Core Viewpoint - Feilong Co., Ltd. is currently facing a situation of "double decline" in performance and difficulties in completing fundraising projects on schedule [2][11]. Financial Performance - In the first three quarters of 2025, Feilong Co., Ltd. achieved operating revenue of 3.237 billion yuan, a year-on-year decrease of 7.38%, while net profit was 287 million yuan, an increase of 7.54% [3][5]. - In the third quarter alone, the company reported operating revenue of 1.076 billion yuan, down 4.68% year-on-year, and net profit of 76.3016 million yuan, down 7.90%, marking the first decline in quarterly performance in nearly three years [4][5]. Project Progress - The fundraising project "Zhengzhou Feilong Automotive Parts Co., Ltd. Annual Production of 5.6 Million New Energy Thermal Management Components" has seen a total investment of 132 million yuan, with 48.61% of the raised funds utilized, and is expected to reach operational status by December 31, 2025 [12][13]. - As of the end of 2024, the same project had an investment progress of only 44.64%, indicating minimal advancement over the past six months [13]. Research and Development - Despite fluctuations in performance, Feilong Co., Ltd. has consistently increased its investment in research and development, with expenditures of 200 million yuan, 240 million yuan, and 272 million yuan from 2022 to 2024, reflecting year-on-year growth of 1.34%, 20.30%, and 13.09% respectively [6][7]. Market Expansion - The company has recently completed the construction of its overseas production base, Longtai Company, which is expected to have a design capacity of 1.5 million turbo shells, 1 million exhaust manifolds, 500,000 mechanical water pumps, and 1 million electronic water pumps annually [8]. - Feilong Co., Ltd. has received significant orders from various well-known automotive and technology companies, indicating a strong market presence and potential for revenue growth [9][10].