The Company accounts for long-term equity investments in subsidiaries using the cost method
unless the investment meets the criteria for classification as held for sale. Other than cash dividends or
profits already declared but not yet distributed that are included in the price or consideration actually
paid on acquisition the Company recognizes investment income for the period based on the Company's
share of cash dividends or profits declared by the investee.
(2) Long-term equity investments accounted for using the equity method
Long-term equity investments in associates and joint ventures are accounted for using the equity
method. Where the initial investment cost exceeds the Company's share of the fair value of the investee's
identifiable net assets at the date of investment the initial investment cost is not adjusted. Where the
initial investment cost is less than that share the difference is recognized in profit or loss and the cost of
the long-term equity investment is adjusted accordingly.The Company recognizes a share of the investee's profit or loss and other comprehensive income as
investment income and other comprehensive income respectively and adjusts the carrying amount of the
long-term equity investment accordingly. The carrying amount is reduced by the Company's share of
any profit or cash dividend declared by the investee. For changes in the investee's owners' equity other
than profit or loss other comprehensive income and profit distributions ("other changes in owners'
equity") the Company adjusts the carrying amount of the long-term equity investment and recognizes
the adjustment in owners' equity.In recognizing the Company's share of an investee's profit or loss other comprehensive income and
other changes in owners' equity the Company does so on the basis of the fair value of the investee's
identifiable net assets at the date the investment was acquired and after adjusting the investee's net profit
and other comprehensive income to conform to the Company's accounting policies and accounting
period.Unrealized profits and losses on transactions between the Company and associates and joint
ventures are eliminated to the extent of the Company's proportionate interest and investment income is
recognized on that basis except where the assets contributed or sold constitute a business. Unrealized
losses on transactions with an investee that represent an impairment loss on the asset transferred are
recognized in full.The Company recognizes a share of the losses of a joint venture or associate only to the extent of
the carrying amount of the long-term equity investment together with any other long-term interests that
in substance form part of the Company's net investment in that entity reducing them to nil unless it has
an obligation to bear additional losses. Where the joint venture or associate subsequently reports profits
the Company resumes recognizing that share of those profits once that share has covered the share of
losses not previously recognized.
(3) Disposal of long-term equity investments
On disposal of a long-term equity investment the difference between its carrying amount and the
consideration actually received is recognized in profit or loss.Where a long-term equity investment accounted for using the equity method is partially disposed of
and the retained interest continues to be accounted for using that method other comprehensive income
previously recognized under the equity method is transferred on a proportionate basis using the same
basis as would apply if the investee had directly disposed of the related assets or liabilities and other
changes in owners' equity are transferred proportionately to profit or loss.Where joint control of or significant influence over an investee is lost through the disposal of an
equity investment or for another reason other comprehensive income recognized in respect of that
investment under the equity method is on discontinuation of the equity method accounted for on the
same basis as would apply if the investee had directly disposed of the related assets or liabilities and
other changes in owners' equity are transferred in full to profit or loss.Where control over an investee is lost for example through the partial disposal of an equity
investment the treatment in the separate financial statements is as follows. If the retained interest still
gives the Company joint control of or significant influence over the investee it is accounted for using
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
the equity method and is adjusted as if the equity method had been applied from the date the investment
was originally acquired. Other comprehensive income recognized before control was obtained is
transferred on a proportionate basis using the same basis as would apply if the investee had directly
disposed of the related assets or liabilities and other changes in owners' equity recognized under the
equity method are transferred proportionately to profit or loss. If the retained interest does not give the
Company joint control or significant influence it is recognized as a financial asset and the difference
between its fair value and its carrying amount at the date control was lost is recognized in profit or loss.In that case all other comprehensive income and other changes in owners' equity recognized before
control was obtained are transferred in full.Where an equity investment in a subsidiary is disposed of in stages through multiple transactions
until control is lost and those transactions constitute a package deal they are accounted for together as a
single transaction disposing of the investment and losing control. In the separate financial statements the
difference between the consideration received on each disposal before control is lost and the carrying
amount of the corresponding long-term equity investment is first recognized in other comprehensive
income and is transferred in full to profit or loss in the period in which control is lost. Where the
transactions do not constitute a package deal each is accounted for separately.
20. Investment properties
Investment property is property held to earn rentals or for capital appreciation or both. It comprises
land use rights that have been leased out land use rights held for capital appreciation and subsequent
transfer and buildings that have been leased out including buildings held for lease following self-
construction or development and buildings under construction or development that will be leased out in
future.Subsequent expenditure relating to investment property is included in the cost of that property when
it is probable that the associated economic benefits will flow to the Company and the cost can be
measured reliably; otherwise it is recognized in profit or loss as incurred.The Company measures existing investment properties using the cost model. Buildings leased out
that are measured under the cost model are depreciated using the same policy as applies to the
Company's fixed assets and land use rights leased out are amortized using the same policy as applies to
intangible assets.
21. Property plant and equipment
(1) Recognition criteria
√ Applicable □ Not applicable
Fixed assets are tangible assets held for the production of goods the supply of services rental to
others or administrative purposes with a useful life of more than one accounting year. A fixed asset is
recognized when all of the following conditions are met:
(1) it is probable that the economic benefits associated with the fixed asset will flow to the
enterprise;
(2) the cost of the fixed asset can be measured reliably.
Fixed assets are initially measured at cost taking into account the effect of any estimated
decommissioning costs.Subsequent expenditure relating to a fixed asset is included in the cost of that asset when it is
probable that the associated economic benefits will flow to the Company and the cost can be measured
reliably; the carrying amount of the part replaced is derecognized. All other subsequent expenditure is
recognized in profit or loss as incurred.
(2) Depreciation method
√ Applicable □ Not applicable
Category Depreciation method Useful life (years)
Residual value Annual
rate depreciation rate
Buildings and Straight-line
structures method 20 10% 4.50%
Machinery and Straight-line
equipment method 5-10 10% 18.00%-9.00%
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
Transportation Straight-line
equipment method 5 10% 18.00%
Office equipment Straight-line
and others method 5 10% 18.00%
The remaining term
Commercial property Straight-line stated on the title method certificate capped 10%
at 40 years
Photovoltaic works Straight-line method 20 10% 4.50%
22. Construction in progress
√ Applicable □ Not applicable
Construction in progress is measured at cost actually incurred. Cost comprises construction costs
installation costs borrowing costs eligible for capitalization and other expenditure necessarily incurred
to bring the construction in progress to the condition in which it is ready for its intended use. When
construction in progress reaches that condition it is transferred to fixed assets and depreciation begins in
the following month. The criteria for and timing of transfer of construction in progress to fixed assets
are as follows:
Category Criteria for and timing of transfer to fixed assets
(1) the main construction works and the associated ancillary works are
Construction works such complete; (2) where construction works have reached the condition in
as buildings and structures which they are ready for their intended use but the final accounts have not been settled they are transferred to fixed assets at an estimated value
based on actual construction cost from the date that condition is reached.
(1) the relevant equipment and other ancillary facilities have been
Installation works such as installed; (2) the equipment has been commissioned and can operate
machinery and equipment normally and stably for a period; and (3) the equipment has been
accepted by the asset management personnel and the users.
23. Borrowing costs
√ Applicable □ Not applicable
1. Principles for recognizing the capitalization of borrowing costs
Borrowing costs that are directly attributable to the acquisition construction or production of a
qualifying asset are capitalized and included in the cost of that asset. Other borrowing costs are
recognized as an expense in the amount incurred and charged to profit or loss as incurred.A qualifying asset is an asset such as a fixed asset investment property or item of inventory that
necessarily takes a substantial period of time to acquire construct or produce before it is ready for its
intended use or sale.
2. Capitalization period for borrowing costs
The capitalization period is the period from the date capitalization of borrowing costs commences
to the date it ceases excluding any period during which capitalization is suspended.Capitalization of borrowing costs begins when all of the following conditions are met:
(1) expenditure on the asset has been incurred comprising expenditure incurred in the form of cash
payments transfers of non-cash assets or the assumption of interest-bearing debt for the acquisition
construction or production of the qualifying asset;
(2) borrowing costs have been incurred;
(3) the acquisition construction or production activities necessary to bring the asset to the condition
in which it is ready for its intended use or sale have commenced.Capitalization of borrowing costs ceases when the qualifying asset being acquired constructed or
produced reaches the condition in which it is ready for its intended use or sale.
3. Suspension of capitalization
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
Where the acquisition construction or production of a qualifying asset is interrupted abnormally for
a continuous period of more than three months capitalization of borrowing costs is suspended.Capitalization continues if the interruption is a necessary step in bringing the qualifying asset to the
condition in which it is ready for its intended use or sale. Borrowing costs incurred during the period of
suspension are recognized in profit or loss until the acquisition construction or production activity
resumes at which point capitalization continues.
4. Capitalization rate for borrowing costs and method of calculating the amount capitalized
For specific borrowings obtained to acquire construct or produce a qualifying asset the amount of
borrowing costs eligible for capitalization is the borrowing costs actually incurred on those borrowings
during the period less any interest income earned on depositing unused borrowings with a bank or any
investment income earned on their temporary investment.For general borrowings used to acquire construct or produce a qualifying asset the amount of
borrowing costs eligible for capitalization is determined by multiplying the weighted average of the
cumulative expenditure on the asset in excess of that funded by specific borrowings by the capitalization
rate of those general borrowings. The capitalization rate is the weighted average effective interest rate of
the general borrowings.During the capitalization period exchange differences on the principal and interest of specific
foreign currency borrowings are capitalized and included in the cost of the qualifying asset. Exchange
differences on the principal and interest of foreign currency borrowings other than specific borrowings
are recognized in profit or loss.
24. Biological assets
□ Applicable √ Not applicable
25. Oil and gas assets
□ Applicable √ Not applicable
26. Intangible assets
(1) Useful lives and the basis for determining them estimates made amortization methods and
review procedures
√ Applicable □ Not applicable
1. Measurement of intangible assets
(1) an intangible asset is initially measured at cost on acquisition;
The cost of a separately acquired intangible asset comprises the purchase price related taxes and
any other expenditure directly attributable to bringing the asset to the condition necessary for its
intended use.
(2) Subsequent measurement
The useful life of an intangible asset is assessed on acquisition.An intangible asset with a finite useful life is amortized over the period during which it is expected
to generate economic benefits for the Company. Where that period cannot be foreseen the asset is
treated as having an indefinite useful life and is not amortized.
2. Estimated useful lives of intangible assets with finite useful lives
Item Estimated useful life Amortization method Basis
Land use right 38 to 50 years Straight-line method Land use right certificate
Software 2 to 10 years Straight-line method Expected benefit period
Pollutant discharge 5 years Straight-line method Pollutant discharge permit
rights
Patents 10 years Straight-line method Expected benefit period
3. Basis for determining that an intangible asset has an indefinite useful life and the procedures for
reviewing that useful life
As at 30 June 2026 the Company had no intangible assets with indefinite useful lives.Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
(2) Scope of research and development expenditure captured and the related accounting treatment
√ Applicable □ Not applicable
1. Scope of research and development expenditure captured
Expenditure incurred by the Company on research and development comprises employee benefits
for research and development personnel materials consumed related depreciation and amortization and
other related expenditure and is captured as follows:
Employee benefits relating to research and development personnel comprise mainly the benefits of
staff directly engaged in research and development activities and of management and support staff
closely involved in those activities. Materials consumed comprise mainly materials input directly into
research and development activities. Related depreciation and amortization comprise mainly the
depreciation or amortization of fixed assets and intangible assets used in research and development
activities.
2. Specific criteria for distinguishing the research phase from the development phase
Expenditure on the Company's internal research and development projects is classified as
expenditure in the research phase or expenditure in the development phase.Research phase: original and planned investigation undertaken to gain and understand new
scientific or technical knowledge.Development phase: the application of research findings or other knowledge to a plan or design for
the production of new or substantially improved materials devices or products before the start of
commercial production or use.
3. Specific conditions for capitalizing expenditure in the development phase
Expenditure in the research phase is recognized in profit or loss as incurred. Expenditure in the
development phase is recognized as an intangible asset if all of the following conditions are met;
development expenditure that does not meet them is recognized in profit or loss:
(1) the technical feasibility of completing the intangible asset so that it will be available for use or
sale;
(2) the intention to complete the intangible asset and use or sell it;
(3) how the intangible asset will generate probable future economic benefits including
demonstrating the existence of a market for the output of the asset or for the asset itself or if it is to be
used internally the usefulness of the asset;
(4) the availability of adequate technical financial and other resources to complete the development
of the intangible asset and to use or sell it;
(5) the ability to measure reliably the expenditure attributable to the intangible asset during its
development.Where expenditure in the research phase cannot be distinguished from expenditure in the
development phase all research and development expenditure incurred is recognized in profit or loss.
27. Impairment of long-term assets
√ Applicable □ Not applicable
Long-term assets including long-term equity investments investment properties measured using
the cost model fixed assets construction in progress right-of-use assets and intangible assets with finite
useful lives are tested for impairment where there is an indication of impairment at the balance sheet
date. Where the test shows that the recoverable amount of an asset is less than its carrying amount an
impairment provision is made for the difference and recognized as an impairment loss. The recoverable
amount is the higher of the asset's fair value less costs of disposal and the present value of its estimated
future cash flows. Impairment provisions are calculated and recognized on an individual asset basis.Where it is not practicable to estimate the recoverable amount of an individual asset the recoverable
amount is determined for the asset group to which the asset belongs. An asset group is the smallest
group of assets capable of generating cash inflows independently.Goodwill arising from a business combination intangible assets with indefinite useful lives and
intangible assets not yet available for use are tested for impairment at least annually at the year end
whether or not there is any indication of impairment.When testing goodwill for impairment the Company allocates the carrying amount of goodwill
arising from a business combination to the relevant asset groups on a reasonable basis from the
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
acquisition date. Where allocation to individual asset groups is not practicable the goodwill is allocated
to a group of asset groups. The relevant asset group or group of asset groups is the one expected to
benefit from the synergies of the business combination.When testing for impairment an asset group or group of asset groups that contains goodwill if there
is an indication that the asset group or group of asset groups associated with the goodwill is impaired
the Company first tests the asset group or group of asset groups excluding goodwill calculates its
recoverable amount compares that with the related carrying amount and recognizes any resulting
impairment loss. The Company then tests the asset group or group of asset groups including goodwill by
comparing its carrying amount with its recoverable amount. Where the recoverable amount is lower than
the carrying amount the impairment loss is first applied to reduce the carrying amount of the goodwill
allocated to that asset group or group of asset groups and is then applied to reduce the carrying amounts
of the other assets pro rata to their respective carrying amounts.Once recognized the impairment losses described above are not reversed in subsequent accounting
periods.
28. Long-term prepaid expenses
√ Applicable □ Not applicable
Long-term prepaid expenses are expenses already incurred that are to be borne by the current and
subsequent periods over an amortization period of more than one year.The amortization period and method for each type of expense are as follows:
Item Amortization method Amortization period
Renovation expenses Straight-line method 5 years
Others Straight-line method 3 to 5 years
29. Contract liabilities
√ Applicable □ Not applicable
The Company presents a contract asset or a contract liability in the balance sheet according to the
relationship between its performance and the customer's payment. An obligation to transfer goods or
services to a customer for which the Company has received or is entitled to receive consideration is
presented as a contract liability. Contract assets and contract liabilities under the same contract are
presented net.
30. Employee benefits
(1) Accounting treatment of short-term employee benefits
√ Applicable □ Not applicable
In the accounting period in which employees render service the Company recognizes the short-
term employee benefits actually incurred as a liability and charges them to profit or loss or includes
them in the cost of the related asset.Social insurance contributions and housing provident fund contributions made by the Company for
employees together with trade union funds and staff education funds accrued as required are measured
in the accounting period in which employees render service using the prescribed accrual base and rates.Staff welfare expenses are recognized in profit or loss or in the cost of the related asset at the
amount actually incurred. Non-monetary benefits are measured at fair value.
(2) Accounting treatment of post-employment benefits
√ Applicable □ Not applicable
(1) Defined contribution plans
The Company makes basic pension insurance and unemployment insurance contributions for
employees in accordance with local government requirements. In the accounting period in which
employees render service the amount payable is calculated using the contribution base and rates
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
prescribed locally recognized as a liability and charged to profit or loss or included in the cost of the
related asset.
(2) Defined benefit plans
The Company attributes the benefit obligation arising from a defined benefit plan to the periods in
which employees render service using the formula determined under the projected unit credit method
and recognizes it in profit or loss or in the cost of the related asset.The deficit or surplus arising from the present value of the defined benefit obligation less the fair
value of the plan assets is recognized as a net defined benefit liability or net defined benefit asset. Where
a plan is in surplus the Company measures the net defined benefit asset at the lower of that surplus and
the asset ceiling.All defined benefit obligations including those expected to be settled within twelve months after
the end of the annual reporting period in which the employees render the related service are discounted
using the market yield at the balance sheet date on government bonds or on high quality corporate
bonds traded in an active market whose term and currency match those of the obligation.Service cost arising from a defined benefit plan and net interest on the net defined benefit liability
or asset are recognized in profit or loss or in the cost of the related asset. Remeasurements of the net
defined benefit liability or asset are recognized in other comprehensive income and are not reclassified
to profit or loss in subsequent periods; when the plan is terminated the amounts previously recognized
in other comprehensive income are transferred in full to retained earnings within equity.On settlement of a defined benefit plan a settlement gain or loss is recognized as the difference
between the present value of the defined benefit obligation determined at the settlement date and the
settlement price.
(3) Accounting treatment of termination benefits
√ Applicable □ Not applicable
Where the Company provides termination benefits to employees it recognizes the resulting
employee benefits liability and the related expense in profit or loss at the earlier of the following dates:
when the Company can no longer withdraw the offer of termination benefits made under a plan to
terminate employment or a redundancy proposal; and when the Company recognizes the costs or
expenses of a restructuring that involves the payment of termination benefits.
(4) Accounting treatment of other long-term employee benefits
□ Applicable √ Not applicable
31. Provisions
√ Applicable □ Not applicable
The Company recognizes an obligation relating to a contingency as a provision where all of the
following conditions are met:
(1) the obligation is a present obligation of the Company;
(2) it is probable that settling the obligation will result in an outflow of economic benefits from the
Company;
(3) the amount of the obligation can be measured reliably.
A provision is initially measured at the best estimate of the expenditure required to settle the related
present obligation.In determining the best estimate the Company takes into account the risks and uncertainties
surrounding the contingency and the time value of money. Where the effect of the time value of money
is material the best estimate is determined by discounting the related future cash outflows.Where the expenditure required falls within a continuous range and each outcome within that range
is equally likely the best estimate is the mid-point of the range. In other cases the best estimate is
determined as follows:
- where the contingency involves a single item the best estimate is the most likely outcome.- where the contingency involves a number of items the best estimate is determined by weighting
all possible outcomes by their associated probabilities.Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
Where some or all of the expenditure required to settle a provision is expected to be reimbursed by
a third party the reimbursement is recognized as a separate asset when it is virtually certain that it will
be received. The amount recognized must not exceed the carrying amount of the provision.The Company reviews the carrying amount of provisions at each balance sheet date. Where there is
clear evidence that the carrying amount does not reflect the current best estimate it is adjusted to that
best estimate.
32. Share-based payments
□ Applicable √ Not applicable
33. Preference shares perpetual bonds and other financial instruments
□ Applicable √ Not applicable
34. Revenue
(1) Accounting policies applied in recognizing and measuring revenue disclosed by type of
business
√ Applicable □ Not applicable
1. Accounting policies applied in recognizing and measuring revenue
The Company recognizes revenue when it satisfies a performance obligation in a contract that is
when the customer obtains control of the related goods or services. Obtaining control means being able
to direct the use of and obtain substantially all the economic benefits from those goods or services.Where a contract contains two or more performance obligations the Company allocates the
transaction price to each of them at contract inception in proportion to the relative stand-alone selling
prices of the goods or services promised under each obligation. Revenue is measured at the amount of
the transaction price allocated to each performance obligation.The transaction price is the amount of consideration the Company expects to be entitled to in
exchange for transferring goods or services to a customer excluding amounts collected on behalf of
third parties and amounts expected to be refunded to the customer. The Company determines the
transaction price by reference to the terms of the contract and customary business practices taking into
account variable consideration any significant financing component non-cash consideration and
consideration payable to the customer. Where the consideration is variable the Company includes it in
the transaction price only up to the amount for which it is highly probable that no significant reversal of
cumulative revenue recognized will occur once the related uncertainty is resolved. Where a contract
contains a significant financing component the Company determines the transaction price as the amount
that the customer would have paid in cash on obtaining control of the goods or services and amortizes
the difference between that price and the contractual consideration over the contract term using the
effective interest method.A performance obligation is satisfied over time where one of the following conditions is met;
otherwise it is satisfied at a point in time:
- the customer simultaneously receives and consumes the benefits provided by the Company's
performance as the Company performs.- the customer controls the goods as they are created in the course of the Company's performance.- the goods produced in the course of the Company's performance have no alternative use and the
Company has an enforceable right to payment for performance completed to date throughout the
contract term.For a performance obligation satisfied over time the Company recognizes revenue over that period
by reference to progress toward complete satisfaction unless that progress cannot be reasonably
determined. The Company determines progress using either an output method or an input method
having regard to the nature of the goods or services. Where progress cannot be reasonably determined
but the Company expects to recover the costs incurred revenue is recognized to the extent of those costs
until progress can be reasonably determined.For a performance obligation satisfied at a point in time the Company recognizes revenue when the
customer obtains control of the related goods or services. In assessing whether the customer has obtained
control the Company considers the following indicators:
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
- the Company has a present right to payment for the goods or services that is the customer has a
present obligation to pay for them.- the Company has transferred legal title to the goods to the customer that is the customer holds
legal title to them.- the Company has transferred physical possession of the goods to the customer that is the
customer has physical possession of them.- the Company has transferred the significant risks and rewards of ownership of the goods to the
customer that is the customer has obtained those risks and rewards.- the customer has accepted the goods or services.The Company determines whether it is acting as principal or as agent in a transaction according to
whether it controls the goods or services before they are transferred to the customer. Where the
Company controls the goods or services before transfer it is the principal and recognizes revenue at the
gross amount of consideration received or receivable. Otherwise it is the agent and recognizes revenue at
the amount of commission or fee to which it expects to be entitled.
2. Specific methods of revenue recognition and measurement disclosed by type of business
(1) Domestic companies
1) Domestic sales
For sales to domestic OEMs revenue is recognized when the customer takes delivery and notifies
the Company to issue an invoice. For domestic aftermarket sales revenue is recognized on despatch
from the warehouse.
2) Overseas sales
For general trade sales revenue is recognized on customs declaration for export. For sales made on
DDU or DDP terms under the sales contract revenue is recognized on arrival at the destination port and
acceptance by the customer.
(2) Overseas companies
Revenue is recognized on despatch and acceptance by the customer or when the customer collects
the goods.
(2) Different revenue recognition and measurement methods arising from different business
models within the same type of business
□ Applicable √ Not applicable
35. Contract costs
√ Applicable □ Not applicable
Contract costs comprise contract fulfilment costs and costs of obtaining a contract.Costs incurred by the Company in fulfilling a contract that are not within the scope of the standards
on inventories fixed assets or intangible assets are recognized as an asset for contract fulfilment costs
when the following conditions are met:
- the costs relate directly to a contract that the Company has obtained or expects to obtain.- the costs enhance resources of the Company that will be used in satisfying performance
obligations in the future.- the costs are expected to be recovered.Incremental costs incurred by the Company in obtaining a contract are recognized as an asset for
costs of obtaining a contract where the Company expects to recover them.Assets relating to contract costs are amortized on the same basis as the revenue from the related
goods or services is recognized. However where the amortization period for costs of obtaining a
contract is one year or less the Company recognizes those costs in profit or loss as incurred.Where the carrying amount of an asset relating to contract costs exceeds the difference between the
following two amounts the Company makes an impairment provision for the excess and recognizes it as
an asset impairment loss:
1. the remaining consideration the Company expects to receive in exchange for the goods or
services to which the asset relates;
2. the costs estimated to be incurred in transferring the related goods or services.
Where the factors giving rise to an impairment in a prior period subsequently change so that the
amount described above exceeds the carrying amount of the asset the Company reverses the impairment
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
provision previously made and recognizes the reversal in profit or loss. The carrying amount after
reversal must not exceed what the carrying amount would have been at the date of reversal had no
impairment provision been made.
36. Government grants
√ Applicable □ Not applicable
1. Type
Government grants are monetary or non-monetary assets obtained by the Company from the
government without consideration and are classified as either asset-related or income-related.An asset-related government grant is a grant received by the Company for the acquisition
construction or other formation of a long-term asset. An income-related government grant is any
government grant other than an asset-related grant.The specific criteria applied by the Company in classifying a government grant as asset-related are:
The Company classifies as asset-related those government grants obtained for the acquisition
construction or other formation of long-term assets;
The specific criteria applied by the Company in classifying a government grant as income-related
are:
Government grants other than asset-related grants are classified as income-related;
Where the government documentation does not specify what the grant relates to the Company
classifies it as asset-related or income-related on the following basis:
(1) where the government documentation identifies the specific project to which the grant relates
the grant is split according to the relative proportions within that project's budget of expenditure that
will form assets and expenditure that will be charged to expenses; that split is reviewed at each balance
sheet date and revised where necessary;
(2) where the government documentation describes the purpose only in general terms and does not
identify a specific project the grant is treated as income-related.
2. Timing of recognition
A government grant is recognized when the Company is able to meet the conditions attaching to it
and will receive it.
3. Accounting treatment
An asset-related government grant is either deducted from the carrying amount of the related asset
or recognized as deferred income. Where it is recognized as deferred income it is recognized in profit or
loss on a reasonable and systematic basis over the useful life of the related asset in other income where
it relates to the Company's ordinary activities and in non-operating income where it does not;
An income-related government grant that compensates the Company for related costs expenses or
losses of future periods is recognized as deferred income and in the period in which those costs
expenses or losses are recognized is either recognized in profit or loss (in other income where it relates
to the Company's ordinary activities or in non-operating income where it does not) or applied to reduce
the related costs expenses or losses. A grant that compensates the Company for costs expenses or losses
already incurred is recognized directly in profit or loss (in other income where it relates to the
Company's ordinary activities or in non-operating income where it does not) or is applied to reduce the
related costs expenses or losses.
37. Deferred tax assets / deferred tax liabilities
√ Applicable □ Not applicable
Income tax comprises current tax and deferred tax. The Company recognizes current tax and
deferred tax in profit or loss except for tax arising from a business combination or from a transaction or
event recognized directly in owners' equity including other comprehensive income.Deferred tax assets and deferred tax liabilities are calculated and recognized on the differences
between the tax bases of assets and liabilities and their carrying amounts (temporary differences).A deferred tax asset is recognized for deductible temporary differences to the extent that it is
probable that taxable profit will be available in future periods against which they can be utilized. A
deferred tax asset is recognized for deductible losses and tax credits that can be carried forward to later
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
years to the extent that it is probable that future taxable profit will be available against which they can be
utilized.A deferred tax liability is recognized for taxable temporary differences except in the specific
circumstances set out below.The specific circumstances in which no deferred tax asset or deferred tax liability is recognized are:
- the initial recognition of goodwill;
- a transaction or event that is not a business combination that at the time it occurs affects neither
accounting profit nor taxable profit (or deductible loss) and in which the assets and liabilities initially
recognized do not give rise to equal taxable and deductible temporary differences.A deferred tax liability is recognized for taxable temporary differences associated with investments
in subsidiaries associates and joint ventures unless the Company is able to control the timing of the
reversal of the temporary difference and it is probable that it will not reverse in the foreseeable future. A
deferred tax asset is recognized for deductible temporary differences associated with such investments
only when it is probable that the temporary difference will reverse in the foreseeable future and that
taxable profit will be available against which it can be utilized.At the balance sheet date deferred tax assets and deferred tax liabilities are measured at the tax
rates that under the tax law are expected to apply in the period when the related asset is recovered or
the related liability is settled.At each balance sheet date the Company reviews the carrying amount of deferred tax assets. Where
it is no longer probable that sufficient taxable profit will be available in future periods to allow the
benefit of a deferred tax asset to be utilized the carrying amount is reduced. Any such reduction is
reversed when it becomes probable that sufficient taxable profit will be available.Current tax assets and current tax liabilities are presented net where there is a legally enforceable
right to set off and the Company intends either to settle on a net basis or to realize the asset and settle the
liability simultaneously.At the balance sheet date deferred tax assets and deferred tax liabilities are presented net where all
of the following conditions are met:
- the taxable entity has a legally enforceable right to set off current tax assets against current tax
liabilities;
- the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same tax
authority on either the same taxable entity or different taxable entities which intend in each future
period in which material amounts of deferred tax assets and liabilities are expected to reverse either to
settle current tax assets and liabilities on a net basis or to realize the assets and settle the liabilities
simultaneously.
