Core Viewpoint - Delong Co., Ltd. is actively expanding its presence in the new energy sector while maintaining steady growth in traditional automotive parts, showcasing strong development momentum through multiple business lines [1][2]. Group 1: Financial Performance - In the first three quarters of 2025, the company achieved revenue of 3.642 billion yuan, a year-on-year increase of 7.67% [1]. - The net profit attributable to shareholders reached 79.23 million yuan, reflecting a significant year-on-year growth of 228.13% [1]. - The growth in performance is attributed to increased revenue from new energy vehicle products and ongoing cost reduction measures that improved profitability [1]. Group 2: Globalization Strategy - The company has been pursuing a globalization strategy since acquiring the German company Kakuisi in 2017, which supplies noise reduction, thermal insulation, and lightweight products to high-end brands [2]. - Kakuisi has become a significant contributor to Delong's revenue and profit, establishing a foundation for the company's global operations [2]. Group 3: New Energy Initiatives - Delong has been focusing on solid-state battery technology since 2018, with ongoing advancements in technology and industrialization [2]. - The company has established a technical route based on oxide electrolytes, which has passed various safety tests and certifications, indicating high safety and thermal performance [2]. Group 4: Strategic Partnerships - The company has completed pilot production of battery cell samples in collaboration with Jiangxi Jiangling Group New Energy Vehicle Co., Ltd., aiming to expedite discussions for vehicle installation [3]. - Delong is also advancing the construction of a pilot production line, expected to be completed in the first half of 2026, which will facilitate mass production and shipping [3]. Group 5: Domestic Market Strengthening - Delong has enhanced its competitiveness in the automotive parts sector through the acquisition of Aizhuo Technology, which specializes in automotive film and covering parts [3]. - Aizhuo Technology's revenue for 2024 is projected to be 369 million yuan, with a year-on-year growth of 68.95%, contributing positively to Delong's profit after consolidation [4]. Group 6: Future Outlook - The integration of Aizhuo Technology is expected to bolster Delong's profits and provide new long-term growth opportunities [4]. - The existing overseas sales network of Delong will support Aizhuo's products in global markets, while Aizhuo's local presence will help strengthen Delong's domestic market position [4].

Core Viewpoint - Del's impressive performance in the automotive parts industry is driven by its global strategy and continuous investment in the new energy sector, achieving significant revenue and profit growth in the first half of 2025 [1][2]. Financial Performance - In the first half of 2025, the company reported revenue of 2.441 billion yuan, a year-on-year increase of 6.72% [1]. - The net profit attributable to shareholders reached 50.8706 million yuan, marking a substantial year-on-year growth of 178.09% [1]. - Revenue from new energy vehicle products amounted to 293 million yuan, reflecting a 74.12% increase and accounting for 12.01% of total revenue [1]. Strategic Initiatives - The acquisition of German company Kakuisi in 2017 marked the beginning of Del's globalization efforts, enhancing its presence in the European and American markets [1]. - Kakuisi's integration into the market has led to improved performance through close collaboration with clients and optimization of organizational and supply chain structures [1]. - The establishment of a new energy vehicle division in Kakuisi in 2021 has driven the development of various products, including battery flame retardant covers and electromagnetic shielding covers [1]. Innovation and Technology Development - Continuous innovation is central to the rapid deployment of Del's new energy products, with a focus on a "develop one generation, apply one generation" strategy [2]. - As of June 2025, the company holds a total of 625 intellectual property rights, including 570 patents and 55 software copyrights [2]. - Del has been actively developing solid-state battery technology since 2018, with significant progress in technology iteration and industrialization [2]. - The establishment of a sample production line for solid-state batteries in Shanghai and the creation of Del Energy Technology (Huzhou) Co., Ltd. are key steps in accelerating the industrialization process [2]. - The solid-state battery has passed UN38.3 certification, meeting international transport safety standards, and is ready for global delivery [2]. Future Outlook - The company's high-quality performance growth is attributed to its global layout advantages, rapid growth in new energy vehicle-related businesses, and cost reduction measures [2]. - The steady advancement of solid-state battery industrialization is expected to further enhance the company's development potential and market competitiveness [2].

Core Insights - The company has established a solid-state battery pilot production line in Shanghai and is conducting various technical tests to meet customer demands [2] - The company has locked in the "oxide + organic composite electrolyte" solution for solid-state battery development and has achieved significant milestones, including passing third-party tests and obtaining a national invention patent [2] - The subsidiary, KakuSi, is enhancing its presence in the new energy vehicle sector and has begun mass supplying battery flame-retardant protective covers to major automotive brands [2][3] Group 1 - The company is actively advancing the industrialization of solid-state batteries while leveraging KakuSi's global layout to seize opportunities in automotive electrification [3] - The solid-state battery samples have successfully passed puncture, heating, and overcharge tests, with plans for strategic cooperation with Jiangling Group New Energy to validate the technology in vehicles [2] - The company aims to establish a mid-test line and mass production line based on customer development and market demand [2] Group 2 - The liquid retarder product line is set for significant growth in production and delivery in 2024, receiving recognition from commercial vehicle customers [3] - The first quarter of 2025 is expected to continue the positive trend in operations, driven by a decrease in expense ratios and growth in new energy product revenue [3] - KakuSi has built a customer network covering major automotive brands such as Mercedes-Benz, BMW, and Audi, with an increasing revenue share from new energy vehicle products [2][3]