From manufacturing rubber shock absorbers to becoming a supplier for Tesla and other automakers, and now harboring robotics ambitions, Ningbo's richest father-son duo Wu Jianshu and Wu Haonian have built an automotive parts empire over 40 years with Ningbo Tuopu Group Co.,Ltd. However, amid declining performance, they have cashed out over 880 million yuan and redirected 400 million yuan in fundraising purposes.
Between August 29 and September 10 this year, Wu Jianshu and his concert parties reduced their holdings by 13.43 million shares when the company's stock price was at a periodic high, cashing out approximately 884 million yuan based on average prices. On September 17, the Wu father-son duo announced the early termination of their share reduction plan.
Ningbo Tuopu Group Co.,Ltd. also announced changes to the use of some raised funds, redirecting 400 million yuan originally planned for lightweight chassis and interior projects toward building an intelligent manufacturing industrial park. Industry observers view this adjustment as Tuopu Group's search for new profit growth points amid significant pressure on traditional businesses.
**Traditional Business Under Profit Pressure, Gross Margins Decline Across Three Major Product Lines**
According to September 17 announcements from Ningbo Tuopu Group Co.,Ltd., the company's actual controller Wu Jianshu and his concert parties reduced their holdings by 13.43 million shares through centralized bidding from August 29 to September 10, representing 0.7728% of the company's total shares.
Based on Tuopu Group's average stock price of 65.80 yuan during the reduction period, the cash-out amount reached approximately 884 million yuan.
While the controlling shareholder was reducing holdings, Ningbo Tuopu Group Co.,Ltd., which primarily operates automotive powertrain chassis and trim systems, is facing rare performance pressure in recent years. The 2025 interim report shows the company experienced its first half-year performance decline in nearly six years. During the reporting period, the company achieved revenue of 12.935 billion yuan, up 5.83% year-on-year, but net profit attributable to shareholders was 1.295 billion yuan, down 11.08% year-on-year. In the second quarter alone, revenue reached 7.167 billion yuan, up 9.69% year-on-year, while net profit attributable to shareholders was 729 million yuan, down 10.04% year-on-year.
Ningbo Tuopu Group Co.,Ltd. is facing obvious cost pressures. Operating costs in the first half increased 8.25% year-on-year, exceeding revenue growth rate. Gross margins for core businesses declined across the board, with interior functional components, chassis systems, and shock absorber gross margins falling by 0.96, 1.68, and 1 percentage points respectively.
**Robot-Related Business Revenue Accounts for Less Than 0.1%**
Facing the weakness of traditional growth engines, Ningbo Tuopu Group Co.,Ltd. has actually begun betting on the future early, viewing robots as the next hundred-billion-level track.
In 2022, coinciding with Tesla's humanoid robot Optimus debut, Wu Jianshu quickly spun off a "robotics business division." However, these new businesses currently contribute minimally. Financial reports show that in 2024, Tuopu Group's robot-related electric drive actuator revenue was only 13.42 million yuan, accounting for less than 0.1% of total revenue, with gross margins also declining significantly.
Besides robots, Ningbo Tuopu Group Co.,Ltd. has also proactively positioned itself in intelligent systems. In the first half of 2025, the company's investment activity cash outflow reached 3.047 billion yuan, with cash spent on purchasing and constructing fixed assets and other long-term assets reaching 1.56 billion yuan. The company stated this was to prepare adequately for the rapid growth of the new energy vehicle market and enhance competitive barriers.
On September 17, Ningbo Tuopu Group Co.,Ltd. announced changes to the use of some raised funds, redirecting 400 million yuan originally planned for lightweight chassis and interior projects toward building an intelligent manufacturing industrial park, focusing on producing ASU (Air Supply Units) and intelligent door drive systems.
Industry observers see this decision as aimed at capturing upgrade opportunities in new energy vehicle intelligence and comfort enhancement. Ningbo Tuopu Group Co.,Ltd. also claims that air suspension is rapidly penetrating from high-end models to the 300,000 yuan and even 200,000 yuan market segments, while intelligent electric door systems are seeing growing demand due to enhanced user experience. The company has secured orders from leading customers including Seres, Xiaomi, and Li Auto, urgently needing production expansion to meet supporting demand.
Regarding the controlling shareholder's cash-out and new growth point development, Ningbo Tuopu Group Co.,Ltd. had not responded to inquiries as of press time.
**Wu Family Father-Son Business Succession, Second Generation Ventures Across Multiple Fields**
Whether maintaining traditional businesses or developing new ventures, both depend on the helmsmen behind them - Wu Jianshu and Wu Haonian father and son.
In 1983, Wu Jianshu established Tuopu Auto Parts Factory in Ninghai County, Ningbo, producing rubber shock pads and sealing strips. Coinciding with Beijing Jeep's localization, he seized the opportunity to become its core supplier.
Subsequently, Wu Jianshu continuously collaborated with domestic mainstream automakers, establishing partnerships with FAW-Volkswagen, SAIC-GM, Changan Ford and others. He then turned his attention to international markets, securing orders from international brands like Audi, BMW, and Porsche, with products beginning to export overseas.
On March 19, 2015, Ningbo Tuopu Group Co.,Ltd. listed on A-shares with an issue price of 11.37 yuan and 129 million shares issued, with market value exceeding 10 billion yuan. In 2016, Wu Jianshu spent 642 million yuan acquiring two chassis technology companies, becoming a core supplier of Tesla's aluminum alloy chassis and one of the leading "Tesla concept stocks." After years of development, the 2025 Hurun Global Rich List shows Wu Jianshu with wealth of 59 billion yuan, becoming Ningbo's richest person.
In July 2023, Wu Jianshu's 23-year-old son Wu Haonian returned to China after graduating from the University of Toronto in Canada, becoming vice chairman and director of Ningbo Tuopu Group Co.,Ltd.
On September 15 this year, Wushen Microelectronics (Ningbo) Co., Ltd. was established with registered capital of 500 million yuan and Wu Haonian as legal representative. Many observers see this as Tuopu Group's attempt to cultivate a chip company outside the listed company system through Wu Haonian.
Currently, Wu Haonian serves as legal representative of multiple Tuopu system subsidiaries, with businesses involving photovoltaics, robotics R&D, electronic components, and artificial intelligence application development across multiple emerging fields.
Wu Jianshu mentioned in his 2025 New Year address, "We must dare to try and err, be tolerant of mistakes, and brave in correcting errors. We must encourage everyone to courageously attempt new methods and approaches."
Under the predicament of traditional business pressure and new stories in transition, whether Ningbo Tuopu Group Co.,Ltd.'s transformation breakthrough will succeed remains to be observed.
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