Core Viewpoint - The company reported a revenue of 3.457 billion yuan for H1 2025, reflecting an 8.22% year-over-year increase, while the net profit attributable to shareholders was 218 million yuan, up 0.18% year-over-year [1] Group 1: Financial Performance - In Q2 2025, the company achieved a revenue of 1.787 billion yuan, representing a 6.15% year-over-year increase and a 7.08% quarter-over-quarter increase [1] - The gross profit margin for H1 2025 was 16.98%, a slight increase of 0.05 percentage points year-over-year [2] - The company experienced a significant decline in net profit for Q2 2025, which was 91.184 million yuan, down 31.22% year-over-year and 27.90% quarter-over-quarter [1] Group 2: Cost and Investment - R&D expenses increased, contributing to a rise in the expense ratio to 12.35% for H1 2025, up 1.85 percentage points year-over-year [3] - The company invested a total of 314 million yuan during the reporting period, marking a 51.42% increase compared to the previous year [3] - The company has entered the chip design sector and deepened its layout in the refractory materials business through strategic investments [3] Group 3: Profit Forecast and Valuation - The company has adjusted its net profit forecasts for 2025-2027 downwards by 8.46%, 8.40%, and 10.06% respectively, estimating net profits of 360 million, 411 million, and 447 million yuan [4] - The target price has been raised to 8.76 yuan, reflecting a 29 times PE valuation for 2025, based on improved asset quality and management's focus on emerging businesses [4]

据证券之星公开数据整理，近期北京利尔（002392）发布2025年中报。截至本报告期末，公司营业总收 入34.57亿元，同比上升8.22%，归母净利润2.18亿元，同比上升0.18%。按单季度数据看，第二季度营 业总收入17.87亿元，同比上升6.15%，第二季度归母净利润9118.4万元，同比下降31.22%。本报告期北 京利尔公司应收账款体量较大，当期应收账款占最新年报归母净利润比达909.14%。 本次财报公布的各项数据指标表现一般。其中，毛利率16.98%，同比增0.29%，净利率6.33%，同比减 8.15%，销售费用、管理费用、财务费用总计1.85亿元，三费占营收比5.34%，同比增5.72%，每股净资 产4.67元，同比增3.58%，每股经营性现金流-0.11元，同比减99.83%，每股收益0.18元 | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 31.94亿 | 34.57 亿 | 8.22% | | 归母净利润(元) | 2.17亿 | 2.18亿 | 0.18% | | 扣非净利润(元) | ...

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 8.76 [7][8]. Core Views - The company reported a revenue of RMB 34.57 billion for H1 2025, representing a year-over-year increase of 8.22%, while the net profit attributable to shareholders was RMB 2.18 billion, up 0.18% year-over-year [1][7]. - The second quarter revenue was RMB 17.87 billion, showing a year-over-year increase of 6.15% and a quarter-over-quarter increase of 7.08%. However, the net profit for Q2 was RMB 911.84 million, down 31.22% year-over-year and 27.90% quarter-over-quarter, primarily due to higher-than-expected R&D expenses [1][7]. - The company is actively investing in emerging businesses following a management change, which is expected to enhance growth potential [1][7]. Revenue and Profitability - In H1 2025, the overall revenue from the refractory materials segment was RMB 21.40 billion, reflecting a year-over-year increase of 15.20%. The gross margin for the overall contracting of refractory materials was 22.27%, down 1.02 percentage points year-over-year [2]. - The company has upgraded its production capacity for refractory materials to 900,000 tons per year, which, along with cost control measures, has improved revenue from the overall contracting business [2]. R&D and Cash Flow - The expense ratio for H1 2025 was 12.35%, an increase of 1.85 percentage points year-over-year, with R&D expenses accounting for 7% of total expenses, up 1.61 percentage points year-over-year [3]. - The net cash flow from operating activities for H1 2025 was -RMB 1.31 billion, a significant decrease of 99.83% year-over-year, primarily due to low customer payment rates [3]. Investment Activities - The company made significant investments totaling RMB 314 million in the reporting period, a year-over-year increase of 51.42%. This includes a RMB 200 million investment in Shanghai Zhenliang Intelligent Technology Co., acquiring a 9.95% stake in the emerging chip design sector [4]. Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025-2027 has been revised down by 8.46%, 8.40%, and 10.06% respectively, with expected profits of RMB 3.60 billion, RMB 4.11 billion, and RMB 4.47 billion [5]. - The company is assigned a PE valuation of 29 times for 2025, with an adjusted target price of RMB 8.76, reflecting an increase from the previous target of RMB 7.59 [5].

