Stock Code: 601689 Abbr.:Tuopu Group
Ningbo Tuopu Group Co. Ltd.Semi-annual Report 2025
August 2025Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2025
Important Notes
I. The Board of Directors Board of Supervisors Directors Supervisors and Senior Management
of Ningbo Tuopu Group Co. Ltd. hereby guarantee that the information presented in this
report shall be authentic accurate and complete and free of any false records misleading
statements or material omissions and they will bear joint and several liability for such
information.II. All directors attended the meeting of the Board of Directors.III. This semi-annual report has not yet been audited.IV. Wu Jianshu a person in charge of the Company Hong Tieyang an officer in charge of
accounting work and accounting institution (Accounting Officer) hereby declare and warrant
that the financial statements in the annual report are authentic accurate and complete.V. The profit distribution plan for the reporting period or the plan for converting public reserve
funds into additional share capital after consideration by the Board of Directors
No profit distribution or conversion of public reserve funds into additional share capital is made in
this reporting period
VI. Risk statement of forward-looking statements
√Applicable □Non-applicable
The forward-looking description of the future development strategy business plan performance
forecast and other aspects in relation to the Company as contained herein will not constitute a substantial
commitment to investors. All investors of the Company are advised to be cautious about the investment
risks.VII. Whether there is any non-operating capital occupation by the controlling shareholder and its
affiliates
No
VIII. Whether there is any external guarantee provided in violation of the prescribed decision
procedures
No
IX. Whether there are more than half of the directors who cannot guarantee the annual report
disclosed by the Company as to its authenticity accuracy and completeness
No
X. Significant risk statement
The Company has described the significant risks that may adversely affect the future development
of the Company and the realization of its business objectives herein. More details are available in
"Section III Discussion and Analysis of Business Conditions" under this report.
2 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2025
XI. Other
√Applicable □Non-applicable
On March 14 2025 the company completed the redemption of "Tuopu Convertible Bonds." During
the redemption process a large number of convertible bondholders converted their "Tuopu Convertible
Bonds" into company shares within the statutory period. After the redemption was completed according
to data from the Shanghai Branch of China Securities Depository and Clearing Corporation Limited the
total number of company shares was 1737835580. For details please refer to the "Tuopu Group
Announcement on the Redemption Results of 'Tuopu Convertible Bonds' and Share Changes" disclosed
on the Shanghai Stock Exchange website on March 15 2025.
3 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2025
Contents
Section 1 Definitions ............................... 5
Section 2 Company Profile and Key Financial Indica... 5
Section 3 Discussion and Analysis of Operation Con....8
Section 4 Corporate Governance Environment and Soc...31
Section 5 Significant Events ........................33
Section 6 Changes in Shares and Shareholders ........66
Section 7 Information of Corporate Bonds ........... 72
Section 8 Financial Report ......................... 74
(1) Full text and extracts of this semi-annual report affixed with the signature of the
company's legal representative and common seal.Catalogue of (2) Financial statements signed and sealed by the legal representative of the company
Files for Future the officer in charge of accounting work and the person in charge of the accounting
Inspection institution.(3) Original and manuscript of all company documents and announcements that are
disclosed on the information disclosure media designated by the company during the
reporting period
4 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2025
Section 1 Definitions
In this report unless the context requires otherwise the following words and terms shall be construed as:
Common terms and definitions
The Company issuer Tuopu Refers Ningbo Tuopu Group Co. Ltd.to
MECCA HK Refers MECCA INTERNATIONAL HOLDING （ HK ）
to LIMITED the controlling shareholder of the Company
Ningbo Zhuyue Refers The wholly-owned sub-subsidiary of the controlling
to shareholder MECCA INTERNATIONAL HOLDING (HK)
LIMITED
Pecil Property Refers The wholly-owned sub-subsidiary of the controlling
to shareholder MECCA INTERNATIONAL HOLDING (HK)
LIMITED
Reporting Period Refers From January 1 2025 o June 30 2025
to
Board of Directors Board of Refers Board of Directors Board of Supervisors General Meeting
Supervisors General Meeting of to of Shareholders of Ningbo Tuopu Group Co. Ltd.Shareholders
1.00 Yuan 10000 Yuan 100 Refers ￥1.00 ￥10000.00 ￥100000000.00
million Yuan to
Section 2 Company Profile and Key Financial Indicators
I. Company Information
Company Name in Chinese Ningbo Tuopu Group Co. Ltd.Company Abbreviation in Chinese 拓普集团
Company Name in English Ningbo Tuopu Group Co.Ltd.Company Abbreviation in English Tuopu Group
Legal Representative of the Wu Jianshu
Company
II. Contact Person and Contact Information
Security of the Board Representative of Securities Affairs
Name Wang Mingzhen Gong Yuchao
Contact Address 268 Yuwangshan Rd Beilun District 268 Yuwangshan Rd Beilun District
Ningbo Ningbo
Tel. 0574-86800850 0574-86800850
Fax 0574-86800877 0574-86800877
E-mail wmz@tuopu.com gyc@tuopu.com
III. General Information Summary
Registered Address of the Company 268 Yuwangshan Rd Daqi Street Beilun District Ningbo
Zhejiang
Change History of Registered Address On 16 June 2020 the company address was changed from
“215 Huangshan West Road Beilun Ningbo Zhejiang” to“268 Yuwangshan Rd Daqi Street Beilun DistrictNingbo Zhejiang”
Office Address of the Company 268 Yuwangshan Rd Daqi Street Beilun District Ningbo
Zhejiang
Postal Code of Office Address 315806
5 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2025
Website www.tuopu.com
E-mail tuopu@tuopu.com
Search index of changes during the reporting NA
period
IV. Information Disclosure and Location
The Media Selected by the Company for Securities Times
Disclosure
Website Designated by CSRC for Publishing SSE website (www.sse.com.cn)
Semi-annual Report
Location for Annual Report of the Company Office of Board Secretary
Search index of changes during the reporting NA
period
V. Overview of Stock Information
Stock Type Stock Exchange Stock Abbreviation Stock Code Stock Abbreviation
Before Change
A-share Shanghai Stock Tuopu Group 601689 -
Exchange
VI. Other Related Information
□Applicable √Non-applicable
VII. Key Accounting Data and Financial Indicators over the Past Three Years
(1) Key Accounting Data
Unit：Yuan Currency：RMB
During this reporting Figures in previous Increase/decreaseKey Accounting Data period period compared with(January-June) previous year (%)
Operating income 12934627599.03 12221820236.43 5.83
Net profit attributable to
shareholders of the listed Company 1457443066.13 1691636953.71 -13.84
Net profit attributable to
shareholders of the listed company
after deducting non-recurring gains 1294928327.93 1456245678.61 -11.08
and losses
Net cash flow generated by
operational activities 1161595892.64 1295768391.51 -10.35
Increase/Decrease
at the end of the
End of this reporting
period End of previous year
current year
compared with the
end of the
previous year (%)
Net assets attributable to
shareholders of the listed company 22577156227.20 19550263949.66 15.48
Total assets 40232736739.10 37543871905.42 7.16
(2) Key Financial Indicators
During this Increase/decrease
Key Financial Indicators reporting period Figures in previous compared with
(January-June) period previous year (%)
6 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2025
Basic Earnings per Share (RMB/Share) 0.75 0.88 -14.77
Diluted Earnings per Share
(RMB/Share) 0.75 0.88 -14.77
Basic Earnings per Share after deducting
non-recurring gains and losses 0.68 0.77 -11.69
(RMB/Share)
Weighted Average ROE 6.02 8.36 Decreased by2.34%
Weighted Average ROE after deducting Decreased by
non-recurring gains and losses (%) 5.40 7.44 2.04%
Notes to the key accounting data and financial indicators over the previous three years at the end of the
reporting period
□Applicable √Non-applicable
VIII. Differences in Accounting Data under Chinese and International Accounting Standards
□Applicable √Non-applicable
IX. Non-recurring Gains and Losses Items and Amounts
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Non-recurring Gains and Losses Items Amount Note (if
applicable)
Gains and losses on disposal of non-current assets including
elimination of provision for impairment of assets -1349344.77
Government subsidies included in the current profit and loss
but closely associated with the regular business operations of
the Company except for government subsidies that are 146935800.65 Section VIII
consistent with national policies and continuously granted at a 11
fixed quota or amount under certain national standard
Gains and losses from changes in the fair value of financial
assets and liabilities held by non-financial corporations and
gains and losses from the disposal of financial assets and 12712822.22
liabilities except for effective hedging operations related to the
Company's normal business operations
Payment for the use of funds charged to non-financial
enterprises included in profit or loss for the period
Gains and losses on entrusted investment or asset management
Gains and losses on entrusted external loans
Losses on assets due to force majeure factors such as natural
disasters
Reversal of the receivables and contract assets depreciation
reserves for separate impairment test
Cost of investments in subsidiaries associates and joint
ventures acquired by an enterprise is less than its share of the
gain arising from the fair value of the invested entity's
identifiable net assets at the time of investment acquisition
Net profit or loss of subsidiaries from the beginning of the
period to the date of consolidation arising from a business
combination under the same control
Gain or loss on exchange of non-monetary assets
Gains or losses on debt restructuring
7 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2025
One-time costs incurred by the enterprise due to the fact that the
relevant business activities are no longer continuing such as
expenditures for the relocation of employees
One-time impact on current profit or loss due to adjustments in
tax accounting and other laws and regulations
For cash-settled share-based payments gains and losses arising
from changes in the fair value of employee compensation
payable after the date of exercise of options
Profits and losses generated from a change in the fair value of
investment real estates that are subsequently measured by the
fair value model
Gains or losses arising from transactions at significantly unfair
prices
Gains or losses arising from contingencies unrelated to the
Company's normal business operations
Custody fee income from entrusted operations
Non-operating income and expenses other than the above -436944.25
Other gains and losses items that fit the definition of
non-recurring gains and losses
Less: Impact of income tax 24539809.59
Impact of minority equity (after tax) -9911.03
Total 133332435.29
For items not listed in the "Public Company Information Disclosure Interpretive Announcement No. 1 -
Non-recurring Gains and Losses" that the company identifies as non-recurring gains and losses and are
of significant amount as well as for items listed as non-recurring gains and losses in the "Public
Company Information Disclosure Interpretive Announcement No. 1 - Non-recurring Gains and Losses"
that the company designates as recurring gains and losses the reasons should be explained.□Applicable √Non-applicable
X. Companies with equity incentives or employee stock ownership plans may choose to disclose the
net profit after deducting the impact of share-based payments.□Applicable √Non-applicable
XI. Other
□Applicable √Non-applicable
Section 3 Discussion and Analysis of Operation Conditions
I. Main business operations business model and profile of industry during the reporting period
(1) Industry Landscape
In the first half of 2025 global passenger car sales reached approximately 30.087 million units up 4.9%
year-on-year; the Chinese market sold about 13.739 million units up 12.8% year-on-year. Global new
energy passenger car sales were around 8.668 million units up 33.2% year-on-year accounting for
28.8% of total global sales; of which China's new energy passenger car sales were approximately 6.454
million units up 37.5% year-on-year accounting for 47.0% of domestic total sales.
(2) Main business operations
8 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2025
1. Main operations
The Company specializes in the research and development production and sales of auto parts. The main
products include automobile NVH Anti-vibration System interior and exterior trim parts lightweight
body intelligent cockpit components thermal management system chassis system air suspension
system intelligent driving system. The major customers it serves include international and domestic
smart electric car makers and traditional OEM car makers at home and abroad.Additionally establishing the Electric Drive Division to enter the embodied intelligent robot business is
a significant strategic move for the company. Embodied intelligent robots represent a field with vast
development prospects and expanding into the robot business will create a new growth curve for the
company.In line with the business philosophy of creating value for customers the Company adheres to R&D and
innovation boosts global landscaping enhances overall competitiveness and strives to be a more trusted
partner for car makers.
2. Business process and operation pattern
3.During the reporting period the Company’s main business by industry product and region is listed
below:
Unit:Yuan Currency: RMB
Main business operations by industry
Increase/
Increase/Decr Decrease
ease of of Increase/Decrease of gross
By industry Operatin Operating Gross profit operating operatingg income cost rate (%) income over cost over profit rate over
the previous the the previous
year (%) previous year (%)
year (%)
9 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2025
Automobile 121766
parts 87861.5
10039069 Decreased by
7868.22
17.566.147.931.36%
Main business operations by product
Increase/Decr Increase/Dec Increase/Dec
ease of rease of rease of
By product Operatin Operating Gross profit operating operating gross profitg income cost rate (%) income over cost over the rate over the
the previous previous previous
year (%) year (%) year (%)
Vibration
control 203975 16292853632.89 072.33 20.12 -4.83 -3.63
Decreaed by
parts 1.00%
Trimming 436619 3662362 Decreaed by
system 2978.35 670.24 16.12 11.72 13.01 0.96%
Chassis 370766 3034723
System 4255.16 192.85 18.15 -2.16 -0.11
Decreaed by
1.68%
Mechatroni 107493 88896801
c system 1089.96 1.40 17.30 52.06 55.50
Decreaed by
1.83%
Thermal
managemen 980487 81841296 Decreaed by
t system 561.09 7.24
16.536.728.000.99%
Elective
drive 765834 5317954.4.12 16 30.56 22.12 77.86
Decreaed by
system 21.76%
Main business operations by region
By region Operating income in the Increase or decrease of operating income over thecurrent period previous period (%)
Domestic 9270422189.12 13.07
Overseas 2906265672.45 -11.24
Note to Newly Added Significant Non-Core Businesses During the Reporting Period
□Applicable √Non-applicable
II. Discussion and Analysis of Operation Conditions
During the reporting period the Company managed to improve its operating efficiency and
business performance in spite of economy and industry fluctuations. The positive factors
including broad product line of the NEV industry overall R&D capabilities and innovative
business pattern drove a rapid growth of sales proceeds and profit and brought the
operation and management activities to the growth track with particular information
described below:
(1) Marketing and sales.
The Tier0.5 innovative business mode rolled out by the Company and its strategic customers has made
an exemplary success. Under this mode the number and amount of components per vehicle are higher
and the Company is able to provide better QSTP products and services to customers create value for
customers.Adhering to the cooperation concept of “quick response and all-out cooperation” the
Company has been highly rated by strategic customers and there is an ample potential of business
growth. In the domestic market the company's cooperation with Huawei-Seres Xiaomi Geely BYD
Chery Li Auto Nio Great Wall XPeng Motors and other automobile enterprises is progressing rapidly
10 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2025
and the amount of components per vehicle is increasing. In the international market the company and
the United States of America's innovative car companies A customers as well as FORD GM
STELLANTIS BMW MERCEDES-BENZ and other traditional car companies are in the field of NEVs
to roll out ful-on cooperation. The strategy of product platformization is making significant strides. The
company has successively obtained product designations for the global BMW X1 model and the N-Car
global new energy platform.The product platformization strategy continues to advance. Leveraging R&D innovation and
digital-intelligent manufacturing capabilities the comprehensive competitiveness of the company’s
interior functional components lightweight chassis thermal management business and other areas has
steadily improved with sales revenue maintaining stable growth. Orders for automotive electronic
products have begun to scale up with projects such as air suspension system cabin comfort actuator
IBS EPS and other projects particularly the air suspension project which is experiencing rapid
expansion and paving the way for the company's long-term growth.The international market strategy is accelerating. The first phase of the Mexico project has been fully
operational. The second phase of the Poland factory is in the planning stage establishing a foundation
for securing more local European orders. Meanwhile the company is actively expanding into the
Southeast Asian market with the planning and construction of the Thailand production base progressing
rapidly. This will further optimize the international geographic layout achieve overseas deployment of
the full product line flexibly respond to the evolving international trade environment and reduce risks.At the same time it will further expand business with international clients and vehicle manufacturers
venturing abroad. Additionally it will leverage cost advantages to enhance economic benefits.In May 2025 the company completed the acquisition and delivery of 100% equity in Wuhu Changpeng
Auto Parts Co. Ltd. This acquisition aims to further increase the market share of the company’s interior
products consolidating and enhancing its leading position in the industry. With the company’s mature
operational management experience and strong vertical integration capabilities in the supply chain it can
significantly improve the profitability of the acquired company while addressing supply chain capacity
constraints for clients.
(2) R&D and innovation.
During the reporting period the company continued to increase R&D investment and resource allocation
to maintain its leading edge in research and development with R&D expenses reaching 705 million
yuan. Through sustained R&D investment projects such as air suspension systems intelligent cockpit
IBS EPS and electric drive systems have successively entered mass production with the product line
continuing to expand.In the field of interior systems newly developed high-end materials have consistently achieved market
adoption. Among them high-imitation leather headliners have been applied to the new Seres M9 model
and new material door trim panels have successfully secured orders from new energy vehicle
manufacturers such as LUCID demonstrating sustained product competitiveness.Ball joints as one of the core components with the highest technical barriers in chassis suspension
systems have a precise structure that must withstand high-intensity impacts under complex conditions
such as steering and braking significantly affecting vehicle handling stability. After 20 years of R&D
efforts and rigorous testing validations the company has become the first domestic supplier to achieve
global control arm certification for this client. Tuopu’s independently developed forged aluminum ball
joint control arm not only meets stringent low-torque performance requirements but also achieved zero
failures in 6 million wear tests fully meeting the client’s rigorous technical standards. As a core
component of lightweight chassis systems it has gained widespread recognition from new energy
vehicle clients. Currently the forged aluminum ball joint control arm assembly supports manufacturers
such as Seres Xiaomi Xpeng Great Wall Chery BYD Changan SAIC Client A BMW LUCID and
SCOUT with its market share continuously rising.During the reporting period the company also achieved remarkable results in the automotive electronics
sector. As the first domestic company to achieve large-scale mass production and supply of closed air
suspension systems (C-ECAS) the company has developed full-stack independent R&D and innovation
capabilities covering core components such as air reservoirs air springs ASU and ECAS as well as
single-chamber dual-chamber and triple-chamber air suspension systems. With a continuous surge in
orders the company is rapidly expanding its production capacity expected to reach approximately 1.5
million units by 2025 to fully meet growing market demand. The company’s air suspension products
already support clients such as Seres Xiaomi Li Auto SAIC Zeekr and Tank.
11 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2025
The intelligent door drive system developed by the company applied to models such as the AITO M9
not only reduces operating noise but also significantly saves interior space further enhancing the user’s
driving and riding experience.Significant progress has also been made in the intelligent brake system (IBS) field with multiple
projects entering mass production. The Hongqi new energy electric vehicle equipped with Tuopu’s IBS
brake system achieved an outstanding braking distance of 29.68 meters in a 100-km/h braking test
thanks to the company’s self-developed core components and meticulously crafted software algorithms
by a team of hundreds of software engineers. To further enhance product competitiveness the company
has initiated R&D on the cost-effective IBS 2.0 version and is collaborating with Hongqi and Seres on
the EMB project.In terms of product quality and industry certifications the company’s intelligent brake system paired
with a redundant braking unit has successively passed ISO26262-ASIL D functional safety certification
ASPICE-LEVEL 2 certification and IATF16949 quality management system certification and is
preparing to pass ISO26262-ASIL B functional safety certification. In terms of technical R&D and
intellectual property the company holds 31 software copyrights along with multiple invention and
utility model patents.
(3) Comprehensive Progress in the Robotics Business Segment.
In the context of rapid technological advancement embodied intelligent robots are developing swiftly
emerging as a new force in driving transformation across various industries. In 2025 embodied
intelligence was included in the Government Work Report for the first time signaling its significant role
in the future development of industries. As one of the most promising emerging industries today it has
broad applications in smart manufacturing healthcare services and other scenarios liberating human
labor and enhancing quality of life. According to institutional forecasts robots are expected to replace
hundreds of millions of jobs globally in the future with the global robotics industry potentially reaching
a market size of trillions of yuan representing vast market potential and serving as a typical example of
new productive forces. Against the backdrop of rapid advancements in cutting-edge technologies like AI
and an aging population the robotics industry is entering a period of rapid growth.The company has been developing the IBS system for many years accumulating deep technical
expertise in mechanics reduction mechanisms motors electronic controls and software. This expertise
has been extended horizontally to thermal management systems EPS systems air suspension systems
comfort cabin actuators and robotic electric drive actuators. Robot actuators as core components of
robots primarily include linear actuators and rotary actuators. To mimic the coordination and
multi-degree-of-freedom flexibility of human movements these actuators must meet technical
requirements for lightweight design miniaturization and low power consumption. Robot actuators push
engineering design limits requiring optimized integration and communication of various motors
reduction mechanisms sensors encoders drivers and controllers resulting in complex structures and
highly technology-intensive products.The company’s core advantages in the robot actuator business include:
Independent R&D capabilities for various motors such as permanent magnet servo motors and
frameless motors;
Experience in integrating motors reduction mechanisms and controllers;
Precision machining capabilities;
Collaborative capabilities across various R&D and testing resources. These strengths provide the
company with strong competitiveness in this field ensuring a significant market share.The company began collaborating with clients on linear actuators and leveraging its R&D experience
and expertise in IBS quickly gained client approval. This led to the development of rotary actuators and
subsequently dexterous hand motors with multiple samples already sent to clients demonstrating rapid
project progress. The company is also actively developing robot structural components sensors foot
shock absorbers and electronic flexible skins further establishing a platformized product layout for the
robotics business.To simulate human movements each robot requires dozens of motion actuators with a single unit
valued at approximately tens of thousands of yuan indicating significant market potential. To seize the
development opportunities in the robotics business following strategic analysis and decision-making
the company decided to establish a separate Electric Drive Division with an independent management
structure and a dedicated professional team while integrating advantageous resources to create favorable
conditions for the rapid development of this business. The establishment of the Electric Drive Division
12 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2025
reflects the company’s dynamic strategic adjustments and implementation focusing resources and
expertise to provide strategic support for the growth of this business.While developing eight major product lines for intelligent electric vehicles the company is seizing the
historic opportunity of the rapidly growing robotics industry focusing on and continuously expanding
key products and core technologies in the robotics industry chain. This enables synergistic development
between intelligent automotive components and robotic components laying a foundation for the
company’s sustained rapid growth.
(4) Comprehensive Enhancement of Thermal Management System R&D and Manufacturing
Capabilities.The company has comprehensively built R&D and manufacturing capabilities for thermal management
system modules and components developing products such as multi-way valves electronic expansion
valves electronic water pumps valve plates radiators and gas-liquid separators.Next-Generation Nine-Way Electronic Water Valve is one of the essential thermal management
components. Through innovative design and integrated intelligent diagnostic functions this valve
achieves energy coupling and precise allocation across multiple scenarios improving vehicle winter
range by over 20% while reducing system costs by more than 30%. The company has established an
industry-leading product matrix for electronic water valves (two-way to nine-way) fully addressing the
diverse thermal management needs of new energy vehicles and providing clients with cost-effective
system solutions.Electronic Expansion Valve is one of the essential thermal management components. The company has
completed a full range of product layouts covering large medium and small aperture specifications.Through modular design the coil and valve core can be flexibly combined reducing development cycles
by over 30% and comprehensive costs by approximately 25%. The product boasts three core technical
advantages: rapid response precise regulation and reliable performance providing efficient solutions
for thermal management systems.Leveraging its strong R&D capabilities the company has achieved full-stack independent development
of core sub-components for the Thermal Management System 2.0 including multi-way water valves
electronic water pumps electronic expansion valves solenoid valves heat exchangers flow channel
plates check valves gas-liquid separators liquid storage tanks and controllers. This achievement not
only demonstrates the company’s technical superiority in thermal management but also delivers
significant value to users through optimized system design:
1. Range Enhancement: Through intelligent regulation the system increases range by over 20% under
extreme conditions such as winter significantly improving vehicle efficiency.
2. Lightweight Design: Using new materials and structural optimization the system achieves a 25%
weight reduction reducing energy consumption while enhancing vehicle handling performance.
3. Intelligent Control: The thermal management controller adopts an integrated design supporting OTA
remote upgrades and adaptive energy consumption adjustments for different conditions providing a
more convenient and efficient user experience.
4. Enhanced Reliability: By optimizing system layout the system reduces refrigerant and coolant
pipelines by 30% effectively lowering leakage risks and improving stability and reliability.
5. Noise Optimization: Advanced vibration isolation technology achieves a module vibration isolation
rate greater than 20 dB significantly enhancing vehicle NVH performance and creating a quieter more
comfortable driving and riding environment.Additionally the new generation of fully integrated modules and R290 refrigerant system modules have
achieved technological breakthroughs. This has elevated the company’s technical capabilities in thermal
management to new heights providing clients with higher-quality and more comprehensive solutions.Beyond mature applications in the automotive industry the company has applied thermal management
technologies and products to liquid-cooled servers energy storage and robotics securing initial orders
worth 1.5 billion yuan opening new market growth areas. The liquid-cooled server business is described
as follows:
In the context of the rapid development of artificial intelligence (AI) and large-scale models the demand
for chips has surged with data centers and supercomputing centers experiencing centralized and rapid
growth. During high-performance HPC operations chips generate significant heat. Traditional cooling
fan solutions cannot effectively dissipate this heat leading to GPU/CPU frequency reductions that limit
computational power and consume substantial energy. Therefore “liquid cooling technology” must
replace traditional “air cooling technology” to improve computational efficiency while reducing cooling
13 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2025
system power consumption operational costs and carbon emissions. As a result the liquid-cooled
server industry has immense market potential.The data center liquid cooling system primarily includes:
Heat Conduction System: Comprising liquid cooling plates and cooling media where liquid cooling
plates use microchannels and folded fins to significantly increase the contact area between the cooling
medium and solid surfaces thereby enhancing heat exchange efficiency.Liquid Delivery System: Including liquid cooling pump systems various pipelines flow control valves
gas-liquid separators and temperature-pressure sensors.Other Systems: Such as cabinet structural components and seals.Seizing the market opportunities in the rapidly growing AI liquid-cooled server industry the company
leveraged its technical and product expertise in thermal management and IBS to quickly develop
products such as liquid cooling pumps temperature-pressure sensors various flow control valves
gas-liquid separators and liquid cooling flow guide plates. The company has promoted these products to
Huawei Client A NVIDIA META other enterprise clients and data center providers gaining market
recognition and establishing this business as a new growth point for the company.In digital-intelligent manufacturing by comprehensively utilizing various system simulation software
and leveraging its experience in automotive electronics the company completed its first electronic heat
pump production line in just four months earning client recognition in automation visual inspection
product traceability and quality control. The first fully automated digital flexible production line for
electronic expansion valves is compatible with multiple product models and delivered over 500000
units in its first year of operation. To further expand capacity the company is building thermal
management production facilities in Mexico Poland and Thailand.
(5) Capacity landscaping.
Based on the company’s new order intake and projections for the future penetration rate of new
energy vehicles the company continues to implement capacity planning and construction. During the
reporting period the construction of Hangzhou Bay Phase IX Henan and Thailand Phase I factories
continued to progress. The Thailand factory is expected to be completed and operational by the end of
2025.
The construction of these factories brings short-term cost pressures. However as the new energy
vehicle industry is currently in a rapid development phase the company’s capacity expansion is based
on rigorous analysis and scientific decision-making demonstrating strong foresight.
(6) Cost control.
During the reporting period the cost of raw materials and labor services has obviously risen the
Company implements cost control boost efficiency and performance by purchasing in large quantity
technological innovation strict budget control and other proper measures.With new factories built every year the overhead and manufacturing expenses are higher in the
process of production ramp-up and trial production the average cost of a facory is around tens of
millions of yuan. As a new factory reaches the initial production capacity and comes at the break-even
point it would make a greater contribution to the group’s profit.A number of research projects in process and the employment of many technical specialists led to a
rapid increase in R&D expenditures. As driven by the capacity expansion needs of the company capital
expenditures increased enormously and the ratio of depreciation and amortization also rose. In future
the volume production and sales growth are expected to spread R&D cost capital expenditures and
miscellaneous cost and the gross margin is expected to grow on an ongoing basis.
(7) Manufacturing upgrade.
The company guided by the core philosophy of "production automation + management ITization +
TPS tooling" continues to advance digital factory construction implementing the MES management
system to achieve effective management in quality control product traceability lean production and
equipment management. This promotes interconnectivity of data among the company clients and the
supply chain creating an Industry 4.0 smart factory.
14 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2025
In quality control the company has built an error-proofing mechanism by deeply integrating control
plans with traceability systems achieving a digital transformation of full-process quality management.All key data are integrated in real-time into the operational management platform enabling managers to
comprehensively monitor the dynamic status of QCD (Quality Cost Delivery) core indicators online in
real-time providing precise support for decision-making.In advanced manufacturing DFM production simulation technology provides the company with an
optimal planning platform. All newly built factories utilize virtual simulation DFM technology to
comprehensively simulate quality traceability automation visual inspection energy utilization and
carbon emissions ensuring optimal product quality and cost levels while significantly shortening mass
production timelines.
(8) Sustainable development.
The company’s management places great importance on ESG system development striving to build
a sustainable ESG management framework. To fulfill its ESG responsibilities the company vigorously
promotes green and low-carbon production adhering to its social responsibilities for energy
conservation and environmental protection. The company continues to increase its photovoltaic installed
capacity with annual power generation steadily rising. The cumulative installed capacity has reached
209 megawatts with an annual power generation capacity of 213.33 million kilowatt-hours reducing
carbon dioxide emissions by 212700 tons annually.The company will persist in its efforts to foster green development by embedding the principles of
sustainability throughout its operational processes. It aims to take a proactive role in scientific and
technological innovation while implementing various strategies to further decrease carbon emissions
ultimately working towards the realization of zero-carbon factories and contributing to the overarching
goals of achieving carbon peak and carbon neutrality.Significant changes in operating conditions of the Company during the reporting period as well as
events that significantly impact its operating conditions during the reporting period and are
expected to have a significant impact in the future
□Applicable√Non-applicable
III． Analysis of core competitiveness during the reporting period
√Applicable □Non-applicable
Since its establishment over forty years ago the Company has continuously enhanced its
comprehensive competitiveness raising competitive thresholds to build moats.
1. Strength of product platform.
Keeping up with the trend of industry development the Company makes a prospective distribution
of NEVs track expands its product lines and forms a platform-based corporation. Now it owns 8
product lines: Automobile Vibration Control System Interior & Exterior System Body Lightweight
Products Cabin Comfort System Thermal Management System Chassis System Air Suspension
System Intelligent Braking System. The unit price of components per vehicle is about 30000 and there
is some room to expand the product line.The Company also lays out products such as robot electric drive actuators a track oriented toward
humanity's future with trillion-yuan scale with broad development prospects.The Company has a wide range of product lines which can provide customers with one-stop
system-grade and modularized products and services and some products are scarce and hardly
benchmarked in the global market of automobile parts. In the era of industrial transformation and
business model innovation labor collaboration with customers can in turn enhance customer satisfaction
and pave the way for getting bigger and stronger.
15 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2025
The Company has a wide array of product lines such as suspension system brake-by-wire and
steering-by-wire impressive chassis tuning capabilities and requisite factors to integrate drive-by-wire
chassis and skateboard chassis. Drive-by-wire chassis is an essential condition to realize high-level auto
piloting. In contrast skateboard chassis can create a new car-making model featuring faster speed of
making and lower cost. With a proven ability to render further services to customers the Company is
highly responsive to the technology development trend of vehicle E/E control architecture and
sub-domain control and the creative car-making model that may appear.The product lines are briefly described here: 1. Vibration Control System comprising powertrain
mount support drive motor damper cylinder support torsional damper sub-frame support and
hydraulic bushing; 2.Interior & Exterior System comprising automobile door panel roof main carpet
coat rack heat and sound insulation components luggage insulation components and exterior trim
products such as sealing strips and decorative strips; 3. Body Lightweight Products comprising
one-piece front and rear floor panels body structural part door structural part and battery pack
structural part; 4. Cabin Comfort System comprising rotary screen controller electric tailgate electric
sliding door and seat comfort system; 5. Thermal Management System comprising integrated heat
pump assembly multi-port valve electronic water pump and electronic expansion valve; 6. Chassis
System comprising front and rear sub-frames aluminum sub-frame control arms rods and steering
knuckles; 7. Air Suspension System comprising integrated air supply unit air suspension and height
sensor; 8. Intelligent Braking System comprising steer-by-wire brake-by-wire and power-adjustable
steering columns.In the robotics field including linear actuators rotary actuators dexterous hand motors sensors
body structural components foot shock absorbers electronic flexible skins etc.
2. Forward R&D and Cross-Domain Capability Building Advantages.
Enhancing R&D and innovation capabilities is the necessary path to becoming a world-class
automotive parts enterprise. The Company has always adhered to R&D and innovation pioneering the
forward R&D development strategy in the industry twenty years ago. After years of technical
accumulation it now possesses system-level synchronous forward R&D capabilities for each product
line integrated R&D integration capabilities in materials mechanics electronic controls and software
and has formed numerous invention patents and other independent intellectual properties. The Company
continues to invest in system construction talent introduction experimental capabilities and more with
annual R&D investment accounting for an average of about 5% of operating revenue continuously
enhancing R&D competitiveness possessing the ability to continue expanding product lines laying the
foundation for achieving "Technological Tuopu."
The Company has established R&D centers in North America Europe Shenzhen Ningbo and
other locations to better serve global customers and widely attract high-end talents from home and
abroad having built a research team of over 4000 people including nearly 200 masters and doctors.Relying on the Company's forward R&D philosophy and practice the Company continuously
builds cross-domain capabilities to enhance competitiveness:
(1) Breaking through materials mechanics motors solenoid valves electronic hardware and
software capabilities. After years of R&D and innovation the Company has expanded its R&D
capabilities from initial materials and mechanical R&D to core key components such as motors and
solenoid valves ultimately possessing electronic software and hardware development capabilities. In
materials starting from basic research developing various lightweight environmental interior materials
various high-performance rubber formulations multiple lightweight alloy materials etc. and enhancing
material performance through aging quenching and other heat treatment processes; in mechanical
product design using various design software finite element analysis software kinematics simulation
software for various product and mold structural designs; possessing electromagnetic field analysis
simulation and structural design capabilities for various motors and solenoid valves through testing
tools for soft and hard magnetic materials as well as forward design and development of flow fields and
temperature fields ensuring normal operation of motors and solenoid valves in full environments;
electronic software and hardware development follows ISO26262 and ASPICE standards for V-model
design and development using ALM software for project management passing company process
certifications for functional safety ISO26262 and ASPICE processes with numerous products obtaining
ASIL D functional safety product certificates and ASPICE Level 2 product certifications.
(2) Continuous product line expansion. Relying on the Company's forward R&D capabilities the
Company continuously expands product lines forming 8 major product lines in the automotive
16 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2025
components field with further expansion possible. In the robotics field it also follows a platform-based
product strategy to continuously expand product lines.
(3) Mastering a complete range of product processes. The Company possesses manufacturing
processes for various products including rubber injection molding processes multi-component fiber
molding processes various water jet and needle punch fabric molding processes injection molding
compression molding water cutting forging differential pressure/low pressure/high pressure/extrusion
casting sand casting stamping assembly welding electrophoresis high-precision CNC machining
SMT placement packaging testing EOL helium inspection various automated assemblies etc.
(4) The Company has established a globally leading experimental center equipped with
cutting-edge facilities such as whole-vehicle four-wheel drum test facilities and EMC laboratories
possessing testing and verification capabilities at material product system and whole-vehicle levels
passing CNAS ISO/IEC17025 system certification with many automakers entrusting the Company with
completing whole-vehicle level experiments.
(5) Self-research and self-manufacturing capabilities for various molds and equipment. Mold types
that can be self-designed and manufactured include: rubber injection molds plastic injection molds
interior compression and blister molds stamping molds forging molds various die-casting molds sand
casting molds etc. The Company self-researches and self-manufactures various production lines
including IBS automated production lines EPS automated production lines air suspension automated
production lines ball joint automated production lines etc. further enhancing competitive thresholds.
3. Strength of customer group and business pattern
The Company undertakes the mission statement of creating values for its customers and has been
generally accepted by customers in cooperation. The TUOPU brand reputation has been enhanced along
with higher loyalty level of customers. In the era of intelligent electrification capitalizing on the core
competitiveness generated from QSTP the Company has established and maintained stable cooperation
with domestic and overseas carmakers.The Company brings Tier0.5 grade cooperation into practice and establishes strategic partnerships
with customers. This creative supply chain cooperation is expected to improve efficiency and reduce
cost for car makers fit the present needs of developing automotive industry and to keep the competition
threshold higher. The rendering of “responsive and answerable” services to every strategic customer has
been positively rated and recognized by customers which in turn paves the way for supplying
components to millions of units.
3. Strength of R&D.
The only way leading to a world-class automobile parts enterprise is to improve capabilities of
R&D and innovation. Sticking to R&D and innovation the Company was the first participant within the
industry to lay down the forward R&D development strategy as early as twenty years ago. After the
technological accumulation for yearsnow it has the system-level synchronous positive R&D capabilities
of each product line and demonstrates the R&D integration capabilities of machinery electronic control
and software. and has a number of independent intellectual property rights such as invention patents.The Company kicks off basic research works in order to further maintain its leading edge in research and
development. With uninterrupted investments in system construction recruitment of talents and testing
capacity the Company maintains the average percentage of annual R&D investments in operating
income at a level about 5% signaling the continuous improvement of R&D competitiveness.With R&D centers set up in North America Europe Shanghai Shenzhen and Ningbo the
Company is able to provide better services to global customers and recruit quality talents at home and
abroad. Thanks to its efforts the Company has put a scientific research team consisting of nearly 2000
members in place including more than 100 holders of doctoral and master degrees.
17 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2025
The Company has set up a test center of global excellence which has the testing and validation
capabilities with respect to materials products systems and vehicles. With certified CNAS
ISO/IEC17025 system the Company has been appointed by many automakers to conduct in-vehicle
tests.Leveraging the top-down R&D capabilities the Company can expand its product line and enhance
the value of components per vehicle and also renders T0.5-level service to customers.
4. Strength of plant layout and capacity.
The Company has set up manufacturing bases in Ningbo Chongqing Wuhan and other places
encircling major automobile industry clusters in China. To render better services to global customers the
Company has established manufacturing plants or warehouse centers in the United States Canada
Brazil and MalaysiaTuopu Poland have switched to volume production and Tuopu Mexico Industrial
Park and the factory in the United States are planning production activities in order. Under this plant
layout the Company is able to render faster and more efficient services to its customers and guarantee
the business development on global platforms.The penetration rate of NEVs features by a rapid increase but the industrial chain capacity of
NEVs is obviously insufficient global auto part makers are under a heavy burden of transformation
their investment willingness is weak and the investment level and rate of home auto part makers are not
enough. According to the company-specific capacity requirement and future forecasts the Company is
expected to build up capacity in order to maintain its leading edge in production capacity technology
and equipment.In addition the automobile industry requires a large-sum investment in the plant layout the
construction period is long and the complex equipment and process are involved so it can hardly be
replaced like the cellphone industry chain.
5. Strength of intelligent manufacturing.
Relying on the intelligent manufacturing strategy and pinpointing the goal of building a lighthouse
factory the Company enhances the digitalization of the factory and fabricates a smart factory.Leveraging DFM virtual simulation technology the Company simulates factory layout production
line design production process parameter control visual inspection takt time distribution and
warehousing energy saving and consumption reduction in the stage of product supplying and R&D
which in turn sharply reduces the duration of volume production improves quality and reduces cost.The Company has set up an equipment automation division to enhance the production automation
strengthens quality assurance capabilities increase the output per capita and prepares for benchmarking
the international level.The availability of production automation coupled with AI visual inspection AGV automatic
logistics intelligent warehousing and RFID barcode and traceability system is driven by AI big data
analysis and 5G to improve intelligent manufacturing capabilities ensure quality and reduce costs.
6. Strength of management.
Under the IATF16949 quality system and sticking to the concept of smart management the
Company has established a specific management system with typical features through years of
innovation efforts.
18 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2025
For management structure the division-based management structure is laid down for the group
which can relieve the stress of management highlight the business operations improve the efficiency of
operation and lead to relative competition; divisions are subject to the horizontal flat management with
sales activities standing in the core for market-oriented construction of the organization pool resources
and make quick response; under the pyramid organization business units enforce standard processes to
improve efficiency and reduce cost.For management system the Company has established a full set of standard processes management
systems and assessment indicators as directed by process information standardization and lean
production and is leveraging some information tools such as SAP PLM OA and MES to implement
exact processes bring digitalized operation into practice thereby improving management
decision-making efficiency and business performance.In terms of incentive mechanisms the Company builds career platforms for employees fully
authorizes dares to try errors tolerates errors generously and corrects errors bravely encouraging
everyone to boldly attempt new methods and ideas continuously exploring and advancing in a tolerant
atmosphere. The Company adopts internal cultivation and fair cadre selection modes ensuring smooth
promotion channels cooperating with company development strategies forming positive cycle
mechanisms for business development and employee development.
7. Strength of talents.
The Company highly values talent selection and cultivation. The Company establishes postdoctoral
workstations introducing scientific talents worldwide. The Company adheres to the cadre selection
philosophy of "knowing people and making good use of them appointing people on merit" upholding
the spirit of "benchmarking against experts proactive striving" building a competitive youthful cadre
team. The Company establishes comprehensive unique and open financial indicator systems
transforming leaders from managers to operators and entrepreneurs.The Company encourages for the formation of a learning organization that is fully authorized and
forges a young and experienced international team specialized in sales R&D activities and production
who can pave the way for leapfrog development of the Company.
8. Strength of culture.The Company undertakes the mission statement of “making our customers employeesshareholders the community and partners satisfied and becomes a corporate citizen of excellence.Aligning with the business philosophy of serving the country with industrial achievements the
Company stands at the industry front gets immersed in R&D and innovation goes all out to solve
“bottlenecking” technical issues and contributions to the industry safety and development. Adhering to
the operation concept of legal compliance the Company undertakes social responsibility and is
committed to infusing positive energy into social development.The Company gives its employees an access to comfortable workplace equal interpersonal
relationships appealing salary and benefits and an extraordinary career development platform in order
to tap into the potentials of all employees. The Company has established partnerships with suppliers
respected the business philosophy of seeking equality and win-win results and driven the common
development of the supply chain.The Company values ? ? and protects the interests of investors strictly abides by the rules
governing information disclosure and other provisions and distributes dividends to investors even
19 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2025
though the capital expenditures have been increased. All staff members are united to improve operating
performance in order to maximize the benefits to investors.
9. Strength of equity structure.
The Company is run and operated by founder which in turn maintains the prudence of major
decisions values long-term benefits and development makes quick decisions and assures good
execution. The founder holds a higher percentage of shares keeps a clear equity structure and exercises
longstanding control on the Company from the top-level design in order to keep the Company running
steadily for a long time and have an ample potential for capital expansion. The members of the Board of
Directors led by the chairman demonstrate impressive experience have clear division of work keep a
low profile keep ambitious and energetic and use their best endeavors to drive the Company to the
forefront of the industry in the right way.
10. Strength of risk control.
The Company keeps the debt-to-equity ratio at low level and has an abundant cash flow. The
well-established financial system and the strict risk control system can in turn guarantee the
implementation of strategic plan and investment plan or allow it to seek mergers and expansion
whenever appropriate or reduce the risk exposure to business operation and maintain its long-term
investment value.IV. Main business operations during the reporting period
During the reporting period the company achieved operating revenue of RMB 12.935 billion yuan
a year-on-year increase of 5.83%; total profit reached 1.457 billion yuan a year-on-year decrease of
13.84%; and net profit attributable to shareholders of the listed company was 1.295 billion yuan a
year-on-year decrease of 11.08%.During the reporting period the net cash flow from operating activities was 2.456 billion yuan.Cash outflow from investing activities amounted to 3.047 billion yuan of which 1.56 billion yuan was
spent on acquiring and constructing fixed assets and other long-term assets fully preparing the company
for the rapid growth of the new energy vehicle market and enhancing its competitive barriers.Depreciation and amortization totaled 990 million yuan accounting for 7.65% of operating revenue an
increase of 1.24 percentage points compared to the full year of the previous year.As of the end of the reporting period the company’s total assets were 40.233 billion yuan up
7.16% from the end of the previous year; total liabilities were 17.622 billion yuan down 1.89% from the
end of the previous year; the asset-liability ratio was 43.80%; and the equity attributable to the parent
company was 22.577 billion yuan up 15.48% from the end of the previous year.
(1) Analysis of main business operations
1 1. Analysis of changes in related subjects of income statement and cash flow statement
Unit：Yuan Currency：RMB
Subject Amount in the current Amount in previous Change as
period period percentage (%)
Operating income 12934627599.03 12221820236.43 5.83
Operating cost 10405770831.37 9613009267.55 8.25
Cost of sales 131613897.97 147701007.66 -10.89
Overhead expenses 378158457.59 313068483.72 20.79
Financial expenses -9005267.50 73517091.86 -112.25
R&D cost 705060676.30 533298050.74 32.21
Net cash flow from operating
activities 2456271248.25 1038398021.56 136.54
Net cash flows from investing
activities -1626604438.28 -3097893122.35 NA
Net cash flow from financing
activities -366639672.19 3285425872.60 NA
20 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2025
Note to Changes in Financial Expenses: The change is primarily due to a decrease in the amortization of
convertible bond interest and an increase in foreign exchange gains during the current period.Note to Changes in R&D Expenses: The change is mainly due to the company’s continued increase in
R&D innovation efforts and higher R&D investments during the current period.Note to Changes in Net Cash Flow from Operating Activities: The change is primarily due to an increase
in customer payments received during the current period.
2 Particulars of major changes in the business type profit composition or source of profit of the
Company during the current period
□Applicable√Non-applicable
(2) Note to major changes in profits caused by operations other than main operations
□Applicable√Non-applicable
21 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2025
(3) Analysis of assets and liabilities
√Applicable □Non-applicable
1. 1. Assets and liabilities
√Applicable □Non-applicable
Unit：Yuan
Change in
the amount
Amount at Amount at at the end of
the end of the end of the current
Item Amount at the end of the
the current previous period as a
current period period as a
Amount at the end of
percentage previous period
period as a percentage Remark
percentage of the
of total of total amount at
assets (%) assets the end of
previous
period (%)
Primarily attributable to a decrease in
Notes receivable 11500532.30 0.03 24667150.00 0.07 -53.38 commercial acceptance bills received
during the period
Primarily attributable to an increase in
Other current assets 431389209.73 1.07 287567653.75 0.77 50.01 VAT carryforward tax credits during
the period
Primarily attributable to the
Goodwill 425427566.21 1.06 202102686.43 0.54 110.50 recognition of goodwill from theacquisition of Wuhu Changpeng
during the period
Other non-current Primarily attributable to an increase in
assets 315981648.92 0.79 219274564.68 0.58 44.10 prepayments for construction andequipment during the period
Short-term Primarily attributable to an increase in
borrowings 2221281418.52 5.52 930632816.92 2.48 138.69 bank borrowings during the period
Notes payable 4559699572.90 11.33 3198453321.20 8.52 42.56 Primarily attributable to an increase innotes payable issued during the period
22 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2025
Primarily attributable to an increase in
Contract liabilities 43329172.25 0.11 24262437.81 0.06 78.59 advance receipts during the current
period
Primarily attributable to an increase in
Other payables 28959534.57 0.07 22158931.54 0.06 30.69 deposits and guarantees received
during the current period
Other current Primarily attributable to an increase in
liabilities 2172687.57 0.01 1540946.15 0.00 41.00 VAT on advance receipts during thecurrent period
Primarily attributable to an increase in
Long-term 816414056.62 2.03 1448871389.82 3.86 -43.65 long-term borrowings reclassified toborrowings non-current liabilities due within one
year during the current period
Primarily attributable to the
Bonds payable 0.00 0.00 2513474488.62 6.69 -100 conversion and early redemption ofconvertible bonds during the current
period
23 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2025
2. Overseas assets
√Applicable □Non-applicable
(1) Scale of assets
Including: overseas assets RMB 4086338222.84 (Unit: Yuan Currency: RMB) in 10.16% of total
assets.
(2) Notes to overseas assets
□Applicable √Non-applicable
3. Major asset restrictions as of the end of the reporting period
√Applicable □Non-applicable
Unit：Yuan
Item Closing Book Balance Closing Book Value Reason for
restricted use
Cash and Cash 567820569.35 567820569.35 Collateral
Equivalents
Notes Receivable 3253162.89 3090504.75 Pledge
Property Plant and 938763246.52 565323070.06 Mortgage
Equipment
Intangible Assets 212208542.01 162685147.47 Mortgage
Investment Property 24529646.86 7493663.72 Mortgage
Accounts Receivable 1586227556.65 1586227556.65 Pledge
Financing
Total 3332802724.28 2892640512.00
4. Other Notes
□Applicable √Non-applicable
(4) Investment condition
1. Overall analysis of external equity investments
□Applicable √Non-applicable
24 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2025
(1) Significant equity investment
□Applicable √Non-applicable
(2) Significant non-equity investment
□Applicable √Non-applicable
ⅰ. Condition of purchased land
i. Updates of investments
Reference
Date of numberNO. Title ofSigning of Main content Update of eventannounce announcement
ment
1 September 2022-079 Tuopu Group’s The Company and the Administration Committee of Already put into operation
2022 Announcement on Xi’an Economic and Technological Developmentthe Investment Zone signed the “Auto Parts Production ProjectIntent Agreement Landing Agreement” with the intent of investing
Signed with Xi’an about RMB 3 billion to build a NEV critical parts
production base in Xi’an Economic and Technological
Development Zone.
