Third-quarter report briefing: Langdi’s investment gains drive profit surge as Jonhon and Feilong diverge
Langdi Group’s third-quarter revenue fell, but net profit surged as the value of its indirectly held shares in ChangXin Technology rose; Jonhon’s revenue and net profit both increased, while Feilong reported higher revenue but lower net profit.
Different factors drove the three companies’ third-quarter profit changes: Langdi was affected by changes in the fair value of its investments, Jonhon benefited from growth across several business areas, and Feilong faced declining profit despite higher revenue.
Why did Langdi Group’s profit rise more than 10-fold?
Third-quarter revenue was 389 million yuan, down 10.85% year on year; net profit attributable to the parent company was 986 million yuan, up 1058.02% year on year. The surge in profit mainly came from an increase in the fair value of the company’s indirectly held shares in ChangXin Technology, resulting in a recognized fair-value gain.
Revenue for the first three quarters was 1.415 billion yuan, down 5.46% year on year; net profit attributable to the parent company was 1.152 billion yuan, up 554.94% year on year. The company’s principal businesses are mechanical fans, fan blades for household air conditioners, and composite materials; the increase in profit did not track the trend in revenue from its core business.
The robotics business continues to advance product validation and customer development: the joint motor module developed with the Zhejiang University Robotics Institute has completed its second design and prototype, and two models have been added.
Which businesses are driving Jonhon’s growth?
Third-quarter revenue was 6.882 billion yuan, up 47.87% year on year; net profit was 816 million yuan, up 172.13% year on year. Revenue and net profit for the first three quarters rose 14.42% and 11.42% year on year, respectively.
Previously awarded new-energy vehicle projects have gradually entered mass production and delivery, driving rapid revenue growth; the data-center business grew in overall scale year on year, driven by demand for AI computing infrastructure. The optical communications business of subsidiary Xiangtong Optoelectronics doubled, and orders for liquid-cooling products also doubled.
Product progress varies: 112G high-speed connectors and components are already used at scale in data-center computing equipment, while samples of 224G products have entered customer validation; robotics-related products have entered leading domestic embodied intelligence companies and are being supplied in volume.
How is Feilong’s liquid-cooling business progressing?
Third-quarter revenue was 1.163 billion yuan, up 8.10% year on year; net profit was 30.8468 million yuan, down 59.57% year on year. Revenue for the first three quarters rose 4.05% year on year, while net profit fell 62.84%.
A Huaxin Securities research report dated 23 September said the company has used its automotive thermal-management technology to develop four liquid-cooling pump platforms: orders for the μ, S and M platforms exceed 50 thousand units, while orders for the L platform are close to 10 thousand units. Projects are at different stages: more than 20 are close to volume delivery, nearly 20 have entered small-batch delivery, and others are undergoing validation or sample submission.
The company expects non-automotive business revenue to account for more than 5% of total revenue in 2026. Products related to robotics thermal management are at the customer engagement and solution validation and testing stage.
