证券代码：002392 证券简称：北京利尔 公告编号： 2025-030 北京利尔高温材料股份有限公司 2024年年度股东大会决议公告 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、本次股东大会未出现否决提案的情形； 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 1、会议召开时间： （1）现场会议召开时间：2025 年 5 月 26 日下午 15:00。 （2）网络投票时间： 2025 年 5 月 26 日，其中： ①通过深圳证券交易所交易系统进行投票的具体时间为：2025 年 5 月 26 日 的交易时间，即 9:15—9:25,9:30—11:30 和 13:00—15:00； ②通过互联网投票系统投票的时间为：2025 年 5 月 26 日 9:15—15:00。 2、召开方式：现场投票与网络投票相结合的表决方式 3、召开地点：河南省洛阳市伊川县产业集聚区洛阳利尔功能材料有限公司 三楼会议室 二、会议的出席情况 截至股权登记日公司的总股本数为 1,190,490,839 股，公司回购证券专户股 份数为 2 ...

关于北京利尔高温材料股份有限公司 2024 年年度股东大会的 法律意见书 北京市君致律师事务所 4、本次股东大会采取现场投票与网络投票相结合的方式。公司本次股东大 会现场会议于 2025 年 5 月 26 日（星期一）下午 15:00 在河南省洛阳市伊川产业 集聚区洛阳利尔功能材料有限公司三楼会议室召开。通过深圳证券交易所交易系 统进行投票的具体时间为2025年5月26日的交易时间，即上午9:15—9:25,9:30 —11:30 和下午 13:00—15:00；通过互联网投票系统投票的具体时间为 2025 年 5 月 26 日上午 9:15 至下午 15:00。 君致法字 2025154 号 致：北京利尔高温材料股份有限公司 北京市君致律师事务所（以下简称"本所"）接受北京利尔高温材料股份有 限公司（以下简称"公司"）的委托，指派律师出席了公司于 2025 年 5 月 26 日召开的 2024 年年度股东大会（以下简称"本次股东大会"）。 在审查有关文件的过程中，公司保证，其向本所提交的文件和所做的说明是 真实的、准确的、完整的，并已提供出具本法律意见书所必需的文件材料或口头 证言，并保证其所提供的有关副本 ...

证券代码：002392 证券简称：北京利尔 公告编号： 2025-029 北京利尔高温材料股份有限公司 关于举办2024年度业绩说明会的公告 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。 北京利尔高温材料股份有限公司（以下简称"公司"）已于 2025 年 4 月 29 日在巨潮资讯网上披露了《2024 年年度报告全文》及《2024 年年度报告摘要》。 为便于广大投资者更加全面深入地了解公司经营业绩、发展战略等情况，公司定 于 2025 年 5 月 26 日（星期一）10:00-12:00 在"价值在线"（www.ir-online.cn） 举办北京利尔高温材料股份有限公司 2024 年度业绩说明会，与投资者进行沟通 和交流，广泛听取投资者的意见和建议。 一、说明会召开的时间、地点和方式 董事长赵伟，副董事长兼副总裁颜浩，独立董事宋飞，董事兼副总裁兼董事 会秘书何枫，董事兼财务总监郭鑫（如遇特殊情况，参会人员可能进行调整）。 三、投资者参加方式 投资者可于 2025 年 5 月 26 日 （ 星 期 一 ） 10:00-12:00 通过网址 https://e ...

