飞龙股份：得益于海外新项目起量，2025下半年营收有望好转

Core Viewpoint - The company anticipates a revenue improvement in the second half of 2025 driven by new overseas projects, growth in orders for integrated modules in the new energy vehicle sector, and increased sales of liquid cooling products [2][3] Group 1: Financial Performance - In the first half of 2025, the company's revenue was approximately 2.16 billion yuan, representing a year-on-year decline of 8.67% [2] - The revenue decline is attributed to three main factors: the expiration of project lifecycles for some overseas clients, a temporary decrease in overseas market orders due to U.S. tariff policies, and intensified price competition in the new energy vehicle industry [2] Group 2: Business Overview - The company specializes in multi-scenario thermal management system solutions, with applications in various advanced fields such as automotive, server liquid cooling, data center liquid cooling, artificial intelligence liquid cooling, and more [2] - The company aims to solidify its core thermal management business in the automotive sector while upgrading to a provider of integrated modules and system solutions centered around electronic pumps and intelligent temperature control valves [3] Group 3: Strategic Development - The company has established a clear growth curve matrix based on industry trends and strategic vision, focusing on expanding its global market presence, particularly in Southeast Asia and Central Asia through its subsidiary in Thailand [3] - The company plans to deepen the integration of thermal management technology with cutting-edge industries such as robotics to accelerate market positioning in related fields [3]