Summary of Conference Call Records Company Overview - **Company**: Beijing Lier - **Industry**: Refractory materials and steel industry Key Points Steel Industry Performance - In the first half of 2025, crude steel production decreased by approximately 3% year-on-year, but is expected to exceed 1 billion tons for the full year, supported by state-owned enterprises fulfilling social responsibilities and increased exports [2][6] - Steel exports grew by 20%-30% year-on-year in the first half of 2025, compensating for the decline in domestic demand [2][8] - The steel industry is undergoing structural adjustments, with increased demand for specialty steel and stainless steel, which offsets some profit declines in ordinary products [2][7] Refractory Materials Market - The refractory materials market is shifting towards refining processes, with higher value-added products related to specialty steel and stainless steel production [7][8] - Small refractory material companies are losing orders due to supply issues, leading to a shift towards larger companies [9] - Steel mills have been excessively lowering refractory material prices, creating safety risks; however, some mills are beginning to adjust their strategies [11][12] Beijing Lier's Business Strategy - Beijing Lier is actively expanding its overseas market, with a focus on contracting in Southeast Asia and direct sales in Europe and the Middle East [19][20] - The company plans to deepen cooperation with Lianchuang Lithium Energy in the silicon-carbon anode materials sector and is considering taking a controlling stake [24][27] - The company is optimistic about the AI application sector and aims to enhance production efficiency through AI technologies [5][29] Financial Outlook - The company expects a recovery in the refractory materials business in the second half of 2025, driven by rising steel mill profits and improved payment terms from state-owned enterprises [12][18] - New business areas, particularly in AI applications and solid-state battery materials, are anticipated to contribute significantly to overall growth [26][33] Challenges and Risks - The refractory materials industry faces intense competition, and currently, no company has significant bargaining power [16] - The market for refractory materials is sensitive to price fluctuations, but the cost of refractory materials constitutes less than 1% of steel production costs, making it less sensitive to price changes [3][10] Future Goals - Beijing Lier aims to double its overseas revenue by 2030, targeting an increase from 500-600 million to 1-1.2 billion [22] - The company is focused on establishing a production base in Vietnam and setting up offices in the Middle East and Turkey to further expand its international presence [19][20] Conclusion - Overall, Beijing Lier is positioned to benefit from the recovery in the steel industry and is strategically investing in new business areas, particularly in AI and advanced materials, while navigating challenges in the competitive refractory materials market [5][35]

Investment Rating - The report provides a comprehensive valuation table for various companies in the building materials industry, indicating a range of price-to-earnings (PE) and price-to-book (PB) ratios for 2025E and 2026E [1] Core Insights - The report highlights the expected growth in net profit for several companies, with notable increases such as 90 million CNY for Conch Cement in 2025E and 100 million CNY in 2026E, reflecting a strong market position [1] - The PE ratios for the companies vary significantly, with Conch Cement at 15.3 for 2025E and 13.8 for 2026E, while companies like Jidong Cement show a much higher PE of 37.2 for 2025E [1] - The report emphasizes the valuation metrics, with companies like China National Building Material having a low PB ratio of 0.34, indicating potential undervaluation [1] Summary by Category Cement - Conch Cement has a total market value of 138.1 billion CNY, with projected net profits of 90 million CNY in 2025E and 100 million CNY in 2026E, and a PE of 15.3 for 2025E [1] - Huaxin Cement is valued at 31.9 billion CNY, with net profits expected to reach 25 million CNY in 2025E and 30 million CNY in 2026E, showing a PE of 12.7 for 2025E [1] - Other notable companies include Tianshan Shares with a market value of 43.1 billion CNY and projected net profits of 15 million CNY in 2025E [1] Consumer Building Materials - Rabbit Baby is projected to have net profits of 7.5 million CNY in 2025E and 8.5 million CNY in 2026E, with a PE of 11.2 for 2025E [1] - China Liansu is valued at 14.5 billion CNY, with expected net profits of 22 million CNY in 2025E and 24 million CNY in 2026E, showing a low PE of 6.6 for 2025E [1] Glass and Fiberglass - Shandong Pharmaceutical Glass has a market value of 15.1 billion CNY, with projected net profits of 10.5 million CNY in 2025E and 11.5 million CNY in 2026E, and a PE of 14.3 for 2025E [1] - China Jushi is valued at 51.5 billion CNY, with net profits expected to reach 35 million CNY in 2025E and 40 million CNY in 2026E, showing a PE of 14.7 for 2025E [1] New Materials - Zhongfu Shenying has a market value of 19.3 billion CNY, with projected net profits of 0.5 million CNY in 2025E and 1.5 million CNY in 2026E, reflecting a very high PE of 385.0 for 2025E [1] - Jilin Carbon Valley is valued at 8.5 billion CNY, with expected net profits of 1 million CNY in 2025E and 1.3 million CNY in 2026E, showing a PE of 85.0 for 2025E [1]

