天龙股份：上半年加强市场开发与研发投入

Core Insights - The company reported a net cash flow from operating activities of 0.96 billion yuan, an increase of 22.09% year-on-year [1] - The company focuses on the precision manufacturing sector, providing integrated solutions in precision molds, injection molding, stamping, and assembly [1] - The company’s R&D investment reached 31.89 million yuan, accounting for 5.19% of revenue, with a year-on-year growth of 3.75% [2] Business Performance - In the first half of 2025, the automotive parts business achieved sales of 4.91 billion yuan, with approximately 1.59 billion yuan (25.83% of revenue) coming from components directly used in new energy vehicles [2] - Sales from products shared between new energy and fuel vehicles amounted to approximately 1.03 billion yuan, representing 16.71% of revenue [2] - The company is actively expanding its overseas market presence, with the construction of its Thailand production base completed and entering the production phase [2] Competitive Advantages - The company’s core competencies include technological and R&D advantages, mold development and manufacturing capabilities, regional layout advantages, management experience, and a rich product line [1] - The company is enhancing its core competitiveness in the automotive electronics sector by investing in the design, development, and production of precision components for new energy vehicles [2]