Core Viewpoint - Feilong Automotive Parts Co., Ltd. has experienced a significant stock price increase of 100.18% year-to-date, despite a recent decline in trading performance [1][2]. Group 1: Stock Performance - On November 4, Feilong's stock price fell by 2.08%, trading at 22.58 CNY per share with a total market capitalization of 12.979 billion CNY [1]. - The stock has seen a trading volume of 1.57 billion CNY, with a turnover rate of 1.26% [1]. - Year-to-date, the stock has risen by 100.18%, but has decreased by 0.48% over the last five trading days and by 8.69% over the last 20 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Feilong reported a revenue of 3.237 billion CNY, a year-on-year decrease of 7.38%, while the net profit attributable to shareholders increased by 7.54% to 287 million CNY [2]. - The company has distributed a total of 1.074 billion CNY in dividends since its A-share listing, with 502 million CNY distributed over the last three years [3]. Group 3: Shareholder Information - As of October 20, 2025, the number of shareholders decreased to 90,000, with an average of 6,049 circulating shares per shareholder, an increase of 6.67% [2]. - The fourth largest circulating shareholder is Hong Kong Central Clearing Limited, holding 5.3163 million shares, an increase of 2.0024 million shares from the previous period [3].

Group 1: Overall Market Performance - The overall performance of the passenger car sector in Q3 2025 was below expectations, primarily due to a slowdown in industry growth and intensified competition across all price segments[3] - The passenger car industry saw a year-on-year growth rate of only 3% in retail sales, 23% in exports, and 13% in wholesale during Q3 2025, indicating a significant deceleration compared to previous quarters[27] - The inventory levels in the industry remain healthy, with a controlled increase in stock despite the overall market pressures[27] Group 2: Segment-Specific Insights - Heavy-duty trucks experienced a strong performance in Q3 2025, with wholesale, domestic, and export sales increasing by 58.1%, 64.5%, and 22.9% year-on-year, respectively[5] - The bus sector also performed well, with leading companies like Yutong achieving significant revenue growth, driven by robust demand from both domestic and international markets[6] - The motorcycle segment saw a 57.4% increase in large-displacement motorcycle exports, while domestic sales faced pressure, declining by 9.3% year-on-year[7] Group 3: Financial Metrics and Adjustments - The average selling price (ASP) for vehicles remained stable in Q3 2025, with some companies like BYD implementing price increases starting in July[3] - The gross profit margins for many companies showed slight recovery, attributed to stable sales and limited discounting in the market[3] - Several companies, including Great Wall Motors and Changan, reported a decline in net profit due to foreign exchange losses and inventory adjustments[4]

Company Overview - Feilong Automotive Components Co., Ltd. has over 70 years of development history, focusing on thermal management system solutions [2] - The company has two main development phases: prior to 2017, focusing on automotive thermal management components; and from 2017 onwards, expanding into civilian market clients [3] Product Development and Market Reach - The company has established four R&D centers in Shanghai, Wuhu, Neixiang, and Xixia, with a focus on new energy thermal management components [3] - Products are sold nationwide and exported to over 200 domestic and international clients, serving more than 300 factory bases globally [3] Key Products and Applications - Major overseas products include turbine housings and exhaust manifolds, with over 50 key clients such as BorgWarner, Cummins, and Ford [3] - The turbine housing product, recognized as a manufacturing champion by the Ministry of Industry and Information Technology in 2024, is crucial for both traditional and new energy vehicles [3] New Energy Vehicle Product Layout - The company supplies electronic pump series, temperature control valves, and integrated modules for pure electric vehicles, and exhaust manifolds for hybrid vehicles [4] Liquid Cooling Sector - The liquid cooling product line includes electronic pumps, thermal management control valves, and sensors, with several products entering the mass production phase [4] - The company has established partnerships with over 40 leading firms in the server liquid cooling sector, with some projects already in small batch supply [5] Strategic Vision and Future Opportunities - The company aims to leverage its core strengths in the automotive sector while expanding into commercial liquid cooling, charging stations, and energy storage systems [5] - The establishment of the first overseas smart factory in Thailand serves as a strategic point to penetrate the Southeast Asian market and capitalize on regional growth opportunities [5]