Core Viewpoint - Sunrise, a domestic full-stack self-research AI computing chip company, has completed nearly 1 billion RMB in its latest financing round, indicating strong investor confidence and growth potential in the high-end GPU sector [1] Company Summary - The latest financing round was led by notable investment institutions including SANY Group's Huaxu Fund, Fourth Paradigm, Youzu Network, Beijing Lier, Songhe Capital, and Haitong Kaiyuan [1] - The funds raised will primarily be used for product research and development, market expansion, and team building, which will further solidify Sunrise's leading position in the domestic high-end GPU market [1]

Core Viewpoint - Beijing Lier High Temperature Materials Co., Ltd. has announced its 2024 annual profit distribution plan, which includes a cash dividend of 0.33 RMB per 10 shares for all shareholders, excluding shares held in the company's repurchase account [1][2]. Summary by Sections 1. Profit Distribution Plan - The profit distribution plan is based on a total share capital of 1,190,490,839 shares, deducting 25,210,000 shares held in the repurchase account, resulting in a base of 1,165,280,839 shares for the cash dividend distribution [2][3]. - The cash dividend of 0.33 RMB per 10 shares is inclusive of tax, with specific tax treatments for different types of shareholders [2]. 2. Dividend Payment Details - The cash dividend will be distributed on July 17, 2025, with the record date set for July 16, 2025 [2][3]. - The dividend amount per share is calculated as 38,454,267.69 RMB divided by the total share capital, resulting in approximately 0.323011 RMB per share [3][4]. 3. Shareholder Eligibility - The distribution is applicable to all shareholders registered with the China Securities Depository and Clearing Corporation Limited Shenzhen Branch as of the record date [3]. 4. Ex-Dividend Price Calculation - The ex-dividend price after the distribution will be calculated by subtracting the cash dividend per share from the closing price on the record date [4].

证券代码：002392 证券简称：北京利尔 公告编号：2025-035 北京利尔高温材料股份有限公司 2024 年年度权益分派实施公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、北京利尔高温材料股份有限公司（以下简称"公司"）回购专用证券账 户中的股份 25,210,000 股不参与本次权益分派。2024 年年度权益分派方案为： 以公司现有总股本 1,190,490,839 股扣除回购专户中已回购股份 25,210,000 股 后的股份数量 1,165,280,839 股为基数，向公司全体股东每 10 股派发现金股利 0.33 元（含税），合计派发现金股利总额 38,454,267.69 元，不送红股，不以 公积金转增资本。 一、股东大会审议通过利润分配方案情况 1、本次权益分派方案的具体内容为：以未来实施利润分配方案时股权登记 日的总股本（不含公司回购专户中的股份）为基数，向公司全体股东每 10 股派 发现金股利 0.33 元（含税），不送红股，不以公积金转增资本。如在预案公布 2、本次权益分派实施后计算除权除息价格时，按公司总股本（含 ...

Industry Overview - White corundum is an inorganic non-metallic material made from industrial alumina powder, with a Mohs hardness of 9.0, second only to diamond [1][4] - The industry has seen a decline in production due to weak domestic demand and stringent environmental policies, with total production expected to drop to approximately 480,000 tons in 2024 [1][4] Production Side - The white corundum industry in China began in the 1950s, initially relying heavily on imports, but has since developed self-sufficiency through technological advancements [4] - The production of 1 ton of white corundum requires about 1.1 tons of alumina, making alumina prices critical to the industry [4] Price Analysis - The price of alumina has significantly increased due to tightening supply, with the average price reaching 4,076 RMB/ton in 2024, a rise of 39.49% [5] - White corundum prices have also risen, with average prices for blocks increasing from 4,200-4,400 RMB/ton in 2023 to 5,100-5,300 RMB/ton in 2024 [5] Import and Export - Import levels of white corundum have remained low, decreasing to 1,500 tons by 2024, while exports surged from 235,400 tons in 2020 to 445,100 tons in 2024, with a compound annual growth rate of 17.26% [7] - The number of countries and regions importing Chinese white corundum has increased to 91 by the end of 2024 [7] Consumption Side - The primary consumption markets for white corundum are refractory materials and abrasives, with refractory material production declining by 3.73% in 2024 [9][10] - The abrasives sector has also faced challenges, with total revenue dropping to 450.2 billion RMB in 2024, a decrease of 15.1% [9] Future Trends - The industry is expected to see increased concentration as smaller companies face pressure from stricter environmental regulations and market competition [18] - There is a push towards green and high-end transformation, with companies focusing on clean production processes and developing high-purity products to meet advanced manufacturing needs [19][20]

