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]

Group 1: Company Performance and Outlook - The company maintains stable operations with a continuous increase in market share, and revenue and net profit levels remain industry-leading [3] - The new production line for refractory raw materials has been launched, and the integration of Baogang Lier has been completed, contributing positively to revenue and profit for the year [3] - The company is confident in achieving double growth targets for the year [3] Group 2: Impact of Policies and Cash Flow Management - Recent policies improving payment conditions for private enterprises are expected to significantly reduce accounts receivable levels, enhancing cash flow if a 60-day payment cycle is achieved [3] - The company is actively monitoring the implementation of these policies by clients [3] Group 3: International Business Expansion - The company has increased efforts in expanding overseas business, particularly in Southeast Asia and the Middle East, with a focus on developing potential markets [3] - The expansion strategy includes increasing team size and establishing overseas bases [3] Group 4: Investment in AI Chip Companies - The company is investing in AI chip companies due to the significant growth potential in the AI industry, driven by the demand for AI computing power [5] - The AI chip company has strong shareholder backing and an efficient R&D team, with products already validated in the market [5] Group 5: Lithium Battery Materials - Lianchuang Lithium Energy has established a vertical integration model for R&D, creating strong technical barriers in silicon-carbon anode materials [6] - The company has completed the design of its production line and expects to commence production by the end of this year, with significant revenue and profit anticipated in 2026 [7] Group 6: Future Investment Strategy - The company will continue to focus on financial investments in cross-industry projects, making cautious decisions based on the development status of these projects [8] - Further investments may be considered for projects that show promising growth [8]

证券代码：002392 证券简称：北京利尔 公告编号： 2025-032 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 于实施员工持股计划或股权激励。本次回购股份的资金总额不低于人民币10,000 万元（含），不超过人民币20,000万元（含），回购股份价格不超过人民币4.68 元/股，具体回购股份数量以回购期满时实际回购的股份数量为准。本次回购股 份的实施期限为自公司董事会审议通过最终回购股份方案之日起不超过12个月。 公司已收到中国光大银行股份有限公司北京分行（以下简称"光大银行北京 分行"）出具的《中国光大银行股票回购贷款承诺函》，光大银行北京分行将为 公司提供不超过1.2亿元的贷款，专项用于支持公司回购股票。 《关于回购公司股份方案的公告暨回购报告书》、《关于收到<股票回购贷 款承诺函>暨获得回购公司股份融资支持的自愿性信息披露公告》详 ...

Core Viewpoint - Beijing Lier High Temperature Materials Co., Ltd. has successfully completed the acquisition of a 20% stake in Baogang Lier, increasing its ownership to 70%, thus making Baogang Lier a subsidiary included in the consolidated financial statements of the company [1][2]. Group 1 - The acquisition was approved during the sixth board meeting held on November 22, 2024, where the company agreed to purchase the stake from Inner Mongolia Baogang Steel Union Co., Ltd. through a public listing on the Inner Mongolia Property Rights Exchange [1]. - The transaction price for the 20% stake acquisition was not disclosed in the announcement [2]. - Following the completion of this acquisition, the company expects a positive impact on its operating performance [2].

证券代码：002392 证券简称：北京利尔 公告编号： 2025-031 北京利尔高温材料股份有限公司 公司已通过内蒙古产权交易中心成功受让包钢利尔 20%股权，成交价格为 3257.75 万元，并于近日完成了收购包钢利尔 20%股权相关的工商变更登记手续。 截至本公告披露日，公司持有包钢利尔 70%股权，包钢利尔已成为公司控股子公 司，纳入公司合并报表范围。本次收购事项已完成，预计后续将对公司经营业绩 产生积极影响。 特此公告。 北京利尔高温材料股份有限公司 董 事 会 关于收购包钢利尔 20%股权完成的公告 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"或"乙方"）于 2024 年11月22日召开第六届董事会第六次会议审议通过了《关于与包钢股份签署〈合 资合作暨股权转让意向协议〉的议案》，同意公司以现金方式收购内蒙古包钢利 尔高温材料有限公司（简称"包钢利尔"）20%股权,股权出让方为内蒙古包钢钢 联股份有限公司, 其通过内蒙古产权交易中心公开挂牌方式转让包钢利尔 20% 股权。 《关于拟收购包钢利尔 20% ...

Dividend Distribution - The company plans to distribute a cash dividend of 0.33 CNY per 10 shares, totaling approximately 38.45 million CNY based on the adjusted share count of 1,165,280,839 shares after excluding repurchased shares [1][2]. Financial Performance - In Q1 2025, the company reported cash and cash equivalents exceeding 1.1 billion CNY, with 722 million CNY in cash and 431 million CNY in trading financial assets [2]. - The company's revenue for 2024 reached 6.327 billion CNY, reflecting an 11.66% year-on-year increase, while the non-recurring net profit decreased by 13.31% compared to the previous year [2][4]. Investment Strategy - The company is diversifying into solid-state batteries and AI chip sectors through investments in Lianchuang Lithium Energy and Shanghai Zhenliang Intelligent Technology, although these investments are currently financial rather than operational [3][4]. - The company emphasizes the importance of maintaining a stable core business while exploring new growth opportunities in line with national policies [3][4]. Market Expansion - International revenue grew by 26.18%, primarily driven by steel customers in Southeast Asia and the Middle East [5]. - The company is focusing on expanding its overseas market presence and is optimistic about opportunities arising from the reconstruction of Ukraine [5]. R&D and Innovation - R&D expenses increased by 19.52% in 2024, amounting to 246 million CNY, which is 3.89% of total revenue, focusing on enhancing product lifespan and exploring new technologies [7][8]. - The company is actively pursuing advancements in areas such as wet metallurgy and low-carbon durable materials [8]. Raw Material Supply - The supply of key raw materials like magnesium and aluminum remains stable, with contingency plans in place to address potential shortages [8].