Core Insights - The company, Feilong Co., has achieved over 90% self-manufacturing rate for its electronic pump series products, including injection molding, motors, and chip placement [2] - Feilong Co. primarily supplies electronic pumps, thermal control valves, and integrated modules for pure electric vehicles, and exhaust manifolds, turbine housings, electronic pumps, thermal control valves, and integrated modules for hybrid vehicles [2] - The company is advancing thermal management technology integration with various cutting-edge fields such as server liquid cooling, data center liquid cooling, artificial intelligence liquid cooling, and more [2] - Major clients for the new energy thermal management integrated module products include Chery, Nanjing Automobile, Li Auto, Geely, Lantu, and SAIC, with some client projects already in mass production and a year-on-year increase in orders for this product line [2]

Core Viewpoint - The company anticipates improved revenue in the second half of 2025 driven by new overseas projects, increased orders for electric vehicle integration modules, and growth in liquid cooling products [2]. Group 1: Business Outlook - The company expects revenue to improve in the second half of 2025 due to three main drivers: gradual ramp-up of overseas new projects, growth in orders for electric vehicle integration modules, and increased sales of liquid cooling products [2]. - The company is not considering additional investments in automotive engine thermal management products domestically, aside from its subsidiary in Thailand [3]. Group 2: Product and Client Information - The company has established connections with over 130 major clients for its electronic pump series, including Chery, Li Auto, and others [4]. - The thermal management integrated module's value is significantly higher than traditional single-component products, but specific values vary based on product structure [5]. Group 3: Liquid Cooling Developments - A new subsidiary, Anhui Hangyi Technology Co., has been established to focus on non-automotive liquid cooling pump development for data centers, renewable energy storage, and charging stations [6]. - The company is actively expanding its overseas server liquid cooling market through clients in Taiwan while maintaining a strong domestic market presence [6]. Group 4: Profitability and Competitive Advantages - The company implements a dual-line penetration strategy in the automotive and industrial sectors, optimizing operations to enhance profitability [7]. - Key competitive advantages in the liquid cooling sector include a decade of experience, a broad client base of over 80 companies, and diverse application scenarios across various industries [8][9]. Group 5: Financial Performance - For the first half of 2025, the company reported a main revenue of 2.162 billion yuan, a year-on-year decrease of 8.67%, while net profit increased by 14.49% to 210 million yuan [10]. - The company’s gross margin stands at 25.52%, with a debt ratio of 38.14% [10].

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: prior to 2017 focused on automotive thermal management components, and from 2017 onwards, expanding into non-automotive sectors [1][2] Group 2: Product Development and Market Reach - The company has developed key products such as mechanical water pumps, exhaust manifolds, and electronic pump series, with automotive water pumps and turbocharger housings recognized as national champions [1] - Products are sold nationwide and exported to over 200 domestic and international clients, serving more than 300 factory bases globally [2] Group 3: Financial Expectations and Growth Drivers - For the second half of 2025, the company expects revenue improvement driven by new overseas projects, growth in orders for new energy vehicle integrated modules, and increased sales of liquid cooling products [3] - The company is not considering additional investments in automotive engine thermal management products domestically [3] Group 4: Client Base and Product Value - The electronic pump series has over 130 major clients, including Chery, Li Auto, and VinFast [3] - The value of thermal management integrated modules is significantly higher than traditional single-component products, varying based on product structure [3] Group 5: Liquid Cooling Sector Developments - A new subsidiary, Anhui Hangyi Technology Co., Ltd., has been established to focus on liquid cooling pumps for data centers and charging stations [4][5] - The company is actively expanding its overseas market for server liquid cooling products, particularly through clients in Taiwan [5] Group 6: Profitability and Competitive Advantages - The company implements a dual-line penetration strategy in automotive and industrial sectors to enhance profitability [5] - Key competitive advantages in the liquid cooling sector include nearly 10 years of experience, a client base of over 80 companies, and diverse application scenarios across various industries [5]

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 markets [2] Product Development and Market Expansion - The company has established four R&D centers in Shanghai, Wuhu, Neixiang, and Xixia, with a focus on new energy thermal management components [2] - Currently, the company serves over 200 domestic and international clients, covering more than 300 factory bases globally [2] Key Products and Clients - Major products supplied overseas include turbine housings, exhaust manifolds, mechanical pumps, and electronic pumps, with over 50 international clients such as BorgWarner, Cummins, and Daimler [2] - The company’s turbine housing products are applicable to both fuel and hybrid vehicles, with expected sales growth in the next two years [2] New Energy Vehicle (NEV) Components - NEVs typically require 2-5 electronic pumps, depending on vehicle specifications, primarily used in electric motors, controls, and batteries [3] - The company supplies electronic pumps, temperature control valves, and integrated modules for pure electric vehicles, and exhaust manifolds and turbine housings for hybrid vehicles [2] Future Growth and Market Strategy - The electronic pump product line has significant growth potential in various sectors, including 5G base stations, AI cooling, and renewable energy applications [6] - The company plans to establish a new subsidiary focused on civil products, with an expected annual production capacity of 1.2 million units [6] Competitive Advantages - The company leverages first-mover advantages, customer relationships, and platform-based design to establish a unique market position in the civil sector [6] - Custom development tailored to specific customer needs ensures high-quality, lightweight, and cost-effective products [6] Impact of External Factors - The company anticipates a 10% revenue contribution from the U.S. market in 2024, with minimal impact from current tariffs due to strategic adjustments [6] - Measures include accelerating the construction of a production base in Thailand and diversifying international market strategies to enhance competitiveness [6]