FLAC(SZ:002536) Chang Jiang Shang Bao·2025-07-23 23:35Core Viewpoint - Despite a competitive landscape in 2025, Feilong Co., Ltd. (002536.SZ) achieved net profit growth in the first half of the year, leveraging its advantages in liquid cooling technology and expanding into high-growth markets [1][2]. Financial Performance - In the first half of 2025, the company reported revenue of 2.162 billion yuan, a year-on-year decrease of 8.67%, while net profit reached 210 million yuan, an increase of 14.49%, and non-recurring net profit was 218 million yuan, up 24.65% [2]. - The company had previously experienced fluctuations in performance, with a peak revenue of 2.821 billion yuan and net profit of 245 million yuan in 2018, followed by a significant drop in 2019 [2]. Market Expansion - Feilong Co. is actively expanding its overseas market presence, with over 200 major domestic and international clients, and foreign sales accounting for 58.3% of total revenue in the first half of 2025 [1][4]. - The company has established a strong brand reputation and customer base in both domestic and international markets, with significant sales to major automotive manufacturers [4]. Product Development - The company is focusing on high-growth areas such as commercial liquid cooling, charging stations, energy storage, power equipment, and humanoid robots, while maintaining its core business in automotive thermal management components [1][2]. - Feilong Co. has secured a significant overseas contract for electronic oil pumps, expected to generate approximately 160 million yuan in revenue over the product's lifecycle [5]. Production Capacity - The company has recently completed the construction of its overseas production base, which is expected to significantly enhance its production capacity for various components, including turbocharger housings and mechanical water pumps [6].