# Ningbo Tuopu Group (601689.SHG)

Canonical: https://gigainvestors.com/s/601689.SHG

Analysis as of: 2026-10-16T07:35:56.243Z. Financial observations: FY2011–FY2025.

Listing currency: CNY. Reporting currency: CNY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: CNY 37.93 per share; close as of 2026-10-15.

Estimated value: low CNY 25.08 per share, central CNY 34.55 per share, high CNY 40.06 per share. Buy at or below the central value CNY 34.55 per share. Valuation as of 2026-10-16T07:35:56.243Z; scenarios are not confidence intervals.

Expected annual return: 9.4% at the stated quote. About 9.4% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; CN 10-year bond 1.7% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.20×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.18×

- FY2017: 0.16×

- FY2018: 0.15×

- FY2019: 0.10×

- FY2020: 0.11×

- FY2021: 0.10×

- FY2022: 0.12×

- FY2023: 0.13×

- FY2024: 0.13×

- FY2025: 0.10×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 9.4%

- ROIC, second-lowest year: 7.3%

- Typical minus recent gross margin: 3.9 pp

- Typical gross margin (annual median): 22.3%

- Recent gross margin (lower of latest and 3-year median): 18.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 20.2%

- ROIC including acquisitions, ten-year median: 6.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 18.2%

- FY2017: 10.4%

- FY2018: 9.6%

- FY2019: 6.2%

- FY2020: 7.3%

- FY2021: 7.9%

- FY2022: 9.2%

- FY2023: 10.4%

- FY2024: 12.1%

- FY2025: 9.2%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.88×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 9.3B

- Net income, five-year total: CNY 11B

- Return on incremental invested capital: 8.8%

- Working capital / revenue, annual change: -1.5 pp

- Working capital / revenue, change between three-year averages: -11.1 pp

- Working capital / revenue, final three-year average: 28.7%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.99×

- FY2022: 0.37×

- FY2023: 0.97×

- FY2024: 0.97×

- FY2025: 0.97×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 10.4% vs 10.4%

- Per-share earnings: 0.66 to 1.59 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 7.6%

- Ordinary dilution, 5-year annual growth: 11.3%

- Market cap gain: CNY 120B

- Cumulative retained earnings: CNY 9.3B

- Diluted shares, 10-year annual growth: 7.6%

- Diluted shares, 5-year annual growth: 11.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 11.6%

- Per-share value change: CNY 0.93

- Per-share value, starting three-year median: CNY 0.66

- Per-share value, ending three-year median: CNY 1.59

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: CNY 1.8B

- Cumulative net income, 10 years: CNY 14B

- ROIC, first three-year median: 10.4%

- ROIC, last three-year median: 10.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 0.66

- FY2017: CNY 0.71

- FY2018: CNY 0.72

- FY2019: CNY 0.43

- FY2020: CNY 0.62

- FY2021: CNY 0.92

- FY2022: CNY 1.54

- FY2023: CNY 1.35

- FY2024: CNY 1.59

- FY2025: CNY 1.61

### accounting: pass

- Sloan accruals: -3.9%

- Receivables to sales index (DSRI): 1.23×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.63×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.08×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 6.9%

- FY2017: -1.8%

- FY2018: 1.4%

- FY2019: -7.0%

- FY2020: -4.1%

- FY2021: -0.9%

- FY2022: -2.1%

- FY2023: -3.9%

- FY2024: -0.6%

- FY2025: -3.9%

## Holders

## Price story

Down 53% since Sep 2025 · sales +10.9%

Story as of 2026-10-16T10:00:06.350Z; price observation 2026-10-15.

