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.

Core Viewpoint - Beijing Lier (002392.SZ) announced a cash investment of 250 million yuan in Shanghai Zhenliang Intelligent Technology Co., Ltd. to seek new growth opportunities amid peak performance in its main business [1][2]. Group 1: Investment Details - The company and its chairman, Zhao Wei, will invest a total of 250 million yuan, with 200 million yuan from the company and 50 million yuan from Zhao Wei [2][3]. - After the investment, Beijing Lier will hold 11.43% and Zhao Wei will hold 2.86% of Shanghai Zhenliang's equity [2]. - The investment is based on a pre-investment valuation of 1.5 billion yuan for Shanghai Zhenliang, which is currently in the early stages of commercialization [2][3]. Group 2: Financial Performance - Beijing Lier's revenue for 2024 is projected at 6.327 billion yuan, a year-on-year increase of 11.66%, but net profit is expected to decline by 18.65% to 319 million yuan due to industry challenges [2][3]. - Shanghai Zhenliang reported a revenue of 24,070.49 yuan for 2024, with a net loss of 190 million yuan, and zero revenue in the first quarter of 2025 [3][4]. Group 3: Market Context - The refractory materials industry, which Beijing Lier operates in, is facing declining demand and rising raw material costs, leading to a need for new growth avenues [2][3]. - The investment in AI chips is seen as a strategic move to enter a capital and technology-intensive sector, although short-term performance improvements are unlikely [1][2]. Group 4: Corporate Governance and Management Changes - The influence of the SenseTime group on Shanghai Zhenliang appears to be waning, with key executives from SenseTime gradually leaving the management team [9][11]. - The current management team of Shanghai Zhenliang lacks direct ties to SenseTime, indicating a shift in corporate governance [9][13]. Group 5: Financial Health - As of the end of 2024, Beijing Lier reported cash reserves of 1.183 billion yuan and a debt-to-asset ratio of 39.39%, indicating a stable financial position [8]. - The company is also planning a small-scale private placement of up to 300 million yuan, although the specific use of funds has not been disclosed [5][6].

Group 1 - The company held its 11th meeting of the 6th board of directors on May 9, 2025, where it approved a proposal for joint investment with related parties [1][3] - The board approved a proposal to authorize the board to handle small-scale rapid financing matters, with a total financing amount not exceeding RMB 300 million, which is less than 20% of the net assets at the end of the previous year [3][26] - The proposal for joint investment involves the company investing RMB 200 million in Shanghai Zhenliang Intelligent Technology Co., Ltd., acquiring 11.43% of its equity [6][8] Group 2 - The chairman of the company, Zhao Wei, will invest RMB 50 million, acquiring 2.86% of the equity in Shanghai Zhenliang [6][8] - The investment in Shanghai Zhenliang is considered a related party transaction, and it does not require approval from the shareholders' meeting [8][10] - The company aims to capitalize on the growing demand for AI chips, aligning with national policy trends and the potential market space for domestic AI chip companies [20][21] Group 3 - The company has a history of engaging in related transactions, with a total amount of RMB 12.41 million in related transactions occurring since the beginning of the year [20] - The independent directors have reviewed and approved the related party investment proposal, affirming that it aligns with the company's strategic planning and does not harm the interests of shareholders [21][22] - The company plans to use its own funds for the investment, which is expected to have no significant impact on its normal operations [20][21]

Group 1 - The company held its 11th meeting of the 6th Board of Directors on May 9, 2025, with all 11 directors present, complying with legal and procedural requirements [1] - The board approved a proposal for a related party investment and transaction with 10 votes in favor, 0 against, and 0 abstentions, with the independent directors having reviewed the proposal [1] - The board also approved a proposal to authorize the board to handle small-scale rapid financing, allowing for a total financing amount not exceeding RMB 300 million, which is less than 20% of the net assets as of the end of the previous year [2]

