Core Viewpoint - Feilong Co., Ltd. has announced the completion of its first overseas smart factory in Thailand, which is a significant step in the company's global expansion strategy [1] Group 1: Global Expansion Strategy - The Thailand production base, completed on June 26, 2025, will serve as a strategic hub for the company's global operations [1] - The company aims to leverage the Thailand facility to expand its business in Southeast Asia and enhance its global presence [1] Group 2: Risk Mitigation - By relocating some export operations to Thailand, the company can effectively mitigate international trade risks and adapt to shifts in North American orders [1] - The new production base will enhance the resilience of the global supply chain and help counteract geopolitical fluctuations and potential impacts from U.S.-China trade relations [1] Group 3: Future Capacity Adjustments - The company plans to adjust and increase production capacity based on the development trends in the global liquid cooling sector and customer demand [1]

Core Viewpoint - Feilong Co., Ltd. (002536) announced on November 18 that while there is a general decline in annual customer numbers in the new energy vehicle sector, the situation remains within a normal range, and the company is actively communicating and coordinating with its clients to address its development needs [1] Summary by Category - **Company Performance** - Feilong Co., Ltd. reported a general decline in annual customer numbers in the new energy vehicle sector [1] - The company stated that this decline is within a normal range [1] - **Client Relations** - The company is actively engaging in communication and coordination with clients to align with its development needs [1]

Core Viewpoint - Feilong Co., Ltd. (002536) announced on November 18 that its self-manufacturing rate for electronic pump series products exceeds 95%, with components such as injection molding, motors, and chip placement all produced in-house [1] Group 1 - The company has achieved a self-manufacturing rate of over 95% for its electronic pump series products [1] - Key components including injection molding, motors, and chip placement are all self-manufactured by the company [1]

Core Viewpoint - Feilong Co., Ltd. (002536) announced on November 18 that its thermal management integrated module products are widely used in the automotive sector and will gradually expand into various civilian thermal management scenarios based on its strategic development plan [1] Group 1: Product Applications - The company's thermal management integrated module series is currently applied in the automotive field [1] - Future expansions will include applications in server liquid cooling, data center (IDC) liquid cooling, artificial intelligence, and charging station liquid cooling [1] Group 2: Strategic Development - The company plans to extend its product applications to numerous cutting-edge fields such as robotics, 5G base stations and communication equipment, hydrogen energy liquid cooling, and wind and solar energy storage liquid cooling [1] - Additional areas for potential growth include power equipment, modern agricultural machinery, large industrial machinery liquid cooling, and low-altitude economy [1]

Core Viewpoint - Feilong Co., Ltd. (002536) emphasizes its competitive edge in automotive thermal management integrated modules through a systematic "integration" design concept, which replaces traditional multi-component solutions, enhancing assembly efficiency and space utilization while optimizing overall system performance [1] Group 1: Product and Technology - The integrated design approach not only represents a technological upgrade but also reconstructs industry value, providing customers with comprehensive gains in efficiency, space, and performance [1] - The current advantages are translating into market results, with multiple projects entering a ramp-up phase and scale effects gradually being released [1] Group 2: Strategic Outlook - Looking ahead, the company plans to deepen the integrated module industry chain and value chain, building a strong technological moat [1] - The strategic transformation aims to shift the company from a core component expert to a system solution provider [1]

Core Viewpoint - Feilong Co., Ltd. (002536) is actively expanding its overseas market presence through its production base in Thailand, indicating a sustainable growth in overseas revenue [1] Group 1 - The company is leveraging its overseas production base, Longtai Automotive Parts (Thailand) Co., Ltd., to enhance its international market reach [1] - Feilong Co. is focusing on consolidating and expanding its overseas customer resources [1] - The company is steadily advancing its market layout in both the automotive and civilian sectors [1]

