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 [1] - The company has two main development phases: before 2017, focusing on automotive thermal management components; and from 2017 onwards, expanding into non-automotive markets [2] Group 2: Product Development and Market Position - The company has developed key products such as mechanical water pumps, exhaust manifolds, and electronic pumps, with water pumps and exhaust manifolds recognized as manufacturing champions by the Ministry of Industry and Information Technology [2] - The company serves over 200 domestic and international clients, with products sold across various regions including the Americas, Europe, and Southeast Asia [2] Group 3: Market Share and Clientele - The company’s exhaust manifold product ranks among the top in domestic market share, having won the manufacturing champion title in 2024 [3] - In the electric vehicle sector, each vehicle typically requires 2-5 electronic pumps, depending on the model and technical configuration [4] Group 4: Server Liquid Cooling Projects - The company has established a specialized team for server liquid cooling, supplying electronic pumps and temperature control valves, with some projects already in mass production [5] - Current clients in the server liquid cooling sector include over 30 companies, such as HP and Inspur [6] Group 5: Future Directions and Innovations - The company is exploring opportunities in the robotics sector, leveraging its existing products like electronic pumps and valves [6] - In the civil sector, the company plans to establish a new subsidiary focused on civil product production, with an expected annual capacity of up to 1.2 million units [6] - The maximum power of the electronic pump has been increased to 40KW, enhancing its competitive edge in the market [6]

Summary of the Conference Call for Feilong Co., Ltd. Company Overview - **Company**: Feilong Co., Ltd. - **Industry**: Liquid Cooling Pumps, Robotics, Automotive Components Key Points and Arguments Liquid Cooling Pump Business - Feilong Co., Ltd. has nearly monopolized the domestic market for liquid cooling pumps, with high technical barriers and profit margins significantly exceeding traditional automotive businesses. It is projected that revenue from the liquid cooling sector will exceed 100 million yuan by 2025, indicating substantial domestic and international market potential, which could yield profits several times that of the main business [2][4][5] - The company has achieved remarkable progress in the liquid cooling pump sector, with a high market share and capacity utilization rate. The profit margins in this area are much higher than those in traditional automotive sectors [4][9] Robotics Business - The robotics segment of Feilong Co., Ltd. faces significant expectation gaps, with the market lacking sufficient awareness of its potential. The company plans to leverage its existing products, including motor controllers, to enter the industrial internet platform and extend into modules and liquid cooling products, which could become new growth drivers [2][6] - Feilong Co., Ltd. has strong motor capabilities, developed through long-term research in electronic water pumps, which positions it well for expanding its robotics business [6][8] Server Electronic Water Pump Sector - Feilong Co., Ltd. has established itself as a market leader in the server electronic water pump sector and has successfully expanded into overseas markets. The company plans to extend its product line towards modules, potentially including reducers or screw rods, which may require mergers or partnerships [2][7] Financial Performance - For 2025, Feilong Co., Ltd. expects to achieve a net profit of over 400 million yuan, with the potential for higher profits when considering the liquid cooling and robotics businesses. The current valuation is approximately 8 billion yuan, with a price-to-earnings ratio of less than 20, indicating high growth expectations for the coming years [3][9][10] - The automotive business is projected to maintain a compound annual growth rate of 15% to 20% over the next three years, providing a solid foundation for overall financial performance [3][9] Investment Recommendation - Investment in Feilong Co., Ltd. is recommended due to its low valuation, high growth potential, and strong customer relationships, particularly with companies like Xiaomi, Chery, and Xpeng. The company’s ability to extend into modules and its strong motor capabilities are expected to enhance stock value [10][11] - The market currently underestimates the stock's potential, but as time progresses, its value is expected to be recognized, presenting a strong buying opportunity during any market corrections [11] Additional Important Insights - The domestic market potential for liquid cooling pumps is estimated to be over 1 billion yuan, while the international market could reach 4 to 5 billion yuan, totaling several billion in revenue if the company captures a significant market share [5]

Group 1: Shareholder Information - As of May 20, 2025, the number of shareholders is nearly 50,000 [1] Group 2: Company Strategy and Market Position - The company remains focused on its core business development and product application expansion, particularly in commercial liquid cooling, low-altitude industrial chains, and humanoid robots [1][2] - There are currently no plans for share repurchase or mergers and acquisitions, but the company will comply with legal and regulatory disclosure requirements if such plans arise [1][2] Group 3: Robotics Business Development - The company's robotics business is still in the research and development phase, with a focus on leveraging existing thermal management products to enter the robotics market [2] - The company aims to gradually extend its offerings to modules and liquid cooling products based on market and technological developments [2]