Core Viewpoint - Beijing Lier, a leading refractory materials company, is undergoing a strategic transformation towards a dual business model of "refractory materials + emerging technology" under the leadership of Chairman Zhao Wei, focusing on AI chips and silicon-carbon anodes [1][2]. Strategic Iteration - The company is shifting from a single business focus to a dual-track approach, recognizing the need for a composite growth system that combines traditional industries with emerging technologies to address cyclical challenges in the steel industry and global technological changes [1][2]. - Zhao Wei emphasizes that the investment in Shanghai Xiwang and Lianchuang Lithium Energy is a strategic decision to enter the intelligent manufacturing and new energy sectors, which are seen as golden opportunities [2]. Forward-looking Layout - Beijing Lier has invested 200 million yuan in Shanghai Xiwang, focusing on AI chip development, which is characterized by its original technology, resource integration capabilities, and adaptability to specific industrial applications [2][3]. - The company plans to develop specialized AI models tailored for manufacturing processes, enhancing efficiency in energy consumption and equipment management [2][3]. Material Revolution - The investment in Lianchuang Lithium Energy reflects Beijing Lier's insight into the new energy materials market, particularly the potential of silicon-carbon anodes to overcome limitations in traditional graphite anodes for battery technology [3][4]. - Lianchuang Lithium Energy is working on a vertically integrated approach to address production challenges in silicon-carbon anode manufacturing, with plans to increase production capacity to 50,000 tons per year within three years [3][4]. Future Layout - Beijing Lier is pursuing a comprehensive technological transformation across its entire industry chain, focusing on both domestic and international market expansion in refractory materials while also securing upstream resource control [4][5]. - The company is developing smart refractory materials that incorporate sensors for real-time monitoring of furnace operations, showcasing innovation within traditional manufacturing [4][5]. - The strategic vision includes continuous collaboration with quality enterprises and research institutions in the AI chip and silicon-carbon anode sectors to drive technological innovation and industry upgrades [5].

证券代码：002392 证券简称：北京利尔 公告编号： 2025-033 北京利尔高温材料股份有限公司 关于回购公司股份的进展公告 截至 2025 年 6 月 30 日，公司累计通过回购专用证券账户以集中竞价交易方 式实施回购公司股份 25,210,000 股，约占公司目前总股本的 2.12%，最高成交 价为 4.67 元/股，最低成交价为 3.68 元/股，成交总金额为人民币 103,905,181 元（不含交易费用），已达到本次回购资金总额的下限且未超过回购资金总额的 上限。本次回购符合相关法律法规及公司回购方案的要求。 二、其他说明 公司回购股份的时间、回购股份数量、回购股份价格及集中竞价交易的委托 时段符合《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》相关规 定，具体情况如下： 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 北京利尔高温材料股份有限公司（以下简称"公司"）于2024年9月27日在 召开第六届董事会第四次会议,审议通过了《关于回购公司股份的议案》，同意 使用自有资金或自筹资金以集中竞价交易方式回购公司股份，本次回购股份将用 ...

Core Viewpoint - The company is actively investing in emerging industries, including AI chip companies and silicon-carbon anode materials for solid-state batteries, expecting to achieve scaled revenue this year [1][5][7]. Group 1: Main Business Performance - The company's main business is stable, with expectations for both revenue and profit growth in 2024, despite a generally weak performance in the refractory materials industry [3][4]. - In Q1 2025, the company reported a revenue of 1.669 billion yuan, a year-on-year increase of 10.54%, and a net profit of 126 million yuan, a year-on-year increase of 49.35% [3][4]. Group 2: Investment in AI Chip Company - The company has invested in Shanghai Zhenliang, an AI chip company, with a total investment of 2.5 billion yuan, anticipating scaled revenue in 2025 due to the growing demand for AI computing power [5][6][7]. - Shanghai Zhenliang focuses on GPGPU development and has already produced two generations of AI chips, with the latest generation expected to be delivered in batches starting in 2025 [7]. Group 3: Investment in Silicon-Carbon Anode Materials - The company invested in Lianchuang Lithium Energy, which specializes in silicon-carbon anode materials applicable to solid-state batteries, with production expected to commence by the end of this year [8]. - Lianchuang Lithium Energy has completed the design of its production line and is entering the construction phase, with significant revenue and profit expected by 2026 [8].

Group 1 - Blackwing Asset Management recently conducted research on Beijing Lier, indicating stable business operations and continuous market share growth, with revenue and net profit levels remaining industry-leading [1] - The company has launched a new production line for refractory materials in the first half of the year, and the integration of Baogang Lier has been completed, contributing positively to annual revenue and profit [1] - The company is optimistic about achieving dual growth targets and is closely monitoring relevant policy developments, with some clients beginning to implement policy requirements [1] Group 2 - The company is focusing on optimizing payment cycles and methods, which could significantly reduce accounts receivable levels and positively impact cash flow [1] - Blackwing Asset Management has increased efforts in expanding overseas business, particularly in Southeast Asia and the Middle East, achieving notable results [1] - The company is actively exploring emerging industries with growth potential, including investments in AI chip companies that have strong shareholder backgrounds and efficient R&D teams [1] Group 3 - Lianchuang Lithium Energy is committed to vertical integration in R&D, achieving significant breakthroughs in core raw materials and processing, which enhances its competitive edge in the industry [1] - The company has completed the design of mass production lines and is entering the construction phase, with expectations to commence production by the end of the year [1] - Lianchuang Lithium Energy anticipates significant revenue and profit growth by 2026, with a positive sales outlook for its products [1]