38. Leases
√ Applicable □ Not applicable
Basis for applying the practical expedient to short-term leases and leases of low-value assets as
lessee and the related accounting treatment
√ Applicable □ Not applicable
(1) Right-of-use assets
At the commencement date the Company recognizes a right-of-use asset for all leases other than
short-term leases and leases of low-value assets. The right-of-use asset is initially measured at cost
which comprises:
the amount of the lease liability on initial measurement;
lease payments made at or before the commencement date less any lease incentives received;
initial direct costs incurred by the Company;
the costs the Company expects to incur in dismantling and removing the leased asset restoring
the site on which it is located or restoring the asset to the condition required by the terms of the lease
excluding costs incurred to produce inventories.Right-of-use assets are subsequently depreciated on a straight-line basis. Where it is reasonably
certain that ownership of the leased asset will transfer to the Company at the end of the lease term the
asset is depreciated over its remaining useful life; otherwise it is depreciated over the shorter of the lease
term and its remaining useful life.The Company determines whether a right-of-use asset is impaired and accounts for any impairment
loss identified in accordance with the principles set out in Note 5.27 Impairment of long-term assets.Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
(2) Lease liabilities
At the commencement date the Company recognizes a lease liability for all leases other than short-
term leases and leases of low-value assets. The lease liability is initially measured at the present value of
the lease payments not yet paid. Lease payments comprise:
fixed payments including in-substance fixed payments less any lease incentives receivable;
variable lease payments that depend on an index or a rate;
amounts expected to be payable by the Company under residual value guarantees;
the exercise price of a purchase option where the Company is reasonably certain that it will
exercise that option;
amounts payable on exercising an option to terminate the lease where the lease term reflects
that the Company will exercise that option.The Company uses the interest rate implicit in the lease as the discount rate. Where that rate cannot
be readily determined the Company uses the Company's incremental borrowing rate.The Company calculates interest expense on the lease liability for each period of the lease term
using a constant periodic rate and recognizes it in profit or loss or in the cost of the related asset.Variable lease payments not included in the measurement of the lease liability are recognized in
profit or loss or in the cost of the related asset as incurred.After the commencement date the Company remeasures the lease liability and adjusts the related
right-of-use asset in the following circumstances. Where the carrying amount of the right-of-use asset
has already been reduced to nil but a further reduction in the lease liability is required the difference is
recognized in profit or loss:
- where the assessment of a purchase option an extension option or a termination option changes
or where the actual exercise of such an option differs from the original assessment the Company
remeasures the lease liability at the present value of the revised lease payments discounted at a revised
discount rate;
- where there is a change in the in-substance fixed payments in the amount expected to be payable
under a residual value guarantee or in the index or rate used to determine the lease payments the
Company remeasures the lease liability at the present value of the revised lease payments discounted at
the original discount rate. However where the change in lease payments arises from a change in a
floating interest rate the present value is calculated using a revised discount rate.
(3) Short-term leases and leases of low-value assets
Where the Company elects not to recognize a right-of-use asset and a lease liability for short-term
leases and leases of low-value assets the related lease payments are recognized in profit or loss or in the
cost of the related asset on a straight-line basis over each period of the lease term. A short-term lease is
a lease that at the commencement date has a term of no more than 12 months and contains no purchase
option. A lease of a low-value asset is a lease of an asset that is of low value when new. Where the
Company subleases or expects to sublease the leased asset the head lease does not qualify as a lease of
a low-value asset.
(4) Lease modifications
Where a lease is modified and all of the following conditions are met the Company accounts for
the modification as a separate lease:
the modification increases the scope of the lease by adding the right to use one or more
underlying assets;
the increase in consideration corresponds to the stand-alone price of the increase in scope
adjusted for the circumstances of the contract.Where a lease modification is not accounted for as a separate lease at the effective date of the
modification the Company reallocates the consideration under the modified contract redetermines the
lease term and remeasures the lease liability at the present value of the revised lease payments
discounted at a revised discount rate.Where a lease modification narrows the scope of the lease or shortens the lease term the Company
reduces the carrying amount of the right-of-use asset accordingly and recognizes any gain or loss
relating to the partial or full termination of the lease in profit or loss. Where any other lease modification
results in remeasurement of the lease liability the Company adjusts the carrying amount of the right-of-
use asset accordingly.Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
Criteria for classifying leases as lessor and the related accounting treatment
√ Applicable □ Not applicable
At the commencement date the Company classifies each lease as either a finance lease or an
operating lease. A finance lease is a lease that transfers substantially all the risks and rewards incidental
to ownership of the leased asset whether or not title is ultimately transferred. An operating lease is any
lease other than a finance lease. Where the Company acts as an intermediate lessor it classifies the
sublease by reference to the right-of-use asset arising from the head lease.
(1) Accounting for operating leases
Lease receipts under an operating lease are recognized as rental income on a straight-line basis over
each period of the lease term. Initial direct costs incurred in relation to an operating lease are capitalized
and recognized in profit or loss over the lease term on the same basis as the rental income. Variable lease
payments not included in the lease receipts are recognized in profit or loss as incurred. Where an
operating lease is modified the Company accounts for the modification as a new lease from its effective
date and lease receipts received in advance or receivable under the original lease are treated as receipts
under the new lease.
(2) Accounting for finance leases
At the commencement date the Company recognizes a finance lease receivable and derecognizes
the asset held under the finance lease. On initial measurement the finance lease receivable is recorded at
the net investment in the lease which is the sum of the unguaranteed residual value and the lease
receipts not yet received at the commencement date discounted at the interest rate implicit in the lease.The Company calculates and recognizes interest income over the lease term using a constant
periodic rate of return. The derecognition and impairment of finance lease receivables are accounted for
in accordance with Note 5.11 Financial instruments.Variable lease payments not included in the measurement of the net investment in the lease are
recognized in profit or loss as incurred.Where a finance lease is modified and all of the following conditions are met the Company
accounts for the modification as a separate lease:
- the modification increases the scope of the lease by adding the right to use one or more underlying
assets;
- the increase in consideration corresponds to the stand-alone price of the increase in scope
adjusted for the circumstances of the contract.Where a modification to a finance lease is not accounted for as a separate lease the Company
accounts for the modified lease as follows:
- where the lease would have been classified as an operating lease had the modification been in
effect at the commencement date the Company accounts for it as a new lease from the effective date of
the modification taking the net investment in the lease immediately before that date as the carrying
amount of the leased asset;
- where the lease would have been classified as a finance lease had the modification been in effect
at the commencement date the Company accounts for it under the policy on modified or renegotiated
contracts set out in Note 5.11 Financial instruments.
3. Sale and leaseback transactions
The Company assesses whether the transfer of an asset in a sale and leaseback transaction qualifies
as a sale by applying the principles set out in Note 5.34 Revenue.
(1) As lessee
Where the transfer of an asset in a sale and leaseback transaction qualifies as a sale the Company
as lessee measures the right-of-use asset arising from the leaseback at the proportion of the previous
carrying amount of the asset that relates to the right of use it retains and recognizes a gain or loss only in
respect of the rights transferred to the lessor.The subsequent measurement of right-of-use assets and lease liabilities after the commencement
date and the accounting for lease modifications are set out in Note 5.38 Leases "1. The Company as
lessee". In subsequently measuring a lease liability arising from a sale and leaseback the Company
determines the lease payments or the revised lease payments in a way that does not give rise to a gain
or loss relating to the right of use retained.Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
Where the transfer of an asset in a sale and leaseback transaction does not qualify as a sale the
Company as lessee continues to recognize the transferred asset and also recognizes a financial liability
equal to the transfer proceeds. The accounting for financial liabilities is set out in Note 5.11 Financial
instruments.
(2) As lessor
Where the transfer of an asset in a sale and leaseback transaction qualifies as a sale the Company
as lessor accounts for the purchase of the asset and accounts for the lease in accordance with the policy
set out in "2. The Company as lessor" above. Where the transfer does not qualify as a sale the Company
as lessor does not recognize the transferred asset but recognizes a financial asset equal to the transfer
proceeds. The accounting for financial assets is set out in Note 5.11 Financial instruments.
39. Other significant accounting policies and accounting estimates
□ Applicable √ Not applicable
40. Changes in significant accounting policies and accounting estimates
(1) Changes in significant accounting policies
√ Applicable □ Not applicable
Other information
(1) Adoption of Interpretation of Accounting Standards for Business Enterprises No. 19
On 19 December 2025 the Ministry of Finance issued Interpretation of Accounting Standards for
Business Enterprises No. 19 (Cai Kuai [2025] No. 32 "Interpretation No. 19") which took effect on 1
January 2026.* Accounting treatment of indemnification assets in business combinations not under common
control
Interpretation No. 19 provides that in a business combination not under common control the seller
and the acquirer may agree contractually that the seller will indemnify the acquirer in respect of certain
contingencies of the acquiree or of certain uncertain outcomes relating to specified assets or liabilities so
that the acquirer obtains an indemnification asset.When the acquirer recognizes the indemnified item in its consolidated financial statements it also
recognizes an indemnification asset measured on the same basis as the indemnified item taking into
account management's assessment of recoverability and deducting from the carrying amount any amount
not expected to be recovered. At each subsequent balance sheet date the acquirer measures the
indemnification asset on the same basis as the indemnified item taking into account any contractual limit
on the amount recoverable. If the carrying amount of the indemnified item changes the carrying amount
of the indemnification asset is adjusted accordingly and the adjustment is recognized in investment income.For an indemnification asset that is not subsequently measured at fair value the acquirer separately
considers management's assessment of its recoverability and recognizes any amount not expected to be
recovered in investment income. When the acquirer collects sells or otherwise loses the right to the
indemnification asset it derecognizes the asset and any difference between the consideration received
and the carrying amount of the asset is recognized in investment income.In its separate financial statements the acquirer recognizes an indemnification asset once the
conditions for recognizing a contingent asset are met that is once receipt is virtually certain and the
amount can be measured reliably and at the same time reduces the initial investment cost of the long-term
equity investment. At each subsequent balance sheet date the acquirer applies Accounting Standard for
Business Enterprises No. 13 - Contingencies considering any contractual limit on the amount recoverable
and management's assessment of the recoverability of the indemnification asset and recognizes any
amount not expected to be recovered in investment income. On first-time adoption an entity applies the
requirements retrospectively to indemnification assets existing at the effective date; no retrospective
adjustment is made where the right to an indemnification asset was collected sold or otherwise lost before
that date.Adopting this Interpretation has not had a material effect on the Company's financial position or
results of operations.* Accounting treatment of the related capital reserve on disposal of a subsidiary originally
acquired in a business combination under common control
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
Interpretation No. 19 provides that where an entity disposes of a subsidiary originally acquired in a
business combination under common control and loses control of it the capital reserve arising at the
original combination date from the difference between the initial investment cost of the long-term equity
investment and the carrying amount of the consideration transferred may not be transferred to profit or
loss or to retained earnings in either the separate or the consolidated financial statements regardless of
whether the counterparty is a related party. Entities apply this requirement retrospectively on first-time
adoption. Adopting this Interpretation has not had a material effect on the Company's financial position
or results of operations.* Derecognition of financial liabilities settled using an electronic payment system
Interpretation No. 19 provides that where an entity settles a financial liability (or part of one) in cash
using an electronic payment system it may elect to derecognize the liability before the settlement date
only once it has initiated the payment instruction and all of the following conditions are met: 1. the entity
has no practical ability to withdraw stop or cancel the payment instruction; 2. the entity has no practical
ability to access the cash that will be used to settle as a result of the payment instruction; and 3. the
settlement risk associated with the electronic payment system is not significant. That would be the case
for example where the electronic payment system completes payment instructions under a standard
administrative process and the interval between the first two conditions being met and cash being delivered
to the counterparty is short. Where execution of the payment instruction depends on whether the entity is
able to deliver cash on the settlement date the settlement risk associated with the electronic payment
system cannot be regarded as insignificant.Entities apply the requirements retrospectively on first-time adoption adjusting the cumulative effect
against retained earnings and other related financial statement items at 1 January 2026 without restating
the comparative figures for prior periods.The Company has not elected to apply the provisions of Interpretation No. 19 on the derecognition
of financial liabilities settled using an electronic payment system.* Assessment of the contractual cash flow characteristics of financial assets and the related
disclosures
Interpretation No. 19 provides that in assessing whether the contractual cash flows of a financial
asset are consistent with a basic lending arrangement an entity may need to consider the different
components of interest. The assessment should focus on what the entity is being compensated for rather
than on the amount of that compensation although the amount may indicate that the entity is being
compensated for something other than basic lending risks and costs. Contractual cash flows are
inconsistent with a basic lending arrangement if they are linked to a variable that is not a basic lending
risk or cost such as the value of an equity instrument or the price of a commodity or if they represent a
share of the debtor's revenue or profit. Where contractual cash flows arising from a contingent feature are
consistent with a basic lending arrangement both before and after the change in cash flows regardless of
how likely that change is the entity must still assess the nature of the contingency. If the nature of the
contingency relates directly to changes in basic lending risks and costs and the contractual cash flows
move in the same direction as those risks and costs the contractual cash flows of the financial asset are
solely payments of principal and interest on the principal amount outstanding.Where the nature of the contingency does not relate directly to changes in basic lending risks and
costs for example a loan whose interest rate falls by an agreed number of basis points when the borrower
meets a contractual carbon reduction target the contractual cash flows of the financial asset are solely
payments of principal and interest on the principal amount outstanding only if in every possible
contractual scenario they do not differ significantly from the cash flows of a financial instrument with
identical terms but without that contingent feature.Entities apply the requirements retrospectively on first-time adoption adjusting the cumulative effect
against retained earnings and other related financial statement items at 1 January 2026 without restating
the comparative figures for prior periods. Adopting this Interpretation has not had a material effect on the
Company's financial position or results of operations.* Disclosure of equity instruments designated at fair value through other comprehensive income
Interpretation No. 19 provides that an entity must disclose at least by category the fair value at the
end of the reporting period of equity instrument investments designated at fair value through other
comprehensive income together with the change in their fair value during the period and may disclose
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
further detail by individual item where materiality and the entity's circumstances warrant it. The change
relating to investments derecognized during the period and the change relating to investments still held at
the end of the period must be disclosed separately. The entity must also disclose the transfer of cumulative
gains or losses recognized in equity in respect of investments derecognized during the period.Adopting this Interpretation has not had a material effect on the Company's financial position or
results of operations.
(2) Adoption of Interpretation of Accounting Standards for Business Enterprises No. 20
On 17 June 2026 the Ministry of Finance issued Interpretation of Accounting Standards for Business
Enterprises No. 20 (Cai Kuai [2026] No. 7 "Interpretation No. 20") which took effect on the date of issue.* Assessment of the contractual cash flow characteristics of financial assets
Interpretation No. 20 sets out special classification requirements for determining whether financial
assets with non-recourse features and contractually linked instruments have contractual cash flows that
are solely payments of principal and interest on the principal amount outstanding. A financial asset has
non-recourse features when the entity's ultimate contractual right to receive cash flows is limited to the
cash flows of specified assets; in that case the entity's principal exposure is to the performance of those
specified assets rather than to the credit risk of the debtor. For a financial asset with non-recourse features
when determining whether its contractual cash flows are solely payments of principal and interest on the
principal amount outstanding (the SPPI criterion) the entity must look through to the specified underlying
assets or their cash flows and assess how they relate to the contractual cash flows of the financial asset
taking into account how that relationship is affected by other contractual arrangements such as
subordinated debt or equity instruments issued by the debtor. If the contractual terms of the financial asset
give rise to other cash flows or limit the cash flows in a way that is inconsistent with payments of principal
and interest the financial asset does not meet the SPPI criterion. Whether the underlying assets are
financial or non-financial assets does not affect this assessment.In some transactions with non-recourse features the issuer may use multiple contractually linked
instruments (that is multiple tranches) to set the order in which holders of the financial assets are paid.Each tranche ranks in priority to or behind the others and that ranking determines the order in which the
issuer allocates the cash flows generated by the underlying pool to the tranche creating a waterfall
payment structure. The order of priority established by such a waterfall concentrates credit risk and results
in any cash shortfall on the underlying assets being allocated disproportionately between holders of the
different tranches. A holder of a given tranche is entitled to payment of principal and interest only if the
issuer obtains cash flows sufficient to meet payments ranking ahead of it. In transactions of this kind
holders of each tranche apply the classification requirements for contractually linked instruments rather
than those for financial assets with non-recourse features. One of the conditions for a contractually linked
instrument to have contractual cash flows that are solely payments of principal and interest is that the
underlying pool must contain one or more instruments with such cash flow characteristics. That underlying
pool may include financial instruments that are outside the classification requirements of Accounting
Standard for Business Enterprises No. 22 - Recognition and Measurement of Financial Instruments but
whose contractual cash flows are equivalent to solely payments of principal and interest on the principal
amount outstanding such as certain lease receivables.Entities apply the requirements retrospectively on first-time adoption adjusting the cumulative effect
against retained earnings and other related financial statement items at 1 January 2026 without restating
the comparative figures for prior periods. Adopting this Interpretation has not had a material effect on the
Company's financial position or results of operations.* Accounting treatment and related disclosures where a currency is not exchangeable
Interpretation No. 20 provides that one currency is exchangeable into another when an entity is able
within a specified time frame to exchange it through a market or exchange mechanism that creates
enforceable rights and obligations in the exchange transaction. An entity assesses whether one currency is
exchangeable into another at the measurement date and for a specified purpose. If at the measurement
date and for that purpose the entity is able to obtain only an insignificant amount of the other currency
the currency is not exchangeable into it. An entity may conclude that a currency is not exchangeable into
another even where the other currency can be exchanged back into it.Where one currency is not exchangeable into another the entity estimates the spot exchange rate at
the measurement date so that it faithfully reflects the rate at which an orderly exchange transaction would
take place between market participants at that date under prevailing economic conditions.Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
On first-time adoption an entity is not required to restate the comparative figures for prior periods
and applies the following transitional provisions:
(i) Where an entity reports foreign currency transactions in its functional currency and determines
that the foreign currency concerned is not exchangeable into that functional currency the affected foreign
currency monetary items and non-monetary items measured at fair value in a foreign currency are
translated at the estimated spot rate at the date of initial application and the effect of applying this
Interpretation for the first time is adjusted against opening retained earnings. Adopting this Interpretation
has not had a material effect on the Company's financial position or results of operations.(ii) Where an entity's presentation currency differs from its functional currency or where it translates
the financial position and results of a foreign operation and it determines that its functional currency or
that of the foreign operation is not exchangeable into the presentation currency the affected assets and
liabilities are translated at the estimated spot rate at the date of initial application. If the entity's functional
currency is that of a hyperinflationary economy the affected equity items are also translated at the
estimated spot rate at the date of initial application. The effect of applying this Interpretation for the first
time is treated as an adjustment to the cumulative translation reserve which is presented as a separate
component of equity. Adopting this Interpretation has not had a material effect on the Company's financial
position or results of operations.(iii) Adoption of Accounting Standard for Business Enterprises No. 25 - Insurance Contracts (revised
2020)
On 24 December 2020 the Ministry of Finance issued the revised Accounting Standard for Business
Enterprises No. 25 - Insurance Contracts (Cai Kuai [2020] No. 20 the "new insurance contracts standard").Enterprises listed both in the PRC and overseas and enterprises listed overseas that prepare their financial
statements under International Financial Reporting Standards or the Accounting Standards for Business
Enterprises apply it from 1 January 2023. Other enterprises applying the Accounting Standards for
Business Enterprises apply it from 1 January 2026.The new insurance contracts standard provides that where the accounting treatment of insurance
contracts before the date of initial application differs from that required by the standard the entity applies
the retrospective approach. Where the retrospective approach is impracticable for a group of contracts the
entity applies the modified retrospective approach or the fair value approach; where the modified
retrospective approach is also impracticable the entity applies the fair value approach. An entity applying
the retrospective approach is not required to disclose the line items affected in the current period and in
each prior period presented or the amount of the adjustment to earnings per share.The Company has applied the new insurance contracts standard from 1 January 2026. Adopting it
has not had a material effect on the Company's financial position or results of operations.
(2) Changes in significant accounting estimates
□ Applicable √ Not applicable
(3) First-time adoption from 2026 of new accounting standards or interpretations requiring
adjustment to the financial statements at the beginning of the year of first application
□ Applicable √ Not applicable
41. Others
□ Applicable √ Not applicable
6.Taxation
1. Principal taxes and tax rates
Principal taxes and tax rates
√ Applicable □ Not applicable
Type of tax Tax base Tax rate
Output tax is calculated on
Value-added tax revenue from sales of goods and 13% 9% 7% and 6% (Note 1)
taxable services as prescribed by
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
the tax law; value-added tax
payable is the balance after
deducting the input tax deductible
for the period
City maintenance and Levied on value-added tax
construction tax actually paid 7% and 5% (Note 2)
34% 30% 28% 27% 26.5%
Enterprise income tax Levied on taxable income 25% 24% 20% 20.6% 19%
16.5% and 15% (Note 3)
Education surcharge Levied on value-added tax actually paid 3%
Local education surcharge Levied on value-added tax actually paid 2%
Note 1: value-added tax is levied on the Company's sales of goods at 13% of taxable revenue on
technology development services at 6% and on property leasing at 9%. For the overseas subsidiary
Thailand Technology value-added tax is levied at 7% of taxable revenue.Note 2: disclosure where taxable entities are subject to different city maintenance and construction tax
rates:
Name of the taxable entity City maintenance and construction tax rate (%)
Tuopu Automobile Electronics 5
Tuopu Thermal Management 5
Skateboard chassis 5
Zhejiang Towin 5
Taizhou Tuopu 5
Shanghai Tuopu Yale 5
Sichuan Tuopu 5
Huzhou Tuopu 5
Ningbo Qianhui 5
Shanghai Towin 5
Tuopu Anhui 5
Tuopu Photovoltaic (Hangzhou Bay) 5
Tuopu Photovoltaic (Taizhou) 5
Tuopu Photovoltaic (Jinhua) 5
Henan Tuopu 5
Tuopu Drive 5
Jinhua Tuopu 5
Fuzhou Tuopu 5
Inner Mongolia Tuopu 5
Other companies 7
Note 3: disclosure where taxable entities are subject to different enterprise income tax rates
√ Applicable □ Not applicable
Name of the taxable entity Income tax rate (%)
Parent company 15
Automobile electronics 15
Thermal management 15
Tuopu Chassis 15
Hunan Tuopu 15
Zhejiang Towin 15
Suining Tuopu 15
Chongqing Chassis 15
Tuopu North America 26.50
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
Tuopu USA 28
Tuopu Poland 19
Xian Tuopu 15
Sichuan Tuopu 15
Liuzhou Tuopu 15
Baoji Tuopu 15
Ningbo Qianhui 15
Chongqing Tuopu 15
Tuopu International 16.50
Tuopu North America (USA) 27
Tuopu Sweden 20.60
Tuopu do Brasil 34
Tuopu Malaysia 24
Tuopu Mexico 30
Hong Kong Holdings 16.50
Hong Kong Investment 16.50
Thailand Technology 20
Wuhu Tuopu 15
Tuopu Detroit 28
Malaysia Technology 24
Other companies 25
2. Tax incentives
√ Applicable □ Not applicable
1. Under the Administrative Measures for the Recognition of High and New Technology
Enterprises (Guo Ke Fa Huo [2016] No. 32) and the Guidelines for the Administration of the
Recognition of High and New Technology Enterprises (Guo Ke Fa Huo [2016] No. 195) the Ningbo
Municipal Science and Technology Bureau the Ningbo Municipal Finance Bureau and the Ningbo
Municipal Tax Service of the State Taxation Administration jointly issued high and new technology
enterprise certificate no. GR202433102644 recognizing the Company as a high and new technology
enterprise. The recognition is valid for three years and carries a preferential enterprise income tax rate of
15% for the period from 2024 to 2026. The enterprise income tax rate for 2026 is therefore 15%.
2. Under the Administrative Measures for the Recognition of High and New Technology
Enterprises (Guo Ke Fa Huo [2016] No. 32) and the Guidelines for the Administration of the
Recognition of High and New Technology Enterprises (Guo Ke Fa Huo [2016] No. 195) the Ningbo
Municipal Science and Technology Bureau the Ningbo Municipal Finance Bureau and the Ningbo
Municipal Tax Service of the State Taxation Administration jointly issued high and new technology
enterprise certificate no. GR202533101417 recognizing Tuopu Automobile Electronics as a high and
new technology enterprise. The recognition is valid for three years and carries a preferential enterprise
income tax rate of 15% for the period from 2025 to 2027. The enterprise income tax rate for 2026 is
therefore 15%.
3. Under the Administrative Measures for the Recognition of High and New Technology
Enterprises (Guo Ke Fa Huo [2016] No. 32) and the Guidelines for the Administration of the
Recognition of High and New Technology Enterprises (Guo Ke Fa Huo [2016] No. 195) the Ningbo
Municipal Science and Technology Bureau the Ningbo Municipal Finance Bureau and the Ningbo
Municipal Tax Service of the State Taxation Administration jointly issued high and new technology
enterprise certificate no. GR202333103290 recognizing Tuopu Thermal Management as a high and new
technology enterprise. The recognition is valid for three years and carries a preferential enterprise
income tax rate of 15% for the period from 2023 to 2025.The materials for re-recognition as a high and new technology enterprise have been submitted and
as at the date of this financial report the recognition has not yet been granted. Under Announcement No.
24 of 2017 of the State Taxation Administration in the year in which an enterprise's high and new
technology enterprise status expires and pending re-recognition enterprise income tax is provisionally
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
prepaid at 15%. Enterprise income tax for the period from January to June 2026 has therefore been
provisionally prepaid at 15%.
4. Under the Administrative Measures for the Recognition of High and New Technology
Enterprises (Guo Ke Fa Huo [2016] No. 32) and the Guidelines for the Administration of the
Recognition of High and New Technology Enterprises (Guo Ke Fa Huo [2016] No. 195) the Ningbo
Municipal Science and Technology Bureau the Ningbo Municipal Finance Bureau and the Ningbo
Municipal Tax Service of the State Taxation Administration jointly issued high and new technology
enterprise certificate no. GR202333100609 recognizing Tuopu Chassis as a high and new technology
enterprise. The recognition is valid for three years and carries a preferential enterprise income tax rate of
15% for the period from 2023 to 2025.
The materials for re-recognition as a high and new technology enterprise have been submitted and
as at the date of this financial report the recognition has not yet been granted. Under Announcement No.
24 of 2017 of the State Taxation Administration in the year in which an enterprise's high and new
technology enterprise status expires and pending re-recognition enterprise income tax is provisionally
prepaid at 15%. Enterprise income tax for the period from January to June 2026 has therefore been
provisionally prepaid at 15%.