2 September 2022-081 Tuopu Group’s The Company establishes a new wholly-owned Already put into operation
2022 Announcement on subsidiary TUOPU GROUP MEXICOS.de R.L. de
New C.V in Mexico and plans to purchase industrial land
Establishment of a in Mexico to build a production base for NEV auto
Wholly-owned parts.Subsidiary in
Mexico
25 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2025
3 January 2024 April 2024 Announcement of The Company has signed the Investment Agreement Under planning
Tuopu Group on on the Project of R&D and Production Base for Robot
the Signing of Electric Drive System with the Management
Investment Committee of Ningbo Economic and Technological
Agreement on the Development Zone.Project of R&D
and Production
Base for Robot
Electric Drive
System
(3) Financial assets measured at fair value
□Applicable √Non-applicable
Gain/loss on Cumulative
Asset Amount at fair value fair value
Impairment Amounts mounts
beginning of changes changes provided purchased during sold/redeemed A Other Amount at end ofcategory period during the included in during the the period during the period changes period
period equity period
Short-term
financial 1050000000.00 1200000000.00 1350000000.00 900000000.00
products
Receivables
financing 2659789309.01 5170743657.51 4630250327.69 3200282638.83
Total 3709789309.01 6370743657.51 5980250327.69 4100282638.83
Securities Investment
□Applicable √Non-applicable
Securities investment
□Applicable √Non-applicable
26 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2025
PE fund investment
□Applicable √Non-applicable
Derivatives investment
□Applicable √Non-applicable
27 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2025
(5) Disposal of major assets and equity
□Applicable √Non-applicable
(6) Analysis of major controlling and participating companies
√Applicable □Non-applicable
Unit：in 10000 Yuan
28 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2025
Company name Company type Primary Registered capital Total assets Net assets Operating Operating profit Net profit
operations income
Tuopu Automotive Subsidiary Automotive 250 million RMB 672123.33 440325.66 202099.81 19617.37 17606.59
Electronics Parts
Manufacturing
Tuopu Thermal Subsidiary Automotive 450 million RMB 522401.86 435441.32 172906.00 2942.06 2994.65
Management Parts
Manufacturing
Subsidiary Automotive 400 million RMB 318851.50 235830.70 94769.99 -5055.03 -4901.15
Skateboard Chassis Parts
Manufacturing
Subsidiary Automotive 60 million RMB 113871.26 81578.05 81729.28 6629.28 5770.56
Hunan Tuopu Parts
Manufacturing
Subsidiary Automotive 80 million RMB 118268.31 90321.90 75540.67 9753.96 8562.42
Zhejiang Towin Parts
Manufacturing
Subsidiary Automotive 18 million RMB 59305.07 47988.76 18162.59 1032.65 771.93
Suining Tuopu Parts
Manufacturing
Subsidiary Automotive 15 million RMB 38309.02 29764.96 25770.81 2963.50 2619.53
Tuopu Imp&Exp. Parts
Manufacturing
Tuopu Parts Subsidiary Automotive 20 million RMB 141337.38 80061.19 174810.52 13442.44 10085.17
Parts Sales
Tuopu Acoustics Subsidiary Automotive 20 million RMB 224778.21 30846.22 577623.41 6494.72 5037.76
Vibration Parts Sales
Tuopu North Subsidiary Automotive 20 million RMB 174454.38 31078.40 412355.81 5158.82 3871.35
America Limited Parts Sales
Tuopu Electrical Equity-method Automotive 10000 CAD 6386.34 -163.96 53576.18 478.42 327.18
Appliances investee Parts Sales
29 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2025
(7) Structured entities controlled by the Company
□Applicable √Non-applicable
V. Other disclosures
(1) Potential risks
□Applicable √Non-applicable
(2) Other disclosures
□Applicable √Non-applicable
30 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2025
Section 4 Corporate Governance Environment and Society
I. Changes in directors supervisors and officers
□Applicable√Non-applicable
Note to the changes in directors supervisors and officers
□Applicable√Non-applicable
II. The plan for the profit distribution of common stocks or the transfer of capital reserves
The drafted semi-annual plan for the profit distribution of common stocks or the transfer of
capital reserves
Whether for the profit distribution or the transfer No
of capital reserves
Number of bonus issues (stocks) every 10 shares NA
Number of dividends distributed (Yuan) (with tax NA
included) every 10 shares
Number of additional shares (stocks) every 10 NA
shares
Note to the plan for the profit distribution of common stocks or the transfer of capital reserves
No
III. Conditions and Impact of Equity Incentive Plan ESOP (employee stock ownership plan) or
Other Employee Incentive Measures of the Company
(1) Related incentive events have been disclosed in the provisional announcement and there is no
progress or change in subsequent implementation
□Applicable√Non-applicable
(2) Incentives that are not disclosed in the provisional announcement or there is a progress in
subsequent implementation
Condition of equity incentives
□Applicable√Non-applicable
Other notse
□Applicable√Non-applicable
ESOP
□Applicable√Non-applicable
Other incentives
□Applicable√Non-applicable
31 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2025
IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the
List of Enterprises Subject to Mandatory Environmental Disclosure
√Applicable □Non-applicable
Number of enterprises included in the list of
enterprises required to disclose
environmental information in accordance
with the law (enterprises)
No. Company Name Search Index for Environmental Information DisclosureReports
1 Ningbo Tuopu Group Co. Ltd. https://mlzj.sthjt.zj.gov.cn/eps/index/enterprise-search
2 Ningbo Tuopu Group Co. Ltd.
(Chunxiao Suspension Plant) https://mlzj.sthjt.zj.gov.cn/eps/index/enterprise-search
3 Ningbo Tuopu Group Co. Ltd.
(Longtanshan Road Plant) https://mlzj.sthjt.zj.gov.cn/eps/index/enterprise-search
4 Ningbo Tuopu Group Co. Ltd.
(Longtanshan Road Plant) https://mlzj.sthjt.zj.gov.cn/eps/index/enterprise-search
5 Ningbo Tuopu Chassis System Co.
Ltd. https://mlzj.sthjt.zj.gov.cn/eps/index/enterprise-search
6 Ningbo Tuopu Automobile
Electronics Co. Ltd. https://mlzj.sthjt.zj.gov.cn/eps/index/enterprise-search
7 Tuopu Electric Vehicle Thermal
Management System (Ningbo) Co. https://mlzj.sthjt.zj.gov.cn/eps/index/enterprise-search
Ltd.
8 Tuopu Skateboard Chassis (Ningbo)
Co. Ltd. https://mlzj.sthjt.zj.gov.cn/eps/index/enterprise-search
9 Zhejiang Towin Automobile Parts
Co. Ltd. https://mlzj.sthjt.zj.gov.cn/eps/index/enterprise-search
10 Taizhou Tuopu Automobile Parts
Co. Ltd. https://mlzj.sthjt.zj.gov.cn/eps/index/enterprise-search
11 Hunan Tuopu Automobile Parts Co. http://222.244.103.251:8181/hnyfpl/frontal/index.html#/
Ltd. home/index
12 Sichuan Tuopu Automobile Parts https://103.203.219.138:8082/eps/index/enterprise-searc
Co. Ltd. h
13 Tuopu Automobile Chassis System
(Anhui)_Co. Ltd. https://39.145.37.16:8081/zhhb/yfplpub_html/#/home
Other Notes
□Applicable√Non-applicable
V. Specific Measures for Consolidating and Expanding Poverty Alleviation Achievements and
Advancing Rural Revitalization
□Applicable√Non-applicable
32 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2025
Section 5 Significant Events
I. Performance of commitments
（1）Commitments made by actual controllers shareholders related parties acquirers of the Company and the Company and other related parties
making commitments during the reporting period or continuing to the reporting period
□Applicable √Non-applicable
Period Whether If suchof commitments If suchDate and Whether perform commitments
Background Type of Committed by Content of commitment deadline of there is a
Commit cannot be
of commitment commitmen deadline for ment
ed
strictly completed
cannot be
commitment t performanc and timely state
completed
timely the specific
timely state
reason the next plan
1. The Company does not have and March 2012 No Continu Yes NA NA
will not be directly or indirectly ous
engaged in or by any form including
but not limited to holding
participating of shares joint venture
associate partnership lease agent
operation trust or other similar form
MECCA engage in any operation or activity that
Commitment
related to intratype
INTERNATION may have constituted or substantially
competition AL HOLDING constitute a current or potentialIPO （HK） competition against the existing and
LIMITED future operations of Tuopu Group and
its holding subsidiaries.
2. For companies and economic
entities directly or indirectly controlled
by the Company the Company will
procure such companies and economic
entities to perform the obligations of
avoiding competition as contained in
33 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2025
the letter of commitment having
equivalent standards to the
Company/Enterprise by sending out
institutions and persons (including but
not limited to directors managing
directors financial officers) or by
gaining the controlling status (e.g.:
shareholders’ rights directors’ rights)
so as to keep such companies and
economic entities from competing
against Tuopu Group and its
subsidiaries.
3. If any change in policies and
regulations or other reasons that are
not attributable to the Company
unavoidably causes other companies
or economic entities controlled by
Company or any company or
economic entity that the Company
may impose significant impact has
constituted or may potentially
constitute competition Tuopu Group
shall have the right of first refusal as to
the trusted management (contracting
operation leasing operation) or
acquisition in respect of such
operations that have constituted or
may potentially constitute competition.
4. The above commitments are
unconditional if a violation of the
above commitments inflicts any
financial loss to Tuopu Group the
Company will indemnify other
shareholders or interested parties of
Tuopu Group against such losses as
34 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2025
comprehensive prompt and sufficient.
5. This letter of commitment shall
remain in force and effect whenever
the Company and any company
controlled by the Company are related
to Tuopu Group.Resolve MECCA 1. The Company and its controlled March 2012 No Yes NA NA
related party INTERNATION entities will do the utmost to avoid
transactions AL HOLDING related transactions with the issuer and（HK） its subsidiaries.LIMITED 2. If related party transactions are
unavoidable both parties to the
transactions will strictly follow the
normal business code of conduct. The
pricing policy applicable to related
party transactions must follow the
principles of fairness impartiality and
openness in the market and the
transaction price is fixed at the price at
which the transaction are conducted
with an independent third party in the
market. For major related party
transactions without market price
available for comparison or pricing is
restricted the transaction price shall be
fixed at the cost of the commodities or
labor services traded in accordance
with a reasonable profit standard with
a view to ensuring fair transaction
prices.
3. The Company undertakes to
perform the necessary procedures in
strict accordance with the current
national laws regulations normativedocuments the “Articles of
35 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2025Association” the “Related PartyTransaction Control System” and other
applicable provisions adhere to the
principles of market fairness fairness
and openness and define the rights
and obligations of both parties and
maintain the fairness and
reasonableness of related party
transactions without any circumstance
prejudicing the interests of all
shareholders of Tuopu.
4. The Company and its controlled
entities will not illegally occupy the
funds and any other assets and
resources of Tuopu Group for any
reason or in any manner whatsoever
and will not require Tuopu Group to
provide any form of guarantee under
any circumstances whatsoever.
5. The above commitments are
unconditional if a violation of the
above commitments inflicts any
financial loss to Tuopu Group the
Company will indemnify other
shareholders or interested parties of
Tuopu Group against such losses as
comprehensive prompt and sufficient.
6. This letter of commitment shall
remain in force and effect whenever
the Company and its controlled
entities are related to Tuopu Group.other MECCA If the issuer's prospectus contains any March 2015 No Yes NA NA
INTERNATION falsified records misleading
AL HOLDING statements or material omissions（HK） which constitutes a significant and
36 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2025
LIMITED substantial impact on determining
whether the issuer meets the issuance
conditions as prescribed by law the
Company will within 30 days after the
CSRC rules illegal facts repurchase
the restricted shares that are originally
transferred and urge the issuer to
repurchase all new shares in this
public offering; the Company will fix
the repurchase price at the higher of
the issuer's stock issue price and the
average transaction price of the
issuer's stock within 30 trading days
before the CSRC rules illegal facts
and repurchase all the original
restricted shares that have been sold. If
the issuer's shares are involved in the
issuance of bonus shares or conversion
of capital reserves into share capital
such issue price and repurchase
quantity will be adjusted where
applicable. The Company will
indemnify the investors enduring
financial losses in securities
transactions due to false records
misleading statements or material
omissions in the issuer's prospectus for
this public offering of stocks. Within
30 days after such illegal facts are
ruled by CSRC the stock exchange or
the judicial authority the Company
will in line with the principles of
simplifying procedures actively
negotiating compensating in advance
maintaining the interests of investors
37 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2025
especially small and medium
investors and in accordance with the
measurable economic losses directly
endured by investors elect to reconcile
with investors mediate with investors
through third parties or otherwise
establish investor compensation funds
to actively indemnify the investors
harmless from and against the direct
economic losses endured therein. The
standard scope of subjects and sum of
such indemnity shall be subject to the
final indemnification plan prevailing
in the occurrence of the above
circumstances.other MECCA From August 31 2012 nothing will August No Yes NA NA
INTERNATION procure Ningbo Tuopu Group Co. 2012
AL HOLDING Ltd. to use any raised funds from this（HK） issuance and listing for real estate
LIMITED business or real estate enterprises.other Ningbo Tuopu If the issuer's prospectus contains any March 2015 No Yes NA NA
Group Co. Ltd. falsified records misleading
statements or material omissions
which constitutes a significant and
substantial impact on determining
whether the issuer meets the issuance
conditions as prescribed by law the
Company will within 30 days after the
CSRC rules illegal facts repurchase
the restricted shares that are originally
transferred and urge the issuer to
repurchase all new shares in this
public offering; the Company will fix
the repurchase price at the higher of
the issuer's stock issue price and the
38 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2025
average transaction price of the
issuer's stock within 30 trading days
before the CSRC rules illegal facts
and repurchase all the original
restricted shares that have been sold. If
the issuer's shares are involved in the
issuance of bonus shares or conversion
of capital reserves into share capital
such issue price and repurchase
quantity will be adjusted where
applicable. The Company will
indemnify the investors enduring
financial losses in securities
transactions due to false records
misleading statements or material
omissions in the issuer's prospectus for
this public offering of stocks. Within
30 days after such illegal facts are
ruled by CSRC the stock exchange or
the judicial authority the Company
will in line with the principles of
simplifying procedures actively
negotiating compensating in advance
maintaining the interests of investors
especially small and medium
investors and in accordance with the
measurable economic losses directly
endured by investors elect to reconcile
with investors mediate with investors
through third parties or otherwise
establish investor compensation funds
to actively indemnify the investors
harmless from and against the direct
economic losses endured therein. The
standard scope of subjects and sum of
39 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2025
such indemnity shall be subject to the
final indemnification plan prevailing
in the occurrence of the above
circumstances.Other Ningbo Tuopu If the company's stock price falls March 2015 No Yes NA NA
Group Co. Ltd. below its audited net assets per share
in the previous year within three years
after its IPO and listing (hereinafter
referred to as "net asset value per
share" total number of the ordinary
shareholders' equity attributable to the
parent in the consolidated financial
statements/number of shares of the
company at the end of the year if the
company conducts ex-rights or
ex-dividends due to distribution of
cash dividends bonus shares
conversion of share capital additional
issuance of new shares the above
price should be adjusted accordingly
hereinafter inclusive). The Company
repurchases its shares through
centralized bidding tender offer or
other means as approved by the
securities regulatory authorities. The
Company further commits that total
amount of funds used to repurchase
shares must not exceed the total sum
of funds raised by its IPO of new
shares; the amount of funds used to
repurchase its shares for stabilizing the
stock price within each period of 12
months from the date of listing shall
not be less than RMB 50 million and
the repurchase price must not exceed
40 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2025
the latest audited net asset value per
share before the announcement of such
price stability plan.other Ningbo Tuopu From August 31 2012 nothing will August No Yes NA NA
Group Co. Ltd. procure Ningbo Tuopu Group Co. 2012
Ltd. to use any raised funds from this
issuance and listing for real estate
business or real estate enterprises.Resolve Wu Jianshu 1. I and controlled entities will do the March 2012 No Yes NA NA
related party utmost to avoid related transactions
transactions with the issuer and its subsidiaries.
2. If related party transactions are
unavoidable both parties to the
transactions will strictly follow the
normal business code of conduct. The
pricing policy applicable to related
party transactions must follow the
principles of fairness impartiality and
openness in the market and the
transaction price is fixed at the price at
which the transaction are conducted
with an independent third party in the
market. For major related party
transactions without market price
available for comparison or pricing is
restricted the transaction price shall be
fixed at the cost of the commodities or
labor services traded in accordance
with a reasonable profit standard with
a view to ensuring fair transaction
prices.
3. I undertake to perform the necessary
procedures in strict accordance with
the current national laws regulationsnormative documents the “Articles of
41 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2025Association” the “Related PartyTransaction Control System” and other
applicable provisions adhere to the
principles of market fairness fairness
and openness and define the rights
and obligations of both parties and
maintain the fairness and
reasonableness of related party
transactions without any circumstance
prejudicing the interests of all
shareholders of Tuopu.
4. I and controlled entities will not
illegally occupy the funds and any
other assets and resources of Tuopu
Group for any reason or in any manner
whatsoever and will not require
Tuopu Group to provide any form of
guarantee under any circumstances
whatsoever.
5. The above commitments are
unconditional if a violation of the
above commitments inflicts any
financial loss to Tuopu Group I will
indemnify other shareholders or
interested parties of Tuopu Group
against such losses as comprehensive
prompt and sufficient.
6. This letter of commitment shall
remain in force and effect whenever I
and any company controlled by I are
related to Tuopu Group.Resolve Wu Jianshu 1. I does not have and will not be March 2012 No Yes NA NA
intratype directly or indirectly engaged in or by
competition any form including but not limited to
42 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2025
holding participating of shares joint
venture associate partnership lease
agent operation trust or other similar
form engage in any operation or
activity that may have constituted or
substantially constitute a current or
potential competition against the
existing and future operations of
Tuopu Group and its holding
subsidiaries. 2. For companies and
economic entities directly or indirectly
controlled by I I will procure such
companies and economic entities to
perform the obligations of avoiding
competition as contained in the letter
of commitment having equivalent
standards to I by sending out
institutions and persons (including but
not limited to directors managing
directors financial officers) or by
gaining the controlling status (e.g.:
shareholders’ rights directors’ rights)
so as to keep such companies and
economic entities from competing
against Tuopu Group and its
subsidiaries. 3. If any change in
policies and regulations or other
reasons that are not attributable to I
unavoidably causes other companies
or economic entities controlled by
Company/Enterprise or any company
or economic entity that I may impose
significant impact has constituted or
may potentially constitute competition
Tuopu Group shall have the right of
43 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2025
first refusal as to the trusted
management (contracting operation
leasing operation) or acquisition in
respect of such operations that have
constituted or may potentially
constitute competition. 4. The above
commitments are unconditional if a
violation of the above commitments
inflicts any financial loss to Tuopu
Group I will indemnify other
shareholders or interested parties of
Tuopu Group against such losses as
comprehensive prompt and sufficient.
5. This letter of commitment shall
remain in force and effect whenever I
and any company controlled by I are
related to Tuopu Group.Other Wu Jianshu The Company will indemnify the March 2015 No Yes NA NA
investors enduring financial losses in
securities transactions due to false
records misleading statements or
material omissions in the issuer's
prospectus for this public offering of
stocks. Within 30 days after such
illegal facts are ruled by CSRC the
stock exchange or the judicial
authority the Company will in line
with the principles of simplifying
procedures actively negotiating
compensating in advance maintaining
the interests of investors especially
small and medium investors and in
accordance with the measurable
economic losses directly endured by
investors elect to reconcile with
44 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2025
investors mediate with investors
through third parties or otherwise
establish investor compensation funds
to actively indemnify the investors
harmless from and against the direct
economic losses endured therein. The
standard scope of subjects and sum of
such indemnity shall be subject to the
final indemnification plan prevailing
in the occurrence of the above
circumstances.II. Whether there is any non-operating capital occupation by the controlling shareholder and its affiliates
□Applicable √Non-applicable
III. Violation of guarantee
□Applicable √Non-applicable
45 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
IV. Audit of the semi-annual report
□Applicable √Non-applicable
V. Changes and handling of matters involved in non-standard audit opinions in the previous year’s
annual report
□Applicable √Non-applicable
VI. Matters concerning bankruptcy and reorganization
□Applicable √Non-applicable
VII. Significant Lawsuits and Arbitrations
□The Company is involved in any significant lawsuits and arbitrations in the current year √The
Company is not involved in any significant lawsuits and arbitrations in the current year
VIII. Listed companies and their directors supervisors officers controlling shareholders and
actual controllers suspected of violations of laws and regulations or subject to punishment and
rectification
□Applicable √Non-applicable
IX. Notes to the Credit Standing of the Company and Its Controlling Shareholders and Actual
Controllers during the Reporting Period
□Applicable √Non-applicable
X. Significant Related-party Transactions
(1) Related-party transactions related to daily operations
1. Events that have been disclosed in the provisional announcement and there is no progress or
change in subsequent implementation
□Applicable √Non-applicable
2. Events that have been disclosed in the provisional announcement but there is no progress or
change in subsequent implementation
□Applicable √Non-applicable
3. Events that are not disclosed in the provisional announcement
□Applicable √Non-applicable
46 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
(2) Related-party transactions in the acquisition or sale of assets or equity
1. Events that have been disclosed in the provisional announcement and there is no progress or
changes in subsequent implementation
□Applicable √Non-applicable
2. Events that have been disclosed in the provisional announcement but there is a progress or
change in subsequent implementation
□Applicable √Non-applicable
3. Events that are not disclosed in the provisional announcement
□Applicable √Non-applicable
4. Where there is a performance agreement involved the performance achieved during the
reporting period shall be disclosed
□Applicable √Non-applicable
(3) Significant related-party transactions of joint external investment
1. Events that have been disclosed in the provisional announcement and there is no progress or
changes in subsequent implementation
□Applicable √Non-applicable
2. Events that have been disclosed in the provisional announcement but there are progress or
changes in subsequent implementation
□Applicable √Non-applicable
3. Events that are not disclosed in the provisional announcement
□Applicable √Non-applicable
(4) Related credits and liabilities
1. Events that have been disclosed in the provisional announcement but there is no progress or
change in subsequent implementation
□Applicable √Non-applicable
2. Events that have been disclosed in the provisional announcement but there is a progress or
change in subsequent implementation
□Applicable √Non-applicable
3. Events that have not been disclosed in the provisional announcement
□Applicable √Non-applicable
47 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
(5) Financial business between the Company and the associated financial company the Company's
holding financial company and the related party
□Applicable √Non-applicable
(6) Other major related transactions
□Applicable √Non-applicable
(7) Other
□Applicable √Non-applicable
XI. Major contracts and contract performance
1 Matters relating to trusteeship contracting and leasing
□Applicable √Non-applicable
48 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
2 Significant guarantees performed and unfulfilled during the reporting period
√Applicable □Non-applicable
Unit：Yuan Currency： RMB
External guarantees by the Company (other than its guarantees to subsidiaries)
Relation
between Date of Whether
the guarantee Type the
Whether Whether it
Guarantor guarantor Guarante Guarantee occurred From Until of Main
Collater
al (if guarante
the Guarante
guarante e overdue Counter-guaran
is a
ed party d amount (date of guaran debts e has tee situation guarantee
Associatin
and the any) e is amount for related g relation
listed agreement tee been
company execution) fulfilled
overdue parties
Total amount of guarantees during the reporting period (other than
guarantees to subsidiaries) 0
Total balance of guarantees at the end of the reporting period (A)
(other than guarantees to subsidiaries) 0
Guarantees by the Company to its subsidiaries
Total amount of guarantees to subsidiaries during the reporting
period 100000000.00
Total balance of guarantees to subsidiaries at the end of the
reporting period (B) 562573512.73
Total amount of company guarantees (including its guarantees to subsidiaries)
Total guarantees (A+B) 562573512.73
Total guarantees as a percentage of the Company's net assets (%) 2.51%
Including:
Amount of guarantees provided for shareholders actual controllers
and their related parties (C) 0
Amount of debt guarantee provided directly or indirectly for the
guaranteed object whose asset-liability ratio exceeds 70% (D) 0
Amount of the total guarantees exceeding 50% of the net assets (E) 0
49 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
Total of the above three guarantees (C+D+E) 0
Note to unexpired guarantees that may bear joint liability for NA
repayment
(1)Tuopu Poland sp.z.o.o ("Tuopu Poland") is a wholly-owned subsidiary established by
Tuopu Group in Poland in March 2021. It leases 7R PROJEKT 35 Sp. z oo ("7R Project
Company"). The customized plant will accept and produce European orders and has assigned a
lease agreement with 7R Project Company on March 15 2021.Given business practices and actual needs the Company provided performance guarantee for
the said plant lease agreement signed by Tuopu Poland.The total liability of the letter of
guarantee is up to 7 million euros (calculated at the exchange rate on the day before the
announcement on March 19 2021 equivalent to RMB 54.174 million) and the effective term
covers the validity period of the said lease agreement (84 months counted from March 15
2021) and five months after its expiration or termination but no later than August 1 2029.
The above performance guarantees have been reviewed and approved at the 5th meeting of thefourth Board of Directors. More details are available in “Announcement of Tuopu Group onProviding Performance Guarantees for the Lease of Industrial Plants for OverseasStatement of guarantees Wholly-owned Subsidiaries”disclosed by the company on the portal site of Shanghai StockExchange on March 19 2021. (Announcement No. 2021-018). The guarantee still exists
during the reporting period.
(2) TUOPU GROUP MEXICOS.de R.L. de C.V (hereinafter referred to as “Tuopu Mexico”)
a wholly-owned subsidiary of Tuopu Group rented local industrial buildings as production
workshops in order to put into production as soon as practicable. At the landlord’s request
Toppan Group provided rental guarantee for Toppan Mexico. The total liability of the
guarantee shall not exceed USD14 million (approximately RMB 102.76 million) and the
validity period shall cover the entire validity period of the lease agreement (i.e. from
November 1 2023 to October 31 2030).The above performance guarantees have been reviewed and approved at the 13th meeting ofthe Fourth Board of Directors. More details are available in “Announcement of Tuopu Groupon Providing Performance Guarantees for Bank Loans to Wholly-ownedSub-subsidiary”disclosed by the Company on the portal site of Shanghai Stock Exchange on
September 29 2023. (Announcement No. 2023-067). The guarantee remained on-going during
the reporting period.
50 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
(3) TUOPU GROUP MEXICOS.de R.L. de C.V (hereinafter referred to as “TuopuMexico”) a wholly-owned subsidiary of Tuopu Group rented an industrial building located in
Nuevo Leon State Mexico as its Phase II plant and signed a lease agreement with the lessor.Tuopu USA LLC a wholly-owned subsidiary of the Company guaranteed the rents and
related taxes agreed in the above lease agreement with the total liability not exceeding USD
35 million (approximately RMB 248335500). At the same time Toppan Group delivered to
the landlord a standby letter of credit issued by a commercial bank to guarantee the lease of the
aforesaid Phase II plant with a standby letter of credit in the amount of USD 3047669.86
(approximately RMB 21624131.96). The above guarantees total USD 38047669.86
(approximately RMB 269959631.96) and are valid for the entire validity period (i.e. from
November 15 2023 to January 14 2034) of the Lease Agreement.The above performance guarantees have been reviewed and approved at the 4th meeting of theFifth Board of Directors. More details are available in “Announcement of Tuopu Group onProviding Performance Guarantees for Bank Loans to Wholly-ownedSub-subsidiary”disclosed by the Company on the portal site of Shanghai Stock Exchange on
December 23 2023. (Announcement No. 2023-083). The guarantee remained on-going during
the reporting period.
(4) To facilitate its ongoing expansion in North America Tuopu Mexico a wholly-owned
subsidiary of Tuopu Group entered into a lease agreement for its industrial facility situated in
Nuevo Leon Mexico. The landlord BancoMonex S.A. I.B.M Monex Grupo Financiero
acting as Trustee of the Trust designated as F/3485 finalized this agreement on February 6
2024 for a duration of five years. This facility will function as the trim plant for the production
of automobile parts at Tuopu Mexico's operations. In alignment with business practices and
operational requirements the Company has secured the rental obligations outlined in the lease
through standby letters of credit. The cumulative value of these two standby letters of credit
amounts to USD 5582293.2 (approximately RMB39679480.77). The contract remains
effective from February 6 2024 until July 15 2029.The above performance guarantees have been reviewed and approved at the 7th meeting of theFifth Board of Directors. More details are available in “Announcement of Tuopu Group onProviding Performance Guarantees for Bank Loans to Wholly-ownedSub-subsidiary”disclosed by the Company on the portal site of Shanghai Stock Exchange on
February 27 2024. (Announcement No. 2024-029). The guarantee remained on-going during
the reporting period.
51 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
The combined total of the aforementioned five guarantees amounts to RMB 502573512.73.Ningbo Tuopu Automobile Parts Co. Ltd. a wholly-owned subsidiary of the
company plans to collaborate with a certain integrator. During the future supply
process to this integrator potential payment obligations may arise (such as
penalties for failure to deliver on time or compensation for product quality issues).In accordance with commercial practices and actual circumstances the company
has issued a guarantee letter for all debts incurred by Ningbo Tuopu Automobile
Parts Co. Ltd. in its business dealings with the integrator from June 1 2025 to
June 1 2035. The scope of the guarantee includes principal debts interest
penalties damages and expenses incurred in pursuing remedies. The maximum
guarantee amount is 100 million yuan. The guarantee period is six years starting
from the date when the performance period of the guaranteed debts has fully
expired.The above guarantee matter has been approved at the 23rd meeting of the fifth
board of directors of the company. For details please refer to the Tuopu Group
Announcement on Providing Performance Guarantee for Wholly-Owned
Subsidiary (Announcement No. 2025-051) disclosed on the Shanghai Stock
Exchange website on May 27 2025. During the reporting period this guarantee
remains in effect.The total amount of the aforementioned five guarantees is RMB 566573512.73.
52 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
3 Other major contracts
□Applicable √Non-applicable
XII. Note to the update of the utilization of proceeds
□Applicable √Non-applicable
(1) Overall utilization of issue proceeds
√Applicable □Non-applicable
Unit: in RMB 10000
Of which: Progress of Total
Cumulative
Total Cumulative cumulative amount of
total Progress of
committed total investment fund-raising
amount of cumulative Percentage
Net investment of Total investment of Amount for change
Time of funds investment of of amount
Total Proceeds proceeds in excess of overprovided invested of use
Source of receipt invested in proceeds as of invested in
amount of from the funds over-raised funds as of in the
proceeds of fundraising the end of the the current
proceeds Fundraising prospectus or raised (3) = funds as of the end of current
proceeds as of the reporting year (%) (9)
(1) offering (1) - (2) the end of the reporting year (8)
end of the period = (8)/(1)
memorandum the period
reporting (%)(6)=(4)/(1)
(2) reporting (%)(7) =
period (4)
period (5) (5)/(3)
Issuance
of July 20
250000.00248897.26248897.260.00202776.230.0081.470.0017804.977.150.00
convertible 2022
bonds
Issuance January
of Shares 16 202 351482.69 349843.78 349843.78 0.00 132437.84 0.00 37.86 0.00 21016.13 6.01 55000.00
to specific 2
53 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
subjects
Total / 601482.69 598741.04 598741.04 0.00 335214.07 0.00 / / 38821.10 / 55000.00
Other Notes
□Applicable □Not applicable
(2) Details of Fundraising Investment Projects
□Applicable □Not applicable
54 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
(II) Particulars of the issue and investment projects
√Applicable □Not applicable
1. Detailed utilization of issue proceeds
□Applicable □Not applicable
Unit: yuan
Whether there
Whether it Cumulative
Cumulative Whether is any
is a total Specific
progress of the progress Benefits significant
committed Total amount of reasons for Benefits
Whether it Amount investment Date when the Whether of realized change in the Amount
investment planned proceeds the progress realized
Source of Nature of involves a invested in as at the end project comes the project investment or R&D feasibility of of
Project title project in investment invested as of in the
proceeds project change of the current of the to the intended has been is in line results of the project and balance
the of proceeds at the end of investment current
investment year reporting state of use completed with the the if so please
prospectus (1) the falling short year
period (%) planned project explain the
or offering reporting of the plan
(3)=(2)/(1) progress specific
prospectus period (2)
circumstances
Lightweight chassis
Issuance system construction
of project with an Production
Yes No 72133.99 0.00 72905.66 101.07 June 2024 Yes Yes NA -852.16 1713.19 No
convertible annual production construction
bonds capacity of 1.5
million sets
Issuance Lightweight chassis
Production Under
of system construction Yes No 176763.27 17804.97 129870.57 73.47 No Yes NA NA NA Yes
construction construction
convertible project with an
55 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
bonds annual production
capacity of 3.3
million sets
Chongqing
lightweight chassis
system with an
annual production
Issuance capacity of 1.2
of stocks million sets and Production Under
Yes No 60000.00 504.71 24197.85 40.33 No Yes NA NA NA No
to specific automotive interior construction construction
subjects decoration project
with an annual
production capacity
of 600000 sets of
functional parts
Ningbo qianwan
Issuance lightweight chassis
of stocks system project with Production Under
Yes No 75000.00 6676.09 25581.73 34.11 No Yes NA NA NA No
to specific an annual construction construction
subjects production capacity
of 2.2 million sets
Ningbo qianwan
project functional
Issuance
parts for automotive
of stocks Production Under
interiors with an Yes No 10000.00 582.31 5337.88 53.38 No Yes NA NA NA No
to specific construction construction
annual production
subjects
capacity of 500000
sets
56 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
Ningbo qianwan
project automotive
interior functional 是，此项目parts with an annual Not
Issuance production capacity canceled;
of stocks of 1.1 million sets Production adjusted Under
Yes 45000.00 1680.94 16938.23 37.64 No Yes NA NA NA No
to specific and thermal construction total construction
subjects management system amount of
project with an raised funds
annual production investment
capacity of 1.3
million sets
Ningbo qianwan
Issuance lightweight chassis
of stocks system project with Production Under
Yes No 50000.00 3395.40 11635.88 23.27 No Yes NA NA NA No
to specific an annual construction construction
subjects production capacity
of 1.6 million sets
Anhui shouxian
lightweight chassis
system project with
Issuance an annual
of stocks production capacity Production Under
Yes No 19843.78 662.43 9105.63 45.89 No Yes NA NA NA No
to specific of 300000 sets and construction construction
subjects automotive interior
functional parts
project with an
annual production
57 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
capacity of 500000
sets
Huzhou changxing
lightweight chassis
system project with
an annual
Issuance production capacity
of stocks of 800000 sets and Production Under
Yes No 15000.00 956.51 14622.72 97.48 No Yes NA NA NA No
to specific automotive interior construction construction
subjects functional parts
system project with
an annual
production capacity
of 400000 sets
Yes this
project has
not been
canceled;
Issuance
the total
of stocks Intelligent driving Production Under
Yes amount of 37000.00 6557.74 25017.92 67.62 No Yes NA NA NA No
to specific R&D center project construction construction
raised funds
subjects
for
investment
has been
adjusted.Issuance Thailand Thermal Yes this is
Production Under
of stocks Management No a new 38000.00 0.00 0.00 0.00 No NA NA NA NA No
construction construction
to specific Systems Project project
58 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
subjects with an Annual
Production of 1.3
Million (Note 2)
Total / / / / 598741.04 38821.10 335214.07 / / / / / / /
Note 1: On March 3 2025 the company held the 18th meeting of the fifth board of directors and on April 7 2025 the company held the first extraordinary general
meeting of shareholders of 2025 where the Proposal on Increasing the Investment Scale of Certain Fundraising Projects and Changing Certain Fundraising Projectswas reviewed and approved. The investment amount for the company’s fundraising projects namely the “Ningbo Qianwan Annual Production of 1.1 Million Sets ofAutomotive Interior Functional Components Project and Annual Production of 1.3 Million Sets of Thermal Management System Project” was partially reallocated
to the “Intelligent Driving R&D Center Project.” The reallocated amount is 170 million yuan. Details of the actual fund usage for the fundraising projects after the
change are shown in the table above.Note 2: In view of the current geopolitical factors and opportunities in the Southeast Asian market domestic and international vehicle manufacturer clients are
establishing factories in Thailand. As an upstream component supplier the company needs to follow its clients by building factories in Thailand to provide
corresponding production capacity support. Therefore it is proposed to reallocate part of the unutilized fundraising proceeds to the urgently needed Thailand factory
construction. Additionally as vehicle manufacturer clients are adding or transferring part of their production capacity to Thailand out of prudence to reduce
investment risks the company plans to moderately adjust the construction pace of certain projects prioritizing the Thailand factory construction. On June 17 2025
the company held the 24th meeting of the fifth board of directors and on July 3 2025 the company held the second extraordinary general meeting of shareholders
of 2025 where the Proposal on Changing the Use of Certain Fundraising Proceeds was reviewed and approved. The unutilized fundraising proceeds of 380 millionyuan from the “Ningbo Qianwan Annual Production of 1.1 Million Sets of Automotive Interior Functional Components Project and Annual Production of 1.3Million Sets of Thermal Management System Project” were reallocated to the “Thailand Thermal Management System Project with an Annual Production of 1.3Million Sets”.
2. Utilizatin of over-raised funds
□Applicable √Not applicable
(III) Changes in or termination of fund-raising investments during the reporting period
√Applicable □Not applicable
59 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
Change Date Total Investment Total Amount of Amount of Decision-Maki
Project (Date of Amount of Raised Funds Raised Funds ng Procedures
Project
Name First Change Raised Funds Already Invested Reason for Used for Working and
Title After
Before Announceme Type Before Before Change/Termination Capital After Information
Change
Change nt Change/Terminati Change/Terminati Change/Terminati Disclosure
Disclosure) on on on Statement
Ningbo
Qianwan
Project
with an Approved by
Annual resolutions of
Production the Board of
of 1.1 Directors and
Million Reductio the
Sets of n in the Intelligent Shareholders'
Automotiv Amount Driving Meeting and
e Interior 2025/3/5 of Raised 100000.00 16938.23 R&D Note 1 0.00 an
Functional Funds for Center announcement
Componen Investme Project regarding the
ts and nt change in
Thermal fundraising
Manageme investment
nt System projects has
Project been issued
with an
Annual
Production
60 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
of 1.3
Million
Sets
Ningbo
Qianwan
Project
with an
Annual
Approved by
Production
resolutions of
of 1.1
Thailand the Board of
Million
Thermal Directors and
Sets of
Reductio Manageme the
Automotiv
n in the nt Systems Shareholders'
e Interior
Amount Project Meeting and
Functional
2025/6/18 of Raised 100000.00 16938.23 with An Note 2 0.00 an
Componen
Funds for Annual announcement
ts and
Investme Production regarding the
Thermal
nt of 1.3 change in
Manageme
Million fundraising
nt System
Sets investment
Project
projects has
with an
been issued
Annual
Production
of 1.3
Million
Sets
61 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
Note 1: In view of the increased funding needs for the aforementioned “Intelligent Driving R&D Center Project” and to improve the efficiency of fundraisingproceeds utilization 170 million yuan of unutilized fundraising proceeds from the company’s original fundraising projects namely the “Ningbo Qianwan Projectwith an Annual Production of 1.1 Million Sets of Automotive Interior Functional Components and Thermal Management System Project with an Annual Productionof 1.3 Million Sets” have been reallocated to the “Intelligent Driving R&D Center Project.”
Note 2: In light of the current geopolitical factors and opportunities in the Southeast Asian market domestic and international vehicle manufacturer clients are
establishing factories in Thailand. As an upstream component supplier the company needs to follow its clients by building factories in Thailand to provide
corresponding production capacity support. Therefore it is proposed to reallocate part of the unutilized fundraising proceeds to the urgently needed Thailand factory
construction. Additionally as vehicle manufacturer clients are adding or transferring part of their production capacity to Thailand out of prudence to reduce
investment risks the company plans to moderately adjust the construction pace of certain projects prioritizing the Thailand factory construction. A total of 380million yuan of unutilized fundraising proceeds from the company’s original fundraising projects namely the “Ningbo Qianwan Automotive Interior FunctionalComponents Project with an Annual Production of 1.1 Million Sets and Thermal Management System Project with an Annual Production of 1.3 Million Sets” have
been reallocated to the “Thailand Thermal Management System Project with an Annual Production of 1.3 Million Sets”.
62 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
(IV) Other use of issue proceeds during the reporting period
1. Prior investment and substitution of issue proceeds investment projects
□Applicable√Not applicable
2. Utilization of Idle Fundraising Proceeds to Temporarily Supplement Working Capital
√Applicable □Not applicable
1. On April 22 2024 the company’s fifth board of directors held its eighth meeting and approved
the Proposal on Using Part of the Temporarily Idle Fundraising Proceeds to Supplement Working
Capital. It was proposed to use up to RMB 1 billion of temporarily idle fundraising proceeds to
supplement working capital with the usage period from July 1 2024 to June 30 2025 and each
instance of supplementation not exceeding 12 months. The company’s supervisory board and sponsor
institution issued opinions in favor of this matter. On June 24 2024 the company’s 2023 annual general
meeting of shareholders approved the Proposal on Using Part of the Temporarily Idle Fundraising
Proceeds to Supplement Working Capital.
2. On April 22 2025 the company’s fifth board of directors held its 21st meeting and approved the
Proposal on Using Part of the Temporarily Idle Fundraising Proceeds to Supplement Working Capital.It was proposed to use up to RMB 1.2 billion of temporarily idle fundraising proceeds to supplement
working capital with the usage period from July 1 2025 to June 30 2026 and each instance of
supplementation not exceeding 12 months. The company’s supervisory board and sponsor institution
issued opinions in favor of this matter. On May 14 2025 the company’s 2024 annual general meeting of
shareholders approved the Proposal on Using Part of the Temporarily Idle Fundraising Proceeds to
Supplement Working Capital. The company utilized 600 million yuan in July 2024 and 200 million yuan
in September 2024.As of June 30 2025 the company has fully returned the RMB 800 million of fundraising proceeds
used for supplementing working capital to the designated fundraising account.
3. Cash management of idle proceeds and investment in related products
√Applicable □Not applicable
Unit: in 10000 Currency: RMB
Whether the
Managed highest
Effective cash balanceDate of
consideration by consideration of balance at
during the
the Board of issue proceeds Start date End date the end of
period
for cash the exceededDirectors management reporting the
period authorizedamount
April 22 2024 280000.00 July 1 2024 June 30 2025 90000.00 No
April 22 2025 240000.00 July 1 2025 June 30 2026 0.00 No
Other notes:
1.On April 22 2024 the company’s fifth board of directors held its eighth meeting and approved
the Proposal on Using Part of the Temporarily Idle Fundraising Proceeds for Entrusted Wealth
Management. The company (including its wholly-owned subsidiaries) proposed to use up to RMB 2.8
billion of temporarily idle fundraising proceeds for entrusted wealth management investing in structured
deposits or purchasing principal-protected wealth management products. The authorization period is
from July 1 2024 to June 30 2025 with the funds within the approved limit available for rolling
reinvestment. The company’s supervisory board and sponsor institution issued opinions in favor of this
matter. On June 24 2024 the company’s 2023 annual general meeting of shareholders approved the
63 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
Proposal on Using Part of the Temporarily Idle Fundraising Proceeds for Entrusted Wealth
Management.
2. On April 22 2025 the company’s fifth board of directors held its 21st meeting and approved the
Proposal on Using Part of the Temporarily Idle Fundraising Proceeds for Entrusted Wealth
Management. The company (including its wholly-owned subsidiaries) proposed to use up to RMB 2.4
billion of temporarily idle fundraising proceeds for entrusted wealth management investing in structured
deposits or purchasing principal-protected wealth management products. The authorization period is
from July 1 2025 to June 30 2026 with the funds within the approved limit available for rolling
reinvestment. The investment term for individual structured deposits or wealth management products
shall not exceed 12 months. The company’s supervisory board and sponsor institution issued opinions in
favor of this matter. On May 14 2025 the company’s 2024 annual general meeting of shareholders
approved the Proposal on Using Part of the Temporarily Idle Fundraising Proceeds for Entrusted
Wealth Management.
3. From January to June 2025 the company conducted cash management of idle fundraising
proceeds with a cumulative purchase of related products amounting to RMB 1.2 billion and a
cumulative redemption of related products totaling RMB 1.35 billion. As of June 30 2025 the
company’s outstanding wealth management products amounted to RMB 900 million. The specific
transaction details of the purchased wealth management products are shown in the table below:
Name of Whether it is
Name of entrusted Amount Interest due for
entrusted party financial entrusted (in commencement Maturity date collection at
products RMB 10000) date the balancesheet date
Ping An Bank
Ningbo Beilun Structuraldeposits 10000.00 2025-1-9 2025-4-9 YesSub-branch
Bank of China
Xinda Road Structural 10000.00 2025-1-9 2025.4.10 Yes
Sub-branch deposits
Bank of China
Xinda Road Structural
Sub-branch deposits
5000.00 2025-1-9 2025-4-10 Yes
Bank of China
Xinda Road Structural
Sub-branch deposits
5000.00 2025-1-9 2025-4-10 Yes
Ningbo Bank
Beilun Structuraldeposits 10000.00 2024-12-5 2025-6-4 YesSub-branch
Ningbo Bank
Beilun Structural
Sub-branch deposits
15000.00 2024-12-5 2025-6-4 Yes
Hangzhou
Bank Ningbo Structural
Beilun deposits 20000.00 2024-12-6 2025-6-6 Yes
Sub-branch
Shanghai
Pudong
Development Structuraldeposits 10000.00 2024-12-25 2025-6-25 YesBank Ningbo
Branch
Ningbo Bank
Beilun Structural
Sub-branch deposits
20000.00 2024-12-26 2025-6-25 Yes
Industrial Structural 10000.00 2024.12.26 2025-6-25 Yes
64 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
Bank Ningbo deposits
Branch
Hangzhou
Bank Ningbo Structural
Beilun deposits 20000.00 2024-12-27 2025-6-27 Yes
Sub-branch
China
Merchants Structural
Bank Ningbo deposits 10000.00 2025-4-17 2025-7-17 No
Branch
Ping An Bank
Ningbo Beilun Structuraldeposits 20000.00 2025-4-18 2025-10-20 NoSub-branch
Bank of China
Xinda Road Structural
Sub-branch deposits
20000.00 2025-6-11 2025-12-11 No
Hangzhou
Bank Ningbo Structural
Beilun deposits 20000.00 2025-6-12 2025-12-12 No
Sub-branch
Ping An Bank
Ningbo Beilun Structuraldeposits 20000.00 2025-6-13 2025-12-15 NoSub-branch
4. Other
□Applicable √Not applicable
(V) Conclusive Opinions from Intermediaries on the Special Verification and Attestation of Raised
Funds Storage and Usage
□Applicable √Not applicable
Note to Abnormal Verification Findings
□Applicable √Not applicable
(VI) Follow-up Rectification Measures for Unauthorized Changes in Raised Funds Usage and
Improper Appropriation of Raised Funds
□Applicable √Not applicable
XIII. Note to other material matters
□Applicable √Not applicable
65 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
Section 6 Changes in Shares and Shareholders
I. Condition in change of equity
(1) Condition in change of shares
1. Changes in shares
Unit：shares
Before change Increase or decrease (+， -) After changeIssue of Conversion of
Shares Percent new Bonus(%) shares shares from Other Subtotal Shares
Percent
shares provident fund (%)
I. Restricted shares
1. Shares held by the state
2. Shares held by state-owned corporations
3、Other domestic shares
Of which: shares held by domestic
non-state legal persons
Shares held by domestic natural
persons
4. Shares held by foreign capital
Of which: shares held by overseas
corporates
Shares held by overseas natural
persons
II. Non-restricted shares in circulation 1686025655 100 51809925 51809925 1737835580 100
1. RMB common shares 1686025655 100 51809925 51809925 1737835580 100
2. Domestic listed foreign shares
3. Overseas listed foreign shares
4. Other
III. Total shares 1686025655 100 51809925 51809925 1737835580 100
66 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
2. Statement on Shareholding Changes
√Applicable □Non-applicable
On March 14 2025 the Company completed the redemption of Topcon Convertible Bonds. During the redemption process a significant number of bondholders
converted their Topcon Convertible Bonds into Company shares within the statutory timeframe. Following the redemption based on data from China Securities
Depository and Clearing Corporation Limited Shanghai Branch the Company's total share count stands at 1737835580 shares.For details please refer to the “Top Group Announcement on the Redemption Results of ‘Top Convertible Bonds’ and Share Changes” disclosed by the Company
on the Shanghai Stock Exchange website on March 15 2025.
3. Impact of changes in common shares on financial indexes such as EPS and net assets per share from the reporting period to the disclosure of the
semi-annual report (if any)
√Applicable □Non-applicable
4. Other information deemed necessary by the company or required for disclosure by securities regulatory authorities
□Applicable√Non-applicable
(II) Changes in restricted sale of shares
□Applicable √Non-applicable
67 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
II. Condition of Shareholders
(1) Total shareholders
Total number (accounts) of common shareholders as of the end 110532
of the reporting period
Total number (accounts) of preferred shareholders whose voting NA
rights have been restored as of the end of the reporting period
(2) Shares held by the top ten shareholders and top ten tradable shareholders (or shareholders not subject to restricted sale) as of the end of the reporting
period
Unit：shares
Shares held by the top ten shareholders
Increase/De Number of Condition of pledge
Name of Shareholder crease shares held at Percentag
Number of
during the e shares held
marking or freezing Nature of shareholders
(Full Name) reporting the end of the (%) subject to Status of Number of
period period restricted sale shares shares
MECCA INTERNATIONAL
HOLDING HK LIMITED 1005836000 57.88 No Foreign corporate personF（ ）
Hong Kong Securities Clearing
Company Limited 88176085 5.07 Unknown Unknown
Industrial and Commercial Bank of
China Co. Ltd. –
Huatai-PineBridge CSI 300 15230248 0.88 Unknown Unknown
Exchange-Traded Open-End Index
Securities Investment Fund
Wu Jianshu 11996731 0.69 No Foreign natural person
China Life Insurance Co. Ltd. –
Traditional – Ordinary Insurance 11193058 0.64 Unknown Unknown
Product – 005L-CT001 Shanghai
68 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
China Construction Bank Co. Ltd.– E Fund CSI 300
Exchange-Traded Open-End Index 11021387 0.63 Unknown Unknown
Initiated Securities Investment
Fund
Industrial and Commercial Bank of
China Co. Ltd. – China AMC CSI
300 Exchange-Traded Open-End 8084671 0.47 Unknown Unknown
Index Securities Investment Fund
Temasek Fullerton Alpha Pte Ltd 7849576 0.45 Unknown Unknown
Ningbo Zhuyue Investment 7841064 0.45 No Domestic non-state-ownedManagement Co. Ltd. legal entities
Bank of China Co. Ltd. – Harvest
CSI 300 Exchange-Traded
Open-End Index Securities 6966393 0.40 Unknown Unknown
Investment Fund
Shares held by the top ten shareholders not subject to restricted sale
Number of tradable shares Class and number of shares
Name of Shareholder held not subject to restrictedsale Class Number of shares
MECCA INTERNATIONAL
HOLDING HK LIMITED 1005836000 RMB common share 1005836000（ ）
Hong Kong Securities Clearing
Company Limited 88176085 RMB common share 88176085
Industrial and Commercial Bank of
China Co. Ltd. –
Huatai-PineBridge CSI 300 15230248 RMB common share 15230248
Exchange-Traded Open-End Index
Securities Investment Fund
Wu Jianshu 11996731 RMB common share 11996731
China Life Insurance Co. Ltd. –
Traditional – Ordinary Insurance 11193058 RMB common share 11193058
Product – 005L-CT001 Shanghai
69 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
China Construction Bank Co. Ltd.– E Fund CSI 300
Exchange-Traded Open-End Index 11021387 RMB common share 11021387
Initiated Securities Investment
Fund
Industrial and Commercial Bank of
China Co. Ltd. – China AMC CSI
300 Exchange-Traded Open-End 8084671 RMB common share 8084671
Index Securities Investment Fund
Temasek Fullerton Alpha Pte Ltd 7849576 RMB common share 7849576
Ningbo Zhuyue Investment
Management Co. Ltd. 7841064 RMB common share 7841064
Bank of China Co. Ltd. – Harvest CSI 300 Exchange-Traded Open-End
Index Securities Investment Fund RMB common share
Description of the repurchase of special accounts among the top ten
shareholders NA
Notes to the voting rights entrusted by or to and waived by the above
shareholders NA
Notes to the associated relationship or concerted action of the above Among these shareholders:
shareholders 1. Mr. Wu Jianshu holds 100% of the shares in MECCA INTERNATIONAL
HOLDING （HK） LIMITED.