Group 1 - Manus has opened registration for its AI platform, allowing users to execute one task daily for free and receive a one-time bonus of 1000 points [2] - Alibaba has open-sourced its video generation and editing model, Wan2.1-VACE, which supports various video generation and editing capabilities [3] - Weilian Meishi has introduced ByteDance's Feishu as its collaboration platform to enhance organizational efficiency and digital transformation [4] Group 2 - Cambrian's R&D investment increased by 38.33% year-on-year, reaching approximately 235 million yuan in Q1 2024, focusing on optimizing chip architecture and software ecosystem [4] - A report indicates that Chinese respondents show a significantly higher acceptance of AI compared to the global average, with a 93% application rate in workplaces [5][6] - The Ministry of Education has issued guidelines prohibiting elementary students from independently using generative AI tools [6] Group 3 - ByteDance has released its Seed1.5-Embedding model, achieving state-of-the-art performance in Chinese and English on the MTEB benchmark [7] - Alipay has launched a voice call feature that displays the real name of the caller, ensuring user privacy and security [8] - Tencent has expanded its earthquake warning feature to cover the entire country, enhancing user notifications during potential seismic events [9] Group 4 - Baotong Technology has signed a contract with Yushu for the secondary development of industrial robots, with strong demand from downstream customers [10] - Tencent has open-sourced a unified multi-modal reward model, enhancing reasoning capabilities across visual tasks [11] - Volcano Engine has released the Seedance 1 lite video generation model, supporting various video generation formats [12] Group 5 - The AI model "Moon's Dark Side" is optimizing its Kimi product for professional search quality in finance, law, and medicine [13] - ByteDance has unveiled its Seed1.5-VL model, which demonstrates strong multi-modal understanding and reasoning capabilities [13] - Honor has established a new AI division and restructured key positions in its China operations, focusing on AI development [14] Group 6 - Kunlun Wanwei has open-sourced the Matrix-Game model for interactive video generation, aimed at creating detailed virtual worlds [14] - Shanghai Jiao Tong University won the ASC 2025 supercomputing competition, showcasing advancements in various computational tasks [14] - Hongjing Technology has signed a 563 million yuan contract for computing power services [15] Group 7 - Tencent's ToB business achieved revenue of 549 billion yuan, driven by rapid growth in AI-related income [15] - Xiaomi has applied for trademarks related to its MiMo reasoning model, set to be open-sourced in April 2025 [16] - Ant Group's enterprise-level AI products are expanding into international markets, showcasing a full-stack AI product matrix [17] Group 8 - Alibaba's CEO highlighted AI as a historic opportunity for growth, focusing on e-commerce and AI-cloud integration [17] - Alibaba Cloud reported an 18% year-on-year revenue increase, with AI-related income maintaining triple-digit growth [17] - The Ministry of Education has issued guidelines for the use of generative AI in primary and secondary education [6] Group 9 - Vivo has launched a talent recruitment program targeting top talent in AI and chip technology, offering competitive compensation [19] - MiniMax has released a new speech model, outperforming major competitors in international evaluations [20] - Huawei has established a city-wide network in Wuhan, integrating various digital services for urban governance [21] Group 10 - NVIDIA announced plans to export 18,000 AI chips to Saudi Arabia, enhancing the region's AI capabilities [28] - The White House reported that major tech companies have committed to investing $800 billion in advanced technology in the U.S. and Saudi Arabia [28] - Apple is reportedly entering the brain-computer interface field, allowing users to control devices through brain signals [29]

Core Viewpoint - The recent surge in mergers and acquisitions (M&A) in the A-share market reflects a deep-seated logic of industrial upgrading and strategic transformation, showcasing the diversification and specialization of the current M&A landscape [1] Group 1: Characteristics of Recent M&A Activity - Cash transactions dominate the current wave of M&A, with companies accelerating their entry into new sectors [2] - The M&A activities are driven by three strategic directions: seeking breakthroughs in technological innovation, enhancing risk resilience through resource integration, and capitalizing on policy incentives to enter emerging sectors like AI and semiconductors [2] Group 2: Industry Chain Integration - Industry chain integration is a core driver of M&A among A-share companies, with firms pursuing horizontal and vertical integration to enhance competitiveness [3] - Jiangsu Zongyi Co., Ltd. plans to acquire control of Jiangsu Jilai Microelectronics Co., Ltd. to extend its reach into the power semiconductor sector [3] - Suzhou Dongshan Precision Manufacturing Co., Ltd. intends to acquire 100% of Groupe Mécanique Découpage to optimize its debt structure and enhance its capabilities in the automotive parts sector [3][4] Group 3: Strategic Focus and Diversification - Companies are adopting divergent strategies, with some focusing on core businesses while others pursue diversification [5] - Jiangsu Zongyi's acquisition of Jilai Microelectronics aims to strengthen its position in the integrated circuit sector, enhancing its technical capabilities and market share [5] - China National Pharmaceutical Group plans to acquire Beijing Jinsui Technology to enter the e-commerce service sector, diversifying its business and revenue streams [5] Group 4: Investment Trends - Beijing Lier High-Temperature Materials Co., Ltd. is investing in Shanghai Zhenliang Intelligent Technology Co., Ltd. to enter the AI chip market, reflecting a commitment to both core business and new growth areas [6] Group 5: Valuation and Compliance Concerns - Valuation and compliance are critical issues in M&A transactions, directly impacting their success [8] - Huafeng Chemical Co., Ltd. terminated its planned acquisition of Zhejiang Huafeng Synthetic Resin Co., Ltd. due to high valuation and lack of shareholder approval, highlighting the risks associated with high-premium related transactions [8][9] - Companies are advised to establish a scientific valuation system and ensure transparency in operations to mitigate risks associated with related-party transactions [10]

