证券代码：002536 证券简称：飞龙股份 飞龙汽车部件股份有限公司投资者关系活动记录表 和西峡四个研发中心，其中上海和芜湖为新能源热管理部件产品研 发中心，着力开发电子泵系列和温控阀系列产品，拓展电磁阀、热 管理集成模块等产品。产品销售覆盖全国市场，并出口美洲、欧洲、 东南亚等地区，已批产国内外客户 200 余家，服务全球超 300 个工 厂基地。 回复：目前公司新能源热管理产品主要包含电子泵和温控阀两大 类。电子泵系列产品主要包括电子水泵、电子机油泵、电子真空泵 等产品。温控阀系列产品主要包括热管理多通阀、热管理控制阀、 电动车水阀、集成模块及各种变型产品等。 二、投资者互动问题解答 1、公司的涡壳产品如何驱动业绩增长？ 回复：公司的涡壳产品 2024 年荣获国家工信部认定的制造业单项 冠军，该产品可广泛应用于传统燃油汽车及新能源混动汽车上，是 目前公司主营业务的重要组成部分之一。 2、公司如何应对原材料价格波动问题？ 回复：公司密切关注各种原材料价格走势，制定合理的采购计划， 降低采购成本，对原材料采购实施集中采购、招标采购、签订长协、 联合采购和多频次采购，在原材料价格较低时，适当建立库存。另 外通过 ...

证券代码：002536 证券简称：飞龙股份 飞龙汽车部件股份有限公司投资者关系活动记录表 编号：2025-039 | | 特定对象调研 ☑ | | □分析师会议 | | --- | --- | --- | --- | | 投资者关系活动 | □媒体采访 | | □业绩说明会 | | 类别 | □新闻发布会 | | □路演活动 | | | 现场参观 ☑ | | □其他（电话会议） | | | 东北计算机 | 赵宇阳 | | | | 长盛基金 | 张君平 | | | | 华安基金 | 倪文凡 | | | | 民生加银基金 | 李君海 | | | | 鹏华基金 | 萧嘉倩 | | | | 信达澳亚 | 何鑫 | | | | 银河基金 | 高鹏 | | | | 博时基金 | 金耀 | | | 参与单位名称及 人员姓名 | 交银施罗德 | 杨芝廷 | | | | 深圳晋和 | 姬永锋 | 钟山 | | | 融通基金 | 任涛 | | | | 胤胜资产 | 李美泽 | | | | 亚商投资 | 朱春荣 | 陈浠 | | | 方以资产 | 刘军 | | | | 大河财立方 | 夏晨翔 | | | | 运舟资本 | 阳荣培 ...

Company Overview - Feilong Automotive Parts Co., Ltd. has over 70 years of development history, focusing on thermal management system solutions [4] - The company has two main development phases: before 2017 focused on automotive thermal management components, and from 2017 onwards, expanding into civilian markets [4][5] Product Development - The company has established four R&D centers in Shanghai, Wuhu, Neixiang, and Xixia, with a focus on new energy thermal management components [4] - Current product offerings include electronic pumps and temperature control valves, with sales covering over 200 domestic and international clients [4][5] Subsidiary Information - Anhui Hangyi Technology Co., Ltd. was established in July 2025 with a registered capital of 50 million RMB, focusing on non-automotive liquid cooling pumps [5] - Hangyi Technology aims to become a leader in liquid cooling pump technology, offering solutions ranging from 8W to 37kW [5] Market Position and Strategy - The company is expanding its product applications in various sectors, including 5G base stations, AI cooling, and renewable energy [8][9] - The average price of electronic pumps in the civilian sector is currently higher than in the automotive sector, indicating a lucrative market opportunity [8] Customer Engagement - The company has established partnerships with over 40 leading firms in the server liquid cooling sector, including HP and Delta [9] - The company is actively developing multiple liquid cooling technologies to enhance its market position [10] Production Capacity and Global Expansion - The company has sufficient production capacity to meet rapid growth in the liquid cooling sector and is planning to expand capacity dynamically [11] - The first overseas smart factory in Thailand was completed in June 2025, focusing on engine thermal management products and new energy thermal management products [12] Risk Management - In response to U.S. tariff policies, the company is accelerating the construction of its Thailand production base and diversifying its international market strategy [12] Future Outlook - The company aims to leverage its core strengths in the automotive sector while expanding into high-growth areas such as commercial liquid cooling and energy storage systems [12]