2. Ningbo Zhuyue Investment Management Co. Ltd. is a wholly-owned
sub-subsidiary of MECCA INTERNATIONAL HOLDING （HK） LIMITED the
controlling shareholder of the Company and is a person acting in concert.In addition the Company doesn’t know whether there is an associated relationship
among the above shareholders or whether they are parties acting in concert.Notes to the preferred shareholders whose voting rights have been restored
and the number of shares held NA
Shareholders holding more than 5% of shares top ten shareholders and top ten shareholders with unlimited shares in circulation participating in the lending of
shares in the transfer and financing business
□Applicable√Non-applicable
Top ten shareholders and top ten shareholders with unlimited shares outstanding changed from the previous period due to lending/returning of refinancing securities
70 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
□Applicable √Not applicable
Number of shares held by the top ten shareholders with limited selling conditions and the conditions under which the shares are subject to selling restrictions
√Applicable □Not Applicable
(3) Strategic investors or general legal persons become the top ten shareholders due to the placement of new shares
□Applicable √Non-applicable
III. Directors supervisors and officers
(1) Changes in shareholding of current and resigned directors supervisors and officers during the reporting period
□Applicable √Non-applicable
Notes to Other Conditions
□Applicable √Non-applicable
(2) Share incentives granted by directors supervisors and officers during the reporting period
□Applicable √Non-applicable
(3) Other notes
□Applicable √Non-applicable
IV. Changes in controlling shareholders or actual controlle
□Applicable √Non-applicable
71 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
Section 7 Information of Corporate Bonds
I. Corporate bonds debentures and non-financial corporate debt financing instruments
□Applicable √Non-applicable
II. Condition of convertible corporate bonds
√Applicable □Non-applicable
√Applicable □Non-applicable
(1) Issuance of convertible bonds
Under the CSRC’s approval on the public offering of convertible corporate bonds by Ningbo Tuopu
Group Co. Ltd. (CSRC Permit [2022] No. 830) the Company issued 25 million convertible corporate
bonds at a nominal value of RMB 100 on 14 July 2022 with a total amount of RMB 2500 million and a
duration of 6 years.BDO China Shu Lun Pan CPAs (Special General Partnership) assessed the capital for this issuance
and released the “Capital Verification Report of Ningbo Tuopu Group Co. Ltd.” (Xin Kuai Shi Bao Zi
[2022] No. ZF10923). Through capital verification as at 20 July 2022 the proceeds raised by the
Company from this issuance come at RMB 2500000.00 million. Netting of the tax-excluded expenses
of RMB 11027358.47 the
As agreed under the SSE Self-disciplinary Supervision Decision [2022] No. 218 the convertible
bonds of RMB 250000000 were available for trading on SSE from 12 August 2022 with the bond
abbreviated as "Tuopu Convertible Bonds" and the bond code "113061".
(2) Convertible bond holders and guarantors during the reporting period
Title of convertible corporate Tuopu Convertible Bonds
bond
Number of bondholders at the 0
end of the period
Guarantor of convertible bonds NA
Significant changes in the
guarantor's profitability asset NA
status and credit standing
Particulars about the top XV bondholders of convertible bonds:
Name of bondholder Name of bonds held Percent of
at the end of the share held (%)
period (RMB)
(3) Changes in convertible bonds during the reporting period
Unit:Yuan Currency:RMB
Name of Increase or decrease
convertible Before change Conversion of Redemption of Put-back After change
bonds shares shares
Tuopu 2499741000 2490032000 9709000 0
Convertible
Bonds
(4) Cumulative conversion of convertible bonds during the reporting period
Name of convertible bonds Tuopu Convertible Bonds
Amount of shares converted in the reporting 2490032000
72 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
period (yuan)
Number of shares converted in the reporting 51809925
period (shares)
Cumulative number of shares converted (shares) 51813728
Cumulative number of shares converted accounted 4.70
for the total number of issued shares of the
company before conversion (%)
Amount of shares not yet converted (yuan) 0
Unconverted convertible bonds as a percentage of 0
total convertible bonds issued (%)
(5) Conversion price adjustments
Unit:Yuan Currency:RMB
Name of Convertible Corporate Bond Tuopu Convertible Bond
Conversion price Adjusted Description of
adjustment date conversion price Disclosure time Disclosure media conversion priceadjustment
July 17 2023 RMB70.92/share July 10 2023 Shanghai Stock Due to the
Exchange website implementation of
Securities Times the profit
distribution plan
for the year 2022
July 19 2024 RMB 48.06/share July 12 2024 Shanghai Stock Due to the
Exchange website implementation of
Securities Times the profit
distribution plan
for the year 2023
Latest conversion price as of the end of NA
the reporting period
(6) Liabilities credit standing change and cash arrangement for debt repayment in the coming
years
The company’s operations remain stable with an asset-liability ratio of 47.84% as of December 31
2024. On June 20 2024 New Century Rating based on a comprehensive analysis and evaluation of the
company’s operating conditions and industry-related factors issued the 2022 Ningbo Tuopu Group Co.Ltd. Publicly Issued Convertible Corporate Bonds Periodic Tracking Rating Report. The report
maintained the company’s main credit rating at “AA+” with a “stable” rating outlook and maintained the
credit rating of “Tuopu Convertible Bonds” at “AA+”. This rating result remains unchanged from the
previous rating.As of June 30 2025 the company’s asset-liability ratio was 43.80%. During the reporting period the
company has fully and timely paid interest to the holders of “Tuopu Convertible Bonds”.
(7) Note to other conditions about convertible bonds
On March 14 2025 the company completed the full redemption of “Tuopu Convertible Bonds”. From
that date “Tuopu Convertible Bonds” were delisted from the Shanghai Stock Exchange.
73 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
Section 8 Financial Report
I. Audit report
√Applicable □Non-applicable
II. Financial Statements
Consolidated Balance Sheet
As of June 30 2025
Prepared by:Ningbo Tuopu Group Co. Ltd.Unit:Yuan Currency:RMB
Item Note June 30 2025 December 31 2024
Current assets:
Cash and Bank Balances Ⅶ. 1 5112317658.79 3987765850.28
Deposit Reservation for
Balance
Loans to Banks and Other
Financial Institutions
Trading Financial Assets Ⅶ. 2 900000000.00 1050000000.00
Derivative Financial Assets
Notes receivable Ⅶ. 4 11500532.30 24667150.00
Accounts receivable Ⅶ. 5 6542392322.62 6425588731.75
Receivables Financing Ⅶ. 7 3200282638.83 2659789309.01
Prepayments Ⅶ. 8 176690219.19 167363593.66
Premium Receivable
Reinsurance Accounts
Receivable
Reinsurance Contract
Reserves Receivable
Other Receivables Ⅶ. 9 64525958.61 80413358.88
Including: interest receivable
Dividends Receivable
Buying Back the Sale of
Financial Assets
Inventory Ⅶ. 10 3991096501.06 4000058158.99
Data resources
Contract Assets
Holding for-sale assets
Non-current Assets Due
within 1Year
Other Current Assets Ⅶ. 13 431389209.73 287567653.75
Subtotal of Current Assets 20430195041.13 18683213806.32
Non-current Assets:
Granting of loans and
advances
Investment in Creditor's
Rights
Investment in Other
Creditor's Rights
Long-term Receivables
Long-term Equity Investment Ⅶ. 17 82968096.34 96732684.19
Investment in Other Equity
74 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
Instruments
Other Non-current Financial
Assets
Investment Property Ⅶ. 20 20102969.04 20832087.25
Fixed Assets Ⅶ. 21 14418346840.50 13684596301.61
Projects under Construction Ⅶ. 22 2094621765.93 2284619095.64
Productive Biological Assets
Oil and gas assets
Right-of-use Assets Ⅶ. 25 532371331.56 534259860.28
Intangible Assets Ⅶ. 26 1441875910.46 1369518780.91
Development Expenditure
Goodwill Ⅶ. 27 425427566.21 202102686.43
Long-term unamortized 221943634.53
expenses Ⅶ. 28 209595476.57
Deferred Income Tax Assets Ⅶ. 29 248901934.48 239126561.54
Other Non-current Assets Ⅶ. 30 315981648.92 219274564.68
Total Non-current Assets 19802541697.97 18860658099.10
Total Assets 40232736739.10 37543871905.42
Current Liabilities:
Short-term loan Ⅶ. 32 2221281418.52 930632816.92
Borrowings from the Central
Bank
Borrowings from Banks and
Other Financial Institutions
Transactional financial
liabilities
Derivative Financial
Liabilities
Notes Payable Ⅶ. 35 4559699572.90 3198453321.20
Accounts Payable Ⅶ. 36 6331451855.75 6140245146.25
Received Prepayments
Contract liabilities Ⅶ. 38 43329172.25 24262437.81
Financial Assets Sold for
Repurchase
Deposit Taking and Interbank
Deposit
Receiving from Vicariously
Traded Securities
Receiving from Vicariously
Sold Securities
Payroll payable Ⅶ. 39 324931557.52 391032354.37
Tax Payable Ⅶ. 40 230469758.79 325243378.19
Other Payables Ⅶ. 41 28959534.57 22158931.54
Including: interest payable
Dividends Payable
Service Charge and
Commission Payable
Reinsurance Accounts
Payable
Holding for-sale liabilities
Non-current Liabilities Due . 43 2119279041.94within 1 Year Ⅶ 2004964391.44
75 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
Other Current Liabilities Ⅶ. 44 2172687.57 1540946.15
Subtotal of Current 15861574599.81
Liabilities 13038533723.87
Non-current Liabilities:
Insurance Contract Reserves
Long-term loan Ⅶ. 45 816414056.62 1448871389.82
Bonds Payable Ⅶ. 46 2513474488.62
Including: Preferred Stocks
Perpetual Bonds
Lease Liabilities Ⅶ. 47 475211640.51 486054607.63
Long-term Payables
Long-term payroll payable
Expected Liabilities
Deferred Income Ⅶ. 51 405200527.53 408021000.71
Deferred Income Tax
Liabilities Ⅶ. 29 63123892.53 65663219.31
Other Non-current Liabilities
Total Non-current
Liabilities 1759950117.19 4922084706.09
Total Liabilities 17621524717.00 17960618429.96
Owners’ Equity (or Shareholders' Equity):
Paid-in capital (or share
Capital) Ⅶ. 53 1737835580.00 1686025655.00
Other Equity Instruments Ⅶ. 54 143199396.33
Including: Preferred Stocks
Perpetual Bonds
Capital Reserves Ⅶ. 55 10869373260.20 8255524193.88
Less: Treasury Share
Other Comprehensive
Incomes Ⅶ. 57 17474623.65 -93966397.00
Special Reserves
Surplus Reserves Ⅶ. 59 822049459.12 822049459.12
General Risk Reserves
Undistributed Profits Ⅶ. 60 9130423304.23 8737431642.33
Total Shareholders' Equity
Attributable to the Parent 22577156227.20 19550263949.66
Company
Minority Shareholders'
Equity 34055794.90 32989525.80
Total Shareholders' Equity 22611212022.10 19583253475.46
Total Liabilities and
Shareholders' Equity 40232736739.10 37543871905.42
Legal Representative: Wu Jianshu Accounting Work Officer: Hong Tieyang Accounting Institution Officer: Hong Tieyang
76 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
Balance Sheet of the Parent Company
As of June 30 2025
Prepared by:Ningbo Tuopu Group Co. Ltd.Unit: Yuan Currency:RMB
Item Note June 30 2025 December 31 2024
Current Assets:
Cash and Bank Balances 1759720823.74 1507017750.23
Trading Financial Assets 900000000.00 1050000000.00
Derivative Financial Assets
Notes receivable
Accounts receivable XIX.1 1931568377.18 2689653147.30
Receivables Financing 393764.08 231979.76
Prepayments 17504230.46 22107364.37
Other Receivables XIX.2 236355982.54 149728635.35
Including: interest receivable
Dividends Receivable
Inventory 733521639.01 788510587.70
Including: data resources
Contract Assets
Holding for-sale assets
Non-current Assets Due
within 1 Year
Other Current Assets
Subtotal of Current Assets 5579064817.01 6207249464.71
Non-current Assets:
Investment in Creditor's
Rights
Investment in Other
Creditor's Rights
Long-term Receivables
Long-term Equity Investment XIX.3 16528700889.20 15294612477.05
Investment in Other Equity
Instruments
Other Non-current Financial
Assets
Investment Property 20102969.04 20832087.25
Fixed Assets 2421939318.43 2436646584.65
Projects under Construction 238038713.87 206685505.34
Productive Biological Assets
Oil and gas assets
Right-of-use Assets
Intangible Assets 284622181.10 290277281.84
Including: data resources
Development Expenditure
Including: data resources
Goodwill
Long-term unamortized
expenses 27355311.76 26094679.16
Deferred Income Tax Assets 5896134.73
Other Non-current Assets 26009056.71 42225516.29
77 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
Total Non-current Assets 19552664574.84 18317374131.58
Total Assets 25131729391.85 24524623596.29
Current Liabilities:
Short-term loan 850506712.33 830559900.03
Transactional financial
liabilities
Derivative Financial
Liabilities
Notes Payable 656863001.14 760519054.46
Accounts Payable 2273953565.55 2173951573.06
Received Prepayments
Contract liabilities 1363653.60 1243052.15
Payroll payable 102843692.74 135586062.44
Tax Payable 53176895.20 94979698.50
Other Payables 12498932.14 6487199.73
Including: interest payable
Dividends Payable
Holding for-sale liabilities
Non-current Liabilities Due
within 1 Year 1841255071.24 1425054751.80
Other Current Liabilities 177274.97 161596.78
Subtotal of Current
Liabilities 5792638798.91 5428542888.95
Non-current Liabilities:
Long-term loan 698000000.00 1197500000.00
Bonds Payable 2513474488.62
Including: Preferred Stocks
Perpetual Bonds
Lease Liabilities
Long-term Payables
Long-term payroll payable
Expected Liabilities
Deferred Income 103186505.23 106395921.90
Deferred Income Tax
Liabilities 924146.40
Other Non-current Liabilities
Subtotal of Non-current
Liabilities 801186505.23 3818294556.92
Total Liabilities 6593825304.14 9246837445.87
Owners’ Equity (or Shareholders' Equity):
Paid-in Capital (or Share
Capital) 1737835580.00 1686025655.00
Other Equity Instruments 143199396.33
Including: Preferred Stocks
Perpetual Bonds
Capital Reserves 10869373260.20 8255524193.88
Less: Treasury Share
Other Comprehensive
Incomes
Special Reserves
Surplus Reserves 822049459.12 822049459.12
Undistributed Profits 5108645788.39 4370987446.09
Total Owners’ Equity (or
Shareholders' Equity) 18537904087.71 15277786150.42
78 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
Total Liabilities and Owners’
Equity (or Shareholders' Equity) 25131729391.85 24524623596.29
Legal Representative: Wu Jianshu Accounting Work Officer: Hong Tieyang Accounting Institution Officer: Hong Tieyang
79 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
Consolidated Income Statement
For the Period from January 2025 to June 2025
Unit: Yuan Currency:RMB
Item Note Semi-annual 2025 Semi-annual 2024
I. Total Operating Revenue 12934627599.03 12221820236.43
Including: Operating Revenue Ⅶ. 61 12934627599.03 12221820236.43
Interest Income
Earned Premiums
Service Charge and Commission
Income
II. Total Operating Cost 11704235503.29 10765426237.40
Including: Operating Cost Ⅶ. 61 10405770831.37 9613009267.55
Interest Expenditures
Service Charge and Commission
Expenses
Surrender Value
Net Claims Paid
Net Amount of Withdrawn Reserve
for Insurance Liability Contract
Policyholder Dividend Expense
Reinsurance Cost
Taxes and Surcharges Ⅶ. 62 92636907.56 84832335.87
Sales Expenses Ⅶ. 63 131613897.97 147701007.66
Administration expenses Ⅶ 64 378158457.59 313068483.72
Research and development expense Ⅶ. 65 705060676.30 533298050.74
Financial Expenses Ⅶ. 66 -9005267.50 73517091.86
Including: interest expenses 87530742.57 115347505.11
Interest Income 19925614.80 24827246.45
Add: Other income Ⅶ. 67 221315449.17 245316990.75
Investment Income (Mark"-" for
Loss) Ⅶ. 68 33948234.37 25122694.10
Including: Investment Income from
Affiliates and Joint Ventures 21235412.15 18600856.29
Profits from derecognition of
Financial Assets at Amortized Cost
Exchange Gains (Mark"-" for Losses)
Profit of Net Exposure Hedging
(Mark"-" for Loss)
Incomes from changes in fair value
(losses marked with "-") Ⅶ.70 63334.44
Credit Impairment Losses (Mark"-"
for Loss) Ⅶ.71 6598315.66 -22955582.19
Asset Impairment Losses (Mark"-" Ⅶ.72 -32245147.39 -22629644.58
for Loss)
Asset Disposal Income (Mark"-" for
Loss) Ⅶ.73
III. Operating Profit (Mark"-" for Loss) 1460008947.55 1681311791.55
Add: Non-operating Revenues Ⅶ.74 5774104.76 24918665.43
Less: Non-operating Expenses Ⅶ.75 8339986.18 14593503.27
IV. Total Profit (Mark"-" for Total Loss) 1457443066.13 1691636953.71
80 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
Less: Income Tax Expense Ⅶ.76 161499705.66 230036509.09
V. Net Profit (Mark"-" for Net Loss) 1295943360.47 1461600444.62
(1) Classified by operation continuity
1. Net Profit as a Going Concern
(Mark"-" for Net Loss) 1295943360.47 1461600444.62
2. Net Profit of Discontinued Operation
(Mark"-" for Net Loss)
(2). Classified by the attribution of ownership
1. Net Profit Attributable to
Shareholders of Parent Company 1294928327.93 1456245678.61
2. Minority Shareholders' Profit and
Loss 1015032.54 5354766.01
VI. Net Amount of Other Comprehensive
Incomes after Tax 111492257.21 -28471695.74
(1) Net Amount of Other Comprehensive
Incomes after Tax Attributable to the Parent 111441020.65 -28347605.24
Company's Owner
1 Other comprehensive income that
cannot be reclassified as P/L
(1) Re-measure the variation of the
defined benefit plan
(2) Other comprehensive income that
cannot be transferred to P/L under the equity
method
(3) Changes in the fair value of
investment in other equity instruments
(4) Changes in the fair value of the
credit risk of the enterprise
2. Other comprehensive income that will
be reclassified as P/L 111441020.65 -28347605.24
(1) Other comprehensive income that can
be transferred to P/L under the equity method
(2) Changes in the fair value of investment
in other creditor's rights
(3) Financial assets reclassified into other
comprehensive income
(4) Provisions for the credit impairment of
investment in other creditor's rights
(5) Cash flow hedge reserves
(6) Currency translation difference 111441020.65 -28347605.24
(7) Others
(2) Net Amount of Other Comprehensive
Incomes After Tax Attributable to Minority 51236.56 -124090.50
Shareholders
VII. Total Comprehensive Income 1407435617.68 1433128748.88
(1) Total Comprehensive Income
Attributable to the Parent Company's Owner 1406369348.58 1427898073.37
(2) Total Comprehensive Income
Attributable to Minority Shareholders 1066269.10 5230675.51
VIII. Earnings per Share:
(1) Basic Earnings per Share 0.75 0.88
(2) Diluted Earnings per Share 0.75 0.88
If there is a business combination under the same control in the current period the net profit earned by the
combined party before the combination is: RMB 0 and the net profit earned by the combined party in the
previous period is: RMB 0.
81 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
Legal Representative: Wu Jianshu Accounting Work Officer: Hong Tieyang Accounting Institution Officer: Hong Tieyang
Income Statement of the Parent Company
For the Period from January 2025 to June 2025
Unit:Yuan Currency:RMB
Item Note Semi-annual 2025 Semi-annual 2024
I. Operating Revenue XIX.4 4066613933.05 3941292383.19
Less: Operating Cost XIX.4 3052651134.86 2965973183.93
Taxes and Surcharges 28737376.88 27809504.77
Sales Expenses 1027526.86 4410767.20
Administration expenses 139375977.24 113868536.61
Research and development expense 367576295.73 299347240.56
Financial Expenses 26007516.67 76670386.32
Including: interest expenses 55433942.75 88658566.53
Interest Income 11783079.15 17249840.37
Add: Other income XIX.5 114941800.45 140811862.09
Investment Income (Mark"-" for
Loss) 1116387510.19 25122694.10
Including: Investment Income from
Affiliates and Joint Ventures 21235412.15 18600856.29
Profits from Derecognition of
Financial Assets at Amortized Cost
Profit of Net Exposure Hedging (loss
in "-")
Incomes from changes in fair value
(loss in "-")
Credit Impairment Losses (loss in "-") -11987316.63 14162954.71
Asset Impairment Losses (loss in "-") -12717875.58 -10988640.36
Asset Disposal Income (loss in "-")
II. Operating Profit (loss in "-") 1657862223.24 622321634.34
Add: Non-operating Revenues 385381.13 1511177.74
Less: Non-operating Expenses 1146007.75 1570988.76III. Total Profit (total loss in “-“) 1657101596.62 622261823.32Less: Income Tax Expense 17506588.29 45928992.91
IV. Net Profit (Mark for Net Loss) 1639595008.33 576332830.41
(I) Net Profit as a Going Concern (netloss in “-“) 1639595008.33 576332830.41(II) Net Profit of Discontinued Operation(net loss in “-“)V. Net Amount of Other Comprehensive
Incomes After Tax
(1) Other comprehensive income that
cannot be reclassified as P/L
1. Re-measure the variation of the
defined benefit plan
2. Other comprehensive income that
cannot be transferred to P/L under the equity
method
3. Changes in the fair value of
investment in other equity instruments
4. Changes in the fair value of the credit
risk of the enterprise
(2) Other comprehensive income that will
82 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
be reclassified as P/L
1. Other comprehensive income that can
be transferred to P/L under the equity method
2. Changes in the fair value of
investment in other creditor's rights
3. Financial assets reclassified into other
comprehensive income
4. Provisions for the credit impairment
of investment in other creditor's rights
5. Cash flow hedge reserves
6. Currency translation difference
7. Others
VI. Total Comprehensive Income 1639595008.33 576332830.41
VII. Earnings per Share:
(I) Basic Earnings per Share 0.95 0.34
(II) Diluted Earnings per Share 0.95 0.34
Legal Representative: Wu Jianshu Accounting Work Officer: Hong Tieyang Accounting Institution Officer: Hong Tieyang
Consolidated Cash Flow Statement
From the Period from January 2025 to June 2025
Unit：Yuan Currency：RMB
Item Note Semi-annual 2025 Semi-annual 2024
I. Cash Flow Generated by Operational Activities:
Cash from Sales of Merchandise and
Provision of Services 11764996065.19 10705885326.19
Net Increase in Customer's Bank
Deposits and Interbank Deposits
Net Increase in Borrowings from the
Central Bank
Net Increase in Borrowings from Other
Financial Institutions
Cash Arising from Receiving Premiums
for the Original Insurance Contract
Net Amount Arising from Reinsurance
Business
Net Increase in Deposits and Investments
from Policyholders
Cash Arising from Interests Service
Charges and Commissions
Net Increase in Borrowings from Banks
and Other Financial Institutions
Net Increase in Repurchase Business
Funds
Net Amount of Cash Received from the
Vicariously Traded Securities
Tax Refund 275715679.41 362023942.65
Other Received Cashes Related to
Operational Activities Ⅶ.78 213676100.89 244566994.78
Subtotal of cash inflow from
operational activities 12254387845.49 11312476263.62
Cash Paid for Merchandise and Services 6806692165.54 7667175875.72
Net Increase in Loans and Advances to
83 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
Customers
Net Increase in Deposits with Central
Bank and Other Financial Institutions
Cash Paid for Original Insurance
Contract Claims
Net increase of funds lent
Cash Paid for Interests Service Charges
and Commissions
Cash Paid for Policy Dividends
Cash Paid to and for Employees 1713939029.93 1502149549.13
Cash Paid for Taxes and Surcharges 749575976.56 659237158.34
Other Paid Cashes Related to Operational
Activities Ⅶ.78 527909425.21 445515658.87
Subtotal of cash outflow from
operational activities 9798116597.24 10274078242.06
Net cash flow generated by
operating activities 2456271248.25 1038398021.56
II. Cash Flow from Investment Activities:
Cash Arising from Disposal of
Investments 1362712822.22 706521837.81
Cash Arising from Investment Incomes 35000000.00
Net Cash Arising from Disposal of Fixed
Assets Intangible Assets and Other 22670747.44 18894640.94
Long-term Assets
Net Cash Arising from Disposal of
Subsidiaries and Other Business Units
Other Received Cashes Related to
Investment Activities Ⅶ.78 28714513.23
Subtotal of cash inflow from
investment activities 1420383569.66 754130991.98
Cash Paid for Purchase and Construction
of Fixed Assets Intangible Assets and 1559639672.75 1812024114.33
Other Long-term Assets
Cash Paid for Investments 1200000000.00 2040000000.00
Net Increase in Pledge Loans
Net Cash Paid for Acquisition of
Subsidiaries and Other Business Units 287348335.19
Other Paid Cashes Related to Investment Ⅶ.78
Activities
Subtotal of Cash Outflow from
Investment Activities 3046988007.94 3852024114.33
Net amount of cash flow generated
by investment activities -1626604438.28 -3097893122.35
III. Cash Flow from Financing Activities:
Cash Arising from Absorbing 3514826899.52
Investments
Including: Cash Arising from
Subsidiaries Absorbing Investments by
Minority Shareholders
Cash Arising from Borrowings 2170000000.00 935500000.00
Other Received Cashes Related to
Financing Activities
Subtotal of cash inflow from financing
activities 2170000000.00 4450326899.52
Cash Paid for Debts Repayment 1504454467.14 1050337845.20
Cash Paid for Distribution of Dividends 982837672.03 64781605.92
84 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
and Profits or Payment of Interests
Including: Dividends and Profits Paid to
Minority Shareholders by Subsidiaries
Other Paid Cashes Related to Financing
Activities Ⅶ.78 49347533.02 49781575.80
Subtotal of cash outflow from
financing activities 2536639672.19 1164901026.92
Net cash flow generated by
financing activities -366639672.19 3285425872.60
IV. Impact of Fluctuation in Exchange
Rate on Cash and Cash Equivalents 139203362.37 18594795.49
V. Net Increase in Cash and Cash
Equivalents 602230500.15 1244525567.30
Add: Cash and Cash Equivalents at the
Commencement of the Period 3942266589.29 2313937932.51
VI. Cash and Cash Equivalents at the
End of the Period 4544497089.44 3558463499.81
Legal Representative: Wu Jianshu Accounting Work Officer: Hong Tieyang Accounting Institution Officer: Hong Tieyang
Cash Flow Statement of the Parent Company
For the Period from January 2025 to June 2025
Unit:Yuan Currency:RMB
Item Note Semi-annual 2025 Semi-annual 2024
I. Cash Flow Generated by Operational Activities:
Cash from Sales of Merchandise and
Provision of Services 3976572977.82 3114456039.98
Tax Refund
Other Received Cashes Related to
Operational Activities 110554135.61 123265753.73
Subtotal of cash inflow from
operational activities 4087127113.43 3237721793.71
Cash Paid for Merchandise and Services 1566496879.81 1846223503.00
Cash Paid to and for Employees 486864214.56 449719643.68
Cash Paid for Taxes and Surcharges 238693156.25 243192312.88
Other Paid Cashes Related to Operational
Activities 205402111.34 144434191.17
Subtotal of cash outflow from
operational activities 2497456361.96 2683569650.73
Net cash flow generated by operating
activities 1589670751.47 554152142.98
II. Cash Flow from Investment Activities:
Cash Arising from Disposal of
Investments 1362712822.22 706521837.81
Cash Arising from Investment Incomes 1235000000.00
Net Cash Arising from Disposal of Fixed
Assets Intangible Assets and Other 50782240.85 65466900.18
Long-term Assets
Net Cash Arising from Disposal of
Subsidiaries and Other Business Units
Other Received Cashes Related to
Investment Activities 174509254.29
Subtotal of cash inflow from
investment activities 2648495063.07 946497992.28
Cash Paid for Purchase and Construction 331574881.27 125694540.95
85 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
of Fixed Assets Intangible Assets and
Other Long-term Assets
Cash Paid for Investments 2560853000.00 3578262899.52
Net Cash Paid for Acquisition of
Subsidiaries and Other Business Units
Other Paid Cashes Related to Investment
Activities 85455900.00 9500000.00
Subtotal of Cash Outflow from
Investment Activities 2977883781.27 3713457440.47
Net amount of cash flow generated
by investment activities -329388718.20 -2766959448.19
III. Cash Flow from Financing Activities:
Cash Arising from Absorbing
Investments 3514826899.52
Cash Arising from Borrowings 950000000.00 926000000.00
Other Received Cashes Related to
Financing Activities
Subtotal of cash inflow from financing
activities 950000000.00 4440826899.52
Cash Paid for Debts Repayment 1012158659.40 739400000.00
Cash Paid for Distribution of Dividends
and Profits or Payment of Interest 946279576.19 44935927.45
Other Paid Cashes Related to Financing
Activities 16389101.09
Subtotal of cash outflow from
financing activities 1958438235.59 800725028.54
Net cash flow generated by
financing activities -1008438235.59 3640101870.98
IV. Impact of Fluctuation in Exchange
Rate on Cash and Cash Equivalents
V. Net Increase in Cash and Cash
Equivalents 251843797.68 1427294565.77
Add: Cash and Cash Equivalents at the
Commencement of the Period 1487367750.23 600119330.48
VI. Cash and Cash Equivalents at the
End of the Period 1739211547.91 2027413896.25
Legal Representative:Wu Jianshu Accounting Work Officer: Hong Tieyang Accounting Institution Officer: Hong Tieyang
86 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
Consolidated Statement of Changes in Owners' Equity
For the Period from January 2025 to June 2025
Unit:Yuan Currency:RMB
Semi-annual 2024
Shareholders' Equity Attributable to the Parent Company's Owner
Other Equity Instruments
Item MinorityPaid-in General
Less: Other Special Shareholders Total Shareholder s'
Capital Prefe Capital Surplus Risk Undistributed Other 'Equity EquitySubtotal
(or Share rred Perpetual
Treasur Comprehensive Reserve s
Others Reserves Reserves Reserve Profits
Stock Bonds y Shares Incomes sCapital) s
s
I. Balance at the
End of Last Year 1686025 14319939 8255524193.8 -93966397.00 822049459.12 8737431642.33 - 19550263949.66 32989525.80 19583253475.46
655.006.338
Add: Changes in
Accounting
Policies
Correction
of Errors in the
Previous Period
Others
II. Balance at the
Start of This 1686025 - - 14319939 8255524193.8 - -93966397.00 - 822049459.12 - 8737431642.33 - 19550263949.66 32989525.80 19583253475.46
Year 655.00 6.33 8
III. Increases or
Decreases in
This Period 51809925 - - -1431993 2613849066.3 - 111441020.65 - - - 392991661.90 - 3026892277.54 1066269.10 3027958546.64
(Decreases in .00 96.33 2
"-")
(I) Total
111441020.651294928327.93-1406369348.581066269.101407435617.68
Comprehensive
Income
(II)
Shareholders'
Contribution and 51809925 - - -1431993 2613849066.3 - - - - - - - 2522459594.99 - 2522459594.99
Reduction in .00 96.33 2
Capital
1. Common
stock invested by
the owner
2. Capital
Invested by 51809925 -1431993 2613849066.3 - 2522459594.99 2522459594.99
Holders of Other .00 96.33 2
87 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
Equity
Instruments
3. Amount of
Share-based
Payments
Recorded into
Shareholders'
Equity
4. Others
(III) Profit
Distribution -901936666.03 - -901936666.03 - -901936666.03
1. Appropriation
of Surplus
Reserves
2.
Appropriation of
General Risk
Reserves
3. Distribution to
Owners (or -901936666.03 - -901936666.03 -901936666.03
Shareholders)
4. Others
(IV) Internal
Carry-forward of
Shareholders'
Equity
1. Capital
Reserves
Transferred into
Capital (or Share
Capital)
2. Surplus
Reserves
Transferred into
Capital (or Share
Capital)
3. Surplus
Reserves
Covering Losses
4. Carry-forward
retained earnings
of the variation
of the defined
benefit plan
5. Other
88 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
Carry-forward
Retained
Earnings of the
Comprehensive
Income
6. Others
(V) Special
Reserves
1. Withdrawal in
this period
2. Used in this
period
(VI) Others
IV. Balance at
the End of This 1737835 - - - 10869373260. - 17474623.65 - 822049459.12 - 9130423304.23 - 22577156227.20 34055794.90 22611212022.10
Period 580.00 20
Semi-annual 2024
Shareholders' Equity Attributable to the Parent Company's Owner
Item Paid-in Other Equity Instruments Minority Total
Capital Less: Other Surplus Genera l Undistributed Shareholders' Shareholde
Capital (Or Perp Equity rs' Equity
Preferred etua Treasur Comprehensiv Special Risk
Others Subtotal
Share
Stocks l Others Reserves y Share e Incomes Reserves Reserves Reserves Profits
Capital) Bon
ds
I. Balance at the
End of Last 110204977 14320117 5341029541.42 -7279431.39 706943994.98 6498434550.76 13784379600.93 29923304.80 138143029
Year 3.00 2.16 05.73
Add: Changes in
Accounting
Policies
Correction
of Errors in the
Previous Period
Others
II. Balance at
the Start of This 110204977 14320117 5341029541.42 -7279431.39 706943994.98 6498434550.76 13784379600.93 29923304.80 138143029
Year 3.00 2.16 05.73
III. Increases or
Decreases in
This Period 583975336. -269.57 2914466637.76 -28347605.24 809742252.08 4279836351.03 5230675.51 428506702
(Decreases in 00 6.54“-“)
89 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
(I) Total
-28347605.241456245678.611427898073.375230675.51143312874
Comprehensive 8.88
Income
(II)
Shareholders'
Contribution 60726160.0 -269.57 3437715813.76 3498441704.19 349844170
and Reduction 0 4.19
in Capital
1. Common
stock invested 60726104.0 3437715813.76 3498441917.76 349844191
by the owner 0 7.76
2. Capital
Invested by
Holders of 56.00 -269.57 -213.57 -213.57
Other Equity
Instruments
3. Amount of
Share-based
Payments
Recorded into
Shareholders'
Equity
4. Others
(III) Profit
Distribution -646503426.53 -646503426.53 -646503426.
53
1. Appropriation
of Surplus
Reserves
2. Appropriation
of General Risk
Reserves
3. Distribution
to Owners (or -646503426.53 -646503426.53 -646503426.Shareholders) 53
4. Others
(IV) Internal
Carry-forward
of Shareholders' 523249176. -523249176.0000
Equity
1. Capital
Reserves
Transferred into 523249176. -523249176.00
Capital (or 00
Share Capital)
2. Surplus
Reserves
Transferred into
Capital (or
Share Capital)
3. Surplus
Reserves
Covering Losses
90 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
4.
Carry-forward
retained
earnings of the
variation of the
defined benefit
plan
5. Other
Carry-forward
Retained
Earnings of the
Comprehensive
Income
6. Others
(V) Special
Reserves
1. Withdrawal
in this period
2. Used in this
period
(VI) Others
IV. Balance at
the End of This 168602510 14320090 -35627036.63
9.002.598255496179.18706943994.98
7308176802.8418064215951.9635153980.31180993699
Period 32.27
Legal Representative: Wu Jianshu Accounting Work Officer: Hong Tieyang Accounting Institution Officer: Hong Tieyang
Statement of Changes in Owners' Equity of the Parent Company
For the Period from January 2025-June 2025
Unit:Yuan Currency:RMB
Semi-annual 2024
Other Equity Instruments
Item Paid-in Capital (or Less: Other
Speci
al
Share Capital) Perpetu Capital Reserves Treasur Comprehensive Reser Surplus Reserves Undistributed Profits
Total Shareholders'
Preferred y Share Incomes Equity
Stocks al Others vesBonds
I. Balance at the End of Last Year 1686025655.00 143199396.33 8255524193.88 822049459.12 4370987446.09 15277786150.42
Add: Changes in Accounting Policies
Correction of Errors in the Previous
Period
Others
II. Balance at the Start of This Year 1686025655.00 143199396.33 8255524193.88 822049459.12 4370987446.09 15277786150.42
III. Increases or Decreases in This Period -14319
(Decreases in “-“) 51809925.00 9396.3 2613849066.32 737658342.30 3260117937.29
3
(1) Total comprehensive income 1639595008.33 1639595008.33
II) Shareholders' Contribution and -14319
Reduction in Capital 51809925.00 9396.3 2613849066.32 2522459594.99
3
91 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
1. Common stock invested by the owner
2. Capital Invested by Holders of Other -14319
Equity Instruments 51809925.00 9396.3 2613849066.32 2522459594.99
3
3. Amount of Share-based Payments
Recorded into Shareholders' Equity
4. Others
(III) Profit Distribution -901936666.03 -901936666.03
1. Appropriation of Surplus Reserves
2. Distribution to Owners (or
Shareholders) -901936666.03 -901936666.03
3. Others
(IV) Internal Carry-forward of
Shareholders' Equity 523249176.00 -523249176.00
1. Capital Reserves Transferred into
Capital (or Share Capital) 523249176.00 -523249176.00
2. Surplus Reserves Transferred into
Capital (or Share Capital)
3. Surplus Reserves Covering Losses
4. Carry-forward retained earnings of the
variation of the defined benefit plan
5. Other Carry-forward Retained
Earnings of the Comprehensive Income
6. Others
(V) Special Reserves
1. Withdrawal in this period
2. Used in This Period
(VI) Others
IV. Balance at the End of This Period 1737835580.00 10869373260.20 822049459.12 5108645788.39 18537904087.71
Semi-annual 2024
Other Equity Instruments Other Total
Item Paid-in Capital (Or Less: Special
Share Capital) Perpetu Capital Reserves Treasury Reserve Surplus Undistributed ProfitsPreferred
Stocks al Others
Share Comprehensive s Reserves Shareholders'
Bonds
Incomes Equity
I. Balance at the End of Last Year 1102046572.00 143214233.30 5340798886.81 631484906.94 3812658276.18 11030202875.23
Add: Changes in Accounting Policies
Correction of Errors in the Previous
Period
Others
II. Balance at the Start of This Year 1102049773.00 143201172.16 5341029541.42 706943994.98 3981541695.41 11274766176.97
III. Increases or Decreases in This Period
(Decreases in “-“) 583975336.00 -269.57 2914466637.76 -70170596.12 3428271108.07(I) Total Comprehensive Income 347216128.45 347216128.45
(II) Shareholders' Contribution and
Reduction in Capital 60726160.00 -269.57 3437715813.76 3498441704.19
1. Common stock invested by the owner 60726104.00 3437715813.76 3498441917.76
2. Capital Invested by Holders of Other
Equity Instruments 56.00 -269.57 -213.57
92 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
3. Amount of Share-based Payments
Recorded into Shareholders' Equity
4. Others
(III) Profit Distribution -646503426.53 -646503426.53
1. Appropriation of Surplus Reserves
2. Distribution to Owners (or
Shareholders) -646503426.53 -646503426.53
3. Others
(IV) Internal Carry-forward of
Shareholders' Equity 523249176.00 -523249176.00
1. Capital Reserves Transferred into
Capital (or Share Capital) 523249176.00 -523249176.00
2. Surplus Reserves Transferred into
Capital (or Share Capital)
3. Surplus Reserves Covering Losses
4. Carry-forward retained earnings of the
variation of the defined benefit plan
5. Other Carry-forward Retained
Earnings of the Comprehensive Income
6. Others
(V) Special Reserves
1. Withdrawal in this period
2. Used in this period
(VI) Others
IV. Balance at the End of This Period 1686025109.00 143200902.59 8255496179.18 706943994.98 3911371099.29 14703037285.04
Legal Representative: Wu Jianshu Accounting Work Officer: Hong Tieyang Accounting Institution Officer: Hong Tieyang
93 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
III. Basic Information about the Company
1. Company Profile
√Applicable □Non-applicable
Ningbo Tuopu Group Co. Ltd. (hereinafter referred to as "Company" or "The Company") a
company limited by shares changed from Ningbo Tuopu Brake System Co. Ltd. incorporated by
MECCA INTERNATIONAL HOLDING （ HK ） LIMITED Ningbo Jinlun Equity Investment
Partnership (Limited Partnership) and Ningbo Jinrun Equity Investment Partnership (Limited
Partnership) holder of the Corporate Business License (Registration No.: 91330200761450380T) listed
on Shanghai Stock Exchange (SSE) in March 2015 is specialized in manufacturing - automobile
manufacturing.As of June 30 2025 the Company has issued a total of 1737835580.00 shares with a registered
capital of RMB 1737835580.00 registered address: 268 Yuwangshan Road Daqi Street Beilun
District Ningbo Zhejiang headquartered in 268 Yuwangshan Road Daqi Street Beilun District
Ningbo Zhejiang is engaged in R&D production and sales of automobile parts. MECCA
INTERNATIONAL HOLDING （HK） LIMITED is the parent company of the Company is and Wu
Jianshu is the actual controller of the Company.This financial statement was approved for release by the Board of Directors on August 28 2025.IV. Basis for Preparing the Financial Statement
1. Basis for the preparation
The Company prepares the financial statement as a going concern.Based on transactions and matters that have actually occurred in accordance with “AccountingStandards for Business Enterprises - Basic Standards” issued by the Ministry of Finance and all specific
accounting standards application guidelines for accounting standards for business enterprises
explanations on the accounting standards for business enterprises and other related regulations
(hereinafter collectively as "Accounting Standards for Business Enterprises") and the disclosureprovisions in the “Preparation Rules for Information Disclosures by Companies Offering Securities tothe Public No. 15 - General Provisions on Financial Reports” issued by CSRC.
2. Going concern
√Applicable □Non-applicable
The Company's financial statements are prepared on a going concern basis.The Company has the capability to continue as a going concern for at least 12 months as of the end
of current reporting period without any significant item affecting the capability for continuing as a
going concern.V. Significant Accounting Polices and Accounting Estimates
Notes to specific accounting policies and accounting estimates:
√Applicable □Non-applicable
The following disclosures cover the specific accounting policies and accounting estimates
formulated by the Company according to the characteristics of its production and operation.
1. Statement on compliance with Accounting Standards for Business Enterprises
These financial statements comply with the enterprise accounting standards issued by the Ministry of
Finance and present fairly and completely the consolidated and parent company financial position as of
94 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
June 30 2025 as well as the consolidated and parent company results of operations and cash flows for
the period from January to June 2025.
2. Accounting period
The accounting period of the Company is from 1 January to 31 December of each calendar year.
3. Operating cycle
√Applicable □Non-applicable
The Company's operating cycle is 12 months.
4. Functional currency
Renminbi (RMB) is used as local currency of account.
5. Methodology for determining materiality criteria and basis for selection
√Applicable □Non-applicable
Item Significance criteria
Significant construction in progress Individual construction in progress exceeding
0.5% of total assets
Significant accounts payable aged over one year Accounts payable where the amount of a single
item exceeds 0.5% of total assets
Significant contract liabilities aged over one year Contract liabilities with an amount exceeding
0.5% of total assets
Significant other payables aged over one year Other accounts payable with an amount
exceeding 0.5% of total assets
Significant cash flows from investing activities Single cash flow from investing activities with an
amount exceeding 10% of total assets
Significant non-wholly owned subsidiaries Total assets of non-wholly owned subsidiaries
exceeding 10% of the company's consolidated
total assets or operating revenues exceeding 5%
of the company's consolidated operating revenues
Significant joint ventures or associates Carrying value of long-term equity investments
in joint ventures or associates accounting for
more than 0.5% of the Company's consolidated
net assets or investment income accounted for
under the equity method of long-term equity
investments accounting for more than 10% of the
Company's consolidated net income
6. The accounting treatment of business combinations involving enterprises under common control
and business combinations not involving enterprises under common control
√Applicable □Non-applicable
Business combination under common control: The assets and liabilities acquired by the merging
party in business combination shall be measured at the book value of the assets liabilities of the merged
party (including goodwill incurred in the acquisition of the merged party by ultimate controlling party)
in the consolidated financial statements of the ultimate controlling party on the date of combination. The
difference between the book value of the net assets obtained and the book value of the consideration
paid for the combination (or total nominal value of the issued shares) is adjusted to capital premium in
capital reserve. Adjustments shall be made to retained earnings in the event that the share premiums in
the capital reserves are not sufficient for write-down.Business combinations involving entities not under common control: The assets paid and liabilities
incurred or committed as a consideration of business combination by the merging party were measured
95 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
at fair value on the date of acquisition and the difference between the fair value and its book value shall
be charged to the profit or loss for the period. Where the cost of combination is higher than the fair value
of the identifiable net assets acquired from the merging party in business combination such difference
shall be recognized as goodwill; where the cost of combination is less than the fair value of the
identifiable net assets acquired from the merging party in business combination such difference shall be
charged to the profit or loss for the period. The identifiable assets liabilities and contingent liabilities of
the merged party obtained in business combination that meet the recognition conditions are measured at
their fair values on the purchase date.The fees which are directly related to the business combination shall be recognized as the profit or
loss in the period when the costs are incurred; the transaction expenses of issuing equity securities or
debt securities for business merger shall be initially capitalized for equity securities or debt securities.
7. Criteria for determining control and preparation method of consolidated financial statements
√Applicable □Non-applicable
1. Criteria for determining control
The determination of the scope of consolidation in the consolidated financial statements is based on
control. This scope encompasses the Company as well as all its subsidiaries. Control refers to the
Company's authority over the investee its ability to gain variable returns by participating in the
investee's activities and its capacity to utilize its authority to influence the amount of returns it receives.
2. Procedures of Consolidation
The Company regards the Enterprise Group as an accounting entity and prepares consolidated
financial statements in accordance with unified accounting policies to reflect the overall financial
position operating result and cash flow of the Enterprise Group. The influence of internal transactions
between the Company and the Subsidiaries and between the Subsidiaries shall be offset. Where internal
transaction indicates the occurrence of impairment loss to relevant assets such loss shall be recognized
in full. In preparing the consolidated financial statements where the accounting policies and the
accounting periods are inconsistent between the Company and subsidiaries the financial statements of
subsidiaries are adjusted where necessary in accordance with the accounting policies and accounting
period of the Company.The owner's equity the net profit or loss and the comprehensive income attributable to minority
shareholders of a subsidiary of the current period are presented separately under the owners' equity in the
consolidated balance sheet the net profit and the total comprehensive income in the consolidated income
statement respectively. Where losses attributable to the minority shareholders of a subsidiary of the
current period exceed the minority shareholders' interest entitled in the shareholders' equity of the
subsidiary at the beginning of the period the excess is allocated against the minority shareholders
interest.
(1) Acquisition of subsidiaries or Business
For acquisition of subsidiaries or business due to business combination involving entities under
common control during the reporting period the operating results and cash flows of such subsidiaries
or business from the beginning to the end of the reporting period when the acquisition occurs shall be
included in the consolidated financial statements. Adjustments shall be made to the opening balance
of the consolidated financial statements and the related items in the comparative statements
simultaneously as if the consolidated reporting entity has been in existence since the beginning of the
control by the ultimate controlling party.Where the control over the investee under common control is made possible due to additional
investment or other reasons the equity investment held before gaining control of the combined party
is recognized as relevant profit or loss other comprehensive income and changes of other net assets
at the later of the date of acquisition of the original equity and the date when the combining and the
combined parties are under common control and shall be written down to the opening retained
earnings or current profit or loss in the comparative reporting period.
96 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
For acquisition of subsidiaries or business due to business combination involving entities not under
common control during the reporting period the identifiable assets liabilities and contingent
liabilities shall be included in the consolidated financial statements based on the fair value determined
on the date of the acquisition.In connection with imposing control over the investee not under joint control due to additional
investment and other reasons the equity of acquiree held before acquisition date shall be remeasured
by the Company at the fair value of such equity on the acquisition date and the difference between
fair value and book value shall be recognized as investment income in current period. Other
comprehensive income related to the equity held by the Acquiree before the acquisition date which
can be reclassified into future profit or loss and other changes of owners’ equity accounted for under
equity
(2) Disposal of Subsidiaries or Business
* General Treatment
When control over an investee is lost due to the disposal of part of the equity investment or other
reasons the remaining equity investment after disposal is remeasured at its fair value as of the date
control is lost. The difference between the sum of the consideration received from the disposal and the
fair value of the remaining equity interest and the sum of the share of the net assets of the former
subsidiary calculated based on the original equity interest ratio since the acquisition date or
consolidation date and goodwill is recognized as investment income in the period of loss of control.Other comprehensive income that may subsequently be reclassified to profit or loss and other changes
in equity under the equity method related to the original equity investment in the subsidiary shall be
transferred to investment income for the period in which control is lost.* Disposal of Subsidiary Achieved by Stages
When disposal of equity interests of subsidiaries through multiple transaction until the control is
lost generally transactions in stages are treatment as a package deal in accounting if the transaction
terms conditions and economic impact of disposal of the subsidiary's equity interests comply with one
or more of the following:
i. These transactions are achieved at the same time or the mutual effects on each other are
considered;
ii. A complete set of commercial results can be achieved with reference to the series of
transactions as a whole;
iii. Achieving a transaction depends on at least achieving of one of the other transaction;
iv. One transaction recognized separately is not economical but it is economical when considered
together with other transactions.When losing control of a subsidiary in disposal of equity interests through multiple transactions is
recognized as a package deal these transactions shall be in accounting treated as loss control of a
subsidiary in disposal of equity interests achieved. However the differences between price on each
disposal and disposal of investment on the subsidiary's net assets shall be recognized in other
comprehensive income in the consolidated financial statements and included in profit or loss for the
period when the control is lost.When all transactions in disposal of equity interests of subsidiaries are not a package deal
accounting treatment for partial disposal of equity investments of subsidiary without losing control shall
be applied before control is lost. When the control is lost general accounting treatment for disposal of a
subsidiary shall be used.
(3) Acquisition of Minority Interest of Subsidiaries
The Company shall adjust the share premium in the capital reserve of the consolidated balance sheet
with respect to any difference between the long-term equity investment arising from the purchase of
minority interest and the net assets attributing to the parent company continuously calculated on the
basis of the newly increased share proportion as of the acquisition date or date of combination adjust the
retained earnings if the share premium in the capital reserve is insufficient for write-down.
(4) Partial Disposal of Equity Investment in Subsidiaries without Losing Control
97 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
Disposal price and disposal of long-term equity investment shall be entitled to the difference between
the shares of the net assets of the subsidiaries calculated continuously from the date of purchase or
acquisition. Adjustments shall be made to the equity premiums in the capital reserve of consolidated
balance sheet. When the equity premiums in the capital reserve are not sufficient for write-down the
retained earnings shall be adjusted.
8. Classification of Joint Arrangement and Accounting Treatment Methods of Joint Operation
√Applicable □Non-applicable
Joint arrangement can be divided into joint operation and joint venture.Joint operation refers to a joint arrangement in which the parties have rights to the assets and
obligations for the liabilities relating to the joint operation.The Company recognizes the following items related to the share of interests in the joint operation:
(1) Recognize the assets held separately by the Company and the assets jointly held in accordance
with the share of the Company;
(2) Recognize the liabilities assumed separately by the Company and the liabilities jointly
assumed in accordance with the share of the Company;
(3) Recognize the income generated through the sale of the Company's share of the output of the
joint operation;
(4) Recognize the income generated through the sale of the output of the joint operation in
accordance with the share of the Company；
(5) Recognize the expenses incurred separately and the expenses incurred in joint operation in
accordance with the share of the Company .The Company's investment in joint venture is accounted for by the equity method as specified in the
note “VII. 17. Long-term Equity Investment”.
9. Recognition criteria of cash and cash equivalents
Cash refers to the cash on hand of the Company and deposits that are available for payment at any time.Cash equivalents refer to investments held by the Company featuring short duration strong liquidity
easy conversion into cash of known amount and low risk of changes in value.
10. Conversion of transactions and financial statements denominated in foreign currencies
√Applicable □Non-applicable
1. Foreign currency transactions
Foreign currency transactions shall be translated into RMB at the spot exchange rate on the day when
the transactions occurred or at an exchange rate fixed in accordance with a systematic and reasonable
method that is similar to the spot exchange rate on the day when the transactions occurred.Balance sheet date foreign currency monetary items shall be translated using the spot exchange rate at
the balance sheet date. The resulting exchange differences are recognized in profit or loss for the
current period except for those differences related to the principal and interest on a specific-purpose
borrowing denominated in foreign currency for acquisitions construction or production of the qualified
assets which should be capitalized as cost of the assets.
