Group 1 - The company’s wholly-owned subsidiary, Zhengzhou Feilong Automotive Parts Co., Ltd., has been included in the seventh batch of national-level specialized and innovative "little giant" enterprises [2] - The recognition as a "little giant" enterprise highlights the government’s acknowledgment of the subsidiary's innovation capabilities, product quality, and overall strength, which is expected to enhance the company's market competitiveness and support sustainable development [2] - Zhengzhou Feilong will continue to focus on the new energy thermal management sector, advancing technology research and innovation breakthroughs, and aims to serve as a benchmark for "little giant" enterprises [2]

Core Viewpoint - The company reported a revenue decline in the first three quarters of 2025, but net profit showed growth, indicating a mixed performance amidst rising costs and strategic expansions in new business areas [3][11]. Financial Performance - For Q1-Q3 2025, the company's revenue reached 3.237 billion yuan, a year-on-year decrease of 7.38%, while net profit attributable to shareholders was 287 million yuan, an increase of 7.54%. The net profit excluding non-recurring items was 304 million yuan, up 16.66% year-on-year [3]. - In Q3 2025, revenue was 1.076 billion yuan, with a year-on-year decline of 4.68% and a quarter-on-quarter increase of 2.28%. The net profit for Q3 was 76 million yuan, down 7.90% year-on-year and 13.09% quarter-on-quarter [3]. Profitability Metrics - The net profit margin for Q1-Q3 2025 was 8.86%, an increase of 1.23 percentage points year-on-year, while the gross margin was 25.77%, up 4.35 percentage points year-on-year. In Q3 2025, the net profit margin was 7.09%, down 0.25 percentage points year-on-year and 1.25 percentage points quarter-on-quarter, with a gross margin of 26.28%, up 0.46 percentage points year-on-year and 0.56 percentage points quarter-on-quarter [4]. Expense Analysis - The expense ratio for Q3 2025 was 17.50%, showing an increase of 0.08 percentage points year-on-year and 2.85 percentage points quarter-on-quarter. The breakdown of expenses included sales (3.41%), management (6.51%), R&D (7.68%), and financial expenses, with financial expenses increasing by 14 million yuan quarter-on-quarter due to prior exchange gains [5][6]. Strategic Developments - The company established a wholly-owned subsidiary, Hangyi Technology, in July 2025, focusing on non-automotive liquid cooling pumps for data centers and energy storage, with over 80 major clients and more than 120 ongoing projects [7]. - In July 2025, the company received a project designation for a thermal management integrated module from SAIC Motor, with expected sales revenue exceeding 400 million yuan over the project lifecycle [9]. - In October 2025, the company increased its investment in its wholly-owned subsidiary, Feilong International, by up to 300 million yuan, primarily for investment in Longtai Automotive in Thailand, aiming to expand its global business scale [10]. Profit Forecast and Investment Rating - The company adjusted its net profit forecasts for 2025-2027 to 430 million, 624 million, and 756 million yuan, respectively, reflecting a decrease from previous estimates. The current market capitalization corresponds to a PE ratio of 30, 21, and 17 times for 2025-2027. Despite short-term expense increases, the company maintains a "buy" rating due to ongoing expansion in the liquid cooling sector and significant margin improvements [11].

Group 1: Company Overview - Anhui Hangyi Technology Co., Ltd. was established in July 2025 with a registered capital of 50 million RMB, focusing on non-automotive liquid cooling pump R&D, production, and sales [1] - The company aims to become a global core supplier in the IDC liquid cooling pump sector, leveraging over 70 years of thermal management technology from Feilong Automotive Parts Co., Ltd. [1] Group 2: Product Offerings - The product range includes electronic pump series (covering 13W to 40kW) and temperature control valve series, with a focus on platform-based development and customized solutions [2] - Current applications for liquid cooling components include data centers, AI, charging stations, and various emerging fields, with over 80 established client relationships and more than 120 ongoing projects [2][3] Group 3: Market Position and Strategy - The company has four production lines for liquid cooling components and is adjusting equipment from Henan Feilong to meet demand [3] - In the consumer market, the average price of electronic pumps is slightly higher than in the automotive sector, indicating a more lucrative growth potential in the consumer space [3] Group 4: Competitive Advantages - The core competitive advantages include first-mover advantage, customer relationships, and platform-based design, allowing for tailored solutions that meet diverse customer needs [3] - The company is focusing on enhancing product efficiency and expanding its market presence, particularly in the overseas server liquid cooling market [3]