5. Under the Administrative Measures for the Recognition of High and New Technology
Enterprises (Guo Ke Fa Huo [2016] No. 32) and the Guidelines for the Administration of the
Recognition of High and New Technology Enterprises (Guo Ke Fa Huo [2016] No. 195) the Hunan
Provincial Department of Science and Technology the Hunan Provincial Department of Finance and the
Hunan Provincial Tax Service of the State Taxation Administration jointly issued high and new
technology enterprise certificate no. GR202343003469 recognizing Hunan Tuopu as a high and new
technology enterprise. The recognition is valid for three years and carries a preferential enterprise
income tax rate of 15% for the period from 2023 to 2025.The materials for re-recognition as a high and new technology enterprise have been submitted and
as at the date of this financial report the recognition has not yet been granted. Under Announcement No.
24 of 2017 of the State Taxation Administration in the year in which an enterprise's high and new
technology enterprise status expires and pending re-recognition enterprise income tax is provisionally
prepaid at 15%. Enterprise income tax for the period from January to June 2026 has therefore been
provisionally prepaid at 15%.
6. Under the Administrative Measures for the Recognition of High and New Technology
Enterprises (Guo Ke Fa Huo [2016] No. 32) and the Guidelines for the Administration of the
Recognition of High and New Technology Enterprises (Guo Ke Fa Huo [2016] No. 195) the Zhejiang
Provincial Department of Science and Technology the Zhejiang Provincial Department of Finance and
the Zhejiang Provincial Tax Service of the State Taxation Administration jointly issued high and new
technology enterprise certificate no. GR202233009476 recognizing Zhejiang Towin as a high and new
technology enterprise. The recognition is valid for three years and carries a preferential enterprise
income tax rate of 15% for the period from 2025 to 2027. The enterprise income tax rate for 2026 is
therefore 15%.
7. Under the Announcement on Continuing the Enterprise Income Tax Policy for the Development
of the Western Region (Announcement No. 23 of 2020 of the National Development and Reform
Commission) and the Catalog of Encouraged Industries in the Western Region the Sichuan Provincial
Department of Economy and Information Technology recognized Suining Tuopu as an enterprise in an
encouraged industry entitling it to enterprise income tax at a reduced rate of 15% from 1 January 2021
to 31 December 2030. The enterprise income tax rate applicable to Suining Tuopu for 2026 is therefore
15%.
8. Under Announcement No. 23 of 2020 of the Ministry of Finance the State Taxation
Administration and the National Development and Reform Commission on Continuing the Enterprise
Income Tax Policy for the Development of the Western Region enterprises in encouraged industries
located in the western region are subject to enterprise income tax at a reduced rate of 15% from 1
January 2021 to 31 December 2030. The enterprise income tax rate applicable to Chongqing Chassis for
2026 is therefore 15%.
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
9. Under Announcement No. 23 of 2020 of the Ministry of Finance the State Taxation
Administration and the National Development and Reform Commission on Continuing the Enterprise
Income Tax Policy for the Development of the Western Region enterprises in encouraged industries
located in the western region are subject to enterprise income tax at a reduced rate of 15% from 1
January 2021 to 31 December 2030. The enterprise income tax rate applicable to Xian Tuopu for 2026 is
therefore 15%.
10. Under Announcement No. 23 of 2020 of the Ministry of Finance the State Taxation
Administration and the National Development and Reform Commission on Continuing the Enterprise
Income Tax Policy for the Development of the Western Region enterprises in encouraged industries
located in the western region are subject to enterprise income tax at a reduced rate of 15% from 1
January 2021 to 31 December 2030. The enterprise income tax rate applicable to Sichuan Tuopu for
2026 is therefore 15%.
11. Under Announcement No. 23 of 2020 of the Ministry of Finance the State Taxation
Administration and the National Development and Reform Commission on Continuing the Enterprise
Income Tax Policy for the Development of the Western Region enterprises in encouraged industries
located in the western region are subject to enterprise income tax at a reduced rate of 15% from 1
January 2021 to 31 December 2030. The enterprise income tax rate applicable to Liuzhou Tuopu for
2026 is therefore 15%.
12. Under Announcement No. 23 of 2020 of the Ministry of Finance the State Taxation
Administration and the National Development and Reform Commission on Continuing the Enterprise
Income Tax Policy for the Development of the Western Region enterprises in encouraged industries
located in the western region are subject to enterprise income tax at a reduced rate of 15% from 1
January 2021 to 31 December 2030. The enterprise income tax rate applicable to Baoji Tuopu for 2026
is therefore 15%.
13. Under the Administrative Measures for the Recognition of High and New Technology
Enterprises (Guo Ke Fa Huo [2016] No. 32) and the Guidelines for the Administration of the
Recognition of High and New Technology Enterprises (Guo Ke Fa Huo [2016] No. 195) the Ningbo
Municipal Science and Technology Bureau the Ningbo Municipal Finance Bureau and the Ningbo
Municipal Tax Service of the State Taxation Administration jointly issued high and new technology
enterprise certificate no. GR202333100329 recognizing Ningbo Qianhui as a high and new technology
enterprise. The recognition is valid for three years and carries a preferential enterprise income tax rate of
15% for the period from 2023 to 2025.
The materials for re-recognition as a high and new technology enterprise have been submitted and
as at the date of this financial report the recognition has not yet been granted. Under Announcement No.
24 of 2017 of the State Taxation Administration in the year in which an enterprise's high and new
technology enterprise status expires and pending re-recognition enterprise income tax is provisionally
prepaid at 15%. Enterprise income tax for the period from January to June 2026 has therefore been
provisionally prepaid at 15%.
14. Under Announcement No. 23 of 2020 of the Ministry of Finance the State Taxation
Administration and the National Development and Reform Commission on Continuing the Enterprise
Income Tax Policy for the Development of the Western Region enterprises in encouraged industries
located in the western region are subject to enterprise income tax at a reduced rate of 15% from 1
January 2021 to 31 December 2030. The enterprise income tax rate applicable to Chongqing Tuopu for
2026 is therefore 15%.
15. Under the Enterprise Income Tax Law of the People's Republic of China and its implementing
regulations income from the investment in and operation of public infrastructure projects supported by
the State is exempt from enterprise income tax for the first three years and taxed at half the applicable
rate for the following three years counting from the tax year in which the project earns its first operating
revenue. Tuopu Photovoltaic (Ningbo Beilun) has enjoyed this three-year exemption and three-year half-
rate concession since 2022.Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
16. Under the Enterprise Income Tax Law of the People's Republic of China and its implementing
regulations income from the investment in and operation of public infrastructure projects supported by
the State is exempt from enterprise income tax for the first three years and taxed at half the applicable
rate for the following three years counting from the tax year in which the project earns its first operating
revenue. Tuopu Photovoltaic (Hangzhou Bay) has enjoyed this three-year exemption and three-year
half-rate concession since 2022.
17. Under the Enterprise Income Tax Law of the People's Republic of China and its implementing
regulations income from the investment in and operation of public infrastructure projects supported by
the State is exempt from enterprise income tax for the first three years and taxed at half the applicable
rate for the following three years counting from the tax year in which the project earns its first operating
revenue. Tuopu Photovoltaic (Jinhua) has enjoyed this three-year exemption and three-year half-rate
concession since 2024.
18. Under the Enterprise Income Tax Law of the People's Republic of China and its implementing
regulations income from the investment in and operation of public infrastructure projects supported by
the State is exempt from enterprise income tax for the first three years and taxed at half the applicable
rate for the following three years counting from the tax year in which the project earns its first operating
revenue. Tuopu Photovoltaic (Wuhan) has enjoyed this three-year exemption and three-year half-rate
concession since 2024.
19. Under the Administrative Measures for the Recognition of High and New Technology
Enterprises (Guo Ke Fa Huo [2016] No. 32) and the Guidelines for the Administration of the
Recognition of High and New Technology Enterprises (Guo Ke Fa Huo [2016] No. 195) the Anhui
Provincial Department of Industry and Information Technology the Anhui Provincial Department of
Finance and the Anhui Provincial Tax Service jointly issued high and new technology enterprise
certificate no. GR202434004164 recognizing Wuhu Tuopu as a high and new technology enterprise. The
recognition is valid for three years and carries a preferential enterprise income tax rate of 15% for the
period from 2025 to 2027. The enterprise income tax rate for 2026 is therefore 15%.
20. Under the Announcement of the Ministry of Finance and the State Taxation Administration on
Tax and Fee Policies to Further Support the Development of Small and Micro Enterprises and
Individually-Owned Businesses (Announcement No. 12 of 2023) small low-profit enterprises continue
to compute taxable income at a reduced rate of 25% and pay enterprise income tax at 20% with the
policy extended to 31 December 2027. For 2026 this concession applies to Tuopu Photovoltaic (Pinghu)
Tuopu Photovoltaic (Taizhou) Jinan Tuopu Tuopu Photovoltaic (Ningbo Yinzhou) Tuopu Photovoltaic
(Xiangtan) Lingyu Tactile Fuzhou Tuopu Anqing Towin Yibin Tuopu and Inner Mongolia Tuopu.
21. Under Announcement No. 10 of 2022 of the State Taxation Administration the reduction of the
six taxes and two fees applies to small and micro enterprises that meet both of the following conditions
at the end of the month preceding the filing period: no more than 300 employees and total assets of no
more than RMB50 million. Accordingly the surcharge rates applicable to Tuopu Photovoltaic (Pinghu)
for 2026 are halved. For 2026 this concession applies to Tuopu Photovoltaic (Pinghu) Tuopu
Photovoltaic (Taizhou) Tuopu Photovoltaic (Jinhua) Jinan Tuopu Tuopu Photovoltaic (Ningbo
Yinzhou) Tuopu Photovoltaic (Xiangtan) Tuopu Drive Fuzhou Tuopu Anqing Towin Yibin Tuopu
and Inner Mongolia Tuopu.
3. Others
□ Applicable √ Not applicable
7.Notes to items in the consolidated financial statements
1. Cash and bank balances
√ Applicable □ Not applicable
Unit: RMB
Item Closing balance Opening balance
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
Cash on hand 13252.47 16314.90
Bank deposits 5186313809.57 4701231769.35
Other cash and bank balances 139547054.41 518557923.67
Deposits placed with finance
companies
Total 5325874116.45 5219806007.92
Including: total amounts
deposited outside the PRC 673416347.79 876981414.43
Other information
Other cash and bank balances comprise the following:
Unit: RMB
Item Closing balance Closing balance of the prior year
Guarantee deposits for bank 135016587.62 518557699.94
acceptance bills
Guarantee deposits for letters of 4530250.00
guarantee
Guarantee deposits for foreign 216.79 223.73
exchange settlement
Total 139547054.41 518557923.67
2. Financial assets held for trading
√ Applicable □ Not applicable
Unit: RMB
Item Closing balance Opening balance Reasons and basis for the designation
Financial assets at fair value
through profit or loss 430000000.00 400000000.00 /
Including:
Investments in debt
instruments /
Investments in equity
instruments /
Derivative financial
assets /
Short-term wealth
management products 430000000.00 400000000.00 /
Financial assets designated at
fair value through profit or
loss
Including:
Total 430000000.00 400000000.00 /
Other information:
□ Applicable √ Not applicable
3. Derivative financial assets
□ Applicable √ Not applicable
4. Notes receivable
(1) Notes receivable by category
√ Applicable □ Not applicable
Unit: RMB
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
Item Closing balance Opening balance
Bank acceptance notes
Commercial acceptance notes 9841908.49 15798084.56
Total 9841908.49 15798084.56
(2) Notes receivable pledged by the Company at the end of the period
□ Applicable √ Not applicable
(3) Notes receivable endorsed or discounted by the Company and not yet due at the balance sheet
date
□ Applicable √ Not applicable
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
(4) Disclosure by method of provision for bad debts assessment
√ Applicable □ Not applicable
Unit: RMB
Closing balance Opening balance
Category Gross carrying amount Provision for bad debts Carrying Gross carrying amount Provision for bad debts
Amount Percentage Amount Provision (%) ratio (%) amount Amount
Percentage
(%) Amount
Provision Carrying amount
ratio (%)
Provision for bad debts
assessed individually
Including:
Provision for bad debts
assessed collectively 10359903.68 100.00 517995.19 5.00 9841908.49 16629562.69 100.00 831478.13 5.00 15798084.56
Including:
Grouping 1: bank
acceptance bills
Grouping 2: commercial
acceptance bills 10359903.68 100.00 517995.19 5.00 9841908.49 16629562.69 100.00 831478.13 5.00 15798084.56
Total 10359903.68 100.00 517995.19 / 9841908.49 16629562.69 100.00 831478.13 / 15798084.56
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
Provision for bad debts assessed individually:
□ Applicable √ Not applicable
Provision for bad debts assessed collectively:
√ Applicable □ Not applicable
Items assessed collectively: Grouping 2: commercial acceptance bills
Unit: RMB
Closing balance
Name Gross carrying Provision for bad
amount debts Provision ratio (%)
Grouping 1: bank
acceptance bills
Grouping 2: commercial
acceptance bills 10359903.68 517995.19 5.00
Total 10359903.68 517995.19 5.00
Notes on provision for bad debts assessed collectively
□ Applicable √ Not applicable
Provision for bad debts under the general expected credit loss model
□ Applicable √ Not applicable
Explanation of significant changes in the gross carrying amount of notes receivable for which the loss
allowance changed during the period:
□ Applicable √ Not applicable
(5) Movements in provision for bad debts
√ Applicable □ Not applicable
Unit: RMB
Category Opening
Changes for the period
balance Provision Recovery or Derecognition Other
Closing
reversal or write-off changes balance
Grouping 1:
bank
acceptance
bills
Grouping 2:
commercial
acceptance 831478.13 313482.94 517995.19
bills
Total 831478.13 313482.94 517995.19
Of which significant amounts of provision for bad debts recovered or reversed during the period:
□ Applicable √ Not applicable
(6) Notes receivable actually written off during the period
□ Applicable √ Not applicable
Of which significant write-offs of notes receivable:
□ Applicable √ Not applicable
Notes on the write-off of notes receivable:
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
5. Trade receivables
(1) Disclosure by aging
√ Applicable □ Not applicable
Unit: RMB
Aging Closing gross carrying amount Opening gross carrying amount
Within 1 year (inclusive) 6936834099.04 7676827123.26
Including: within one year 6936834099.04 7676827123.26
to 2 years 31150425.13 38560061.41
to 3 years 128359497.71 124744427.67
Over 3 years 36289084.78 33159943.33
to 4 years
to 5 years
Over 5 years 23927031.39 21649011.18
Total 7156560138.05 7894940566.85
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
(2) Disclosure by method of provision for bad debts assessment
√ Applicable □ Not applicable
Unit: RMB
Closing balance Opening balance
Category Gross carrying amount Provision for bad debts Gross carrying amount Provision for bad debts
Amount Percentage Amount Provision Carrying amount Percentage Provision Carrying amount (%) ratio (%) Amount (%) Amount ratio (%)
Provision for bad debts
assessed individually 170980958.66 2.39 170980958.66 100.00 169612529.07 2.15 169612529.07 100.00
Including:
Provision for bad debts
assessed collectively 6985579179.39 97.61 364076822.86 5.21 6621502356.53 7725328037.78 97.85 399534916.99 5.17 7325793120.79
Including:
Trade receivables for
which provision for bad
debts is assessed by aging 6985579179.39 97.61 364076822.86 5.21 6621502356.53 7725328037.78 97.85 399534916.99 5.17 7325793120.79
grouping
Total 7156560138.05 100.00 535057781.52 / 6621502356.53 7894940566.85 100.00 569147446.06 / 7325793120.79
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
Provision for bad debts assessed individually:
√ Applicable □ Not applicable
Unit: RMB
Closing balance
Name Gross carrying Provision for bad Provision Reason for
amount debts ratio (%) provision
Human Horizons (Shandong) Technology
Co. Ltd. 119871505.86 119871505.86 100.00
Not expected to
be recovered
Wilmaster New Energy Vehicle
Components (Wenzhou) Co. Ltd. 14768198.95 14768198.95 100.00
Not expected to
be recovered
WM New Energy Vehicle Procurement
(Shanghai) Co. Ltd. 11801644.70 11801644.70 100.00
Not expected to
be recovered
Human Horizons (Jiangsu) Technology Co. Not expected to
Ltd. 5933227.04 5933227.04 100.00 be recovered
Chongqing Huansu Auto Parts Co. Ltd. 5341186.92 5341186.92 100.00 Not expected to be recovered
Henan Dongqi Chenfei Rubber and Plastics
Co. Ltd. 2438745.39 2438745.39 100.00
Not expected to
be recovered
Beijing Borgward Automobile Co. Ltd. 1449066.88 1449066.88 100.00 Not expected to be recovered
GAC Fiat Chrysler Automobiles Co. Ltd. Not expected to
Guangzhou Branch 1415371.81 1415371.81 100.00 be recovered
WM Motor Technology (Sichuan) Co. Ltd. 1365699.92 1365699.92 100.00 Not expected to be recovered
Beijing Jidu Auto Parts Co. Ltd. 1352369.56 1352369.56 100.00 Not expected to be recovered
Hycan Automobile Technology Co. Ltd. 1163412.50 1163412.50 100.00 Not expected to be recovered
Hafei Automobile Co. Ltd. 958585.20 958585.20 100.00 Not expected to be recovered
GAC Fiat Chrysler Automobiles Co. Ltd. 917556.26 917556.26 100.00 Not expected to be recovered
WM Motor Technology (Hengyang) Co. 772148.75 772148.75 100.00 Not expected to Ltd. be recovered
Zhejiang Lvye Automobile Co. Ltd. 408702.32 408702.32 100.00 Not expected to be recovered
Shenyang Xinguang Huaxiang Automobile 278511.05 278511.05 100.00 Not expected to Engine Manufacturing Co. Ltd. be recovered
Beijing Borgward Automobile Co. Ltd. Not expected to
Changping Branch 269495.27 269495.27 100.00 be recovered
WM New Energy Vehicle Sales (Shanghai) Not expected to
Co. Ltd. 236489.39 236489.39 100.00 be recovered
Brilliance Renault Jinbei Automotive Co.Ltd. 146026.52 146026.52 100.00
Not expected to
be recovered
Chongqing Zotye Automobile Industry Co. Not expected to
Ltd. 29874.64 29874.64 100.00 be recovered
HiPhi (Qingdao) Automobile Sales and Not expected to
Service Co. Ltd. 26984.97 26984.97 100.00 be recovered
Mianyang Huarui Automobile Co. Ltd. 20000.00 20000.00 100.00 Not expected to be recovered
Jidu Technology (Wuhan) Co. Ltd. 16060.03 16060.03 100.00 Not expected to be recovered
Zhejiang Zotye Automobile Manufacturing Not expected to
Co. Ltd. 94.73 94.73 100.00 be recovered
Total 170980958.66 170980958.66 100.00 /
Notes on provision for bad debts assessed individually:
□ Applicable √ Not applicable
Provision for bad debts assessed collectively:
√ Applicable □ Not applicable
Items assessed collectively: trade receivables for which provision for bad debts is assessed by aging
grouping
Unit: RMB
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
Name Closing balance Gross carrying amount Provision for bad debts Provision ratio (%)
Up to 1 year 6936834099.04 346841704.96 5.00
to 2 years 29208468.20 2920846.81 10.00
to 3 years 5664163.85 1699249.16 30.00
3 to 5 years 3143565.95 1886139.58 60.00
Over 5 years 10728882.35 10728882.35 100.00
Total 6985579179.39 364076822.86
Notes on provision for bad debts assessed collectively:
□ Applicable √ Not applicable
Provision for bad debts under the general expected credit loss model
□ Applicable √ Not applicable
Explanation of significant changes in the gross carrying amount of trade receivables for which the loss
allowance changed during the period:
□ Applicable √ Not applicable
(3) Movements in provision for bad debts
√ Applicable □ Not applicable
Unit: RMB
Category Opening
Changes for the period
Recovery or Derecognition Other Closing balance Provision reversal or write-off changes balance
Provision for
bad debts
assessed 169612529.07 1368429.59 170980958.66
individually
Provision for
bad debts
assessed 399534916.99 12364204.63 47822298.76 364076822.86
collectively
Total 569147446.06 13732634.22 47822298.76 535057781.52
Of which significant amounts of provision for bad debts recovered or reversed during the period:
□ Applicable √ Not applicable
(4) Trade receivables actually written off during the period
□ Applicable √ Not applicable
Of which significant write-offs of trade receivables
□ Applicable √ Not applicable
Notes on the write-off of trade receivables:
□ Applicable √ Not applicable
(5) Top five trade receivables and contract assets by closing balance aggregated by debtor
√ Applicable □ Not applicable
Unit: RMB
Percentage of
Closing balance Closing balance Closing balance the total closing Closing balance
Name of entity of trade of contract of trade balance of trade
receivables assets receivables and receivables and
of provision for
contract assets contract assets bad debts
(%)
Largest 1283758354.81 1283758354.81 17.94 64187917.74
Second largest 738156039.26 738156039.26 10.31 36907801.96
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
Third largest 474573169.76 474573169.76 6.63 23774396.09
Fourth largest 211306794.79 211306794.79 2.95 10565339.74
Fifth largest 199031089.85 199031089.85 2.78 9951554.49
Total 2906825448.47 2906825448.47 40.62 145387010.02
Other information:
□ Applicable √ Not applicable
6. Contract assets
(1) Contract assets
□ Applicable √ Not applicable
(2) Amounts of and reasons for significant changes in carrying amount during the Reporting
Period
□ Applicable √ Not applicable
(3) Disclosure by method of provision for bad debts assessment
□ Applicable √ Not applicable
Provision for bad debts assessed individually:
□ Applicable √ Not applicable
Notes on provision for bad debts assessed individually:
□ Applicable √ Not applicable
Provision for bad debts assessed collectively:
□ Applicable √ Not applicable
Provision for bad debts under the general expected credit loss model
□ Applicable √ Not applicable
Explanation of significant changes in the gross carrying amount of contract assets for which the loss
allowance changed during the period:
□ Applicable √ Not applicable
(4) Provision for bad debts on contract assets during the period
□ Applicable √ Not applicable
Of which significant amounts of provision for bad debts recovered or reversed during the period:
□ Applicable √ Not applicable
(5) Contract assets actually written off during the period
□ Applicable √ Not applicable
Of which significant write-offs of contract assets
□ Applicable √ Not applicable
Notes on the write-off of contract assets:
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
7. Receivables financing
(1) Receivables financing by category
√ Applicable □ Not applicable
Unit: RMB
Item Closing balance Opening balance
Notes receivable 3356382393.06 4828918846.99
Trade receivables
Total 3356382393.06 4828918846.99
(2) Receivables financing pledged by the Company at the end of the period
√ Applicable □ Not applicable
Unit: RMB
Item Amount pledged at the end of the period
Bank acceptance bills 178525938.15
Commercial acceptance bills
Total 178525938.15
(3) Receivables financing endorsed or discounted by the Company and not yet due at the balance
sheet date
√ Applicable □ Not applicable
Unit: RMB
Item Amount derecognized at the end Amount not derecognized at the of the period end of the period
Bank acceptance bills 3086944553.48
Commercial acceptance bills
Total 3086944553.48
(4) Disclosure by method of provision for bad debts assessment
□ Applicable √ Not applicable
Provision for bad debts assessed individually:
□ Applicable √ Not applicable
Notes on provision for bad debts assessed individually:
□ Applicable √ Not applicable
Provision for bad debts assessed collectively:
□ Applicable √ Not applicable
Provision for bad debts under the general expected credit loss model
□ Applicable √ Not applicable
Explanation of significant changes in the gross carrying amount of receivables financing for which the
loss allowance changed during the period:
□ Applicable √ Not applicable
(5) Movements in provision for bad debts
□ Applicable √ Not applicable
Of which significant amounts of provision for bad debts recovered or reversed during the period:
□ Applicable √ Not applicable
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
(6) Receivables financing actually written off during the period
□ Applicable √ Not applicable
Of which significant write-offs of receivables financing
□ Applicable √ Not applicable
Notes on write-off:
□ Applicable √ Not applicable
(7) Movements in receivables financing and changes in fair value during the period:
√ Applicable □ Not applicable
Item Closing balance of Additions during Derecognized Other the prior year the period during the period changes Closing balance
Bank
acceptance bills 4828918846.99 7655875407.26 9128411861.19 3356382393.06
Commercial
acceptance bills
Total 4828918846.99 7655875407.26 9128411861.19 3356382393.06
(8) Other information:
□ Applicable √ Not applicable
8. Prepayments
(1) Prepayments by aging
√ Applicable □ Not applicable
Unit: RMB
Aging Closing balance Opening balance Amount Percentage (%) Amount Percentage (%)
Up to 1 year 252109459.79 97.06 219070954.58 97.11
to 2 years 2609652.17 1.00 2442809.82 1.08
to 3 years 1693222.48 0.65 2113517.24 0.94
Over 3 years 3350205.42 1.29 1955197.34 0.87
Total 259762539.86 100.00 225582478.98 100.00
(2) Top five prepayments by closing balance aggregated by payee
√ Applicable □ Not applicable
Unit: RMB
Name of entity Closing balance Percentage of the total closing balance of prepayments (%)
Rio Tinto Alcan Inc. 33222031.64 12.79
ARZYZ CO S.A. DE C.V. 32405012.17 12.47
Yunnan Aluminium Co. Ltd. 27796150.20 10.70
Ningbo Hangzhou Bay China Resources
Gas Co. Ltd. 4947036.01 1.90
HUGO GALINDO Y ASOCIADOS SC 4663743.19 1.80
Total 103033973.21 39.66
Other information
□ Applicable √ Not applicable
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
9. Other receivables
Presentation of items
√ Applicable □ Not applicable
Unit: RMB
Item Closing balance Opening balance
Interest receivable
Dividends receivable
Other receivables 69636118.31 65810353.73
Total 69636118.31 65810353.73
Other information:
□ Applicable √ Not applicable
Interest receivable
(1) Categories of interest receivable
□ Applicable √ Not applicable
(2) Significant overdue interest
□ Applicable √ Not applicable
(3) Disclosure by method of provision for bad debts assessment
□ Applicable √ Not applicable
Provision for bad debts assessed individually:
□ Applicable √ Not applicable
Notes on provision for bad debts assessed individually:
□ Applicable √ Not applicable
Provision for bad debts assessed collectively:
□ Applicable √ Not applicable
(4) Provision for bad debts under the general expected credit loss model
□ Applicable √ Not applicable
(5) Movements in provision for bad debts
□ Applicable √ Not applicable
Of which significant amounts of provision for bad debts recovered or reversed during the period:
□ Applicable √ Not applicable
(6) Interest receivable actually written off during the period
□ Applicable √ Not applicable
Of which significant write-offs of interest receivable
□ Applicable √ Not applicable
Notes on write-off:
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
Dividends receivable
(7) Dividends receivable
□ Applicable √ Not applicable
(8) Significant dividends receivable aged over one year
□ Applicable √ Not applicable
(9) Disclosure by method of provision for bad debts assessment
□ Applicable √ Not applicable
Provision for bad debts assessed individually:
□ Applicable √ Not applicable
Notes on provision for bad debts assessed individually:
□ Applicable √ Not applicable
Provision for bad debts assessed collectively:
□ Applicable √ Not applicable
(10) Provision for bad debts under the general expected credit loss model
□ Applicable √ Not applicable
(11) Movements in provision for bad debts
□ Applicable √ Not applicable
Of which significant amounts of provision for bad debts recovered or reversed during the period:
□ Applicable √ Not applicable
(12) Dividends receivable actually written off during the period
□ Applicable √ Not applicable
Of which significant write-offs of dividends receivable
□ Applicable √ Not applicable
Notes on write-off:
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
Other receivables
(13) Disclosure by aging
√ Applicable □ Not applicable
Unit: RMB
Aging Closing gross carrying amount Opening gross carrying amount
Within 1 year (inclusive) 37142451.26 44518831.61
Including: within one year 37142451.26 44518831.61
to 2 years 29183929.71 9582413.73
to 3 years 1860618.97 8867683.47
Over 3 years 16957049.17 21714782.32
to 4 years
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
to 5 years
Over 5 years 12414069.99 1355282.67
Total 97558119.10 86038993.80
(14) Classification by nature of the amounts
√ Applicable □ Not applicable
Unit: RMB
Nature of the amount Closing gross carrying amount Opening gross carrying amount
Petty cash 2870253.54 2351007.52
Deposits and guarantee deposits 66317991.54 60825611.33
Others 28369874.02 22862374.95
Total 97558119.10 86038993.80
(15) Movements in provision for bad debts
√ Applicable □ Not applicable
Unit: RMB
Stage 1 Stage 2 Stage 3
Provision for bad 12-month Lifetime expected Lifetime expected
debts expected credit credit losses (not credit losses Total
losses credit-impaired) (credit-impaired)
Balance at 1
January 2026 20228640.07 20228640.07
Balance at 1
January 2026
movements
during the period
-- Transfer to
Stage 2
-- Transfer to
Stage 3
-- Transfer back
to Stage 2
-- Transfer back
to Stage 1
Provision for the
period 7842759.85 7842759.85
Reversal for the
period 149399.13 149399.13
Derecognized
during the period
Written off
during the period
Other changes
Balance at 30
June 2026 27922000.79 27922000.79
Explanation of significant changes in the gross carrying amount of other receivables for which the loss
allowance changed during the period:
□ Applicable √ Not applicable
Amount of provision for bad debts made during the period and the basis used to assess whether the
credit risk on the financial instruments has increased significantly:
□ Applicable √ Not applicable
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
(16) Movements in provision for bad debts
√ Applicable □ Not applicable
Unit: RMB
Changes for the period
Category Opening balance Provision Recovery or Derecognition Other
Closing
reversal or write-off changes balance
Other
receivables for
which provision
for bad debts is 20228640.07 7842759.85 149399.13 27922000.79
assessed by
aging grouping
Total 20228640.07 7842759.85 149399.13 27922000.79
Of which significant amounts of provision for bad debts reversed or recovered during the period:
□ Applicable √ Not applicable
(17) Other receivables actually written off during the period
□ Applicable √ Not applicable
Of which significant write-offs of other receivables:
□ Applicable √ Not applicable
Notes on the write-off of other receivables:
□ Applicable √ Not applicable
(18) Top five other receivables by closing balance aggregated by debtor
√ Applicable □ Not applicable
Unit: RMB
Percentage of the Nature of Closing
Name of entity Closing total closing balance of balance balance of other the Aging amount provision for receivables (%) bad debts
Deposits
FIDEICOMISO FIBRA UNO SIN
TIPO DE S 10839305.54 11.11
and
guarantee 1 to 2 years 1083930.55
deposits
Ningbo Hangzhou Bay New Area Deposits
Development and Construction 9508485.00 9.75 and Over 5 guarantee years 9508485.00 Administrative Committee deposits
Deposits
DGE-RE 7R IMMOBILIEN and
UNTERNEHMERGESELLSCHAFT 8506359.82 8.72 guarantee Note 1 4758773.93
deposits
Deposits
Arca Star Solutions Co. Ltd. 7133055.57 7.31 and guarantee Note 2 697197.78
deposits
Deposits
Avalon Risk Management Insurance Ag 4944713.40 5.07 and guarantee Note 3 2896156.03
deposits
Total 40931919.33 41.96 / / 18944543.29
Note 1: within 1 year RMB627349.02; 4 to 5 years RMB7879010.80;
Note 2: within 1 year RMB322155.57; 1 to 2 years RMB6810900.00;
Note 3: 2 to 3 years RMB235573.37; 3 to 4 years RMB4709140.03.Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
(19) Presented in other receivables due to centralized fund management
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
10. Inventories
(1) Categories of inventories
√ Applicable □ Not applicable
Unit: RMB
Closing balance Opening balance
Provision for decline in Provision for decline in
Item Gross carrying value of inventories / Gross carrying value of inventories /
amount impairment provision Carrying amount amount impairment provision Carrying amount for contract fulfilment for contract fulfilment
costs costs
Raw materials 927722807.31 13013647.78 914709159.53 653277398.57 14488687.63 638788710.94
Revolving materials 21804238.83 21804238.83 18918958.69 18918958.69
Finished goods 1240104182.21 80479966.64 1159624215.57 1428252309.67 68678441.11 1359573868.56
Work in progress 1248949024.10 11566345.46 1237382678.64 1209015002.65 7154291.89 1201860710.76
Goods dispatched 1591605324.81 109854835.26 1481750489.55 1580764741.15 83080135.65 1497684605.50
Total 5030185577.26 214914795.14 4815270782.12 4890228410.73 173401556.28 4716826854.45
(2) Data resources recognized as inventories
□ Applicable √ Not applicable
(3) Provision for decline in value of inventories and impairment provision for contract fulfilment costs
√ Applicable □ Not applicable
Unit: RMB
Increase for the period Decrease for the period
Item Opening balance Provision Others Reversal or Closing balance derecognition Others
Raw materials 14488687.63 4664690.52 6139730.37 13013647.78
Finished goods 68678441.11 40652036.40 28850510.87 80479966.64
Work in progress 7154291.89 6791060.53 2379006.96 11566345.46
Goods dispatched 83080135.65 40868989.47 14094289.86 109854835.26
Total 173401556.28 92976776.92 51463538.06 214914795.14
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
Reasons for the reversal or derecognition of the provision for decline in value of inventories during the period
√ Applicable □ Not applicable
Where a provision for decline in value of inventories has been made and the factors that previously caused the write-down no longer apply so that the net
realizable value of the inventories exceeds their carrying amount the provision is reversed to the extent of the amount previously made and the reversal is
recognized in profit or loss.Provision for decline in value of inventories assessed collectively
√ Applicable □ Not applicable
Unit: RMB
Closing Opening
Name of the grouping Gross carrying Provision for decline Provision ratio for Gross carrying Provision for decline Provision ratio
amount in value decline in value (%) amount in value for decline in value (%)
Within one year 4725147416.70 77729686.17 1.65 4631097097.67 46075083.88 0.99
Over one year 305038160.56 137185108.97 44.97 259131313.06 127326472.40 49.14
Total 5030185577.26 214914795.14 4890228410.73 173401556.28
Criteria for providing for decline in value of inventories on a collective basis
√ Applicable □ Not applicable
For inventories aged more than one year that relate to vehicle models no longer in production net realizable value is nil. For other inventories net realizable
value is the estimated selling price less estimated selling expenses and related taxes.