Price needs cash profits to grow 7.8% a year for ten years

### Sales · FY2024–2025

sales +10.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 3.9B 

- FY2017: CNY 5.1B 

- FY2018: CNY 6.0B 

- FY2019: CNY 5.4B 

- FY2020: CNY 6.5B 

- FY2021: CNY 11B 

- FY2022: CNY 16B 

- FY2023: CNY 20B 

- FY2024: CNY 27B 

- FY2025: CNY 30B 

### Gross margin · FY2025

gross margin 18.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 30.9% 

- FY2017: 28.7% 

- FY2018: 26.6% 

- FY2019: 25.6% 

- FY2020: 21.9% 

- FY2021: 19.4% 

- FY2022: 21.3% 

- FY2023: 22.6% 

- FY2024: 20.6% 

- FY2025: 18.3% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in auto parts; annual sales are CNY 29.5 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:56.243Z); FY2025: revenue 29512976558; grossProfit 5407538994; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 601689.SHG: Ningbo Tuopu Group Co.,Ltd. engages in the research, development, production, and sale of auto parts in China and internationally. The company offers noise, vibration, and harshness damping systems, such as powertrain supports, drive motor shock absorbers, telescopic shock absorber supports, torsional shock absorbers, subframe supports, and hydraulic bushings; and interior and exterior trim systems, including door panels, headliners, main carpets, coat racks, sound and heat insulation components, trunk sound insulation components, and other sound insulation and noise reduction products, as well as sealing strip and decorative strip exterior trim products. It also provides lightweight body comprising integrated molded front and rear floor panels, body structural components, door structural components, and battery pack structural components; and intelligent cockpit components consisting of rotating screen controllers, electric tailgates, electric sliding doors, seat comfort systems, and in-vehicle oxygen control systems. In addition, the company offers integrated heat pump assembly, multi-way valve, electronic water pump, and electronic expansion valve thermal management systems; front and rear steel aluminum subframes, control arms, tie rods, and steering knuckles chassis systems; integrated air supply unit, air spring, and height sensor air suspension systems; brake-by-wire, power steering, electronically adjustable column intelligent driving systems; and linear actuators, rotary actuators, dexterous motors and assemblies, sensors, body structural components, foot shock absorbers, and electronic flexible skin. It serves electric vehicle manufacturers and traditional OEM automakers. The company was founded in 1983 and is headquartered in Ningbo, China. Ningbo Tuopu Group Co.,Ltd. operates as a subsidiary of Mecca International Holding (HK) Limited.

### Why customers stay

Margins ranged from 18.3% to 22.6% during 2023–25; it earns 9.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:56.243Z); FY2023: grossProfit / revenue = 22.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:56.243Z); FY2024: grossProfit / revenue = 20.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:56.243Z); FY2025: grossProfit / revenue = 18.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:56.243Z); 10-year return on capital observations [[2016,0.18204029430110566],[2017,0.10408139456707868],[2018,0.09588185842053791],[2019,0.062074416585312785],[2020,0.07265931141131396],[2021,0.07880554573921197],[2022,0.0917804126602507],[2023,0.10390113079241858],[2024,0.12064156274560765],[2025,0.09245612923108776]]; median 0.09416899382581284. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 52% of cash earnings on expansion; earns 8.8% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:56.243Z); FY2016: growth capex 353598240.22882634; upkeep 388113285.4311736; owner earnings 389407278.5688264. Growth capex / owner earnings = 0.9080421956374117.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:56.243Z); FY2017: growth capex 491707914.9076276; upkeep 795107155.5923724; owner earnings 146743493.40762758. Growth capex / owner earnings = 3.3507987542708255.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:56.243Z); FY2018: growth capex 445664758.4175335; upkeep 882576487.3824664; owner earnings 156250619.61753356. Growth capex / owner earnings = 2.852243143153101.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:56.243Z); FY2020: growth capex 784037779.185125; upkeep 621949439.304875; owner earnings 469372805.695125. Growth capex / owner earnings = 1.6703945556112736.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:56.243Z); FY2021: growth capex 2970700333.25; upkeep 549947893; owner earnings 1009116668.148. Growth capex / owner earnings = 2.943862119235462.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:56.243Z); FY2022: growth capex 3584006384.6245418; upkeep 1841565371.2554584; owner earnings 626545904.4425416. Growth capex / owner earnings = 5.720261451255275.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:56.243Z); FY2023: growth capex 2031270198; upkeep 1145646878; owner earnings 2091026550.878. Growth capex / owner earnings = 0.9714224800957649.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:56.243Z); FY2024: growth capex 1640688438; upkeep 1505173648; owner earnings 2903395060.474. Growth capex / owner earnings = 0.5650930733939272.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:56.243Z); FY2025: growth capex 1398147146; upkeep 2099029672; owner earnings 2690579931.482. Growth capex / owner earnings = 0.519645274106347.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:56.243Z); Incremental return on capital 0.08751815633511084, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:56.243Z); Dividend observations: [[2016,402510322.22],[2017,16158522.63],[2018,26021852.96],[2019,299762036],[2020,200447672],[2021,189552010],[2022,87675439],[2023,648393139],[2024,788539373],[2025,901936666]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 58.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 601689.SHG SharesStats.PercentInsiders = 58.482 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 7.8% yearly over ten years; actual growth was 20.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:56.243Z); Ten-year compound average after fade. Initial solved rate 0.09852381241403987. Price 37.93; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.23607343239985112 → FY2025 1.558734494358771. Closing-price date 2026-10-15.