Group 1: Research Basic Information - The research object is Feilong Co., Ltd., belonging to the automotive parts industry, and the reception time was May 20, 2025. The listed company's reception staff included Deputy General Manager and Board Secretary Xie Guolou, and Securities Affairs Representative Xie Kun [17] Group 2: Detailed Research Institutions - The reception object type is investment company, and the institution is Danshuiquan Investment. The relevant personnel are Lü Peijin and Liu Yaoyang [20] Group 3: Company Overview - Feilong Automobile Parts Co., Ltd. was founded in 1952 and has a history of over 70 years. It is a listed company dedicated to thermal management system solutions. Its development is divided into two stages. Before 2017, it focused on R & D, production, and sales of automotive thermal management component products. Since 2017, it has expanded into non - automotive fields. It has a national - level enterprise technology center and four R & D centers. Its products are sold nationwide and exported to regions such as the Americas, Europe, and Southeast Asia, serving over 200 domestic and foreign customers and more than 300 factory bases globally [22] Group 4: Investor Interaction Q&A - Each new energy vehicle generally requires about 2 - 5 electronic water pumps, mainly used in the motor, electronic control, and battery of the vehicle [23] - The customers of the company's new energy thermal management integrated module products include Chery, Li Auto, SAIC, and Voyah, and some projects have been mass - produced [24] - The company has formed a professional technical and marketing team for the server liquid - cooling field, supplying electronic water pumps and temperature control valve series products, with some projects in mass supply. There are also projects in communication for thermal management integrated module products [25] - The company's business in the robot parts field is still in the R & D stage, with uncertainties [26] - On May 14, 2024, China and the United States announced a significant reduction in bilateral tariff levels. The company's export volume to the US market in 2024 accounted for about 10% of its revenue, and the current tariffs have little impact on the company's overall operation. The company is taking measures such as promoting the construction of the Thai production base and deepening the international market diversification strategy [27] - The company's competitive advantages in the civilian field include a first - mover advantage with nearly 10 years of experience, over 100 ongoing projects, and some mass - produced; a customer advantage with over 70 customers; and application scenario expansion in multiple thermal management - related fields [29]

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 [1] - The company has two main development phases: before 2017 focused on automotive thermal management components, and from 2017 onwards, expanding into non-automotive sectors [1] - Key products include mechanical water pumps, exhaust manifolds, turbocharger housings, electronic pumps, temperature control valves, and thermal management modules, with significant achievements in overseas markets [1][2] Group 2: Product Development and Market Reach - Each new energy vehicle typically requires 2-5 electronic water pumps, primarily used in motors, controls, and batteries [2] - The company serves over 200 domestic and international clients, with products exported to the Americas, Europe, and Southeast Asia, supporting more than 300 factory bases globally [2] - Current clients for new energy thermal management integrated modules include Chery, Li Auto, SAIC, and Lantu, with some projects already in mass production [2] Group 3: Strategic Responses and Competitive Advantages - The company has a 10% revenue exposure to the U.S. market, with minimal impact from recent tariff changes, and is actively relocating production to Thailand to mitigate risks [2] - Competitive advantages in the civilian sector include nearly 10 years of experience, a strong client base of over 70 companies, and diverse application scenarios across various industries [3] - Ongoing projects in the civilian sector exceed 100, with some already in mass production, showcasing the company's robust technological foundation [3]

Core Viewpoints - The automotive sector is expected to continue its upward trend, driven by three main themes: AI robotics, AI intelligence, and favorable market conditions [4][8] - The market showed strong performance in the automotive sector, with passenger vehicles and components leading the gains, influenced by better-than-expected adjustments in US-China tariffs and previous significant corrections in the automotive market [4][8] Weekly Review Summary - In the second week of May, the number of compulsory insurance policies reached 443,000 vehicles, reflecting a week-on-week increase of 6.5% and a month-on-month increase of 29.8% [2][7] - The SW automotive index rose by 2.4%, with the best-performing segments being SW passenger vehicles (+4.4%) and SW automotive components (+2.2%), while commercial vehicles and motorcycles showed declines [2][7] Key Industry Changes - Weipai New Energy launched the 2025 model of the Gaoshan vehicle, equipped with the Coffee Pilot Ultra intelligent driving assistance system [3][7] - BYD was added to the Hang Seng Technology Index [3][7] - Geely Automobile reported Q1 2025 revenue of 72.5 billion yuan, a year-on-year increase of 24.5%, and a net profit of 5.67 billion yuan, up 263.4% year-on-year [3][7] - The acquisition of 100% equity in Wuhu Changpeng was completed, and the company was renamed Wuhu Top [3][7] - Baolong Technology's second phase of the 4.8MW distributed photovoltaic project in Ningguo was completed and accepted [3][7] Sector Configuration Recommendations - The company maintains a positive outlook for 2025, focusing on three main themes: AI robotics, AI intelligence, and favorable market conditions, with the robotics theme expected to have the highest elasticity in May [5][8] - Recommended stocks for the AI robotics theme include Top Group, Junsheng Electronics, and Precision Forging Technology [5][8] - For the AI intelligence theme, preferred stocks include Xpeng Motors, Li Auto, and Xiaomi in Hong Kong, and Seres, SAIC Motor, and BYD in A-shares [5][8] - The favorable market conditions theme includes recommendations for bus manufacturers like Yutong Bus and heavy-duty trucks like China National Heavy Duty Truck and Weichai Power [5][8] Market Performance Tracking - The automotive sector ranked third in A-shares and first in Hong Kong this week, with strong performances in passenger vehicles and components [12][21] - The automotive sector's performance in the SW index showed significant gains, with passenger vehicles leading the way [15][21] Sales Data Overview - In April, the total number of passenger vehicles insured was 443,000, with a year-on-year increase of 29.8% [44] - New energy vehicles accounted for 222,000 units, with a penetration rate of 50.2% [44]

