Group 1 - The company Feilong Co., Ltd. announced on November 14 that its thermal management integrated module products consist of components such as electronic pumps, thermal management control valves, expansion tanks, flow guides, sensors, and wiring harnesses [2] - Compared to traditional single-component products, the value of thermal management integrated modules has significantly increased, with specific value varying due to differences in product structure [2]

Group 1 - The company Feilong Co., Ltd. announced on November 14 that its new energy thermal management products mainly include two categories: electronic pumps and temperature control valves [2] - The electronic pump series includes electronic water pumps, electronic oil pumps, and electronic vacuum pumps [2] - The temperature control valve series consists of thermal management multi-way valves, thermal management control valves, electric vehicle water valves, integrated modules, and various modified products [2]

Core Viewpoint - In October, the A-share market experienced increased differentiation, yet institutional research activities remained robust, with over 600 listed companies undergoing institutional investigations [1] Group 1: Institutional Research Activities - Over 600 A-share listed companies were investigated by institutions in October, despite the overall market's mixed performance [1] - The Shanghai Composite Index rose by 1.85% in October, while the Shenzhen Component Index and the ChiNext Index fell by 1.10% and 1.56%, respectively [1] - Okoyi was the most frequently researched company, with over 10 institutional investigations throughout the month [1] Group 2: Company-Specific Insights - Okoyi reported low channel inventory and a transition to a restocking phase, with product prices on the rise, indicating a simultaneous increase in volume and price [2] - Okoyi is experiencing accelerated domestic substitution in the high-end market due to the rising capabilities of local leading tool manufacturers [2] - The company is expanding its application fields, including aerospace, new energy vehicles, and robotics, significantly increasing market capacity [2] Group 3: Stock Performance - Okoyi's stock price increased by over 30% in October [3] - Boshi Jie also had a high frequency of institutional investigations, focusing on its project construction and business expansion [3] - Fangyuan Co. has shifted to using recycled materials, leading to a stock price increase of over 26% in October [3] Group 4: Industry Trends - Companies in the power equipment, electronics, and automotive sectors received significant attention from institutions in October [4] - New Yi Sheng and Zhongji Xuchuang both reported strong demand in the AI and data center hardware sectors, with stock prices rising significantly since May [6][7] - Haiguang Information emphasized its commitment to R&D and product iteration in response to the rapid evolution of the AI computing industry, despite a stock price decline of over 9% in October [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]

Core Insights - Feilong Automotive Parts Co., Ltd. held an investor meeting with 27 institutions and individual investors, focusing on the company's developments and future strategies [1] - The company has transitioned from a focus on automotive thermal management components to expanding into civilian sectors since 2017, while maintaining its core automotive business [1][2] - The subsidiary, Anhui Hangyi Technology Co., Ltd., specializes in non-automotive liquid cooling pumps, particularly for data centers and renewable energy applications [1][2] Company Overview - Founded in 1952, Feilong has evolved through two main phases: pre-2017 focused on automotive components, and post-2017 on diversification into civilian markets [1] - The company boasts a national-level enterprise technology center and four R&D centers, serving over 300 factory bases domestically and internationally [1] Product and Technology Focus - The company's new energy thermal management products include electronic pumps and temperature control valves, applicable in various cutting-edge fields such as automotive and data center cooling [2] - Current liquid cooling products primarily consist of electronic pumps and temperature control valves, with a focus on cold plate liquid cooling technology and ongoing development of immersion cooling technology [2] Client and Market Engagement - Feilong has established connections with over 80 clients across six major sectors, including server cooling, charging stations, hydrogen energy, and modern agricultural machinery [2] - The company is actively expanding its overseas market presence in the server liquid cooling sector, with over 120 projects in progress, some of which have already entered mass production [2] Production Capacity and Future Strategy - The company operates four liquid cooling production lines, with an expected annual capacity of up to 1.2 million units, adaptable based on order demand [2] - Future strategies include solidifying automotive thermal management business, expanding overseas markets, and integrating thermal management technologies into emerging sectors such as robotics [2]

Core Viewpoint - Feilong Co., Ltd. is focusing on the liquid cooling sector, with current products including electronic pumps and temperature control valves, and plans to expand into integrated module products in the future [1] Product Development - The company currently emphasizes cold plate liquid cooling technology while actively advancing the research and application of immersion liquid cooling technology [1]

Core Insights - The company, Feilong Co., has achieved over 90% self-manufacturing rate for its electronic pump series products, including injection molding, motors, and chip placement [2] - Feilong Co. primarily supplies electronic pumps, thermal control valves, and integrated modules for pure electric vehicles, and exhaust manifolds, turbine housings, electronic pumps, thermal control valves, and integrated modules for hybrid vehicles [2] - The company is advancing thermal management technology integration with various cutting-edge fields such as server liquid cooling, data center liquid cooling, artificial intelligence liquid cooling, and more [2] - Major clients for the new energy thermal management integrated module products include Chery, Nanjing Automobile, Li Auto, Geely, Lantu, and SAIC, with some client projects already in mass production and a year-on-year increase in orders for this product line [2]

Core Viewpoint - The controlling shareholder of Shenglong Co., Ltd. plans to reduce its stake again, indicating ongoing financial challenges for the company and potential impacts on investor sentiment [1][2]. Group 1: Shareholder Reduction Plan - Shenglong Group and its affiliates plan to reduce their holdings by up to 7.09 million shares, representing no more than 3% of the total shares [1]. - The total market value of the shares to be sold is approximately 151 million yuan, based on the closing price of 21.24 yuan per share [1]. - This marks the second reduction plan by Shenglong Group in two years, with a previous reduction of 7 million shares in June 2024 [2]. Group 2: Financial Performance - Shenglong Co., Ltd. reported revenues of 1.481 billion yuan, 1.45 billion yuan, and 1.619 billion yuan from 2022 to 2024, with net profits declining from 89.14 million yuan to 29.75 million yuan during the same period [2]. - The company has experienced a continuous decline in net profit for three consecutive years [2]. - In the first half of 2025, Shenglong Co., Ltd. achieved revenues of 833 million yuan, a year-on-year increase of 16.56%, but reported net losses of 55.14 million yuan and a significant drop in non-recurring net profit [3]. Group 3: Operational Challenges - The company attributed its financial struggles to increased costs related to the relocation of its North American factory and rising expenses from temporary inventory [3]. - Despite the challenges, Shenglong Co., Ltd. is increasing its investment in new energy projects, which has led to fluctuations in gross margins during the ramp-up of new product production [3].

Group 1 - The core viewpoint of the article is that Feilong Co., Ltd. is currently focusing on the liquid cooling sector, specifically developing electronic pumps and temperature control valve series products, with plans to gradually expand into integrated module products [1] Group 2 - The company is actively engaging with investors through an interactive platform to communicate its product developments and future plans [1] - The current product offerings in the liquid cooling field highlight the company's commitment to innovation and market expansion [1]