(4) Borrowing costs capitalized in the closing balance of inventories and the basis and method of calculation
□ Applicable √ Not applicable
(5) Notes on the amount of contract fulfilment costs amortized during the period
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
11. Assets held for sale
□ Applicable √ Not applicable
12. Non-current assets due within one year
□ Applicable √ Not applicable
Debt investments due within one year
□ Applicable √ Not applicable
Other debt investments due within one year
□ Applicable √ Not applicable
13. Other current assets
√ Applicable □ Not applicable
Unit: RMB
Item Closing balance Opening balance
Value-added tax unpaid 800532006.92 641428674.36
Enterprise income tax prepaid 56784166.46 4453003.82
Other taxes prepaid 189292.39 191682.96
Prepaid listing expenses 13924574.60
Total 871430040.37 646073361.14
14. Debt investments
(1) Debt investments
□ Applicable √ Not applicable
Movements in the impairment provision for debt investments
□ Applicable √ Not applicable
(2) Significant debt investments at the end of the period
□ Applicable √ Not applicable
(3) Movements in impairment provision
□ Applicable √ Not applicable
Explanation of significant changes in the gross carrying amount of debt investments for which the loss
allowance changed during the period:
□ Applicable √ Not applicable
Amount of impairment provision made during the period and the basis used to assess whether the credit
risk on the financial instruments has increased significantly:
□ Applicable √ Not applicable
(4) Debt investments actually written off during the period
□ Applicable √ Not applicable
Of which significant write-offs of debt investments
□ Applicable √ Not applicable
Notes on the write-off of debt investments:
□ Applicable √ Not applicable
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
15. Other debt investments
(1) Other debt investments
□ Applicable √ Not applicable
Movements in the impairment provision for other debt investments
□ Applicable √ Not applicable
(2) Significant other debt investments at the end of the period
□ Applicable √ Not applicable
(3) Movements in impairment provision
□ Applicable √ Not applicable
(4) Other debt investments actually written off during the period
□ Applicable √ Not applicable
Of which significant write-offs of other debt investments
□ Applicable √ Not applicable
Notes on the write-off of other debt investments:
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
16. Long-term receivables
(1) Long-term receivables
□ Applicable √ Not applicable
(2) Disclosure by method of provision for bad debts assessment
□ Applicable √ Not applicable
Provision for bad debts assessed individually:
□ Applicable √ Not applicable
Notes on provision for bad debts assessed individually:
□ Applicable √ Not applicable
Provision for bad debts assessed collectively:
□ Applicable √ Not applicable
Provision for bad debts under the general expected credit loss model
□ Applicable √ Not applicable
(3) Movements in provision for bad debts
□ Applicable √ Not applicable
Of which significant amounts of provision for bad debts recovered or reversed during the period:
□ Applicable √ Not applicable
(4) Long-term receivables actually written off during the period
□ Applicable √ Not applicable
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
Of which significant write-offs of long-term receivables
□ Applicable √ Not applicable
Notes on write-off:
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
17. Long-term equity investments
(1) Long-term equity investments
√ Applicable □ Not applicable
Unit: RMB
Movements for the period
Opening Investment Closing
Opening balance Reductio gains and
Cash
balance of losses Adjustment Other dividen Impairm
Closing balance
Investee (carrying impairm Additional n in recognized s to other chang ds or ent Othe
balance of
amount) ent investment investme under the comprehens es in profits provision rs
(carrying impairm
amount) ent
provision nt equity ive income equity declare made
method d
provision
I. Joint ventures
Ningbo
Tuopu 105254429 14713286.Electric .52 05
119967715.57
Co. Ltd.Subtotal 105254429 14713286. 119967715.52 05 .57
II. Associates
Shanghai
Aiweilan
New
Energy 140000000 140000000
Technolo .00 .00
gy Co.Ltd.Subtotal 140000000 140000000.00 .00
Total 105254429 140000000 14713286. 259967715.52 .00 05 .57
(2) Impairment testing of long-term equity investments
□ Applicable √ Not applicable
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
18. Investments in other equity instruments
(1) Investments in other equity instruments
□ Applicable √ Not applicable
(2) Notes on derecognitions occurring during the period
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
19. Other non-current financial assets
√ Applicable □ Not applicable
Unit: RMB
Item Closing balance Opening balance
Financial assets at fair value through profit or loss 130000000.00 50000000.00
Including: Leju Robotics (Shenzhen) Co. Ltd. 50000000.00 50000000.00
Magic Factory (Wuxi) Technology Co. Ltd. 50000000.00
Galaxea (Beijing) Artificial Intelligence
Technology Co. Ltd. 30000000.00
Total 130000000.00 50000000.00
20. Investment properties
Measurement model for investment properties
(1) Investment properties measured using the cost model
Unit: RMB
Item Buildings and structures Land use right
Construction in
progress Total
I. Original Book Value
1. Opening balance 44143733.52 6689012.00 50832745.52
2. Increase for the
period
(1) Purchased
externally
(2) Transferred from
inventories fixed assets
or construction in
progress
(3) Increase from
business combinations
3. Decrease for the
period
(1) Disposal
(2) Other transfers
out
4. Closing balance 44143733.52 6689012.00 50832745.52
II. Accumulated depreciation and accumulated amortization
1. Opening balance 28863757.99 3283904.57 32147662.56
2. Increase for the
period 993234.01 80268.14 1073502.15
(1) Depreciation or
amortization charged 993234.01 80268.14 1073502.15
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
3. Decrease for the
period
(1) Disposal
(2) Other transfers
out
4. Closing balance 29856992.00 3364172.71 33221164.71
III. Impairment provision
1. Opening balance
2. Increase for the
period
(1) Provision
3. Decrease for the
period
(1) Disposal
(2) Other transfers
out
4. Closing balance
IV. Carrying amount
1. Closing carrying
amount 14286741.52 3324839.29 17611580.81
2. Opening carrying
amount 15279975.53 3405107.43 18685082.96
(2) Investment properties for which title certificates have not been obtained:
□ Applicable √ Not applicable
(3) Impairment testing of investment properties measured using the cost model
□ Applicable √ Not applicable
Other information
□ Applicable √ Not applicable
21. Property plant and equipment
Presentation of items
√ Applicable □ Not applicable
Unit: RMB
Item Closing balance Opening balance
Property plant and equipment 15147476100.73 15049312559.96
Disposal of fixed assets 94982.42
Total 15147476100.73 15049407542.38
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
Property plant and equipment
(1) Fixed assets
√ Applicable □ Not applicable
Unit: RMB
Item Buildings and Machinery and structures equipment Motor vehicles
Office equipment Commercial
and others property Photovoltaic works Total
I. Cost:
1. Opening balance 5999925377.18 15507747800.41 55471278.72 384327309.19 68200328.83 382291189.71 22397963284.04
2. Increase for the period 30870954.23 1069434525.37 2146765.62 13852608.44 327706.43 1116632560.09
(1) Acquisitions 18532723.29 162421387.97 988758.53 11651073.38 193593943.17
(2) Transferred from construction
in progress 12338230.94 907013137.40 1158007.09 2201535.06 327706.43 923038616.92
3. Decrease for the period 1542989.98 107470283.66 4622273.62 2671925.00 116307472.26
(1) Disposal or retirement 109572.21 84605514.34 4612548.88 1752412.24 91080047.67
(2) Others 1433417.77 22864769.32 9724.74 919512.76 25227424.59
4. Closing balance 6029253341.43 16469712042.12 52995770.72 395507992.63 68200328.83 382618896.14 23398288371.87
II. Accumulated depreciation
1. Opening balance 1224951401.31 5826577974.97 35864301.68 214023806.92 10375867.23 36857371.97 7348650724.08
2. Increase for the period 137919639.41 818060295.51 3123283.25 18373855.10 8791425.56 986268498.83
(1) Provision 137919639.41 814628490.53 3123283.25 18373855.10 8791425.56 982836693.85
(2) Others 3431804.98 3431804.98
3. Decrease for the period 328690.73 78166138.02 3649126.32 1962996.70 84106951.77
(1) Disposal or retirement 70937261.33 3649047.62 1447120.87 76033429.82
(2) Others 328690.73 7228876.69 78.70 515875.83 8073521.95
4. Closing balance 1362542349.99 6566472132.46 35338458.61 230434665.32 10375867.23 45648797.53 8250812271.14
III. Impairment provision
1. Opening balance
2. Increase for the period
(1) Provision
3. Decrease for the period
(1) Disposal or retirement
4. Closing balance
IV. Carrying amount
1. Closing carrying amount 4666710991.44 9903239909.66 17657312.11 165073327.31 57824461.60 336970098.61 15147476100.73
2. Opening carrying amount 4774973975.87 9681169825.44 19606977.04 170303502.27 57824461.60 345433817.74 15049312559.96
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
(2) Fixed assets temporarily idle
□ Applicable √ Not applicable
(3) Fixed assets leased out under operating leases
□ Applicable √ Not applicable
(4) Fixed assets for which title certificates have not been obtained
√ Applicable □ Not applicable
Unit: RMB
Item Carrying amount Reason for not having obtained the title certificate
Buildings and structures 479732455.16 In progress
(5) Impairment testing of fixed assets
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
Disposal of fixed assets
√ Applicable □ Not applicable
Unit: RMB
Item Closing balance Opening balance
Transportation equipment 94982.42
Total 94982.42
22. Construction in progress
Presentation of items
√ Applicable □ Not applicable
Unit: RMB
Item Closing balance Opening balance
Construction in progress 1773263525.53 1879671312.18
Construction materials
Total 1773263525.53 1879671312.18
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
Construction in progress
(1) Construction in progress
√ Applicable □ Not applicable
Unit: RMB
Closing balance Opening balance
Item Gross carrying Impairment Carrying amount Gross carrying Impairment amount allowance amount allowance Carrying amount
Installation of equipment and
software 745614969.10 745614969.10 646813821.24 646813821.24
Tuopu Mexico works 368946981.36 368946981.36 711787062.57 711787062.57
Tuopu Thailand 337466869.02 337466869.02 243412258.43 243412258.43
Moulds under construction 225541413.32 225541413.32 191692004.36 191692004.36
Tuopu Poland works 66498254.74 66498254.74 48643943.36 48643943.36
Skateboard chassis works 15424642.53 15424642.53 2923066.82 2923066.82
Parent company works 6648689.66 6648689.66 5290348.64 5290348.64
Ushone works 3031862.39 3031862.39
Tuopu USA works 2027519.79 2027519.79 27048491.74 27048491.74
Thermal management works 1618348.62 1618348.62
Fuzhou Tuopu 371681.42 371681.42 1681415.93 1681415.93
Tuopu Photovoltaic (Hangzhou
Bay) works 72293.58 72293.58 378899.09 378899.09
Total 1773263525.53 1773263525.53 1879671312.18 1879671312.18
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
(2) Movements in significant construction in progress projects during the period
√ Applicable □ Not applicable
Unit: RMB
Amount Including:
Project Budgeted Increase for the transferred to
Other Cumulative
decreases Cumulative interest Capitalization
name amount Opening balance period fixed assets during the Closing balance
investment as a Progress of
percentage of construction interest capitalized rate for the
Source of
during the period budget (%) capitalized during the period (%)
funds
period period
Installation
of Self-funded
equipment 646813821.24 504325132.54 377654597.10 27869387.58 745614969.10 Under construction and raised and funds
software
Skateboard Self-funded
chassis 1250000000.00 2923066.82 12501575.71 15424642.53 78.07 Substantially
works complete
and raised
funds
Tuopu
Poland 350000000.00 48643943.36 24388905.69 2113904.46 4420689.85 66498254.74 83.48 Under
works construction
Self-funded
Tuopu Self-funded
Mexico 1200000000.00 711787062.57 213985622.25 500533881.66 56291821.80 368946981.36 85.75 Under and raised
works construction funds
Tuopu Self-funded
Thailand 650000000.00 243412258.43 98746963.78 4692353.19 337466869.02 52.64 Under and raised
works construction funds
Total 1653580152.42 853948199.97 880302383.22 93274252.42 1533951716.75 / / / /
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
(3) Impairment provision made for construction in progress during the period
□ Applicable √ Not applicable
(4) Impairment testing of construction in progress
□ Applicable √ Not applicable
Other information
□ Applicable √ Not applicable
Construction materials
□ Applicable √ Not applicable
23. Productive biological assets
(1) Productive biological assets measured using the cost model
□ Applicable√ Not applicable
(2) Impairment testing of productive biological assets measured using the cost model
□ Applicable √ Not applicable
(3) Productive biological assets measured using the fair value model
□ Applicable √ Not applicable
Other information
□ Applicable √ Not applicable
24. Oil and gas assets
(1) Oil and gas assets
□ Applicable √ Not applicable
(2) Impairment testing of oil and gas assets
□ Applicable √ Not applicable
25. Right-of-use assets
(1) Right-of-use assets
√ Applicable □ Not applicable
Unit: RMB
Item Buildings and structures Total
I. Original Book Value
1. Opening balance 752319469.45 752319469.45
2. Increase for the period 61827481.76 61827481.76
(1) New leases 61790789.82 61790789.82
(2) Others 36691.94 36691.94
3. Decrease for the period 59129661.42 59129661.42
(1) Disposal 39487721.95 39487721.95
(2) Others 19641939.47 19641939.47
4. Closing balance 755017289.79 755017289.79
II. Accumulated depreciation
1. Opening balance 241287739.56 241287739.56
2. Increase for the period 65151896.16 65151896.16
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
(1) Provision 64957808.69 64957808.69
(2) Others 194087.47 194087.47
3. Decrease for the period 43757399.61 43757399.61
(1) Disposal 37897247.66 37897247.66
(2) Others 5860151.95 5860151.95
4. Closing balance 262682236.11 262682236.11
III. Impairment provision
1. Opening balance
2. Increase for the period
(1) Provision
3. Decrease for the period
(1) Disposal
4. Closing balance
IV. Carrying amount
1. Closing carrying amount 492335053.68 492335053.68
2. Opening carrying amount 511031729.89 511031729.89
(2) Impairment testing of right-of-use assets
□ Applicable √ Not applicable
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
26. Intangible assets
(1) Intangible assets
√ Applicable □ Not applicable
Unit: RMB
Item Land use right Software Pollutant discharge rights Patents Total
I. Original Book Value
1. Opening balance 1623587972.26 220899038.70 1846074.89 26000000.00 1872333085.85
2. Increase for the period 712682.16 12322159.48 47029.70 13081871.34
(1) Acquisitions 712682.16 5950992.20 47029.70 6710704.06
(2) Others 6371167.28 6371167.28
3. Decrease for the period 6902341.11 2490561.73 9392902.84
(1) Disposal 6657879.32 601663.64 7259542.96
(2) Others 244461.79 1888898.09 2133359.88
4. Closing balance 1617398313.31 230730636.45 1893104.59 26000000.00 1876022054.35
II. Accumulated amortization
1. Opening balance 192624761.56 102458996.63 1589842.45 6071428.58 302745029.22
2. Increase for the period 14725965.43 11898404.40 26084.01 2385714.23 29036168.07
(1) Provision 14725965.43 11889327.28 26084.01 2385714.23 29027090.95
(2) Others 9077.12 9077.12
3. Decrease for the period 8209.97 726297.92 734507.89
(1) Disposal 8209.97 530174.39 538384.36
(2) Others 196123.53 196123.53
4. Closing balance 207342517.02 113631103.11 1615926.46 8457142.81 331046689.40
III. Impairment provision
1. Opening balance
2. Increase for the period
(1) Provision
3. Decrease for the period
(1) Disposal
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
4. Closing balance
IV. Carrying amount
1. Closing carrying amount 1410055796.29 117099533.34 277178.13 17542857.19 1544975364.95
2. Opening carrying amount 1430963210.70 118440042.07 256232.44 19928571.42 1569588056.63
Intangible assets generated through the Company's internal research and development represented 0% of the balance of intangible assets at the end of the period
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
(2) Data resources recognized as intangible assets
□ Applicable √ Not applicable
(3) Land use rights for which title certificates have not been obtained
□ Applicable √ Not applicable
(4) Impairment testing of intangible assets
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
27. Goodwill
(1) Cost of goodwill
√ Applicable □ Not applicable
Unit: RMB
Decrease for the
Name of the investee Increase for the period period
or the event giving Opening balance Arising from Closing balance
rise to goodwill business Others Disposal Others
combinations
Zhejiang Towin and
Suining Tuopu 279645980.89 279645980.89
Tuopu North America 1080371.29 1080371.29
Ningbo Qianhui 6058537.77 6058537.77
Chongqing Tuopu 565010.88 565010.88
Wuhu Tuopu 170074577.35 170074577.35
Total 457424478.18 457424478.18
(2) Impairment provision for goodwill
√ Applicable □ Not applicable
Unit: RMB
Name of the investee Increase for the period Decrease for the
or the event giving rise Opening balance period Closing balance
to goodwill Provision Others Disposal Others
Zhejiang Towin and
Suining Tuopu 109810531.84 109810531.84
Tuopu North America 1080371.29 1080371.29
Ningbo Qianhui 6058537.77 6058537.77
Chongqing Tuopu
Wuhu Tuopu
Total 116949440.90 116949440.90
(3) Information on the asset group or group of asset groups to which the goodwill has been
allocated
√ Applicable □ Not applicable
Composition of the asset Operating segment to
Name group or group of asset which it belongs and the
Whether
groups and the basis for its basis for that consistent with
determination determination prior years
Zhejiang Towin and The operating long-term The operating segment is Yes
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
Suining Tuopu chassis assets of Zhejiang Towin and Zhejiang Towin and
business asset group Suining Tuopu together with Suining Tuopu
the goodwill allocated to that determined by reference
asset group on the basis that to the internal
it is the smallest group of organizational structure.assets capable of generating
cash inflows independently.The operating long-term
assets of Tuopu North
America together with the The operating segment is
Tuopu North America goodwill allocated to that Tuopu North America
asset group asset group on the basis that determined by reference Yes
it is the smallest group of to the internal
assets capable of generating organizational structure.cash inflows independently.The operating long-term
assets of Ningbo Qianhui
together with the goodwill The operating segment is
Ningbo Qianhui asset allocated to that asset group Ningbo Qianhui
group on the basis that it is the determined by reference Yes
smallest group of assets to the internal
capable of generating cash organizational structure.inflows independently.The operating long-term
assets of Chongqing Tuopu The operating segment is
including the wholly-owned Chongqing Tuopu
Chongqing Tuopu asset subsidiaries together with the including the wholly-
group goodwill allocated to that owned subsidiaries Yes asset group on the basis that determined by reference
it is the smallest group of to the internal
assets capable of generating organizational structure.cash inflows independently.The operating long-term
assets of Wuhu Tuopu The operating segment is
including the wholly-owned Wuhu Tuopu including
Wuhu Tuopu asset subsidiaries together with the the wholly-owned
group goodwill allocated to that subsidiaries determined Yes asset group on the basis that by reference to the
it is the smallest group of internal organizational
assets capable of generating structure.cash inflows independently.Changes in the asset group or group of asset groups
□ Applicable √ Not applicable
Other information
□ Applicable √ Not applicable
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
(4) Specific method of determining the recoverable amount
Recoverable amount determined at fair value less costs of disposal
□ Applicable √ Not applicable
Recoverable amount determined at the present value of estimated future cash flows
√ Applicable □ Not applicable
Unit: RMB
Length Key parameters Basis for Key parameters for Basis for
Item Carrying amount Recoverable Impairment of the
for the forecast determining the the stable period determining key
amount amount forecast period (growth parameters for (growth rate profit parameters for
period rate profit the forecast margin discount margin etc.) period rate etc.) the stable period
Key parameters Key parameters
A compound are determined are determined
annual revenue by reference to by reference to
Zhejiang growth rate of macroeconomic A revenue growth macroeconomic
Towin and 9.55% from conditions rate of 0% in the conditions
Suining industry trends stable period a gross industry trends
Tuopu chassis 487490360.08 515000000.00 5
2026 to 2030 an
average gross historical margin of 16.84% historical
business asset margin of operating results and a pre-tax operating results
group 13.97% and a and the discount rate of and the
pre-tax discount Company's 12.96% Company's
rate of 12.96% future future development development
plans plans
A compound Key parameters Key parameters
annual revenue are determined are determined
growth rate of by reference to A revenue growth by reference to
Chongqing 4.00% from macroeconomic rate of 0% in the macroeconomic
Tuopu asset 87328178.28 142459120.08 5 2026 to 2030 an conditions stable period a gross conditions
group average gross industry trends margin of 6.28% and industry trends margin of 6.02% historical a pre-tax discount historical
and a pre-tax operating results rate of 11.44% operating results
discount rate of and the and the
11.44% Company's Company's
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
future future
development development
plans plans
Key parameters Key parameters
A compound are determined are determined
annual revenue by reference to by reference to
growth rate of macroeconomic A revenue growth macroeconomic
2.73% from conditions rate of 0% in the conditions
Wuhu Tuopu 438545849.09 446000000.00 5 2026 to 2030 an
industry trends stable period a gross industry trends
asset group average gross historical margin of 12.54% historical
margin of operating results and a pre-tax operating results
10.06% and a and the discount rate of and the
pre-tax discount Company's 10.57% Company's
rate of 10.57% future future development development
plans plans
Total 1013364387.45 1103459120.08 / / / / /
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
Reasons for any significant inconsistency between the above information and the information or external
data used in prior years' impairment tests
□ Applicable √ Not applicable
Reasons for any significant inconsistency between the information used in the Company's prior years'
impairment tests and actual results for the current year
□ Applicable √ Not applicable
(5) Performance undertakings and the related goodwill impairment
Performance undertakings existed when the goodwill arose and the Reporting Period or the preceding
period falls within the undertaking period
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
28. Long-term prepaid expenses
√ Applicable □ Not applicable
Unit: RMB
Item Opening Increase for the Amortization Other Closing balance period for the period decreases balance
Renovation
and similar 110486223.62 20195088.40 17773973.25 62355.08 112844983.69
expenses
Others 246491022.21 212294769.56 66043783.54 13267548.68 379474459.55
Total 356977245.83 232489857.96 83817756.79 13329903.76 492319443.24
29. Deferred tax assets / deferred tax liabilities
(1) Deferred tax assets before offsetting
√ Applicable □ Not applicable
Unit: RMB
Closing balance Opening balance
Item Deductible Deductible
temporary Deferred tax temporary Deferred tax
differences assets differences assets
Asset impairment losses 778412572.64 174693965.07 763609120.54 172706540.38
Unrealized profits on
intra-group transactions 178652457.96 40451763.66 219610290.12 47885299.44
Deferred income 409417506.55 66525035.63 422912904.23 68566701.03
Lease liabilities 523120902.54 142080095.93 557541696.78 151286047.15
Total 1889603439.69 423750860.29 1963674011.67 440444588.00
(2) Deferred tax liabilities before offsetting
√ Applicable □ Not applicable
Unit: RMB
Closing balance Opening balance
Item Taxable Taxable
temporary Deferred tax Deferred tax
differences liabilities
temporary
differences liabilities
Appreciation on
revaluation of assets in 78195877.80 14582121.39 85305756.04 15814365.83
business combinations
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
not under common
control
Accelerated
depreciation of fixed 618333097.73 92749964.67 615282401.16 92292360.19
assets
Right-of-use assets 478044933.36 128541583.10 511031729.89 137926262.99
Total 1174573908.89 235873669.16 1211619887.09 246032989.01
(3) Deferred tax assets or liabilities presented net after offsetting
√ Applicable □ Not applicable
Unit: RMB
Closing balance Opening balance
Amount of Balance of Balance of
Item deferred tax deferred tax
Amount of
assets or deferred tax
deferred tax
assets and liabilities after assets and
assets or
liabilities offset liabilities offset liabilities after offsetting offsetting
Deferred tax assets 170929742.42 252821117.87 179290964.89 261153623.11
Deferred tax liabilities 170929742.42 64943926.74 179290964.89 66742024.12
(4) Details of unrecognized deferred tax assets
□ Applicable √ Not applicable
(5) Deductible losses for which no deferred tax asset has been recognized will expire in the
following years
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
30. Other non-current assets
√ Applicable □ Not applicable
Unit: RMB
Closing balance Opening balance
Item Gross carrying Impairment Carrying Gross carrying Impairment Carrying
amount allowance amount amount allowance amount
Prepayments
for
construction 279195874.57 279195874.57 347742200.68 347742200.68
equipment
Prepayments
for equity 100000000.00 100000000.00
investments
Total 379195874.57 379195874.57 347742200.68 347742200.68
Information relating to indemnification assets
□ Applicable √ Not applicable
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
31. Assets with restricted ownership or use rights
√ Applicable □ Not applicable
Unit: RMB
Closing Opening
Item Gross carrying Carrying amount Type of Details of Gross carrying Carrying amount Type of Details of amount restriction the amount restriction the
restriction restriction
Cash and
bank 139547054.41 139547054.41 Others Guarantee deposits 518557923.67 518557923.67 Others