Core Viewpoint - Beijing Lier High-Temperature Materials Co., Ltd. has announced the addition of a temporary proposal for the 2024 Annual General Meeting of Shareholders, which includes a request for authorization to the board for small-scale rapid financing [1][2]. Meeting Details - The 2024 Annual General Meeting is scheduled for May 26, 2025, at 15:00 [3]. - Network voting will be available on the same day, with specific time slots for voting through the Shenzhen Stock Exchange trading system and internet voting system [3][6]. Proposal Information - The proposal for authorization of the board to handle small-scale rapid financing has been approved by the board and will be presented as a temporary proposal at the upcoming shareholders' meeting [2][5]. - The proposal is in compliance with the Company Law and relevant regulations, as the shareholder proposing it holds 24.12% of the company's shares [2]. Voting Procedures - Shareholders can participate in the meeting either in person or through a proxy, with specific documentation required for registration [3][6]. - The meeting will include separate counting of votes from minority investors, excluding certain major shareholders and company executives [5]. Additional Information - The company will provide a network voting platform for shareholders, with detailed procedures outlined for participation [6][8]. - The meeting will also include a report from independent directors regarding their performance for the year 2024 [5].

Core Viewpoint - Beijing Lier High Temperature Materials Co., Ltd. plans to invest in Shanghai Zhenliang Intelligent Technology Co., Ltd. through a capital increase, with a total investment of RMB 20 million, aiming to hold 11.43% of the shares post-investment [2][3][11] Summary by Sections 1. Overview of Related Transactions - The company will jointly sign an investment agreement with PowerTensors Technology Limited and others to invest in Shanghai Zhenliang, with the company contributing RMB 20 million for a capital increase of RMB 6,919.0069 million [2][3] - The chairman, Zhao Wei, will invest RMB 5 million, resulting in ownership stakes of 11.43% for the company and 2.86% for Zhao Wei in Shanghai Zhenliang [2][3] 2. Related Party Information - Zhao Wei, the chairman, is a key figure in the transaction and has recused himself from voting due to his position [3][11] - The transaction does not require shareholder approval or constitute a major asset restructuring as per regulations [3][11] 3. Financial and Operational Background of Shanghai Zhenliang - Shanghai Zhenliang was established in May 2020, focusing on AI chip development and has produced two generations of AI chips, with plans for large-scale delivery in 2025 [5][11] - The company has a registered capital of RMB 50,366.3003 million and is involved in various AI-related services and products [5] 4. Investment Rationale and Market Context - The investment aligns with the company's strategy to explore emerging industries, particularly in AI, which is expected to see increased demand for chips due to growing applications [10][11] - The investment is based on a pre-investment valuation of RMB 1.5 billion, reflecting a fair market assessment considering the competitive landscape and Shanghai Zhenliang's technological capabilities [8][10] 5. Impact on the Company - The investment is expected to support the company's long-term growth in the high-temperature materials sector while diversifying into the AI industry [10][11] - The funding will come from the company's own resources and is not anticipated to significantly impact its normal operations [10][11]

Core Viewpoint - Beijing Lier High Temperature Materials Co., Ltd. is seeking shareholder approval to authorize the board of directors to conduct a small-scale rapid financing of up to RMB 300 million, not exceeding 20% of the company's net assets as of the end of the previous year [1][5]. Group 1: Financing Details - The financing will involve issuing shares to specific investors, with a total amount not exceeding RMB 300 million and a maximum of 30% of the company's total shares prior to the issuance [2][4]. - The issuance will be conducted through a simplified procedure targeting no more than 35 specific investors, including legal entities and individuals, with cash subscriptions only [2][3]. - The issue price will be set at no less than 80% of the average trading price of the company's shares over the 20 trading days prior to the pricing date [2][3]. Group 2: Regulatory Compliance - The financing must comply with national industrial policies and relevant laws regarding environmental protection and land management [4]. - The funds raised cannot be used for financial investments or to invest in companies primarily engaged in trading securities [4]. Group 3: Shareholder Rights and Restrictions - Shares issued in this financing will be locked for a period of 6 months, with certain investors facing an 18-month lock-up if they fall under specific regulatory conditions [3][4]. - After the lock-up period, the shares will be listed for trading on the Shenzhen Stock Exchange [4]. Group 4: Board Authority and Responsibilities - The board of directors is authorized to handle all matters related to the financing, including the preparation and submission of necessary documents, determining the financing scheme, and managing the issuance process [4][5]. - The board will also be responsible for adjusting the financing plan based on market conditions and regulatory requirements [4].