Company Overview - Feilong Automotive Parts Co., Ltd. has over 70 years of development history, established in 1952, focusing on thermal management system solutions [1] - The company has two main development phases: - Before 2017: Focused on R&D, production, and sales of automotive thermal management components such as mechanical water pumps and turbocharger housings [1] - Since 2017: Expanded into non-automotive sectors while continuing to develop automotive thermal management products [1][2] 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 [1] - Products are sold nationwide and exported to over 200 domestic and international clients, serving more than 300 factory bases globally [2] International Expansion - The Thai production base is expected to begin trial production by June 2025, with an anticipated annual capacity of: - 1.5 million turbocharger housings - 1 million exhaust manifolds - 500,000 mechanical water pumps - 1 million electronic water pumps [3] - This facility will enhance the company's international market presence and mitigate trade risks [3] Product Pricing and Capacity - The electronic pump series varies in price based on design, power (from 13W to 40kW), and voltage (up to 1500V), focusing on market competitiveness and profitability [4] - The civil sector's electronic pump production capacity is projected to reach 1.2 million units annually across four production lines [4] Market Comparison and Future Directions - The average price of electronic pumps in the civil sector is slightly higher than in the automotive sector due to the latter's mature and competitive market [5] - Future strategies include: - Strengthening market share in traditional thermal management - Increasing R&D for new energy thermal management components - Expanding into new civil sector products and markets - Actively pursuing internationalization through overseas production bases [6]

Group 1 - BYD reported August sales of 174,915 new energy vehicles, a year-on-year increase of 184.84% [1] - Cumulative sales from January to August reached 978,795 units, representing a year-on-year growth of 267.31% [1] - The company sold 5,092 new energy passenger vehicles overseas in August [1] Group 2 - Zhongke Electric's subsidiary plans to establish a joint venture with Chongqing Fudi for the production of anode materials, with a registered capital of 1 billion RMB [2] - Zhongke Electric's subsidiary will contribute 650 million RMB, while Chongqing Fudi will contribute 350 million RMB [2] Group 3 - Yuyuan Group intends to transfer 13% of its shares in Jinhuijiu for approximately 1.937 billion RMB, reducing its stake to 25% [3] - The company plans to further reduce its holdings by more than 5% within the next six months [3] Group 4 - Lizhu Group's recombinant COVID-19 fusion protein vaccine has been included in the emergency use for sequential booster immunization [4] Group 5 - Guanghui Energy plans to repurchase shares worth between 800 million and 1 billion RMB to support employee stock ownership plans [5] Group 6 - Cambrian has launched four cloud-based intelligent chips, although mass sales will require a longer time frame and initial technical service investments [7] Group 7 - LePu Medical has received approval from the China Securities Regulatory Commission for the issuance of Global Depositary Receipts (GDRs) and listing on the Swiss Stock Exchange [9] - The GDR issuance will correspond to no more than 180,458,875 new A-shares [9] Group 8 - Fushi Holdings' subsidiary has entered into an exclusive advertising agency cooperation with the Central Radio and Television Station's automotive channel for three years [10] Group 9 - Guangzhou Port's container throughput in August was 1.981 million TEUs, a year-on-year increase of 2.4% [11] - The total cargo throughput for August was 44.788 million tons, a decrease of 0.6% [11] Group 10 - Ningbo Port expects to complete a container throughput of 3.58 million TEUs in August, a year-on-year increase of 10.2% [12] - The total cargo throughput is projected to decline by 3.0% [12] Group 11 - Ming Tai Aluminum reported a 7% year-on-year decrease in aluminum plate and strip sales in August, while aluminum profile sales increased by 47% [13] Group 12 - Electric Power Investment plans to invest in multiple wind and solar projects, with total static investments of 1.585 billion RMB for wind and 538 million RMB for solar [14] Group 13 - Northeast Pharmaceutical has signed a cooperation agreement with MedAbome for the development of the MAb11-22.1 antibody project [19] Group 14 - New Five Feng plans to acquire equity in Tianxin Seed Industry and several other companies for a total price of approximately 2.208 billion RMB [26] Group 15 - Sumeida's subsidiary plans to transfer 100% equity of eight photovoltaic power station project companies, with an estimated transaction value of 657 million RMB [27] Group 16 - *ST Tongzhou intends to acquire 51% equity in Tongtaiwei, fulfilling the capital contribution obligation of 10.2 million RMB [29] Group 17 - Tianyin Holdings' subsidiary plans to invest 120 million RMB in Xundong Xintong to acquire 40% equity [30] Group 18 - Hainan Haiyao plans to publicly transfer 43% equity in Shanghai Lishengte to attract new investors [31] Group 19 - New Asia Process plans to transfer 7.76% of its shares to Xiangcai New Materials at a price of 5.274 RMB per share [32] Group 20 - Lanwei Medical plans to raise no more than 664 million RMB through a private placement for provincial laboratory construction projects [34] Group 21 - Lida New Materials plans to issue convertible bonds to raise no more than 300 million RMB for a new aluminum material project [35] Group 22 - Gekewei has successfully launched its 12-inch CIS integrated circuit project, achieving over 95% yield [51] Group 23 - Baijin Medical's tricuspid valve ring product has received registration approval [52] Group 24 - Shanghai Pharmaceuticals has received approval to initiate Phase I clinical trials for a recombinant anti-CD20 humanized monoclonal antibody [53] Group 25 - Junda Co. has increased the production capacity of its solar cell production base project from 8GW to 10GW [54]

