截至9月19日，飞龙股份股东户数11.00万，较上期减少6.78%；人均流通股4949股，较上期增加7.27%。 2025年1月-6月，飞龙股份实现营业收入21.62亿元，同比减少8.67%；归母净利润2.10亿元，同比增长 14.49%。 分红方面，飞龙股份A股上市后累计派现10.74亿元。近三年，累计派现5.02亿元。 机构持仓方面，截止2025年6月30日，飞龙股份十大流通股东中，香港中央结算有限公司位居第六大流 通股东，持股331.39万股，相比上期减少272.20万股。鹏华创新未来混合(LOF)（501205）位居第七大 流通股东，持股247.52万股，为新进股东。 9月24日，飞龙股份跌7.21%，成交额16.09亿元。两融数据显示，当日飞龙股份获融资买入额1.62亿 元，融资偿还1.77亿元，融资净买入-1540.17万元。截至9月24日，飞龙股份融资融券余额合计11.10亿 元。 融资方面，飞龙股份当日融资买入1.62亿元。当前融资余额11.10亿元，占流通市值的7.62%，融资余额 超过近一年90%分位水平，处于高位。 融券方面，飞龙股份9月24日融券偿还0.00股，融券卖出0.00股，按当 ...

Investment Rating - The report maintains a "Buy" investment rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [15][27]. Core Views - The company achieved a record high profit for the same period, with a net profit of 2.1 billion yuan, reflecting a year-on-year increase of 14.49% [6][8]. - The company is expanding its non-automotive business, particularly in the liquid cooling sector and other emerging fields, which is expected to drive future growth [11][14]. - The establishment of an overseas production base in Thailand is anticipated to enhance supply chain resilience and expand global operations [10][12]. Summary by Sections Financial Performance - In the first half of 2025, the company reported operating revenue of 21.62 billion yuan, a decrease of 8.67% year-on-year, while the net profit attributable to shareholders was 2.1 billion yuan, an increase of 14.49% [6][7]. - The gross profit margin improved to 25.52%, up by 6.2 percentage points year-on-year, indicating enhanced profitability [12]. Product Segmentation - Revenue from automotive engine thermal management components was 8.38 billion yuan, down 8.72% year-on-year, while revenue from automotive new energy thermal management components increased by 3.56% to 1.85 billion yuan [7][8]. - The liquid cooling sector saw a revenue increase of 12.06%, reaching 0.41 billion yuan, highlighting growth in this emerging market [7]. Strategic Developments - The company is transitioning from being a supplier of automotive thermal management components to a provider of comprehensive thermal management solutions across various sectors, including data centers and robotics [11][14]. - The establishment of a wholly-owned subsidiary focused on civilian applications is expected to further diversify the company's product offerings and market reach [11][12]. Market Outlook - The automotive sector remains robust, with significant growth in new energy vehicles, which is expected to drive demand for the company's products [13][14]. - The company is well-positioned to capitalize on emerging trends in AI and robotics, with ongoing projects and partnerships in these areas [11][14].