2. Translation of foreign currency financial statements
All assets and liabilities items in balance sheet are translated based on spot exchange rate on the
balance sheet date; owners' equity items other than "undistributed profits" are translated at a spot
exchange rate when accrued. Revenue and expense items as contained in the income statement are
translated at a spot exchange rate at the transaction occurrence date. For disposal of overseas operation
98 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
the translation difference as stated in the foreign currency financial statements relating to overseas
operation is accounted for in the profit and loss account in the current period from owners' equity
items.
11. Financial instruments
√Applicable □Non-applicable
The Company recognizes a financial asset financial liability or equity instrument when it becomes
a party to a financial instrument contract.
1. Classification of the financial instruments
According to the Company's business model for management of the financial assets and the contractual
cash flow features of the financial assets the financial assets when initially recognized are classified as:
financial assets at amortized cost financial assets at fair value through other comprehensive income and
financial assets at fair value through profit or loss.For financial assets that meet the following conditions and are not designated to be measured at fair
value through the current profit or loss the Company classifies them as financial assets at amortized
cost:
— The business model is aimed at collecting contract cash flow;
— Contract cash flow is the payment of principal and interest based on the outstanding principal
amount.For financial assets that meet the following conditions and are not designated to be measured at fair
value through current profit or loss the Company classifies them as financial assets at fair value
through other comprehensive income (debt instruments).— The business model is aimed at both collecting contract cash flows and selling financial asset;
— Contract cash flow is the payment of principal and interest based on the outstanding principal
amount.The Company will at the time of initial recognition irrevocably designate non-trading investments
in equity instruments as financial assets measured at fair value and the change shall be included in other
comprehensive income (equity instrument). The designation is made on the basis of independent
investment and the related investments fit the definition of an equity instrument from an issuer’s
perspective.In addition to the aforementioned financial assets at amortized cost and at fair value through other
comprehensive income the Company classifies all other financial assets as financial assets at fair value
through current profit or loss. At the time of initial recognition for financial assets that should have been
classified as financial assets at amortized cost or fair value through other comprehensive income the
Company can irrevocably designate them as financial assets at fair value through current profit or loss in
order to eliminate or significantly reduce the accounting mismatch.The financial liabilities when initially recognized are classified as: financial liabilities at fair
value through profit or loss and financial liabilities at amortized cost.Financial liabilities which meet one of the following conditions will be when initially measured
designated as financial liabilities at fair value through profit or loss:
1) Such designation may be able to eliminate or significantly reduce the accounting mismatch.
2) The portfolio of financial liabilities or the portfolio of financial assets and financial liabilities
shall be subject to management and performance evaluation on the basis of fair value according to the
enterprise risk management or investment strategy contained in the formal documentations and a report
shall be made to the key management personnel within the enterprise on this basis.
3) Such financial liabilities shall contain embedded derivatives to be split separately.
2. Recognition and measurement of financial instruments
(1) Financial assets at amortized cost
99 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
Financial assets at amortized cost include notes receivable accounts receivable other receivables
long-term receivables and creditors investment which shall be initially measured at fair value and the
relevant transaction expenses should be initially capitalized; The accounts receivable that do not contain
material financing compositions and those for which the Company decides to not take into account the
financing compositions of no more than one year shall be initially measured at the contract transaction
price.The interest calculated by effective interest method during the holding period is recorded into the
current profit and loss.At the time of recovery or disposal the difference between the price obtained and the book value
shall be included in the current profit or loss.
(2) Financial assets measured at fair value and its changes are included in other comprehensive
income (debt instruments)
Financial assets measured at fair value and its changes are included in other comprehensive income
(debt instruments) include receivables financing and investments in other creditor's rights. They are
initially measured at fair value and the value other than the interest the impairment loss or profit and
the profit or loss on foreign exchange shall be included in other comprehensive income.Upon derecognition the cumulative profits or losses previously included in other comprehensive
income shall be removed from other comprehensive income and included in the profit or loss for the
period.
(3) Financial assets at fair value through other comprehensive income (equity instruments)
Financial assets at fair value through other comprehensive income (equity instruments) include
investment in other equity instruments. They are initially measured at fair value and the transaction
expenses shall be initially capitalized. These financial assets are subsequently measured at fair value
and the change in fair value shall be included in other comprehensive income. The dividends obtained
shall be included in the profit or loss for the period.Upon derecognition the cumulative profits or losses previously included in other comprehensive income
shall be removed from other comprehensive income and included in the carry-forward retained earnings.
(4) Financial assets at fair value through profit or loss in this period
Financial assets at fair value through profit or loss include trading financial assets derivative financial
assets and other non-current financial assets. They are initially measured at fair value and the
transaction expenses related to them are included in the profit or loss for the period. These financial
assets are subsequently measured at fair value and the change in fair value shall be included in the profit
or loss for the period.
(5) Financial Liabilities Measured in Fair Value with Changes Recorded into Current Profit and Loss
Financial liabilities at fair value through profit or loss include trading financial liabilities and derivative
financial liabilities. They are initially measured at fair value and the transaction expenses related to
them are included in the profit or loss for the period. These financial liabilities are subsequently
measured at fair value and the change in fair value shall be included in the profit or loss for the period.Upon derecognition the difference between their book value and the consideration paid is included
in the profit or loss for the period.
(6) Financial liabilities at amortized cost
100 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
Financial liabilities at amortized cost include short-term loans notes payable accounts payable
other payables long-term loans bonds payable and long-term payables. They are initially measured at
fair value and the transaction expenses shall be initially capitalized.The interest calculated by effective interest method during the holding period is recorded into the
current profit and loss.Upon derecognition the difference between the consideration paid and the book value of these
financial liabilities is included in the current profit or loss.
3. Derecognition and transfer of financial assets
The Company derecognizes financial assets when any one of the following conditions is satisfied:
- The contractual right to receive cash flows of the financial assets has been terminated;
- The financial asset have been transferred and virtually all the risks and rewards related to the
ownership of the financial asset shave been transferred to the transferee;
- The financial assets have been transferred and while the Company has neither transferred nor
retained virtually all of the risks and rewards related to the ownership of the financial assets it has
not retained control of the financial assets.The financial assets have been transferred and while the Company has neither transferred nor
retained virtually all of the risks and rewards related to the ownership of the financial assets it has not
retained control of the financial assets.The substance-over-form principle shall be adopted while making judgment on whether the transfer
of financial assets satisfies the above conditions for termination of recognition.The transfer of financial assets can be classified into entire transfer and partial transfer. If the
transfer of an entire financial asset satisfies the conditions for termination of recognition the difference
between the two amounts below shall be recorded into profit or loss for the period:
(1) The book value of the financial asset transferred;
(2) The consideration received as a result of the transfer plus the accumulative amount of the
change in fair value previously recorded into the owners' equities (in cases where the transferred
financial assets are financial assets at fair value through other comprehensive income (debt
instruments)).If the partial transfer of financial assets satisfies the conditions for termination of recognition the
overall book value of the transferred financial asset shall be apportioned according to their respective
relative fair value between the recognition terminated part and the remaining part and the difference
between the two amounts below shall be recorded into profit or loss for the current period:
(1) The book value of the recognition terminated portion;
(2) The sum of consideration of the recognition terminated portion and the corresponding portion of
accumulated change in fair value previously recorded into owners' equity (in cases where the transferred
financial assets are financial assets at fair value through other comprehensive income (debt
instruments)).Financial assets will still be recognized if they fail to satisfy the conditions for termination of
recognition with the consideration received recognized as a financial liability.
4. Recognition for termination of financial liabilities
When the current obligation under a financial liability is completely or partially discharged the
recognition of the whole or relevant portion of the liability is terminated; an agreement is entered
between the Company and a creditor to replace the original financial liabilities with new financial
liabilities with substantially different terms terminate the recognition of the original financial liabilities
as well as recognize the new financial liabilities.If all or part of the contract terms of the original financial liabilities are substantially amended the
recognition of the original financial liabilities will be terminated in full or in part and the financial
liabilities whose terms have been amended shall be recognized as a new financial liability.
101 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
When recognition of financial liabilities is terminated in full or in part the difference between the
book value of the financial liabilities terminated and the consideration paid (including transferred
non-cash assets or new financial liability) is recognized in profit or loss for the current period.Where the Company repurchases part of its financial liabilities the book value of such financial
liabilities will be allocated according to the relative fair value between the continued recognized part
and terminated part on the repurchase date. The difference between the book value of the financial
liabilities terminated and the consideration paid (including transferred non-cash assets or new financial
liability) is recognized in profit or loss for the current period.
5. Method of determining the fair values of financial assets and liabilities
The fair value of a financial instrument that is traded in an active market is determined at the quoted
price in the active market. The fair value of a financial instrument that is not traded in an active market
is determined by using a valuation technique. The Company uses the valuation technique when it is
applicable under current conditions and there are enough available data and other information to support
and the technique should maximize the use of relevant observable. It chooses the inputs which are
consistent with the asset or liability's characteristics considered by market participants in the transaction
of the relevant asset or liability and makes the maximum use of relevant observable inputs.Unobservable inputs are used under the circumstance that the relevant observable inputs cannot be
obtained or not feasible.
6. Test method and accounting treatment for impairment of financial assets
The Company accounts for impairment of financial assets carried at amortized cost financial assets
(debt instruments) at fair value through other comprehensive income and financial guarantee contracts
on the basis of expected credit losses.The Company recognizes expected credit losses by calculating the probability-weighted amount of
the present value of the difference between the cash flows receivable and the cash flows expected to be
received from a contract taking into account reasonable and supportable information about past events
current conditions and forecasts of future economic conditions weighted by the risk of default.For receivables and contract assets resulting from transactions governed by “Accounting Standardsfor Business Enterprises No. 14 Revenue” the Company always measures its allowance for losses at an
amount equal to the expected credit losses over the entire duration regardless of whether or not there is
a significant financing component. For lease receivables resulting from transactions governed by
“Accounting Standards for Business Enterprises No. 21 Leases” the Company has elected to always
measure its allowance for losses at an amount equal to the expected credit losses over the entire duration.For other financial instruments the Company assesses at each balance sheet date the changes in
credit risk of the relevant financial instruments since initial recognition.The Company recognizes the relative changes in the risk of default within the expected duration of
financial instruments and assesses whether the credit risk of financial instruments has significantly
increased since the initial recognition by comparing the risk of default of financial instruments on the
balance sheet date with the risk of default on the initial recognition date. If the financial instrument
becomes overdue for more than 30 days the Company believes that the credit risk of this financial
instrument has been significantly increased unless there are concrete evidences that the credit risk of
this financial instrument has not been significantly increased upon initial recognition.If the financial instrument carries low credit risk at the balance sheet date the Company believes
that the credit risk of this financial instrument is not significantly increased upon initial recognition.In case the credit risk of a financial instrument has significantly increased since initial recognition
the Company will calculate the allowance for losses based on the expected credit losses over the entire
life of the financial instrument. Conversely if the credit risk has not significantly increased since initial
recognition the Company will measure the allowance for losses based on the expected credit losses of
the financial instrument within the next 12 months. Any resulting increase or reversal in the loss
allowance will be recorded as an impairment loss or gain in the profit or loss statement. For financial
102 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
assets (debt instruments) carried at fair value through other comprehensive income the allowance for
losses will be recognized in other comprehensive income while the impairment loss or gain will be
recognized in the profit or loss statement for the current period without reducing the carrying amount of
the financial asset as reported in the balance sheet.If there is objective evidence that a receivable is impaired for credit purposes the Company makes
an allowance for impairment of that receivable on an individual basis.In addition to the above receivables that are individually provided for bad debts the Company
classifies the remaining financial instruments into portfolios based on credit risk characteristics and
determines the expected credit losses on a portfolio basis.The categories of portfolios and the basis for determining expected credit losses for the Company's
notes and accounts receivable financing are as follows:
Item Type of portfolio Basis of determination
Notes receivable with commercial banks
Bank acceptances Portfolio 1 as acceptors
Notes receivable with non-commercial
Commercial acceptance Portfolio 2
banks as acceptors
The categories of portfolio and the basis for determining the expected credit losses on accounts
receivable and other receivables were set out below:
Item Type of portfolio Basis of determination
Aging from the point in time when the
Accounts receivable Aging portfolio accounts receivable are recognized
Aging from the point of recognition of
Other receivables Aging portfolio
other receivables
If the Company does not have a reasonable anticipation anymore that it will recover the contractual
cash flows from a financial asset either in whole or in part the carrying amount of the financial asset is
directly reduced.
12. Notes receivable
□Applicable √Non-applicable
13. Accounts receivable
□Applicable √Non-applicable
14. Receivables financing
□Applicable √Non-applicable
15. Other accounts receivable
□Applicable √Non-applicable
16. Inventories
√Applicable □Non-applicable
Inventory categories issue valuation method inventory system amortization method for low value
consumables and packages
√Applicable □Non-applicable
103 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
1. Category and cost of inventories
Inventories are classified as raw materials turnover materials commodity stocks products in
progress and materials commissioned for processing.Inventories are initially measured at cost. Inventory costs include procurement costs processing
costs and other expenses incurred to bring the inventory to its current location and condition.
2. Determination of cost for delivered inventory
Cost of inventories is determined using the weighted average method.
3. Inventory system
The perpetual inventory system is adopted.
4. Amortization of low-value consumables and packaging materials
(1) Low-value consumables are amortized using the immediate write-off method;
(2) Packaging materials are amortized using the immediate write-off method.
Criteria for recognization and provision for inventory falling price reserves
√Applicable □Non-applicable
On the balance sheet date inventories shall be measured at the lower of cost and net realizable
value. A provision shall be made for inventory price drops if inventory costs exceed the net realizable
value. Net realizable value refers to the amount after deducting the estimated costs to be incurred at the
time of completion the estimated selling expenses and taxes from the estimated sales price of
inventories during daily activities.Net realizable value of held-for-sale commodity stocks such as finished goods goods-in-stock and
held-for-sale raw materials during the normal course of production and operation shall be determined
by their estimated sales less the related selling expenses and taxes; the net realizable value of material
inventories which need to be processed during the normal course of production and operation shall be
determined by the amount after deducting the estimated cost of completion estimated selling expenses
and relevant taxes from the estimated selling price of finished goods; the net realizable value of
inventories held for execution of sales contracts or labor contracts shall be calculated on the ground of
the contracted price. If an enterprise holds more inventories than the quantity stipulated in the sales
contract the net realizable value of the exceeding part shall be calculated on the ground of general
selling price.Where the Company provides for provision for inventory falling price reserves on a portfolio basis
the categories of portfolios and the basis for determining the portfolios as well as the basis for
determining the net realizable value of different categories of inventories are set out below:
Category of Basis for
inventory determining Basis for determining net realizable value
portfolio portfolio
The net realizable value of inventories with an age of more
Inventory age than one year and corresponding to models that have ceased
Inventory age production is zero; for other inventories the net realizable
portfolio value is the estimated selling price less estimated selling
expenses and related taxes.The inventory falling price reserves withdrawn shall be reversed within the amount withdrawn and
the reversed amount shall be included in current profit or loss if the net realizable value of an inventory
is higher than its book value after the withdrawal due to the disappearance of the factors that influence
the writing-down of its value.Categories and basis for determining provision for inventory falling price reserves according to
portfolios and basis for determining net realizable value of different categories of inventories
104 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
□Applicable √Non-applicable
Calculation method and basis for determining the net realizable value of inventories by age group
for the purpose of recognizing net realizable value of inventories based on age group.□Applicable √Non-applicable
17. Contract assets
√Applicable □Non-applicable
Recognition methods and standards of contract assets
√Applicable □Non-applicable
The Company shall show the contract assets or contract liabilities in the balance sheet in
accordance with the relationship between the performance of the contract obligations and the Customer
payment. The Company shall list its right to receive consideration due to the transfer of goods or
services to the Customer (and such rights are subject to factors other than the passage of time) as
contractual assets. Contract assets and contract liabilities under the same contract shall be shown on a
net basis. The Company’s unconditional right (depending solely on the passage of time) to collect
consideration from the Customer shall be shown separately as a receivable.Determination method and accounting treatment for the expected credit loss of contract assets
□Applicable √Non-applicable
The determination method and accounting treatment for expected credit losses on contract assets aredetailed in this note under “V.11.6. Testing Methods and Accounting Treatment for Impairment ofFinancial Instruments.”
Aging calculation method for recognizing credit risk profile groupings based on aging
□Applicable √Non-applicable
Determination of bad debt provisioning based on individual items Individual provisioning
judgment criteria
□Applicable √Non-applicable
18. Held-for-sale assets
√Applicable □Non-applicable
A non-current asset or disposal group is classified as held for sale if its carrying amount is to be
recovered principally through sale (including non-monetary asset exchanges with commercial substance)
rather than through continuing use.Recognition criteria and accounting treatment for non-current assets or disposal groups classified
as held for sale
√Applicable □Non-applicable
The Company will categorize non-current assets or disposal groups as held for sale if the following
conditions are met simultaneously:
(1) The sale of these assets or disposal groups is imminent based on the current conditions and the
Company's past practice of selling similar assets or disposal groups.
(2) It is highly likely that the sale will occur within one year. The Company has made a decision to
sell and has obtained firm commitments from buyers. If the relevant regulations require approval from
the relevant authority or regulatory body before the sale can proceed the Company has obtained that
approval.For non-current assets classified as held for sale (excluding financial assets deferred income tax
assets and assets arising from employee compensation) or disposal groups with a carrying value higher
than the fair value less costs to sell the carrying value is reduced to the fair value less costs to sell. The
105 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
amount of the reduction is recognized as an impairment loss on the asset which is then recorded in the
profit or loss statement. Additionally a provision for impairment of assets held for sale is also created.Recognition criteria and presentation of discontinued operations
√Applicable □Non-applicable
Discontinued operation is a component that meets one of the following conditions and can be
separately distinguished and the component has been disposed of by the Company or classified as held
for sale by the Company:
(1) The component represents a separate principal business or a separate principal operating area;
(2) The component is part of a related program of proposed dispositions of a separate principal
business or a separate principal operating area;
(3) The component is a subsidiary acquired exclusively for resale.
Gains and losses from continuing operations and gains and losses from discontinued operations are
presented separately in the income statement. Operating gains and losses such as impairment losses and
reversal amounts for discontinued operations and gains and losses on disposals are presented as gains
and losses from discontinued operations. For discontinued operations presented in the current period the
Company restates the information originally presented as profit or loss from continuing operations as
profit or loss from discontinued operations for the comparable accounting period in the current period's
financial statements.
19. Long-term equity investments
√Applicable □Non-applicable
1. Joint control or significant influence criteria
Joint control is the contractually agreed sharing of control of an arrangement and exists only when
requiring the unanimous consent of the parties sharing control before making decisions about the
relevant activities of the arrangement. The Company together with the other joint venture parties can
jointly control over the investee and are entitled to the right of the net assets of the investee as the
investee is joint venture of the Company.Significant influence refers to the power to participate in making decisions on the financial and
operating policies of an enterprise but not the power to control or jointly control the formulation of
such policies with other parties. Where the Company can exercise significant influence over the investee
the investee is an associate of the Company.
2. Determination of initial investment cost
(1) Long-term equity investments formed through business combination of entities
For long-term equity investment in a subsidiary generated due to business combinations involving
entities under common control the share of the book value in the consolidated financial statements of
the ultimate controlling party on the date of combinations shall be taken as the initial investment cost of
the long-term equity investments. For difference between the initial cost of long-term equity investment
and the book value of the consideration paid adjustments shall be made to the equity premiums in the
capital reserve. When the equity premiums in the capital reserve are not sufficient for write-down the
retained earnings shall be adjusted. Where control over the investee under common control is available
due to additional investment or other reasons for difference between the initial cost of long-term equity
investment recognized in accordance with the above principles and the sum of the book value of
long-term equity investment prior to the combination and the book value of newly paid consideration for
the acquisition of further shares on the date of combination adjustments shall be made to equity
premiums. When the equity premiums are not sufficient for write-down the retained earnings shall be
written down.For long-term equity investment in a subsidiary generated due to business combinations involving
entities not under common control the cost of the combination recognized on the date of combination
shall be taken as the initial investment cost of the long-term equity investments. In relation to imposing
control over the investee not under common control as a result of additional investment and other
reasons the initial investment shall be the sum of the book value of the equity investment originally held
and the newly increased investment cost.
106 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
(2) Long-term equity investments acquired by means other than business combination
The initial cost of a long-term equity investment obtained by cash payment shall be the purchase
costs actually paid.The initial cost of investment of a long-term equity investment obtained by means of issuance of
equity securities shall be the fair value of the equity securities issued.
3. Subsequent measurement and recognition of profit or loss
(1) Long-term equity investment calculated by cost method
Long-term equity investment in subsidiaries of the company is calculated by cost method unless
the investment meets the conditions for holding for sale. except for the actual consideration paid for the
acquisition of investment or the declared but not yet distributed cash dividends or profits which are
included in the consideration investment gains are recognized as the Company' shares of the cash
dividends or profits declared by the investee.
(2) Long-term equity investment accounted for by equity method
Long-term equity investments of associates and jointly controlled entities are calculated using
equity method. Where the initial investment cost exceeds the investment the difference between the
share of the fair value of the investee’s identifiable net assets shall be enjoyed and no adjustment shall be
made to the initial investment cost of long-term equity investment; where the initial investment cost is
less than the investment the difference between the share of the fair value of the investee’s identifiable
net assets shall be enjoyed and be included in current profit or loss and adjustments shall be made to the
initial investment cost of long-term equity investment.The Company recognizes the investment income and other comprehensive income according to the
shares of net profit or loss and other comprehensive income realized by the investee which it shall be
entitled or shared respectively and simultaneously makes adjustment to the book value of long-term
equity investments; the book value of long-term equity investment shall be reduced by attributable share
of the profit or cash dividends for distribution declared by the investee; in relation to other changes of
owner's equity except for net profits and losses other comprehensive income and profit distributions of
the investee (hereinafter referred to as "changes in other owners' equity") the book value of long-term
equity investments shall be adjusted and included in owner's equity.When recognizing the amount of proportion of net profit or loss other comprehensive income and
other changes of owner’s equity in the investee which it entitles fair value of the identifiable assets of
the investee at the time when the investment is obtained shall be used as basis and adjustment shall be
made to the net profit other comprehensive income and others of the investee in accordance with the
accounting policies and accounting period of the Company.The unrealized profit or loss resulting from internal transactions between the Company and its
associate or joint venture shall be offset in portion to its equity interests based on which investment
income shall be recognized except when the assets invested or sold constitute transaction. Any losses
resulting from transactions which are attributable to impairment of assets shall be fully recognized.The Company shall be liable for net loss incurred by the Company to the joint venture or associate
and shall write it down to zero with the book value of the long-term equity investment and other
long-term equity which substantially constitute net investment in the joint venture or associate. Where a
joint venture or associate later realizes net profits the Company shall resume recognition of its share of
income after the share of income has made up for the unrecognized share of loss.
(3) Disposal of long-term equity investments
For disposal of long-term equity investment the difference between the book value and the
consideration actually received shall be included in the current profit or loss.For long-term equity investments accounted by partial equity disposal method the remaining equity
is still accounted by the equity method. Other comprehensive income recognized by the original equity
method shall be carried forward in a corresponding proportion on the same basis as the direct disposal of
related assets or liabilities by the investee. Changes in the interests of the owners are carried forward to
the current profit and loss on a pro ratio basis.When losing joint control or significant influence over the investee due to disposal of equity
investment or other reasons other comprehensive income of the original equity investment recognized
accounted by equity method shall be treated using the same basis as the direct disposal of related assets
or liabilities by the investee upon the termination of the use of equity methods. Other changes of owner’s
equity shall be converted to the current profit or loss upon the termination of use of equity methods.
107 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
When losing the control over the investee due to partially disposal of equity investment and other
reasons the remaining equities after disposal shall be accounted for under equity method in preparation
of individual financial statements provided that joint control or significant influence over the investee
can be imposed and shall be adjusted as if such remaining equities has been accounted for under the
equity method since they are obtained. Other comprehensive income recognized prior to the acquisition
of controls over the investee shall be carried over proportionally using the same basis as the direct
disposal of related assets or liabilities by the investee. Other changes of owner’s equity due to the use of
equity method shall be carried over into the current profit or loss proportionally. Where the remaining
equities after disposal cannot impose joint control or significant influence over the investee it shall be
recognized as financial asset and the difference between fair value and the book value on the date of
losing control shall be included in the current profit or loss. All the other comprehensive incomes and
other changes of owners’ equity recognized prior to the acquisition of controls over the investee shall be
carried over.When losing control over a subsidiary in step-by-step disposal of its equity interests through
multiple transactions is recognized as a package deals these transactions shall be in accounting treated
as loss of control of a subsidiary in disposal of equity interests. The differences between price on each
disposal prior to loss of control and the long-term equity investment book value of the disposed equity
shall be recognized as other comprehensive income in individual financial statements and included in
the current profit or loss when the control is lost. Transactions not recognized as a package deal shall be
accounted for separately.
20. Investment property
Investment property refers to real estate held to earn rental income or for capital appreciation or
both including leased land use rights land use rights held for future sale at a profit and leased buildings
(including buildings constructed or developed for rental purposes and buildings under construction or
development intended for future rental). Subsequent expenditures related to investment property are
capitalized into the cost of the investment property when it is probable that the related economic benefits
will flow to the entity and the cost can be measured reliably; otherwise they are recognized in profit or
loss for the period in which they are incurred. The Company measures its existing investment properties
using the cost model. Investment properties measured under the cost model-buildings held for rental
purposes-are depreciated using the same depreciation policy as the Company's fixed assets. Land use
rights held for rental purposes are amortized using the same amortization policy as intangible assets.
21. Fixed assets
(1). Conditions for recognition
√Applicable □Non-applicable
Fixed assets are tangible assets that are held for use in the production or supply of goods or services
for rental to others or for administrative purposes; and have a service life of more than one accounting
year. Fixed asset is recognized when it meets the following conditions:
(1) It is probable that the economic benefits associated with the fixed asset will flow to the
enterprise;
(2) Its cost can be reliably measured.
Fixed assets are initially measured at cost (with the influence of expected disposal costs taken into
consideration).Subsequent expenditures related to fixed assets shall be included in the cost of fixed assets when
the relevant economic benefits are likely to flow in and the cost can be measured reliably; the book value
of the replaced part is derecognized; other subsequent expenditures shall be included in current profit or
loss at the time of occurrence.
(2).Methods for depreciation
√Applicable □Non-applicable
Category Depreciation Useful Lives of Residual Ratio Annual
108 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
Method Depreciation Depreciation
Housing and Straight-line
building method 20 10% 4.50%
Machinery and Straight-line
equipment method 5-10 10% 18.00%-9.00%
Means of Straight-line
transportation method 5 10% 18.00%
Office equipment Straight-line
and others method 5 10% 18.00%
Straight-line Land use
method certificate
Buildings for indicates the
commercial use remaining years 10%
but no longer than
40 years
PV engineering Straight-line
project method 20 10% 4.50%
22. Projects under construction
√Applicable □Non-applicable
Projects under construction is measured at the actual costs incurred. The actual cost includes
construction costs installation costs borrowing costs that meet the capitalization conditions and other
necessary expenditures incurred before the construction in progress reaches its intended use status.Projects under construction reaching predetermined serviceable conditions shall be converted to fixed
assets and begin counting for depreciation the following month. The criteria and point of time for
carrying forward the Company's construction in progress to fixed assets are as follows:
Category Criteria and time point for conversion to fixed assets
(1) The main construction works and ancillary works have been completed; (2) If
Construction works the construction works have reached the state of intended use but the final accounthas not yet been finalized the construction works shall be transferred to fixed
such as buildings assets at the estimated value based on the actual cost of the works from the date of
reaching the state of intended use.Installation of (1) Relevant equipment and other ancillary facilities have been installed; (2) the
equipment can maintain normal and stable operation for a certain period of time
machinery and after debugging; and (3) the equipment has been accepted by asset management
equipment etc. personnel and users.
23. Borrowing costs
√Applicable □Non-applicable
1. Criteria for recognition of capitalized borrowing costs
For borrowing costs incurred by the Company that are directly attributable to the acquisition
construction or production of assets qualified for capitalization the costs will be capitalized and
included in the costs of the related assets. Other borrowing costs shall be recognized as expense in the
period in which they are incurred and included in profit or loss for the current period.Assets qualified for capitalization are assets (fixed assets investment property inventories etc.)
that necessarily take a substantial period of time for acquisition construction or production to get ready
for their intended use or sale.
109 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
2. Capitalization period of borrowing costs
The capitalization period shall refer to the period between the commencement and the cessation of
capitalization of borrowing costs excluding the period in which capitalization of borrowing costs is
temporarily suspended.Capitalization of borrowing costs begins when the following three conditions are fully satisfied:
(1) Expenditures for the assets (including cash paid transferred non-currency assets or
expenditure for holding debt liability for the acquisition construction or production of assets qualified
for capitalization) have been incurred;
(2) Borrowing costs have been incurred;
(3) Acquisition construction or production that are necessary to enable the asset reach its intended
usable or salable condition have commenced.Capitalization of borrowing costs shall be suspended during periods in which the qualifying asset
under acquisition and construction or production ready for the intended use or sale.
3. Suspension of capitalization period
Capitalization of borrowing costs shall be suspended during periods in which the acquisition
construction or production of a qualifying asset is interrupted abnormally when the interruption is for a
continuous period of more than 3 months; if the interruption is a necessary step for making the
qualifying asset under acquisition and construction or production ready for the intended use or sale the
capitalization of the borrowing costs shall continue. The borrowing costs incurred during such period
shall be recognized as profits and losses of the current period borrowing costs continue to be capitalized
until the acquisition and construction of the asset or the recommencement of production activities.
4. Calculation of capitalization rate and amount of borrowing costs
Specific borrowings for the acquisition construction or production of assets qualified for
capitalization borrowing costs of the specific borrowings actually incurred in the current period minus
the interest income earned on the unused borrowing loans as a deposit in the bank or as investment
income earned from temporary investment will be used to determine the amount of borrowing costs for
capitalization.General borrowings for the acquisition construction or production of assets qualified for
capitalization the to-be-capitalized amount of interests on the general borrowing shall be calculated and
determined by multiplying the weighted average asset disbursement of the part of the accumulative asset
disbursements minus the specifically borrowed loans by the capitalization rate of the general borrowing
used. The capitalization rate shall be calculated and determined according to the weighted average
interest rate of the general borrowing.During the period of capitalization the exchange balance on the principals and interests of special
foreign currency borrowings shall be capitalized and shall be included in the cost of assets eligible for
capitalization. The exchange balance on the principals and interests of foreign currency borrowings other
than the special foreign currency borrowings shall be included in current profit or loss.
24. Biological assets
□Applicable √Non-applicable
25. Oil and gas assets
□Applicable √Non-applicable
26. Intangible assets
(1). Useful life and the basis for its determination estimation status amortization method or
review procedure
√Applicable □Not applicable
1. Intangible assets are initially measured at cost upon acquisition
(1) Intangible assets are initially measured at cost upon acquisition
110 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
The costs of an externally purchased intangible asset include the purchase price relevant taxes and
expenses paid and other expenditures directly attributable to putting the asset into condition for its
intended use.
(2) Subsequent measurement
The service life of intangible assets shall be analyzed and judged upon acquisition.As for intangible assets with a finite service life they are amortized using the straight-line method
over the term in which economic benefits are brought to the firm; If the term in which economic benefits
are brought to the firm by an intangible asset cannot be estimated the intangible asset shall be taken as
an intangible asset with indefinite service life and shall not be amortized.
2. Estimated useful lives for the intangible assets with finite service life
Item Estimated useful lives Amortization Method Basis
Land use rights 38-50 years Straight-line method Land use certificate
Software 2-10 years Straight-line method Expected benefited period
Emission rights 5 years Straight-line method Emission permits
3. Basis for the judgment of intangible assets with uncertain service life and the procedure for
reviewing their service life
As of December 31 2025 the Company has no intangible assets with uncertain useful life.
(1). Scope of attribution of R&D expenditures and related accounting treatment
√Applicable □Not applicable
1. Scope of research and development expenditure
Expenditures incurred by the Company in the course of conducting research and development
(R&D) include relevant employee remuneration for personnel engaged in R&D activities consumable
materials relevant depreciation and amortization expenses and other related expenditures and are
summarized in the following manner:
Employee remuneration related to personnel engaged in research and development activities mainly
refers to the employee remuneration related to personnel directly engaged in research and development
activities as well as management personnel and direct service personnel closely related to research and
development activities consumable materials mainly refers to the relevant materials directly invested in
research and development activities and related depreciation and amortization expenses mainly refers to
the depreciation or amortization of fixed assets or intangible assets used in research and development
activities.
2. Specific criteria for the division of research phase and development phase
The expenses for internal research and development projects of the Company are divided into
expenses in the research phase and expenses in the development phase.Research phase: Scheduled innovative investigations and research activities to obtain and
understand scientific or technological knowledge.Development phase: Apply the research outcomes or other knowledge to a plan or design prior to a
commercial production or use in order to produce new or essentially-improved materials devices
products etc.
3. Specific condition for capitalizing expenditure during the development phase
Expenses in the research phase are recorded into the profits and losses for the current period when
they occur. Expenditure during the development phase that simultaneously satisfies the following
conditions shall be recognized as intangible assets. Otherwise shall be included in current profit or loss:
(1) It is technically feasible to complete such intangible asset so that it will be available for use or
for sale;
(2) There is intention to complete the intangible asset for use or sale;
111 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
(3) The intangible asset can produce economic benefits including there is evidence that the
products produced using the intangible asset has a market or the intangible asset itself has a market; if
the intangible asset is for internal use there is evidence that there exists usage for the intangible asset;
(4) There is sufficient support in terms of technology financial resources and other resources in
order to complete the development of the intangible asset and there is capability to use or sell the
intangible asset;
(5) The expenses attributable to the development stage of the intangible asset can be measured
reliably.The R&D expenditures incurred shall be included in current profit or loss if it is impossible to
distinguish expenditure during the research phase and expenditure during the development phase.
27. Impairment of long-term assets
√Applicable □Non-applicable
Long-term assets such as long-term equity investment investment properties fixed assets and
construction in progress that measured at cost right-of-use assets，and intangible assets with limitedservice life are tested for impairment if there is any indication that an asset may be impaired on the
balance sheet date. If the result of the impairment test indicates that the recoverable amount of the asset
is less than its book value a provision for impairment and an impairment loss are recognized for the
amount by which the asset's book value exceeds its recoverable amount. The recoverable amount is the
higher of an asset's fair value less costs to sell and the present value of the future cash flows expected to
be derived from the asset. Provision for asset impairment is determined and recognized on the individual
asset basis. If it is not possible to estimate the recoverable amount of an individual asset the recoverable
amount of a group of assets to which the asset belongs to is determined. A group of assets is the smallest
group of assets that is able to generate cash inflows independently.Goodwill formed due to business combination intangible assets with uncertain service life and
intangible assets that have not yet reached serviceable conditions shall be tested for impairment at least
at the end of each year regardless of whether there is any indication of impairment.When the Company carry out impairment test to goodwill the Company shall as of the purchasing
day allocate on a reasonable basis the book value of the goodwill formed by merger of enterprises to the
relevant asset groups or if there is a difficulty in allocation to allocate it to the sets of asset groups. The
relevant asset group or combination of asset groups is the asset group or combination of asset groups
that can benefit from the synergies of business combination.For the purpose of impairment test on the relevant asset groups or the sets of asset groups
containing goodwill if any evidence shows that the impairment of asset groups or sets of asset groups
related to goodwill is possible an impairment test will be made first on the asset groups or sets of asset
groups not containing goodwill thus calculating the recoverable amount and comparing it with the
relevant book value so as to recognize the corresponding impairment loss. Asset group or combination
of group assets containing goodwill are tested for impairment and the book value and recoverable
amount shall be compared. If the recoverable amount is less than the book value the amount of
impairment loss shall be deducted and apportioned to the book value of goodwill in asset group or
combination of asset groups before deducting to the book value of all other assets proportionally based
on the proportion of the book value of all assets other than goodwill in the asset group or combination of
asset groups.Once the above asset impairment loss is recognized it will not be reversed in the subsequent
accounting periods.
28. Long-term prepaid expenses
√Applicable □Non-applicable
Long-term prepaid expenses are expenses which have occurred but will benefit over 1 year and
shall be amortized over the current period and subsequent periods.The amortization period and amortization method for each expense is:
Item Amortization Method Amortization period
112 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
Item Amortization Method Amortization period
Renovation cost Straight-line method 5 years
Others Straight-line method 3-5 years
29. Contract liabilities
√Applicable □Non-applicable
The Company shall show the contract assets or contract liabilities in the balance sheet in
accordance with the relationship between the performance of the contract obligations and the Customer
payment. The Company’s obligation to transfer goods or provide services to customers for which
consideration has been received or receivable are presented as contractual liabilities. Contract assets and
contract liabilities under the same contract shall be shown on a net basis.
30. Employee remuneration
(1). Accountant arrangement method of short-term remuneration
√Applicable □Non-applicable
During the accounting period when the staff provides service the Company will recognize the
short-term remuneration actually incurred as liabilities and the liabilities would be charged into current
profits and loss or costs of assets.The Company will pay social insurance and housing funds and will make provision of trade union
funds and staff education costs in accordance with the requirements. During the accounting period when
the staff provides service the Company will determine the relevant amount of employee benefits in
accordance with the required provision basis and provision ratios.The expenses on employee benefit incurred by the Company shall be included in the current profit
or loss or related asset cost based on the actual amount when actually incurred and the non-monetary
benefit shall be measured at its fair value.
(2).Accounting treatment method of retirement benefit plan
√Applicable □Non-applicable
(1) Defined contribution plan
The Company will pay basic pension insurance and unemployment insurance in accordance with
the relevant provisions of the local government for the staff. During the accounting period when the staff
provides service the Company will calculate the amount payable in accordance with the local stipulated
basis and proportions which will be recognized as liabilities and the liabilities would be charged into
current profits and loss or costs of assets.
(2) Defined benefit plan
The welfare responsibilities generated from defined benefit scheme based on the formula
determined by projected unit credit method would be vested to the service period of the staff and
charged into current profits and loss or costs of assets.The deficit or surplus formed by the present value of obligations of the defined benefit plan minus
the fair value of the assets of the defined benefit plan is recognized as a net liability or net asset of the
defined benefit plan. If there is a surplus in the defined benefit plan the Company shall use the lower of
the surplus of the defined benefit plan and the asset ceiling to measure the net assets of the defined
benefit plan.All defined benefit plan obligations including obligations expected to be paid within twelve
months after the end of the annual reporting period in which employees render services are discounted
at the market rate of return in respect of the national debts matching the term and currency of the defined
benefit plan or in respect of high-quality corporate bonds available on the active market on the balance
sheet date.
113 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
The service cost incurred by the defined benefit plan and the net interest of the net liabilities or net
assets of the defined benefit plan are included in the current profit and loss or the related asset cost; the
changes in the net liabilities or net assets of the defined benefit plan are recorded in other comprehensive
income and it will not be reversed to profit or loss in the subsequent accounting period. When the
original defined benefit plan is terminated all that originally included in other comprehensive income
will be carried forward to undistributed profit within the scope of equity.At the settlement of the defined benefit plan the gain or loss from the settlement is recognized by
the difference between the present value of the obligation of the defined benefit plan and the settlement
price determined on the settlement date.
(3).Accountant arrangement method of termination benefits
√Applicable □Non-applicable
Where the Company pays termination benefit to employees the liabilities of employee
remuneration generated by termination benefit shall be recognized at the earlier of the following date
and included in the current profit or loss: when the company cannot unilaterally withdraw termination
benefit provided by labor relationship termination plan or layoff proposal; when the Company
recognizes costs or expenses related to a restructuring of the payment of termination benefits.
(4).Accountant arrangement method of other long-term employee benefits
□Applicable √Non-applicable
31. Estimated liabilities
√Applicable □Non-applicable
The obligations related to contingencies in the satisfaction of all of the following conditions will be
recorded as estimated liabilities:
(1) The obligation is the current obligation undertaken by the company;
(2) The fulfillment of this obligation is likely to result in the outflow of economic benefits from the
company;
(3) The amount of the obligation can be reliably measured.
Estimated liabilities are initially measured based on the best estimate of the expenditure required to
fulfill the relevant current obligations.On fixing the best estimate certain factors such as risks uncertainties and time value of money in
connection with contingencies shall be considered in full aspects. If the time value of money has a
significant impact the best estimate is fixed after discounting the relevant future cash outflows.If there is a continuous range of required expenditures and the likelihood of occurrence of various
outcomes within this range is the same the best estimate shall be fixed at the median value within the
range; in other circumstances the best estimate shall be treated as:
* If a contingency involves one item it shall be fixed according to the most likely amount.* If a contingency involves more than one items it shall be calculated and fixed according to
various possible results and related probabilities.If all or part of the expenditure required to pay off the estimated liability is expected to be
compensated by a third party the compensation amount shall be recognized as an asset separately when
virtually confirmed that it can be received and the compensation amount recognized must not exceed
the book value of the estimated liability.The company shall review the book value of estimated liabilities on the balance sheet date. If there
is conclusive evidence that the book value cannot reflect the current best estimate the book value shall
be adjusted according to the current best estimate.
32. Share-based payment
□Applicable √Non-applicable
114 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
33. Preference shares perpetual bonds and other financial instruments
□Applicable √Non-applicable
34. Revenue
(1).Disclosure of accounting policies used for revenue recognition and measurement by type of
business
√Applicable □Non-applicable
1. Accounting policies for revenue recognition and measurement
The Company has fulfilled its contractual obligation to recognize income when the Customer
obtains control over the relevant goods or services. Obtaining control over related goods or services
means to be able to dominate the use of the goods or services and obtain virtually all economic benefits
from it.Where the Contract contains the performance of two or more obligations the Company shall on
the commencement date of the Contract apportion the transaction price to each individual performance
obligation on the basis of the relative proportion of the individual selling price of the goods or service
committed by each individual performance obligation. The Company shall measure its income on the
basis of the transaction price apportioned to each individual performance obligation.The transaction price refers to the amount of consideration the Company is expected to be entitled
to receive for the transfer of goods or services to the Customer excluding payments received on behalf
of third parties and the amounts expected to be refunded to the Customer. The Company determines the
transaction price in accordance with Contract terms and by taking into consideration its past practices. In
determining the transaction price it takes into consideration the impact of variable consideration
material financing elements in the Contract non-cash consideration consideration payable to customers
and other factors. The Company determines the transaction price that includes the variable consideration
at an amount not exceeding the amount of accumulated recognized income which is not likely to be
materially reversed when the relevant uncertainty is eliminated. Where there is material financing
components in the Contract the Company shall determine the transaction price on the basis of the
amount payable based on the assumption that the Customer pays in cash upon obtaining control over the
goods or services and shall amortize the difference between the transaction price and the Contract
consideration by effective interest method during the Contract period.It shall be deemed as fulfilling performance obligation within a certain period of time if one of the
following conditions is satisfied. Otherwise it shall be deemed as fulfilling performance obligation at a
certain point in time:
* The Customer obtains and consumes the economic benefits arising from the Company's
performance of obligations at the same time of that the Company perform its obligations.* The Customer can control the goods under construction during the process that the Company
perform its obligations.* The product produced by the Company during the performance of its obligations is
irreplaceable in use and the Company shall be entitled to receive payment for the accumulated part of
the performance completed so far during the whole Contract period.For obligations performed within a certain period of time the Company shall recognize income on
the basis of the performance progress during that period except when the performance progress cannot
be reasonably determined. The Company will adopt output method or input method to determine the
performance progress by taking the nature of the goods or services into consideration. Where the
performance progress cannot be reasonably determined and the costs incurred are expected to be
compensated the Company shall recognize income on the basis of the costs incurred until the
performance progress can be reasonably determined.For obligations performed at a certain point of time the Company recognizes income at the point
when the Customer obtain control over relevant goods or services. The Company takes the following
indications into consideration when determining whether the Customer has obtained control over
relevant goods or services:
* The Company is entitled to collect payment in respect of the goods or services immediately
i.e. the Customer is obliged to make payment in respect of the goods or services immediately
* The Company has transferred legal ownership of the goods to the Customer i.e. the Customer
has legal ownership of the goods.
115 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
* The Company has physically transferred the goods to the Customer i.e. the Customer has
physically possessed the goods.* The Company has transferred the principal risks and rewards in the ownership of the goods to
the Customer i.e. the Customer has obtained the principal risks and rewards in the ownership of the
goods.* The Customer has received the goods or services etc.The determination of the Company's status as either a principally liable person or an agent is made
when entering into a transaction depending on whether it exercises control over the goods or services
before handing them over to the customer. If the Company has the ability to control the goods or
services before transferring them to the customer it is considered the principal and records revenue
according to the total consideration received or receivable. On the other hand if the Company lacks
control over the goods or services before transferring them it is classified as an agent and recognizes
revenue based on the anticipated commissions or fees.
2. Disclosure of specific revenue recognition and measurement methods by business type
(1) Domestic company
1) Domestic sales
For sales to domestic carmakers the goods received by customer and the notice of issuing an invoice is
treated as the time point of revenue recognition. For domestic after-sales market sales the time of
delivery is treated as the time point of revenue recognition.
2) Overseas sales
For general trade sales customs declaration and export are treated as the revenue confirmation time
point. For the sales based on DDU and DDP as contained in the sales contract the time of arrival at the
destination and the acknowledgment of receipt by customer is treated as the time point of revenue
recognition.
(2) Overseas company
The time of shipment and the acknowledgment of receipt by customer is treated as the time point of
revenue recognition.
(2). Different business models adopted for similar businesses leading to differences in revenue
recognition accounting policies
□Applicable√ Non-applicable
35. Contract costs
√Applicable □Non-applicable
Contract costs include contract performance costs and contract acquisition costs.The Company recognizes the costs incurred for performing the contract and that not fall within the
scope of inventories fixed assets or intangible assets as stipulated by related standards as an asset when
the following conditions are met:
* The cost is directly related to a current or anticipated contract.* The cost increases the Company's future resources to perform obligations.* The cost is expected to be recovered
The Company regards the incremental cost incurred to acquire the contract and that are expected to
be recovered as contract acquisition costs and recognizes them as an asset.Assets related to contract costs shall be amortized using the same basis as income recognition of
goods or services related to the asset. However the Company shall include the amount in current profit
or loss if the amortization period of the contract acquisition cost is less than one year.The Company shall draw an impairment provision for the excess part when the book value of an
asset related to the contract cost is higher than the difference between the following two items and
recognize it as an impairment loss of the asset:
1. The remaining consideration expected to be obtained due to the transfer of goods or services
related to the asset;
2. Estimated costs to be incurred for the transfer of goods or services related to the asset.
The Company shall reverse the impairment provision withdrawn and include it in current profit or
loss if the impairment factors of the previous period change and cause the aforementioned difference
higher than the book value of the asset. However the book value of the asset after reverse shall not
116 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
exceed the book value of the asset on the reverse date under the assumption that no provision for the
impairment is withdrawn.
36. Government subsidies
√Applicable □Non-applicable
1. Type
Government grants are monetary assets and non-monetary assets acquired by the Company from
the government free of charge. Government grants are classified into government grants related to assets
and government grants related to revenue.Government grants related to assets refer to government grants acquired by the Company for the
purpose of purchasing or constructing or otherwise forming long-term assets. Government grants related
to revenue refer to the government grants other than those related to assets.Government grants are classified as assets-related under the following criteria:
Government grants obtained for purchase and construction or other forms of long-term assets are
defined as government grants related to assets;
Government grants are classified as income-related under the following criteria government grants
other than assets-related government grants are defined as income-related government grants;
If the government documents have not yet specified the intended subjects of grants the Company
will classify the government grants as asset-related or income-related according to the following criteria:
(1) If the government document specifies a item applicable to the grants it shall be divided
according to the relative proportion of the expenditure amount that will form the asset and the
expenditure amount included in the expense in the budget of the specific item and the division ratio
shall be rechecked among each balance sheet date and subject to a if necessary;
(2) The government document only makes a general statement and no specific item is specified it
is recorded as the income-related government grants.
2. Confirmation of time point
Government subsidies are confirmed when the company can meet its attached conditions and can
be received.
3. Accounting treatment
Government grants related to assets shall write off the book value of relevant assets or be
recognized as deferred income. When recognized as deferred income the government grant related to
assets will be period by period credited to the profits and losses of the current period in a reasonable and
systematic manner within the service life of relevant assets (those related to the Company's daily
activities shall be recognized as other income; those unrelated to the Company's daily activities shall be
recognized as non-operating income).The revenue-related government grants shall be recognized as deferred income if they are used to
compensate relevant expenses or losses in subsequent periods and they shall be included in profit and
loss of the current period (those related to Company's routine activities shall be included in other income;
those unrelated to the Company's routine activities shall be included in non-operating income) or used to
offset relevant expenses or losses during the recognition of related expenses or losses; the grants used to
compensate related expenses or losses incurred shall be included in profit and loss of the current period
(those related to Company's routine activities shall be included in other income; those unrelated to the
Company's routine activities shall be included in non-operating income) or used to offset relevant
expenses or losses.
37. Deferred income tax assets/deferred income tax liabilities
√Applicable □Non-applicable
Income tax includes current income tax and deferred income tax. The Company will include current
income tax and deferred income tax in the current profit or loss except for income tax arising from
business combination and transaction or event directly included in the owners’ equity (including other
comprehensive income).
117 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
Deferred income tax assets and deferred income tax liabilities shall be calculated and recognized on
the basis of the difference (temporary difference) between the tax basis of the assets and liabilities and
their book value.Deferred income tax assets are recognized to the extent that it is probable that future taxable profits
will be available against which deductible temporary differences can be utilized. For deductible losses
and tax credits that can be reversed in the future period deferred tax assets shall be recognized to the
extent that it is probable that taxable profit will be available in the future to offset the deductible losses
and tax credits.Save as the exceptions deferred income tax liabilities shall be recognized for the taxable temporary
difference.Special circumstances in which deferred income tax assets or deferred income tax liabilities are not
recognized include:
* Initial recognition of goodwill;
* Transaction or event that is not a business combination and would not affect accounting
profit and taxable income (or deductible loss) at the time of occurrence.For taxable temporary differences related to investments in subsidiaries associates and joint
ventures deferred income tax liability is recognized unless the Company can control the timing of
reversal of such temporary differences and such temporary differences are not likely to be reversed in
the foreseeable future. For deductible temporary differences related to the investments of subsidiaries
associates and joint ventures deferred tax asset is recognized when the temporary differences are likely
to be reversed in the foreseeable future and the taxable income amount used to offset the deductible
temporary differences is likely to be obtained in the future.Deferred tax assets and deferred tax liabilities on the balance sheet are evaluated based on the
anticipated tax rates that will be applicable during the period when the associated assets are recuperated
or the associated liabilities are resolved in accordance with the prevailing tax regulations.On the balance sheet date the Company reviews the book value of the deferred income tax assets.The book value of the deferred income tax asset will be written down if sufficient taxable income is not
likely to be obtained to offset the benefit of the deferred income tax asset in the future period. The
write-down amount will be reversed when sufficient taxable income is likely to be obtained.After granted the legal rights of net settlement and with the intention to use net settlement or obtain
assets and repay debt at the same time the net amount after offsetting its current income tax assets and
current income tax liabilities shall be recorded.On the balance sheet date deferred income tax assets and deferred income tax liabilities shall be as
stipulated by tax law measured by the applicable tax rate of the period of expected recovery of the
relevant assets or settlement of the relevant liabilities.* The taxpayer has the legal right to settle the current income tax assets and current income tax
liabilities on a net basis;
* Deferred income tax assets and deferred tax liabilities are related to the income tax to be paid
by the same entity liable to pay tax to the same tax collection and management authority or related to
different entities liable to pay tax. The relevant entity liable to pay tax is intended to apply net settlement
of current income tax assets and liabilities or at the same time obtain assets and repay debt in every
future period that deferred income tax assets and liabilities with importance would be reversed.