Core Viewpoint - Feilong Co., Ltd. (002536) announced on November 14 that its temperature control valve series products can be applied in various advanced fields beyond the automotive sector, including server liquid cooling, charging pile liquid cooling, wind and solar energy storage liquid cooling, power equipment, and large machinery industrial liquid cooling [1] Group 1 - The company is deepening its industrial chain and value chain in the thermal management field [1] - The company aims to build a strong technological moat to achieve leapfrog development from specialization to excellence and from point to line [1]

Group 1: Report Overview - The report is about the analyst meeting of Feilong Co., Ltd., a company in the automotive parts industry, with a research date of October 30, 2025 [1][2] Group 2: Research Basic Information - Research object: Feilong Co., Ltd. [17] - Industry: Automotive parts [2] - Reception time: October 30, 2025 [17] - Reception personnel: Deputy General Manager and Board Secretary Xie Guolou, Securities Affairs Representative Xie Kun [17] Group 3: Detailed Research Institutions - Reception object type: Investment company [20] - Institution: Changzhou Investment [20] - Related personnel: Tang Hao, Li Yuanjie [20] Group 4: Company Introduction - Feilong Co., Ltd. was founded in 1952 and is a listed company focusing on thermal management system solutions [24] - The company's development is divided into two stages: before 2017, it focused on R & D, production and sales of automotive thermal management components; since 2017, it has expanded into the civilian market [24] - The company has a national - level enterprise technology center and four R & D centers in Shanghai, Wuhu, Neixiang and Xixia [24] - Its products are sold nationwide and exported to the Americas, Europe, Southeast Asia, etc., serving over 300 factory bases globally with more than 200 domestic and foreign customers in production [24] Group 5: Investor Interaction Q&A Question 1: Number and application of electronic water pumps in new - energy vehicles - Each new - energy vehicle generally has 2 - 5 electronic water pumps, mainly used in motors, electronic controls and batteries [25] Question 2: Self - production rate of electronic pump products - The self - production rate of the company's electronic pump series products exceeds 90%, including injection molding, motors, and chip mounting [27] Question 3: Market competitiveness of thermal management integrated module products - The competitiveness comes from the "integrated" design concept, which replaces traditional multi - component solutions, improves assembly efficiency and space utilization, and optimizes system performance [28] - Multiple projects are in the volume - increasing cycle, and the scale effect is gradually emerging [28] Question 4: Company's competitive advantages compared with the industry - Based on engine thermal management business, it maintains or increases market share and develops new - energy thermal management business [30] - The application fields expand from the automotive field to civilian thermal management fields such as server liquid cooling, data center liquid cooling, etc. [30] Question 5: Current R & D projects - There are over 120 R & D projects in the liquid - cooling field, covering server liquid cooling, charging piles, energy storage, etc. [31] Question 6: R & D direction of liquid - cooling technology - The company focuses on cold - plate liquid - cooling technology and promotes the R & D and application of immersion liquid - cooling technology [32] Question 7: Global strategy layout - The company adheres to the business philosophy of "persistence, dual - wheel drive, meticulous operation, and brand building" and develops both domestic and international markets [33] - It deepens cooperation with global automakers, integrates into the global supply chain through the "old - bringing - new" model, and uses the Thai factory to undertake overseas orders [34] - It focuses on the Southeast Asian market through the Thai factory to seize new - energy industry opportunities and expand overseas resources [35]

Company Overview - Established in 1952, Feilong Automotive Components Co., Ltd. has over 70 years of development history, focusing on thermal management system solutions [2] - The company has two main development phases: prior to 2017, focusing on automotive thermal management components; and from 2017 onwards, expanding into civilian market clients and applications [2][3] Product Development and Market Position - Key products include mechanical water pumps, exhaust manifolds, turbocharger housings, electronic pumps, temperature control valves, and thermal management integrated modules [2] - The company has achieved national recognition for its mechanical water pumps and turbocharger housings, which are classified as manufacturing industry champions [2] - Currently, the company serves over 200 domestic and international clients, with products sold across various regions including the Americas, Europe, and Southeast Asia [3] Investor Interaction Insights - Each new energy vehicle typically requires 2-5 electronic water pumps, depending on the model and technical configuration [3] - The self-manufacturing rate of the company's electronic pump products exceeds 90%, covering components like injection molding, motors, and chips [3] - The competitive advantage of the thermal management integrated module lies in its "integrated" design, enhancing assembly efficiency and overall system performance [3] Future Outlook and R&D Initiatives - The company is focusing on deepening the integrated module's industrial and value chain, transitioning from a core component expert to a system solution provider [3] - Currently, over 120 R&D projects are underway, particularly in liquid cooling technologies for various applications including servers, charging stations, and robotics [4] - The company aims to leverage its existing customer resources to integrate into global supply chains, with a focus on expanding in Southeast Asia through its overseas factory in Thailand [4]