Guarantee
balances deposits
Receivables
financing 178525938.15 178525938.15 Pledge Pledge 1766949912.62 1766949912.62 Pledge Pledge
Property
plant and 899044462.19 521776333.38 Mortgage Mortgage 899044462.19 541152172.91 Mortgage Mortgage
equipment
Intangible
assets 202898354.01 151006553.55 Mortgage Mortgage 202898354.01 153035201.63 Mortgage Mortgage
Investment
properties 24529646.86 6605700.08 Mortgage Mortgage 24529646.86 7157617.12 Mortgage Mortgage
Total 1444545455.62 997461579.57 3411980299.35 2986852827.95
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
32. Short-term borrowings
(1) Short-term borrowings by category
√ Applicable □ Not applicable
Unit: RMB
Item Closing balance Opening balance
Unsecured borrowings 3238903797.00 2559057199.00
Pledged borrowings 100000000.00
Mortgaged borrowings 270000000.00 270000000.00
Domestic letters of credit 400000000.00
Unmatured interest 2255024.30 1872047.63
Total 3911158821.30 2930929246.63
(2) Short-term borrowings overdue and unpaid
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
33. Financial liabilities held for trading
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
34. Derivative financial liabilities
□ Applicable √ Not applicable
35. Notes payable
√ Applicable □ Not applicable
Unit: RMB
Type Closing balance Opening balance
Bank acceptance bills 4200316676.58 5706338315.74
Commercial acceptance
bills 10000000.00
Total 4200316676.58 5716338315.74
36. Trade payables
(1) Trade payables
√ Applicable □ Not applicable
Unit: RMB
Item Closing balance Opening balance
Within 1 year (inclusive) 6891279613.97 7330519000.40
1 to 2 years (inclusive) 129377177.73 113050183.85
2 to 3 years (inclusive) 23411457.92 12980449.55
Over 3 years 24370158.68 23347294.08
Total 7068438408.30 7479896927.88
(2) Significant trade payables aged over one year or overdue
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
37. Receipts in advance
(1) Receipts in advance
□ Applicable √ Not applicable
(2) Significant receipts in advance aged over one year
□ Applicable √ Not applicable
(3) Amounts of and reasons for significant changes in carrying amount during the Reporting
Period
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
38. Contract liabilities
(1) Contract liabilities
√ Applicable □ Not applicable
Unit: RMB
Item Closing balance Opening balance
Within 1 year (inclusive) 28068902.11 12062784.68
1 to 2 years (inclusive) 413277.94 1028419.62
2 to 3 years (inclusive) 1166940.14 249974.71
Over 3 years 7683637.79 7720279.95
Total 37332757.98 21061458.96
(2) Significant contract liabilities aged over one year
□ Applicable √ Not applicable
(3) Amounts of and reasons for significant changes in carrying amount during the Reporting
Period
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
39. Employee benefits payable
(1) Employee benefits payable
√ Applicable □ Not applicable
Unit: RMB
Item Opening balance Increase for the Decrease for the period period Closing balance
I. Short-term
employee 465664996.27 1690972491.63 1774630946.63 382006541.27
benefits
II. Post-
employment
benefits - defined 2798684.78 154752123.86 155584834.40 1965974.24
contribution
plans
III. Termination
benefits
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
IV. Other
benefits due
within one year
Total 468463681.05 1845724615.49 1930215781.03 383972515.51
(2) Short-term employee benefits
√ Applicable □ Not applicable
Unit: RMB
Item Opening balance Increase for the Decrease for the period period Closing balance
I. Wages
bonuses
allowances and 459830417.26 1481920827.86 1570585024.88 371166220.24
subsidies
II. Staff welfare 989366.84 78377528.22 75492663.97 3874231.09
III. Social
insurance 915150.00 61144875.09 60772176.32 1287848.77
contributions
Including:
medical 874394.92 53927067.14 53562965.82 1238496.24
insurance
Work
injury insurance 29494.30 7191139.13 7182190.80 38442.63
Maternit
y insurance 11260.78 26668.82 27019.70 10909.90
IV. Housing
provident fund 834109.35 59040839.87 58079852.71 1795096.51
V. Trade union
and staff 3095952.82 10488420.59 9701228.75 3883144.66
education funds
VI. Short-term
paid absences
VII. Short-term
profit-sharing
plans
Total 465664996.27 1690972491.63 1774630946.63 382006541.27
(3) Defined contribution plans
√ Applicable □ Not applicable
Unit: RMB
Item Opening balance Increase for the Decrease for the period period Closing balance
1. Basic pension
insurance 2317203.44 148198424.87 148878377.84 1637250.47
2. Unemployment
insurance 481481.34 6553698.99 6706456.56 328723.77
3. Enterprise annuity
contributions
Total 2798684.78 154752123.86 155584834.40 1965974.24
Other information:
□ Applicable √ Not applicable
40. Taxes payable
√ Applicable □ Not applicable
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
Unit: RMB
Item Closing balance Opening balance
Value-added tax 63614801.36 65119075.40
Enterprise income tax 65554448.35 138238216.18
Individual income tax 3119384.78 5264689.79
City maintenance and
construction tax 3361488.78 2980076.22
Education surcharge 1616897.67 1451905.31
Local education surcharge 1077753.83 966985.62
Property tax 27204596.02 47163335.43
Land use tax 11269537.07 22025599.83
Environmental protection tax 8299.66 11767.26
Employment security fund for
persons with disabilities 41263428.23 25803773.72
Special fund for water
conservancy construction 244106.83 194485.82
Stamp duty 8911758.06 10240177.70
Others 815002.72 18961.17
Total 228061503.36 319479049.45
41. Other payables
(1) Presentation of items
√ Applicable □ Not applicable
Unit: RMB
Item Closing balance Opening balance
Interest payable
Dividends payable
Other payables 23298682.39 21000056.22
Total 23298682.39 21000056.22
(2) Interest payable
□ Applicable √ Not applicable
(3) Dividends payable
□ Applicable √ Not applicable
(4) Other payables
Other payables by nature
√ Applicable □ Not applicable
Unit: RMB
Item Closing balance Opening balance
Deposits and guarantee
deposits 10618776.33 10185321.96
Others 12679906.06 10814734.26
Total 23298682.39 21000056.22
Significant other payables aged over one year or overdue
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
42. Liabilities held for sale
□ Applicable √ Not applicable
43. Non-current liabilities due within one year
√ Applicable □ Not applicable
Unit: RMB
Item Closing balance Opening balance
Long-term borrowings due
within one year 693502088.70 1486642458.09
Lease liabilities due within
one year 115755512.76 116345505.21
Total 809257601.46 1602987963.30
44. Other current liabilities
√ Applicable □ Not applicable
Unit: RMB
Item Closing balance Opening balance
Output tax to be transferred 2508274.87 1424806.96
Endorsed receivable instruments not
derecognized 26580050.23 81233733.27
Total 29088325.10 82658540.23
Movements in short-term bonds payable:
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
45. Long-term borrowings
(1) Long-term borrowings by category
√ Applicable □ Not applicable
Unit: RMB
Item Closing balance Opening balance
Mortgaged borrowings 894000000.00 1090000000.00
Unsecured borrowings 546500000.00 620600874.08
Unmatured interest payable 1002088.70 1158006.69
Less: long-term borrowings due
within one year 693502088.70 1486642458.09
Total 748000000.00 225116422.68
Other information
□ Applicable √ Not applicable
46. Bonds payable
(1) Bonds payable
□ Applicable √ Not applicable
(2) Details of bonds payable (excluding preference shares perpetual bonds and other financial
instruments classified as financial liabilities)
□ Applicable √ Not applicable
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
(3) Notes on the convertible corporate bonds
□ Applicable √ Not applicable
Accounting treatment of the conversion right and the basis for that judgment
□ Applicable √ Not applicable
(4) Notes on other financial instruments classified as financial liabilities
Basic information on preference shares perpetual bonds and other financial instruments outstanding at
the end of the period
□ Applicable √ Not applicable
Table of movements in preference shares perpetual bonds and other financial instruments outstanding at
the end of the period
□ Applicable √ Not applicable
Basis for classifying other financial instruments as financial liabilities
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
47. Lease liabilities
√ Applicable □ Not applicable
Unit: RMB
Item Closing balance Opening balance
Lease liabilities 537516228.21 558801362.80
Less: lease liabilities due within one
year 115755512.76 116345505.21
Total 421760715.45 442455857.59
48. Long-term payables
Presentation of items
□ Applicable √ Not applicable
Long-term payables
□ Applicable √ Not applicable
Special payables
□ Applicable √ Not applicable
49. Long-term employee benefits payable
□ Applicable √ Not applicable
50. Provisions
□ Applicable √ Not applicable
51. Deferred income
Deferred income
√ Applicable □ Not applicable
Unit: RMB
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
Item Opening Increase for Decrease for Closing Reason for balance the period the period balance formation
Government
grants 422912904.23 10985000.00 24480397.68 409417506.55
Total 422912904.23 10985000.00 24480397.68 409417506.55 /
Other information:
□ Applicable √ Not applicable
52. Other non-current liabilities
□ Applicable √ Not applicable
53. Share capital
√ Applicable □ Not applicable
Unit: RMB
Increase or decrease in this movement (+/-)
Issue
Opening balance of Bon
new us
Capitalization Other Closing balance
issue of reserves s
Subtotal
shares
Total
numb
er of 1737835580.00 1737835580.00
shares
Other information:
None
54. Other equity instruments
(1) Basic information on preference shares perpetual bonds and other financial instruments
outstanding at the end of the period
□ Applicable √ Not applicable
(2) Table of movements in preference shares perpetual bonds and other financial instruments
outstanding at the end of the period
□ Applicable √ Not applicable
Movements in other equity instruments during the period the reasons for those movements and the
basis for the related accounting treatment:
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
55. Capital reserve
√ Applicable □ Not applicable
Unit: RMB
Item Opening balance Increase for Decrease for the period the period Closing balance
Capital premium (share
premium) 10872528741.23 10872528741.23
Other capital reserve 10348.78 10348.78
Total 10872539090.01 10872539090.01
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
56. Treasury shares
□ Applicable √ Not applicable
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
57. Other comprehensive income
√ Applicable □ Not applicable
Unit: RMB
Amount for the period
Less: amounts Less: amounts
previously previously
recognized in recognized in
Opening Amount for the other other After tax After tax Item balance period before comprehensive comprehensive Less: income attributable to attributable to
Closing
income tax income and income and tax expense the parent non-controlling
balance
transferred to transferred to company interests
profit or loss in retained
the current earnings in the
period current period
I. Items that
will not be
reclassified to
profit or loss
Including:
remeasurement
of defined
benefit plans
Share of other
comprehensive
income of
investees that
will not be
reclassified to
profit or loss
under the
equity method
Changes in
fair value of
investments in
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
Amount for the period
Less: amounts Less: amounts
previously previously
recognized in recognized in
other other After tax After tax
Item Opening Amount for the balance period before comprehensive comprehensive Less: income attributable to attributable to
Closing
income and income and tax expense the parent non-controlling balance income tax transferred to transferred to company interests
profit or loss in retained
the current earnings in the
period current period
other equity
instruments
Changes in
fair value
arising from
the entity's own
credit risk
II. Items that
may be
reclassified to 50996410.35 -51163734.64 -51071040.76 -92693.88 -74630.41
profit or loss
Including:
share of other
comprehensive
income of
investees that
may be
reclassified to
profit or loss
under the
equity method
Changes in
fair value of
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
Amount for the period
Less: amounts Less: amounts
previously previously
recognized in recognized in
Opening Amount for the other other After tax After tax Item Closing balance period before comprehensive comprehensive Less: income attributable to attributable to
income tax income and income and tax expense the parent non-controlling
balance
transferred to transferred to company interests
profit or loss in retained
the current earnings in the
period current period
other debt
investments
Amounts of
financial assets
reclassified
into other
comprehensive
income
Credit loss
allowance for
other debt
investments
Cash flow
hedging
reserve
Exchange
differences on
translation of
foreign 50996410.35 -51163734.64 -51071040.76 -92693.88 -74630.41
currency
financial
statements
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
Amount for the period
Less: amounts Less: amounts
previously previously
recognized in recognized in
Opening Amount for the other other After tax After tax Item balance period before comprehensive comprehensive Less: income attributable to attributable to
Closing
income tax income and income and tax expense the parent non-controlling
balance
transferred to transferred to company interests
profit or loss in retained
the current earnings in the
period current period
Total other
comprehensive 50996410.35 -51163734.64 -51071040.76 -92693.88 -74630.41
income
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
58. Special reserve
□ Applicable √ Not applicable
59. Surplus reserve
√ Applicable □ Not applicable
Unit: RMB
Item Opening balance Increase for the Decrease for the Closing balance
period period
Statutory surplus
reserve 1039768774.30 1039768774.30
Total 1039768774.30 1039768774.30
60. Retained earnings
√ Applicable □ Not applicable
Unit: RMB
Item Current period Prior year
Retained earnings at the end of the prior period
before adjustment 10396846764.46 8737431642.33
Total adjustment to opening retained earnings
(increase + decrease -)
Opening retained earnings after adjustment 10396846764.46 8737431642.33
Add: net profit for the period attributable to
owners of the parent company 1022548890.95 2779071103.34
Less: appropriation to statutory surplus reserve 217719315.18
Appropriation to discretionary surplus
reserve
Appropriation to general risk reserve
Dividends payable on ordinary shares 851539434.20 901936666.03
Ordinary share dividends converted into
share capital
Closing retained earnings 10567856221.21 10396846764.46
Details of the adjustments to opening retained earnings:
1. Retrospective adjustments arising from the Accounting Standards for Business Enterprises and related
new requirements affected opening retained earnings by RMB0.
2. Changes in accounting policies affected opening retained earnings by RMB0.
3. Corrections of material accounting errors affected opening retained earnings by RMB0.
4. Changes in the scope of consolidation arising from common control affected opening retained
earnings by RMB0.
5. Other adjustments in aggregate affected opening retained earnings by RMB0.
61. Revenue and cost of sales
(1) Revenue and cost of sales
√ Applicable □ Not applicable
Unit: RMB
Item Current period amount Prior period amount Revenue Cost Revenue Cost
Principal
operations 13261004946.87 10912342053.03 12176687861.57 10039069868.22
Other
operations 938240361.40 615626905.82 757939737.46 366700963.15
Total 14199245308.27 11527968958.85 12934627599.03 10405770831.37
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
(2) Disaggregation of revenue and cost of sales
√ Applicable □ Not applicable
Unit: RMB
Categories of contracts Total Revenue Cost of sales
Type of goods
Mechatronic
system 1108043925.47 926786257.63
Thermal
management system 1017643682.12 853964139.27
Robot actuator 14047726.94 10250358.50
Chassis system 4243193316.70 3493572248.83
Interior & exterior
system 4765622178.79 3957779868.09
Vibration control
system 2112454116.85 1669989180.71
Total 13261004946.87 10912342053.03
Other information
□ Applicable √ Not applicable
(3) Description of performance obligations
□ Applicable √ Not applicable
(4) Description of amounts allocated to remaining performance obligations
□ Applicable √ Not applicable
(5) Significant contract modifications or significant adjustments to the transaction price
□ Applicable √ Not applicable
62. Taxes and surcharges
√ Applicable □ Not applicable
Unit: RMB
Item Current period amount Prior period amount
City maintenance and construction tax 20680969.51 19829188.40
Education surcharge 9855533.56 9400492.01
Local education surcharge 6571051.60 6269124.48
Property tax 31634997.51 27729650.05
Land use tax 13272624.33 13069513.83
Vehicle and vessel use tax 8334.51 8574.51
Stamp duty 16829750.34 16028894.46
Environmental protection tax 39757.17 39364.52
Water conservancy fund 437063.38
Others 880131.10 262105.30
Total 100210213.01 92636907.56
63. Selling and distribution expenses
√ Applicable □ Not applicable
Unit: RMB
Item Current period amount Prior period amount
Service fees 35477958.04 50066412.60
Employee benefits 45840441.95 45169516.20
Business entertainment expenses 32101257.31 22587138.07
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
Travel expenses 3499275.73 3422479.38
Packaging expenses 558933.52 461906.74
Vehicle expenses 1262877.65 1210363.26
Exhibition expenses 217819.28 182729.88
Others 11940336.19 8513351.84
Total 130898899.67 131613897.97
64. General and administrative expenses
√ Applicable □ Not applicable
Unit: RMB
Item Current period amount Prior period amount
Employee benefits 236669533.73 195018427.48
Depreciation 61848386.87 53970707.43
Business entertainment expenses 4919400.34 3033971.47
Vehicle expenses 3864686.89 3802224.18
Travel expenses 14797958.79 9664621.42
Amortization of intangible assets 19290737.80 15858013.21
Office expenses 5272673.15 6215709.88
Insurance expenses 5380828.21 5001924.70
Professional fees 4157831.51 3567787.01
Utilities 9039404.05 4021045.09
Service fees 15680011.74 30280466.86
Rent 1993213.29 2319453.02
Employment security fund for persons with
disabilities 13515994.40 11761615.79
Others 28467806.57 33642490.05
Total 424898467.34 378158457.59
65. Research and development expenses
√ Applicable □ Not applicable
Unit: RMB
Item Current period amount Prior period amount
Materials consumed 235539767.87 213002582.56
Employee benefits 367151504.88 323342032.82
Depreciation and amortization 80106401.35 73790623.51
Transportation and warehousing expenses 12139279.61 7264770.91
Energy consumption expenses 30530961.17 37266305.27
Travel expenses 16079996.41 14244528.33
Trial production expenses 20987020.10 6117108.24
Others 28302504.91 30032724.66
Total 790837436.30 705060676.30
66. Finance costs
√ Applicable □ Not applicable
Unit: RMB
Item Current period amount Prior period amount
Interest expense 67986772.28 87530742.57
Interest income -15007027.71 -19925614.80
Exchange gains and losses 118467126.94 -81295692.23
Handling fees 3980826.57 4685296.96
Total 175427698.08 -9005267.50
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
67. Other income
√ Applicable □ Not applicable
Unit: RMB
By nature Current period amount Prior period amount
Government grants 142436646.82 146935800.65
Handling fee for withholding individual
income tax 1539232.71 1033074.91
Additional deduction of input value-added
tax 36611504.21 68931722.86
Value-added tax directly exempted for the
employment of key groups 1740677.24 4414850.75
Total 182328060.98 221315449.17
68. Investment income
√ Applicable □ Not applicable
Unit: RMB
Item Current period amount Prior period amount
Income from long-term equity investments
accounted for using the equity method 14713286.05 21235412.15
Investment income from disposal of long-term
equity investments
Investment income from financial assets held for
trading during the holding period
Dividend income from investments in other equity
instruments during the holding period
Interest income from debt investments during the
holding period
Interest income from other debt investments
during the holding period
Investment income from disposal of financial
assets held for trading
Investment income from disposal of investments in
other equity instruments
Investment income from disposal of debt
investments
Investment income from disposal of other debt
investments
Gains on debt restructuring
Investment income from wealth management
products 4585345.04 12712822.22
Total 19298631.09 33948234.37
69. Gains on net exposure hedges
□ Applicable √ Not applicable
70. Gains from changes in fair value
□ Applicable √ Not applicable
71. Credit impairment losses
√ Applicable □ Not applicable
Unit: RMB
Item Current period amount Prior period amount
Bad debt losses on notes receivable -313482.94 -692979.87
Bad debt losses on trade receivables -34089664.54 -5004577.50
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
Bad debt losses on other receivables 7693360.72 -900758.29
Impairment losses on debt investments
Impairment losses on other debt
investments
Bad debt losses on long-term
receivables
Impairment losses relating to financial
guarantees
Impairment losses on receivables
financing
Total -26709786.76 -6598315.66
72. Asset impairment losses
√ Applicable □ Not applicable
Unit: RMB
Item Current period amount Prior period amount
I. Impairment losses on contract assets
II. Losses from decline in value of inventories
and impairment losses on contract fulfilment 92976776.92 32245147.39
costs
III. Impairment losses on long-term equity
investments
IV. Impairment losses on investment properties
V. Impairment losses on fixed assets
VI. Impairment losses on construction materials
VII. Impairment losses on construction in
progress
VIII. Impairment losses on productive biological
assets
IX. Impairment losses on oil and gas assets
X. Impairment losses on intangible assets
XI. Impairment losses on goodwill
XII. Others
Total 92976776.92 32245147.39
73. Gains on disposal of assets
√ Applicable □ Not applicable
Unit: RMB
Item Current period amount Prior period amount
Gains on disposal of fixed assets 613296.67
Total 613296.67
Other information:
□ Applicable √ Not applicable
74. Non-operating income
√ Applicable □ Not applicable
Unit: RMB
Item Current period
Amount recognized in
amount Prior period amount non-recurring profit or loss for the period
Total gains on disposal of
non-current assets 138635.11 2877513.99 138635.11
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
Including: gains on disposal
of fixed assets 138635.11 2877513.99 138635.11
Gains on disposal of
intangible assets
Gains on debt restructuring
Gains on exchanges of non-
monetary assets
Donations received
Government grants
Compensation income 7284.05 1976827.31 7284.05
Business combination
Others 1628955.25 919763.46 1628955.25
Total 1774874.41 5774104.76 1774874.41
Other information:
□ Applicable √ Not applicable
75. Non-operating expenses
√ Applicable □ Not applicable
Unit: RMB
Item Current period
Amount recognized in
amount Prior period amount non-recurring profit or loss for the period
Total losses on disposal of
non-current assets 5537657.15 4226858.76 5537657.15
Including: losses on disposal
of fixed assets 5537657.15 4226858.76 5537657.15
Losses on disposal of
intangible assets
Losses on debt restructuring
Losses on exchanges of non-
monetary assets
Donations made 400000.00
Special fund for water
conservancy construction 394460.46 779592.40
Others 6271933.96 2933535.02 6271933.96
Total 12204051.57 8339986.18 11809591.11
76. Income tax expense
(1) Income tax expense
√ Applicable □ Not applicable
Unit: RMB
Item Current period amount Prior period amount
Current income tax expense 144769171.98 174284083.53
Deferred income tax expense 6534407.86 -12784377.87
Total 151303579.84 161499705.66
(2) Reconciliation of accounting profit to income tax expense
√ Applicable □ Not applicable
Unit: RMB
Item Current period amount
Total profit 1174547456.44
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
Income tax expense calculated at the statutory or
applicable tax rate 176182118.47
Effect of different tax rates applicable to subsidiaries 26853409.02
Effect of adjustments to income tax of prior periods 10695999.91
Effect of non-taxable income -2206992.91
Effect of non-deductible costs expenses and losses 2125618.79
Effect of utilizing deductible losses for which no deferred
tax asset was recognized in prior periods -7695211.02
Effect of deductible temporary differences or deductible
losses for which no deferred tax asset has been 63683162.14
recognized in the current period
Change in the opening balance of deferred tax assets and
liabilities arising from a change in tax rates 83879.44
Effect of the additional deduction for research and
development expenses -118418404.00
Income tax expense 151303579.84
Other information:
□ Applicable √ Not applicable
77. Other comprehensive income
√ Applicable □ Not applicable
See Note 7.57 Other comprehensive income
78. Items in the cash flow statement
(1) Cash relating to operating activities
Other cash received relating to operating activities
√ Applicable □ Not applicable
Unit: RMB
Item Current period amount Prior period amount
Temporary borrowings received 5248797.42 39400925.15
Interest income 15007027.71 19925614.80
Government grants 128941249.14 150929189.45
Compensation and penalty income 7284.05
Others 3238077.96 3420371.49
Total 152442436.28 213676100.89
Other cash paid relating to operating activities
√ Applicable □ Not applicable
Unit: RMB
Item Current period amount Prior period amount
Temporary borrowings repaid 19876444.62 13795662.95
Business entertainment expenses 37134117.93 25712241.12
Research and development
expenditure 343296511.20 319248774.67
Travel expenses 20685013.11 15233854.66
Insurance expenses 5352383.78 4940694.38
Office expenses 5477914.78 6600915.37
Vehicle expenses 5679049.65 5480365.83
Service fees 51157969.78 80338418.33
Professional fees 4157831.51 3567787.01
Packaging expenses 558933.52 461906.74
Utilities 14330630.18 8125597.50
Rent 7545140.01 2818616.91
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
Employment security fund for persons
with disabilities 11562057.25 11441541.51
Others 24209442.61 30143048.23
Total 551023439.93 527909425.21
(2) Cash relating to investing activities
Significant cash received relating to investing activities
□ Applicable √ Not applicable
Significant cash paid relating to investing activities
√ Applicable □ Not applicable
Unit: RMB
Item Current period amount Prior period amount
Acquisition and construction of
long-term assets 1354341274.83 1559639672.75
Purchase of wealth management
products 951000000.00 1200000000.00
Total 2305341274.83 2759639672.75