38. Lease
√Applicable □Non-applicable
Judgemental basis and accounting treatment of short-term leases and leases of low-value assets as
a simplified treatment for lessee
√Applicable □Non-applicable
(1) Right-of-use assets
On the start date of the lease term the Company recognizes the right-of-use asset for leases other
than short-term leases and low-value asset leases. Right-of-use assets are initially measured at cost
which includes:
* The initial measurement amount of the lease liability;
* For lease payments paid on or before the start of the lease term if there is a lease incentive the
amount of the lease incentive already enjoyed is deducted;
118 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
* Initial direct expenses incurred by the Company;
* The Company's estimated cost for dismantling and removing the leased assets restoring the
site where the leased assets are located or restoring the leased assets to the state as set out in the lease
terms and conditions except for the costs incurred for the production of inventory.The Company subsequently uses the straight-line method to depreciate the right-of-use assets. If it
can be reasonably determined that the ownership of the leased asset will be obtained at the end of the
lease term the Company shall depreciate the leased asset over the remaining useful life; otherwise the
leased asset will be depreciated over the lease term or the remaining useful life of the leased asset
whichever is shorter.The Company determines whether the right-of-use asset has been impaired under the principles as
set out in "Note V. 27. Long-term asset impairment" and performs accounting treatment for the
identified impairment loss.
(2) Lease liabilities
On the commencement of the lease term the Company recognizes lease liabilities for leases other
than short-term leases and leases of low-value assets. Lease liabilities are initially measured based on the
present value of the unpaid lease payments. Lease payments include:
* Fixed payment (including the actual fixed payment) if there is a lease incentive the relevant
amount of the lease incentive will be deducted;
* Variable lease payments that depend on an index or rate;
* The amount expected to be paid based on the residual value of the guarantee provided by the
company;
* The exercise price of the purchase option provided that the Company reasonably determines
that it will exercise the option;
* The amount to be paid to exercise the option to terminate the lease provided that the lease
term reflects that the company will exercise the option to terminate the lease.The Company takes the interest rate implicit in the lease as the discount rate but if the interest rate
implicit in the lease cannot be reasonably determined the company's incremental borrowing interest rate
is used as the discount rate.The Company calculates the interest expense of the lease liability during each period of the lease
term according to a fixed periodic interest rate and includes it in the current profit and loss or the cost of
related assets.Variable lease payments that are not included in the measurement of lease liabilities are included in
the current profit and loss or the cost of related assets when they actually occur.After the commencement of the lease term in any of the following circumstances the Company
re-measures the lease liability and adjusts the corresponding right-of-use asset. If the book value of the
right-of-use asset has been reduced to zero but the lease liability still needs to be further reduced it will
The difference is included in the current profit and loss:
* When the evaluation results of the purchase option the renewal option or the termination option
change or the actual exercise of the aforementioned option is inconsistent with the original evaluation
result the company will discount the lease payment after the change and the revised discount The
present value of the rate calculation remeasures the lease liability;
* When the actual fixed payment changes the expected payable amount of the guarantee residual
value changes or the index or ratio used to determine the lease payment changes the company
calculates the present value based on the changed lease payment and the original discount rate
119 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
Remeasure the lease liability. However if changes in lease payments originate from changes in floating
interest rates the revised discount rate is used to calculate the present value.
(3) Short-term leases and low-value asset leases
The Company elects not to recognize right-of-use assets and lease liabilities for short-term leases
and low-value asset leases and calculates the relevant lease payments in the current profit and loss or
related asset costs on a straight-line basis in each period of the lease term. Short-term lease refers to a
lease that does not include purchase options for a lease period not exceeding 12 months at the beginning
of the lease period. Low-value asset leasing refers to a lease with a lower value when a single leased
asset is a new asset. If the Company subleases or expects to sublease the leased assets the original lease
is not a low-value asset lease.
(4) Lease change
If the lease is changed and the following conditions are met at the same time the company shall
treat the lease change as a separate lease for accounting treatment:
* The lease change expands the scope of the lease by adding one or more use rights to leased
assets;
* The increased consideration is equivalent to the amount of the individual price of the expanded
part of the lease scope adjusted according to the contract conditions.If the lease change is not accounted for as a separate lease on the effective date of the lease change
the Company reapportions the consideration of the contract after the change re-determines the lease
term and calculates the current lease payment based on the lease payment after the change and the
revised discount rate. The value of the lease liability is remeasured.If the lease change causes the scope of the lease to be reduced or the lease term is shortened the
Company will correspondingly reduce the book value of the right-of-use asset and the relevant gains or
losses from the partial or complete termination of the lease are included in the current profit and loss. If
other lease changes cause the lease liability to be remeasured the company adjusts the book value of the
right-of-use asset accordingly.Criteria for classification and accounting treatment of leases as lessors
√Applicable □Non-applicable
On the commencement date of the lease the Company divides the lease into financial lease and
operating lease. Finance lease refers to a lease in which almost all the risks and rewards related to the
ownership of the leased asset are transferred regardless of whether the ownership is ultimately
transferred. Operating leases refer to leases other than financial leases. When the Company acts as a
sublease lessor it classifies subleases based on the right-of-use assets generated from the original lease.
(1) Accounting treatment of operating leases
The lease receipts of operating leases are recognized as rental income in each period of the lease
term according to the straight-line method. The Company capitalizes the initial direct costs incurred
related to operating leases and allocates them to the current profit and loss on the same basis as the
confirmation of rental income during the lease term. Variable lease payments that are not included in the
lease receipts are included in the current profit and loss when they actually occur. If an operating lease is
120 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
changed the company will account for it as a new lease from the effective date of the change and the
amount of advance receipts or lease receivables related to the lease before the change shall be deemed as
the receipts of the new lease.
(2) Accounting treatment of financial leasing
On the commencement date of the lease the Company recognizes the financial lease receivables for
the financial lease and terminates the recognition of the financial lease assets. When the Company
initially measures the financial lease receivables the net lease investment is taken as the entry value of
the financial lease receivables. The net lease investment is the sum of the unguaranteed residual value
and the present value of the lease payment that has not been received at the beginning of the lease term
discounted at the interest rate implicit in the lease.The Company calculates and recognizes the interest income for each period of the lease term based
on a fixed periodic interest rate. The derecognition and impairment of financial lease receivables shall be
accounted for in accordance with this Note "III. (X). Financial Instruments".Variable lease payments that are not included in the measurement of the net lease investment are
included in the current profit and loss when they actually occur.If a financial lease is changed and the following conditions are met at the same time the Company
shall treat the change as a separate lease for accounting treatment:
* The change expands the scope of the lease by adding one or more use rights to leased assets;
* The increased consideration is equivalent to the amount of the individual price of the expanded
part of the lease scope adjusted according to the contract conditions.If the change of the financial lease is not accounted for as a separate lease the company shall deal
with the changed lease in the following situations:
* If the change takes effect on the lease start date the lease will be classified as an operating lease
and the Company will start accounting for it as a new lease from the lease change effective date and use
the net lease investment before the lease change effective date as The book value of the leased asset;
* If the change takes effect on the lease start date the lease will be classified as a financial lease
and the company will conduct accounting treatment in accordance with the policy of this note "V. (11).Financial Instruments" on the modification or renegotiation of the contract.
(3) Sale-and-Leaseback Transactions
The Company evaluates whether the transfer of assets in sale-and-leaseback transactions constitutes
a sale in accordance with the principles outlined in Note V.34 “Revenue.”
(1) As Lessee
Where the asset transfer in a sale-and-leaseback transaction qualifies as a sale the Company as
lessee measures the right-of-use asset arising from the sale-and-leaseback at the portion of the original
asset's carrying amount related to the right-of-use acquired under the lease. The Company recognizes
any related gain or loss solely on the rights transferred to the lessor.
121 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
Subsequent measurement of the right-of-use asset and lease liability as well as lease modifications
after the commencement date of the lease term are detailed in Note V.38 “Leases” Section 1 “TheCompany as Lessee.” When subsequently measuring the lease liability arising from a sale-and-leaseback
transaction the Company determines the lease payments or modified lease payments in a manner that
does not result in the recognition of gains or losses related to the right-of-use acquired under the lease.Where the asset transfer in a sale-and-leaseback transaction does not constitute a sale the Company as
the lessee continues to recognize the transferred asset while recognizing a financial liability equal to thetransfer proceeds. The accounting treatment for the financial liability is detailed in Note V.11 “FinancialInstruments.”
(3) As Lessor
Where the asset transfer in a sale-and-leaseback transaction constitutes a sale the Company as the lessor
accounts for the asset purchase and accounts for the asset lease in accordance with the policy described
in “2. The Company as Lessor” above. Where the asset transfer in a sale-and-leaseback transaction does
not constitute a sale the Company as the lessor does not recognize the transferred asset but recognizes
a financial asset equal to the transfer proceeds. The accounting treatment for the financial asset is
detailed in Note V.11 Financial Instruments.
39. Other significant accounting policies and accounting estimates
□Applicable √Non-applicable
40. Changes in significant accounting policies and accounting estimates
(1). Changes in significant accounting policies
√Applicable □Non-applicable
(2). Changes in significant accounting estimates
□Applicable √Non-applicable
(3). From 2025 onwards the initial implementation of new accounting standards or standard
interpretations involves adjustments to the financial statements at the beginning of the first
implementation year
□Applicable √Non-applicable
41. Others
□Applicable √Non-applicable
VI. Taxes
1. Major categories of taxes and tax rates
Main categories of taxes and tax rates
√Applicable □Non-applicable
Tax Type Taxation basis Tax rate
According to the provisions of the
tax law the sales tax shall be
calculated on the basis of the
VAT income by selling goods and 13% 9% 6%（Note 1）
taxable services. After deducting
the input tax that is allowed to be
deducted from the sales tax in the
122 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
current period the difference shall
be the value added tax
Consumption Tax
Business Tax
Urban Maintenance and Calculated based on the actual
Construction Tax VAT paid 7% 5%（Note2）
Corporate Income Tax Calculated based on the taxable 34%、30%、28%、27%、26.5%、
income 25%、24%、20.6%、20%、19%、
16.5%、15%
Education Surcharges Calculated based on the actual
VAT paid 3%
Local Education Surcharges Calculated based on the actual
VAT paid 2%
Note 1: The sales of goods are subject to VAT at 13% of taxable income technology development
services are subject to VAT at 6% of taxable income and real estate leasing is subject to VAT at 9% of
taxable income.Note 2: If there are taxable entities applicable to different corporate city maintenance and
construction tax rates make a disclosure of statement:
Urban Maintenance and Construction Tax Rate
Name of Taxpayer
(%)
5
Tuopu Automobile Electronics
5
Tuopu Thermal Management
5
Zhejiang Towin
5
Skateboard Chassis
Shanghai Tuopuyale
5
Taizhou Tuopu
5
Sichuan Tuopu
5
Huzhou Tuopu
5
Ningbo Qianhui
5
Shanghai Towin
5
Anhui Tuopu
5
Henan Tuopu
5
Tuopu Photovoltaic Technology
(Hangzhou Bay)
5
Tuopu Photovoltaic Technology (Taizhou)
5
Tuopu Photovoltaic Technology (Jinhua)
5
Tuopu Photovoltaic Technology (Linshui)
Other companies 7
123 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
If there are taxpayers applicable to different corporate local education surcharge rates make a disclosure
of the description
√Applicable □Non-applicable
Name of Taxpayer Income Tax Rate (%)
The Company 15
Tuopu Automobile Electronics 15
Tuopu Thermal Management 15
Zhejiang Towin 15
Suining Tuopu 15
Tuopu Chassis 15
Hunan Tuopu 15
Chongqing Chassis 15
Xi’an Tuopu 15
Sichuan Tuopu 15
Liuzhou Tuopu 15
Baoji Tuopu 15
Ningbo Qianhui 15
Chongqing Tuopu 15
Tuopu North America Limited 26.50
Tuopu North America USA Limited INC 27
Tuopu USA LLC 28
Tuopu International 16.50
Tuopu Hong Kong Investment 16.50
Tuopu Hong Kong Holdings 16.50
Tuopu Poland 19
Tuopu Sweden 20.60
Tuopu Malaysia 24
TUOPU DO BRASIL 34
Tuopu Mexico 30
Tuopu Thailand 20
Other companies 25
2. Preferential tax rate
√Applicable □Non-applicable
1. Pursuant to the Administrative Measures for the Recognition of High-Tech Enterprises (Guo Ke
Fa Huo [2016] No. 32) and the Guidelines for the Management of High-Tech Enterprise
Recognition (Guo Ke Fa Huo [2016] No. 195) the Ningbo Science and Technology Bureau
Ningbo Finance Bureau and the Ningbo Tax Service of the State Taxation Administration
jointly issued the High-Tech Enterprise Certificate (No. GR202433102644) recognizing the
Company as a high-tech enterprise. The certification is valid for 3 years with a preferential
corporate income tax rate of 15% applicable from 2024 to 2026. Therefore the company’s
corporate income tax rate for 2025 will be 15%.
2. Pursuant to the Administrative Measures for the Recognition of High-Tech Enterprises (Guo Ke
Fa Huo [2016] No. 32) and the Guidelines for the Management of High-Tech Enterprise
Recognition (Guo Ke Fa Huo [2016] No. 195) the Ningbo Science and Technology Bureau
Ningbo Finance Bureau and the Ningbo Tax Service of the State Taxation Administration
jointly issued the High-Tech Enterprise Certificate (No. GR202233100803) recognizing Tuopu
Automobile Electronics as a high-tech enterprise. The certification is valid for 3 years with a
preferential corporate income tax rate of 15% applicable from 2022 to 2024. The company has
submitted materials for high-tech enterprise re-certification but as of the date of this financial
124 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
report the re-certification has not been approved. According to the State Taxation
Administration Announcement No. 24 of 2017 enterprises whose high-tech enterprise status
expires in the current year shall temporarily pay corporate income tax at a rate of 15% pending
re-certification. Therefore from January to June 2025 the company’s corporate income tax is
provisionally paid at a rate of 15%.
3. Pursuant to the Administrative Measures for the Recognition of High-Tech Enterprises (Guo Ke
Fa Huo [2016] No. 32) and the Guidelines for the Management of High-Tech Enterprise
Recognition (Guo Ke Fa Huo [2016] No. 195) the Ningbo Science and Technology Bureau
Ningbo Finance Bureau and the Ningbo Tax Service of the State Taxation Administration
jointly issued the High-Tech Enterprise Certificate (No. GR202333103290) recognizing Tuopu
Thermal Management as a high-tech enterprise. The certification is valid for 3 years with a
preferential corporate income tax rate of 15% applicable from 2023 to 2025. Therefore Tuopu
Thermal Management’s corporate income tax rate for 2025 will be 15%.
4. Pursuant to the Administrative Measures for the Recognition of High-Tech Enterprises (Guo Ke
Fa Huo [2016] No. 32) and the Guidelines for the Management of High-Tech Enterprise
Recognition (Guo Ke Fa Huo [2016] No. 195) the Ningbo Science and Technology Bureau
Ningbo Finance Bureau and the Ningbo Tax Service of the State Taxation Administration
jointly issued the High-Tech Enterprise Certificate (No. GR202333100609) recognizing Tuopu
Chassis as a high-tech enterprise. The certification is valid for 3 years with a preferential
corporate income tax rate of 15% applicable from 2023 to 2025. Therefore Tuopu Chassis’s
corporate income tax rate for 2025 will be 15%.
5. Pursuant to the Administrative Measures for the Recognition of High-Tech Enterprises (Guo Ke
Fa Huo [2016] No. 32) and the Guidelines for the Management of High-Tech Enterprise
Recognition (Guo Ke Fa Huo [2016] No. 195) the Hunan Provincial Department of Science and
Technology Hunan Provincial Department of Finance and the Hunan Tax Service of the State
Taxation Administration jointly issued the High-Tech Enterprise Certificate (No.GR202343003469) recognizing Hunan Tuopu as a high-tech enterprise. The certification is
valid for 3 years with a preferential corporate income tax rate of 15% applicable from 2023 to
2025. Therefore Hunan Tuopu’s corporate income tax rate for 2025 will be 15%.
6. Pursuant to the Administrative Measures for the Recognition of High-Tech Enterprises (Guo Ke
Fa Huo [2016] No. 32) and the Guidelines for the Management of High-Tech Enterprise
Recognition (Guo Ke Fa Huo [2016] No. 195) the Zhejiang Provincial Department of Science
and Technology Zhejiang Provincial Department of Finance and the Zhejiang Tax Service of
the State Taxation Administration jointly issued the High-Tech Enterprise Certificate (No.GR202233009476) recognizing Zhejiang Towin as a high-tech enterprise. The certification is
valid for 3 years with a preferential corporate income tax rate of 15% applicable from 2022 to
2024. The company has submitted materials for high-tech enterprise re-certification but as of
the date of this financial report the re-certification has not been approved. According to the
State Taxation Administration Announcement No. 24 of 2017 enterprises whose high-tech
enterprise status expires in the current year shall temporarily pay corporate income tax at a rate
of 15% pending re-certification. Therefore from January to June 2025 Zhejiang Tuowei’s
corporate income tax is provisionally paid at a rate of 15%.
7. Pursuant to the Announcement on the Continuation of Corporate Income Tax Policies for
Western Development (National Development and Reform Commission Announcement No. 23
of 2020) and the Catalog of Encouraged Industries in the Western Region the Sichuan
Provincial Department of Economy and Information Technology recognized Suining Tuopu as
an encouraged industry enterprise eligible for a reduced corporate income tax rate of 15% from
January 1 2021 to December 31 2030. Therefore Suining Tuopu’s corporate income tax rate
for 2025 will be 15%.
8. Pursuant to the Announcement on the Continuation of Corporate Income Tax Policies for
Western Development (Ministry of Finance State Taxation Administration and National
Development and Reform Commission Announcement No. 23 of 2020) enterprises in
encouraged industries in the western region are subject to a reduced corporate income tax rate of
15% from January 1 2021 to December 31 2030. Therefore Chongqing Chassis’s corporate
income tax rate for 2025 will be 15%.
9. Pursuant to the Announcement on the Continuation of Corporate Income Tax Policies for
Western Development (Ministry of Finance State Taxation Administration and National
125 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
Development and Reform Commission Announcement No. 23 of 2020) enterprises in
encouraged industries in the western region are subject to a reduced corporate income tax rate of
15% from January 1 2021 to December 31 2030. Therefore Xi’an Tuopu’s corporate income
tax rate for 2025 will be 15%.
10. Pursuant to the Announcement on the Continuation of Corporate Income Tax Policies for
Western Development (Ministry of Finance State Taxation Administration and National
Development and Reform Commission Announcement No. 23 of 2020) enterprises in
encouraged industries in the western region are subject to a reduced corporate income tax rate of
15% from January 1 2021 to December 31 2030. Therefore Sichuan Tuopu’s corporate
income tax rate for 2025 will be 15%.
11. Pursuant to the Announcement on the Continuation of Corporate Income Tax Policies for
Western Development (Ministry of Finance State Taxation Administration and National
Development and Reform Commission Announcement No. 23 of 2020) enterprises in
encouraged industries in the western region are subject to a reduced corporate income tax rate of
15% from January 1 2021 to December 31 2030. Therefore Liuzhou Tuopu’s corporate
income tax rate for 2025 will be 15%.
12. Pursuant to the Announcement on the Continuation of Corporate Income Tax Policies for
Western Development (Ministry of Finance State Taxation Administration and National
Development and Reform Commission Announcement No. 23 of 2020) enterprises in
encouraged industries in the western region are subject to a reduced corporate income tax rate of
15% from January 1 2021 to December 31 2030. Therefore Baoji Tuopu’s corporate income
tax rate for 2025 will be 15%.
13. Pursuant to the Administrative Measures for the Recognition of High-Tech Enterprises (Guo Ke
Fa Huo [2016] No. 32) and the Guidelines for the Management of High-Tech Enterprise
Recognition (Guo Ke Fa Huo [2016] No. 195) the Ningbo Science and Technology Bureau
Ningbo Finance Bureau and the Ningbo Tax Service of the State Taxation Administration
jointly issued the High-Tech Enterprise Certificate (No. GR202333100329) recognizing
Ningbo Qianhui as a high-tech enterprise. The certification is valid for 3 years with a
preferential corporate income tax rate of 15% applicable from 2023 to 2025. Therefore Ningbo
Qianhui’s corporate income tax rate for 2025 will be 15%.
14. Pursuant to the Announcement on the Continuation of Corporate Income Tax Policies for
Western Development (Ministry of Finance State Taxation Administration and National
Development and Reform Commission Announcement No. 23 of 2020) enterprises in
encouraged industries in the western region are subject to a reduced corporate income tax rate of
15% from January 1 2021 to December 31 2030. Therefore Chongqing Tuopu’s corporate
income tax rate for 2025 will be 15%.
15. Pursuant to the Corporate Income Tax Law of the People’s Republic of China and its
implementation regulations income from investments in nationally supported public
infrastructure projects is exempt from corporate income tax for the first three years starting from
the tax year in which the project generates its first operating income and subject to a 50%
reduction for the subsequent three years. Tuopu Photovoltaic (Ningbo Beilun) has been eligible
for this “three-year exemption and three-year half-reduction” corporate income tax policy since
2022.
16. Pursuant to the Corporate Income Tax Law of the People’s Republic of China and its
implementation regulations income from investments in nationally supported public
infrastructure projects is exempt from corporate income tax for the first three years starting from
the tax year in which the project generates its first operating income and subject to a 50%
reduction for the subsequent three years. Tuopu Photovoltaic Technology (Hangzhou Bay) has
been eligible for this “three-year exemption and three-year half-reduction” corporate income tax
policy since 2022.
17. Pursuant to the Corporate Income Tax Law of the People’s Republic of China and its
implementation regulations income from investments in nationally supported public
infrastructure projects is exempt from corporate income tax for the first three years starting from
the tax year in which the project generates its first operating income and subject to a 50%
reduction for the subsequent three years. Tuopu Photovoltaic Technology (Pinghu) has been
eligible for this “three-year exemption and three-year half-reduction” corporate income tax
policy since 2022.
126 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
18. Pursuant to the Corporate Income Tax Law of the People’s Republic of China and its
implementation regulations income from investments in nationally supported public
infrastructure projects is exempt from corporate income tax for the first three years starting from
the tax year in which the project generates its first operating income and subject to a 50%
reduction for the subsequent three years. Tuopu Photovoltaic Technology (Taizhou) has been
eligible for this “three-year exemption and three-year half-reduction” corporate income tax
policy since 2023.
19. Pursuant to the Corporate Income Tax Law of the People’s Republic of China and its
implementation regulations income from investments in nationally supported public
infrastructure projects is exempt from corporate income tax for the first three years starting from
the tax year in which the project generates its first operating income and subject to a 50%
reduction for the subsequent three years. Tuopu Photovoltaic Technology (Jinhua) has been
eligible for this “three-year exemption and three-year half-reduction” corporate income tax
policy since 2024.
20. Pursuant to the Corporate Income Tax Law of the People’s Republic of China and its
implementation regulations income from investments in nationally supported public
infrastructure projects is exempt from corporate income tax for the first three years starting from
the tax year in which the project generates its first operating income and subject to a 50%
reduction for the subsequent three years. Tuopu Photovoltaic Technology (Ningbo Yinzhou) has
been eligible for this “three-year exemption and three-year half-reduction” corporate income tax
policy since 2023.
21. Pursuant to the Corporate Income Tax Law of the People’s Republic of China and its
implementation regulations income from investments in nationally supported public
infrastructure projects is exempt from corporate income tax for the first three years starting from
the tax year in which the project generates its first operating income and subject to a 50%
reduction for the subsequent three years. Tuopu Photovoltaic Technology (Xiangtan) has been
eligible for this “three-year exemption and three-year half-reduction” corporate income tax
policy since 2024.
22. Pursuant to the Corporate Income Tax Law of the People’s Republic of China and its
implementation regulations income from investments in nationally supported public
infrastructure projects is exempt from corporate income tax for the first three years starting from
the tax year in which the project generates its first operating income and subject to a 50%
reduction for the subsequent three years. Tuopu Photovoltaic Technology (Wuhan) has been
eligible for this “three-year exemption and three-year half-reduction” corporate income tax
policy since 2024.
3. Others
□Applicable √Non-applicable
VII. Notes to the Items in the Consolidated Financial Statement
1. Cash and bank balances
√Applicable □Non-applicable
Unit: Yuan Currency:RMB
Item Balance at the End of the Period Balance at the Beginning of the Period
Cash on Hand 16443.28 21590.07
Bank Balance 4544480646.16 3942244999.22
Other Cash and Bank
Balances 567820569.35 45499260.99
Deposits in finance
companies
Total 5112317658.79 3987765850.28
Including: Total Amount
Deposited in Overseas 759122966.53 631022589.96
Banks
127 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
Other notes
Schedule of the cash and bank balances restricted for use
Unit: Yuan Currency:RMB
Item Balance at the End of the Period Balance at the Beginning of thePeriod
Bank Acceptance Bill Guarantee 556705945.23 33208844.36
Deposit
Bank Guarantee Deposit 11114624.12 12289949.67
Foreign exchange settlement 466.96
deposit
Total 567820569.35 45499260.99
2. Trading Financial Assets
√Applicable □Non-applicable
Unit: Yuan Currency:RMB
Balance at the Reasons and basis
Item Balance at the End ofthe Period Beginning of the for designationPeriod
Financial assets that are /
measured at fair value and
whose changes are included 900000000.00 1050000000.00
in the current profit and loss
Including:
Debt instrument /
investments
Equity instrument /
investments
Derivative financial
assets
Short-term wealth
management products 900000000.00 1050000000.00
Financial assets that are
designated to be measured at
fair value and whose changes
are included in the current
profit and loss
Including:
Total 900000000.00 1050000000.00 /
Other Notes
□Applicable √Non-applicable
3. Derivative Financial Assets
□Applicable √Non-applicable
4. Notes Receivable
(1) Notes receivable presented by category
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Item Balance at the End of the Period Balance at the Beginning of thePeriod
128 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
Bank Acceptance Notes
Commercial Acceptance Notes 11500532.30 24667150.00
Total 11500532.30 24667150.00
(2). Notes receivable pledged by the Company at the end of the period
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Item Pledged amount by the end of period
Bank Acceptance Notes
Commercial Acceptance Notes 3253162.89
Total 3253162.89
(3). Notes receivable that the Company has endorsed or discounted at the end of the period and
that have not yet expired on the balance sheet date
□Applicable √Non-applicable
129 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
(4). Disclosure by provision for bad debts
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Balance at the End of the Period Balance at the Beginning of the Period
Book Balance Bad Debt Provision Book Balance Bad Debt Provision
Category
Amount Percentage
Accrued Book Percentag Accrued Book Value
(%) Amount Proportion Value Amount e (%) Amount Proportio(%) n (%)
Bad debt
provision accrued
based on single
item
Including:
Bad debt
provision accrued 121058 100.00 605291.1 5.00 115005 1298271.0based on 23.48 8 32.30 25965421.05 100.00 5 5.00 24667150.00
portfolios
Including:
Portfolio: bank
acceptance notes
Portfolio 2:
commercial 12105823.48 100.00
605291.1
85.00
115005 25965421.05 100.00 1298271.032.30 5 5.00 24667150.00acceptance notes
Total 121058 100.00 605291.1 11500523.48 8 / 32.30 25965421.05 100.00
1298271.0
5/24667150.00
130 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
Bad debt provision accrued based on single item
□Applicable √Non-applicable
Bad debt provision accrued based on portfolio:
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Name Balance at the End of the PeriodNotes receivable Bad Debt Provision Accrued Proportion (%)
Portfolio 1: bank
acceptance notes
Portfolio 2: 12105823.48 605291.18 5.00
commercial
acceptance notes
Total 12105823.48 605291.18 5.00
Notes to bad debt provision accrued based on portfolio
□Applicable √Non-applicable
Provision for bad debts based on general model of expected credit losses
□Applicable √Non-applicable
Notes to significant changes in the carrying amount of notes receivable for which a change in the
allowance for losses occurred during the period:
□Applicable √Non-applicable
(5). Bad debt provision
√Applicable□Non-applicable
Unit：Yuan Currency：RMB
Balance at the Amount Changed in the Current Period Balance at the
Category Beginning of Withdrawal Other End of the
the Period Provision or Reversal Write-off Changes Period
Portfolio 1:
bank
acceptance
notes
Portfolio 2:
commercial
acceptance 1298271.05 692979.87 605291.18
notes
Total 1298271.05 692979.87 605291.18
Significant withdrawal or reversal amount of provision for bad debts in the current period:
□Applicable √Non-applicable
(6). Accounts receivable actually written off in the current period
□Applicable √Non-applicable
Particulars about significant accounts receivable written off:
□Applicable √Non-applicable
131 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
Note on write-off of notes receivable:
□Applicable √Non-applicable
Other notes
□Applicable √Non-applicable
5. Accounts receivable
(1) Disclosure by aging
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Aging Book Balance at the End of the Book Balance at the BeginningPeriod of the Period
Within 1 year 6862432017.12 6750293260.66
Subtotal within 1 year 6862432017.12 6750293260.66
1 to 2 years 143887220.20 134987675.61
2 to 3 years 34778216.29 32319171.57
Over 3 years 14184878.70 12702448.48
3 to 4 years
4 to 5 years
Over 5 years 16259147.99 16128059.01
Total 7071541480.30 6946430615.33
132 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
(1). Disclosure by provision method for bad debts
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Balance at the End of the Period Balance at the Beginning of the Period
Book Balance Bad Debt Provision Book Balance Bad Debt Provision
Category (%) Accrued Book Book
Amount Percentage Amount Proportion Value Amount Percentage Amount Accrued
(%) (%) (%) Proportion (%)
Value
Bad debt
provision
accrued 171147370.53 2.42 171147370.53 100.00 171147370.53 2.46 171147370.53 100.00
based on
single item
Including:
Bad debt
provision
accrued 69003941 654239232 6775283244.8 6425588709.77 97.58 358001787.15 5.19 2.62 0 97.54 349694513.05 5.16 31.75
based on
portfolio
Including:
Bad debt
provision
accrued 69003941 97.58 358001787.15 5.19 654239232 6775283244.8 97.54 349694513.05 5.16 6425588709.77 2.62 0 31.75
based on
aging groups
Total 7071541480.30 100.00 529149157.68
6542392326946430615.3
2.623100.00520841883.58
64255887
31.75
133 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
Provision for bad debt based on single item:
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Balance at the End of the Period
Name AccruedBook Balance Bad Debt Reason forProvision Proportion(%) Accrual
Human Horizons
(Shandong) Technology 119871505.86 119871505.86 100.00 Expected to be
Co. Ltd. unrecoverable
Wilmaster New Energy Expected to be
Auto Parts (Wenzhou) 14768198.95 14768198.95 100.00 unrecoverable
Co. Ltd.VM Motor Purchasing Expected to be
(Shanghai) Co. Ltd. 11801644.70 11801644.70 100.00 unrecoverable
Human Horizons Expected to be
(Jiangsu) Technology 5933227.04 5933227.04 100.00 unrecoverable
Co. Ltd.Chongqing Hyosow Expected to be
Parts Co. Ltd. 5341186.92 5341186.92 100.00 unrecoverable
Henan Dongqi Chenfei Expected to be
Rubber and Plastic Co. 2438745.39 2438745.39 100.00 unrecoverable
Ltd.Jiangling Holdings Co.Ltd. 1602562.00 1602562.00 100.00
Expected to be
unrecoverable
Beijing Borgward Motor
Co. Ltd. 1449066.88 1449066.88 100.00
Expected to be
unrecoverable
GAC Fiat Chrysler Co. 1415371.81 1415371.81 100.00 Expected to beLtd. Guangzhou Branch unrecoverable
VM Motor Technology Expected to be
(Sichuan) Co. Ltd. 1365699.92 1365699.92 100.00 unrecoverable
Hycan Auto Technology
Co. Ltd. 1163412.50 1163412.50
Expected to be
unrecoverable
Hafei Motor Co. Ltd. 958585.20 958585.20 100.00 Expected to beunrecoverable
VM Motor Expected to be
Technology(Hengyang) 922148.75 922148.75 100.00 unrecoverable
Co. Ltd.GAC Fiat Chrysler Co.Ltd. 902816.58 902816.58 100.00
Expected to be
unrecoverable
Zhejiang Green Field
Motor Co. Ltd. 408702.32 408702.32 100.00
Expected to be
unrecoverable
Shenyang Xinguang Expected to be
Huaxiang Automotive 278511.05 278511.05 100.00 unrecoverableEngine Manufacturing
Co. Ltd.Beijing Borgward Motor Expected to be
Co. Ltd. Changping 269495.27 269495.27 100.00 unrecoverable
Branch
VM Motor Sales 236489.39 236489.39 100.00 Expected to be(Shanghai) Co. Ltd. unrecoverable
Mianyang Huarui 20000.00 20000.00 100.00 Expected to be
134 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
Automobile Co. Ltd. unrecoverable
Total 171147370.53 171147370.53 100.00 /
Notes to bad debt provision accrued based on single item:
□Applicable √Non-applicable
Bad debt provision accrued based on portfolios:
√Applicable □Non-applicable
Accrued items based on combinations: Accrued items based on aging group
Unit: Yuan Currency: RMB
Name Balance at the End of the PeriodAccounts Receivable Bad Debt Provision Accrued Proportion(%)
Within 1 year 6858950459.41 342947523.00 5.00
(including 1 year)
1-2 years (including 2 20286728.51 2028672.86 10.00
years)
2-3 years (including 3 7956649.75 2386994.92 30.00
years)
3-5 years (including 5 6404189.34 3842513.61 60.00
years)
Over 5 years 6796082.76 6796082.76 100.00
Total 6900394109.77 358001787.15
Recognition criteria for and notes to bad debt provision by portfolios:
□Applicable √Non-applicable
Provision for bad debts based on general model of expected credit losses
□Applicable √Non-applicable
Note to significant changes in the carrying amount of accounts receivable for which changes in the
allowance for losses occurred during the period:
□Applicable √Non-applicable
(3). Bad debt provision
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Balance at the Amount Changed in the Current Period Balance at the
Category Beginning of the Withdrawa
Period Provision l or Write-off
Other End of the
Reversal Changes Period
Bad debt
provision
accrued 171147370.53 171147370.based on 53
single item
Bad debt
provision
accrued 349694513.05 5004577. 133118 358001787.based on 50 51.60 15
portfolios
Total 520841883.58 5004577. 133118 529149157.
135 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
5051.6068
Significant withdrawal or reversal amount of provision for bad debts in the current period:
□Applicable √Non-applicable
(4). Accounts receivable actually written off in the current period
□Applicable √Non-applicable
Particulars about significant accounts receivable written off
□Applicable √Non-applicable
Notes to accounts receivable written off:
□Applicable √Non-applicable
(5). Accounts receivable of the top five closing balances collected by debtors
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Percentage
of total
Ending ending
Name of Ending balance of balance Ending balance of balance of Ending balance
Entity accounts of accounts receivable accounts of provision forreceivable contract and contract assets receivable bad debts
assets and
contract
assets (%)
No.1 1168012437.18 1168012437.18 16.52 58400621.86
No.2 969433653.88 969433653.88 13.71 48471682.69
No.3 360387202.49 360387202.49 5.10 18019360.12
No.4 298148603.53 298148603.53 4.22 14907430.18
No.5 281901396.62 281901396.62 3.99 14095069.83
Total 3077883293.70 - 3077883293.70 43.54 153894164.68
Other notes:
□Applicable √Non-applicable
6. Contract assets
(1) Status of contract assets
□Applicable √Not Applicable
(2) Amounts and reasons for significant changes in book value during the reporting period
□Applicable √Not applicable
(3) Disclosure by provision for bad debt
□Applicable √Not applicable
Provision for bad debts is made on a single item basis:
□Applicable √Not applicable
136 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
Note to bad debt provisioning by individual item:
□Applicable √Not applicable
Provision for bad debts by portfolio:
□Applicable √Not applicable
Provision for bad debts based on general model of expected credit losses.□Applicable √Not applicable
Note to significant changes in the carrying amount of contract assets for which a change in the
allowance for losses has occurred during the period:
□Applicable √Not Applicable
(4). Provision for bad debts on contract assets for the current period
□Applicable √Not applicable
Of which the amount of bad debt provision recovered or reversed during the period is significant:
□Applicable √Not applicable
(5). Contract assets actually written off during the period
□Applicable √Not applicable
Of which significant contract assets written off
□Applicable √Not applicable
Description of contract assets written off:
□Applicable √Not applicable
Other notes:
□Applicable √Not Applicable
7. Receivables financing
(1). Presentation of receivables financing classifications
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Item Balance at the End of the Balance at the Beginning of thePeriod Period
Notes receivable 3200282638.83 2659789309.01
Accounts receivable
Total 3200282638.83 2659789309.01
(2). Receivable financing pledged by the company at the end of the period
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Item Amount pledged at the end of the period
Bank Acceptance Notes 1586227556.65
Commercial Acceptance Notes
Total 1586227556.65
137 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
(3). The Company's receivable financing that has been endorsed or discounted and is not due on
the balance sheet date at the end of the period
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Total Amounts derecognized at the end Amounts not derecognized at theof the period end of the period
Bank Acceptance Notes 1470729498.60
Commercial Acceptance Notes
Total 1470729498.60
138 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
(4). Disclosure by provision for bad debts
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Balance at the End of the Period Balance at the Beginning of the Period
Book Balance Bad Debt Provision Book Balance Bad Debt Provision
Category (%) Accrued Accrued
Amount Percentage Amount Proportion Book Value Amount Percentage Amount Proportion Book Value
(%)(%)(%)(%)
Bad debt
provision accrued
based on single
item
Including:
Bad debt
provision accrued 15862275
based on 56.65 100.00 1586227556.65 1315399958.40 100.00
1315399958.4
0
portfolios
Including
Portfolio 1: bank 15862275 1315399958.4
acceptance notes 56.65 100.00 1586227556.65 1315399958.40 100.00 0
Portfolio 2:
commercial
acceptance notes
Total 1586227556.65 / / 1586227556.65 1315399958.40 / /
1315399958.4
0
139 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
Provision for bad debts is made on an individual basis:
□Applicable √Not Applicable
Explanation of provision for bad debts by individual item:
□Applicable √Not applicable
Provision for bad debts by portfolio:
□Applicable √Not applicable
Provision for bad debts based on general model of expected credit losses.□Applicable √Not applicable
Note to significant changes in the carrying amount of receivables financing for which changes in the
allowance for losses occurred during the period:
□Applicable √Not Applicable
(5). Provision for bad debts
□Applicable√Not applicable
Of which the amount of bad debt provision recovered or reversed during the period is significant:
□ Applicable √ Not applicable
(6). Receivables financing actually written off during the period
□ Applicable √ Not applicable
Of which significant write-offs of receivables financing:
□ Applicable √ Not applicable
Note to write-offs:
□ Applicable √ Not applicable
(7). Changes in receivables financing increase or decrease during the period and changes in fair
value:
√Applicable □Not applicable
Unit：Yuan Currency：RMB
Item Balance at the Increase in the Derecognition Other Balance at the
End of Current Period in the Current Changes End of the
Previous Year Period Period
Bank
Acceptance 2659789309.01 5170743657.51 4630250327.69 3200282638.83
Notes
Commercial
Acceptance
Notes
Total 2659789309.01 5170743657.51 4630250327.69 3200282638.83
(8). Other notes:
□ Applicable √ Not applicable
140 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
8. Prepayments
(1). Presentation of prepayments by age
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Age Balance at the End of the Period Balance at the Start of the PeriodAmount Percentage(%) Amount Percentage(%)
Within 1 year 171576762.46 97.11 161820343.87 96.69
1-2 years 3242696.16 1.84 3597819.82 2.15
2-3 years 634341.41 0.36 658910.81 0.39
Over 3 years 1236419.16 0.70 1286519.16 0.77
Total 176690219.19 100.00 167363593.66 100.00
(2). Particulars of prepayments of the top five closing balances by prepayment parties
√Applicable □Non-applicable
Proportion in total
Name of Entity Balance at the end balance of prepayments
of the period
at the end of the period
Yunnan Alumimum Co. Ltd. 49117020.78 27.80
Ningbo Hangzhou Bay China Resources Gas Co.Ltd. 7136262.24 4.04
GLOBAL GLORY GROUP LIMITED 5398046.43 3.06
Xiangtan Desheng Energy Power Distribution Co.Ltd. 2271337.15 1.29
Liankangming (Shanghai) New Materials Co. Ltd. 1946648.00 1.10
Total 65869314.60 37.29
Other notes
□Applicable √Non-applicable
9. Other receivables
Presentation of items
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Item Balance at the end of the period Balance at the beginning of theperiod
Interest receivable
Dividend receivable
Other Receivables 64525958.61 80413358.88
Total 64525958.61 80413358.88
Other Notes:
□Applicable √Non-applicable
Interest receivable
(1).Classification of interest receivable
□Applicable √Not applicable
141 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
(2).Significant overdue interest
□Applicable √Not applicable
(3).Disclosure by bad debt accrual method
□Applicable √Not applicable
Provision for bad debts is made on a single item basis:
□Applicable √Not applicable
Note to bad debt provisioning by individual item:
□Applicable √Not applicable
Provision for bad debts by portfolio:
□Applicable √Not applicable
(4).Provision for bad debts based on general model of expected credit losses.
□Applicable √Not applicable
Note to significant changes in the carrying amount of interest receivable for which changes in the
allowance for losses occurred during the period:
□Applicable √Not applicable
(5).Provision for bad debts
□Applicable √Not applicable
Of which the amount of bad debt provision recovered or reversed during the period is significant:
□Applicable √Not applicable
(6).Actual write-off of interest receivable during the period
□Applicable √Not applicable
Of which significant write-off of interest receivable
□Applicable √Not applicable
Note to write-offs:
□Applicable √Not applicable
Other notes:
□Applicable √Not applicable
Dividends receivable
(1).Dividends receivable
□Applicable √Not applicable
(2).Significant dividends receivable with an age of more than 1 year
□Applicable √Not applicable
(3).Disclosure by bad debt accrual method
□Applicable √Not applicable
142 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
Provision for bad debts is made on a single item basis:
□Applicable √Not applicable
Note to bad debt provision by individual item:
□Applicable √Not applicable
Provision for bad debts by portfolios:
□Applicable √Not applicable
(4).Provision for bad debts based on the general model of expected credit losses
□Applicable √Not applicable
Note to significant changes in the carrying amount of dividends receivable for which changes in the
allowance for losses occurred during the period:
□Applicable √Not applicable
(5).Provision for bad debt
□Applicable √Not applicable
Of which the amount of bad debt provision recovered or reversed during the period is significant:
□Applicable √Not applicable
(6).Dividends receivable actually written off during the period
□Applicable √Not applicable
Dividends receivable written off of which the amount is significant:
□Applicable √Not applicable
Note to write-offs:
□Applicable √Not applicable
Other notes:
□Applicable √Not applicable
Other receivables
(1). Disclosure by age
√Applicable □Not applicable
Unit: Yuan Currency: RMB
Age Book Balance at the End of the Book Balance at the BeginningPeriod of the Period
Within 1 year 34405240.32 52178692.29
Subtotal within 1 year 34405240.32 52178692.29
1 to 2 years 21279602.74 20467619.09
2 to 3 years 11661031.22 11209325.76
Over 3 years 11316540.04 11440540.04
3 to 4 years
4 to 5 years
Over 5 years 1342195.20 1480036.20
143 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
Total 80004609.52 96776213.38
(13). Categorized by nature of funds
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Nature of Funds Book balance at the end of the Book balance at the beginningperiod of the period
Petty cash funds 3415639.00 7448295.52
Security deposits 62782450.27 74000178.55
Others 13806520.25 15327739.31
Total 80004609.52 96776213.38
(14). Particualrs of bad debt provision
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Phase 1 Phase 2 Phase 3
Expected Expected credit Expected creditBad debt
provision credit loss in
loss throughout the loss throughout the
the next 12 duration (no credit duration (credit
Total
months impairment impairment hasoccurred) occurred)
Balance on
January 1 2025 16362854.50 16362854.50
Balance of the
current period on
January 1 2025
--Transfer to
Phase 2
--Transfer to
Phase 3
--Transfer to
Phase 2
--Transfer to
Phase 1
Provision made
in the current
period
Reversal in the
current period 900758.29 900758.29
Write-off in the
current period
Write-off in the
current period
Other changes 16554.70 16554.70
Balance on
December 30 15478650.91 15478650.91
2024
Notes to significant changes in the book balance of other receivables that have changed in the current
period:
□Applicable √Non-applicable
144 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
Amount of bad debt provision in the current period and the basis for assessing whether the credit risk of
financial instruments has increased significantly:
□Applicable √Non-applicable
(15). Particualrs of bad debt provision
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Amount Changed in the Current Period
Balance at the Balance at the
Category Beginning of
the Period Provision
Withdra Other End of the
wal or Write-off Changes Period
Reversal
Accounts
receivable with
bad debt accrued 16362854.50
900758.16554.7
29015478650.91
based on aging
portfolio
Total 16362854.50 900758. 16554.729 0 15478650.91
Bad debt provision in the current period with significant amount of withdrawal or reversal:
□Applicable √Non-applicable
(16). Particulars of other receivables actually written off in the current period
□Applicable √Non-applicable
Particulars about significant other receivables written off:
□Applicable √Non-applicable
Note to other receivables written off:
□Applicable √Non-applicable
(17). Particulars of other receivables of the top five closing balances collected by debtors
√Applicable □Non-applicable
Unit： Yuan Currency： RMB
Proportion Balance
Balance in total of bad
Name of Unit Nature of at the
other debt
funds end of Aging receivables provision
the at the end of at the end
period the period of the(%) period
Avalon Risk
Management Insurance 11453760.00 14.32 Deposits and 1145376.Ag guarantees
1-2 years 00
145 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
Development and
Management
Administration 9508485.00 11.88 Deposits andCommittee of Ningbo guarantees 3-4 years
5705091.
00
Hangzhou Bay New
Area
DGE-RE 7R
IMMOBILIEN Deposits and 2586103.UNTERNEHMERGES 8620344.80 10.77 guarantees 2-3 years 44
ELLSCHAFT
Arca Star Solutions Co.Ltd. 7158600.00 8.95
Deposits and 715860.0
guarantees 1-2 years 0
Zhejiang Huali Futong
Investment Co. Ltd. 1000000.00 1.25
Deposits and 300000.0
guarantees 2-3 years 0
Total 37741189.80 47.17 / / 10452430.44
(18). Presented in other receivables due to centralized management of funds
□Applicable √Non-applicable
Other notes:
□Applicable √Non-applicable
146 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
10. Inventories
(1). Category of inventories
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Balance at the End of the Period Balance at the Start of the Period
Inventory depreciation Inventory
Item Book Balance provision or contract
depreciation provision
performance cost Book Value Book Balance or contract Book Value
impairment provision performance costimpairment provision
Raw materials 782571969.67 20100324.09 762471645.58 528153187.04 13290729.08 514862457.96
WIPs 951880105.93 7681799.87 944198306.06 986169511.05 6789984.73 979379526.32
Finished goods 1355731641.27 61290969.24 1294440672.03 1369856755.92 49852983.64 1320003772.28
Revolving materials 26385075.05 26385075.05
Consumptive
biological assets
Contract performance
cost
Delivered goods 1071384350.65 81398473.26 989985877.39 1238406560.04 78979232.66 1159427327.38
Total 4161568067.52 170471566.46 3991096501.06 4148971089.10 148912930.11 4000058158.99
(2). Data resources recognized as inventory
□Applicable√Non-applicable
(3). Inventory depreciation provision and contract performance cost impairment provision
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
147 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
Balance at the Increase in the Current Period Decrease in the Current PeriodItem Reversal or Balance at the EndStart of the Period Accrued Others Write-off Others of the Period
Raw materials 13290729.08 7661447.02 851852.01 20100324.09
WIPs 6789984.73 1183396.91 291581.77 7681799.87
Finished goods 49852983.64 14584480.16 1621710.44 4768205.00 61290969.24
Revolving materials
Consumptive biological assets
Contract performance cost
Delivered goods 78979232.66 8815823.30 6396582.70 81398473.26
Total 148912930.11 32245147.39 1621710.44 12308221.48 - 170471566.46
Reasons for reversal or write-off of provision for decline in value of inventories during the period
√ Applicable □ Not applicable
After the provision for decline in value of inventories has been made if the factors affecting the previous write-down of the value of inventories have disappeared
resulting in the net realizable value of inventories being higher than the book value the provision for decline in value of inventories will be reversed to the extent of
the amount of provision for decline in value of inventories originally made and the reversal will be recognized in the gain or loss of the current period
Provision for decline in value of inventories by portfolio
√Applicable □Not applicable
Unit: Yuan Currency: RMB
End of the period Beginning of the period
Accrual
Name of the portfolio Accrual proportionBook balance Falling price reserves of falling price Book balance Falling price reserves proportion of
reserves (%) falling pricereserves (%)
Within 1 year 3968804920.08 44192428.57 1.11 3970584341.43 37482309.99 0.94
Over 1 year 192763147.44 126279137.89 65.51 178386747.67 111430620.12 62.47
Total 4161568067.52 170471566.46 4148971089.10 148912930.11
Provisioning criteria for provision for decline in value of inventories by portfolio
148 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
√Applicable □Not applicable
For inventories with an age of more than one year and corresponding to the relevant models that have ceased production the net realizable value is zero; for other
inventories the net realizable value is the estimated selling price less estimated selling expenses and related taxes.
