Research Brief | Feilong Co., Ltd. Performance Presentation Attracts Investor Attention; Liquid Cooling Pump Rumors and 50% Export Share Become Focuses

On March 27, Lilon Automotive Components Co., Ltd. (hereinafter referred to as “Lilon Shares”) held its 2025 annual online earnings briefing for investors through the Panorama.com “Investor Relations Interactive Platform.” During the meeting, the company’s management exchanged views with investors on issues of interest, including rumors in the liquid-cooled pump market, performance of traditional businesses, export conditions, and future business plans.

Basic information on the investor relations event

Market rumors draw attention; the company responds, “Follow the announcement”

Recently, rumors in the market that “Lilon Shares’ H22K liquid-cooled pump failed Google review” triggered stock price fluctuations. At the earnings briefing, investors asked about this multiple times. In response, the company’s management did not directly address whether the rumor was true or false, and only stated, “Please refer to the company’s announcements for related matters,” and “For important matters, please follow the company’s announcements.”

Regarding whether there is a plan to stabilize the stock price amid consecutive declines, the company said, “We will promptly feed investors’ suggestions to the board of directors,” and also emphasized, “Currently, production and operations are normal.”

Traditional business under pressure;新能源 business becomes the growth engine

Investors noted that the company’s revenue from engine thermal management components in 2025 was RMB 1.662 billion (YoY -10.47%), and its revenue from energy-saving and emissions-reduction components was RMB 2.107 billion (YoY -6.17%), indicating a downturn in its traditional fuel vehicle business. The company explained that this is mainly because the domestic market share of new energy vehicles has been gradually increasing and the growth rate of traditional fuel vehicles has slowed down. It also stated that, “The company’s main customers and products have not undergone major changes. The sales growth rate of traditional fuel vehicle components is lower than that of new energy vehicle components,” and said it will “increase efforts in market development to pursue more projects.”

It is worth noting that in the fourth quarter of 2025, the company’s revenue increased 22% quarter-over-quarter, mainly due to “the new energy thermal management integrated unit sales growing relatively quickly.”

Exports exceed half; liquid-cooled business extends into multiple fields

The earnings briefing showed that the company’s export business accounts for 50% of total revenue. Major customers include internationally well-known companies such as BorgWarner, Garrett, Cummins, General Motors, Ford, and others. The company said it will use its subsidiary Longtai Company as a platform to continue developing international markets.

With respect to its layout in the liquid-cooled business, the company revealed that the application areas of liquid-cooled pumps are expanding from automobiles into “pan-industrial” fields such as server liquid cooling, data centers (IDCs), artificial intelligence, charging piles, robots, 5G base stations, and hydrogen energy storage and energy storage. The goal is to form a “dual-wheel-driven” pattern of “automobiles + pan-industrial.” Among them, the HP project is in a “rapid growth period.” The company has already become the main supplier of liquid-cooled pumps for this project. Its 22kW liquid-cooled pump production line is in a state of “full acceleration,” and power products such as 37kW, 60kW, and 80kW are also being pushed forward.

Business plans: capacity expansion as needed; not considering acquisitions for now

Regarding capacity planning, the company said that it currently has three production lines for liquid-cooled pumps, and that for future new construction, it will be rolled out gradually based on market orders. For acquisition trends within the industry, the company said, “At present, we have no such thoughts,” and will focus on independent R&D and market expansion.

In terms of cost control, the company currently does not carry out hedging business. It mainly responds to fluctuations in raw material prices through “maintaining appropriate inventory based on market forecasts” and “promptly adjusting the price differential when signing supply contracts with customers.” At the end of 2025, inventories increased by RMB 245 million, mainly due to raw material stocking and the production of finished goods on an order basis; accounts receivable decreased by RMB 13.56 million compared with the beginning of the year, benefiting from stronger collection efforts.

The company stated that its 2026 operating targets and first-quarter performance will be based on the announcements. Investors can follow subsequent periodic reports.

Statement: The market involves risk; investors should be cautious. This article is automatically published by an AI large model based on third-party databases, and does not represent the views of Sina Finance. Any information appearing in this article is only for reference and does not constitute personal investment advice. If there is any discrepancy, please refer to the actual announcements. If you have any questions, please contact biz@staff.sina.com.cn.

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