Other cash received relating to investing activities
□ Applicable √ Not applicable
Other cash paid relating to investing activities
□ Applicable √ Not applicable
(3) Cash relating to financing activities
Other cash received relating to financing activities
□ Applicable √ Not applicable
Other cash paid relating to financing activities
√ Applicable □ Not applicable
Unit: RMB
Item Current period amount Prior period amount
Cash paid for lease liabilities 85945684.34 49347533.02
Cash paid for financing expenses 13924574.60
Total 99870258.94 49347533.02
Movements in liabilities arising from financing activities
√ Applicable □ Not applicable
Unit: RMB
Increase for the period Decrease for the period
Item Opening balance Cash movements Non-cash movements Cash movements
Non-cash Closing balance
movements
Short-term
borrowings 2930929246.63 2940000000.00 32373252.61 1991990174.04 153503.90 3911158821.30
Other
payables -
dividends 851539434.20 851539434.20
payable
Long-term
borrowings
including
amounts due 1711758880.77 550000000.00 14859704.46 835116496.53 1441502088.70
within one
year
Lease
liabilities
(including
amounts due 558801362.80 64660549.75 85945684.34 537516228.21
within one
year)
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
Total 5201489490.20 3490000000.00 963432941.02 3764591789.11 153503.90 5890177138.21
(4) Notes on cash flows presented on a net basis
□ Applicable √ Not applicable
(5) Significant activities with no cash flow in the current period that affect financial position or
that may affect future cash flows and their financial effect
□ Applicable √ Not applicable
79. Supplementary information to the cash flow statement
(1) Supplementary information to the cash flow statement
√ Applicable □ Not applicable
Unit: RMB
Supplementary information Amount for the period Amount for the prior period
1. Reconciliation of net profit to cash flows from operating activities:
Net profit 1023243876.60 1295943360.47
Add: impairment provisions for assets 92976776.92 32245147.39
Credit impairment losses -26709786.76 -6598315.66
Depreciation of fixed assets depletion of oil and
gas assets and depreciation of productive 983829927.86 849946338.58
biological assets
Amortization of right-of-use assets 64957808.69 51879813.09
Amortization of intangible assets 29107359.09 24244130.68
Amortization of long-term prepaid expenses 83817756.79 63851535.49
Losses on disposal of fixed assets intangible
assets and other long-term assets (gains shown -613296.67
with a minus sign)
Losses on retirement of fixed assets (gains shown
with a minus sign) 5399022.04 1349344.77
Losses from changes in fair value (gains shown
with a minus sign)
Finance costs (income shown with a minus sign) 176647865.32 -3186107.90
Investment losses (gains shown with a minus
sign) -19298631.09 -33948234.37
Decrease in deferred tax assets (increases shown
with a minus sign) 8332505.24 -4859124.33
Increase in deferred tax liabilities (decreases
shown with a minus sign) -1798097.38 -7925253.54
Decrease in inventories (increases shown with a
minus sign) -191420704.59 43370710.89
Decrease in operating receivables (increases
shown with a minus sign) 2214513977.93 -1286059377.79
Increase in operating payables (decreases shown
with a minus sign) -1846929821.76 1436017280.48
Others
Net cash flows from operating activities 2596056538.23 2456271248.25
2. Significant investing and financing activities not involving cash receipts or payments:
Conversion of debt into capital
Convertible corporate bonds due within one year
Right-of-use assets obtained by assuming lease
liabilities 61790789.82
3. Net movement in cash and cash equivalents:
Closing balance of cash 5186327062.04 4544497089.44
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
Less: opening balance of cash 4701248084.25 3942266589.29
Add: closing balance of cash equivalents
Less: opening balance of cash equivalents
Net increase in cash and cash equivalents 485078977.79 602230500.15
(2) Net cash paid during the period to acquire subsidiaries
□ Applicable √ Not applicable
(3) Net cash received during the period from the disposal of subsidiaries
□ Applicable √ Not applicable
(4) Composition of cash and cash equivalents
√ Applicable □ Not applicable
Unit: RMB
Item Closing balance Opening balance
I. Cash 5186327062.04 4701248084.25
Including: cash on hand 13252.47 16314.90
Bank deposits available on demand for
payment 5186313809.57 4701231769.35
Other cash and bank balances available
on demand for payment
Deposits with the central bank available
for payment
Deposits with other banks
Placements with other banks
II. Cash equivalents
Including: bond investments maturing within
three months
III. Closing balance of cash and cash equivalents 5186327062.04 4701248084.25
Including: cash and cash equivalents restricted as
to use by the parent company or subsidiaries
within the Group
(5) Items restricted as to use but still presented as cash and cash equivalents
□ Applicable √ Not applicable
(6) Cash and bank balances that do not constitute cash and cash equivalents
√ Applicable □ Not applicable
Unit: RMB
Item Closing balance Opening balance Reason
Guarantee deposits for
bank acceptance bills 135016587.62 518557699.94 Restricted in use
Guarantee deposits for
letters of guarantee 4530250.00 Restricted in use
Guarantee deposits for
foreign exchange 216.79 223.73 Restricted in use
settlement
Total 139547054.41 518557923.67 /
Other information:
□ Applicable √ Not applicable
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
80. Notes to items in the statement of changes in owners' equity
Details of the "other" items adjusting the closing balance of the prior year including their names and the
amounts of the adjustments:
□ Applicable √ Not applicable
81. Foreign currency monetary items
(1) Foreign currency monetary items
√ Applicable □ Not applicable
Unit: RMB
Item Closing balance in Closing balance translated foreign currency Translation rate into Renminbi
Cash and bank balances - - 912871921.35
Including: USD 52956529.57 6.8109 360681627.25
EUR 22847426.60 7.7671 177458247.14
Hong Kong dollars 3214193.54 0.8686 2791687.80
Canadian Dollar 8901157.39 4.7847 42589367.76
Brazilian Real 8380875.89 1.3142 11014147.09
Malaysian
Ringgit 9166289.23 1.6734 15338868.40
Swedish Krona 1525776.12 0.7003 1068501.02
Polish Zloty 84746873.48 1.8121 153569809.43
Mexican Peso 380702246.50 0.3897 148359665.46
Trade receivables - - 1983995132.85
Including: USD 189222407.70 6.8109 1288774896.60
EUR 4611888.01 7.7671 35820995.36
Canadian Dollar 28328789.96 4.7847 135544761.32
Brazilian Real 17087853.35 1.3142 22456856.87
Polish Zloty 118641481.18 1.8121 214990228.05
Mexican Peso 734852339.88 0.3897 286371956.85
GBP 3931.20 9.0145 35437.80
Other receivables - - 53732645.87
Including: USD 2121848.59 6.8109 14451698.56
Canadian Dollar 287177.15 4.7847 1374056.51
Malaysian
Ringgit 1818649.80 1.6734 3043328.57
Swedish Krona 2577309.02 0.7003 1804889.51
Polish Zloty 7194200.00 1.8121 13036609.82
Mexican Peso 51378144.47 0.3897 20022062.90
Short-term borrowings 299102360.94
Including: Mexican
peso 767519530.25 0.3897 299102360.94
Trade payables - - 659684759.41
Including: USD 19115159.55 6.8109 130191440.18
EUR 1499762.90 7.7671 11648808.42
Canadian Dollar 10188213.02 4.7847 48747542.84
Brazilian Real 1720778.21 1.3142 2261446.72
Swedish Krona 905325.53 0.7003 633999.47
Polish Zloty 58817211.59 1.8121 106582669.12
Mexican Peso 919814206.03 0.3897 358451596.09
Malaysian
Ringgit 697535.90 1.6734 1167256.57
Other payables - - 798524.36
Including: USD 20160.00 6.8109 137307.74
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
Swedish Krona 774607.33 0.7003 542457.51
Mexican Peso 65949.83 0.3897 25700.65
Polish Zloty 51353.93 1.8121 93058.46
(2) Why the currency is not exchangeable and what that means financially; the spot rate used and
how it was estimated; and the risks this creates for the Company
□ Applicable √ Not applicable
(3) Notes on foreign operations. For significant foreign operations disclose the principal place of
business the functional currency and why it was chosen. If the functional currency has changed
explain why
√ Applicable □ Not applicable
The Company has 12 principal overseas subsidiaries. Tuopu North America operates in Canada and
uses the Canadian dollar as its functional currency; Tuopu North America (USA) operates in the United
States and uses the US dollar; Tuopu do Brasil operates in Brazil and uses the Brazilian real; Tuopu
Sweden operates in Sweden and uses the Swedish krona; Tuopu International operates in Hong Kong
and uses the Hong Kong dollar; Tuopu Malaysia operates in Malaysia and uses the Malaysian ringgit;
Tuopu USA operates in the United States and uses the US dollar; Tuopu Poland operates in Poland and
uses the Polish zloty; Tuopu Mexico operates in Mexico and uses the Mexican peso; Hong Kong
Holdings operates in Hong Kong and uses the Hong Kong dollar; Hong Kong Investment operates in
Hong Kong and uses the Hong Kong dollar; and Tuopu Thailand operates in Thailand and uses the Thai
baht.
(4) Circumstances in which the functional currency of a foreign operation is not exchangeable into
the presentation currency of the enterprise
□ Applicable √ Not applicable
82. Leases
(1) As lessee
√ Applicable □ Not applicable
Variable lease payments not included in the measurement of lease liabilities
□ Applicable √ Not applicable
Lease expenses for short-term leases and leases of low-value assets to which the practical expedient is
applied
√ Applicable □ Not applicable
The Company's accounting policy for short-term leases and leases of low-value assets is set out in Note
5.38 Leases. Amounts recognized in profit or loss
Expenses relating to short-term leases and leases of low-value assets were as follows:
Unit: RMB
Item Current period Corresponding period of last year
Short-term lease expenses 7545140.01 2818616.91
Expenses relating to leases of low-value
assets other than short-term leases
Total 7545140.01 2818616.91
Sale and leaseback transactions and the basis for that judgment
□ Applicable √ Not applicable
Total cash outflows relating to leases 93490824.35 (Unit: RMB)
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
(2) As lessor
Operating leases as lessor
√ Applicable □ Not applicable
Unit: RMB
Including: income relating to
Item Lease income variable lease payments not
included in the lease receipts
Operating lease income 99082.57
Total 99082.57
Finance leases as lessor
□ Applicable √ Not applicable
Reconciliation of undiscounted lease receipts to the net investment in the lease
□ Applicable √ Not applicable
Undiscounted lease receipts for the next five years
□ Applicable √ Not applicable
(3) Gains and losses on finance lease sales recognized as manufacturer or dealer
□ Applicable √ Not applicable
83. Data resources
□ Applicable √ Not applicable
84. Others
□ Applicable √ Not applicable
8.Research and development expenditure
1. By nature of expense
√ Applicable □ Not applicable
Unit: RMB
Item Current period amount Prior period amount
Materials consumed 235539767.87 213002582.56
Employee benefits 367151504.88 323342032.82
Depreciation and amortization 80106401.35 73790623.51
Transportation and warehousing expenses 12139279.61 7264770.91
Energy consumption expenses 30530961.17 37266305.27
Travel expenses 16079996.41 14244528.33
Trial production expenses 20987020.10 6117108.24
Others 28302504.91 30032724.66
Total 790837436.30 705060676.30
Including: research and development
expenditure expensed 790837436.30 705060676.30
Research and development
expenditure capitalized
2. Development expenditure on research and development projects meeting the capitalization
criteria
□ Applicable √ Not applicable
Significant capitalized research and development projects
□ Applicable √ Not applicable
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
Impairment provision for development expenditure
□ Applicable √ Not applicable
3. Significant in-process research projects acquired externally
□ Applicable √ Not applicable
9.Changes in the scope of consolidation
1. Business combinations not under common control
□ Applicable √ Not applicable
2. Business combinations under common control
□ Applicable √ Not applicable
3. Reverse acquisitions
□ Applicable √ Not applicable
4. Disposal of subsidiaries
Whether there were transactions or events during the period resulting in the loss of control over a
subsidiary
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
Whether the investment in a subsidiary was disposed of in stages through multiple transactions with
control being lost during the period
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
5. Changes in the scope of consolidation for other reasons
Details of changes in the scope of consolidation arising from other reasons (for example the
incorporation or liquidation of subsidiaries):
√ Applicable □ Not applicable
1. In the period from January to June 2026 the Company established Ningbo Towin Hangke Venture
Capital Partnership (Limited Partnership) Ningbo Tuopu Power Components Co. Ltd. and Guangzhou
Tuopu Automobile Parts Co. Ltd. and has included them in the scope of consolidation from their
respective dates of establishment.
2. In the period from January to June 2026 the Company deregistered Liuzhou Tuopu Photovoltaic
Technology Co. Ltd. which has been excluded from the scope of consolidation from the date of
deregistration.
6. Others
□ Applicable √ Not applicable
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
10.Interests in other entities
1. Interests in subsidiaries
(1) Composition of the Group
√ Applicable □ Not applicable
Unit: RMB
Principal Shareholding percentage
Name of subsidiary place of Registered capital Place of Nature of (%) Manner of acquisition
business registration business Direct Indirect
Tuopu Automobile
Electronics Ningbo RMB2.5 billion Ningbo Manufacturing 100.00 Incorporation
Tuopu Thermal
Management Ningbo RMB4.5 billion Ningbo Manufacturing 100.00 Incorporation
Tuopu Electromechanical Ningbo RMB200 million Ningbo Trading 100.00 Business combinations under common control
Tuopu Parts Ningbo RMB200 million Ningbo Trading 100.00 Business combinations under common control
Tuopu Acoustics Ningbo RMB200 million Ningbo Trading 100.00 Business combinations under common control
Business combination
Zhejiang Towin Jinhua RMB180 million Jinhua Manufacturing 100.00 not under common
control
Business combination
Suining Tuopu Suining RMB150 million Suining Manufacturing 100.00 not under common
control
Ushone Electronic Chassis Ningbo RMB50 million Ningbo Trading 100.00 Incorporation
Tuopu Chassis Ningbo RMB600 million Ningbo Manufacturing 100.00 Incorporation
Hunan Tuopu Xiangtan RMB800 million Xiangtan Manufacturing 100.00 Incorporation
Skateboard chassis Ningbo RMB4 billion Ningbo Manufacturing 100.00 Incorporation
Taizhou Tuopu Taizhou RMB100 million Taizhou Manufacturing 100.00 Incorporation
Shanghai Tuopu Yale Shanghai RMB50 million Shanghai Manufacturing 100.00 Incorporation
Pinghu Tuopu Jiaxing RMB208 million Jiaxing Manufacturing 100.00 Incorporation
Business combination
Tuopu North America Canada CAD10000 Canada Trading 51.00 not under common
control
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
Tuopu USA United United States USD5 million States Trading 100.00 Incorporation
Tuopu Poland Poland PLN10 million Poland Manufacturing 100.00 Incorporation
Xian Tuopu Xi'an RMB200 million Xi'an Manufacturing 100.00 Incorporation
Wuhan Tuopu Wuhan RMB150 million Wuhan Manufacturing 100.00 Incorporation
Sichuan Tuopu Linshui RMB20 million Linshui Manufacturing 100.00 Incorporation
Liuzhou Tuopu Liuzhou RMB100 million Liuzhou Manufacturing 100.00 Business combinations under common control
Huzhou Tuopu Huzhou RMB350 million Huzhou Manufacturing 100.00 Incorporation
Baoji Tuopu Baoji RMB50 million Baoji Manufacturing 100.00 Incorporation
Yantai Tuopu Yantai RMB62.8 million Yantai Manufacturing 100.00 Business combinations under common control
Business combination
Ningbo Qianhui Ningbo USD3.7551 million Ningbo Manufacturing 51.00 not under common
control
Shenyang Tuopu Shenyang RMB10 million Shenyang Manufacturing 100.00 Incorporation
Jinzhong Tuopu Jinzhong RMB8 million Jinzhong Manufacturing 100.00 Incorporation
Business combination
Chongqing Tuopu Chongqing RMB14.6422 million Chongqing Manufacturing 100.00 not under common
control
Business combination
Hangzhou Tuopu Hangzhou RMB3 million Hangzhou Manufacturing 100.00 not under common
control
Shanghai Towin Shanghai RMB121 million Shanghai Research and development 100.00 Incorporation
Shenzhen Towin Shenzhen RMB20 million Shenzhen Research and development 100.00 Incorporation
Ushone E-commerce Ningbo RMB100 million Ningbo Services 100.00 Incorporation
Ushone Ningbo RMB300 million Ningbo Manufacturing 100.00 Incorporation
Tuopu Investment Ningbo RMB200 million Ningbo Investment 100.00 Incorporation
Tuopu International Hong Kong RMB33 million Hong Kong Investment 100.00 Incorporation
Tuopu Industrial
Automation Ningbo RMB20 million Ningbo Manufacturing 100.00 Incorporation
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
Tuopu North America United United
(USA) States USD10 States Services 51.00 Incorporation
Tuopu Sweden Sweden SEK50000 Sweden Research and development 100.00 Incorporation
Tuopu do Brasil Brazil BRL80.8095 million Brazil Manufacturing 99.96 0.04 Incorporation
Tuopu Malaysia Malaysia MYR2.5 million Malaysia Manufacturing 100.00 Incorporation
Chongqing Chassis Chongqing RMB500 million Chongqing Manufacturing 100.00 Incorporation
Anhui Tuopu Huainan RMB600 million Huainan Manufacturing 100.00 Incorporation
Tuopu Mexico Mexico MXN245.5979 million Mexico Manufacturing 99.00 1.00 Incorporation
Tuopu Photovoltaic Power
(Ningbo Beilun) Ningbo RMB50 million Ningbo generation 100.00 Incorporation services
Tuopu Photovoltaic Power
(Ningbo Hangzhou Bay) Ningbo RMB100 million Ningbo generation 100.00 Incorporation services
Tuopu Photovoltaic Power
(Pinghu) Jiaxing RMB50 million Jiaxing generation 100.00 Incorporation services
Tuopu Photovoltaic Power
(Taizhou) Taizhou RMB20 million Taizhou generation 100.00 Incorporation services
Tuopu Photovoltaic Power
(Jinhua) Jinhua RMB10 million Jinhua generation 100.00 Incorporation services
Henan Tuopu Kaifeng RMB50 million Kaifeng Manufacturing 100.00 Incorporation
Jinan Tuopu Jinan RMB50 million Jinan Manufacturing 100.00 Incorporation
Tuopu Photovoltaic Power
(Ningbo Yinzhou) Ningbo RMB50 million Ningbo generation 100.00 Incorporation services
Tuopu Photovoltaic Power
(Xiangtan) Xiangtan RMB50 million Xiangtan generation 100.00 Incorporation services
Tuopu Photovoltaic Power
(Wuhan) Wuhan RMB30 million Wuhan generation 100.00 Incorporation services
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
Business combination
Ningbo Trim Ningbo RMB21 million Ningbo Trading 100.00 not under common
control
Business combination
Langfang Tuopu Langfang RMB20 million Langfang Manufacturing 100.00 not under common
control
Business combination
Shenyang Maigao Tuopu Shenyang RMB35 million Shenyang Manufacturing 100.00 not under common
control
Tuopu Drive Ningbo RMB200 million Ningbo Manufacturing 100.00 Incorporation
Business combination
Wuhu Tuopu Wuhu RMB200 million Wuhu Manufacturing 100.00 not under common
control
Lingyu Tactile Ningbo RMB48 million Ningbo Manufacturing 100.00 Incorporation
Hong Kong Holdings Hong Kong HKD500000 Hong Kong Investment 100.00 Incorporation
Hong Kong Investment Hong Kong HKD100000 Hong Kong Investment 100.00 Incorporation
Tuopu Thailand Thailand THB1.9 billion Thailand Manufacturing 100.00 Incorporation
Business combination
Jinhua Tuopu Jinhua RMB10 million Jinhua Manufacturing 100.00 not under common
control
Business combination
Fuzhou Tuopu Fuzhou RMB20 million Fuzhou Manufacturing 100.00 not under common
control
Business combination
Anqing Towin Anqing RMB10 million Anqing Manufacturing 100.00 not under common
control
Business combination
Yibin Tuopu Yibin RMB5 million Yibin Manufacturing 100.00 not under common
control
Inner Mongolia Tuopu Inner RMB3 million Inner
Business combination
Mongolia Mongolia Manufacturing 100.00 not under common control
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
Business combination
Anqing Tuopu Anqing RMB5 million Anqing Manufacturing 100.00 not under common
control
Business combination
Wuhu Towin Wuhu RMB10 million Wuhu Manufacturing 100.00 not under common
control
Lingyu Robotics Ningbo RMB50 million Ningbo Manufacturing 100.00 Incorporation
Tuopu Detroit United United States USD10000 States Manufacturing 100.00 Incorporation
Malaysia Technology Malaysia MYR1500 Malaysia Manufacturing 100.00 Incorporation
Towin Hangke Ningbo RMB30.01 million Ningbo Investment 99.99667 Incorporation
Tuopu Power Ningbo RMB100 million Ningbo Manufacturing 100.00 Incorporation
Guangzhou Tuopu Guangzhou RMB20 million Guangzhou Manufacturing 100.00 Incorporation
(2) Significant non-wholly-owned subsidiaries
√ Applicable □ Not applicable
Unit: RMB
Shareholding percentage of Profit or loss attributable to non- Dividends declared to non-Name of subsidiary non-controlling interests (%) controlling interests for the controlling interests during the
Closing balance of non-
period period controlling interests
Tuopu North America 49 567452.66 -799014.24
Notes where the shareholding percentage of non-controlling interests in a subsidiary differs from the proportion of voting rights:
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
(3) Key financial information on significant non-wholly-owned subsidiaries
√ Applicable □ Not applicable
Unit: RMB
Name of Closing balance Opening balance
subsidiary Current assets Non-current assets Total assets
Current Non-current Total
liabilities liabilities liabilities Current assets
Non-current Current Non-current Total
assets Total assets liabilities liabilities liabilities
Tuopu North
America 40560323.42 6556578.11 47116901.53 48747542.84 48747542.84 40043018.64 7070579.04 47113597.68 49713134.44 49713134.44
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
Current period amount Prior period amount
Name of subsidiary Total Total
Revenue Net profit comprehensive Cash flows from Revenue Net profit comprehensive Cash flows from
operating activities operating activities
income income
Tuopu North America 409800452.02 1158066.66 968895.45 -20501073.34 535761849.05 3271838.94 3384358.88 -6111877.62
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
(4) Significant restrictions on the use of the Group's assets and the settlement of the Group's
liabilities:
□ Applicable √ Not applicable
(5) Financial or other support provided to structured entities included in the scope of consolidation:
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
2. Transactions in which the interest in a subsidiary's owners' equity changed but control was
retained
□ Applicable √ Not applicable
3. Interests in joint ventures and associates
√ Applicable □ Not applicable
(1) Significant joint ventures and associates
√ Applicable □ Not applicable
Unit: RMB
Name of Shareholding Accounting
the joint Principal Place of Nature of percentage (%) treatment of
venture or place of investments in
associate business
registration business Direct Indirect joint ventures
and associates
Ningbo
Tuopu
Electric Ningbo Ningbo Manufacturing 50.00 Equity method
Co. Ltd.Shanghai
Aiweilan
New
Energy Shanghai Shanghai Manufacturing 20.00 Equity method
Technology
Co. Ltd.Notes where the shareholding percentage in a joint venture or associate differs from the proportion of
voting rights:
None
Basis for having significant influence while holding less than 20% of the voting rights and for not
having significant influence while holding 20% or more of the voting rights:
None
(2) Key financial information on significant joint ventures
√ Applicable □ Not applicable
Unit: RMB
Closing balance / current period Opening balance / prior period
amount amount
Tuopu Electric Tuopu Electric
Current assets 267576772.65 275912206.44
Including: cash and cash
equivalents 34556613.57 22684368.08
Non-current assets 49165356.93 50145661.50
Total assets 316742129.58 326057867.94
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
Current liabilities 76643632.12 115046326.34
Non-current liabilities 307544.65
Total liabilities 76643632.12 115353870.99
Non-controlling interests
Equity attributable to
shareholders of the parent 240098497.46 210703996.95
company
Share of net assets calculated
by shareholding percentage 120049248.73 105351998.48
Adjustments -81533.16 -97568.96
-- Goodwill
-- Unrealized profits on intra-
group transactions -81533.16 -97568.96
-- Others
Carrying amount of the equity
investments in joint ventures 119967715.57 105254429.52
Fair value of equity
investments in joint ventures
for which a quoted market
price is available
Revenue 184821291.31 215441216.05
Finance costs 94890.22 567837.81
Income tax expense 3953348.36 6051624.14
Net profit 29394500.51 42220595.14
Net profit from discontinued
operations
Other comprehensive income
Total comprehensive income 29394500.51 42220595.14
Dividends received from joint
ventures during the year 35000000.00
(3) Key financial information on significant associates
√ Applicable □ Not applicable
Unit: RMB
Closing balance / current period Opening balance / prior period
amount amount Shanghai Shanghai
Aiweilan Aiweilan
Current assets 389089659.09
Non-current assets 169125457.42
Total assets 558215116.51
Current liabilities 486035899.53
Non-current liabilities 20010588.29
Total liabilities 506046487.82
Non-controlling interests
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
Equity attributable to
shareholders of the parent 52168628.69
company
Share of net assets calculated
by shareholding percentage 10433725.74
Adjustments 129566274.26
-- Goodwill 129566274.26
-- Unrealized profits on intra-
group transactions
-- Others
Carrying amount of the equity
investments in associates 140000000.00
Fair value of equity
investments in associates for
which a quoted market price is
available
Revenue
Net profit
Net profit from discontinued
operations
Other comprehensive income
Total comprehensive income
Dividends received from
associates during the year
Other information
During the Reporting Period the Company acquired a 20% equity interest in Shanghai Aiweilan
New Energy Technology Co. Ltd. ("Shanghai Aiweilan") by way of a cash capital increase. Under
Shanghai Aiweilan's articles of association the Company is able to exercise significant influence over it
and it has therefore been treated as an associate and accounted for using the equity method. As the
investment was completed on 25 June 2026 only a short interval before the balance sheet date and
Shanghai Aiweilan recorded no significant movement in profit or loss during that interval the Company
recognized nil investment income for the Reporting Period and has carried the long-term equity
investment at cost.