公司在稳定发展高温材料主业的同时，长期以来持续关注符合国家政策导向行业的发展趋势，寻求具有 较好发展潜力行业的投资机会。人工智能产业中，AI 芯片层为整个产业提供算力基础支撑，未来随着 大模型的训练与推理以及AI相关应用的不断增加，对于AI算力以及对应AI芯片的需求将持续增长。在 全球科技竞争加剧的背景下，国产替代成为趋势，国内AI 芯片企业迎来发展机遇。公司看好国产AI 芯 片未来的市场空间，同时也认可上海阵量的技术实力与发展前景。 本次交易符合公司布局新兴产业的 战略规划安排，有利于公司在新兴产业领域的发展。 智通财经APP讯，北京利尔(002392.SZ)公告，公司拟与PowerTensors Technology Limited、上海张芯企业 咨询合伙企业 (有限合伙)、Mindflow Management L.P.及上海阵量智能科技有限公司共同签署《关于上 海阵量智能科技有限公司之投资协议》，本次交易的具体方案如下：公司以人民币2亿元(简称"交割增 资款"或"增资款")认购上海阵量6919.0069 万元的新增注册资本。公司董事长赵伟与PowerTensors Technology Limited ...

证券代码：002392 证券简称：北京利尔 公告编号： 2025-027 北京利尔高温材料股份有限公司 关于提请股东大会授权董事会办理小额快速融资 相关事宜的公告 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。 3、 发行方式、发行对象及向原股东配售的安排 本次发行股票采用以简易程序向特定对象非公开发行的方式，发行对象为符 合监管部门规定的法人、自然人或者其他合法投资组织等不超过35名的特定对象。 证券投资基金管理公司、证券公司、合格境外机构投资者、人民币合格境外机构 投资者以其管理的二只以上产品认购的，视为一个发行对象；信托公司作为发行 对象的，只能以自有资金认购。最终发行对象将根据申购报价情况，由公司董事 会根据股东大会的授权与保荐机构（主承销商）协商确定。本次发行股票所有发 行对象均以现金方式认购。 北京利尔高温材料股份有限公司（以下简称"公司"）于2025年5月9日召开 第六届董事会第十一次会议审议通过了《关于提请股东大会授权董事会办理小额 快速融资相关事宜的议案》。根据《上市公司证券发行注册管理办法》等相关规 定，公司董事会提请股东大会授权董事会办理 ...

1、公司以人民币 20,000 万元认购上海阵量智能科技有限公司（以下简称"上 海阵量"或"目标公司"）6,919.0069 万元的新增注册资本。董事长赵伟以人 民币 5,000 万元认购上海阵量 1,729.7517 万元的新增注册资本。本次增资完成 后，公司和赵伟将分别持有上海阵量 11.43%、2.86%的股权。 2、赵伟系公司董事长。根据《深圳证券交易所股票上市规则》的相关规定， 本次交易构成公司与关联方共同投资的关联交易。该次关联交易无需提交公司股 东大会审议，亦不构成《上市公司重大资产重组管理办法》所规定的重大资产重 组，也无需经有关部门的批准。 3、风险提示：本次投资的目标公司仍处于亏损状态，营业收入水平较低， 预计在 2025 年实现规模化收入，在未来实际经营中，可能面临行业政策、市场 变化、经营管理、技术研发等方面的不确定因素，投资收益存在不确定性。公司 将采取适当的策略、管理措施加强风险管控，积极防范和应对风险。敬请广大投 资者谨慎投资，注意投资风险。 北京利尔高温材料股份有限公司（以下简称"公司"）于 2025 年 5 月 9 日 召开第六届董事会第十一次会议审议通过了《关于与关联方共同 ...