(4). Notes to the balance at the end of the inventory period with the capitalized amount of borrowing costs
□Applicable √Non-applicable
(5). Notes to the amortized amount in the current period of contract performance cost
□Applicable √Non-applicable
Other Notes
□Applicable √Non-applicable
149 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
11. Held-for-sale assets
□Applicable √Non-applicable
12. Non-current assets due within one year
□Applicable √Non-applicable
Debt investments maturing within one year
□Applicable √Non-applicable
Other debt investments due within one year
□Applicable √Non-applicable
13. Other current assets
√Applicable□Non-applicable
Unit：Yuan Currency：RMB
Item Balance at the End of the Balance at the Beginning ofPeriod the Period
Contract acquisition cost
Return cost receivable
VAT input tax to be deducted 419519300.18 275403188.90
Advance payment of corporate 11858418.60 12062168.03
income tax
Advance payment of other taxes 11490.95 102296.82
Total 431389209.73 287567653.75
14. Debt investments
(1). Particulars of debt investments
□Applicable √Not applicable
Changes in provision for impairment of debt investments during the period
□Applicable √Not applicable
(2). Significant debt investments at the end of the period
□Applicable √Not applicable
(3). Provision for impairment
□Applicable √Not applicable
Note to significant changes in the carrying amount of debt investments for which changes in provision
for losses occurred during the period:
□Applicable √Not applicable
Amount of provision for impairment for the current period and the basis adopted for assessing whether
there is a significant increase in the credit risk of financial instruments:
□Applicable √Not applicable
150 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
(4). Actual write-off of debt investments during the period
□Applicable √Not applicable
Particulrs on write-off of significant debt investments
□Applicable √Not applicable
Note to write-off of debt investments:
□Applicable √Not applicable
15. Other debt investments
(1). Other debt investments
□Applicable √Not applicable
Changes in provision for impairment of other debt investments during the period
□Applicable √Not applicable
(2). Significant other debt investments at the end of the period
□Applicable √Not applicable
(3). Provision for impairment
□Applicable √Not applicable
Note to significant changes in the carrying amount of other debt investments for which changes in
provision for losses occurred during the period:
□Applicable √Not applicable
Amount of provision for impairment for the current period and the basis adopted for assessing whether
there is a significant increase in the credit risk of the financial instruments:
□Applicable √Not applicable
(4). Other debt investments actually written off during the period
□Applicable √Not applicable
Write-off of significant other debt investments during the period
□Applicable √Not applicable
Note to write-off of other debt investments:
□Applicable √Not applicable
Other notes:
□Applicable √Not applicable
16. Long-term receivables
(1). Long-term receivables
□Applicable √Not applicable
(2). Disclosure by bad debt accrual
□Applicable √Not applicable
151 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
Provision for bad debts is made on a single item basis:
□Applicable √Not applicable
Note to bad debt provisioning on a single item basis:
□Applicable √Not applicable
Provision for bad debts by portfolio:
□Applicable √Not applicable
Provision for bad debts based on general model of expected credit losses
□Applicable √Not applicable
(3). Provision for bad debts
□Applicable √Not applicable
Of which the amount of bad debt provision recovery or reversal for the current period is significant:
□Applicable √Not applicable
(4). Long-term receivables actually written off during the period
□Applicable √Not applicable
Of which significant long-term receivables written off
□Applicable √Not applicable
Note to long-term receivables written off:
□Applicable √Not applicable
Other notes
□Applicable √Not applicable
152 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
17. Long-term Equity Investment
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Decrease/Increase in the current period
Investment Balance
profit and of
Invested Balance at the Adjustment Cash Provisi impairme
Entity Beginning of the Investment
Investme loss Balance at
Period Increased nt recognized
on other Other dividends on for nt
Decrease under the comprehen changes or profit impair Others
the End of provision
d equity sive in equity declared to ment
the Period at the end
method income distribute accrued of theperiod
I. Joint ventures
Tuopu
Electrical 21235412.1 350000
Appliances Co. 96732684.19 5 00.00
Ltd.Subtotal 96732684.19 21235412.1 350000
500.00
II. Affiliates
Subtotal
Total 96732684.19 21235412.1 3500005 00.00
153 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
(2). Particulars on impairment test of long-term equity investments
□Applicable √Non-applicable
Other Notes
As of June 30 2025 there were no indications of impairment for the Company's joint ventures in
external investments; therefore no impairment testing was conducted.
18. Other equity instrument investments
(1). Particulars of other equity instrument investments
□Applicable √Non-applicable
(2). Particulars of investment in non-trading equity instruments
□Applicable √Non-applicable
Other Notes:
□Applicable √Non-applicable
19. Other non-current financial assets
□Applicable √Non-applicable
20. Investment property
Measurement options of investment property
(1). Investment properties measured by cost method
Unit: Yuan Currency: RMB
Item Buildings and Land use Projects underconstructions rights Construction Total
I . Original book value
1. Balance at the 44143733.52 6689012.00 50832745.52
beginning of the period
2. Increased in the
Current Period
(1) Purchase
(2) Transfer-in of
Inventory\Fixed
assets\Construction in
progress
(3) Increase from
business combination
3. Decreased in the
Current Period
(1) Disposal
(2) Other Transfer-out
4. Balance at the end of 44143733.52 6689012.00 50832745.52
the period
II. Accumulated Depreciation and Amortization
1. Balance at the 26877289.99 3123368.28 30000658.27
beginning of the period
2. Increased in the 638951.31 90166.90 729118.21
Current Period
(1) Accrual or 638951.31 90166.90 729118.21
Amortization
3. Decreased in the
154 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
Current Period
(1) Disposal
(2) Other transfer-out
4. Balance at the end of 27516241.30 3213535.18 30729776.48
the period
III. Provision for Impairment
1. Balance at the
beginning of the period
2. Increased in the
Current Period
(1) Accrual
3. Decreased in the
Current Period
(1) Disposal
(2) Other Transfer-out
4. Balance at the end of
the period
IV. Book value
1. Book value at the end 16627492.22 3475476.82 20102969.04
of the period
2. Book value at the 17266443.53 3565643.72 20832087.25
beginning of the period
(2). Particulars of investment property without the property right certificate granted
□Applicable √Non-applicable
(3). Impairment test of investment properties using the cost measurement model
□Applicable √Non-applicable
Other Notes
□Applicable √Non-applicable
21. Fixed assets
Presentation of items
√Applicable □Non-applicable
Unit： Yuan Currency： RMB
Item Balance at the end of the Balance at the beginning ofperiod the period
Fixed assets 14418346840.50 13684596301.61
Disposal of fixed assets
Total 14418346840.50 13684596301.61
155 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
Fixed Assets
(1). Particulars of fixed Assets
√Applicable □Non-applicable
Unit： Yuan Currency： RMB
Item Houses and Means of Machinery
Office Buildings for photovoltaic
buildings transportation and equipment equipment and commercial engineering Totalothers use projects
I . Original book value:
1.Balance at the 5021354509.18 13496587029.47 48878890.37 323714190.56 68200328.83 381882382.37 19340617330.78
beginning of the period
2. Increased in the 443377554.85 1232067510.85 6638884.11 12972380.91 293577.98 1695349908.70
Current Period
（1）Purchase 2300570.78 170115526.06 2006605.32 7124890.43 181547592.59
（2）Transfer-in 407017075.42 882961517.08 738212.38 2646419.50 293577.98 1293656802.36
of project under
construction
（3）Increase 34059908.65 178990467.71 3894066.41 3201070.98 220145513.75
from business
combination
3.Decreased 543213.83 55808727.88 1504408.85 988215.12 58844565.68
amount in the Current
Period
（1）Disposal or 543213.83 55808727.88 1504408.85 988215.12 58844565.68
scrapping
4. Balance at the 5464188850.20 14672845812.44 54013365.63 335698356.35 68200328.83 382175960.35 20977122673.80
end of the period
II. Accumulated Depreciation
1. Balance at the 968092892.89 4447759038.07 29368907.20 182797375.54 8692832.97 19309982.50 5656021029.17
beginning of the period
2. Increased in the 136224911.70 721775703.21 58835718.31 13739093.83 841517.12 8770472.51 940187416.68
Current Period
156 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
(1) Accrual 115181720.00 708847754.25 3468754.39 12197169.00 841517.12 8770472.51 849307387.27
(2) Increases 21043191.70 12927948.96 55366963.92 1541924.83 90880029.41
from business
combination
3.Decreased 215783.69 35664171.72 1228143.07 324514.07 37432612.55
amount in the Current
Period
（1）Disposal or 215783.69 35664171.72 1228143.07 324514.07 37432612.55
scrapping
4.Balance at the 1104102020.90 5133870569.56 86976482.44 196211955.30 9534350.09 28080455.01 6558775833.30
end of the period
III. Provision for Impairment
1. Balance at the
beginning of the period
2. Increased in the
Current Period
(1) Accrual
3. Decreased in the
Current Period
（1）Disposal or
scrapping
4. Balance at the
end of the period
IV. Book value
1.Book value at 4360086829.30 9538975242.88 -32963116.81 139486401.05 58665978.74 354095505.34 14418346840.50
the end of the period
2. Book value at 4053261616.29 9048827991.40 19509983.17 140916815.02 59507495.86 362572399.87 13684596301.61
the beginning of the
period
157 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
(2). Particulars of temporarily idle fixed assets
□Applicable √Non-applicable
(3). Particulars of fixed assets rented under financial leasing
□Applicable √Non-applicable
(4). Particulars of fixed assets without property right certificate granted
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Item Book Value Reason for non-granted propertyright certificate
Houses and buildings 491054887.31 In process
(5). Impairment test of fixed assets
□Applicable √Non-applicable
Other notes:
□Applicable √Non-applicable
Disposal of fixed assets
□Applicable √Non-applicable
22. Project under construction
Presentation of items
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Item Balance at the End of the Balance at the Beginning of thePeriod Period
Construction in progress 2094621765.93 2284619095.64
Construction supplies and
materials
Total 2094621765.93 2284619095.64
158 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
Construction in Progress
(1). Details of construction in progress
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Balance at the end of the period Balance at the beginning of the period
Item Book Balance Provision for Book value Book Balance Provision fordecline in value decline in value Book value
Equipment and software 1038589129.19 1038589129.19 1278415839.44 1278415839.44
installation project
Tools under fabrication 161650557.81 161650557.81 134761787.74 134761787.74
Huzhou Tuopu Project - - 18224356.17 18224356.17
Skateboard Chassis Project 138841973.14 138841973.14 257106919.85 257106919.85
The Parent Company Project 1994321.63 1994321.63 503244.16 503244.16
Tuopu Poland Project 4244524.23 4244524.23 39829470.28 39829470.28
Tuopu USA Project 9739167.86 9739167.86 16776791.11 16776791.11
Tuopu Mexico Project 508151760.24 508151760.24 270811498.02 270811498.02
Xi’an Tuopu Project - - 78871361.81 78871361.81
USHONE TECHNOLOGY 225772219.48 225772219.48 184010037.90 184010037.90
Project
Chongqing Chassis Project 5638112.35 5638112.35 5307789.16 5307789.16
Total 2094621765.93 - 2094621765.93 2284619095.64 - 2284619095.64
159 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
(2). Changes in significant construction in progress during the current period
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Project Includi
Other accumula ng: Capitaliz
Balance Transfer amount tive Accum capitali ation rate
at the Increased amountsin the of fixed s Balance at investme
ulated zed of the Capital
Item Budget Start of Project capitali interest
the current assets in
decreas the End of nt as a
ed in the Period percentag progress zed
interest
amount in the Source
Period period thisperiod current e of the
interest in the current
period budget amount current period
(%) period (%)
Equipment
and
software 1278415839. 490835209.6 720791841.6 9870078. 1038589129. Under Self-funded44 9 3 31 19 construction or raised
installation
project
Tools Self-funded
under 1250000000 257106919.8 86302204.92 204567151.6 138841973.1 70.65 Under or raised.00 5 3 4 construction
fabrication
USHONE
TECHNOL 300000000.0 184010037.9 41762181.58 225772219.4 75.26 Under
OGY 0 0 8 construction Self-funded
Project
Tuopu Under
Poland 250000000.00 39829470.28 107977.31 35630358.23 62565.13 4244524.23 87.60 construction
Self-funded
or raised
Project
Chongqing Completed
Chassis 220000000.00 5307789.16 1013667.64 683344.45 5638112.35 83.02 Self-funded
Project
Xi’an Tuopu 130000000.0 Completed78871361.81 54949609.55 133820971.3 - 102.94
Project 0 6 Self-funded
160 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
Huzhou 150000000.0
Tuopu Project 0 18224356.17 10117451.48 28341807.65 - 96.11
Completed Self-funded
or raised
Tuopu Mexico Under Self-fund500000000.0 270811498.0 318200643.7
Project 0 2 7 80860381.55
508151760.2
4 119.73 constructi ed or
on raised
Total 2132577272. 1003288945 1204695856 9932643. 1921237718.63 .94 .50 44 63 / / / /
161 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
(3). Provision for impairment of construction in progress in the current period
□Applicable √Non-applicable
(4). Particulars of construction materials and supplies
□Applicable √Non-applicable
Other notes
□Applicable √Non-applicable
Construction materials and supplies
(1).Particulars on construction materials and supplies
□Applicable √Non-applicable
23. Productive biological assets
(1). Productive biological assets measured at cost
□Applicable √Non-applicable
(2). Impairment test of productive biological assets using the cost measurement
□Applicable √Non-applicable
(3). Productive biological assets measured at fair value
□Applicable √Non-applicable
Other notes
□Applicable √Non-applicable
24. Oil and gas assets
(1). Particulars on oil and gas assets
□Applicable √Non-applicable
(2). Impairment test of oil and gas assets
□Applicable √Non-applicable
25. Right-of-use assets
(1). Particulars on right-of-use assets
□Applicable √Non-applicable
Unit： Yuan Currency： RMB
Item Houses and buildings Total
I . Original book value
1. Balance at the beginning of 643257845.95 643257845.95
the period
2. Increased in the Current 63531261.47 63531261.47
Period
- New leases 16340488.98 16340488.98
- Increase in business 40848776.92 40848776.92
combinations
- Other 6341995.57 6341995.57
162 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
3.Decreased in the Current 1452318.30 1452318.30
Period
- Other transfers out 1452318.30 1452318.30
4. Balance at the end of the 705336789.12 705336789.12
period
II. Accumulated amortization
1. Balance at the beginning of
the period 108997985.67 108997985.67
2. Increased in the Current 64160707.78 64160707.78
Period
- Accrual 51879813.09 51879813.09
- Increase in business 8930920.25 8930920.25
combinations
- Other 3349974.44 3349974.44
3.Decreased in the Current 193235.89 193235.89
Period
- Other transfers out 193235.89 193235.89
4. Balance at the end of the 172965457.56 172965457.56
period
III. Provision for Impairment
1. Balance at the beginning of
the period
2. Increased in the Current
Period
- Accrual
3. Decreased amount in the
Current Period
- Disposal
4. Balance at the end of the
period
IV. Book value
1.Book value at the end of the 532371331.56
period 532371331.56
2.Book value at the beginning of 534259860.28
the period 534259860.28
(2). Impairment test of right-of-use assets
□Applicable √Non-applicable
Other notes:
163 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
26. Intangible assets
(1). Particulars of intangible assets
√Applicable □Non-applicable
Unit： Yuan Currency： RMB
Item Land use rights Patent rights Non-patentedtechnologies Softwares Emission rights Total
I . Original book value
1. Opening Balance 1420849207.42 186518181.77 1677671.89 1609045061.08 1420849207.42 186518181.77
2. Increased in the Current 89022473.39 11155214.39 100177687.78 89022473.39 11155214.39
Period
(1) Purchase 74913665.64 10404959.22 85318624.86 74913665.64 10404959.22
(2) Internal research and
development
(3) Increase from 9310188.00 750255.17 10060443.17 9310188.00 750255.17
business combination
(4) Other 4798619.75 4798619.75 4798619.75
3.Decreased amount in the
Current Period
(1) Disposal
4. Balance at the end of the 1509871680.81 197673396.16 1677671.89 1709222748.86 1509871680.81 197673396.16
period
II. Accumulated amortization
1. Balance at the beginning 157968259.37 79999746.25 1558274.55 239526280.17 157968259.37 79999746.25
of the period
2. Increased in the Current 17130046.00 10680221.84 10290.39 27820558.23 17130046.00 10680221.84
Period
(1) Accrual 13809412.28 10334261.11 10290.39 24153963.78 13809412.28 10334261.11
(2) Increase due to 3320633.72 345960.73 3666594.45 3320633.72 345960.73
business combination
(1) Disposal
164 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
4. Balance at the end of the 175098305.37 90679968.09 1568564.94 267346838.40 175098305.37 90679968.09
period
III. Provision for Impairment
1. Balance at the beginning
of the period
2. Increased in the Current
Period
(1) Accrual
3. Decreased in the
Current Period
(1) Disposal
4. Balance at the end of the
period
IV. Book value
1.Book value at the end of 1334773375.44 106993428.07 109106.95 1441875910.46 1334773375.44 106993428.07
the period
2.Book value at the 1262880948.05 106518435.52 119397.34 1369518780.91 1262880948.05 106518435.52
beginning of the period
The proportion of intangible assets formed through in-house research and development to the balance of intangible assets at the end of the period was 0
165 / 270Ningbo Tuopu Group Co. Ltd Semi-annual Report
2025
(2). Data resources recognized as intangible assets
□Applicable √Non-applicable
(3). Particulars of land use rights without property right certificate granted
□Applicable √Non-applicable
(4). Particulars of impairment test of intangible assets
□Applicable √Non-applicable
Other Notes:
□Applicable √Non-applicable
27. Goodwill
(1) Original book value of goodwill
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Increased in the Decreased inthe current
Name of invested Balance at the current period period Balance at the
entity or matter beginning of the Generated end of the
forming goodwill period from Oth Dispo Other period
business ers sal s
combination
Zhejiang Towin 279645980.8
Suining Tuopu 279645980.89 9
Tuopu North
America Limited 1080371.29 1080371.29
Ningbo Qianhui 6058537.77 6058537.77
Chongqing Tuopu 565010.88 565010.88
Wuhu Tuopu 223324879. 223324879.7
788
Total 287349900.83 223324879. 510674780.678 1
(2) Provision of impairment in goodwill
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Name of invested Balance at the Increased in the Decreased in the
entity or matter beginning of current period current period Balance at the
forming goodwill the period Accrual Other Disposal Other end of the period
Zhejiang Towin、
Suining Tuopu 78108305.34 78108305.34
Tuopu North
America Limited 1080371.29 1080371.29
Ningbo Qianhui 6058537.77 6058537.77
166 / 270Ningbo Tuopu Group Co. Ltd Semi-annual Report
2025
Chongqing Tuopu
Wuhu Tuopu
Total 85247214.40 85247214.40
(3). Information about the asset group or combination of asset groups where the goodwill is a part
√Applicable□Non-applicable
Composition and
Name basis of the asset Operating segment Whether consistent withgroup or portfolio to and basis previous years
which it belongs
Long-term
operating assets of
Zhejiang Towin and
Suining Tuopu as The operating
well as the goodwill segments are Zhejiang
Asset portfolio of allocated to this Towin and Suining
Zhejiang Towin asset group based Tuopu based upon Yes
Suining Tuopu Chassis upon the smallest the internal
combination of organizational
assets capable of structure
generating
independent cash
flows.Long-term
operating assets of
Tuopu North
America Limited as The operating
well as the goodwill segments are Tuopu
Asset portfolio of allocated to this North America
Tuopu North America asset group based Limited based upon Yes
Limited upon the smallest the internal
combination of organizational
assets capable of structure
generating
independent cash
flows.Long-term
operating assets of
Ningbo Qianhui as
well as the goodwill The operating
allocated to this segments are Ningbo
Asset portfolio of asset group based Qianhui based upon
Ningbo Qianhui upon the smallest the internal Yes
combination of organizational
assets capable of structure
generating
independent cash
flows.Long-term The operating
operating assets of segments are
Asset portfolio of Chongqing Tuopu Chongqing Tuopu
Chongqing Tuopu (including its (including its Yes
wholly-owned wholly-owned
subsidiary subsidiary Hangzhou
167 / 270Ningbo Tuopu Group Co. Ltd Semi-annual Report
2025
Hangzhou Tuopu) Tuopu) based upon
as well as the the internal
goodwill allocated organizational
to this asset group structure
based upon the
smallest
combination of
assets capable of
generating
independent cash
flows.The operating
long-term assets of
Wuhu Tuopu
(including its
wholly-owned The relevant operating
subsidiaries Yibin segment is Chongqing
Tuopu Jinhua Tuopu (including its
Tuopu Inner wholly-owned
Mongolia Tuopu subsidiaries Yibin
Fuzhou Tuopu and Tuopu Jinhua Tuopu
wholly-owned Inner Mongolia
Asset portfolio of sub-subsidiaries Tuopu Fuzhou
Wuhu Tuopu Anqing Tuopu Tuopu and YesAnqing Towin and wholly-owned
Wuhu Towin) as sub-subsidiaries
well as the goodwill Anqing Tuopu
allocated to this Anqing Towin and
asset group are Wuhu Towin) based
based on the on the internal
smallest asset organizational
combination structure
capable of
generating
independent cash
flows
Change in asset group or combination of asset groups
□Applicable √Not applicable
Other notes
□Applicable √Not applicable
(4). Specific determination of recoverable amount
Determination of recoverable amount as the net fair value less disposal costs
□Applicable √Not applicable
Determination of present value of recoverable amount as estimated future cash flows
√Applicable □Not applicable
168 / 270Ningbo Tuopu Group Co. Ltd Semi-annual Report
2025
Reasons for differences between the foregoing information and information used in impairment tests in
previous years or external information that is clearly inconsistent with the information
□Applicable √Not applicable
Reasons for differences between the information used in the Company's impairment tests in previous
years and the actual situation in the current year that are obviously inconsistent
□Applicable √Not applicable
(5). Performance commitments and corresponding goodwill impairment
Performance commitments existed at the time of the formation of goodwill and the reporting period or
the previous period of the reporting period was within the performance commitment period.□Applicable √Not applicable
Other notes
□Applicable √Not applicable
28. Long-term prepaid expenses
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Balance at the
Item beginning of Increased in the
Prepaid Other Balance at the
current period Expenses in Amounts End of thethe period This Period Decreased Period
Renovation 56013603.32 7799602.56 14425893.70 49387312.18
cost
Other 153581873.25 68400090.89 49425641.79 172556322.35
Total 209595476.57 76199693.45 63851535.49 221943634.53
29. Deferred income tax assets/deferred income tax liabilities
(1). Deferred income tax assets that are not written off
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Balance at the end of the period Balance at the beginning of theperiod
Item Taxable Taxable Deferred
temporary Deferred Income
difference Tax Liabilities
temporary Income Tax
difference Liabilities
Provision for
impairment of assets 715704666.23 161573537.80 687415939.24 156064901.25
Unrealized profits
from internal transactions 173122522.34 47719414.05 176190876.23 48262422.77
Deductible loss
Deferred income 405200527.53 65530375.47 408021000.71 66018367.53
Transactional financial
assets
Lease liabilities 580516650.39 162106172.29 568321864.64 160857969.30
Temporary differences
in convertible bonds 6680186.90 1002028.04
Total 1874544366.49 436929499.61 1846629867.72 432205688.89
169 / 270Ningbo Tuopu Group Co. Ltd Semi-annual Report
2025
(2). Deferred income tax liabilities that are not written off
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Balance at the end of the period Balance at the beginning of theperiod
Item Taxable
temporary Deferred Income
Taxable Deferred Income
difference Tax Liabilities
temporary
difference Tax Liabilities
Assessed appreciation of
assets from business
combination of the 31842651.24 7960662.81 33500278.28 8375069.57
companies not under the
same control
Changes in the fair value
of other debt investments
Changes in the fair value
of other equity
instrument investments
Right-of-use assets 532371331.56 148603485.55 534259860.28 151245722.22
Accelerated depreciation
of fixed assets 630582062.04 94587309.30 660810365.80 99121554.87
Temporary differences in
convertible bonds
Total 1194796044.84 251151457.66 1228570504.36 258742346.66
(3). Deferred income tax assets or liabilities presented by net amount after offset
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Amount in the
Amount in the end of the period beginning of the
period
Amount of Ending balance Balance of
deferred tax of deferred tax
Amount of deferred tax
Item assets and assets or
deferred tax
liabilities after assets and
assets or
liabilities offset liabilities offset liabilities afteroffsetting offsetting
Deferred income tax
assets 188027565.13 248901934.48 193079127.35 239126561.54
Deferred income tax
liabilities 188027565.13 63123892.53 193079127.35 65663219.31
(4). Particulars on unrecognized deferred income tax asset
□Applicable √Non-applicable
(5). Deductible losses of unrecognized deferred income tax assets will expire in the following years
□Applicable √Non-applicable
Other notes:
□Applicable √Non-applicable
170 / 270Ningbo Tuopu Group Co. Ltd Semi-annual Report
2025
30. Other non-current assets
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Balance at the end of the period Balance at the beginning of the period
Provision
Item Book for Provision
balance decline in Book value Book balance for decline Book value
value in value
Contract
acquisition
cost
Contract
performance
cost
Return cost
receivable
Contract
assets
Prepayments
or 235810781 235810781. 219274564.6 219274564
construction .53 53 8 .68
equipment
Prepaid land 80170867. 80170867.3
transfer fee 39 9
Total 315981648 315981648. 219274564.6 219274564.92 92 8 .68
171 / 270Ningbo Tuopu Group Co. Ltd Semi-annual Report 2025
31. Assets with restricted ownership or right to use
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
End of period Beginning of period
Item ConditionBook balance Book value Type of of Book balance Book value Type of
Condition
restriction ofrestriction restriction restriction
Bank and
cash 567820569.35 567820569.35 Other
Security
deposit 45499260.99 45499260.99 Other
Security
deposit
Notes 3253162.89 3090504.75
Receivable Pledge Pledge 18160355.02 17252337.27 Pledge Pledge
Inventories
Including:
data
resources
Fixed 938763246.52 565323070.06
assets Mortgage Mortgage 913115117.42 586524641.09 Mortgage Mortgage
Intangible 212208542.01 162685147.47
assets Mortgage Mortgage 202898354.01 157092497.82 Mortgage Mortgage
Including:
data
resources
Investment 24529646.86 7493663.72
properties Mortgage Mortgage 24529646.86 7829710.33 Mortgage Mortgage
Receivables
financing 1586227556.65 1586227556.65 Pledge Pledge 1315399958.40 1315399958.40 Pledge Pledge
Total 3332802724.28 2892640512.00 / / 2519602692.70 2129598405.90 / /
172 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
32. Short-term loans
(1). Category of Short-term loans
□Applicable □Non-applicable
Unit：Yuan Currency：RMB
Item Balance at the end of the period Balance at the beginning of theperiod
Pledge loan
Mortgage loan
Guaranteed loan
Credit loan 2220000000.00 926000000.00
Unmatured interest 1281418.52 4632816.92
Total 2221281418.52 930632816.92
(2). Short-term loans that have been late for repayment
□Applicable √Non-applicable
Other notes
□Applicable √Non-applicable
33. Transactional financial liabilities
□Applicable √Non-applicable
Other notes:
□Applicable √Non-applicable
34. Derivative financial liabilities
□Applicable √Non-applicable
35. Notes payable
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Category Balance at the end of the period Balance at the beginning of theperiod
Commercial acceptance
notes
Bank acceptance notes 4559699572.90 3198453321.20
Total 4559699572.90 3198453321.20
36. Accounts payable
(1). Presentation of accounts payable
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Item Balance at the end of the Balance at the beginning of the
period period
Within 1 year (including 1 6241643057.39 6043390700.25
173 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
year)
1-2 years (including 2 years) 55562813.48 63042986.41
2-3 years (including 3 years) 16894685.59 17048363.15
Over 3 years 17351299.29 16763096.44
Total 6331451855.75 6140245146.25
(2). Important accounts payable aged over 1 year
□Applicable √Non-applicable
Other notes
□Applicable √Non-applicable
37. Advance receipts
(1). Presentation of advance receipts
□Applicable √Non-applicable
(2). Important accounts payable aged over 1 year
□Applicable √Non-applicable
(3). Amounts and reasons for significant changes in book value during the reporting period
□Applicable √Non-applicable
Other notes
□Applicable √Non-applicable
38. Contract liabilities
(1). Particulars on contract liabilities
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Item Balance at the end of the period Balance at the beginning of theperiod
Within 1 year (including 1
year) 35759528.26 14991138.57
1-2 years (including 2 years) 1373261.11 769022.75
2-3 years (including 3 years) 254537.40 1002402.76
Over 3 years 5941845.48 7499873.73
Total 43329172.25 24262437.81
(2). Significant contractual liabilities aged over 1 year
□Applicable √Non-applicable
(3). Amount and reason for significant change in the book value during the reporting period
□Applicable √Non-applicable
Other notes:
□Applicable √Non-applicable
174 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
39. Payroll payable
(1).Presentation of payroll payable
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Balance at the
Item Beginning of the Increased in the Decreased in the Balance at the
Period current period current period End of the Period
I . Short-term
remuneration 389402103.62 1535310021.57 1601131086.60 323581038.59
II. Demission
benefits -
defined 1630250.75 104576153.89 104855885.71 1350518.93
contribution
scheme
III. Dismissal
benefits
IV. Other
benefits due
within 1 year
Total 391032354.37 1639886175.46 1705986972.31 324931557.52
(2).Presentation of short-term remuneration
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Balance at the
Item Beginning of the Increased in the Decreased in the Balance at the
Period current period current period End of the Period
1. Wages or
salaries
bonuses 385456613.57 1350761654.10 1419365733.71 316852533.96
allowances and
subsidies
2. Staff welfare 23917.10 86769299.70 84595823.26 2197393.54
3. Social
insurance 659030.53 42433165.18 42442932.08 649263.63
contributions
Including:
medical
insurance 583266.75 36828437.91 36778578.96 633125.70
premium
Work
injury
insurance 63535.56 5579120.60 5638737.36 3918.79
premium
Birth
insurance 12228.22 25606.67 25615.75 12219.14
premium
4. Housing
funds 157032.40 45647411.84 45646929.74 157514.50
5. Labor union 3105510.02 9698490.75 9079667.81 3724332.96
175 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
and education
funds
6. Short-term
paid absences
7. Short-term
profit sharing
plan
Total 389402103.62 1535310021.57 1601131086.60 323581038.59
(3). Presentation of defined contribution plan
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Balance at the Increased in Decreased in Balance at the
Item beginning of the the current the current end of the
period period period period
1. Basic pension insurance
premium 1542087.72 100405465.98 100658306.85 1289246.85
2. Unemployment
insurance premium 88163.03 4170687.91 4197578.86 61272.08
Total 1630250.75104576153.89 104855885.71 1350518.93
Other Notes
□Applicable √Non-applicable
40.Taxes payable
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Item Balance at the end of the period Balance at the beginning of theperiod
VAT 73425734.25 54603894.75
Enterprise Income Tax 63598383.73 162296678.14
Individual income tax 5509394.20 4853990.51
Urban Maintenance and
Construction Tax 4067132.32 3162976.79
Education surcharges 1923676.95 1530310.87
Local education surcharges 1263957.81 1019692.82
Property tax 23666879.78 43349988.87
Land use tax 11139707.60 20913930.81
Environmental protection tax 9550.97 11024.71
Disabled security fund 37078268.75 23464018.13
Special funds for water
conservancy construction 145054.06 126478.48
Others 8623781.98 9892081.00
Stamp duty 18236.39 18312.31
Total 230469758.79 325243378.19
41.Other payables
(1). Presentation of items
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Item Balance at the end of the Balance at the beginning ofperiod the period
176 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
Interest Payable
Dividends Payable
Other payables 28959534.57 22158931.54
Total 28959534.57 22158931.54
(2). Interest payable
□Applicable √Non-applicable
(3). Dividends payable
□Applicable √Non-applicable
(4). Other payables
Other payables presented by nature of funds
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Item Balance at the end of the period Balance at the beginning of theperiod
Interest payable
Dividends payable
Security deposits 16841170.03 13546312.54
Others 12118364.54 8612619.00
Total 28959534.57 22158931.54
Significant other payables aged over 1 year or overdue
□Applicable √Non-applicable
Other notes:
□Applicable √Non-applicable
42. Held-for-sale liabilities
□Applicable √Non-applicable
43. Non-current liabilities due within 1 year
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Item Balance at the end of the period Balance at the beginning of theperiod
Long-term loans due within 1
year 2013974032.06 1915643832.71
Bonds payable due within 1
year 7053301.72
Long-term payables due
within 1 year
Lease liabilities due within 1
year 105305009.88 82267257.01
Total 2119279041.94 2004964391.44
177 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
44. Other current liabilities
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Item Balance at the end of the period Balance at the beginning of theperiod
Short-term bonds payable
Return payment payable
Prepaid and deferred output
tax 2172687.57 1540946.15
Total 2172687.57 1540946.15
Changes in short-term bonds payable:
□Applicable √Non-applicable
Other Notes:
□Applicable √Non-applicable
178 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
45. Long-term loans
(1). Category of long-term loans
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Item Balance at the end of the period Balance at the beginning of theperiod
Pledge loans
Mortgage loans 1494000000.00 1498000000.00
Guaranteed loans
Credit loans 1334464866.12 1864670673.86
Outstanding interest payable 1923222.56 1844548.67
Less: Long-term loans due within
one year 2013974032.06 1915643832.71
Total 816414056.62 1448871389.82
Other notes:
□Applicable √Non-applicable
46. Bonds payable
(1). Bonds payable
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Item Balance at the end of the period Balance at the beginning of theperiod
Convertible corporate bonds 2520527790.34
Less: Bonds payable due within 7053301.72
one year
Total 2513474488.62
179 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2025
(2). Changes in bonds payable: (excluding preferred stocks perpetual bonds and other financial instruments classified as financial liabilities)
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Stated
interest Bond Interest Amortized at
Bond name Face value Issuerate date duratio Issue price Opening balance
Current
issues accrued at par premium/disco
Current
repayment Closing balance Default or not
% n value unt price（ ）
Tuopu
Convertible 100.00 Note 2022/7/14 6 years 2500000000.00 2520527790.34 2474475.96 12529612.73 2535531879.03 0.00 NoBond
Less: Bonds
payable due
within one 7053301.72 2474475.96 9527777.68 0.00 No
year
Total / / / / 2500000000.00 2513474488.62 12529612.73 2526004101.35 0.00 /
Please be informed that the stated interest rates for the Company's public offering of convertible bonds are as follows: 0.2% in the first year 0.4% in the second
year 0.6% in the third year 1.5% in the fourth year 1.8% in the fifth year and 2.0% in the sixth year. After the convertible bonds expire the Company will redeem
all unconverted bonds from investors within five trading days at a price of 110% of the bonds' par value including the last annual interest.On March 14 2025 the company completed the redemption of the "Tuopu Convertible Bond". During the redemption process a large number of convertible
bond holders converted their "Tuopu Convertible Bonds" into company shares within the statutory time limit. After the redemption is completed according to the
data of China Securities Depository and Clearing Corporation Shanghai Branch the total number of shares of the company is 1737835580. For details please refer
to the "Announcement on Redemption Results and Stock Changes of Tuopu Convertible Bonds" disclosed by the company on the Shanghai Stock Exchange website
on March 15 2025.
180 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2025
(3). Note to convertible corporate bond
□Applicable □√Non-applicable
Accounting treatment and judgmental basis for transfer of equity
□Applicable √Not applicable
(4). Notes to other financial instruments classified as financial liabilities
General particulars of other financial instruments such as preferred stocks and perpetual bonds issued at
the end of the period
□Applicable √Non-applicable
Changes in financial instruments such as preferred stocks and perpetual bonds issued at the end of the
period
□Applicable √Non-applicable
Notes to the basis for classification of other financial instruments as financial liabilities:
□Applicable √Non-applicable
Other notes:
□Applicable √Non-applicable
181 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2025
47. Lease liabilities
□Applicable □Non-applicable
Unit: Yuan Currency: RMB
Item Balance at the end of the period Balance at the beginning of theperiod
Lease liabilities 580516650.39 568321864.64
Less: Lease liabilities due within
one year 105305009.88 82267257.01
Total 475211640.51 486054607.63
48. Long-term payables
Presentation of items
□Applicable √Non-applicable
Long-term payables
□Applicable √Non-applicable
Special payables
□Applicable √Non-applicable
49. Long-term payroll payable
□Applicable √Non-applicable
50. Estimated liabilities
□Applicable √Non-applicable
51. Deferred income
Deferred income
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Balance at the
Item beginning of the Increased in Decreased in Balance at thethe period the period end of the period Reasonperiod
Government
grants 408021000.71 21398117.30 24218590.48 405200527.53 /
Total 408021000.71 21398117.30 24218590.48 405200527.53 /
Other notes:
□Applicable √Non-applicable
52. Other non-current liabilities
□Applicable √Non-applicable
182 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2025
53. Equity
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Increased or decreased amount in this period (+/-)
Balance at the Shares Balance at the
beginning of New converted end of the
the period issue Bonus from Others Subtotal periodissue capital
reserves
Total
shares 1686025655.00 51809925.00 51809925.00 1737835580.00
Other notes:
On March 14 2025 the company completed the redemption of the "Tuopu Convertible Bond".During the redemption process a large number of convertible bond holders converted their "Tuopu
Convertible Bonds" into company shares within the statutory time limit. After the redemption is
completed according to the data of China Securities Depository and Clearing Corporation Shanghai
Branch the total number of shares of the company is 1737835580. For details please refer to the
"Announcement on Redemption Results and Stock Changes of Tuopu Convertible Bonds" disclosed by
the company on the Shanghai Stock Exchange website on March 15 2025.
183 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2025
54. Other equity instruments
(1). Basic information of other financial instruments such as preferred stocks and perpetual bonds issued at the end of the period
□Applicable √Non-applicable
(2). Changes in financial instruments such as preferred stocks and perpetual bonds issued at the end of the period
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Outstanding financial As at the end of last year Increase in this period Decrease in this period As at the end of this period
instruments Quantity Book value Quantity Book value Quantity Book value Quantity Book value
Equity value of 24997410 143199396.33 24997410 143199396.33
convertible bonds
Total 24997410 143199396.33 24997410 143199396.33
Changes in other equity instruments during the current period the reason for the changes and the basis for related accounting treatments:
√Applicable □Non-applicable
During the period a total of 24900320 "Tuopu Convertible Bonds" were converted into company shares and a total of 97090 "Tuopu Convertible Bonds" were
redeemed. As all convertible bonds of the company have been derecognized all other equity instruments have been derecognized.Other notes:
□Applicable √Non-applicable
184 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2025
1. Capital reserve
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Balance at the
Item beginning of the Increased in the Decreased in the Balance at the
period period period end of the period
Capital
premium (equity 8255513845.10 2613849066.32 10869362911.42
premium)
Other capital
reserves 10348.78 10348.78
Total 8255524193.88 2613849066.32 10869373260.20
Other notes including the changes during the period and the reasons for such changes:
On March 14 2025 the company completed the redemption of the "Tuopu Convertible Bond". During
the redemption process a large number of convertible bond holders converted their "Tuopu Convertible
Bonds" into company shares within the statutory time limit resulting in a cumulative increase of
51809925.00 yuan in the company's share capital and 2613849066.32 yuan in the company's capital
reserve.
55. Treasury bonds
□Applicable √Non-applicable
185 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2025
56. Other comprehensive income
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Amount incurred in the current period
Less:
Less: Recorded
recorded into other
into other comprehe
Amount comprehe nsive AttributBalance incurred nsive incomes Less: able to Balanceat the before incomes in Inco Attributab the at theItem beginning income in previous me le to the minorit end ofof the tax in the previous period Tax Company y theperiod current period and Expe after tax shareho period
period and transferre nse lderstransferre d to after tax
d to P/L retained
in current income in
period current
period
1. Other
comprehe
nsive
income
that
cannot be
reclassifie
d into
profit and
loss
Including:
re-measur
ement of
changes
in defined
benefit
plans
Other
comprehe
nsive
income
that
cannot be
transferre
d to profit
and loss
under the
equity
method
Changes
in the fair
value of
186 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2025
other
equity
instrumen
t
investmen
ts
Changes
in fair
value of
the
enterprise'
s own
credit risk
2. Other
comprehe
nsive
income
that will -939663 1114922 1114410 51236. 174746
be 97.00 57.21 20.65 56 23.65
reclassifie
d into
profit and
loss
Including:
other
comprehe
nsive
income
that can
be
transferre
d to profit
or loss
under the
equity
method
Changes
in the fair
value of
other debt
investmen
ts
Amoun
t of
financial
assets
reclassifie
d and
included
in other
comprehe
nsive
income
Provision
187 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2025
for
impairme
nt of other
debt
investmen
t
Cash
flow
hedge
reserves
Translatio
n
difference -939663 1114922 1114410 51236. 174746
of foreign 97.00 57.21 20.65 56 23.65
currency
financial
statements
Total -939663 1114922 1114410 51236. 17474697.00 57.21 20.65 56 23.65
57. Special reserves
□Applicable √Non-applicable
58. Surplus reserves
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Balance at the
Item beginning of the Increased in the Decreased in the Balance at the end
period current period current period of the period
Statutory surplus
reserve 822049459.12 822049459.12
Discretionary
surplus reserve
Reserve fund
Business
development fund
Others
Total 822049459.12 822049459.12
59. Undistributed profit
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Item Current period Previous period
Undistributed Profit before
Adjustment at the End of Previous 8737431642.33 6498434550.76
Period
188 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2025
Adjust the total undistributed profits
at the start of the period (increase +
decrease -)
Undistributed Profit after Adjustment
at the Start of the Period 8737431642.33 6498434550.76
Add: net profit attributable to parent
company's owner in current period 1294928327.93 3000605982.24
Less: withdrawal of statutory surplus
reserve 115105464.14
Withdrawal of discretionary
surplus reserve
Withdrawal of general risk
reserve
Ordinary stock dividend
payable 901936666.03 646503426.53
Ordinary stock dividends
converted into equity
Undistributed profit at the end of the
period 9130423304.23 8737431642.33
Adjust the particulars of undistributed profit at the beginning of the period:
1. Due to the retrospective adjustments made in accordance with the “Accounting Standards forBusiness Enterprises" and its related new regulations the unappropriated profit at the beginning of the
period was affected by 0.
2. The impact of changes in accounting policies on undistributed profit at the beginning of the period is
0.
3. The impact of the correction of major accounting errors on undistributed profit at the beginning of the
period is 0.
4. The impact of change in the scope of business combination as a result of the same control on
undistributed profit at the beginning of the period is 0.
5. The gross impact of other adjustments on the undistributed profit at the beginning of the period is 0.
60. Operating income and operating cost
(1). Particulars on operating income and operating cost
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Item Amount incurred in the current period Amount incurred in previous periodIncome Cost Income Cost
Main
operation 12176687861.57 10039069868.22 11472791402.25 9301624242.04
Other
operations 757939737.46 366700963.15 749028834.18 311385025.51
Total 12934627599.03 10405770831.37 12221820236.43 9613009267.55
(2). Information about the breakdown of operating income and cost
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Category of contracts TotalOperating income Operating cost
Product types
189 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2025
Vibration Control System 2039753632.89 1629285072.33
Interior & Exterior System 4366192978.35 3662362670.24
Chassis System 3707664255.16 3034723192.85
Mechatronic System 1074931089.96 888968011.40
Thermal Management System 980487561.09 818412967.24
Electric Drive System 7658344.12 5317954.16
Total 12176687861.57 10039069868.22
Other Notes:
□Applicable √Non-applicable
(3). Note to performance obligations
□Applicable √Non-applicable
(4). Note to allocation to remaining performance
□Applicable √Non-applicable
(5). Note to significant contract changes or significant transaction price
□Applicable √Non-applicable
190 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2025
61. Taxes and surcharges
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Item Amount incurred in the current Amount incurred in previousperiod period
Consumption tax 19829188.40 19004778.70
Education Surcharges 9400492.01 8968473.59
Local education surcharges 6269124.48 5978982.35
Property tax 27729650.05 23559320.23
Land use tax 13069513.83 12607832.23
Vehicle and vessel use tax 8574.51 5034.51
Stamp duty 16028894.46 14283928.40
Environmental protection tax 39364.52 6288.90
Others 262105.30 417696.96
Total 92636907.56 84832335.87
62. Sales expense
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Item Amount incurred in the current Amount incurred in previousperiod period
Service expense 50066412.60 62987367.54
Payroll 45169516.20 40869142.88
Business hospitality expense 22587138.07 22821642.67
Repair cost 11639734.33
Travel expense 3422479.38 2616394.49
Packaging fee 461906.74 466872.50
Vehicle cost 1210363.26 1256433.68
Exhibition fee 182729.88 247632.70
Others 8513351.84 4795786.87
Total 131613897.97 147701007.66
63. Overhead expense
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Item Amount incurred in the Amount incurred incurrent period previous period
Payroll 195018427.48 169191388.60
Depreciation expense 53970707.43 49540948.12
Business hospitality expense 3033971.47 3043569.53
Vehicle cost 3802224.18 3163594.28
Travel expenses 9664621.42 7759255.80
Amortization of intangible assets 15858013.21 15335787.85
Office expenses 6215709.88 5443842.84
Insurance premiums 5001924.70 5173200.47
Intermediary fee 3567787.01 3802849.90
Utility bills 4021045.09 4465537.63
Service charge 30280466.86 11804179.75
Rent 2319453.02 1354315.46
Employment guarantee fund for 11761615.79 10256134.35
191 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2025
persons with disabilities
Others 33642490.05 22733879.14
Total 378158457.59 313068483.72
64. R&D expense
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Item Amount incurred in the Amount incurred incurrent period previous period
Material expense 213002582.56 162364506.92
Payroll 323342032.82 258539231.80
Depreciation and amortization 73790623.51 54604759.31
Transportation and storage fee 7264770.91 1851559.03
Energy consumption fee 37266305.27 21665975.63
Travel expense 14244528.33 8566966.82
Trial production expense 6117108.24 7891433.61
Others 30032724.66 17813617.62
Total 705060676.30 533298050.74
65. Financial expense
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Item Amount incurred in the Amount incurred incurrent period previous period
Interest expense 87530742.57 115347505.11
Interest income -19925614.80 -24827246.45
Gain and loss from exchange -81295692.23 -19737000.42
Handling charge 4685296.96 2733833.62
Total -9005267.50 73517091.86
66. Other income
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Item Amount incurred in the Amount incurred in previouscurrent period period
Government Subsidies 146935800.65 173001330.61
Handling fee for withholding
personal income tax 1033074.91 789293.34
VAT input tax credit 68931722.86 60672566.80
Direct VAT credit for employment
of key persons 4414850.75 10853800.00
Total 221315449.17 245316990.75
192 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2025
67. Investment income
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Item Amount incurred in the Amount incurred incurrent period previous period
Long-term equity investment income
calculated by the equity method 21235412.15 18600856.29
Investment income from disposal of
long-term equity investments
Investment income of trading financial
assets during the holding period
Dividend income from other equity
instrument investments during the
holding period
Interest income from debt investment
during the holding period
Interest income from other debt
investments during the holding period
Investment income from disposal of
trading financial assets
Investment income from the disposal
of other equity instrument investments
Investment income from disposal of
debt investment
Investment income from the disposal
of other debt investments
Income from debt restructuring
Investment income from financial
management products 12712822.22 6521837.81
Total 33948234.37 25122694.10
68. Net exposure hedging income
□Applicable √Non-applicable
69. Gains from changes in fair value
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Sources of income from changes in Amount incurred in the Amount incurred in previous
fair value current period period
Transactional financial assets 63334.44
Including: income from changes in
fair value generated by derivative
financial instruments
Transactional financial liabilities
Investment real estate measured at
fair value
Total 63334.44
193 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2025
70. Credit impairment loss
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Item Amount incurred in the Amount incurred in previouscurrent period period
Bad debt loss on accounts receivable -692979.87 -876288.57
Bad debt loss on accounts receivable -5004577.50 25546758.13
Bad debt loss on other receivables -900758.29 -1506124.90
Impairment loss of debt investment
Impairment loss of other debt
investment
Bad debt loss of long-term receivables
Impairment loss of contract assets
Impairment loss on receivables
financing -208762.47
Total -6598315.66 22955582.19
71. Asset impairment loss
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Item Amount incurred in the Amount incurred in previouscurrent period period
1. Loss of bad debts
2. Loss of inventory falling price and
loss of contract performance cost 32245147.39 22629644.58
impairment
3. Long-term equity investment
impairment losses
4. Impairment loss of investment real
estate
5. Impairment loss of fixed assets
6. Impairment loss of construction
materials
7. Impairment loss of construction in
progress
8. Impairment loss of productive
biological assets
9. Impairment losses of oil and gas
assets
10. Intangible assets impairment loss
11. Goodwill impairment loss
12. Others
Total 32245147.39 22629644.58
72. Income from disposal of assets
□Applicable√Non-applicable
194 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2025
73. Non-operating income
Particulars about non-operating income
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Item Amount incurred in the Amount incurred in
Amount included in the
current period previous period current non-recurringprofit and loss
Total gains from
disposal of 2877513.99 605238.40 2877513.99
non-current assets
Including: gains from
disposal of fixed 2877513.99 605238.40 2877513.99
assets
Gains from
disposal of intangible
assets
Gains from
non-monetary asset
exchange
Gain on exchange of
non-monetary assets
Capital from donation
Government grants
Compensation income 1976827.31 2057959.58 1976827.31
Business combination 21901496.20
Other 919763.46 353971.25 919763.46
Total 5774104.76 24918665.43 5774104.76
Other Notes:
□Applicable √Non-applicable
74. Non-operating expenses
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Item Amount incurred in the Amount incurred in
Amount included in the
current period previous period current non-recurring profitand loss
Total loss
from disposal
of 4226858.76 11269780.69 4226858.76
non-current
assets
Including:
Loss on
disposal of 4226858.76 11269780.69 4226858.76
fixed assets
Loss
on disposal
of intangible
assets
Loss on debt
195 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2025
restructuring
Loss from
exchange of
non-monetary
assets
External
donation 400000.00 300000.00 400000.00
Special
funds for
water 779592.40 534680.55
conservancy
construction
Others 2933535.02 2489042.03 2933535.02
Total 8339986.18 14593503.27 7560393.78
75. Income tax expense
(1). Schedule of income tax expense
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Item Amount incurred in the Amount incurred in previouscurrent period period
Income tax expense in the current
period 174284083.53 233557785.06
Deferred income tax expense -12784377.87 -3521275.97
Total 161499705.66 230036509.09
(2). Adjustment process of accounting profit and income tax expense
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Item Amount incurred in the current period
Total profits 1457443066.13
Income tax expense calculated at the
statutory/applicable tax rate 218616459.92
Impact of different tax rates applied to
subsidiaries 189337872.96
Adjusted impact of income tax in prior periods 11246143.58
Impact of non-taxable income -183185311.82
Impact of non-deductible costs expenses and
losses 2523369.55
Impact of using deductible losses of deferred
income tax assets that have not been recognized -12632592.62
in the previous period
Impact of deductible temporary differences or
deductible losses on unrecognized deferred 18957326.35
income tax assets in the current period
Changes in deferred tax assets/liabilities at the
beginning of the period due to tax rate 3722601.66
adjustments
Impact of additional tax deductions for enterprise
research and development -87086163.92
196 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2025
Income tax expense 161499705.66
Other Notes:
□Applicable √Non-applicable
76. Other comprehensive income
√Applicable □Non-applicable
Details are available in “Note VII. 57. Other comprehensive income”
77. Cash flow statement items
(1). Other cash received related to operating activities
Other cash received related to operating activities
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Item Amount incurred in the Amount incurred in previouscurrent period period
Receipt of temporary loans 39400925.15 35836737.40
Interest income 19925614.80 24827246.45
Government grants 150929189.45 181246841.81
Income from compensation and
fines 2060094.52
Others 3420371.49 596074.60
Total 213676100.89 244566994.78
Other cash paid related to operating activities
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Item Amount incurred in the Amount incurred in previouscurrent period period
Payment of temporary loans 13795662.95 34433430.24
Business hospitality expense 25712241.12 25865212.20
Repair cost 7259188.76 14285560.30
R&D spending 319248774.67 228644625.66
Travel expense 15233854.66 10375650.29
Insurance premium 4940694.38 5112801.31
Office expense 6600915.37 5538408.42
Vehicle expense 5480365.83 4420027.96
Service charge 80338418.33 74800354.69
Intermediary fee 3567787.01 3802849.90
Packaging fee 461906.74 466872.50
Utility bill 8125597.50 4465537.63
Rent 2818616.91 4698770.07
Others 34325400.98 28605557.70
Total 527909425.21 445515658.87
(2). Other cash received related to investment activities
Cash received related to important investing activities
197 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2025
□Applicable√Non-applicable
Cash paid related to important investment activities
□Applicable√Non-applicable
Other cash paid related to investment activities
□Applicable√Non-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: Yuan Currency: RMB
Item Amount incurred in the current Amount incurred in previousperiod period
Cash paid for lease liabilities 49347533.02 33392474.71
Repayment of loans from finance
leasing companies
Funding costs for additional shares
issued to specific subjects 16389101.09
Total 49347533.02 49781575.80
198 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2025
Changes in liabilities arising from financing activities
□Applicable√Not applicable
199 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2025
(4). Note to cash flows presented on a net basis
□Applicable √Not applicable
(5). Significant activities and financial effects that do not involve current cash receipts and
disbursements but affect the enterprise's financial position or may affect the enterprise's cash
flows in the future
□Applicable √Not applicable
78. Additional information on cash flow statement
(1). Additional information on cash flow statement
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Additional Information Amount in the current period Amount in previous period
1. Reconciliation of net profit to cash flows from operational activities:
Net Profit 1295943360.47 1461600444.62
Add: provision for
impairment of assets 32245147.39 22955582.19
Credit impairment provision -6598315.66 22629644.58
Depreciation of fixed assets
oil and gas assets productive 849946338.58 697948551.74
biological assets
Depreciation of right-of-use
assets 51879813.09 29492641.77
Amortization of Intangible
Assets 24244130.68 22377820.64
Amortization of long-term
prepaid expenses 63851535.49 49047487.66
Losses on disposal of fixed
assets intangible assets and
other long-term assets (income
as in “-”)
Losses on scrapping of fixed
assets (income as in “-”) 1349344.77 10664542.29
Losses on fair value changes
(income as in “-”) -63334.44
Financial expenses (income as
in “-”) -3186107.90 100845559.17
Losses on investment (income
as in “-”) -33948234.37 -25122694.10
Decrease on deferred income
tax assets (increase as in “-”) -4859124.33 -10083847.64
Increase on deferred income
tax liabilities (decrease as in -7925253.54 6562571.67
“-”)
Decrease on inventories
(increase as in “-”) 43370710.89 -217026090.16
Decrease on operational
receivables (increase as in “-”) -1286059377.79 -462527786.52
Increase on operational 1436017280.48 -649001575.71
200 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2025
payables (decrease as in “-”)
Others -21901496.20
Net cash flow generated by
operating activities 2456271248.25 1038398021.56
2. Major investing and financing activities not involving cash receipts and payment:
Conversion of debt into
capital
Convertible corporate bonds
due within one year 7163468.75
Fixed assets under financing
lease
3. Net changes in cash and cash equivalents:
Closing balance of cash 4544497089.44 3558463499.81
Less: opening balance of cash 3942266589.29 2313937932.51
Add: closing balance of cash
equivalents
Less: opening balance of cash
equivalents
Net additions to balance of
equivalents 602230500.15 1244525567.30
(2). Net cash receipts from disposal of subsidiaries in this period
□Applicable √Not applicable
(3). Net cash received from disposal of subsidiaries in the current period
□Applicable √Not applicable
(4). Composition of cash and cash equivalents
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Item Balance at the end of the period Balance at the beginning of the period
1. Cash 4544497089.44 3942266589.29
Including: cash on
hand 16443.28 21590.07
Bank
deposits that can be
used for payment at 4544480646.16 3942244999.22
any time
Other
currency funds that
can be used for
payment at any
time
Deposits in
the central bank
that can be used for
payment
Deposits in
201 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2025
Other Financial
Institutions
Call loans
from Other
Financial
Institutions
2. Cash
equivalents
Including: bond
investments due
within three months
3. Balance of cash
and cash
equivalents at the 4544497089.44 3942266589.29
end of the period
Including: cash
and cash
equivalents that are
restricted for us by
the parent company
or subsidiary within
the group
(5). Condition of restricted scope of use but still presented as cash and cash equivalents
□Applicable √Not applicable
(6). Cash and bank balances not classified as cash and cash equivalents
√Applicable □Not applicable
Unit: Yuan Currency: RMB
Item Amount in the end of
Amount in the
the period beginning of the Reasonperiod
Bank acceptance
deposit 556705945.23 33208844.36 Restricted for use
Letter of credit
deposit 466.96 Restricted for use
Guarantee deposit 11114624.12 12289949.67 Restricted for use
Total 567820569.35 45499260.99 /
Other notes:
□Applicable √Not applicable
79. Notes to items in the statement of changes in owners' equity
State the name of the item “others” adjusting the balance at the end of previous year and the amount of
adjustment:
□Applicable √Non-applicable
80. Foreign currency monetary items
(1). Foreign currency monetary items
□Applicable □Non-applicable
202 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2025
Unit: yuan
Item Foreign currency balance at the Converted Balance converted to RMB atend of the period exchange rate the end of the period
Monetary 99138098.71 7.1586 1319013968.36
funds
Including: 2163637.04 8.4024 709689993.43
USD
EUR 4484831.56 0.9284 18179743.86
HKD 11824995.15 5.2358 4163717.62
CAD 7494341.43 1.3067 61913309.61
BRL 12212819.51 1.6230 9792855.95
MYR 358507.78 0.7568 19821406.06
SEK 45397518.48 1.9826 271318.69
PLN 1019404510.32 0.3809 90005120.14
MXN 76921848.89 0.2198 388270619.05
THB
Accounts - -
receivable 1219935488.23
Including:
USD 104521881.44 7.1586 748230340.48
EUR 5214995.96 8.4024 43818482.05
CAD 23807595.09 5.2358 124651806.37
BRL 8084838.09 1.3067 10564457.93
MYR 7999066.84 1.6230 12982485.48
SEK 2110542.80 0.7568 1597258.79
PLN 99313575.67 1.9826 196899095.12
MXN 213168446.06 0.3809 81191562.01
Other - -
Receivables 43147727.5
Including:
USD 2616836.85 7.1586 18732888.27
CAD 367876.69 5.2358 1926128.77
SEK 618834.20 0.7568 468333.72
PLN 3310117.08 1.9826 6562638.12
MXN 40584292.75 0.3809 15457738.62
Accounts
payable - - 157401543.83
Including:
USD 8008983.84 7.1586 57333111.72
CAD 12241995.24 5.2358 64096638.68
BRL 1301866.62 1.3067 1701149.11
SEK 301564.92 0.7568 228224.33
PLN 7934888.29 1.9826 15731709.52
MXN 48074770.34 0.3809 18310710.47
Other Payables 6690930.35
Including:
USD 156939.31 7.1586 1123465.74
CAD 104368.95 5.2358 546454.95
MYR 30152.74 1.6230 48937.90
SEK 763953.01 0.7568 578159.64
THB 19992320.14 0.2198 4393912.12
203 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2025
(2). Notes to overseas business entities overseas business locations functional currency and the
basis for selection in respect of important overseas business entities should be disclosed; if there is
a change in the functional currency the reason for the change should be further disclosed.√Applicable □Non-applicable
The Company has twelve subsidiaries outside of China i.e.: Tuopu North America Limited currently
operating in Canada and with Canadian dollars as the functional currency; Tuopu North America USA
Limited INC currently operating in the United States and with U.S. dollars as the functional currency;
TUOPU DO BRASIL currently operating in Brasil and with Brazilian Real as the functional currency;
Tuopu Sweden currently operating in Sweden and with Swedish krona as the functional currency;
Tuopu International Tuopu Hong Kong Holding Limited currently operating in Hong Kong and with
Hong Kong dollar as the functional currency; TUOPU (MALAYSIA) SDN.BHD. currently operating in
Malaysia and with Ringgit as the functional currency; Tuopu USA LLC currently operating in the
United States and with U.S. dollars as the functional currency; Tuopu Poland sp.z.o.o currently
operating in Poland and with PLN as the functional currency.Tuopu Mexico currently operating in
Mexico and with Mexican peso as the functional currency; Tuopu Thailand currently operating in
Thailand and withThai baht as the functional currency.
