Company Overview - Established in 1952, 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 and applications [2][3] Product Development and Market Position - Key products include mechanical water pumps, exhaust manifolds, turbocharger housings, electronic pumps, temperature control valves, and thermal management integrated modules [2] - The company has achieved national recognition for its mechanical water pumps and turbocharger housings, which are classified as manufacturing industry champions [2] - Currently, the company serves over 200 domestic and international clients, with products sold across various regions including the Americas, Europe, and Southeast Asia [3] Investor Interaction Insights - Each new energy vehicle typically requires 2-5 electronic water pumps, depending on the model and technical configuration [3] - The self-manufacturing rate of the company's electronic pump products exceeds 90%, covering components like injection molding, motors, and chips [3] - The competitive advantage of the thermal management integrated module lies in its "integrated" design, enhancing assembly efficiency and overall system performance [3] Future Outlook and R&D Initiatives - The company is focusing on deepening the integrated module's industrial and value chain, transitioning from a core component expert to a system solution provider [3] - Currently, over 120 R&D projects are underway, particularly in liquid cooling technologies for various applications including servers, charging stations, and robotics [4] - The company aims to leverage its existing customer resources to integrate into global supply chains, with a focus on expanding in Southeast Asia through its overseas factory in Thailand [4]

Market Overview - The automotive parts sector increased by 0.82% on October 29, with Sanxiang Technology leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Top Gainers in Automotive Parts Sector - Sanxiang Technology (code: 920195) closed at 24.97, with a significant increase of 29.98% and a trading volume of 143,100 shares, amounting to a transaction value of 325 million yuan [1] - Kete Co., Ltd. (code: 920978) saw a rise of 12.23%, closing at 41.30 with a trading volume of 68,900 shares [1] - Lintai New Materials (code: 920106) increased by 12.20%, closing at 96.01 with a trading volume of 19,200 shares [1] - Other notable gainers include Jianbang Technology (10.42%), Mingke Precision Technology (9.99%), and Shanzi Gaoke (9.97%) [1] Top Losers in Automotive Parts Sector - Taixiang Co., Ltd. (code: 301192) experienced the largest decline, down 11.04% to 37.30 with a trading volume of 59,600 shares [2] - Changrun Co., Ltd. (code: 603201) fell by 9.36%, closing at 17.44 with a trading volume of 82,600 shares [2] - Qingdao Double Star (code: 6650000) decreased by 8.62%, closing at 7.00 with a trading volume of 2,072,900 shares [2] Capital Flow Analysis - The automotive parts sector saw a net inflow of 1.331 billion yuan from institutional investors, while retail investors experienced a net outflow of 429 million yuan [2] - The main capital inflow was concentrated in stocks like Shanzi Gaoke, which had a net inflow of 195.5 million yuan from institutional investors [3] - Other stocks with significant institutional inflows include Junsheng Electronics (40.8 million yuan) and Top Group (26.9 million yuan) [3]

Group 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] - The company has two main development phases: prior to 2017 focused on automotive thermal management components, and from 2017 onwards, expanding into civilian markets [2][3] Group 2: Product Capacity and Clients - Current annual production capacity includes: 8 million mechanical water pumps, 4.6 million exhaust manifolds, 8 million turbocharger housings, and 1.2 million oil pumps [4] - The company has established connections with over 130 major clients for its electronic pump series, including Chery, Li Auto, and VinFast [5] Group 3: Product Applications and Market Expansion - The company's new energy thermal management components are primarily used in water media applications, such as electronic pumps and temperature control valves [5] - Future applications of thermal management modules will extend to various fields, including data centers, AI, and renewable energy sectors [8] Group 4: Strategic Response and Future Plans - To mitigate the impact of U.S. tariffs, the company is accelerating the construction of its Thailand production base and diversifying its international market strategy [8] - The company aims to solidify its automotive thermal management business while expanding into new applications and markets, including Southeast Asia and Central Asia [8]

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 ...