FLAC(SZ:002536) Zhong Zheng Wang·2025-08-12 12:01Core Viewpoint - Feilong Automotive Parts Co., Ltd. is expanding its liquid cooling technology applications beyond the automotive sector into various advanced fields, establishing partnerships with over 80 clients and managing more than 120 ongoing projects, some of which have already achieved mass production [1] Group 1: Business Development - The company has established collaborations with over 40 leading enterprises in the server liquid cooling sector, including HP and Lenovo [1] - In the charging pile sector, clients include Xiaomi Automotive and Teld [1] - The company has entered the supply chain systems of major firms such as State Power Investment Corporation and Sany Heavy Industry [1] Group 2: Financial Performance - In the first half of 2025, the company achieved revenue of 2.162 billion yuan and a net profit of 210 million yuan, marking a year-on-year growth of 14.49% and 24.65% respectively [2] - The management attributes the revenue growth to stable raw material prices, optimized product structure, and enhanced internal and external management [2] - The company anticipates improved revenue in the second half of 2025, driven by new overseas projects, increased orders for new energy vehicle integrated modules, and growing sales of liquid cooling products [2] Group 3: Global Strategy - The company’s first overseas smart factory in Thailand commenced trial production on June 26, 2025, serving as a strategic hub for global expansion [3] - The establishment of the Thai production base aims to mitigate international trade risks and enhance supply chain resilience against geopolitical fluctuations [3] - The company plans to accelerate the construction of the Thai facility to adapt to U.S. tariff adjustments and diversify its international market strategy [3] Group 4: Robotics Strategy - The company has outlined its strategic planning for the robotics sector, focusing on two complementary paths: extending core components and developing liquid cooling solutions for robotics [4] - It aims to leverage its expertise in thermal management to provide key components for the robotics industry [4] - Collaborations with certain vehicle manufacturers for product co-development in the robotics field have already begun [5] Group 5: Production Capacity - The subsidiary Zhengzhou Feilong specializes in new energy thermal management components, with over 20 assembly lines and production capabilities for various thermal management products [5] - The ongoing project to produce 5.6 million new energy thermal management components is under construction, focusing on thermal control valves and integrated modules [5] Group 6: New Subsidiary - The newly established subsidiary Hangyi Technology focuses on non-automotive liquid cooling pump research and production, targeting data centers and charging piles [6] - The company aims to become a leader in IDC liquid cooling pump technology and a core supplier in the global market [6] - Future plans include solidifying automotive thermal management business while integrating thermal management technology with emerging industries like robotics [6]