Analysis of Tianpu Co., Ltd. (605255) Actual Control Change and Future Development

• According to the announcement on December 22nd, Zhonghao Xinying (Hangzhou) Technology Co., Ltd., Hainan Xinfan Enterprise Management Partnership (Limited Partnership), and Fang Donghui have completed the capital increase to the controlling shareholder Zhejiang Tianpu Holding Co., Ltd. and finished the industrial and commercial registration change. Yang Gongyifan simultaneously became the new actual controller of Tianpu Co., Ltd. (605255), with the relevant concert parties controlling a total of 68.29%[2]. To ensure a smooth transition, the company has initiated the board of directors re-election in advance, nominating Yang Gongyifan, Li Chenling, and Kang Xiao as non-independent director candidates for the 4th Board of Directors, and Ma Ying and Shen Baixin as independent director candidates. This reflects the new control layer’s desire to quickly establish governance authority while retaining independent director oversight[1].

• The change of actual controller was accompanied by the resignation of You Jianyi, the chairman and general manager. The board of directors temporarily appointed Shen Weiyi to act as chairman and director of the Strategic Committee. In the short term, a collaborative transition pattern of “old management + new controller” has been formed, and it is not ruled out that a unified strategy will be formed through supplementary appointments and reshaping of the Strategic Committee in the future[6].

• Currently, Tianpu Co., Ltd.'s main business is automobile polymer fluid pipelines and sealing systems. In the first three quarters of 2025, its revenue was RMB2.304 billion and net profit attributable to shareholders was RMB17.85 million, showing a slight downward trend. The external tradable shares are concentratedly held by the controlling shareholder at 68.29%, leading to limited market trading flexibility but vulnerability to concept-driven boosts[5]. Against the backdrop of highly concentrated equity, governance stability and transparency are key points that the new controller must continuously maintain.

• In the abnormal trading announcement, the company specifically clarified that it “has not signed any framework cooperation agreements related to artificial intelligence” and “has no plans to change its main business or conduct major restructuring within the next 12 months”, indicating that there is no short-term plan to directly inject AI computing power business into the listed company[7]. This means the strategic focus still needs to be on improving operational efficiency, customer stickiness, and supply chain optimization around the main automobile parts business to avoid excessive market expectations of “backdoor listing”.

• Yang Gongyifan has a core R&D background in Google TPU and has participated in multiple high-end CPU projects at Oracle, winning the title of National Leading Talent. He returned to China in 2018 to establish Zhonghao Xinying, whose team members mostly come from top companies like Google, NVIDIA, and Microsoft[3]. The company adheres to an independent TPU architecture, has independently developed the “Chana” chip and “Taize” computing cluster, and has achieved mass production. Some performance indicators are claimed to surpass those of overseas GPUs of the same generation, forming a differentiated technical route[4].

• Zhonghao Xinying builds its ecosystem around “chip + cluster + model”: independently developed FP8 format (UE8M0) to reduce computing power costs, cooperates with local operators to build intelligent computing centers, and serves industries such as finance and medical care. The company is in the IPO preparation stage (committed to completion by the end of 2026), and explicitly states that its capital securitization path is independent of Tianpu Co., Ltd., implying that it mainly acts as a resource integration at the holding level in Tianpu rather than direct business transfer[5].

• In the long run, Yang Gongyifan and Zhonghao Xinying have strong capabilities in computing power, overseas teams, capital market operations, and important customer resources (such as ByteDance and Alibaba). If, on the basis of maintaining the stability of the main automobile parts business, the holding platform can assist in internal and external AI computing power projects of the group (e.g., providing edge computing power for manufacturing factories, combining Tianpu’s existing manufacturing capabilities with chip heat dissipation/packaging technologies), it can form a “manufacturing + computing power” dual-drive strategic synergy.

• With a market capitalization of approximately RMB26.57 billion and a cumulative share price increase of over 1400% this year[0] (current price: RMB198.20 per share, concentrated tradable market capitalization), any new strategic disclosure may amplify market expectations. Therefore, future information disclosure should emphasize “main business unchanged, under evaluation” to maintain governance and compliance. At the same time, consideration can be given to using new board members and the Strategic Committee to promote the internal strategic review mechanism, gradually forming a dual positioning of automobile business and AI strategy, and avoiding a decline in execution due to resource dispersion.

##5. Risks and Recommendations

1. Governance Concentration Risk:
   Control concentration means limited liquidity for external shareholders. It is necessary to strengthen the role of independent directors and corporate governance reports to prevent “irrational speculation” and conflicts of insider control[5].
2. Business Synergy Uncertainty:
   The new controller has stated no asset injection or main business adjustment at this stage[7], so if AI computing power-related assets are to be introduced in the future, the path, financial impact, and risk control measures should be disclosed in advance to avoid market speculation about “backdoor listing”.
3. Performance Improvement Takes Time:
   The current profit level is still low. It is necessary to stabilize the automobile parts foundation by improving supply chain efficiency, expanding international customers, and deepening customized customer services. At the same time, Tianpu can leverage Zhonghao Xinying’s global R&D team to strengthen intelligent manufacturing upgrades in materials/sealing systems and tap efficiency dividends.

• Establish a special strategic coordination team to evaluate specific synergy points between Tianpu and Zhonghao in R&D, procurement, supply chain, and overseas customer support, and clarify short-, medium-, and long-term project paths.
• On the premise of maintaining the main business unchanged, gradually explore the application of “intelligent manufacturing + industrial chain digitalization”, promote factory digital twins or R&D simulations based on Zhonghao’s computing power capabilities, and form a unique value proposition of “hardware + computing power”.
• Strengthen information disclosure and investor communication, regularly update governance structure adjustments, strategic progress, and risk responses to maintain market confidence and curb speculative fluctuations.

[0] Jinling API Data (Tianpu Co., Ltd. Company Profile and Real-time Market, 2025-12-29, 605255.SS)
[1] Yicai.com: “Tianpu Co., Ltd.: Actual Controller Changed to Yang Gongyifan, Board Re-election Initiated in Advance”, https://www.yicai.com/brief/102979887.html
[2] Caizhongshe: “Tianpu Co., Ltd.: Controlling Shareholder Capital Increase Completed, Actual Controller Changed to Yang Gongyifan”, https://m.caizhongshe.cn/news-7409036198587069628.html
[3] Futu News: “First Mass-produced Chip Outperforms Overseas Famous GPU Products; Independent Development from 0 to 1 Completed in 5 Years”, https://news.futunn.com/post/66705566
[4] Sina Finance: “Revealing the ‘Counterattack’ Path of Domestic TPU: First Mass-produced Chip Outperforms Overseas Famous GPU Products”, https://finance.sina.com.cn/jjxw/2025-12-29/doc-inhemiux0416418.shtml
[5] CFI.net: “Tianpu Co., Ltd. Abnormal Stock Trading Announcement”, https://www.cfi.net.cn/p20251229004435.html
[6] Securities Times: “10x Bull Stock Tianpu Co., Ltd. Changes Ownership; Zhonghao Xinying et al. Will Control Over 68% of Its Shares”, https://stcn.com/article/detail/3553640.html
[7] Capital Futures: “Tianpu Co., Ltd.: The Company Has No Plans to Carry Out AI-related Business”, https://xnews.jin10.com/details/205085