Core Viewpoint - Feilong Co., Ltd. has announced that its wholly-owned subsidiary, Zhengzhou Feilong Auto Parts Co., Ltd., has been included in the public list of the seventh batch of national-level specialized and innovative "little giant" enterprises [1] Group 1 - The announcement was made on the evening of October 27 [1] - The recognition as a "little giant" enterprise highlights the company's specialized capabilities and innovation in the auto parts industry [1]

Core Viewpoint - Feilong Automotive Parts Co., Ltd. has announced that its wholly-owned subsidiary, Zhengzhou Feilong, has been included in the seventh batch of the national-level specialized and innovative "Little Giant" enterprises list, highlighting government recognition of its innovation capabilities and product quality [1] Group 1: Company Overview - Zhengzhou Feilong's main products include mechanical water pumps, electronic water pumps, temperature control module integration, and coolant control valves [1] - The company has an annual production capacity of 1.8 million mechanical water pumps, 1.6 million electronic water pumps, and 5.6 million temperature control module integrations [1] Group 2: Market Position and Future Plans - The inclusion in the "Little Giant" list is expected to significantly enhance the company's market competitiveness and support sustainable development [1] - Zhengzhou Feilong plans to continue focusing on the new energy thermal management sector, advancing technology research and innovation breakthroughs [1] - The company aims to fully leverage its role as a benchmark leader among "Little Giant" enterprises [1]

Group 1 - The core point of the news is that Feilong Co., Ltd. has been recognized as a national-level "specialized, refined, distinctive, and innovative" small giant enterprise by the Ministry of Industry and Information Technology of China, which is expected to enhance its market position and credibility [1] - As of the announcement date, the public notice period for the list of recognized enterprises has ended, and companies without objections will be officially recognized by the national authority [1] - For the first half of 2025, Feilong Co., Ltd.'s revenue composition is as follows: automotive parts account for 97.75%, thermal management components in the liquid cooling sector account for 1.9%, and other businesses account for 0.35% [1] Group 2 - The current market capitalization of Feilong Co., Ltd. is 13.1 billion yuan [2]

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或者重大遗漏。 一、基本情况 根据河南省工业和信息化厅发布的《关于河南省第七批专精特新"小巨人" 企业和 2025 年专精特新"小巨人"复核通过名单的公示》，飞龙汽车部件股份 有限公司（以下简称"公司"）全资子公司郑州飞龙汽车部件有限公司（以下简 称"郑州飞龙"）入选第七批国家级专精特新"小巨人"企业公示名单。截至本 公告日，名单公示期已结束。对照《优质中小企业梯度培育管理暂行办法》中专 精特新"小巨人"企业认定标准，公示无异议的公司，将由国家工业和信息化部 认定为专精特新"小巨人"企业。 二、对公司的影响 国家级专精特新"小巨人"企业，是工业和信息化部按严格程序遴选的优质 企业，聚焦产业基础核心领域，具备创新能力突出、掌握核心技术、细分市场占 有率高、质量效益好等特点，是优质中小企业的重要骨干。 郑州飞龙入选该名单，充分彰显出政府对其创新能力、产品质量与综合实力 的高度认可，有利于显著提升公司的市场竞争力，助力可持续发展。未来，郑州 飞龙将继续深耕新能源热管理领域，持续推进技术研发与创新突破，全面发挥"小 巨人"企业的标杆引 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's revenue for Q1-Q3 2025 reached 3.237 billion yuan, a year-on-year decrease of 7.38%, while the net profit attributable to shareholders was 287 million yuan, an increase of 7.54% year-on-year. The net profit after deducting non-recurring gains and losses was 304 million yuan, up 16.66% year-on-year [7] - The establishment of a wholly-owned subsidiary, Hangyi Technology, marks further progress in the IDC liquid cooling sector, focusing on non-automotive liquid cooling pump R&D, production, and sales [7] - The company has received a project designation for a thermal management integrated module from SAIC Motor, with expected sales revenue exceeding 400 million yuan over the project lifecycle [7] - The company is increasing its investment in its Thailand factory, which began production in June 2025, aiming to expand its global business scale [7] Financial Summary - Revenue forecast for 2023A is 4.095 billion yuan, with a year-on-year growth of 25.69%. The forecast for 2024A is 4.723 billion yuan, with a growth of 15.34%, and for 2025E is 5.025 billion yuan, with a growth of 6.39% [1] - The net profit attributable to shareholders is forecasted to be 261.77 million yuan for 2023A, with a significant year-on-year increase of 211.14%. The forecast for 2024A is 329.62 million yuan, with a growth of 25.92%, and for 2025E is 430.42 million yuan, with a growth of 30.58% [1] - The latest diluted EPS is projected to be 0.46 yuan for 2023A, increasing to 0.57 yuan for 2024A and 0.75 yuan for 2025E [1] - The company's P/E ratios for 2025-2027 are projected to be 30, 21, and 17 respectively, reflecting a favorable valuation outlook [7]

