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 司着力汽车热管理部件产品的研发、生产和销售，比如机械水泵、 排气歧管、涡轮增压器壳体（简称"涡壳"）、电子泵系列产品、温 控阀系列产品和热管理集成模块等，目前汽车水泵和涡壳两类产品 已荣获国家工信部认定的制造业单项冠军，同时大力开拓海外业 务；第二个阶段是 2017 年至今，公司在发展汽车热管理领域的基 础上，重点开拓民用领域客户和市场，助力公司快速转型升级。 目前公司拥有国家级企业技术中心，建立了上海、芜湖、内乡 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。 二、投资者互动问题解答 1、公司 2025 年前三季度毛利率同比上涨的原因是什么？ 回复：公司 2025 年前三季度毛利率同比上涨主要原因有以下三点： 一是原材料价格相对稳定；二是优化产品结构，增强市场竞争力； 三是强化内部管理，全面实施 VA/VE ...

Core Viewpoint - Feilong Co., Ltd. (002536) is focusing on the liquid cooling core business in the civil sector, particularly in data centers, wind-solar energy storage, and charging piles, while expanding its overseas market presence through partnerships with well-known clients in Taiwan [1] Group 1 - The subsidiary Anhui Hangyi Technology Co., Ltd. is dedicated to the research, production, and sales of IDC liquid cooling circulation pumps, emphasizing product efficiency improvement [1] - The company is promoting the iteration of thermal management integrated module products to enhance the adaptability and market competitiveness of server liquid cooling products [1] - Feilong Co., Ltd. is solidifying its domestic market foundation while actively expanding its business footprint in the overseas server liquid cooling market [1]

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].