Core Viewpoint - Feilong Co., Ltd. has established a professional technical and marketing team to supply electronic pumps and temperature control valve series products for the server liquid cooling sector, with some projects already in bulk supply [1] Group 1 - The company is actively engaging in the server liquid cooling market [1] - The company has initiated communication on projects related to thermal management integrated module products [1]

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].