Ningbo Tuopu Group (601689) has spent a decade building chassis, interior and thermal parts for Tesla, and now wants to build Optimus joints too. It is among the most direct Tesla plays in our Tesla Optimus stocks hub, but the numbers tell a more modest story than the share price did in 2025: robot actuators brought in only RMB 13.59 million last year, and the stock has fallen almost by half in 2026 as auto profits shrank. Here is what the business looks like today.
- Ticker: 601689, Shanghai Stock Exchange. Hong Kong H-share application filed March 2026.
- Optimus role: reported supplier of rotary and linear actuators and dexterous-hand motors; not confirmed by Tesla.
- Q3 2026: revenue RMB 8.42B (+5.3%), net profit RMB 640M (-4.8% YoY, +35.9% QoQ).
- Robot revenue: RMB 13.59M in 2025, about 0.05% of sales.
- Price: about CNY 40.55 in mid-October 2026, down about 47% year to date.
Tuopu Stock Snapshot
| Item | Value |
|---|---|
| Company | Ningbo Tuopu Group Co., Ltd. |
| Ticker / exchange | 601689 · Shanghai Stock Exchange |
| Recent price | CNY 40.55 (Oct 12-13, 2026 close) |
| Market cap | ~CNY 70.5 billion (~$10.5 billion) |
| Forward P/E | 26.2x 2026E, 20.2x 2027E |
| 2025 revenue / net profit | RMB 29.58B (+11.2%) / RMB 2.78B (-7.4%) |
| Hong Kong listing | Application filed Mar 31, 2026; not completed as of our check |
Price, market cap and estimates from MarketScreener; 2025 results from Gasgoo. Check a live quote for the current price.
From Model 3 Chassis to Optimus Joints
- 2016Tuopu enters Tesla's supply chain with lightweight aluminum chassis structural parts for the Model 3.
- 2021It adds thermal management, including a heat-pump assembly, using electronic-control know-how from its brake-by-wire (IBS) program. Thermal revenue grows from RMB 1.29 billion in 2021 to RMB 2.09 billion in 2025.
- 2023Tesla accounts for about 49% of Tuopu's revenue. In October, chairman Wu Jianshu says "Customer T" wants Tuopu to supply all linear and rotary actuators for its robot.
- Jan 2024Two electric-drive actuator lines start production; a second actuator factory follows (Tiger Brokers).
- 2025Robot actuators reported as a separate line for the first time: RMB 13.59 million. Tesla's share of sales has fallen to about 30% to 35%.
- Sep 2026CLSA reports new Tesla audits of core Optimus suppliers, naming Tuopu, Sanhua and Joyson (cited by Dolphin Research).
The 2016-2025 history comes from a 36Kr analysis (June 2026). Tuopu's management has declined to disclose Optimus order volumes or timing, citing confidentiality. That deep, multi-product relationship is why analysts see Tuopu as a natural Optimus partner, but it also concentrates risk: a weak Tesla year hits both the car and the robot thesis. For Tesla's side of the story, see our Tesla supply chain overview.
The Actuator Business in Numbers
Tuopu has completed development of linear actuators, rotary actuators, dexterous hands and body structural parts, and says its planetary roller screws reach plus or minus 0.01 mm precision. Here is what has reached the income statement:
The H-share filing, summarized by Lanjinger, showed actuator gross margin falling from 81.25% in 2023 (prototype pricing) to 28.25% in 2025 as volumes and price pressure rose. In the third-quarter reviews, Dongwu and Guotai Haitong said linear actuators, rotary actuators and dexterous-hand motors are now in small-batch delivery and the first phase of the robot components base is largely complete. Beyond Tesla, Tuopu says it has entered supply chains at Seres, Xpeng and UBTech.
Rotary vs linear: Optimus uses rotary actuators (motor plus harmonic or planetary reducer) in shoulders, wrists and waist, and linear actuators (motor plus roller screw) in elbows, hips and knees. Tuopu is pitching both; Sanhua is mainly linked to the linear type. Our actuator explainer maps every joint.
Q3 2026: Revenue Up, Profit Down
| Metric | Q3 2026 | YoY | QoQ |
|---|---|---|---|
| Revenue | RMB 8.416B | +5.3% | +11.2% |
| Net profit (attributable) | RMB 640M | -4.8% | +35.9% |
| Gross margin | 18.1% | 9M: 18.6% | |
| 9M revenue / profit | RMB 22.62B (+8.1%) / RMB 1.66B (-15.5%) | ||
Figures from the Dongwu Securities and Guotai Haitong reviews (October 31 and November 1, 2026). Profit pressure came from raw-material prices, currency effects and depreciation from new plants; financial expenses rose 133% to RMB 95 million. The sequential rebound from a weak Q2 (net profit RMB 471 million, down 35%) is the main positive. A newer business, liquid cooling for servers and energy storage, has collected cumulative orders of RMB 1.75 billion.