Core Viewpoint - Feilong Co., Ltd. has shown significant stock performance with a year-to-date increase of 103.28%, despite a recent decline over the past 20 days [1][2] Company Overview - Feilong Co., Ltd. was established on January 9, 2001, and went public on January 11, 2011. The company specializes in the research, development, manufacturing, and sales of automotive parts [2] - The revenue composition includes: 48.69% from automotive engine thermal management energy-saving 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 parts, and 0.35% from other sources [2] - The company is classified under the automotive industry, specifically in automotive parts, chassis, and engine systems, and is associated with concepts such as Changan Automobile and Ideal Automobile [2] Financial Performance - For the period from January to September 2025, Feilong Co., Ltd. reported a revenue of 3.237 billion yuan, 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 has distributed a total of 1.074 billion yuan in dividends since its A-share listing, with 502 million yuan distributed over the last three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 6.25% to 90,000, with an average of 6,049 circulating shares per person, an increase of 6.67% [2] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 5.3163 million shares, an increase of 2.0024 million shares from the previous period, while Jin Ying Information Industry Stock A has entered the list as a new shareholder with 1.7087 million shares [3]

Group 1 - GAC Group reported a loss of 3,643 yuan for every vehicle sold in the first three quarters, aiming for 2 million sales of its own brand by 2027 [1] - Greenland Holdings faced 1,344 new lawsuits in 20 days, with a debt-to-asset ratio of 89%, and its new business is still in the investment phase [1] - Chongqing Bank's net profit increased by 10%, but its middle-income dropped by 27.6%, and it was fined 2.2 million for violations in loan and investment businesses [1] Group 2 - Feilong Co. experienced a decline in both revenue and profit for the first time in three years, with a fundraising of 271 million for a project that has seen little progress in six months [1] - Yushu Technology is advancing its IPO with a name change, and its overseas business accounts for 50% of its operations, with accelerated product iteration [1] - CATL achieved a record profit of 200 million per day in the third quarter, entering a global expansion cycle, with Morgan Stanley optimistic about its prospects [1] Group 3 - Industrial Fulian reported positive performance and declared its first interim dividend, accumulating nearly 150 billion in profits and distributing 63.1 billion [1] - Estun faced 4.8 billion in interest-bearing debt, having sold assets twice to recover 340 million in funds [1] - GoerTek terminated a 10 billion acquisition, while investing 24.8 billion in R&D over five and a half years across multiple business lines [1] Group 4 - Agricultural Bank made a significant move by incorporating 192 institutions in Jilin, as state-owned banks push for "village reform" in the rural credit system [1] - Aier Eye Hospital's charitable operations faced scrutiny after being penalized for insurance fraud, with weak performance leading to a stock price drop back to six years ago, and 8.7 billion in goodwill concerns [1] - R&F Properties has accumulated over 16.3 billion in execution amounts, with a 19 billion acquisition of Wanda Hotels accelerating asset sales for liquidity [1] Group 5 - Cambrian Technology reported a profit of 1.6 billion in the first three quarters, an increase of over three times, with investor Zhang Jianping increasing his stake, resulting in a cumulative profit of 3.6 billion [1] - WuXi AppTec has reduced its holdings in WuXi AppTec by 64 billion through four transactions, with a workforce reduction of 6,529 over two and a half years, and CEO Li Ge's salary at 42 million [1]