81. Lease
(1). As lessee
√Applicable □Not applicable
Variable lease payments not included in the measurement of lease liabilities
□Applicable √Not applicable
Lease payments for short-term leases or low-value assets with simplified treatment
□Applicable √Not applicable
Sale and leaseback transactions and basis of judgment
□Applicable √Not applicable
Total cash outflow related to lease 49347533.02 (Unit: Yuan Currency: RMB)
(2). As lessor
Operating lease as lessor
√Applicable □Not applicable
Unit: Yuan Currency: RMB
of which: Income related to
Item Lease income variable lease payments not
included in lease receipts
Income from operating leases 253446.92
Total 253446.92
Finance lease as lessor
□Applicable √Not applicable
Reconciliation of undiscounted lease receipts to net investment in leases
□Applicable √Not applicable
Undiscounted lease receipts for the next five years
204 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2025
□Applicable √Not applicable
(3). Recognition of gain or loss on sales under finance leases as a manufacturer or distributor
□Applicable √Not applicable
82. Data resources
□Applicable √Not applicable
83. Others
□Applicable √Not applicable
VIII. R&D expense
(1).Presentation by nature of expense
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Item Amount incurred in the current Amount incurred inperiod previous period
Material expense 213002582.56 162364506.92
Payroll 323342032.82 258539231.80
Depreciation and amortization 73790623.51 54604759.31
Transportation and storage fee 7264770.91 1851559.03
Energy consumption fee 37266305.27 21665975.63
Travel expense 14244528.33 8566966.82
Trial production expense 6117108.24 7891433.61
Others 30032724.66 17813617.62
Total 705060676.30 533298050.74
Of which: Expensed R&D 705060676.30 533298050.74
expenditure
Capitalized R&D expenditure
(2).Development expenditure on R&D projects eligible for capitalization
□Applicable √Not applicable
Major capitalized R&D projects
□Applicable √Not applicable
Provision for impairment of development expenditures
□Applicable √Not applicable
(3).Major outsourced research and development projects in progress
□Applicable √Not applicable
205 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2025
206 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report 2025
IX. Changes in the scope of consolidation
1. Business combination not under common control
√Applicable □Non-applicable
(1). Business combination transactions not under the same control occurring during the period
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Percentage Basis for Revenue of the Net profit of the Cash flow of the
Name of Equity Method of determining
acquiree acquisition
Cost of equity of equity equity Acquistion the acquiree as of acquiree at the acquiree at the
date acquisition acquisition acquisition date acquistion the end of the end of the end of the(%) date purchase date acquistion period acquistion period
Wuhu Business
Changpeng combination
Auto Parts 2025/5/12
300 million
yuan 100 not under 2025/5/12
Gain control
common point
88901833.0814840839.3222084322.23
Co. Ltd. control
Other notes:
Other instructions:
On May 12 2025 the 100% equity transfer and industrial and commercial registration procedures of Wuhu Changpeng have been completed and the transaction
has been delivered. At the same time the company renamed Wuhu Changpeng as "Wuhu Topu Automotive Parts Co. Ltd." holding 100% equity and becoming a
wholly-owned subsidiary of the company.
207 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
(2). Consolidation costs and goodwill
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Consolidated costs Tuopu Wuhu
--Cash 300000000.00
--Fair value of non-cash assets
--Fair value of debt issued or assumed
--Fair value of equity securities issued
--Fair value of contingent consideration
-Fair value at purchase date of equity interests held
prior to purchase date
- - Other
Total cost of consolidation 300000000.00
Less: share of fair value of identifiable net assets
acquired 76675120.22
Amount by which goodwill/cost of combination is
less than share of fair value of identifiable net 223324879.78
assets acquired
Method of determining fair value of consolidated costs:
□Applicable √Not Applicable
Completion of performance commitments:
□Applicable √Not Applicable
Main reasons for the formation of large amount of goodwill:
□Applicable √Not applicable
(3). Identifiable assets and liabilities of the purchased party at the date of purchase
√Applicable □Not applicable
Unit: Yuan Currency: RMB
Tuopu Wuhu
Fair value on the acquistion date Carrying value on the acquistion datepurchase
Assets: 574581206.80 574581206.80
Monetary funds 4651664.81 4651664.81
Accounts receivable 264332608.31 264332608.31
Prepayments 23064974.51 23064974.51
Other receivables 710127.74 710127.74
Inventories 66654200.35 66654200.35
Other current assets 2791417.39 2791417.39
Fixed assets 129265484.34 129265484.34
Right-of-use Asset 31917856.67 31917856.67
Intangible assets 6393848.72 6393848.72
Construction in progress 17645658.19 17645658.19
Long-term amortized 17489358.65 17489358.65
208 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
expenses
Deferred Tax Assets 4916248.61 4916248.61
Other Non-current Assets 4747758.51 4747758.51
Liabilities: 497906086.58 497906086.58
Loan 84490000.00 84490000.00
Accounts Payable 344921209.66 344921209.66
Employee compensation 8497181.90 8497181.90
payable
Taxes Payable 4974536.89 4974536.89
Other payables 19983071.37 19983071.37
Lease Liability 31683832.68 31683832.68
Deferred Revenue
Deferred Tax Liability 1273117.30 1273117.30
Net assets 2083136.78 2083136.78
Less: Minority
Shareholder Equity
Net assets acquired 76675120.22 76675120.22
(4). Gains or losses arising from the remeasurement to fair value of equity interests held prior to
the date of acquisition
Existence of transactions in which a business combination was achieved in stages through multiple
transactions and control was obtained during the reporting period
□Applicable √Not applicable
(5). Explanation of the inability to reasonably determine the merger consideration or the fair value
of the acquiree's identifiable assets and liabilities on the date of acquisition or at the end of the
current period of the combination
□Applicable √Not applicable
(6). Other notes
□Applicable √Not applicable
2. Business combination under common control
□Applicable √Non-applicable
3. Counter purchase
□Applicable √Non-applicable
4. Disposal of subsidiaries
Whether there is any transactions or events during the period in which control of subsidiaries is lost
□Applicable √Non-applicable
Other notes:
□Applicable √Non-applicable
Whether there is a step-by-step disposal of investments in subsidiaries through multiple transactions and
loss of control during the period
□Applicable √Non-applicable
209 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
Other notes:
□Applicable √Non-applicable
5. Changes in the scope of consolidation due to other reasons
Account for the changes in the scope of consolidation as a result of other reasons (for example new
establishments of subsidiaries liquidation of subsidiaries) and relevant circumstances:
□Applicable √Non-applicable
The company has newly established Ningbo Topu Drive Co. Ltd. Ningbo Lingyu Tactile Co. LTD
Topu Hong Kong Holdings Co. Ltd. Topu Hong Kong Investment Co. Ltd. and Topu Thailand
Technology Co. Ltd. These subsidiaries will be included in the consolidation scope from the date of
establishment. The company has cancelled Shanghai Tuowei Automotive Technology Co. Ltd. in this
period and the company will no longer be included in the consolidation scope from the date of
cancellation.
6. Others
□Applicable √Non-applicable
X. Equity in Other Entities
1. Equity in Subsidiaries
(1). Composition of the group
√Applicable □Non-applicable
Unit: yuan Currency: RMB
Principal Percentage of
Name of Subsidiary Business Registere Registered Nature of Shares (%) Method of
Site d Capital Address Business Direct Indirect Acquisition
Tuopu Automobile RMB
Electronics Ningbo 2500 Ningbo Manufacturing
100.0 Establishmen
million 0 t
Tuopu Thermal RMB
Management Ningbo 4500 Ningbo Manufacturing
100.0 Establishmen
million 0 t
Business
combination
Tuopu Imp&Exp Ningbo RMB 200million Ningbo Trading
100.0
0 undercommon
control
Business
Tuopu Automobile Ningbo RMB 200
combination
Parts million Ningbo Trading
100.0
0 undercommon
control
Business
TUOPU RMB 200 100.0 combinationVIBRO-ACOUSTIC Ningbo
S million
Ningbo Trading 0 undercommon
control
Business
Zhejiang Towin Jinhua RMB 180 100.0
combination
million Jinhua Manufacturing 0 not undercommon
control
Business
Suining Tuopu Suining RMB 150 100.0million Suining Manufacturing 0 combinationnot under
210 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
common
control
USHONE
ELECTRONIC Ningbo RMB 50 100.0 Establishmen
CHASSIS million
Ningbo Trading 0 t
Tuopu Chassis Ningbo RMB 600 100.0 Establishmenmillion Ningbo Manufacturing 0 t
Hunan Tuopu Xiangtan RMB 800 Xiangtan Manufacturing 100.0 Establishmenmillion 0 t
RMB
Skateboard Chassis Ningbo 2000 Ningbo Manufacturing 100.0 Establishmen
million 0 t
Taizhou Tuopu Taizhou RMB 100million Taizhou Manufacturing
100.0 Establishmen
0 t
SHANGHAI
TUOPUYALE Shanghai
RMB 50 Shanghai Manufacturing 100.0 Establishmenmillion 0 t
Pinghu Tuopu Jiaxing RMB 208million Jiaxing Manufacturing
100.0 Establishmen
0 t
Business
Tuopu North combination
America Limited Canada
CAD
10000 Canada Trading 51.00 not undercommon
control
Tuopu USA LLC USA USD 5 USA Trading 100.0 Establishmenmillion 0 t
Tuopu Poland Poland PLN 10 Poland Manufacturing 100.0 Establishmenmillion 0 t
Xi’an Tuopu Xi’an RMB 200million Xi’an Manufacturing
100.0 Establishmen
0 t
Wuhan Tuopu Wuhan RMB 150 100.0 Establishmenmillion Wuhan Manufacturing 0 t
Sichuan Tuopu Linshui RMB 20million Linshui Manufacturing
100.0 Establishmen
0 t
Business
combination
Liuzhou Tuopu Liuzhou RMB 100million Liuzhou Manufacturing
100.0
0 undercommon
control
Huzhou Tuopu Huzhou RMB 350 100.0 Establishmenmillion Huzhou Manufacturing 0 t
Baoji Tuopu Baoji RMB 50million Baoji Manufacturing
100.0 Establishmen
0 t
Business
RMB combination
Yantai Tuopu Yantai 62.80 Yantai Manufacturing 100.0 under
million 0 common
control
Business
USD combination
Ningbo Qianhui Ningbo 3.7551 Ningbo Manufacturing 51.00 not under
million common
control
Shenyang Tuopu Shenyang RMB 10 Shenyang Manufacturing 100.0 Establishmenmillion 0 t
Jinzhong Tuopu Jinzhong RMB 8 Jinzhong Manufacturing 100.0 Establishmenmillion 0 t
Business
RMB 100.0 combinationChongqing Tuopu Chongqing 14.6422 Chongqing Manufacturing 0 not undermillion common
control
Business
Hangzhou Tuopu Hangzhou RMB 3 combinationmillion Hangzhou Manufacturing 100.00 not under
common
211 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
control
RMB
Shanghai Towin Shanghai 12.1 Shanghai R&D 100.0 Establishmen
million 0 t
Shenzhen Towin Shenzhen RMB 20 Shenzhen R&D 100.0 Establishmenmillion 0 t
Ushone E-commerce Ningbo RMB 100million Ningbo Service
100.0 Establishmen
0 t
Ushone Technology Ningbo RMB 300 Ningbo Manufacturing 100.0 Establishmenmillion 0 t
Tuopu Investment Ningbo RMB 200 Ningbo Investment 100.0 Establishmenmillion 0 t
Tuopu International Hong RMB 33Kong million Hong Kong Investment
100.0 Establishmen
0 t
Tuopu Industrial RMB 20
Automation Ningbo million Ningbo Manufacturing
100.0 Establishmen
0 t
Tuopu North
America USA USA USD 10 USA Service 51.00 Establishmen
Limited INC t
Tuopu Sweden Sweden SEK Sweden R&D 100.00 Establishmen50000 t
TUOPU DO BRL
BRASIL Brazil 80.8095 Brazil Manufacturing 99.96 0.04
Establishmen
million t
MYR
Tuopu Malaysia Malaysia 2.50 Malaysia Manufacturing 100.00 Establishmen
million t
Chongqing Chassis Chongqing RMB 500million Chongqing Manufacturing
100.0 Establishmen
0 t
Anhui Tuopu Huainan RMB 600 100.0 Establishmenmillion Huainan Manufacturing 0 t
MXN
Tuopu Mexico Mexico 245.5979 Mexico Manufacturing 99.00 1.00 Establishmen
million t
Tuopu Photovoltaic Power
Technology (Ningbo Ningbo RMB 50million Ningbo generation 100.00
Establishmen
Beilun) service t
Tuopu Photovoltaic Power
Technology Ningbo RMB 100 Ningbo generation 100.00 Establishmen
(Hangzhou Bay) million service t
Tuopu Photovoltaic Power
Technology (Pinghu) Jiaxing
RMB 50 Establishmen
million Jiaxing generation 100.00service t
Tuopu Photovoltaic RMB 20 PowerTechnology Taizhou million Taizhou generation 100.00
Establishmen
(Taizhou) service t
Tuopu Photovoltaic RMB 10 Power Establishmen
Technology (Jinhua) Jinhua million Jinhua generation 100.00service t
Henan Tuopu Kaifeng RMB 50million Kaifeng Manufacturing
100.0 Establishmen
0 t
Jinan Tuopu Jinan RMB 50million Jinan Manufacturing
100.0 Establishmen
0 t
Tuopu Photovoltaic RMB 50 PowerTechnology (Ningbo Ningbo million Ningbo generation 100.00
Establishmen
Yinzhou) service t
Tuopu Photovoltaic Power
Technology Xiangtan RMB 50 Xiangtan generation 100.00 Establishmen
(Xiangtan) million service t
Tuopu Photovoltaic RMB 30 Power
Technology (Wuhan) Wuhan million Wuhan generation 100.00
Establishmen
service t
Tuopu Photovoltaic RMB 20 Power Establishmen
Technology (Linshui) Guang’an million Guang’an generation 100.00service t
212 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
Tuopu Photovoltaic Power
Technology Suining RMB 10million Suining generation 100.00
Establishmen
(Suiningn) service t
Tuopu Photovoltaic
Technology Liuzhou RMB 10
Power
million Liuzhou generation 100.00
Establishmen
(Liuzhou) service t
Tuopu Photovoltaic Power
Technology Shenyang RMB 10 Shenyang generation 100.00 Establishmen
(Shenyang) million service t
Business
Ningbo Tuopu Trim RMB 21 100.0 combination
Parts Ningbo million Ningbo Trading 0 not undercommon
control
Business
Langfang Tuopu Langfang RMB 20 Manufacturin 100.0
combination
million Langfang g 0 not undercommon
control
Business
Shenyang Tuopu Shenyan RMB 35 Shenyang Manufacturin 100.0
combination
Maigao g million g 0 not undercommon
control
Tuopu Drive Ningbo RMB 200million Ningbo R&D
100.0 Establishmen
0 t
Ningbo Lingyu Ningbo RMB 48 Ningbo R&D 100.0 EstablishmenTactile million 0 t
Hong HKD 100.0 EstablishmenHong Kong Holdings Kong 500000 Hong Kong Investment 0 t
Establishmen
Hong Kong Holdings Hong HKDKong 100000 Hong Kong Investment
100.0
0 t
190 100.0 Establishmen
Tuopu Thailand Thailand million Thailand Manufacturin 0 t
Thai baht g
Business
RMB
Tuopu Wuhu Wuhu 43.5 Wuhu Manufacturin 100.0
combination
million g 0
not under
common
control
100.0 Business
Tuopu Jinhua Jinhua RMB 10 Jinhua Manufacturin
0 combination
million g not undercommon
control
100.0 Business
0 combination
Tuopu Fuzhou Fuzhou RMB 20 Manufacturinmillion Fuzhou g not undercommon
control
100.0 Business
Anqing Towin Anqing RMB 10 Anqing Manufacturin
0 combination
million g not undercommon
control
100.0 Business
RMB 5 Manufacturin 0 combinationTuopu Yibin Yibin million Yibin g not undercommon
control
100.0 Business
Tuopu Inner RMB 3 Manufacturin 0 combination
Mongolia Ordos million Ordos g not under
common
213 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
control
100.0 Business
RMB 5 Manufacturin 0 combinationTuopu Anqing Anqing million Anqing g not undercommon
control
100.0 Business
Wuhu Towin Wuhu RMB 10 Manufacturin
0 combination
million Wuhu g not undercommon
control
(2). Important non-wholly owned subsidiaries
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Percentage of Profit and loss Balance of
Name of shares held by attributable to
Dividends
declared to minority minority
Subsidiary minority minority shareholders'
shareholders shareholders in the
shareholders in the equity at the end
current period current period of the period
Tuopu North 49.00% 1731836.15 -127770.08
America
Limited
Notes to the percentage of shares held by minority shareholder that is different from the percentage of
voting rights:
□Applicable √Non-applicable
Other Notes:
□Applicable √Non-applicable
214 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
(3). Main financial information of important non-wholly-owned subsidiaries
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Name Balance at the end of the period Balance at the beginning of the period
of Total
subsidia Currentassets Non-curre Total assets
Current
liabiliti Non-current Liabiliti
Current Non-curre Total assets Currentassets liabiliti Non-current
Total
ry nt assets es liabilities es nt assets es liabilities
Liabilities
Tuopu
North
America 59650571.8 4212854.0 63863425.88 65503032 65503032. 50940112.7 7913725.7 58853838.50 62753517 62753517.67
n USA 1 7 .49 49 3 7 .67
Limited
INC
Amount incurred in the current period Amount incurred in previous period
Cash flow
Name of Subsidiary Total Cash flow TotalOperating
Net profit comprehensive from operating
Operating comprehensive from
income income Net profit operating
income activities income
activities
Tuopu North American 535761849.0 705347044.5
5 3271838.94 3384358.88 -6111877.62 5 7592097.54 7592097.54 8936436.28USA Limited INC
215 / 270Ningbo Tuopu Group Co. Ltd.
Semi-annual Report 2025
(4). Significant restrictions on the use of group assets and the settlement of group debts
□Applicable √Non-applicable
(5). Financial support or other support provided to structured entities included in the scope of
consolidated financial statements
□Applicable √Non-applicable
Other Notes:
□Applicable √Non-applicable
2. Transactions leading to a change in the share of owner's equity in the subsidiary and the control
over the subsidiary remains
□Applicable √Non-applicable
3. Rights and interests in joint ventures or associates
√Applicable □Non-applicable
(1). Important joint ventures or associates
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Name of Percentage of Shares Accounting
joint Principal Registered Business Held (%) treatment of
venture or BusinessSite Address Nature
investment in
associate Direct Indirect joint venturesor associate
Ningbo Ningbo Ningbo Manufacturing 50.00 Equity method
Topu
Electric
Appliance
Co. Ltd.(note)
Note: Ningbo Topu Electric Appliance Co. Ltd. is hereinafter referred to as "Topu Electric Appliance".
(2). Main financial information of important joint ventures
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Balance at the end of the period/Amount incurred in Balance at the beginning of
the current period the period/Amount incurred inprevious period
Tuopu Electrical Appliances Tuopu Electrical
Appliances
Current
assets 201498624.52 287030417.44
Including:
cash and cash 31139289.21 10099557.61
equivalents
Non-current
assets 49258302.26 49532777.32
Total assets 250756926.78 336563194.76
216 / 270Ningbo Tuopu Group Co. Ltd.
Semi-annual Report 2025
Current 84794472.44
liabilities 142404383.73
Non-current 0.00
liabilities 416951.83
Total 84794472.44
liabilities 142821335.56
Minority
shareholders'
equity
Equity 165962454.34 193741859.20
attributable to
shareholders
of the parent
company
Share of net
assets
calculated at 82981227.17 96870929.60
the percentage
of shares held
Adjusted
events -13130.83 -138245.41
--Goodwill
--Unrealized
profits from
internal -13130.83 -138245.41
transactions
-Others
Book value
of equity
investment in 82968096.34 96732684.19
joint ventures
Fair value of
equity
investment in
joint ventures
with public
offers
Operating
income 215441216.05 189399253.97
Financial
expenses 567837.81 -130124.06
Income tax
expense 6051624.14 6118172.66
Net profit 42220595.14 40712961.72
Net profit
from
discontinued
operations
Other
comprehensive
217 / 270Ningbo Tuopu Group Co. Ltd.
Semi-annual Report 2025
income
Total
comprehensive 42220595.14 40712961.72
income
Dividends
received from
joint ventures 35000000.00
in this year
(3). Main financial information of important associates
□Applicable √Non-applicable
(4). Summarized financial information on insignificant joint ventures and associates
□Applicable √Non-applicable
(5). Notes to significant restrictions on the ability of joint ventures or associates to transfer funds to
the Company
□Applicable √Non-applicable
(6). Excess losses suffered by joint ventures or associates
□Applicable √Non-applicable
(7). Unconfirmed commitments related to joint venture investment
□Applicable √Non-applicable
(8). Contingent liabilities related to investment in joint ventures or associates
□Applicable √Non-applicable
4. Important joint operations
□Applicable √Non-applicable
5. Equity in structured entities not included in the scope of consolidated financial statements
Notes to structured entities not included in the scope of the consolidated financial statements:
□Applicable √Non-applicable
6. Others
□Applicable √Non-applicable
XI. Government subsidies
1. Government grants recognized at the end of the reporting period based on amounts receivable
□Applicable √Not applicable
Reasons for failing to receive government grants in the estimated amount at the estimated point in time
□Applicable √Not applicable
218 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
2. Liability items involving government grants
√Applicable □Not applicable
Unit: Yuan Currency: RMB
Amount Other
Financial Amount of new
included in Transferred to other changes
statement items Opening balance grants during the
non-operating
income income during the during Closing balance
Asset/income
period period the relatedduring the
period period
Automobile
composite fiber 41666.79 41666.79 Asset-related
production project
Production and
application
technology
transformation
project of 875000.00 437500.00 437500.00 Asset-related
lightweight
materials for
vehicles
Technological
transformation
project of
high-performance 3961045.13 330087.09 3630958.04 Asset-related
Vibration Control
system
Production line
transformation
project of 551238.00 275619.00 275619.00 Asset-related
high-performance
Vibration Control
219 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
system for cars
Digital workshop
project with an
annual capacity of
120000 sets of 2431737.92 202644.83 2229093.09 Asset-related
intelligent brake
systems
Machine
substitution for
human project
with an annual
capacity of 354000.00 236000.00 118000.00 Asset-related
700000 sets of
Vibration Control
products
Technological
transformation
project of
high-performance 3565044.39 445630.54 3119413.85 Asset-related
Vibration Control
system for
automobiles
Technological
Transformation
Project of
Automobile 3615900.20 407733.24 3208166.96 Asset-related
Interior and
Exterior Trim
Parts
Technological
Transformation
Project of
Automobile 3661025.78 457628.22 3203397.56 Asset-related
Lightweight Parts
Production Line
Technological 7239055.97 540962.07 6698093.90 Asset-related
220 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
Improvement
Project for
Automobile
Lightweight
Chassis
Components
Technological
transformation
project of
automobile 92954.04 54081.08 38872.96 Asset-related
lightweight
chassis system
production line
Technological
Transformation
Project of
Automobile 2956273.75 437687.57 2518586.18 Asset-related
Lightweight
Control Arms
Technological
transformation
project of 4541105.95 332090.58 4209015.37 Asset-related
lightweight auto
parts
Tuopu Intelligent
Automotive
Electronics 20281171.21 692857.13 19588314.08 Asset-related
Industrial Park
Project
Digitalization
Workshop Project
of Thermal
Management 14358974.37 1025641.03 13333333.34 Asset-related
System for New
Energy Vehicles
with Annual
221 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
Capacity of
250000 Sets
Technology
Transformation
Project for New 12004183.55 795166.89 11209016.66 Asset-related
Energy Vehicle
Chassis Key Parts
New Energy
Vehicle
Intelligent Brake
System 6014507.92 209325.78 5805182.14 Asset-related
Digitalization
Workshop
Technical
Renovation
Project for Key
Components of 14896908.49 911058.80 13985849.69 Asset-related
Line Control
Chassis for New
Energy Vehicles
Investment
project for
upgrading the
transformation of 4954128.44 275229.36 4678899.08 Asset-related
the automotive
industry towards
new energy
Technological
transformation
project for the
production line of
automotive 4790289.23 500000.10 4290289.13 Asset-related
lightweight alloy
parts with an
annual capacity of
300000 sets
222 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
Technological
Transformation
Project of
Automobile 3342312.60 278215.02 3064097.58 Asset-related
High-Performance
Vibration Control
System
Land leveling 7159236.58 77291.16 7081945.42 Asset-related
subsidies
Automotive Parts
Production and
Industrial 62166861.65 2250000.00 59916861.65 Asset-related
Automation
Project
Automobile
Lightweight
Steering System
Technological 14430399.89 1119455.04 13310944.85 Asset-related
Transformation
Project
2022 Automobile
Chassis Vibration
Control System
Technological 15929166.58 1000000.02 14929166.56 Asset-related
Transformation
Project
Automobile High
Performance
Shock Absorption
System
Production 4279166.60 331733.34 3947433.26 Asset-related
Project with an
Annual Capacity
of 2 Million Sets
223 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
Technological
Transformation
Project for
Automotive NVH 1901990.74 8388.78 1893601.96 Asset-related
Interior Trim
Parts
Technological
Transformation
Project for
Automotive 4279166.61 331733.35 3947433.26 Asset-related
Lightweight
Components
Automotive
Lightweight
Components
Technological
Transformation 4279166.61 331733.35 3947433.26 Asset-related
Project with an
Annual Capacity
of 3 million sets
District-level
Technological
Transformation
Project for New 1483333.23 100000.02 1383333.21 Asset-related
Energy Vehicle
Front and Rear
Axle Assembly
District-level
Technological
Transformation
Project for 1483333.25 100000.02 1383333.23 Asset-related
Lightweight
Steering System
District-level
Technological 1483333.23 100000.02 1383333.21 Asset-related
Transformation
224 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
Subsidies for
Automobile
Chassis Vibration
Control System
Technological
Transformation
Project for New
Energy Vehicle 13666666.55 1000000.02 12666666.53 Asset-related
Front and Rear
Axle Assembly
2023
Technological
Transformation
Subsidies for 3366666.72 199999.98 3166666.74 Asset-related
Automotive
Control Arm
Project
2023 lightweight
subframe
digitalization 4420000.00 255000.00 4165000.00 Asset-related
workshop
2024 New Energy
Vehicle Chassis
Structural
Component 3966666.67 199999.96 3766666.71 Asset-related
Technical
Renovation
Project
Hunan Xiangtan
Automotive Parts
Industry Base 13814208.72 3000000.00 441508.51 16372700.21 Asset-related
Project
Tuopu New
Energy Vehicle
Lightweight 51840000.00 2880000.00 48960000.00 Asset-related
Chassis System
225 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
and Interior
Soundproofing
Component
System
Production Base
Project
Digital workshop
for lightweight
chassis system of
new energy 4802500.00 255000.00 4547500.00 Asset-related
passenger
vehicles
Reward for
updating and
renovating 900000.04 49999.98 850000.06 Asset-related
domestic
equipment
Tuopu Chassis
Automotive Parts
Industry Base 15069067.85 164689.26 14904378.59 Asset-related
Project
Technical
renovation project
for the production
line of 100000
sets of lightweight 3125051.78 1850000.00 242550.83 4732500.96 Asset-related
chassis systems
for automobiles
per year
Technological
Transformation
Project for
Automotive 278947.36 15789.48 263157.88 Asset-related
Interior
Functional
Component
226 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
Production line
with an Annual
Capacity of
160000 sets
Technological
Transformation
Project for New
Energy Vehicle
Chassis
Component 3237400.00 1890000.00 242550.83 4884849.18 Asset-related
Production Line
with an Annual
Capacity 150000
sets
Annual
production of
300000 sets of
related 322332.56 39407.41 282925.15 Asset-related
automotive parts
production line
project
Automobile
Chassis
Components
Project with an 4094770.05 51614.75 4043155.30 Asset-related
Annual Capacity
of 500000 sets
Production Line
Project for
Passenger Car
Chassis
Suspension 1072751.68 190097.41 882654.27 Asset-related
Related Parts with
an Annual
Capacity of
500000 sets
227 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
Technological
transformation
project for
automobile
suspension 1927626.44 206000.88 1721625.56 Asset-related
chassis production
line with an
annual capacity of
500000 sets
Technological
transformation
project for
automobile front
and rear axle 31159.00 31159.00 0.00 Asset-related
production line
with an annual
capacity of
200000 sets
Technological
transformation
project for
automobile
suspension 529332.57 144593.86 384738.71 Asset-related
chassis production
line with an
annual capacity of
300000 sets
Pinghu Topu
Automotive Parts
Production 9550200.00 217050.00 9333150.00 Asset-related
Project
Annual
production of
300000 sets of 331781.38 55296.90 276484.48 Asset-related
automotive
interior parts
228 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
relocation project
Annual
production of
350000 sets of
lightweight 3942816.67 622591.67 3320225.00 Asset-related
suspension system
technological
renovation project
Annual
production of
200000 sets of
new energy
vehicle battery 5273333.33 163333.33 5110000.00 Asset-related
bracket
technology
renovation project
Automobile
Fabric Production 1554678.93 266516.39 1288162.54 Asset-related
Line Project
Intelligent Factory
Construction
Project for
Automobile
Interior Trim 265833.31 55000.00 210833.31 Asset-related
Parts with an
annual capacity of
2 million sets
Technological
transformation
project for Auto
Roof and Carpet
Assembly Series 330000.00 82500.00 247500.00 Asset-related
Interior Trim
Parts with an
annual capacity of
1.6 million sets
229 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
Liudong New
Area Auto Parts
Production 1025395.26 42139.58 983255.68 Asset-related
Project
Factory Outdoor
Supporting
Engineering 4914843.70 196523.28 4718320.42 Asset-related
Project
Shenyang Tuopu
Auto Parts Base 194444.39 194444.39 Asset-related
Project
Subsidies for the
Second Batch of
Intelligent
Manufacturing
Projects in Beilun
District in 2023 5113254.98 53355.72 5059899.26 Asset-related
by Beilun District
Economy and
Information
Bureau
BYD National
Project Subsidy 5625000.00 725806.67 4899193.33 Asset-related
Qianwan New
Area 2024
Manufacturing
New Technology 7760000.00 323333.35 7436666.65 Asset-related
Transformation
Award
Tuopu Anhui land
subsidies 15655592.07 163932.90 15491659.17 Asset-related
Wuhu Topu R&D
Equipment 1273117.30 4088.32 1269028.98 Asset-related
Subsidy
Total 408021000.71 21398117.30 24218590.48 405200527.53
230 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
3. Government grants recognized in profit or loss for the period
√Applicable □Not applicable
Unit: Yuan Currency: RMB
Type Amount in current period Amount in prior period
Asset related 24218590.48 19466996.68
Income related 122717210.17 153534333.93
Total 146935800.65 173001330.61
Other notes:
Government subsidies related to assets:
Unit: Yuan Currency: RMB
Amount of Include in current
Items reported on the balance sheet government profit and loss or Asset-related/
subsidies offset related cost Income-relatedand expense losses
Amount Amount
in the in the
current previous
period period
Automobile composite fiber production
project 1000000.00 41666.7 49999.98 Asset-related9
Production and application technology
transformation project of lightweight 7000000.00 437500. 437500. Asset-related
materials for vehicles 00 02
Technological transformation project of
high-performance Vibration Control 5910700.00 330087. 330087.system 09 06
Asset-related
Production line transformation project of
high-performance Vibration Control 4409904.00 275619.00 275619. Asset-relatedsystem for cars 00
Digital workshop project with an annual
capacity of 120000 sets of intelligent 4041000.00 202644. 202644. Asset-related
brake systems 83 84
Machine substitution for human project
with an annual capacity of 700000 sets of 4720000.00 236000. 235999. Asset-related
Vibration Control products 00 98
Technological transformation project of
high-performance Vibration Control 8250992.00 445630. 445630. Asset-related
system for automobiles 54 56
Technological Transformation Project of
Automobile Interior and Exterior Trim 7794112.00 407733.24 407733. Asset-relatedParts 24
Technological Transformation Project of
Automobile Lightweight Parts Production 8443472.00 457628. 457628.16 Asset-relatedLine 22
Technological Improvement Project for
Automobile Lightweight Chassis 10458600.00 540962. 540962. Asset-related
Components 07 04
231 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
Technological transformation project of
automobile lightweight chassis system 1000500.00 54081.0 54081.0 Asset-related
production line 8 6
Technical transformation of lightweight
control arm for automobiles 8085312.00
437687.437687.
57 58 Asset-related
Lightweight Automotive Component
Technology Transformation Project 6125420.00
332090.332090.
58 58 Asset-related
Tuopu Intelligent Automotive Electronics
Industrial Park Project 27000000.00 692857. 692857.14 Asset-related13
Digitalization Workshop Project of
Thermal Management System for New 102564
Energy Vehicles with Annual Capacity of 20000000.00 102564 1.02 Asset-related
250000 Sets 1.03
Technology Transformation Project for
New Energy Vehicle Chassis Key Parts 15161900.00 795166. 795166.92 Asset-related89
New Energy Vehicle Intelligent Brake
System Digitalization Workshop 6489100.00 209325.78 209325. Asset-related78
New Energy Vehicle Electronic Chassis
Critical Components Technological 17936000.00 911058. 911058. Asset-related
Transformation Project 80 84
Investment project for upgrading the
transformation of the automotive industry 5000000.00 275229.36 - Asset-relatedtowards new energy
Technological transformation project for
the production line of automotive 500000.lightweight alloy parts with an annual 10000000.00 10 500000. Asset-related
capacity of 300000 sets 10
Technological Transformation Project of
Automobile High-Performance Vibration 5713900.00 278215. 286603.80 Asset-relatedControl System 02
Land leveling subsidies
7729116.00 77291.16 77291.1 Asset-related6
Automotive Parts Production and
Industrial Automation Project 90000000.00 2250000.00 225000 Asset-related0.00
Automobile Lightweight Steering System
Technological Transformation Project 19904000.00 111945 995200.02 Asset-related5.04
2022 Automobile Chassis Vibration
Control System Technological 20000000.00 100000 956250.Transformation Project 0.02 02
Asset-related
Automobile High Performance Shock
Absorption System Production Project 6500000.00 331733. 325000.01 Asset-relatedwith an Annual Capacity of 2 Million Sets 34
Technological Transformation Project for
Automotive NVH Interior Trim Parts 2889100.00
346524.
8388.78 44 Asset-related
Technological Transformation Project for
Automotive Lightweight Components 6500000.00 331733. 325000.01 Asset-related35
Automotive Lightweight Components
Technological Transformation Project 6500000.00 331733. 325000.01 Asset-relatedwith an Annual Capacity of 3 million sets 35
232 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
District-level Technological
Transformation Project for New Energy 2000000.00 100000. 100000. Asset-related
Vehicle Front and Rear Axle Assembly 02 02
District-level Technological
Transformation Project for Lightweight 2000000.00 100000.02 100000. Asset-relatedSteering System 02
District-level Technological
Transformation Subsidies for Automobile 2000000.00 100000. 100000. Asset-related
Chassis Vibration Control System 02 02
Technological Transformation Project for
New Energy Vehicle Front and Rear Axle 20000000.00 1000000.02 100000 Asset-relatedAssembly 0.02
2023 Technological Transformation
Subsidies for Automotive Control Arm 4000000.00 199999. 116666.Project 98 66
Asset-related
2023 lightweight subframe digitalization
workshop 5100000.00 255000. 85000.00 Asset-related00
2024 New Energy Vehicle Chassis
Structural Component Technical 4000000.00 199999. - Asset-related
Renovation Project 96
Hunan Xiangtan Auto Parts Industrial
Base Project 15500279.00 441508. 405063.95 Asset-related51
Tuopu New Energy Vehicle Lightweight
Chassis System and Interior
Soundproofing Component System 57600000.00 288000 - Asset-related
Production Base Project 0.00
Digital workshop for lightweight chassis
system of new energy passenger vehicles 5100000.00 255000. 42500.0 Asset-related
000
Reward for updating and renovating
domestic equipment 1000000.00 49999.9 49999.9 Asset-related
88
Tuopu Chassis Auto Parts Industrial Base
Project 16000000.00 164689.26 164689. Asset-related26
Technological Transformation Project for
Lightweight Automobile Chassis System 299334.Production Line with an Annual Capacity 4386700.00 242550. Asset-related
of 100000 Sets 82
98
Technical renovation project for the
production line of 160000 sets of
automotive interior functional 300000.00 15789.4 - Asset-related
components per year 8
Technical renovation project for the
production line of 150000 sets of new
energy vehicle chassis components per 3492000.00 242550. 5263.16 Asset-related
year 83
Related Auto Parts Production Line
Project with an Annual Capacity of 1110000.00 39407.4 43399.14 Asset-related300000 sets 1
Automobile Chassis Components Project
with an Annual Capacity of 500000 sets 5032438.00 51614.75 51614.7 Asset-related5
Production Line Project for Passenger Car 2539990.00 163026. Asset-related
233 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
Chassis Suspension Related Parts with an 190097. 48
Annual Capacity of 500000 sets 41
Technological transformation project for
automobile suspension chassis production 3541300.00 206000.line with an annual capacity of 500000 88 206000. Asset-related
sets 88
Technological transformation project for
automobile front and rear axle production 179516.line with an annual capacity of 200000 3056045.00 31159.0 48 Asset-related
sets 0
Technological transformation project for
automobile suspension chassis production
line with an annual capacity of 300000 2582045.00 144593.
144593.
61 Asset-related
sets 86
Pinghu Topu Automotive Parts
Production Project 14470000.00 217050. 397925. Asset-related
0000
Annual production of 300000 sets of
automotive interior parts relocation 965300.00 55296.9 55302.9 Asset-related
project 0 0
Annual production of 350000 sets of
lightweight suspension system 5188000.00 622591. 259400. Asset-related
technological renovation project 67 00
Annual production of 200000 sets of new
energy vehicle battery bracket technology 5600000.00 163333. 280000. Asset-related
renovation project 33 00
Automobile Fabric Production Line
Project 4104000.00 266516.39 266516. Asset-related39
Intelligent Factory Construction Project
for Automobile Interior Trim Parts with 1100000.00 55000.00 55000.0 Asset-relatedan annual capacity of 2 million sets 0
Technological transformation project for
Auto Roof and Carpet Assembly Series 82500.0
Interior Trim Parts with an annual 1650000.00 0 82500.0 Asset-related
capacity of 1.6 million sets 0
Liudong New Area Auto Parts Production
Project 1510000.00 42139.58 42139.5 Asset-related8
Factory Outdoor Supporting Engineering
Project 7000011.00 196523. 165532.
2834
Asset-related
Shenyang Tuopu Auto Parts Base Project 2000000.00 - 194444.39 Asset-related
Subsidies for the Second Batch of
Intelligent Manufacturing Projects in
Beilun District in 2023 by Beilun District 5300000.00
53355.7
2 53355.7 Asset-related
Economy and Information Bureau 2
BYD National Project Subsidy
5625000.00 725806. - Asset-related
67
Qianwan New Area 2024 Manufacturing
New Technology Transformation Award 7760000.00 323333. - Asset-related
35
Tuopu Anhui Land Subsidy Fund 6000000.00 129627.163932. 58 Asset-related
234 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
90
Wuhu Topu R&D Equipment Subsidy 1273117.30 4088.32 - Asset-related
Grants related to income
Unit: Yuan Currency: RMB
Reported items included
in current profit and loss Amount of Amount included in Related to
or offset against related government current profit and loss assets/earnings
cost and expense losses subsidies
Subsidies for Leading
Enterprises 5000000.00 5000000.00 Income-related
Subsidies for Fortune 500
Companies 2000000.00 2000000.00 Income-related
Tax Incentives and
Rebates 75460000.00 75460000.00 Income-related
New Energy Vehicle
Development Grants 2000000.00 2000000.00 Income-related
High-Quality
Development Funds 820000.00 820000.00 Income-related
Foreign Investment
Attraction Awards 2530000.00 2530000.00 Income-related
Enterprise R&D
Expenditure Subsidies 4833400.00 4833400.00 Income-related
Vehicle Purchase
Subsidies 637500.00 637500.00 Income-related
Employee Rental Housing
Allowances 17991234.00 17991234.00 Income-related
Government Incentives
and Grants 968003.39 968003.39 Income-related
Social Security Subsidies 9544.74 9544.74 Income-related
Industrial Special Funds 3300000.00 3300000.00 Income-related
Job Retention Allowances 74984.18 74984.18 Income-related
One-Time Job Expansion
Grants 11654.86 11654.86 Income-related
High-Tech Enterprise
Subsidies 20000.00 20000.00 Income-related
Green Factory Grants 250000.00 250000.00 Income-related
Ningbo Qianwan New
Zone Support Funds 2155704.00 2155704.00 Income-related
Industrial Integration
Project Grants 243200.00 243200.00 Income-related
Provincial Industrial
Development Funds 2640000.00 2640000.00 Income-related
Talent Recruitment
Subsidies 20000.00 20000.00 Income-related
Technology Innovation
Grants 78000.00 78000.00 Income-related
Production Value Target
Incentives 670000.00 670000.00 Income-related
Energy Conservation
Subsidies 6000.00 6000.00 Income-related
Major Industrial Project
Grants 882885.00 882885.00 Income-related
Science and Technology
Development Funds 115100.00 115100.00 Income-related
235 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
Total 122717210.17 122717210.17
XII. Risks related to financial instruments
1. Risk of financial instruments
√Applicable □Non-applicable
The Company faces various financial risks in the course of its operations: credit risk liquidity risk
and market risk (including exchange rate risk interest rate risk and other price risks). The said financial
risks and the risk management policies adopted by the Company to reduce these risks are described
below:
The Board of Directors is responsible for planning and establishing the risk management structure
applicable to the Company laying down the risk management policies and guidelines and supervising
the implementation of risk management measures. The Company has laid down some risk management
policies to identify and analyze the risks exposed to it. These risk management policies clearly identify
specific risks ranging from market risk credit risk to liquidity risk management. The Company assesses
the market environment and changes in its business activities at regular intervals in order to decide
whether to update the risk management policy and system or not. Its risk management is carried out by
the Risk Management Committee in accordance with the policies approved by the Board of Directors.Risk Management Committee will identify evaluate and avoid related risks by maintaining a close
cooperation with other business units within the Company. The internal audit division conducts regular
audits on risk management control and procedures and reports the audit results to the Auditing
Committee of the Company.The Company carries out the diversification of risks in financial instruments through appropriate
diversified investment and business portfolios and prepares appropriate risk management policies to
reduce the risk concentrated in a single industry specific region or specific counterparty.
1. Credit risk
Credit risk refers to the risk of the company's financial losses due to the failure of the counterparty
to perform its contractual obligations.The credit risk exposed to the Company mainly arises from monetary funds notes receivable
accounts receivable accounts receivable financing other receivables as well as those debt instrument
investments and derivative financial assets that are not included in the scope of impairment assessment
and are measured at fair value and whose changes are included in the current profit and loss. On the
balance sheet date the book value of the Company's financial assets has represented its maximum credit
risk exposure.The monetary funds owned by the Company are mainly bank deposits deposited in well-reputated
state-owned banks with high credit ratings and other large and medium-sized listed banks. In the opinion
of the Company there is no significant credit risk and there will be almost no critical loss caused by
bank defaults.The Company lays down relevant policies to control credit risk exposure in respect of notes
receivable accounts receivable financing receivables and other receivables. The Company assesses the
credit profile of each customer and defines the credit term based on its financial standing the possibility
of obtaining guarantees from a third party credit record and other factors such as current market
condition. The Company will monitor the credit record of each customer at regular intervals. For those
found with poor credit record the Company will maintain its overall credit risk to the extent controllable
by written demand shortening or cancellation of credit term.
2. Liquidity risk
Liquidity risk refers to the risk of a shortage of funds when an enterprise fulfills its obligation of
settlement by cash or other financial assets.The Company's policy is to ensure that there is sufficient cash to repay the liabilities due. The
liquidity risk is under the concentrated control of the Company's Financial Department. Through
monitoring the balance of cash and securities cashable at any time and rolling forecasting the cash flow
in the next twelve months the Financial Department ensures that the Company has sufficient funds to
repay its debts under all reasonable predictions. And it will continue to monitor whether the Company
236 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
complies with the provisions of the borrowing agreement and obtains commitments from major financial
institutions to provide sufficient reserve funds to meet its funding needs whether short term or long
term.