## Monthly share-price history (CNY per share)

- 2016-11: CNY 13.56 per share

- 2016-12: CNY 13.99 per share

- 2017-01: CNY 14.39 per share

- 2017-02: CNY 14.70 per share

- 2017-03: CNY 15.50 per share

- 2017-04: CNY 14.93 per share

- 2017-05: CNY 14.75 per share

- 2017-06: CNY 15.93 per share

- 2017-07: CNY 14.66 per share

- 2017-08: CNY 14.10 per share

- 2017-09: CNY 13.66 per share

- 2017-10: CNY 12.97 per share

- 2017-11: CNY 12.23 per share

- 2017-12: CNY 11.77 per share

- 2018-01: CNY 9.74 per share

- 2018-02: CNY 10.42 per share

- 2018-03: CNY 9.87 per share

- 2018-04: CNY 8.90 per share

- 2018-05: CNY 9.29 per share

- 2018-06: CNY 9.25 per share

- 2018-07: CNY 9.08 per share

- 2018-08: CNY 7.90 per share

- 2018-09: CNY 7.85 per share

- 2018-10: CNY 6.96 per share

- 2018-11: CNY 6.95 per share

- 2018-12: CNY 7.03 per share

- 2019-01: CNY 6.73 per share

- 2019-02: CNY 8.35 per share

- 2019-03: CNY 9.59 per share

- 2019-04: CNY 8.62 per share

- 2019-05: CNY 7.14 per share

- 2019-06: CNY 7.29 per share

- 2019-07: CNY 7.02 per share

- 2019-08: CNY 7.65 per share

- 2019-09: CNY 8.15 per share

- 2019-10: CNY 8.63 per share

- 2019-11: CNY 9.66 per share

- 2019-12: CNY 12.02 per share

- 2020-01: CNY 15.86 per share

- 2020-02: CNY 13.75 per share

- 2020-03: CNY 11.21 per share

- 2020-04: CNY 16.73 per share

- 2020-05: CNY 16.50 per share

- 2020-06: CNY 19.24 per share

- 2020-07: CNY 23.46 per share

- 2020-08: CNY 28.68 per share

- 2020-09: CNY 27.59 per share

- 2020-10: CNY 26.41 per share

- 2020-11: CNY 22.50 per share

- 2020-12: CNY 26.50 per share

- 2021-01: CNY 30.07 per share

- 2021-02: CNY 25.77 per share

- 2021-03: CNY 23.06 per share

- 2021-04: CNY 23.38 per share

- 2021-05: CNY 26.53 per share

- 2021-06: CNY 25.81 per share

- 2021-07: CNY 23.28 per share

- 2021-08: CNY 24.72 per share

- 2021-09: CNY 25.13 per share

- 2021-10: CNY 35.79 per share

- 2021-11: CNY 46.24 per share

- 2021-12: CNY 36.55 per share

- 2022-01: CNY 37.24 per share

- 2022-02: CNY 41.50 per share

- 2022-03: CNY 39.17 per share

- 2022-04: CNY 36.26 per share

- 2022-05: CNY 40.34 per share

- 2022-06: CNY 47.19 per share

- 2022-07: CNY 63.39 per share

- 2022-08: CNY 54.52 per share

- 2022-09: CNY 50.90 per share

- 2022-10: CNY 44.69 per share

- 2022-11: CNY 46.54 per share

- 2022-12: CNY 40.40 per share

- 2023-01: CNY 49.02 per share