Group 1 - The core viewpoint of the news is that Feilong Co., Ltd. has shown significant stock performance with a year-to-date increase of 102.84% and a market capitalization of 13.151 billion yuan as of October 31 [1] - As of October 20, 2025, Feilong Co., Ltd. reported a revenue of 3.237 billion yuan, 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 has a diverse revenue structure, with 48.69% from automotive engine thermal management energy-saving components and 38.78% from important thermal management components [2] Group 2 - Feilong Co., Ltd. has a total of 90,000 shareholders as of October 20, 2025, which is a decrease of 6.25% from the previous period, with an average of 6,049 circulating shares per shareholder, an increase of 6.67% [2] - The company has distributed a total of 1.074 billion yuan in dividends since its A-share listing, with 502 million yuan distributed in the last three years [3] - As of September 30, 2025, the top ten circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 2.0024 million shares [3]

Core Viewpoint - Feilong Co., Ltd. is a leading player in the domestic automotive water pump industry, showcasing strong competitiveness in the automotive parts sector with advanced production technology and a comprehensive quality control system [1] Financial Performance - For Q3 2025, Feilong's revenue reached 3.237 billion yuan, ranking 19th out of 103 in the industry, below the average of 3.82 billion yuan, and significantly lower than the top competitors Weichai Power at 170.571 billion yuan and Top Group at 20.928 billion yuan [2] - The company's net profit for the same period was 279 million yuan, ranking 17th in the industry, slightly above the average of 275 million yuan, but far below Weichai Power's 10.852 billion yuan and Top Group's 1.969 billion yuan [2] Profitability and Debt Ratios - As of Q3 2025, Feilong's debt-to-asset ratio was 39.88%, higher than the previous year's 35.85% and above the industry average of 39.06% [3] - The gross profit margin for the same period was 25.77%, an increase from 21.42% year-on-year, and above the industry average of 21.53% [3] Management and Shareholder Structure - The chairman, Sun Feng, has extensive management experience, while the general manager, Sun Yaozhong, saw a salary increase of 620,100 yuan, bringing his total compensation to 1.5713 million yuan for 2024 [4] Shareholder Dynamics - As of September 30, 2025, the number of A-share shareholders decreased by 11.15% to 97,700, while the average number of shares held per shareholder increased by 12.55% to 5,570.17 shares [5] - Notable changes among the top ten shareholders include Hong Kong Central Clearing Limited increasing its holdings by 2.0024 million shares, while Dongwu Securities highlighted a strong performance in revenue and net profit for Q1 to Q3 2025 [5] Future Outlook - Huafu Securities projects Feilong's revenue for 2025 to 2027 to be 4.958 billion, 5.278 billion, and 5.595 billion yuan respectively, with net profits of 449 million, 528 million, and 618 million yuan [6] - Key business highlights include significant growth potential in the AIDC sector, leading market share in the new energy vehicle segment, and stable development in traditional automotive operations [6]