3. Market risk
The market risk of financial instruments refers to the risk of fluctuation at fair value of financial
instruments or future cash flows with the change of market prices including exchange rate risk interest
rate risk and other price risks.
(1) Interest rate risk
The interest rate risk refers to the risk in which the fair value or future cash flow of financial
instruments changes due to the change of market interest rate.Interest-bearing financial instruments applicable to fixed interest rates and floating interest rates
bring the Company up to fair value interest rate risk and cash flow interest rate risk respectively. The
Company ascertains the ratio of fixed interest rates to floating interest rate instruments based on the
market environment and maintains an appropriate portfolio of fixed and floating interest rate
instruments at regular intervals. If necessary the Company will adopt interest rate swap instruments to
hedge interest rate risk.On June 30 2025 if other variables remain the same the borrowing interest rate calculated by
floating interest rate rises or falls by 100 base points the Company's net profit will decrease or increase
by RMB 25242324.33. In the opinion of the management100 base points can reasonably reflect the
reasonable range of possible changes in interest rates in the second half of the year.
(2) Exchange rate risk
Exchange rate risk refers to the risk that the fair value of financial instruments or future cash flows
will fluctuate due to changes in foreign exchange rates.The Company will try its best to match the revenues with the expenses in foreign currency to lower
the exchange rate risk. In addition the Company may also sign forward foreign exchange contracts or
currency swap contracts to avoid exchange rate risks. In the current period and the previous period the
company did not sign any forward foreign exchange contracts or currency swap contracts.The exchange rate risk faced with by the Company is mainly from financial assets and liabilities in
USD. The amounts of assets and liabilities in foreign currencies and converted into RMB are presented
as below:
As of June 30 2025 assuming all other variables remain constant a 5% appreciation or
depreciation of the Renminbi against foreign currencies (the Company’s foreign currencies primarily
include the US Dollar Euro Canadian Dollar Hong Kong Dollar Brazilian Real Malaysian Ringgit
Swedish Krona Polish Zloty among others) would increase or decrease the Company’s total profit by
RMB 70909832.24 (December 31 2024: RMB 87267973.48). Management considers 5% to be a
reasonable range reflecting the potential fluctuation of the Renminbi against the aforementioned foreign
currencies in the next year.Balance at the end of the period Balance at the End of Last Year
Item Other foreign Other foreign
US dollars Total US dollars Total
currencies currencies
Monetary 709689993.43 609323974.93 1319013968.36 151034970.51 731494352.01 882529322.52
funds
Accounts 748230340.48 471705147.75 1219935488.23 530023415.72 477340749.18 1007364164.90
receivable
Other 18732888.27 24414839.23 43147727.5 26340419.76 27951493.81 54291913.57
Receivables
237 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
Balance at the end of the period Balance at the End of Last Year
Item Other foreign Other foreign
US dollars Total US dollars Total
currencies currencies
Accounts 57333111.72 100068432.11 157401543.83 78335295.35 119741542.45 198076837.80
payable
Other 1123465.74 5567464.61 6690930.35 195563.37 553530.15 749093.52
Payables
(3) Other price risks
Other price risk refers to the risk that the fair value or future cash flow of financial instruments
will fluctuate due to changes in market prices other than exchange rate risk and interest rate risk.Other price risks exposed to the Company mainly arise from investments in various equity
instruments and there is a risk of changes in the price of equity instruments.
2. Hedging
(1) The company conducts hedging business for risk management
□Applicable √Not applicable
Other notes
□Applicable √Not applicable
(2) The Company conducts eligible hedging operations and applies hedge accounting
□Applicable √Not applicable
Other notes
□Applicable √Not applicable
(3) The company conducts hedging business for risk management and expects to achieve the risk
management objectives but does not apply hedge accounting.□Applicable √Not applicable
Other notes
□Applicable √Not applicable
3. Transfer of financial assets
(1) Classification of transfer methods
√Applicable □Not applicable
Unit: Yuan Currency: RMB
Mode of transfer Nature of financial
Amount of
financial assets Derecognition of Judgment basis forassets transferred transferred financial assets derecognition
Endorsement Outstanding bank 566332157.99 Derecognition Since the credit
238 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
acceptance notes risk and deferred
in receivables payment risk of
financing bankers'
acceptances in
receivables
financing are
small and the
interest rate risk
related to the notes
has been
transferred to the
bank it can be
judged that the
major risks and
rewards of title of
the notes have
been transferred
so they are
derecognized.Total / 566332157.99 / /
(2) Financial assets derecognized due to transfer
√Applicable □Not applicable
Unit: Yuan Currency: RMB
Item Mode of transfer of Amount of financial Gain or loss related tofinancial assets assets derecognized derecognition
Receivables financing Endorsement 566332157.99
Total / 566332157.99
(3) Transferred financial assets with continuing involvement
□Applicable √Not applicable
Othe notes
□Applicable √Not applicable
XIII. Disclosure of Fair Values
1. Fair values of the assets and liabilities at the end of the period
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Fair value at the end of the period
Fair value
Item measurement Fair value Fair value
at the measurement at the measurement at Total
first-level second-level the third-level
I. Constant
measurement
at fair
value
(I) Trading 900000000.00 900000000.00
239 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
Financial
Assets
1. Financial
assets at fair
value through 900000000.00 900000000.00
profit or loss in
this period
(1)
Investment in
debt
instruments
(2)
Investment in
equity
instrument
(3)Derivative
Financial
Assets
(4) Other 900000000.00 900000000.00
2. Designated
financial assets
that are
measured at
fair value and
whose changes
are included in
the current
profit and loss
(1)
Investment in
debt
instruments
(2)
Investment in
equity
instrument
(II) Other debt
investments
(III) Other
equity
instrument
investments
(IV)
Investment real
estate
1. Land use
rights for rental
purposes
2. Rental
buildings
3. Land use
rights held and
prepared for
transfer after
appreciation
(V) Biological
240 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
assets
1. Consumable
biological
assets
2. Productive
biological
assets
(VI) Accounts 3200282638.83 3200282638.83
receivable
financing
Total amount
of assets
constantly
measured at 4100282638.83 4100282638.83
their fair
values
(VII) Trading
financial
liabilities
1. Financial
liabilities
measured at
fair value with
changes
recognized in
current profit
or loss
Among them:
Issued trading
bonds
Derivative
financial
liabilities
Others
2. Designated
as financial
liabilities
measured at
fair value with
changes
recognized in
current profit
or loss
Total amount
of liabilities
constantly
measured at
their fair
values
II.Non-constant
measurement
at fair
value
241 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
(1)Holding
assets for sale
Total amount
of assets
non-constantly
measured at
their fair
values
Total amount
of liabilities
non-constantly
measured at
their fair
values
2. Determination basis for the market price of continuous and non-continuous first-level fair value
measurement projects
□Applicable √Non-applicable
3. Qualitative and quantitative information on the valuation techniques used and important
parameters for continuous and non-continuous second-level fair value measurement items
□Applicable √Non-applicable
4. Continuous and non-sustainable third-level fair value measurement projects qualitative and
quantitative information on valuation techniques and important parameters used
√Applicable □Non-applicable
1. For bank financial products included in trading financial assets the Company uses the expected
rate of return to forecast future cash flows the unobservable estimate is the expected rate of return and
the fair value is determined at the end of the period based on the amount that is expected to be recovered
with a high probability.
2. For receivables financing the Company determines the fair value of the promissory notes at the
end of the period based on the face amount considering the small difference between the face amount
and the fair value.
5. Continuous third-level fair value measurement items adjustment information between the book
value at the beginning of the period and that at the end of the period and sensitivity analysis of
unobservable parameters
□Applicable √Non-applicable
6. Continuous fair value measurement items if there is a conversion between levels occurred in the
current period the reasons for the conversion and the policies for determining the time point of
the conversion
□Applicable √Non-applicable
7. Changes in valuation technique in the current period and reasons for the changes
□Applicable √Non-applicable
8. The fair value of financial assets and financial liabilities not measured at fair value
√Applicable □Non-applicable
The Company's financial assets and financial liabilities that are measured at amortized cost consist
mainly of cash funds notes receivable accounts receivable other receivables short-term borrowings
notes payable accounts payable other payables non-current liabilities due within one year long-term
borrowings and bonds payable.
242 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
The differences between the carrying amounts and fair values of the Company's financial assets and
liabilities not measured at fair value were minimal and are not disclosed in detail.
9. Others
□Applicable √Non-applicable
XIV.Related Parties and Related-party Transactions
1. The parent company
□Applicable □Non-applicable
Unit： Yuan Currency： HKD
Percentage of Percentage of the
Name of parent Nature of Registered the Company’s
company Registered business capital shares held by
Company’s voting
address the parent rights held by the
company parent 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. Subsidiaries of the Company
More details of the subsidiaries of the Company are available in the notes.√Applicable □Non-applicable
Details about the subsidiaries of the Company are available in the note "X. Interests in other
entities"
3. Joint ventures and associates of the Company
The important joint ventures or associates of the company are detailed in the Notes
□√Applicable √Non-applicable
The situation of other joint ventures or associates that have related party transactions with the company
during the current period or the balance of the related party transactions with the Company in the
previous period is listed as follows.□Applicable √Non-applicable
4. Other Related Parties
√Applicable □Non-applicable
Name of Other Related Party Relationship between Other Related Party and the
Company
Ninghai Jinxin Packaging Co. Ltd. A company controlled by the young sister of the actualcontroller of the Company
Ninghai Zhonghao Plastic Products Co. An officer’s brother-in-law holds 40% of the shares and
Ltd. serves as an executive director of the company
Ninghai Xidian Qingqing Plastic Factory A company controlled by the elder sister andbrother-in-law of the officer of the Company
Ningbo Gloyel Intelligent Technology Co. Other company controlled by the actual controller of the
Ltd. Company
Ningbo Gloyel Motor Technology Co. Ltd. Other company controlled by the actual controller of theCompany
243 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
Gloyel Electric (Ningbo) Co. Ltd. Other company controlled by the actual controller of theCompany
Ningbo Gloyel New Energy Co. Ltd. Other company controlled by the actual controller of theCompany
5. Related party transactions
(1). Related-party transactions of purchase and sale of goods rendering and acceptance of labor
services
List of purchase of goods/acceptance of labor services
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Whether
Approved the
Related Related-party Amount incurred in transaction transactionlimit is Amount incurred inparty transaction the current period limit (if exceeded previous periodapplicable) (if
applicable)
Ninghai
Jinxin
Packaging Material 7096697.41 20000000.00 No 8777651.51
Co. Ltd.Ninghai
Zhonghao
Plastic Material 11462743.07 32000000.00 No 14269194.82
Products
Co. Ltd.Ninghai
Xidian
Qingqing Material 3083334.61 8000000.00 No 2855692.11
Plastic
Factory
Ningbo
Gloyel
Intelligent Equipment 51886214.18 120000000.00 No 42077560.63
Technology
Co. Ltd.Ningbo
Gloyel Materials
Motor labor service 42777560.75 110000000.00 No 35765025.80
Technology etc
Co. Ltd.Ningbo
Gloyel Materials
New labor service 10619857.30 42000000.00 No 1593693.99
Energy Co. etc
Ltd.Tuopu
Electrical
Appliances Material 277974.00 700000.00 No 249335.05
Co. Ltd.List of sale of goods/rendering of labor services
□Applicable √Non-applicable
244 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
Unit：Yuan Currency：RMB
Related party Content of related Amount incurred in the Amount incurred intransaction current period previous period
Tuopu Electrical Material
Appliances Co. Ltd. 1733446.21 2468098.59
Ningbo Gloyel Motor Material
Technology Co. Ltd. 1306315.06 1649514.77
Ningbo Gloyel Intelligent Equipment
Technology Co. Ltd. 0.00 19578.05
Notes to related-party transactions in the purchase and sale of goods rendering and acceptance of labor
services
□Applicable √Non-applicable
(2). Related trusteeship management/contracting and entrusted management/outsourcing
List of trusteeship management/contracting of the Company:
□Applicable √Non-applicable
Related trusteeship/contracting
□Applicable √Non-applicable
List of entrusted management/outsourcing
□Applicable √Non-applicable
Related management/outsourcing
□Applicable √Non-applicable
(3). Related leases
The Company as landlord:
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Name of tenant Kind of lease assets Rental income recognized Rental income recognized inin the current period previous period
Ningbo Gloyel Houses and
Electric Motor structures
Technology Co. 99082.57 99082.57
Ltd.Ningbo Gloyel Houses and
Intelligent structures
Technology Co. 154364.35 308715.60
Ltd.
245 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
The Company as tenant:
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Current Period Amount Previous PeriodAmount
Rental
charges for Variable
short-term lease
Rental charges
Kind of payments Interest for short-term
Variable lease
Name of lease leases and not included expense on Added leases and
payments not
tenant leases of right-of- leases of included in the Interest expense Addedassets low-value in the Rent paid lease measurement of Rent paid on lease liability right-of-use
assets for measuremen liability
use low-value assets
assets for simplified the lease assumed assets
simplified t of the lease assumed processing (if liability (if
processing (if liability (if applicable) applicable)
applicable) applicable)
Gloyel
Electric Houses
(Ningbo) and 1564744.96 63633.72 1564744.96 181686.92
Co. Ltd. structures
Note to affiliated leases
□Applicable √Non-applicable
246 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
(4). Related guarantees
The Company as guarantor
√Applicable □Non-applicable
Unit：in Yuan Currency：RMB
Guaranteed party Guaranteed From Until Whether the guaranteeamount has been fulfilled
Tuopu Poland 5417.44 Refer to Note (1) Refer to Note (1) No
Tuopu Mexico 10276.00 2023-11-1 2030-10-31 No
Tuopu Mexico 26995.96 2023-11-15 2034-1-14 No
Tuopu Mexico 3967.95 2024-2-6 2029-7-15 No
Tuopu 10000.00 2025-6-1 2035-6-1 No
Components
The Company as guaranteed party
□Applicable √Non-applicable
Notes to related guarantees
√Applicable □Non-applicable
(1) For smooth conduct of business operations in Europe Tuopu Poland sp.z.o.o ("Tuopu Poland")
is a wholly-owned subsidiary established by Tuopu Group in Poland in March 2021. It leases 7R
PROJEKT 35 Sp. z.o.o.o. ("7R Project Company") customized industrial plants in Poland (including
office areas production areas and warehouses). According to business practice and actual needs the
Company provided performance bond for the said lease agreement and authorized the chairman or
authorized representative to sign the relevant guarantee. The total liability of the letter of guarantee must
not exceed 7 million euros (about RMB 5417.44 million) and the maturity period covers the entire term
of the said lease agreement and five months after its expiration or termination but no later than August 1
2029.
(2) In order to expand its business in North America TUOPU GROUP MEXICOS.de R.L. de
C.V ("Tuopu Mexico") a subsidiary of the Company has hired David Wolberg Peia Armando Arturo
González Gutiérrez a natural person and Alberto González Gutiérrez Adrián González Gutiérrez a
natural person Arturo González Gutiérrez Alberto González Gutiérrez and Adrián González Gutiérrez
natural persons (hereinafter collectively referred to as the "Lessors") and has concluded an agreement
with the legal representatives of the five aforementioned co-owners. A lease agreement has been signed
with Irma Garza Ita the legal representative of the five co-owners mentioned above. The agreement
provides for monthly rent payments beginning on November 1 2023 and ending after 84 months (i.e.October 31 2030). In view of the business practice and practical needs the Company provided
guarantee for the rent agreed in the said lease agreement and authorized the Chairman of the Board of
Directors or his authorized representative to sign the guarantee. The total liability of the guarantee will
not exceed USD14 million (approximately RMB10276 million) and the validity period of the guarantee
covers the entire validity period of the said lease agreement.
(3) In order to continue to expand its business in North America Tuopu Mexico a subsidiary of
the Company leased an industrial building located in the State of Nuevo León Mexico (hereinafter
referred to as the "Phase II Building") to BANCO ACTINVE S.A. INSTITUCIóN DE
BANCAMULTIPLE GRUPOFINANCIERO ACTINVER COMO FIDUCIARIO DELFIDEICOMISO
F/ 1401 a lessor for use as the second phase of Tuopu Mexico's plant for automotive parts. 1401 leased
its industrial building located in Nuevo Leon Mexico as the second phase of the Tuopu Mexico Plant
(hereinafter referred to as the "second phase") for the production of automotive parts and entered into a
lease agreement with it for a term commencing on November 15 2023 and ending on January 14 2034
which is expected to be completed by the end of the lease term. In view of the business practice and
practical needs Tuopu USA LLC a wholly-owned subsidiary of the Company has provided a
247 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
guarantee for the rental and related taxes agreed in the aforesaid lease agreement with the total
guarantee liability not exceeding USD 35 million (approximately RMB 248335500) and the validity
period of the guarantee will cover the entire validity period of the aforesaid lease agreement. At the same
time the Board agreed that the Company shall deliver to the Lessor a standby letter of credit issued by a
commercial bank to secure the lease of the Phase II Plant with a standby letter of credit in the amount of
USD 3047669.86 (approximately RMB 21624131.96) which is equivalent to the first year's rent of
the Phase II Plant (including relevant taxes). The total amount of the above guarantees is USD
38047669.86 (approximately RMB 269959631.96).
(4) To further expand its North American operations the Company’s subsidiary Tuopu Group
México S.A. de C.V. (hereinafter referred to as “Tuopu México”) has leased an industrial building
located 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 to serve as a trim components facility (hereinafter
referred to as the “Trim Plant”) for the production of automotive parts. A lease agreement was signed on
February 6 2024 with a lease term of five years. In light of business practices and actual requirements
the Board of Directors has approved the Company’s provision of a standby letter of credit as a guarantee
for the rental payments stipulated in the aforementioned lease agreement. The total amount of the two
standby letters of credit is USD 5582293.20 (approximately RMB 39679480.77) equivalent to 24
months of rental payments excluding tax. The contract validity period is from February 6 2024 to July
152029.
(5) Wholly-owned subsidiary Ningbo Tuopu Automotive Components Co. Ltd. is planning to
collaborate with a certain integrator. In the course of future supply to this integrator potential payment
obligations may arise (such as liquidated damages due to failure to supply on time compensation for
product quality issues etc.). In light of business practices and actual circumstances the Company has
issued a letter of guarantee for all debts formed between Ningbo Tuopu Automotive Components Co.Ltd. and the integrator during business activities conducted between June 1 2025 and June 1 2035. The
scope of guarantee coverage includes principal debt interest liquidated damages compensation for
damages costs incurred in exercising rights and remedies etc. The maximum guaranteed amount is
RMB 100 million. The guarantee period is six years commencing from the date when the performance
periods of all guaranteed obligations have expired.
(5). Borrowed funds from related parties
□Applicable √Non-applicable
(6). Asset transfer and debt restructuring of related parties
□Applicable √Non-applicable
(7). Remuneration of key management members
√Applicable □Non-applicable
Unit：in 10000 Yuan Currency：RMB
Item Amount incurred in the current Amount incurred inperiod previous period
Remuneration from key 443.38 408.87
management members
(8). Other related-party transactions
□Applicable √Non-applicable
6. Accounts receivable and payable of related parties
(1). Items of receivable
√Applicable □Non-applicable
248 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
Unit: Yuan Currency: RMB
Balance at the end of the Balance at the beginning of the
Item Related party period period
Book balance Bad debt Bad debtprovision Book balance provision
Tuopu
Accounts Electrical
receivable Appliances 1723371.69 86168.58 2273174.26 113658.71
Co. Ltd.Ningbo Gloyel
Accounts Intelligent
receivable Technology 161523.96 8076.20 174444.63 8722.23
Co. Ltd.Ningbo Gloyel
Accounts Motor
receivable Technology 1034978.65 51748.93 906409.46 45320.47
Co. Ltd
Other Ningbo Gloyel
non-current Intelligent
assets Technology
1063940.001277000.00
Co. Ltd.Other Gloyel Electric
non-current (Ningbo) Co. 0.00 504065.41
assets Ltd
(2). Items of payable
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Item Related party Book balance at the Book balance at theend of the period beginning of the period
Accounts payable Tuopu ElectricalAppliances Co. Ltd. 499938.04 586818.66
Accounts payable Ninghai Jinxin
Packaging Co. Ltd. 6901127.93 5471650.30
Accounts payable Ninghai Zhonghao
Plastic Products Co. 7514941.09 14154856.30
Ltd.Accounts payable Ninghai Xidian
Qingqing Plastic 1182215.43 2838163.42
Factory
Accounts payable Ningbo Gloyel
Intelligent 24264467.50 17444441.53
Technology Co. Ltd.Accounts payable Ningbo Gloyel Motor
Technology Co. Ltd. 21394007.88 18858697.28
Accounts payable Ningbo Gloyel New
Energy Technology 1968382.41 580627.77
Co. Ltd.Lease liabilities Gloyel Electric
(Ningbo) Co. Ltd. 5416142.06 7070413.42
249 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
(3). Other items
□Applicable √Non-applicable
7. Related party commitments
□Applicable √Non-applicable
8. Others
□Applicable √Non-applicable
XV. Share-based payment
1. Equity instruments
(1) Details
□Applicable √Not applicable
(2) Stock options or other equity instruments issued and 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 expenses for the period
□Applicable √Not applicable
5. Modification and termination of share-based payment
□Applicable √Not applicable
6. Others
□Applicable √Not applicable
XVI. Commitments and Contingencies
1. Important commitments
√Applicable □Non-applicable
Important external commitments nature and amount on the balance sheet date
(1) Our company entered into a loan agreement with The Export-Import Bank of China Ningbo
Branch on November 14 2023 for a credit facility of RMB 400000000 under the contract number
(2023) JINCHUYIN (YONG XIN HE) ZI No. 1-129. As of June 30 2025 the outstanding balance of
long-term loans under this contract was RMB 400000000. On June 13 2024 our company entered into
a loan agreement with The Export-Import Bank of China Ningbo Branch for a credit facility of RMB
380000000 under the contract number (2024) JINCHUYIN (YONG XIN HE) ZI No. 1-057. As of
June 30 2025 the outstanding balance of long-term loans under this contract was RMB 378000000.On the same day (June 13 2024) our company entered into another loan agreement with The
Export-Import Bank of China Ningbo Branch for a credit facility of RMB 120000000 under the
contract number (2024) JINCHUYIN (YONG XIN HE) ZI No. 1-058. As of June 30 2025 the
250 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
outstanding balance of long-term loans under this contract was RMB 118000000. On November 14
2024 our company entered into a loan agreement with The Export-Import Bank of China Ningbo
Branch for a credit facility of RMB 150000000 under the contract number (2024) JINCHUYIN
(YONG XIN HE) ZI No. 1-149. As of June 30 2025 the outstanding balance of long-term loans under
this contract was RMB 149500000. On the same day (November 14 2024) our company entered into
another loan agreement with The Export-Import Bank of China Ningbo Branch for a credit facility of
RMB 150000000 under the contract number (2024) JINCHUYIN (YONG XIN HE) ZI No. 1-150. As
of June 30 2025 the outstanding balance of long-term loans under this contract was RMB 149500000.On December 25 2024 our company entered into a loan agreement with The Export-Import Bank of
China Ningbo Branch for a credit facility of RMB 90000000 under the contract number (2024)
JINCHUYIN (YONG XIN HE) ZI No. 1-181. As of June 30 2025 the outstanding balance of long-term
loans under this contract was RMB 89500000. On the same day (December 25 2024) our company
entered into another loan agreement with The Export-Import Bank of China Ningbo Branch for a credit
facility of RMB 210000000 under the contract number (2024) JINCHUYIN (YONG XIN HE) ZI No.
1-182. As of June 30 2025 the outstanding balance of long-term loans under this contract was RMB
209500000. The above loans are secured by building mortgages under the guarantee contract numbers:
2021 JINCHUYIN (YONG ZUI XIN DI) ZI No. 1-018 (2022) JINCHUYIN (YONG ZUI XIN DI) ZI
No. 1-001 (2022) JINCHUYIN (YONG ZUI XIN DI) ZI No. 1-003 and (2024) JINCHUYIN (YONG
ZUI XIN DI) ZI No. 1-003. The original value of the mortgaged properties was RMB 937644764.28
with a net value of RMB 565589671.32; the original value of the mortgaged land was RMB
202898354.01 with a net value of RMB 156726627.15.
(2) The Company and Ping An Bank Ningbo Beilun Sub-branch engaged in several agreements
specifically Ping An Bank Ningbo Strategy II Division Cheng Shen Zi No. 20240816 No.006 Ping An
Bank Ningbo Cheng Shen Zi No. 20240919 No.0003 Ping An Bank Ningbo Cheng Shen Zi No.
20241021 No.0003 Ping An Bank Ningbo Cheng Shen Zi No. 20241125 No.003 Ping An Bank Ningbo
Cheng Shen Zi No. 20241219 No.0040 as well as Ping An Bank Ningbo Cheng Shen Zi No. 20241224
No.0010 applications for acceptance note. As of June 30 2025 the Company submitted a bank
acceptance deposit of RMB 17070000.00 to Ping An Bank Ningbo Beilun Sub-branch. On this basis a
payable invoice of 337252021.47 yuan was issued.
(3) The company signed a purchase contract for an EPS steering system 5-axis durability testing
machine with International Measurement Instrument Co. Ltd. on September 7 2022 with contract
number 10762022090702. On August 30 2023 our company signed a letter of credit with Ningbo Bank
in favor of KOKUSAI CO LTD for an amount of 450000 US dollars with the reference number
LC0110223A1890. As of June 30 2025 the balance of the letter of credit is 225000 US dollars. The
letter of credit stipulates that a draft of 225000 US dollars shall be issued to the beneficiary within ten
days of packing.
(4) In compliance with the U.S. Customs bonding requirements the Company entered into an
Irrevocable Bank Guarantee with Citibank on 12 September 2023. This guarantee identified as
Guarantee No. 69628907 was established in favor of AVALON RISK MANAGEMENT INSURANCE
AGENCY and is valued up to USD 2.8 million. The guarantee was revised on November 13 2024 and
the revised amount is 3.5 million US dollars. The guarantee was revised again on June 26 2025 and the
revised amount is 4.6 million US dollars. The validity period of the guarantee is extended to June 15
2026. The guarantee stipulates timely redemption upon Citibank's receipt of a remittance that meets the
terms of this letter of credit with a redemption amount not exceeding 4.6 million US dollars.
(5) Tuopu Automotive Electronics and Ping An Bank Ningbo Branch have signed the
"Application for Acceptance Bill" with the reference number Pingyin Ningbo Chengshen Zi 20241121
No. 0016 and Pingyin Ningbo Chengshen Zi 20241223 No. 005. As of June 30 2025 our company has
paid a bank acceptance guarantee deposit of 3550000.00 yuan to the bank and on this basis issued
70221750.00 yuan of payable bills.
(6) Skateboard Chassis signed a construction contract with Ningbo Zhongqin Construction
Engineering Co. Ltd. for the construction contract for civil general contracting works for the project with
an annual production capacity of 1.6 million sets of lightweight chassis systems under the contract
number G1012024032202. The company also entered into a Payment Guarantee with Bank of China
Limited Ningbo Branch on April 3 2024 in favor of Zhengjiang Zhongqin Construction Co. LTD. The
guarantee amount is not exceeding RMB 2.6386 million with Guarantee No. GC1900324000216. The
validity period is from the date of issuance of the guarantee letter to 28 days after the contract amount as
stipulated in the main contract is fully paid. If Skateboard Chassis fails to pay the contract sum the bank
251 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
will pay on their behalf within the guaranteed amount. Skateboard Chassis has already paid the
guarantee deposit of 2.6386 million to Bank of China Limited Ningbo Branch generating an additional
interest income of 4279.44 yuan.
(7) Topu Parts has signed a cooperation agreement for bill pool business with Industrial Bank of
China Ningbo Branch with the serial number of Xingyin Yong Bill Pool Service Zi No. Haishu 220006
and the highest amount pledge contract with the serial number of Xingyin Yong Zhi (Gao) Zi No.Haishu 220007. As of June 30 2025 there are still pledged bank acceptance bills of 1994988888.15
yuan and on this basis payable bills of 178136840.59 yuan have been issued.
(8) Tuopu Automobile Parts has signed a bill pool business cooperation and bill pledge agreement
with Beilun Branch of Ningbo Bank Co. Ltd. with the number 05101PC20188002. On November 7
2018 a supplementary agreement to the bill pool business cooperation and bill pledge agreement with
the number 05101PC20188002 was signed. As of June 30 2025 there are still pledged bank acceptance
bills of 186425378.08 yuan and on this basis payable bills of 161506255.75 yuan have been issued.
(9) Tuopu Automobile Parts has signed a cooperation agreement for bill pool business with China
CITIC Bank Co. Ltd. Ningbo Branch with the number 20240109001 for the Free Trade Asset Pool and
a bill pledge contract with the number 20240109001 for the highest amount of pledged bills sold in
Ningbo. As of June 30 2025 there are still pledged bank acceptance bills of 902981813.43 yuan and a
bank acceptance bill deposit of 428715442.98 yuan has been paid to the bank. On this basis payable
bills of 1101903904.36 yuan have been issued.
(10) Tuopu Automobile Parts has signed the Bill Pool Business Cooperation Agreement (No.
33100000 ZSBank Bill Pool 2017-01470) the Asset Pool Business Cooperation Agreement (No.
33100000 ZSBank Asset Pool 2017-01470) and the Asset Pool Pledge Guarantee Contract (No.
33100000 ZSBank Asset Pool 2017-01471) with China Zheshang Bank Co. Ltd. Ningbo Beilun
Sub-branch. As of June 30 2025 the interest income retained in the margin account opened by Tuopu
Automobile Parts at China Zheshang Bank amounted to RMB 0.31.
(11) Tuopu Vibro-Acoustics Technology has entered into several agreements with Bank of
Ningbo Co. Ltd. Ningbo Beilun Sub-branch. These agreements include the Asset Pool Invoicing
Straight-Through Agreement No. 05100AT22BFN865 the Asset Pool Business Cooperation and Pledge
Agreement No. 0510100015480 and the Asset Pool Zi 2019 No. 031. As of June 30 2025 the company
held pledged bank acceptance bills with a value of RMB 297321476.99 and commercial acceptance
bills totaling RMB 3253162.89. Against these pledged instruments the company issued notes payable
amounting to RMB 236192541.34.
(12) Tuopu Acoustics pursuant to its operational requirements maintains a margin account with
Bank of Ningbo for the purpose of executing forward settlement of foreign exchange. As of June 30
2025 interest income totaling USD 31.81 (equivalent to RMB 234.87) was retained in this account.
(13) Tuopu Poland signed a bank guarantee with Citibank for an amount not exceeding
2500000.00 (PLN) on July 19 2023 to cover customs duties related to trade under guarantee number
GC23-2000001. As of June 30 2025 the Company had transferred 2500000.00 (PLN) to Bank of
China (equivalent to approximately RMB 4956500.00) as a bond deposit.
(14) On December 12 2024 Tuopu USA entered into a bank guarantee agreement with Citibank
in the amount of USD 449902.24 for the leasing of its Oakland facility. As of June 30 2025 the
company had paid a guarantee deposit of USD 449902.24 (approximately RMB 3220670.18) to
Citibank.
(15) On January 14 2025 Wuhu Tuopu entered into a loan agreement (Contract No.:
0733071220250010) with Wuhu Yangzi Rural Commercial Bank Co. Ltd. for a credit facility of RMB
20.00 million. As of June 30 2025 the outstanding short-term loan under this agreement amounted to
RMB 20.00 million. The loan is secured by a mortgage on property and buildings as stipulated in the
guarantee contract (Contract No.: Jiubao Di Zi No. 2025010502). The mortgaged buildings had an
original value of RMB 25648129.10 and a net carrying value of RMB 7227062.46 while the
mortgaged land had an original value of RMB 9310188.00 and a net carrying value of RMB
5958520.32.
2. Contigencies
(1). Important contingencies existing on the balance sheet date
□Applicable √Non-applicable
252 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
(2). Even if the Company has no important contingencies to be disclosed also state:
□Applicable √Non-applicable
3. Others
□Applicable √Non-applicable
XVII. Events after the Balance Sheet Date
1. Important non-adjusting events
□Applicable √Non-applicable
2. Profit distribution
□Applicable √Non-applicable
3. Sales return
□Applicable √Non-applicable
4. Notes to Other Events after the Balance Sheet Date
□Applicable √Non-applicable
XXVIII. Other Significant Events
1. Correction of previous accounting errors
(1). Retrospective restatement
□Applicable √Non-applicable
(2). Prospective application
□Applicable √Non-applicable
2. Debt restructuring
□Applicable √Non-applicable
3. Replacement of assets
(1). Exchange of non-monetary assets
□Applicable √Non-applicable
(2). Exchange of other assets
□Applicable √Non-applicable
4. Annuity plan
□Applicable √Non-applicable
5. Discontinuing operation
□Applicable √Non-applicable
6. Segment information
(1). Determination basis and accounting policies of the reportable segment
□Applicable √Non-applicable
253 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
(2). Financial information of the reportable segment
□Applicable √Non-applicable
(3). If the Company has no reportable segments or cannot disclose the total assets and total
liabilities of individual reportable segment state the reason
□Applicable √Non-applicable
(4). Other notes
□Applicable √Non-applicable
7. Other significant transactions and event that have an impact on investors' decisions
□Applicable √Non-applicable
8. Others
□Applicable √Non-applicable
XXIX. Notes to the Main Items of the Financial Statements of the Parent Company
1. Accounts receivable
(1). Disclosure by age
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Age Book balance at the end of the Book balance at the beginning ofperiod the period
Within 1 year (including 1 year) 1701217817.76 2645270095.00
Within 1 year 1701217817.76 2645270095.00
1 to 2 years 266656119.35 143298790.33
2 to 3 years 75323148.88 55892076.76
Over 3 years 56736846.69 21382980.04
3 to 4 years
4 to 5 years
Over 5 years 23014722.67 25038286.15
Total 2122948655.35 2890882228.28
254 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
(1). Categorical disclosure by provision for bad debts
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Balance at the End of the Period Balance at the Beginning of the Period
Book Balance Bad Debt Provision Book Balance Bad Debt Provision
Category
Percentage Accrued Book Value Percentage AccruedAmount (%) Amount Proportion Amount
Book Value
(%) (%) Amount
Proportion
(%)
Bad debt
provision
accrued based
on single item
Including:
Bad debt
provision 21229486 100.00 1913802accrued based 55.35 78.17 9.01 1931568377.18
2890882100.002012290228.2880.986.962689653147.30
on combination
Including:
Accounts
receivable with
bad debt 21229486 1913802 2890882 2012290
provision based 55.35 100.00 78.17 9.01 1931568377.18 228.28 100.00 80.98 6.96 2689653147.30
on aging
combination
Total 2122948655.35 /
1913802
78.17/1931568377.18
2890882/2012290/2689653147.30
228.2880.98
255 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
Bad debt provision accrued based on single item:
□Applicable √Non-applicable
Bad debt provision accrued based on combinations
√Applicable □Non-applicable
Accrued items based on combinations: accounts receivable with bad debt provision by aging portfolio
Unit：Yuan Currency：RMB
Balance at the End of the Period
Name Book balance Bad Debt Provision AccruedProportion(%)
Within 1 year 1701217817.76 85060890.89 5.00
1 to 2 years 266656119.35 26665611.94 10.00
2 to 3 years 75323148.88 22596944.66 30.00
3 to 5 years 56736846.69 34042108.01 60.00
Over 5 years 23014722.67 23014722.67 100.00
Total 2122948655.35 191380278.17
Notes to bad debt provision by combinations:
□Applicable √Non-applicable
Provision for bad debts based on the general model of expected credit losses
□Applicable √Non-applicable
Note to the significant changes in the book balance of accounts receivable with changes in loss
provisions for the current period:
□Applicable √Non-applicable
(2). Bad debt provision
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Balance at the Amount Changed in the Current Period Balance at the
Category Beginning of the Withdrawal Other End of thePeriod Provision or Reversal Write-off Changes Period
Bad debt
provision
accrued 201229080.98 9848802.8based on 1 191380278.17
combinatio
ns
Total 201229080.98 9848802.81 191380278.17
Significant withdrawal or reversal amount of provision for bad debts in the current period:
□Applicable √Non-applicable
(3). Accounts receivable actually written off in the current period
□Applicable √Non-applicable
Write-off of significant accounts receivable
□Applicable √Non-applicable
256 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
Note to write-off of accounts receivable
□Applicable √Non-applicable
(4). Accounts receivable and contract assets of the top five closing balances collected by debtors
√Applicable □Non-applicable
Proportion in Total
Name of Entity Balance at the End ofthe Period Accounts Receivable Bad Debt Provision
(%)
588142364.50588142364.50
No.1
327453821.55327453821.55
No.2
198994312.26198994312.26
No.3
184003767.38184003767.38
No.4
152095175.98152095175.98
No.5
Total 1450689441.67 1450689441.67
Other Notes:
□Applicable √Non-applicable
2. Other Receivables
Presentation of items
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Item Balance at the end of the period Balance at the beginning of theperiod
Interest receivable
Dividend receivable
Other Receivables 236355982.54 149728635.35
Total 236355982.54 149728635.35
Other Notes:
□Applicable √Non-applicable
Interest receivable
(1). Category of interest receivable
□Applicable √Non-applicable
(2). Important late payment interest
□Applicable √Non-applicable
(3).Disclosure by bad debt accrual method
□Applicable √Non-applicable
Provision for bad debts is made on a single item basis:
□Applicable √Non-applicable
257 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
Note to provision for bad debts is made on a single item basis:
□Applicable √Non-applicable
Provision for bad debts by portfolio:
□Applicable √Non-applicable
(4).Provision for bad debts based on the general model of expected credit losses
□Applicable √Not applicable
(5).Provision for bad debts
□Applicable √Not applicable
Of which the amount of bad debt provision recovered or reversed during the period is significant:
□Applicable √Not applicable
(6). Interest receivable written off during the period
□Applicable √Not applicable
Of which significant write-off of interest receivable
□Applicable √Not applicable
Note to write-offs:
□Applicable √Not applicable
Other notes:
□Applicable √Not Applicable
Dividend Receivable
(7).Dividends receivable
□Applicable √Not applicable
(8).Significant dividends receivable with an age of more than one year
□Applicable √Not applicable
(9).Disclosure by bad debt accrual method
□Applicable √Not applicable
Provision for bad debts is made on a single item basis:
□Applicable √Not applicable
Note to provision for bad debts is made on a single item basis:
□Applicable √Not applicable
Note to provision for bad debts by portfolio
□Applicable √Not applicable
(10). Provision for bad debts based on the general model of expected credit losses.
□Applicable √Not applicable
258 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
(11). Provision for bad debts
□Applicable √Not applicable
Of which the amount of bad debt provision recovered or reversed during the period is significant:
□Applicable √Not applicable
(12). Dividends receivable written off during the period
□Applicable √Not applicable
Dividends receivable written off of which the amount is significant:
□Applicable √Not applicable
Note to write-offs:
□Applicable √Not applicable
Other notes:
□Applicable √Not applicable
Other receivables
(1).Disclosure by aging
√Applicable □Not applicable
Unit: Yuan Currency: RMB
Aging Book Balance at the End of the Book Balance at the BeginningPeriod of the Period
Within 1 year (including 1 year) 114425517.44 31727480.11
Within 1 year 114425517.44 31727480.11
1 to 2 years 231200.00 38615000.00
2 to 3 years
Over 3 years 144104800.00 87605000.00
3 to 4 years 66425752.43 58776323.13
4 to 5 years
Over 5 years 99000.00 99000.00
Total 325286269.87 216822803.24
(13). Classification by nature of funds
√Applicable□Non-applicable
Unit: Yuan Currency: RMB
Nature of Funds Book balance at the end of the Book balance at the beginning
period of the period
Temporary borrowings 322032446.50 207951543.91
Petty cash funds 719200.00 1147700.00
Security deposit 1209250.00 6209250.00
Others 1325373.37 1514309.33
Total 325286269.87 216822803.24
259 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
(14). Provision for bad debts
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Phase 1 Phase 2 Phase 3
Expected Expected
credit loss credit loss
Bad Debt throughout
throughout
the Total
Provision Expected credit loss in the thenext 12 months duration duration
(no credit (credit
impairment impairment
occurred) hasoccurred)
Balance
on
January 67094167.89 67094167.89
12025
Balance
of the
current
period on
January
12025
--Transfer
to Phase
2
--Transfer
to Phase
3
--Transfer
to Phase
2
--Transfer
to Phase
Provision
made in
the 21836119.44 21836119.44
current
period
Reversal
in the
current
period
Write-off
in the
current
260 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
period
Write-off
in the
current
period
Other
changes
Balance
on June 88930287.33 88930287.33
302025
Notes to significant changes in the book balance of other receivables that have changed in the current
period:
□Applicable √Non-applicable
Amount of bad debt provision in the current period and the basis for assessing whether the credit risk of
financial instruments has increased significantly:
□Applicable √Non-applicable
(15). Particulars of bad debt provision
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Balance at Amount Changed in the Current Period
the Balance at the
Category Beginning Provision Withdrawal Write-of Other End of theof the or Reversal f Changes PeriodPeriod
Accounts
receivable
with bad debt
accrued 67094167.89 21836119.44 88930287.33
based on
aging
portfolio
Total 67094167.89 21836119.44 88930287.33
Bad debt provision in the current period with significant amount of withdrawal or reversal:
□Applicable √Non-applicable
(16). Particulars of other receivables actually written off in the current period
□Applicable √Non-applicable
Of which significant other receivables are written off:
□Applicable √Not Applicable
Description of other receivables written off:
□Applicable √Not applicable
261 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
(17). Particulars of other receivables of the top five closing balances collected by debtors
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Proportion in
total other Balance of badName of Balance at the receivables at the Nature of Aging debt provisionUnit end of the period end of the period funds at the end of the
(%) period
Tuopu 210263956.81 93.68 Temporary Note 1 33701126.79
Poland borrowing
sp.z.o.o
Hangzhou 9500000.00 4.23 Temporary Within 1 475000.00
Tuopu borrowing year
Automobile
Parts Co.Ltd.Zhejiang 1000000.00 0.45 Security 1-2 years 100000.00
Holley & deposit
Futong
Investment
Co. Ltd.Li Dongmei 274800.00 0.12 Petty cash Note 2 261500.00
He Jinlei 250000.00 0.11 Petty cash 2-3 years 75000.00
Total 221288756.81 98.59 / / 34612626.79
Note 1: The amount for less than 1 year are RMB 26516546.50 for 2-3 years it is RMB
142840800.00 and for 3-4 years it is RMB 66377502.44.
(18). Accounts receivable related to government subsidies
□Applicable √Non-applicable
Other notes:
□Applicable √Non-applicable
262 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
3. Long-term equity investments
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Balance at the end of the period Balance at the beginning of the period
Item Book balance Impairm Impairment Book value Book balance ent Book value
provision provision
Investments
in 16445732792.86 16445732792.86 15197879792.86 15197879792.86
subsidiaries
Investments
in joint
ventures 82968096.34 82968096.34 96732684.19 96732684.19
and
associates
Total 16528700889.20 16528700889.20 15294612477.05 15294612477.05
(1). Investments in subsidiaries
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Balance
of Balance
impairment at the end
Invested Entity Balance at the beginning of provision
Balance at of the
the period (book value) at the Changes in the current period the end of theperiod period ofbeginning impairment
of the provision
period
Provision
Additional investment Decreasedinvestment for Othersimpairment
263 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
Tuopu Imp&Exp 198081940.48 198081940.48
Tuopu Automobile
Parts 196984594.91 196984594.91
TUOPU
VIBRO-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 50000000.00 50000000.00
CHASSIS
Ningbo Qianhui 31210000.00 31210000.00
Sichuan Tuopu 20000000.00 20000000.00
Wuhan Tuopu 150000000.00 150000000.00
Pinghu Tuopu 208000000.00 208000000.00
Shanghai Towin 121000000.00 121000000.00
Tuopu Industrial
Automation 20000000.00 20000000.00
Tuopu Investment 165800000.00 34700000.00 200500000.00
USHONE
E-commerce 4200000.00 200000.00 4400000.00
Tuopu International 7311546.08 7311546.08
Baoji Tuopu Maigao 45900000.00 1700000.00 47600000.00
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
264 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
Zhejiang Towin 571320000.00 571320000.00
Suining Tuopu 290000000.00 290000000.00
Hunan Tuopu 722590000.00 722590000.00
Tuopu USA LLC 35091204.56 35091204.56
Tuopu Chassis
System 514900000.00 514900000.00
Tuopu Thermal
Management 4013800000.00 200000000.00 4213800000.00
Huzhou Tuopu 190000000.00 10000000.00 200000000.00
Tuopu Poland 18000000.00 18000000.00
SHANGHAI
TUOPUYALE 16500000.00 16500000.00
Xi’an Tuopu 172624671.00 9753000.00 182377671.00
NINGBO USHONE
TECHNOLOGY 250000000.00 133000000.00 383000000.00
Chongqing Chassis 450200000.00 5000000.00 455200000.00
Skateboard Chassis 2392010000.00 130000000.00 2522010000.00
Anhui Tuopu 269700000.00 22000000.00 291700000.00
Chongqing Tuopu 18583223.89 18583223.89
Tuopu Mexico 887040000.00 495000000.00 1382040000.00
Jinan Tuopu 20800000.00 20800000.00
Henan Tuopu 7200000.00 7200000.00
Ningbo Tuopu Trim
Parts 57771391.41 57771391.41
Tuopu Drive 27500000.00 27500000.00
Wuhu Tuopu 300000000.00 300000000.00
Total 15197879792.86 1368853000.00 121000000.00 16445732792.86
(2). Investments in joint ventures and associates
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Invested Balance at Balance Decrease/Increase in the current period Balance at the Balance of
265 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2025
Entity the Beginning of Additio End of the Period impairment
of the Period impairme nal
(book value) nt investm Invest Investment Adjustm Cash
(book value) provision at
Provision the end of
provision ent ment profit and loss ent on Other dividends or
at the Decre recognized under other changes in profit
for Other the period
beginning ased the equity compreh equity declared to
impairment
of the method ensive distribute
accrued
period income
I. Joint ventures
Tuopu
Electrical 96732684.19 21235412.15 35000000.00 82968096.34
Appliances
Subtotal 96732684.19 21235412.15 35000000.00 82968096.34
II. Associates
Subtotal
Total 96732684.19 21235412.15 35000000.00 82968096.34
266 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2024
(3). Impairment test of long-term equity investments
□ Applicable √ Not applicable
Other notes
□ Applicable √ Not applicable
4. Operating income and operating cost
(1). Particulars on operating income and operating cost
√Applicable□Not applicable
Unit: Yuan Currency: RMB
Item Amount incurred in the current period Amount incurred in previous periodIncome Cost Income Cost
Main
business 3609858263.48 2756436776.06 3560086436.73 2714246809.00
operations
Other
business 456755669.57 296214358.80 381205946.46 251726374.93
operations
Total 4066613933.05 3052651134.86 3941292383.19 2965973183.93
(2). Particulars on breakdown of operating income and cost
□Applicable √Non-applicable
Other notes
□Applicable √Non-applicable
(3). Notes to discharge of obligations
□Applicable √Non-applicable
(4). Notes to allocation to remaining discharge of obligations
□Applicable √Non-applicable
(5). Significant Contract Changes or Significant Transaction Price Adjustments
□Applicable √Non-applicable
5. Investment income
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Item Amount incurred in the Amount incurred incurrent period previous period
Long-term equity investment income 1200000000.00
measured by cost method
Long-term equity investment income 21235412.15 18600856.29
267 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2024
measured by equity method
Investment income from disposal of -117560724.18
long-term equity investment
Investment income of trading financial
assets during the holding period
Dividend income from other equity
instrument investments during the
holding period
Interest income from debt investment
during the holding period
Interest income from other debt
investments during the holding period
Investment income from disposal of
trading financial assets
Investment income from the disposal
of other equity instrument investments
Investment income from disposal of
debt investments
Investment income from the disposal
of other debt investments
Income from debt restructuring
Investment income from wealth 12712822.22
management products 6521837.81
Total 1116387510.19 25122694.10
6. Others
□Applicable √Non-applicable
XX. Additional Data
1. Current non-recurring profit and loss schedule
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Item Amount Note
Gains and losses on disposal of non-current
assets including the elimination of the -1349344.77
provision for asset impairment.Government grants recognized in profit or
loss for the current period except for
government grants that are closely related to
the Company's normal business operations in
compliance with national policies and in 146935800.65
accordance with defined criteria and that
have a continuous impact on the Company's
profit or loss
Gains and losses arising from changes in the
fair value of financial assets and financial
liabilities held by non-financial enterprises
and gains and losses arising from the disposal 12712822.22
of financial assets and financial liabilities
except for effective hedging business related
to the Company's normal operating business
Capital occupancy fees charged to
non-financial enterprises recognized as
268 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2024
current profit or loss
Gains and losses on entrusted investment or
asset management
Gains and losses on entrusted external loans
Losses on assets due to force majeure factors
such as natural disasters
Reversal of provision for impairment of
receivables individually tested for impairment
Gain arising from the excess of the cost of
investment in subsidiaries associates and
joint ventures over the fair value of the
investee's identifiable net assets at the time of
investment acquisition
Net profit or loss of subsidiaries for the period
from the beginning of the period to the date of
consolidation arising from a business
combination under the same control
Gain or loss on exchange of non-monetary
assets
Gains or losses on debt restructuring
One-time costs incurred by the enterprise due
to the fact that the relevant operating
activities are no longer continuing such as
expenditures for the relocation of employees
One-time impact on current profit or loss due
to adjustments in tax accounting and other
laws and regulations
One-time recognition of share-based payment
expenses due to cancellation or modification
of equity incentive plans
For cash-settled share-based payments gains
or losses arising from changes in the fair
value of employee compensation payable
after the feasible date of entitlement
Gains or losses arising from changes in the
fair value of investment properties
subsequently measured using the fair value
model
Gains or losses arising from transactions
where the transaction price is significantly
less than fair value
Gains or losses arising from contingencies
unrelated to the Company's normal business
operations
Custodian fee income from entrusted
operations
Non-operating income and expenses other
than those listed above -436944.25
Other items of gains and losses that meet the
definition of non-recurring gains and losses
Less: Income tax effect 24539809.59
Minority interests impact amount (after tax) -9911.03
Total 133332435.29
For non-recurring profit and loss items that the Company has recognized as non-recurring profit and loss
269 / 270Ningbo Tuopu Group Co. Ltd. Semi-annual Report
2024
items not listed in "Interpretative Announcement for Information Disclosure of Companies Issuing
Securities No. 1 - Non-recurring Profit and Loss" and the amount of which is material as well as items
defined as non-recurring profit and loss in "Interpretative Announcement for Information Disclosure of
Companies Issuing Securities No. 1 - Non-recurring Profit and Loss" state the reasons.□Applicable √Non-applicable
Other notes
□Applicable √Non-applicable
2. ROE and EPS
√Applicable □Non-applicable
EPS
Profit for the reporting period WeightedAverage ROE (%) Basic EPS Diluted EPS
Net profit attributable to
common shareholders of the 6.02 0.75 0.75
Company
Net profit attributable to
common shareholders of the
Company after deducting 5.40 0.68 0.68
non-recurring gains and losses
3. Differences between international and Chinese accounting standards
□Applicable √Non-applicable
4. Others
□Applicable √Non-applicable
President: Wu Jianshu
Date of Submission to Board of Directors: August 28 2025
Revisions
□Applicable √Non-applicable
沪公网安备31011802005267号