Core Insights - The Chinese pump industry is experiencing a phase of structural differentiation and quality upgrades, with a projected market size of 236 billion yuan in 2024, increasing to 248 billion yuan in 2025 [1][10] - The circulation pump segment, focusing on fluid circulation, is expected to reach approximately 31.3 billion yuan in 2024, accounting for over 13% of the total pump market, with an anticipated annual growth rate of about 8% [1][11] - Key demand drivers include industrial energy-saving renovations, green building initiatives, and municipal infrastructure expansion, with industrial applications representing over 60% of the market share [1][12][13] Industry Overview - Circulation pumps are essential devices that maintain fluid circulation in closed piping systems, serving various sectors including industrial, construction, and energy [2][3] - The industry is characterized by a shift towards high-efficiency and intelligent products, driven by technological advancements and policy support [10][15] Market Dynamics - The circulation pump market is supported by stable demand from industrial, construction, and municipal sectors, with industrial applications leading the way [1][12] - Emerging markets such as data center liquid cooling are rapidly growing, with the liquid cooling server market expected to reach 16.8 billion yuan in 2024, a 46% year-on-year increase [1][13] Policy Environment - The development of the circulation pump industry is significantly influenced by national energy efficiency and environmental protection policies, which promote high-efficiency motors and wastewater treatment improvements [6][10] Industry Chain - The circulation pump industry chain includes upstream raw materials and components, midstream manufacturing, and downstream applications, with a focus on technological innovation and efficiency [8][10] Competitive Landscape - The industry features a competitive landscape where international brands dominate the high-end market, while domestic leaders and specialized companies focus on niche segments [14][15] Future Trends - The future of the circulation pump industry will be shaped by technological upgrades, market restructuring, and demand expansion, with a focus on energy efficiency and smart technologies [15][17] - The industry is expected to see a shift towards comprehensive service solutions, enhancing customer loyalty and market position [16][17]

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the automotive industry [2][9]. Core Insights - The automotive industry continues to show strong growth, with September production and sales reaching historical highs of 3.2758 million and 3.2264 million vehicles, respectively, reflecting month-on-month increases of 16.35% and 12.95% [9][26]. - The penetration rate of new energy vehicles (NEVs) has been steadily increasing, reaching 49.72% in September, with production and sales of NEVs at 1.6169 million and 1.604 million units, respectively, marking year-on-year growth of 23.67% and 24.65% [9][62]. - The report highlights two main investment themes: the impact of vehicle replacement policies and the commercialization of smart driving technologies, suggesting a focus on leading automotive companies and their supply chains [9][10]. Summary by Sections 1. Industry Performance Review - As of October 22, the automotive (CITIC) industry index fell by 6.1%, underperforming the CSI 300 index by 5.06 percentage points, ranking 29th among 30 CITIC primary industries [4][13]. - The automotive sector has seen a year-to-date increase of 23.23%, outperforming the CSI 300 index by 6.51 percentage points [13][16]. 2. Key Industry Data Tracking 2.1. Industry Overview - In September, the automotive industry achieved production and sales of 3.2758 million and 3.2264 million vehicles, respectively, with both metrics showing over 10% growth month-on-month and year-on-year [9][26]. - The inventory coefficient for automotive dealers was 1.35 in September, indicating a slight increase but still below the warning line [26][29]. 2.2. Passenger Vehicles - Passenger vehicle production and sales reached 2.8996 million and 2.8585 million units in September, with year-on-year growth of 15.90% and 13.20% [37][47]. - Domestic brands accounted for 70.2% of passenger vehicle sales, with a year-on-year increase of 2.52 percentage points [47][50]. 2.3. Commercial Vehicles - Commercial vehicle production and sales in September were 376,200 and 367,900 units, respectively, with year-on-year growth of 27.74% and 29.61% [55][58]. - The new energy heavy truck market continues to perform well, with a market share of 28.93% in September [58][60]. 2.4. New Energy Vehicles - NEV production and sales in September were 1.6169 million and 1.604 million units, with a year-on-year increase of 23.67% and 24.65% [62][79]. - The cumulative NEV sales from January to September reached 11.2426 million units, reflecting a year-on-year growth of 35.20% [62][79]. 3. Important Industry Company News - The report includes updates on new vehicle launches, highlighting various models and their specifications, which reflect the ongoing innovation in the automotive sector [85].