Group 1: Report Overview - The report is about the analyst meeting of Feilong Co., Ltd., a company in the automotive parts industry, with a research date of October 30, 2025 [1][2] Group 2: Research Basic Information - Research object: Feilong Co., Ltd. [17] - Industry: Automotive parts [2] - Reception time: October 30, 2025 [17] - Reception personnel: Deputy General Manager and Board Secretary Xie Guolou, Securities Affairs Representative Xie Kun [17] Group 3: Detailed Research Institutions - Reception object type: Investment company [20] - Institution: Changzhou Investment [20] - Related personnel: Tang Hao, Li Yuanjie [20] Group 4: Company Introduction - Feilong Co., Ltd. was founded in 1952 and is a listed company focusing on thermal management system solutions [24] - The company's development is divided into two stages: before 2017, it focused on R & D, production and sales of automotive thermal management components; since 2017, it has expanded into the civilian market [24] - The company has a national - level enterprise technology center and four R & D centers in Shanghai, Wuhu, Neixiang and Xixia [24] - Its products are sold nationwide and exported to the Americas, Europe, Southeast Asia, etc., serving over 300 factory bases globally with more than 200 domestic and foreign customers in production [24] Group 5: Investor Interaction Q&A Question 1: Number and application of electronic water pumps in new - energy vehicles - Each new - energy vehicle generally has 2 - 5 electronic water pumps, mainly used in motors, electronic controls and batteries [25] Question 2: Self - production rate of electronic pump products - The self - production rate of the company's electronic pump series products exceeds 90%, including injection molding, motors, and chip mounting [27] Question 3: Market competitiveness of thermal management integrated module products - The competitiveness comes from the "integrated" design concept, which replaces traditional multi - component solutions, improves assembly efficiency and space utilization, and optimizes system performance [28] - Multiple projects are in the volume - increasing cycle, and the scale effect is gradually emerging [28] Question 4: Company's competitive advantages compared with the industry - Based on engine thermal management business, it maintains or increases market share and develops new - energy thermal management business [30] - The application fields expand from the automotive field to civilian thermal management fields such as server liquid cooling, data center liquid cooling, etc. [30] Question 5: Current R & D projects - There are over 120 R & D projects in the liquid - cooling field, covering server liquid cooling, charging piles, energy storage, etc. [31] Question 6: R & D direction of liquid - cooling technology - The company focuses on cold - plate liquid - cooling technology and promotes the R & D and application of immersion liquid - cooling technology [32] Question 7: Global strategy layout - The company adheres to the business philosophy of "persistence, dual - wheel drive, meticulous operation, and brand building" and develops both domestic and international markets [33] - It deepens cooperation with global automakers, integrates into the global supply chain through the "old - bringing - new" model, and uses the Thai factory to undertake overseas orders [34] - It focuses on the Southeast Asian market through the Thai factory to seize new - energy industry opportunities and expand overseas resources [35]

Core Viewpoint - Feilong Automotive Components Co., Ltd. is focusing on the development of thermal management systems, with a significant shift towards both automotive and civilian markets, aiming for strategic transformation and global expansion [2][9]. Company Overview - Founded in 1952, Feilong has over 70 years of experience in the thermal management solutions industry, primarily developing automotive thermal management components [2]. - The company has two main development phases: prior to 2017, focusing on automotive parts; and from 2017 onwards, expanding into civilian markets [2]. Product Development - The company has established four R&D centers in Shanghai, Wuhu, Neixiang, and Xixia, focusing on new energy thermal management components [2]. - Feilong's electronic pump products have a self-manufacturing rate exceeding 90%, indicating strong in-house production capabilities [4]. - The competitive advantage of the thermal management integrated module lies in its "integrated" design, enhancing assembly efficiency and overall system performance [5]. Market Position and Strategy - Feilong maintains or increases market share in traditional automotive thermal management while expanding into new energy management applications across various sectors, including data centers and renewable energy [6]. - The company is actively pursuing over 120 R&D projects in liquid cooling technology, targeting cutting-edge applications [7][8]. Global Strategy - Feilong aims for a dual-circulation development model, enhancing collaboration with global automotive companies and leveraging its overseas manufacturing base in Thailand to capture international orders [9]. Financial Performance - For the first three quarters of 2025, the company reported a main revenue of 3.237 billion yuan, a year-on-year decrease of 7.38%, while net profit attributable to shareholders increased by 7.54% to 287 million yuan [10]. - The gross profit margin stands at 25.77%, with a debt ratio of 39.88% [10]. Investment Insights - Recent institutional ratings indicate a positive outlook, with four institutions issuing buy ratings in the last 90 days [10]. - The company is projected to achieve net profits of 430 million yuan in 2025, with forecasts increasing in subsequent years [10].

南财智讯10月30日电，飞龙股份在投资者关系活动中表示，公司依托技术研发体系，在液冷领域持续推 进创新，目前有超过120个研发项目正在进行，覆盖服务器液冷、充电桩、储能、机器人、低空经济等 多个前沿应用领域。 ...