Mexico, Thailand and the Global Footprint
- Mexico (Monterrey): in production for thermal, chassis, shock absorber and interior parts for Tesla and others; utilization is rising and a second phase is being planned.
- Thailand: phase one infrastructure is finished and some lines are running. This is the base most often tied to future robot parts exports.
- Poland: expansion in planning for European customers.
- United States (Kentucky): equipment commissioning expected within 2026, per Dongwu.
Plants close to Giga Texas and Fremont reduce tariff exposure on Chinese-made parts, but they also explain the depreciation drag in 2026 results.
The Hong Kong Listing Plan
Tuopu announced an H-share plan in December 2025 and filed its application on March 31, 2026, with CITIC Securities and UBS as joint sponsors. Proceeds are earmarked for auto-parts and "embodied intelligence" production lines at home and abroad, overseas plant ramp-ups, R&D in lightweight vehicle technology and robot actuators, and investments. We found no record of a completed listing as of November 10, 2026. A Hong Kong line would make the stock far easier for foreign investors to buy, but it would also add new shares.
Valuation and Analyst Views
At around CNY 40 to 43, Tuopu trades near 30 times Dongwu's 2026 profit forecast of RMB 2.49 billion, falling to 23 times on 2027 estimates. Brokers are split:
- Guotai Haitong: Overweight, target CNY 50.05 (35x 2026 EPS of CNY 1.43), November 1, 2026.
- Dongwu Securities: Buy, but cut 2026-2028 profit forecasts after Q3.
- Jefferies: Buy, target CNY 79.50 (May 2026). Nomura: Neutral, target CNY 55 (April 2026).
Our estimate: with robot sales at well under 1% of revenue, the current price mostly reflects the auto business at a modest premium, which is a big change from 2025 when the stock traded on Optimus hopes.
Key Risks
- Tesla concentration: roughly a third of sales still go to one customer whose car deliveries fell in 2025.
- Robot timing: Optimus volumes are small; see our production timeline.
- Margin squeeze: nine-month profit is down 15.5% on materials, currency and start-up costs.
- Competition: Sanhua and many smaller Chinese firms are pitching the same actuators.
How to Buy Tuopu Stock
- Stock Connect: 601689 is a Shanghai A-share; many Hong Kong and international brokers route orders through Northbound Stock Connect.
- QFII or A-share funds: for investors whose broker has no China access.
- Robotics ETFs: holdings change; check the fund's current list. Compare options in our humanoid robot stocks guide and the full Optimus suppliers list.
This article is for information only and is not investment advice.
FAQ: Tuopu Group Stock
Is Tuopu a Tesla Optimus supplier?
Tuopu is widely reported as a core Optimus actuator supplier, and 36Kr reported that in October 2023 its chairman said "Customer T" wanted Tuopu to supply all of the robot’s linear and rotary actuators. Tuopu itself does not name robot customers and has declined to disclose Optimus order volumes, citing confidentiality.
How much revenue does Tuopu make from robots?
Very little so far. Tuopu reported robot actuator revenue of RMB 13.59 million in 2025, about 0.05% of total revenue, and about RMB 14.05 million in the first half of 2026, up 83% year over year according to Dongwu Securities.
What were Tuopu Q3 2026 results?
Tuopu reported Q3 2026 revenue of RMB 8.416 billion, up 5.3% year over year and 11.2% from Q2, and net profit attributable to shareholders of RMB 640 million, down 4.8% year over year but up 35.9% quarter over quarter.
Is Tuopu listed in Hong Kong?
Not yet, as far as we could verify. Tuopu filed an H-share listing application with the Hong Kong Stock Exchange on March 31, 2026, with CITIC Securities and UBS as joint sponsors. We found no record of a completed listing as of November 10, 2026.
How can I buy Tuopu stock from outside China?
Tuopu trades as 601689 on the Shanghai Stock Exchange. Foreign investors usually reach it through Northbound Stock Connect via a Hong Kong broker, QFII channels, or funds that hold China A-shares. There is no US ADR.
The Bottom Line
Tuopu is the Chinese supplier with the deepest Tesla relationship, and it is building actuator capacity in Ningbo, Thailand and beyond. But in 2026 it is still an auto-parts company: Q3 profit fell 4.8%, robot sales are a rounding error and the share price has nearly halved this year. The upside case needs Optimus volumes to turn small-batch deliveries into real revenue; a completed Hong Kong listing would be the other catalyst to watch.
Sources: MarketScreener (price data mid-Oct 2026), Dongwu Securities and Guotai Haitong via Gelonghui (Oct 31 and Nov 1, 2026), Gasgoo (Mar 25, 2026), 36Kr (Jun 12, 2026), Lanjinger (Apr 1, 2026), Tiger Brokers (Aug 2025), Dolphin Research via 36Kr (Oct 30, 2026). Not investment advice. Last fact-check: November 10, 2026.
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