Core Viewpoint - Feilong Co., Ltd. (002536) is committed to its main business operations, which are running normally, and is focusing on a strategic layout centered around the "four curves" strategy [1] Group 1: Business Strategy - The company aims to solidify its core business in vehicle thermal management [1] - It plans to use its overseas production base, Longtai Company, as a strategic foothold to deepen its global market layout [1] - The company intends to expand into emerging applications of thermal management technology [1] - It will promote the deep integration of thermal management technology with cutting-edge industries to build an integrated supply chain and achieve value empowerment [1]

Company Overview - Feilong Automotive Parts Co., Ltd. has over 70 years of development history, established in 1952, focusing on thermal management system solutions [2][3] - The company has two main development phases: before 2017, focusing on automotive thermal management components; and from 2017 onwards, expanding into civilian market clients and applications [3] Financial Performance - The gross profit margin for the first three quarters of 2025 increased year-on-year due to three main factors: stable raw material prices, optimized product structure, and enhanced internal management [4] - The company has over 200 domestic and international clients, serving more than 300 factory bases globally [3] Product Development - The company has established four R&D centers in Shanghai, Wuhu, Neixiang, and Xixia, focusing on new energy thermal management components [3] - Currently, there are over 120 ongoing R&D projects in the liquid cooling field, covering various advanced applications [11] Market Strategy - The company is actively expanding its overseas market presence, particularly through its production base in Thailand, which serves as a strategic point for global operations [12] - The electronic pump series has a self-manufacturing rate exceeding 95%, with major clients including Chery, Li Auto, and VinFast [6][7] Competitive Advantage - The thermal management integrated module products are designed to replace traditional multi-component solutions, enhancing assembly efficiency and overall system performance [10] - The company aims to transition from a core component expert to a system solution provider, deepening its value chain and technological moat [10] Future Outlook - The company anticipates continued growth in liquid cooling product orders over the next two years, with a focus on both domestic and international markets [11] - Plans to adapt production capacity based on global trends and customer needs in the liquid cooling sector [12]

Core Viewpoint - On November 17, Feilong Co., Ltd. experienced a stock price increase of 3.95%, with a trading volume of 720 million yuan, indicating positive market sentiment towards the company [1]. Financing Summary - On November 17, Feilong Co. had a financing buy-in amount of 65.32 million yuan and a financing repayment of 58.99 million yuan, resulting in a net financing buy of 6.34 million yuan [1]. - As of November 17, the total financing and securities lending balance for Feilong Co. was 790 million yuan, which accounts for 5.94% of its circulating market value, indicating a high level of financing activity compared to the past year [1]. - The company had no shares sold short on November 17, with a securities lending balance of 2316 yuan, which is above the 70th percentile level over the past year [1]. Business Performance - For the period from January to September 2025, Feilong Co. reported a revenue of 3.237 billion yuan, reflecting a year-on-year decrease of 7.38%, while the net profit attributable to shareholders increased by 7.54% to 287 million yuan [2]. - The company's main business revenue composition includes: 48.69% from automotive engine thermal management energy-saving and emission-reduction components, 38.78% from important thermal management components, 8.57% from new energy thermal management components, 1.90% from liquid cooling thermal management components, 1.71% from other non-engine automotive components, and 0.35% from other sources [1]. Shareholder Information - As of November 10, the number of shareholders for Feilong Co. reached 93,000, an increase of 3.33% from the previous period, while the average circulating shares per person decreased by 3.23% to 5,853 shares [2]. - The company has cumulatively distributed 1.074 billion yuan in dividends since its A-share listing, with 502 million yuan distributed over the past three years [3]. - As of September 30, 2025, Hong Kong Central Clearing Limited was the fourth largest circulating shareholder, increasing its holdings by 2.0024 million shares to 5.3163 million shares [3].

Core Insights - Feilong Co., Ltd. announced on November 14 that its liquid cooling pump series products follow a platform-based, series-based, and customized development strategy [2] - The company has successfully developed a 22kW large IDC liquid cooling pump for data center liquid cooling systems, which has been validated and recognized by well-known clients, entering the small batch delivery phase [2] - This achievement highlights the company's leading position in server liquid cooling solutions [2]