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 [2] - The company has two main development phases: prior to 2017 focused on automotive thermal management components, and from 2017 onwards, expanding into civilian markets [2][3] Group 2: Product Capacity and Clients - Current annual production capacity includes: 8 million mechanical water pumps, 4.6 million exhaust manifolds, 8 million turbocharger housings, and 1.2 million oil pumps [4] - The company has established connections with over 130 major clients for its electronic pump series, including Chery, Li Auto, and VinFast [5] Group 3: Product Applications and Market Expansion - The company's new energy thermal management components are primarily used in water media applications, such as electronic pumps and temperature control valves [5] - Future applications of thermal management modules will extend to various fields, including data centers, AI, and renewable energy sectors [8] Group 4: Strategic Response and Future Plans - To mitigate the impact of U.S. tariffs, the company is accelerating the construction of its Thailand production base and diversifying its international market strategy [8] - The company aims to solidify its automotive thermal management business while expanding into new applications and markets, including Southeast Asia and Central Asia [8]

Core Insights - Feilong Co., Ltd. announced on October 13 that its current liquid cooling products mainly consist of electronic pumps and temperature control valves, with plans to gradually expand into integrated module products [1] - The company is currently focusing on cold plate liquid cooling technology while accelerating the research and application of immersion liquid cooling technology [1]

Core Viewpoint - Feilong Co., Ltd. is a multi-scenario and multi-field thermal management system solution provider, with significant potential for future development in various emerging applications [1] Company Overview - The company specializes in new energy thermal management products, including electronic pumps and temperature control valves, applicable in diverse sectors such as automotive, server liquid cooling, data center (IDC) liquid cooling, artificial intelligence liquid cooling, robotics, low-altitude economy, 5G base stations and communication equipment, charging pile liquid cooling, hydrogen energy liquid cooling, wind and solar energy storage liquid cooling, power equipment, modern agricultural machinery, and large industrial machinery [1] Market Potential - The products are theoretically applicable in all scenarios requiring thermal management, indicating a broad market potential [1] - The company aims to continuously expand into emerging application fields and deeply integrate with cutting-edge technologies and industries to provide sustained value across various sectors [1]

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 [3] - The company has two main development phases: prior to 2017 focused on automotive thermal management components, and from 2017 onwards, expanding into civilian markets [3] - Currently, the company has established four R&D centers and serves over 300 factory bases globally, with more than 200 domestic and international clients [3] Group 2: Subsidiary Information - Anhui Hangyi Technology Co., Ltd. was established in July 2025 with a registered capital of 50 million RMB, focusing on non-automotive liquid cooling pumps [3] - The company aims to become a leader in IDC liquid cooling pump technology, offering solutions ranging from 16W to 22kW [3] Group 3: Product Applications - The company's new energy thermal management products, including electronic pumps and temperature control valves, are applicable in various fields such as automotive, data centers, AI cooling, and renewable energy [4] - The liquid cooling products are primarily based on cold plate technology, with plans to expand into immersion cooling technology [5] Group 4: Client Collaborations - The company has established connections with over 80 clients in the liquid cooling sector, with more than 120 ongoing projects, some of which have entered mass production [7] - Key clients include major players in server cooling, charging stations, and renewable energy sectors [7] Group 5: Production Capacity - The company has four production lines for liquid cooling products, with an expected annual capacity of up to 1.2 million units [7] - Current production capacity is sufficient to meet the rapid growth demands of the liquid cooling business [7] Group 6: Future Development Strategy - The company aims to solidify its automotive thermal management business while expanding into new applications such as server cooling and AI [8] - Plans to leverage its subsidiary in Thailand to enhance its presence in Southeast Asia and Central Asia [8] - Focus on integrating thermal management technology with emerging industries like robotics to drive long-term growth [8]