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。 ...

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]

Core Viewpoint - Feilong Co., Ltd. is committed to expanding its new track in the civilian thermal management field while ensuring shareholder returns as a serious commitment [2] Group 1: Company Strategy - The company emphasizes the concept of sharing development dividends and aims to establish a stable and predictable long-term return mechanism [2] - Since its listing, the company has consistently and steadily implemented annual cash dividends, returning over 1 billion yuan to shareholders [2] Group 2: Financial Performance - The cumulative return of over 1 billion yuan to shareholders reflects the company's excellent profitability and firm strategic determination [2]

Group 1 - The company Feilong Co., Ltd. announced on November 14 that its thermal management integrated module products consist of components such as electronic pumps, thermal management control valves, expansion tanks, flow guides, sensors, and wiring harnesses [2] - Compared to traditional single-component products, the value of thermal management integrated modules has significantly increased, with specific value varying due to differences in product structure [2]

Group 1 - The company Feilong Co., Ltd. announced that its first overseas smart factory, Longtai Company, is set to complete trial production on June 26, 2025 [2] - The planned production capacity of Longtai Company will primarily serve overseas customers, focusing on engine thermal management products and new energy thermal management products [2] - The company will adjust and increase production capacity in response to global liquid cooling trends and customer demand [2]

Core Insights - The company Feilong Co., Ltd. announced on November 14 that there is a significant increase in demand for liquid cooling pumps due to the explosion of AI computing power and low heat dissipation requirements [2] - Major global cloud service providers and high-end computing providers, such as NVIDIA, Google, Microsoft, Meta, Dell, and Amazon, are constructing AI data centers that support liquid cooling on a large scale [2] - The company's liquid cooling pump products are characterized by low energy consumption, long lifespan, lightweight, and strong operability, giving them a competitive edge in the market [2]

Group 1 - The company, Feilong Co., announced on November 14 that it has established close partnerships with over 40 leading enterprises in the server liquid cooling sector, including HP, Delta, Jinyun, Vidi, Shenling Environment, Yaha Electronics, Haiwu, Shenzhen Xingqihong, Invec, and Wanbang Digital [2] - Some of the clients in the server liquid cooling field are well-known companies from Taiwan [2]