Group 1 - The company and its chairman invested a total of 2.5 billion yuan in Shanghai Zhenliang Intelligent Technology, acquiring 11.43% and 2.86% equity respectively, which aligns with the company's strategic plan for emerging industries, particularly in domestic AI chip development [1] - Zhenliang Intelligent, established in 2020, has a net asset of 107 million yuan and a loss of 190 million yuan as of the end of 2024, but has already mass-produced two generations of AI chips, with the latest GPGPU chip expected to be delivered quarterly starting in 2025 [2] - The company reported a 10.5% year-on-year increase in revenue for Q1 2025, with a net profit growth of 49.4%, indicating stabilization in its main business operations [1][3] Group 2 - The company plans to implement a second employee stock ownership plan involving 10 executives and 110 employees, which is expected to align the interests of core employees and stimulate long-term development [4] - Due to anticipated delays in the recovery of product prices and gross margins, the company has revised down its revenue and net profit forecasts for 2025-2026, projecting EPS of 0.33/0.38/0.42 yuan for 2025-2027 [5] - The company is recognized with a target price of 7.59 yuan based on a 23 times PE ratio for 2025, reflecting an increase from the previous target of 3.71 yuan [5]

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company has made strategic investments in AI chip technology, which aligns with its long-term growth strategy in emerging industries [1][2] - The company's Q1 2025 revenue increased by 10.5% year-on-year, and net profit attributable to shareholders rose by 49.4%, indicating stabilization in its core business operations [1][3] - The company plans to implement a second employee stock ownership plan to enhance long-term development momentum [4] Summary by Sections Investment Overview - The company invested 200 million RMB and 50 million RMB in Shanghai Zhenliang Intelligent Technology, acquiring 11.43% and 2.86% equity, respectively [1] - The investment is expected to accelerate the company's development in domestic AI chip sectors, despite limited short-term returns [1][2] Financial Performance - For 2024, the company anticipates revenue of 6.33 billion RMB, a 12% increase year-on-year, with net profit expected to be 318.59 million RMB, a decrease of 18.29% [7] - In Q1 2025, the company achieved revenue of 16.7 billion RMB, with a gross margin of 16.0%, reflecting an improvement in operational metrics [3] Employee Incentives - The second phase of the employee stock ownership plan involves 10 executives and 110 employees, with a share price set at 4.58 RMB [4] Profit Forecast and Valuation - The company has adjusted its revenue and net profit forecasts for 2025-2026, with expected EPS of 0.33 RMB for 2025 [5] - The target price is set at 7.59 RMB, based on a 23x PE ratio for 2025, reflecting an increase from the previous target of 3.71 RMB [5][9]

Group 1 - Beijing Lier has invested 200 million RMB in Shanghai Zhenliang Intelligent Technology Co., acquiring 11.43% equity, while Chairman Zhao Wei invested 50 million RMB for 2.86% equity [1][2][3] - Shanghai Zhenliang, founded in 2020, focuses on GPGPU development and manufacturing for AI applications, with a pre-investment valuation of 1.5 billion RMB [2][3] - The company aims to achieve large-scale delivery of its latest GPGPU chips by 2025, having already produced two generations of AI chips [1][2] Group 2 - In 2024, Beijing Lier reported revenue of 6.327 billion RMB, an increase of 11.66%, but net profit decreased by 18.65% to 319 million RMB due to rising raw material costs and declining sales prices [4] - The gross margin for Beijing Lier in 2024 was 14.42%, down from 18.37% the previous year [4] - The company has set ambitious targets, aiming for 7 billion RMB in revenue in 2025, a 10.63% increase, and a net profit of 382 million RMB, a 20% increase [5]

