Core Viewpoint - Feilong Co., Ltd. (002536) announced on November 18 that its gross profit margin is expected to increase year-on-year in the first three quarters of 2025 due to several key factors [1] Group 1 - The first reason for the increase in gross profit margin is the relative stability of raw material prices [1] - The second reason is the optimization of product structure, which enhances market competitiveness [1] - The third reason is the strengthening of internal management, including the comprehensive implementation of VA/VE projects, leading to systematic cost reductions through improved production efficiency and refined operations [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. 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 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]

证券日报网讯飞龙股份（002536）11月18日在互动平台回答投资者提问时表示，公司持续深耕主业，生 产经营一切正常。公司未来将围绕"四个曲线"战略布局：(1)稳固车端热管理业务基本盘；(2)以海外生 产基地龙泰公司为战略支点，深化全球化市场布局；(3)拓展热管理技术新兴应用领域；(4)推进热管理 技术与前沿产业深度融合，构建集成化供应链，实现价值赋能。 ...

证券代码：002536 证券简称：飞龙股份 飞龙汽车部件股份有限公司投资者关系活动记录表 司着力汽车热管理部件产品的研发、生产和销售，比如机械水泵、 排气歧管、涡轮增压器壳体（简称"涡壳"）、电子泵系列产品、温 控阀系列产品和热管理集成模块等，目前汽车水泵和涡壳两类产品 已荣获国家工信部认定的制造业单项冠军，同时大力开拓海外业 务；第二个阶段是 2017 年至今，公司在发展汽车热管理领域的基 础上，重点开拓民用领域客户和市场，助力公司快速转型升级。 目前公司拥有国家级企业技术中心，建立了上海、芜湖、内乡 和西峡四个研发中心，其中上海和芜湖为新能源热管理部件产品研 发中心，着力开发电子泵系列和温控阀系列产品，拓展电磁阀、热 管理集成模块等产品。产品销售覆盖全国市场，并出口美洲、欧洲、 东南亚等地区，已批产国内外客户 200 余家，服务全球超 300 个工 厂基地。 二、投资者互动问题解答 1、公司 2025 年前三季度毛利率同比上涨的原因是什么？ 回复：公司 2025 年前三季度毛利率同比上涨主要原因有以下三点： 一是原材料价格相对稳定；二是优化产品结构，增强市场竞争力； 三是强化内部管理，全面实施 VA/VE ...

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].