(4) Aggregate financial information on individually immaterial joint ventures and associates
□ Applicable √ Not applicable
(5) Notes on significant restrictions on the ability of joint ventures or associates to transfer funds to
the Company
□ Applicable √ Not applicable
(6) Excess losses incurred by joint ventures or associates
□ Applicable √ Not applicable
(7) Unrecognized commitments relating to investments in joint ventures
□ Applicable √ Not applicable
(8) Contingent liabilities relating to investments in joint ventures or associates
□ Applicable √ Not applicable
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
4. Significant joint operations
□ Applicable √ Not applicable
5. Interests in structured entities not included in the scope of consolidation
Notes on structured entities not included in the scope of consolidation:
□ Applicable √ Not applicable
6. Others
□ Applicable √ Not applicable
11.Government grants
1. Government grants recognized as receivables at the end of the Reporting Period
□ Applicable √ Not applicable
Reasons why the expected amount of government grants was not received at the expected time
□ Applicable √ Not applicable
2. Liability items relating to government grants
√ Applicable □ Not applicable
Unit: RMB
Amount
recognize Amount Asset-
Financial Grants Opening received d in non- transferred to
Other
statemen operating other income movement Closing
related
t item balance during the income during the s during balance
or
period incomeduring the period the period -related
period
Deferred 422912904.2 10985000.0 24480397.6 409417506.5 Asset-income 3 0 8 5 related
Total 422912904.2 10985000.0 24480397.6 409417506.5 / 3 0 8 5
3. Government grants recognized in profit or loss for the period
√ Applicable □ Not applicable
Unit: RMB
Type Current period amount Prior period amount
Asset-related 24480397.68 24218590.48
Income-related 117956249.14 122717210.17
Total 142436646.82 146935800.65
12.Risks arising from financial instruments
1. Risks arising from financial instruments
√ Applicable □ Not applicable
In the course of operations the Company is exposed to a range of financial risks: credit risk
liquidity risk and market risk the last of which includes foreign exchange risk interest rate risk and
other price risk. Those risks and the risk management policies the Company applies to reduce them are
set out below:
The Board is responsible for planning and establishing the Company's risk management framework
setting risk management policies and guidelines and overseeing how risk management measures are
implemented. The Company has adopted risk management policies to identify and analyze the risks it
faces. These policies address specific risks and cover market risk credit risk and liquidity risk
management among others. The Company regularly assesses changes in market conditions and in the
Company's own activities to decide whether the risk management policies and systems need updating.Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
Risk management is carried out by the risk management committee in accordance with policies
approved by the Board. The committee works closely with the Company's other business units to
identify evaluate and mitigate the relevant risks. The Company's internal audit department reviews risk
management controls and procedures on a regular basis and reports the findings to the audit committee.The Company diversifies the risk of financial instruments through an appropriate mix of
investments and businesses and applies risk management policies designed to reduce concentrations of
risk in any single industry region or counterparty.
1. Credit risk
Credit risk is the risk that a counterparty will fail to perform its contractual obligations and cause
the Company to incur a financial loss.The Company's credit risk arises principally from cash and bank balances notes receivable trade
receivables receivables financing and other receivables together with investments in debt instruments
and derivative financial assets measured at fair value through profit or loss that are outside the scope of
the impairment requirements. At the balance sheet date the carrying amount of the Company's financial
assets represents the maximum exposure to credit risk.The Company's cash and bank balances are held mainly as deposits with reputable highly rated
state-owned banks and other large and medium-sized listed banks. The Company considers that these
carry no significant credit risk and are most unlikely to give rise to any material loss through bank
default.In addition the Company has policies in place to control credit risk exposure on notes receivable
trade receivables receivables financing and other receivables. It assesses each customer's
creditworthiness and sets an appropriate credit period by reference to the customer's financial position
the likelihood of obtaining third-party security its credit history and other factors such as current
market conditions. The Company monitors customers' credit records regularly. Where a customer has a
poor credit record the Company issues written demands for payment shortens the credit period or
withdraws credit terms so as to keep overall credit risk within manageable limits.
2. Liquidity risk
Liquidity risk is the risk that an entity will encounter a shortage of funds in meeting obligations that
are settled by delivering cash or another financial asset.The Company's policy is to ensure that it holds sufficient cash to repay debt as it falls due.Liquidity risk is managed centrally by the finance department which monitors cash balances readily
realizable securities and a rolling forecast of cash flows for the next 12 months in order to ensure that the
Company has sufficient funds to repay debt under all reasonably foreseeable circumstances. The finance
department also monitors the Company's compliance with the terms of the borrowing agreements on an
ongoing basis and obtains commitments from major financial institutions to provide adequate standby
facilities to meet the Company's short-term and long-term funding needs.
3. Market risk
Market risk on financial instruments is the risk that their fair value or future cash flows will
fluctuate because of changes in market prices and comprises foreign exchange risk interest rate risk and
other price risk.
(1) Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will
fluctuate because of changes in market interest rates.Fixed-rate and floating-rate interest-bearing financial instruments expose the Company to fair value
interest rate risk and cash flow interest rate risk respectively. The Company decides the proportion of
fixed-rate to floating-rate instruments by reference to market conditions and maintains an appropriate
mix through regular review and monitoring. Where necessary the Company uses interest rate swaps to
hedge interest rate risk.At 30 June 2026 with all other variables held constant a rise or fall of 100 basis points in the
interest rate on floating-rate borrowings would decrease or increase the Company's total profit by
RMB30605000.00. Management considers 100 basis points to be a reasonable reflection of the range
within which interest rates may move over the coming year.
(2) Foreign exchange risk
Foreign exchange risk is the risk that the fair value or future cash flows of a financial instrument
will fluctuate because of changes in foreign exchange rates.The Company monitors the level of foreign currency transactions and of foreign currency assets
and liabilities on an ongoing basis in order to minimize exposure to foreign exchange risk. It may also
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
enter into forward foreign exchange contracts or currency swaps to hedge that risk. The Company did
not enter into any forward foreign exchange contracts or currency swaps in the current period or the
prior period.The Company's exposure to foreign exchange risk arises principally from financial assets and
financial liabilities denominated in US dollars. Foreign currency financial assets and financial liabilities
translated into Renminbi are set out below:
Closing balance Closing balance of the prior year
Item
USD Other foreign currencies Total USD
Other foreign
currencies Total
Cash and
bank 360681627.25 552190294.11 912871921.36 435349171.55 569020563.08 1004369734.63
balances
Trade
receivables 1288774896.60 695220236.25 1983995132.85 1238827154.41 568534620.81 1807361775.22
Other
receivables 14451698.56 39280947.31 53732645.87 14383012.28 17969827.33 32352839.61
Short-term
borrowings 299102360.94 299102360.94 299255864.84 299255864.84
Trade
payables 130191440.18 529493319.23 659684759.41 171633347.44 265822270.62 437455618.06
Other
payables 137307.74 661216.62 798524.36 113447.15 592476.16 705923.31
Total 1794236970.33 2115948374.46 3910185344.79 1860306132.83 1721195622.84 3581501755.67
At 30 June 2026 with all other variables held constant a 5% appreciation or depreciation of
Renminbi against the foreign currencies to which the Company is exposed principally the US dollar
euro Canadian dollar Hong Kong dollar Brazilian real Malaysian ringgit Swedish krona Polish zloty
and Thai baht would decrease or increase total profit by RMB99550702.77 (31 December 2025:
RMB105333347.16). Management considers 5% to be a reasonable reflection of the range within
which Renminbi may move against those currencies over the coming year.
(3) Other price risk
Other price risk is the risk that the fair value or future cash flows of a financial instrument will
fluctuate because of changes in market prices other than those arising from foreign exchange risk or
interest rate risk.The Company's exposure to other price risk arises principally from investments in equity
instruments which are subject to the risk of changes in the prices of those instruments.
2. Hedging
(1) The Company undertakes hedging activities for risk management purposes
□ Applicable √ Not applicable
Other information
□ Applicable √ Not applicable
(2) The Company undertakes qualifying hedging activities and applies hedge accounting
□ Applicable √ Not applicable
Other information
□ Applicable √ Not applicable
(3) The company undertakes hedging activities for risk management purposes and expects to
achieve the risk management objectives but does not apply hedge accounting
□ Applicable √ Not applicable
Other information
□ Applicable √ Not applicable
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
3. Transfers of financial assets
(1) By manner of transfer
√ Applicable □ Not applicable
Unit: RMB
Nature of the
Manner of financial Amount of the financial assets Derecognition Basis for the derecognition transfer assets transferred status assessment transferred
Bank acceptance bills within
receivables financing carry
Unmatured very little credit risk or risk of
bank delayed payment and the
Endorsed or acceptance interest rate risk attaching to
discounted bills within 3086944553.48 Derecognized them has been transferred to
receivables the bank. Substantially all the
financing risks and rewards of ownership are therefore regarded as
having been transferred and
the bills are derecognized.The principal risks attaching to
receivable instruments are
credit risk and the risk of
delayed payment. Under the
applicable requirements
where the endorsement
Endorsement Receivable 26580050.23 Not transfer agreement does not instruments derecognized expressly provide that the
transfer is without recourse
the principal risks of
ownership of such instruments
have not been transferred and
they are therefore not
derecognized.Total / 3113524603.71 / /
(2) Financial assets derecognized as a result of the transfer
√ Applicable □ Not applicable
Unit: RMB
Item Manner of transfer of
Amount of the
the financial assets financial assets
Gains or losses relating
derecognized to the derecognition
Trade receivables Endorsement
financing 3086944553.48
Total / 3086944553.48
(3) Transferred financial assets in which the Company has continuing involvement
□ Applicable √ Not applicable
Other information
□ Applicable √ Not applicable
13.Fair value disclosures
1. Closing fair value of assets and liabilities measured at fair value
□ Applicable □ Not applicable
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
Unit: RMB
Closing fair value
Item Level 1 fair Level 2 fair value value Level 3 fair value Total
measurement measurement measurement
I. Recurring fair value
measurements
(I) Financial assets held for trading 430000000.00 430000000.00
1. Financial assets at fair value
through profit or loss 430000000.00 430000000.00
(1) Investments in debt instruments
(2) Investments in equity instruments
(3) Derivative financial assets
(4) Short-term wealth management
products 430000000.00 430000000.00
2. Financial assets designated at fair
value through profit or loss
(1) Investments in debt instruments
(2) Investments in equity instruments
(II) Other debt investments
(III) Investments in other equity
instruments
(IV) Investment properties
1. Land use rights held for leasing
2. Buildings leased out
3. Land use rights held for capital
appreciation and subsequent transfer
(V) Biological assets
1. Consumable biological assets
2. Productive biological assets
(VI) Receivables financing 3356382393.06 3356382393.06
(VII) Other non-current financial
assets 130000000.00 130000000.00
Total assets measured at fair value
on a recurring basis 3916382393.06 3916382393.06
(VIII) Financial liabilities held for
trading
1. Financial liabilities at fair value
through profit or loss
Including: trading bonds issued
Derivative financial liabilities
Others
2. Financial liabilities designated at
fair value through profit or loss
Total liabilities measured at fair
value on a recurring basis
II. Non-recurring fair value
measurements
(I) Assets held for sale
Total assets measured at fair value
on a non-recurring basis
Total liabilities measured at fair
value on a non-recurring basis
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
2. Basis for determining market prices for recurring and non-recurring Level 1 fair value
measurements
□ Applicable √ Not applicable
3. Valuation techniques used and qualitative and quantitative information on significant inputs
for recurring and non-recurring Level 2 fair value measurements
□ Applicable √ Not applicable
4. Valuation techniques used and qualitative and quantitative information on significant inputs
for recurring and non-recurring Level 3 fair value measurements
√ Applicable □ Not applicable
1. For bank wealth management products included in financial assets held for trading the Company
forecasts future cash flows using the expected rate of return which is the unobservable input and
determines fair value at the period end as the amount it is highly probable will be recovered.
2. For receivables financing given that the face value of the acceptance bills differs little from their
fair value the Company has determined their fair value at the period end as face value.
3. For equity investments included in other non-current financial assets given that the investments
were made close to the period end and no significant change occurred in the investees thereafter the
Company has determined their fair value at the period end as cost.
5. Reconciliation between opening and closing carrying amounts for recurring Level 3 fair value
measurements and sensitivity analysis of the unobservable inputs
□ Applicable √ Not applicable
6. For recurring fair value measurements the reasons for any transfers between levels during the
period and the policy for determining the timing of transfers
□ Applicable √ Not applicable
7. Changes in valuation techniques during the period and the reasons for those changes
□ Applicable √ Not applicable
8. Fair values of financial assets and financial liabilities not measured at fair value
√ Applicable □ Not applicable
The Company's financial assets and financial liabilities measured at amortized cost comprise
principally cash and bank balances notes receivable trade receivables other receivables short-term
borrowings notes payable trade payables other payables non-current liabilities due within one year
long-term borrowings and bonds payable.The carrying amounts of the Company's financial assets and financial liabilities not measured at fair
value differ little from their fair values and no further disclosure is therefore given.
9. Others
□ Applicable √ Not applicable
14.Related parties and related party transactions
1. Information on the parent company
√ Applicable □ Not applicable
Unit: HKD
Shareholding Proportion of
Name of the parent Place of Nature of Registered percentage of voting rights of
company registration business capital the parent the parent
company in company in the Company (%)
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
the Company
(%)
MECCA
INTERNATIONAL Hong
HOLDING (HK) Kong Investment 1000000.00 57.88 57.88
LIMITED
The ultimate controlling party of the Company is Wu Jianshu
2. Information on the subsidiaries of the Company
For details of the subsidiaries of the Company see the notes
√ Applicable □ Not applicable
Details of the Company's subsidiaries are set out in Note 10 Interests in other entities.
3. Information on the joint ventures and associates of the Company
For details of the significant joint ventures and associates of the Company see the notes
√ Applicable □ Not applicable
Details of the Company's significant joint ventures and associates are set out in Note 10 Interests in
other entities.Other joint ventures and associates that entered into related party transactions with the Company during
the period or with which balances arose from related party transactions in prior periods are as follows
□ Applicable √ Not applicable
4. Information on other related parties
√ Applicable □ Not applicable
Name of the other related party Relationship of the other related party with the
Company
Ninghai Jinxin Packaging Co. Ltd. A company controlled by the sister of the Company's de
facto controller
Ninghai Zhonghao Plastic Products Co. A company in which the brother-in-law of a member of
Ltd. the Company's senior management holds a 40% interest
and serves as executive director
Ninghai Xidian Qingqing Plastics Factory A company controlled by the sister and brother-in-law
of a member of the Company's senior management
Ningbo Gaoyue Intelligent Technology Other companies controlled by the de facto controller of
Co. Ltd. the Company
Ningbo Gaoyue Motor Technology Co. Other companies controlled by the de facto controller of
Ltd. the Company
Gaoyue Electric (Ningbo) Co. Ltd. Other companies controlled by the de facto controller of
the Company
Ningbo Gaoyue New Energy Technology Other companies controlled by the de facto controller of
Co. Ltd. (Note) the Company
Note: the day-to-day related party transactions between the Company and Ningbo Gaoyue New Energy
Technology Co. Ltd. include those with its wholly-owned subsidiaries Linshui Gaoyue Photovoltaic
Technology Co. Ltd. Suining Gaoyue Photovoltaic Technology Co. Ltd. Chongqing Gaoyue
Photovoltaic Technology Co. Ltd. Huainan Gaoyue Photovoltaic Technology Co. Ltd. Liuzhou
Gaoyue Photovoltaic Technology Co. Ltd. Huzhou Gaoyue Photovoltaic Technology Co. Ltd. and
Xi'an Gaoyue Photovoltaic Technology Co. Ltd.
5. Related party transactions
(1) Related party transactions involving the purchase and sale of goods and the rendering and
receiving of services
Purchases of goods and services received
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
√ Applicable □ Not applicable
Unit: RMB
Whether the
Nature of the Current Approved transaction
Related party related party period transaction limit was Prior period
transaction amount limit (if exceeded (if amount applicable) applicable)
Ninghai
Jinxin
Packaging Materials 6574683.73 18000000.00 No 7096697.41
Co. Ltd.Ninghai
Zhonghao
Plastic Materials 11435224.35 25000000.00 No 11462743.07
Products Co.Ltd.Ninghai
Xidian
Qingqing Materials 3119885.07 4500000.00 No 3083334.61
Plastics
Factory
Ningbo
Gaoyue
Intelligent Equipment 50683949.72 130000000.00 No 51886214.18
Technology
Co. Ltd.Ningbo
Gaoyue Materials
Motor services and 23866974.66 100000000.00 No 42777560.75
Technology others
Co. Ltd.Gaoyue
Electric
(Ningbo) Co. Utilities 2606022.09 5200000.00 No
Ltd.Ningbo
Gaoyue New Materials
Energy services and 19985327.11 43700000.00 No 10619857.30
Technology others
Co. Ltd.Ningbo
Tuopu
Electric Co. Materials 3096785.79 14000000.00 No 277974.00
Ltd.Sales of goods and services rendered
√ Applicable □ Not applicable
Unit: RMB
Related party Nature of the related party transaction Current period amount Prior period amount
Ningbo Tuopu Electric Co.Ltd. Goods and services 1695372.42 1733446.21
Ningbo Gaoyue Motor
Technology Co. Ltd. Utilities 928935.48 1306315.06
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
Notes on related party transactions involving the purchase and sale of goods and the rendering and
receiving of services
□ Applicable √ Not applicable
(2) Related party custody or contracting arrangements whether as entrusted party or entrusting
party
Custody or contracting arrangements where the Company acts as the entrusted party or contractor:
□ Applicable √ Not applicable
Notes on related party custody and contracting arrangements
□ Applicable √ Not applicable
Arrangements where the Company acts as the entrusting party or awards the contract:
□ Applicable √ Not applicable
Notes on related party management and contracting arrangements
□ Applicable √ Not applicable
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
(3) Related party leases
The Company as lessor:
√ Applicable □ Not applicable
Unit: RMB
Name of the lessee Type of leased assets Lease income recognized during the period Lease income recognized in the prior period
Ningbo Gaoyue Motor
Technology Co. Ltd. Buildings and structures 99082.57 99082.57
Ningbo Gaoyue Intelligent
Technology Co. Ltd. Buildings and structures 154364.35
The Company as lessee:
√ Applicable □ Not applicable
Unit: RMB
Current period amount Prior period amount
Rental Rental
expenses expenses
for short-
term Variable
for short-
term Variable
leases and lease payments leases and
lease
Name of Type of leases of not included Interest Additions leases of
payments
not included Interest Additions
lessor leased low-value in the Rentals paid expense to right- low-value expense to right-assets assets to on lease of-use assets to in the Rentals paid on lease of-use
which the measurement liabilities assets which the measurement liabilities assets
practical of lease practical of lease
expedient liabilities (if expedient liabilities (if
is applied applicable) is applied applicable)
(if (if
applicable) applicable)
Gaoyue
Electric Buildings
(Ningbo) and 3727233.03 64758.90 1564744.96 63633.72
Co. Ltd. structures
Notes on related party leases
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
□ Applicable √ Not applicable
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
(4) Related party guarantees
The Company as guarantor
√ Applicable □ Not applicable
Unit: RMB'0000
Guarantee
Party guaranteed Guarantee amount commencement Guarantee expiry
Whether the guarantee
date has been fully date performed
Tuopu Poland 5436.97 See note (1) See note (1) No
Tuopu Mexico 9535.26 1 November 2023 31 October 2030 No
Tuopu Mexico 26027.04 15 November 2023 14 January 2034 No
Tuopu Mexico 3802.04 6 February 2024 15 July 2029 No
Tuopu Parts 10000.00 1 June 2025 1 June 2035 No
Tuopu Mexico 1632.01 22 January 2026 21 January 2031 No
The Company as the party guaranteed
□ Applicable √ Not applicable
Notes on related party guarantees
√ Applicable □ Not applicable
（1）To support the European business the Company's wholly-owned subsidiary Tuopu Poland
Sp. z o.o. ("Tuopu Poland") proposes to lease an industrial facility comprising office space production
areas and warehousing to be purpose-built for it by 7R Projekt 35 Sp. z o.o. (the "7R project company").In line with commercial practice and practical requirements the Company has provided a performance
guarantee in respect of that lease and has authorized the chairman or his authorized representative to sign
the letter of guarantee. Total liability under the guarantee is capped at EUR7 million and it runs for the
whole term of the lease and for five months after the lease expires or is terminated but in any event no
later than 1 August 2029.
（2）To expand the North American business the Company's subsidiary Tuopu Mexico leased an
industrial plant in Nuevo León Mexico (the phase I plant) jointly owned by five individuals David
Wolberg Peia Armando Arturo González Gutiérrez Arturo González Gutiérrez Alberto González
Gutiérrez and Adrián González Gutiérrez (together the "lessors") and has signed a lease agreement with
Irma Garza Ita the legal representative of those five joint owners. The agreement provides for rent to be
paid monthly from 1 November 2023 for 84 months ending on 31 October 2030. In line with
commercial practice and practical requirements the Company has guaranteed the rent payable under that
lease and has authorized the chairman or his authorized representative to sign the letter of guarantee.Total liability under the guarantee is capped at USD14 million and the guarantee runs for the whole
term of the lease.
（3）To continue expanding the North American business the Company's subsidiary Tuopu
Mexico leased an industrial plant in Nuevo León Mexico from the lessors Banco Actinver S.A.Institución de Banca Múltiple Grupo Financiero Actinver and Terrafina for use as the phase II plant of
the Tuopu Mexico facility (the "phase II plant") for the manufacture of automotive parts and entered
into a lease agreement with them for a term from 15 November 2023 to 14 January 2034. In line with
commercial practice and practical requirements the Company's wholly-owned subsidiary Tuopu USA
LLC has guaranteed the rent and related taxes and charges payable under that lease with total liability
capped at USD35 million the guarantee running for the whole term of the lease. The Board also agreed
that the Company would deliver to the lessors a standby letter of credit issued by a commercial bank as
security for the phase II plant lease in the amount of USD3213810.48. The guarantees above total
USD38213810.48.
（4）To continue expanding the North American business the Company's subsidiary Tuopu
Mexico leased an industrial plant in Nuevo León Mexico from the lessor Banco Monex S.A. I.B.M.Monex Grupo Financiero acting as trustee of the trust identified as F/3485 for use as the trim plant of
the Tuopu Mexico facility (the "trim plant" or "phase III plant") for the manufacture of automotive parts
and entered into a lease agreement with it on 6 February 2024 for a term of five years. In line with
commercial practice and practical requirements the Board agreed that the Company would guarantee the
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
rent payable under that lease by way of standby letters of credit. The two standby letters of credit total
USD5582293.20 equivalent to 24 months' rent excluding tax.
（5）In line with commercial practice and practical circumstances the Company agreed to issue a
letter of guarantee covering all liabilities arising between the Company's wholly-owned subsidiary
Ningbo Tuopu Automobile Parts Co. Ltd. ("Tuopu Parts") and an integrator in the course of business
conducted from 1 June 2025 to 1 June 2035. The integrator is a customer of Tuopu Parts and Tuopu
Parts may incur payment obligations in supplying it such as liquidated damages for late delivery or
compensation for product quality issues. The guarantee covers the principal debt interest liquidated
damages compensation for loss and the costs of enforcing remedies. The maximum amount guaranteed
is RMB100 million. The guarantee period is six years running from the date on which the performance
period of each guaranteed obligation expires.
（6）To continue expanding the North American business the Company's subsidiary Tuopu
Mexico leased an industrial plant in the Avante Industrial Park Apodaca Nuevo León Mexico from the
lessor Banco Actinver S.A. I.B.M. Grupo Financiero Actinver División Fiduciaria (as trustee of trust
no. F/6271) for the manufacture of automotive parts and entered into a lease agreement with it for a
term from 22 January 2026 to 21 January 2031. In line with commercial practice and practical
requirements Tuopu Mexico paid the lessor a deposit of USD599041.80 equivalent to six months' rent.Tuopu Mexico also delivered to the lessor an irrevocable letter of credit issued by a commercial bank as
security for the lease of the plant in the amount of USD2396167.20 equivalent to the first year's rent
for the plant including related taxes. The guarantees above total USD2396167.20.
(5) Lending and borrowing between related parties
□ Applicable √ Not applicable
(6) Transfers of assets and debt restructurings between related parties
□ Applicable √ Not applicable
(7) Key management personnel remuneration
√ Applicable □ Not applicable
Unit: RMB'0000
Item Current period amount Prior period amount
Key management personnel 414.89 443.38
remuneration
(8) Other related party transactions
□ Applicable √ Not applicable
6. Unsettled balances receivable from and payable to related parties
(1) Receivables
√ Applicable □ Not applicable
Unit: RMB
Closing balance Opening balance
Project name Related party Gross carrying Provision for Gross carrying Provision for bad
amount bad debts amount debts
Trade Ningbo Tuopu
receivables Electric Co. 1199918.01 59995.90 1912607.38 95630.37 Ltd.Ningbo
Trade Gaoyue
receivables Intelligent 161523.96 8076.20 Technology
Co. Ltd.Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
Closing balance Opening balance
Project name Related party Gross carrying Provision for Gross carrying Provision for bad
amount bad debts amount debts
Ningbo
Trade Gaoyue Motor
receivables Technology 169558.54 8477.93 489057.77 24452.89
Co. Ltd.Ningbo
Other non- Gaoyue
current assets Intelligent 130000.00 711900.00 Technology
Co. Ltd.
(2) Payables
√ Applicable □ Not applicable
Unit: RMB
Project name Related party Closing gross carrying Opening gross carrying
amount amount
Trade payables Ningbo Tuopu Electric Co. Ltd. 2555152.40 5043675.69
Trade payables Ninghai Jinxin Packaging Co. Ltd. 5631884.37 6181785.13
Trade payables Ninghai Zhonghao Plastic Products Co. Ltd. 12923992.52 8727040.73
Trade payables Ninghai Xidian Qingqing Plastics Factory 5112986.93 3728985.25
Trade payables Ningbo Gaoyue Intelligent Technology Co. Ltd. 7461200.76 27494592.47
Trade payables Ningbo Gaoyue Motor Technology Co. Ltd. 11074669.26 10508396.05
Trade payables Ningbo Gaoyue New Energy Technology Co. Ltd. 2990417.76 2423277.04
Chongqing Gaoyue
Trade payables Photovoltaic Technology Co. 838986.19
Ltd.Trade payables Huainan Gaoyue Photovoltaic Technology Co. Ltd. 153063.55
Trade payables Gaoyue Electric (Ningbo) Co. Ltd. 537345.50 519920.67
Lease liabilities
(including Gaoyue Electric (Ningbo) Co.amounts due Ltd. 3597715.28
within one year)
(3) Other items
□ Applicable √ Not applicable
7. Commitments involving related parties
□ Applicable √ Not applicable
8. Others
□ Applicable √ Not applicable
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
15.Share-based payments
1. Equity instruments
(1) Details
□ Applicable √ Not applicable
(2) Share options or other equity instruments outstanding at the end of the period
□ Applicable √ Not applicable
2. Equity-settled share-based payments
□ Applicable √ Not applicable
3. Cash-settled share-based payments
□ Applicable √ Not applicable
4. Share-based payment expense for the period
□ Applicable √ Not applicable
5. Modification and cancellation of share-based payments
□ Applicable √ Not applicable
6. Others
□ Applicable √ Not applicable
16.Commitments and contingencies
1. Significant commitments
√ Applicable □ Not applicable
Significant commitments to external parties existing at the balance sheet date and their nature and
amounts
(1) On 14 November 2024 the Company entered into a loan contract with the Export-Import Bank
of China Ningbo Branch for a facility of RMB150 million contract number (2024) Jin Chu Yin (Yong
Xin He) Zi No. 1-149. As at 30 June 2026 the long-term borrowing outstanding under that contract was
RMB148.5 million. On 14 November 2024 the Company entered into a loan contract with the same bank
for a facility of RMB150 million contract number (2024) Jin Chu Yin (Yong Xin He) Zi No. 1-150. As
at 30 June 2026 the long-term borrowing outstanding under that contract was RMB148.5 million. On 25
December 2024 the Company entered into a loan contract with the same bank for a facility of RMB90
million contract number (2024) Jin Chu Yin (Yong Xin He) Zi No. 1-181. As at 30 June 2026 the long-
term borrowing outstanding under that contract was RMB88.5 million. On 25 December 2024 the
Company entered into a loan contract with the same bank for a facility of RMB210 million contract
number (2024) Jin Chu Yin (Yong Xin He) Zi No. 1-182. As at 30 June 2026 the long-term borrowing
outstanding under that contract was RMB208.5 million. On 21 April 2026 the Company entered into a
loan contract with the same bank for a facility of RMB300 million contract number (2026) Jin Chu Yin
(Yong Xin He) Zi No. 1-048. As at 30 June 2026 the long-term borrowing outstanding under that
contract was RMB300 million. On 12 December 2025 the Company entered into a loan contract with the
same bank for a facility of RMB270 million contract number (2025) Jin Chu Yin (Yong Xin He) Zi No.