5月以来，A股并购重组呈现多点开花的局面。一方面，已发布重组预案的公司有序推进并购进程，受 理、问询进度备受关注；另一方面，新增并购案例层出不穷，交易模式偏向以现金为主的"短平快"，并 购方向则看向以产业协同为首的新兴产业、未来产业。 上证报记者关注到，仅5月13日一天，就有十多家上市公司密集发布并购重组相关公告，其中近半数是 首次宣布并购计划。从交易方式来看，现金收购成为更多上市公司的首选，不少公司以小额参股、增资 等形式获得相关标的公司股权，个别涉及控股权的收购仍以现金及发行股份相结合的方式进行。从并购 目的来看，产业协同仍是主流趋势，既有横向整合扩展市场，也有垂直整合完善产业链条。 "并购重组蕴含着方案设计、标的对接与多方博弈的独特魅力，当前众多潜在项目正处于关键推进阶 段。"民生证券投行业务部经理项捷克对记者表示，在"并购六条"引导下，上市公司通过产业整合提升 竞争力、央国企加速资源优化配置，企业发展的内生动力正成为推动并购市场持续升温的核心引擎，预 示着未来并购市场将持续保持火热态势。 现金并购频现交易便捷性受青睐 据不完全统计，5月13日，至少有15家A股公司披露了并购重组相关公告，其中有7家公司 ...

Summary of Beijing Lier's Conference Call Company Overview - **Company**: Beijing Lier - **Industry**: Refractory materials and emerging technologies, specifically AI chips and new materials Key Points and Arguments 1. **Strategic Transformation**: Beijing Lier is actively pursuing a strategic transformation by stabilizing its core refractory materials business while expanding into AI chips and new materials, aiming for emerging industries to surpass traditional refractory revenue [2][8] 2. **Investment in AI Chips**: The company has invested in Shanghai Zhengliang, which has successfully produced 1,000 PT200 AI chips, with 640 chips delivered to servers, expected to generate over 60 million in revenue [2][4] 3. **Performance Comparison**: The PT200 chip's performance is benchmarked against NVIDIA's A100, achieving 80% of its performance while being priced 20% lower than similar domestic competitors [2][17] 4. **Future Production Goals**: Zhengliang aims to ship 10,000 chips by 2025, projecting at least 500 million in revenue, with ongoing production plans and collaborations with major companies like Samsung for advanced manufacturing [2][13] 5. **Financial Investment Strategy**: The current investment in Zhengliang is primarily financial, but there is potential for deeper collaboration, including increasing equity stakes and exploring further opportunities in AI and new materials [2][5][6] 6. **Market Positioning**: The company maintains a high profit margin and a 100% collection rate even during industry downturns, attributed to strict receivables management and a well-structured supply chain [3][28] 7. **New Material Investments**: Beijing Lier is also investing in silicon-carbon anode materials and lithium extraction projects, indicating a diversified approach to emerging industries [4][11] 8. **Government Relations**: The company is exploring government resources to extend its business, particularly in AI applications for government and financial institutions [7][10] 9. **Profit Outlook**: The refractory business is expected to see profits exceeding 320 million in 2025, driven by normalized raw material prices, growth in overseas business, and new production lines [2][21] 10. **Pricing Strategy**: Future price increases for products are contingent on raw material costs and market conditions, with a focus on maintaining competitive pricing [22][23] Additional Important Insights 1. **Role of SenseTime**: SenseTime plays a significant role in Zhengliang's financing, with its executive director taking a leadership position, enhancing collaboration opportunities in the AI sector [9] 2. **R&D and Innovation**: Continuous R&D efforts are being made to adapt product formulations to meet market demands, ensuring responsiveness to changes in the steel industry [29] 3. **Supply Chain Management**: The company is working on establishing domestic supply chains while maintaining production with TSMC, indicating a strategic approach to mitigate risks associated with international supply chains [14][18] 4. **Market Dynamics**: The refractory materials market is experiencing a bottoming out process, with increased instances of large steel mills facing challenges due to irrational pricing strategies [24][27] This summary encapsulates the strategic direction, financial outlook, and operational insights of Beijing Lier as discussed in the conference call, highlighting its commitment to innovation and market adaptation.