- 2023-02: CNY 46.21 per share

- 2023-03: CNY 44.22 per share

- 2023-04: CNY 34.90 per share

- 2023-05: CNY 40.09 per share

- 2023-06: CNY 55.66 per share

- 2023-07: CNY 50.63 per share

- 2023-08: CNY 53.73 per share

- 2023-09: CNY 51.12 per share

- 2023-10: CNY 44.44 per share

- 2023-11: CNY 50.82 per share

- 2023-12: CNY 50.69 per share

- 2024-01: CNY 33.61 per share

- 2024-02: CNY 40.50 per share

- 2024-03: CNY 43.58 per share

- 2024-04: CNY 43.39 per share

- 2024-05: CNY 39.72 per share

- 2024-06: CNY 36.97 per share

- 2024-07: CNY 36.61 per share

- 2024-08: CNY 33.66 per share

- 2024-09: CNY 46.26 per share

- 2024-10: CNY 43.53 per share

- 2024-11: CNY 52.30 per share

- 2024-12: CNY 49.00 per share

- 2025-01: CNY 65.67 per share

- 2025-02: CNY 63.16 per share

- 2025-03: CNY 57.77 per share

- 2025-04: CNY 52.25 per share

- 2025-05: CNY 49.30 per share

- 2025-06: CNY 47.25 per share

- 2025-07: CNY 46.04 per share

- 2025-08: CNY 62.61 per share

- 2025-09: CNY 80.99 per share

- 2025-10: CNY 73.78 per share

- 2025-11: CNY 63.01 per share

- 2025-12: CNY 77.18 per share

- 2026-01: CNY 72.18 per share

- 2026-02: CNY 67.82 per share

- 2026-03: CNY 56.80 per share

- 2026-04: CNY 60.14 per share

- 2026-05: CNY 62.40 per share

- 2026-06: CNY 56.42 per share

- 2026-07: CNY 46.65 per share

- 2026-08: CNY 46.83 per share

- 2026-09: CNY 46.52 per share

- 2026-10: CNY 40.40 per share

## Annual estimated value (CNY per share)

- FY2016: low CNY 4.84 per share, central CNY 5.47 per share, high CNY 6.31 per share

- FY2017: low CNY 6.65 per share, central CNY 7.38 per share, high CNY 8.36 per share

- FY2018: low CNY 5.02 per share, central CNY 5.58 per share, high CNY 6.33 per share

- FY2019: low CNY 3.01 per share, central CNY 3.24 per share, high CNY 3.53 per share

- FY2020: low CNY 2.69 per share, central CNY 2.97 per share, high CNY 3.34 per share

- FY2021: low CNY 5.31 per share, central CNY 7.06 per share, high CNY 8.07 per share

- FY2022: low CNY 9.68 per share, central CNY 12.45 per share, high CNY 14.21 per share

- FY2023: low CNY 13.81 per share, central CNY 18.99 per share, high CNY 22.00 per share

- FY2024: low CNY 19.21 per share, central CNY 26.42 per share, high CNY 30.62 per share

- FY2025: low CNY 24.10 per share, central CNY 33.19 per share, high CNY 38.47 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.