1-129. As at 30 June 2026 the short-term borrowing outstanding under that contract was RMB270
million. All of the above borrowings are secured by mortgages over buildings and structures under
security contracts numbered (2022) Jin Chu Yin (Yong Zui Xin Di) Zi No. 1-001 (2022) Jin Chu Yin
(Yong Zui Xin Di) Zi No. 1-003 and (2024) Jin Chu Yin (Yong Zui Xin Di) Zi No. 1-003. The
mortgaged properties had a cost of RMB923574109.05 and a net carrying amount of
RMB528382033.46; the mortgaged land had a cost of RMB202898354.01 and a net carrying amount
of RMB151006553.55.Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
(2) To meet US customs bonding requirements on 12 September 2023 the Company entered into
an irrevocable bank guarantee with Citibank in favor of Avalon Risk Management Insurance Agency for
an amount not exceeding USD2.8 million guarantee number 69628907. The guarantee was first
amended on 13 November 2024 increasing the amount to USD3.5 million for a term from 18 November
2024 to 15 August 2025 and providing for payment promptly on Citibank receiving a draft complying
with the terms of the letter of credit up to USD3.5 million. It was amended for a second time on 25 June
2025 increasing the amount to USD4.6 million for a term from 25 June 2025 to 15 June 2026. It was
amended for a third time on 15 June 2026 maintaining the amount at USD4.6 million for a term from 15
June 2026 to 10 June 2027 and providing for payment promptly on Citibank receiving a draft
complying with the terms of the letter of credit up to USD4.6 million.
(3) Tuopu Automobile Electronics submitted an application for the issuance of a domestic letter of
credit numbered 90000847881781155437944 to Bank of Ningbo Co. Ltd. Beilun Branch. As at 30
June 2026 under that application the Company had opened a letter of credit for RMB100000000.00
with Bank of Ningbo Co. Ltd. Beilun Branch.
(4) As at 30 June 2026 other cash and bank balances of Tuopu Automobile Electronics included a
guarantee deposit of RMB10.00 held with Bank of Ningbo Co. Ltd. Beilun Branch. There were no
unmatured notes payable corresponding to that deposit.
(5) Tuopu Parts entered into a domestic letter of credit issuance contract numbered (20102000)
Zheshang Bank Domestic LC (2026) No. 01290 with China Zheshang Bank Co. Ltd. As at 30 June
2026 under that contract the Company had opened a letter of credit numbered DLCZB260611A0031
with China Zheshang Bank Co. Ltd. for RMB200000000.00 with Ningbo Tuopu Automobile
Electronics Co. Ltd. as beneficiary.
(6) Tuopu Parts entered into a bill pool business cooperation agreement numbered
MJZH20250819000037 and a maximum amount pledge contract numbered MJZH20250819000038
with Industrial Bank Co. Ltd. Ningbo Branch. As at 30 June 2026 the Company had paid the bank
guarantee deposits of RMB7838749.51 for bank acceptance bills on the basis of which notes payable
of RMB179580905.43 had been issued.
(7) Tuopu Parts entered into a supplemental agreement to the bill pool business cooperation and bill
pledge agreement numbered 05101PC20188002 with Bank of Ningbo Co. Ltd. Beilun Branch. As at
30 June 2026 guarantee deposits of RMB826372.58 for bank acceptance bills had been paid to the bank
on the basis of which notes payable of RMB65703207.55 had been issued.
(8) Tuopu Parts entered into a bill pool business cooperation agreement numbered Free Trade Asset
Pool 20240109001 and a bill pledge contract numbered Shou Yin Yong Maximum Amount Pledge
20240109001 with China CITIC Bank Corporation Limited Ningbo Branch. As at 30 June 2026
guarantee deposits of RMB15560894.71 for bank acceptance bills had been paid to the bank and no
notes payable had been issued.
(9) Tuopu Acoustics entered into an asset pool direct bill issuance agreement with Bank of Ningbo
Co. Ltd. Ningbo Beilun Branch numbered 05100AT22BFN865 (Bank of Ningbo Asset Pool 2019 No.
051) and an asset pool business cooperation and pledge agreement numbered 0510100015480 (Ningbo
Asset Pool 2019 No. 031). As at 30 June 2026 bank acceptance bills of RMB25177977.37 remained
pledged and a further RMB110790560.82 had been paid to the bank as guarantee deposits for bank
acceptance bills on the basis of which notes payable of RMB128163846.42 had been issued.
(10) Tuopu Acoustics entered into an asset pool business cooperation agreement numbered
33100000 Zheshang Bill Pool 2025 No. 00766 and an asset pool pledge and guarantee contract
numbered 33100000 Zheshang Asset Pool 2025 No. 00767 with China Zheshang Bank Co. Ltd.Ningbo Beilun Branch. As at 30 June 2026 bank acceptance bills of RMB153347960.78 remained
pledged on the basis of which notes payable of RMB262266572.95 had been issued.
(11) Tuopu Acoustics entered into a master agreement for the issuance of domestic letters of credit
numbered E05100DF26049FCD with Bank of Ningbo Co. Ltd. As at 30 June 2026 under that
agreement the Company had opened a letter of credit numbered DL0110226A00789 with Bank of
Ningbo Co. Ltd. for RMB100000000.00 with Ningbo Tuopu Automobile Electronics Co. Ltd. as
beneficiary.
(12) For business purposes Tuopu Acoustics opened a guarantee deposit account with Bank of
Ningbo for pending foreign exchange settlement. As at 30 June 2026 that account held retained interest
income of USD31.83 equivalent to RMB216.79.
(13) Tuopu Electromechanical entered into a domestic letter of credit issuance contract numbered
161C556202600010 with Bank of Hangzhou Co. Ltd. As at 30 June 2026 under that contract the
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
Company had opened a letter of credit numbered DLC9314202600009 with Bank of Hangzhou Co. Ltd.for RMB60000000.00 with Ningbo Tuopu Group Co. Ltd. as beneficiary.
(14) In respect of customs duties arising in the course of trade on 19 July 2023 Tuopu Poland
entered into a bank guarantee with Citibank for an amount not exceeding PLN2500000.00 guarantee
number GC23-2000001. As at 30 June 2026 the Company had paid Bank of China a guarantee deposit
of PLN2500000.00 equivalent to approximately RMB4530250.00.
(15) In respect of leasing arrangements on 29 February 2024 Tuopu Mexico entered into a bank
guarantee with Bank of China Limited for an amount not exceeding USD1199407.20 secured by way
of credit guarantee guarantee number GC1901324000020.
(16) In respect of leasing arrangements on 29 February 2024 Tuopu Mexico entered into a bank
guarantee with Bank of China Limited for an amount not exceeding USD4382886.00 secured by way
of credit guarantee guarantee number GC1901324000021.
(17) In respect of leasing arrangements on 15 May 2026 Tuopu Mexico entered into a bank
guarantee with Bank of China Limited for an amount not exceeding USD2396167.20 secured by way
of credit guarantee guarantee number GC1901326000028.
(18) In respect of leasing arrangements on 25 May 2026 Tuopu Mexico entered into a bank
guarantee with Bank of China Limited for an amount not exceeding USD3213810.48 secured by way
of credit guarantee guarantee number CG1901326000043.
2. Contingencies
(1) Significant contingencies existing at the balance sheet date
□ Applicable √ Not applicable
(2) Where the Company has no significant contingencies requiring disclosure this shall also be
stated:
□ Applicable √ Not applicable
3. Others
□ Applicable √ Not applicable
17.Events after the balance sheet date
1. Significant non-adjusting events
□ Applicable √ Not applicable
2. Profit distribution
□ Applicable √ Not applicable
3. Sales returns
□ Applicable √ Not applicable
4. Notes on other events after the balance sheet date
□ Applicable √ Not applicable
18.Other significant matters
1. Correction of prior period accounting errors
(1) Retrospective restatement
□ Applicable √ Not applicable
(2) Prospective application
□ Applicable √ Not applicable
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
2. Significant debt restructurings
□ Applicable √ Not applicable
3. Asset exchanges
(1) Exchanges of non-monetary assets
□ Applicable √ Not applicable
(2) Other asset exchanges
□ Applicable √ Not applicable
4. Annuity plans
□ Applicable √ Not applicable
5. Discontinued operations
□ Applicable √ Not applicable
6. Segment information
(1) Basis for determining reportable segments and the related accounting policies
□ Applicable √ Not applicable
(2) Financial information on the reportable segments
□ Applicable √ Not applicable
(3) Where the Company has no reportable segments or is unable to disclose total assets and total
liabilities for each reportable segment the reasons shall be explained
√ Applicable □ Not applicable
The Company's principal business is the research and development manufacture and sale of
automotive parts. Within the Company's scope of consolidation there is no separately identifiable
component that supplies a single product or service or a group of related products or services and that is
subject to risks and returns different from those of other components. The Company operates globally in
the automotive parts market and although it has established manufacturing or sales entities in a number
of countries outside the PRC those overseas subsidiaries are closely integrated with the domestic
companies. The Company therefore has no separately identifiable component that supplies products or
services independently within a particular economic environment.Accordingly the Company has no business segments or geographical segments.
(4) Other information
□ Applicable √ Not applicable
7. Other significant transactions and events affecting investors' decisions
□ Applicable √ Not applicable
8. Others
□ Applicable √ Not applicable
19.Notes to the principal items in the parent company financial statements
1. Trade receivables
(1) Disclosure by aging
√ Applicable □ Not applicable
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
Unit: RMB
Aging Closing gross carrying amount Opening gross carrying amount
Within 1 year (inclusive) 2082945609.08 2574145382.76
Including: within one year 2082945609.08 2574145382.76
to 2 years 177542493.40 266009079.14
to 3 years 84660230.07 83658648.35
Over 3 years 21982648.03 20630926.58
to 4 years
to 5 years
Over 5 years 323215.01 9332416.37
Total 2367454195.59 2953776453.20
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
(2) Disclosure by method of provision for bad debts assessment
√ Applicable □ Not applicable
Unit: RMB
Closing balance Opening balance
Category Gross carrying amount Provision for bad debts Gross carrying amount Provision for bad debts
Amount Percentage Amount Provision Carrying amount Percentage (%) ratio (%) Amount (%) Amount
Provision Carrying amount
ratio (%)
Provision for bad debts
assessed individually
Including:
Provision for bad debts
assessed collectively 2367454195.59 100.00 160812402.64 6.79 2206641792.95 2953776453.20 100.00 202116743.88 6.84 2751659709.32
Including:
Trade receivables for
which provision for bad
debts is assessed by aging 2367454195.59 100.00 160812402.64 6.79 2206641792.95 2953776453.20 100.00 202116743.88 6.84 2751659709.32
grouping
Total 2367454195.59 100.00 160812402.64 / 2206641792.95 2953776453.20 100.00 202116743.88 2751659709.32
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
Provision for bad debts assessed individually:
□ Applicable √ Not applicable
Provision for bad debts assessed collectively:
√ Applicable □ Not applicable
Items assessed collectively: trade receivables for which provision for bad debts is assessed by aging
grouping
Unit: RMB
Name Closing balance Gross carrying amount Provision for bad debts Provision ratio (%)
Up to 1 year 2082945609.08 104147280.45 5.00
to 2 years 177542493.40 17754249.34 10.00
to 3 years 84660230.07 25398069.02 30.00
3 to 5 years 21982648.03 13189588.82 60.00
Over 5 years 323215.01 323215.01 100.00
Total 2367454195.59 160812402.64
Notes on provision for bad debts assessed collectively:
□ Applicable √ Not applicable
Provision for bad debts under the general expected credit loss model
□ Applicable √ Not applicable
Explanation of significant changes in the gross carrying amount of trade receivables for which the loss
allowance changed during the period:
□ Applicable √ Not applicable
(3) Movements in provision for bad debts
√ Applicable □ Not applicable
Unit: RMB
Changes for the period
Category Opening balance Provisio Recovery or Derecognitio
Other Closing
n reversal n or write-off change balance s
Provision
for bad
debts 202116743.8 41304341.2 160812402.6
assessed 8 4 4
collectivel
y
Total 202116743.8 41304341.2 160812402.68 4 4
Of which significant amounts of provision for bad debts recovered or reversed during the period:
□ Applicable √ Not applicable
(4) Trade receivables actually written off during the period
□ Applicable √ Not applicable
Of which significant write-offs of trade receivables
□ Applicable √ Not applicable
Notes on the write-off of trade receivables:
□ Applicable √ Not applicable
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
(5) Top five trade receivables and contract assets by closing balance aggregated by debtor
√ Applicable □ Not applicable
Unit: RMB
Percentage of
Closing balance Closing balance Closing balance the total closing Closing balance
Name of entity of trade of contract of trade balance of trade receivables and receivables and of provision for receivables assets contract assets contract assets bad debts
(%)
Largest 374976796.66 374976796.66 15.84 19048662.68
Second largest 357519779.16 357519779.16 15.10 17875988.96
Third largest 263329837.57 263329837.57 11.12 48905149.42
Fourth largest 130182205.19 130182205.19 5.50 9018541.06
Fifth largest 142716875.46 142716875.46 6.03 7135843.77
Total 1268725494.04 1268725494.04 53.59 101984185.89
Other information:
□ Applicable √ Not applicable
2. Other receivables
Presentation of items
√ Applicable □ Not applicable
Unit: RMB
Item Closing balance Opening balance
Interest receivable
Dividends receivable
Other receivables 406067138.25 280001682.34
Total 406067138.25 280001682.34
Other information:
□ Applicable √ Not applicable
Interest receivable
(1) Categories of interest receivable
□ Applicable √ Not applicable
(2) Significant overdue interest
□ Applicable √ Not applicable
(3) Disclosure by method of provision for bad debts assessment
□ Applicable √ Not applicable
Provision for bad debts assessed individually:
□ Applicable √ Not applicable
Notes on provision for bad debts assessed individually:
□ Applicable √ Not applicable
Provision for bad debts assessed collectively:
□ Applicable √ Not applicable
(4) Provision for bad debts under the general expected credit loss model
□ Applicable √ Not applicable
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
(5) Movements in provision for bad debts
□ Applicable √ Not applicable
Of which significant amounts of provision for bad debts recovered or reversed during the period:
□ Applicable √ Not applicable
(6) Interest receivable actually written off during the period
□ Applicable √ Not applicable
Of which significant write-offs of interest receivable
□ Applicable √ Not applicable
Notes on write-off:
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
Dividends receivable
(7) Dividends receivable
□ Applicable √ Not applicable
(8) Significant dividends receivable aged over one year
□ Applicable √ Not applicable
(9) Disclosure by method of provision for bad debts assessment
□ Applicable √ Not applicable
Provision for bad debts assessed individually:
□ Applicable √ Not applicable
Notes on provision for bad debts assessed individually:
□ Applicable √ Not applicable
Provision for bad debts assessed collectively:
□ Applicable √ Not applicable
(10) Provision for bad debts under the general expected credit loss model
□ Applicable √ Not applicable
(11) Movements in provision for bad debts
□ Applicable √ Not applicable
Of which significant amounts of provision for bad debts recovered or reversed during the period:
□ Applicable √ Not applicable
(12) Dividends receivable actually written off during the period
□ Applicable √ Not applicable
Of which significant write-offs of dividends receivable
□ Applicable √ Not applicable
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
Notes on write-off:
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
Other receivables
(13) Disclosure by aging
√ Applicable □ Not applicable
Unit: RMB
Aging Closing gross carrying amount Opening gross carrying amount
Within 1 year (inclusive) 321470801.64 185993298.49
Including: within one year 321470801.64 185993298.49
to 2 years 29870452.71 20119243.91
to 3 years 126200.00 38298000.00
Over 3 years 184245323.13 145980323.13
to 4 years
to 5 years
Over 5 years 99000.00 99000.00
Total 535811777.48 390489865.53
(14) Classification by nature of the amounts
√ Applicable □ Not applicable
Unit: RMB
Nature of the amount Closing gross carrying amount Opening gross carrying amount
Temporary borrowings 529028279.44 385975402.24
Petty cash 840200.00 870200.00
Deposits and guarantee deposits 1033360.00 1016534.00
Others 4909938.04 2627729.29
Total 535811777.48 390489865.53
(15) Movements in provision for bad debts
√ Applicable □ Not applicable
Unit: RMB
Stage 1 Stage 2 Stage 3
Provision for bad 12-month Lifetime expected Lifetime expected
debts expected credit credit losses (not credit losses (credit-
Total
losses credit-impaired) impaired)
Balance at 1
January 2026 110488183.19 110488183.19
Balance at 1
January 2026
movements
during the period
-- Transfer to
Stage 2
-- Transfer to
Stage 3
-- Transfer back to
Stage 2
-- Transfer back to
Stage 1
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
Provision for the
period 19256456.04 19256456.04
Reversal for the
period
Derecognized
during the period
Written off during
the period
Other changes
Balance at 30
June 2026 129744639.23 129744639.23
Explanation of significant changes in the gross carrying amount of other receivables for which the loss
allowance changed during the period:
□ Applicable √ Not applicable
Amount of provision for bad debts made during the period and the basis used to assess whether the
credit risk on the financial instruments has increased significantly:
□ Applicable √ Not applicable
(16) Movements in provision for bad debts
√ Applicable □ Not applicable
Unit: RMB
Changes for the period
Category Opening Recoverbalance Provision y or Derecognitio
Other Closing
n or write-off change balance reversal s
Provision
for bad
debts 110488183.1 19256456.0 129744639.2
assessed 9 4 3
collectivel
y
Total 110488183.1 19256456.0 129744639.2
9 4 3
Of which significant amounts of provision for bad debts reversed or recovered during the period:
□ Applicable √ Not applicable
(17) Other receivables actually written off during the period
□ Applicable √ Not applicable
Of which significant write-offs of other receivables:
□ Applicable √ Not applicable
Notes on the write-off of other receivables:
□ Applicable √ Not applicable
(18) Top five other receivables by closing balance aggregated by debtor
√ Applicable □ Not applicable
Unit: RMB
Percentage of the Closing
Name of entity Closing balance total closing Nature of the balance of balance of other amount Aging provision for
receivables (%) bad debts
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
Tuopu Poland sp.z.o.o 226528279.44 42.28 Related party balances Note 113576176.83
Ningbo Tuopu Automobile 135000000.00 25.20 Related party Up to 1 Electronics Co. Ltd. balances year 6750000.00
TUOPU GROUP MEXICOS.de
R.L.de C.v. 100000000.00 18.66
Related party Up to 1
balances year 5000000.00
Ningbo Tuopu Imp.& Exp. Corp. 25000000.00 4.67 Related party Up to 1 balances year 1250000.00
Wuhu Tuopu Automobile Parts Related party Up to 1
Co. Ltd. 19000000.00 3.55 balances year 950000.00
Total 505528279.44 94.36 / / 127526176.83
Note: amounts within 1 year were RMB13503753.60; 1 to 2 years RMB29827452.71; 3 to 4 years
RMB38265000.00; and 4 to 5 years RMB144932073.13.
(19) Presented in other receivables due to centralized fund management
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
3. Long-term equity investments
√ Applicable □ Not applicable
Unit: RMB
Closing balance Opening balance
Item Gross carrying Impairment Gross carrying Impairment
amount allowance Carrying amount amount allowance Carrying amount
Investments in subsidiaries 17369495792.86 17369495792.86 17032045792.86 17032045792.86
Investments in associates and joint
ventures 259967715.57 259967715.57 105254429.52 105254429.52
Total 17629463508.43 17629463508.43 17137300222.38 17137300222.38
(1) Investments in subsidiaries
√ Applicable □ Not applicable
Unit: RMB
Opening Movements for the period Closing
Investee Opening balance balance of Additional Reduction in Impairment Closing balance balance of (carrying amount) impairment investment investment provision Others (carrying amount) impairment provision made provision
Tuopu
Electromechanical 198081940.48 198081940.48
Tuopu Parts 196984594.91 196984594.91
Tuopu Acoustics 199685004.03 199685004.03
Yantai Tuopu 62800000.00 62800000.00
Liuzhou Tuopu 100000000.00 100000000.00
Shenyang Tuopu 10000000.00 10000000.00
Ushone Electronic
Chassis 50000000.00 50000000.00
Ningbo Qianhui 31210000.00 31210000.00
Sichuan Tuopu 20000000.00 20000000.00
Wuhan Tuopu 150000000.00 150000000.00
Pinghu Tuopu 208000000.00 208000000.00
Tuopu Industrial
Automation 20000000.00 20000000.00
Tuopu Investment 200500000.00 200500000.00
Ushone E-
commerce 4500000.00 200000.00 4700000.00
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
Tuopu
International 7311546.08 7311546.08
Baoji Tuopu 50000000.00 50000000.00
Taizhou Tuopu 100000000.00 100000000.00
Tuopu Automobile
Electronics 2500000000.00 2500000000.00
Jinzhong Tuopu 8000000.00 8000000.00
Shenzhen Towin 20000000.00 20000000.00
Tuopu do Brasil 80776216.50 80776216.50
Zhejiang Towin 571320000.00 571320000.00
Suining Tuopu 290000000.00 290000000.00
Hunan Tuopu 722590000.00 722590000.00
Tuopu USA 35091204.56 35091204.56
Tuopu Chassis 514900000.00 514900000.00
Tuopu Thermal
Management 4273800000.00 20000000.00 4293800000.00
Huzhou Tuopu 200000000.00 200000000.00
Tuopu Poland 18000000.00 18000000.00
Shanghai Tuopu
Yale 16500000.00 16500000.00
Xian Tuopu 182890671.00 182890671.00
Ushone 489500000.00 84000000.00 573500000.00
Chongqing Chassis 475200000.00 20000000.00 495200000.00
Skateboard chassis 2692010000.00 60000000.00 2752010000.00
Anhui Tuopu 291700000.00 291700000.00
Chongqing Tuopu 18583223.89 18583223.89
Tuopu Mexico 1382040000.00 1382040000.00
Jinan Tuopu 29100000.00 1700000.00 30800000.00
Henan Tuopu 39700000.00 39700000.00
Ningbo Trim 57771391.41 57771391.41
Tuopu Drive 57000000.00 45000000.00 102000000.00
Wuhu Drive 456500000.00 456500000.00
Guangzhou Tuopu 1050000.00 1050000.00
Towin Hangke 105500000.00 105500000.00
Total 17032045792.86 337450000.00 17369495792.86
(2) Investments in associates and joint ventures
√ Applicable □ Not applicable
Unit: RMB
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
Movements for the period
Opening Investment Closing
Opening balance Reductio gains and Adjustments Other Cash Closing balance Investe balance of losses dividen Impairme
e (carrying impairme Additional n in recognized to other change ds or nt Other
balance of
investment investme comprehensi s in provision s (carrying impairmeamount) nt nt under the ve income equity profits amount) nt provision equity declared made provision
method
I. Joint ventures
Tuopu 105254429. 14713286. 119967715.Electric 52 05 57
Subtota 105254429. 14713286. 119967715.l 52 05 57
II. Associates
Shangh
ai 140000000. 140000000.Aiweila 00 00
n
Subtota 140000000. 140000000.l 00 00
Total 105254429. 140000000. 14713286. 259967715.52 00 05 57
(3) Impairment testing of long-term equity investments
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
4. Revenue and cost of sales
(1) Revenue and cost of sales
√ Applicable □ Not applicable
Unit: RMB
Item Current period amount Prior period amount Revenue Cost Revenue Cost
Principal
operations 3503929789.11 2752930225.09 3609858263.48 2756436776.06
Other operations 518253721.89 371636735.05 456755669.57 296214358.80
Total 4022183511.00 3124566960.14 4066613933.05 3052651134.86
(2) Disaggregation of revenue and cost of sales
□ Applicable √ Not applicable
Other information
□ Applicable √ Not applicable
(3) Description of performance obligations
□ Applicable √ Not applicable
(4) Description of amounts allocated to remaining performance obligations
□ Applicable √ Not applicable
(5) Significant contract modifications or significant adjustments to the transaction price
□ Applicable √ Not applicable
5. Investment income
√ Applicable □ Not applicable
Unit: RMB
Item Current period amount Prior period amount
Income from long-term equity
investments accounted for using the 800000000.00 1200000000.00
cost method
Income from long-term equity
investments accounted for using the 14713286.05 21235412.15
equity method
Investment income from disposal of
long-term equity investments -117560724.18
Investment income from financial
assets held for trading during the
holding period
Dividend income from investments in
other equity instruments during the
holding period
Interest income from debt investments
during the holding period
Interest income from other debt
investments during the holding period
Investment income from disposal of
financial assets held for trading
Investment income from disposal of
investments in other equity instruments
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
Investment income from disposal of
debt investments
Investment income from disposal of
other debt investments
Gains on debt restructuring
Investment income from wealth
management products 4585345.04 12712822.22
Total 819298631.09 1116387510.19
6. Others
□ Applicable √ Not applicable
20.Supplementary information
1. Details of non-recurring profit or loss for the period
√ Applicable □ Not applicable
Unit: RMB
Item Amount Explanation
Gains and losses on disposal of non-current
assets including the write-back of impairment -4785725.37
provisions previously made
Government grants recognized in profit or loss
excluding grants that are closely related to
ordinary business are made under national 142436646.82 Section 8.11
policy are received on defined terms and have a
continuing effect on profit or loss
Gains and losses on financial assets and financial
liabilities held by non-financial enterprises
whether from changes in fair value or from 4585345.04
disposal excluding effective hedging related to
ordinary business
Funds occupation fees charged to non-financial
enterprises and recognized in profit or loss
Gains and losses from entrusting others to invest
in or manage assets
Gains and losses from entrusted loans granted to
third parties
Asset losses arising from force majeure events
such as natural disasters
Reversal of impairment provisions for
receivables tested for impairment on an
individual basis
Gains arising where the cost of an investment in
a subsidiary associate or joint venture is less
than the share of the investee's identifiable net
assets at fair value on acquisition
Net profit or loss of subsidiaries from the
beginning of the period to the combination date
arising from business combinations under
common control
Gains and losses on exchanges of non-monetary
assets
Gains and losses on debt restructuring
One-off expenses incurred because the relevant
business activities are discontinued such as
expenditure on employee resettlement
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
Item Amount Explanation
One-off effects on profit or loss for the period
arising from changes in tax accounting and other
laws and regulations
Share-based payment expenses recognized on a
one-off basis due to the cancellation or
modification of share incentive schemes
For cash-settled share-based payments gains and
losses arising from changes in the fair value of
employee benefits payable after the vesting date
Gains and losses from changes in fair value of
investment properties subsequently measured
using the fair value model
Gains arising from transactions with transaction
prices that are manifestly unfair
Gains and losses from contingencies unrelated to
the ordinary course of the Company's business
Custodian fee income from entrusted operations
Other non-operating income and expenses apart
from the above items -4635694.66
Other items of gain or loss that meet the
definition of non-recurring profit or loss
Less: effect of income tax 22339934.51
Effect on non-controlling interests (after
tax) 233642.72
Total 115026994.60
Explanatory Announcement No. 1 on Information Disclosure by Companies Offering Securities to the
Public sets out which items are non-recurring. Reasons must be given where the Company treats an
unlisted item as non-recurring and the amount is material or treats a listed item as recurring.□ Applicable √ Not applicable
Other information
□ Applicable √ Not applicable
2. Return on net assets and earnings per share
√ Applicable □ Not applicable
Weighted average Earnings per share
Profit for the Reporting Period return on net Basic earnings per Diluted earnings per
assets (%) share share
Net profit attributable to
ordinary shareholders of the 4.21 0.59 0.59
Company
Net profit attributable to
ordinary shareholders of the
Company after deducting non- 3.74 0.52 0.52
recurring profit or loss
3. Differences in accounting data under domestic and overseas accounting standards
□ Applicable √ Not applicable
4. Others
□ Applicable √ Not applicable
Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2026
Chairman: Wu Jianshu
Date approved for submission by the Board: 27 August 2026
Revision information
□ Applicable √ Not applicable
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