Industry Overview - The Chinese pump industry continues to show steady growth, with a market size projected to reach 247.2 billion yuan in 2024, representing a year-on-year increase of 4.88% [1][14] - The main drivers of demand include infrastructure investment, industrial upgrades, and stringent environmental policies [1][14] - Infrastructure investment is expected to grow by 6.5% in 2024, directly boosting the demand for municipal water supply and drainage pumps [1][14] - The transition towards high-end manufacturing is driving the demand for industrial pumps, while stricter environmental regulations are expanding the market for energy-saving pumps [1][14] Industry Development History - The Chinese pump industry has evolved through five key stages, starting from its inception in 1868 to the current rapid development phase [5][6][7] - The industry saw significant growth during the reform and opening-up period (1979-1990), with the introduction of foreign technology and the emergence of private enterprises [6][7] - Since 2001, the industry has experienced historic technological advancements, with an increase in the localization rate of high-end products [7] Market Size and Trade - In the first quarter of 2025, China's pump industry showed a differentiated trade pattern, with imports amounting to 6.468 billion yuan (up 1.22%) and exports reaching 17.552 billion yuan (up 12.39%) [11] - Domestic pumps are expected to capture 68% of the market share by 2024, with certain high-end products still showing a 20% reliance on imports [11][12] Key Companies - Major players in the industry include Kaiquan Pump Industry, Southern Pump Industry, and Oriental Pump Industry, which dominate the market through technological barriers and brand advantages [16] - Smaller companies like New界 Pump Industry focus on niche markets, leveraging cost advantages to avoid direct competition with larger firms [16] Industry Trends - The industry is undergoing a technological revolution centered on artificial intelligence and the Internet of Things, enhancing production efficiency and operational cost reduction [22] - There is a growing demand for energy-efficient pumps driven by environmental goals, with stainless steel pumps increasingly replacing traditional cast iron pumps [23][24] - Chinese pump companies are expanding globally, with exports expected to reach 70 billion yuan in 2024, particularly in Southeast Asia and Africa [25]

特此公告。 飞龙汽车部件股份有限公司董事会 2025 年 5 月 17 日 飞龙汽车部件股份有限公司 关于参加河南辖区上市公司2025年投资者网上集体接待日活动的公告 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。 为进一步加强与投资者的互动交流，飞龙汽车部件股份有限公司（以下简称 "公司"）定于 2025 年 5 月 22 日（周四）15:25-16:55 参加在全景网举办的河 南辖区上市公司 2025 年投资者网上集体接待日活动，本次活动将采用网络远程 的方式举行，投资者可登录"全景·路演天下"(http://rs.p5w.net）参与本次 互动交流。 出席本次网上集体接待日活动的人员有：公司董事会秘书谢国楼、证券事务 代表谢坤（如有特殊情况，参会人员将可能进行调整），欢迎广大投资者积极参 与。 证券代码：002536 证券简称：飞龙股份 公告编号：2025-049 ...