(责任编辑：宋政 HN002) 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 格隆汇8月27日｜北京利尔(002392)在互动平台表示，公司投资的曦望是国产全栈自研芯片企业，公司 专注于高性能GPU的研发与商业化，首代及第二代自研GPU产品已成功量产，可应用于数据中心建设， 在性能、能效比等关键技术指标上具备优势，下一代高性能芯片预计将于明年流片。 ...

Group 1 - The company invested in Xiwang, a domestic full-stack self-research chip enterprise focused on high-performance GPU development and commercialization [1] - The first and second generation of self-researched GPU products have successfully achieved mass production, applicable to data center construction, with advantages in performance and energy efficiency [1] - The next generation of high-performance chips is expected to tape out next year [1]

每经AI快讯，北京利尔（SZ 002392，收盘价：7.78元）8月27日发布半年度业绩报告称，2025年上半年 营业收入约34.57亿元，同比增加8.22%；归属于上市公司股东的净利润约2.18亿元，同比增加0.18%； 基本每股收益0.18元，同比增加0%。 每经头条（nbdtoutiao）——能给主人"打电话"的宠物智能手机也来了！宠物产业3000亿元市场大爆 发，行业上市公司"涨"声一片 （记者 王瀚黎） ...

格隆汇8月26日丨北京利尔(002392.SZ)公布2025年半年度报告，上半年公司实现营业收入34.57亿元，同 比增长8.22%；归属于上市公司股东的净利润2.18亿元，同比增长0.18%；归属于上市公司股东的扣除非 经常性损益的净利润1.29亿元，同比下降38.26%；基本每股收益0.18元。 ...

北京利尔高温材料股份有限公司 2025 年半年度财务报告 北京利尔高温材料股份有限公司 半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 二、财务报表 财务附注中报表的单位为：元 1、合并资产负债表 编制单位：北京利尔高温材料股份有限公司 2025 年 06 月 30 日 2025 年半年度财务报告 2025 年 8 月 1 北京利尔高温材料股份有限公司 2025 年半年度财务报告 一、审计报告 单位：元 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 1,038,001,438.02 | 1,182,843,449.66 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | 576,791,866.01 | 65,747,949.33 | | 衍生金融资产 | | | | 应收票据 | 325,597,429.77 | 303,686,428.56 | | 应收账款 | 2,896,428,343.41 | 2,462,367,176.25 | | 应收款项融资 | 906,066,13 ...

上市公司 2025 年上半年非经营性资金占用及其他关联资金往来情况汇总表 编制单位：北京利尔高温材料股份有限公司 单位：人民币元 | | 海 格 | 城 利 尔 麦 西 塔 材 料 有限公司 | 子公司 | 其他应收款 | 204,412,281.14 | | | 204,412,281.14 | 资金 周转 | 非经营性 往来 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 日 | 照 瑞 华 新 | | | | | | | 资金 | 非经营性 | | | 材 | 料 科 技 有 限公司 | 子公司 | 其他应收款 | 35,180,000.00 | | 35,180,000.00 | | 周转 | 往来 | | | 秦 耐 | 皇 岛 市 首 新 材 料 有 限公司 | 子公司 | 其他应收款 | 20,000,000.00 | 26,000,000.00 | 21,000,000.00 | 25,000,000.00 | 资金 周转 | 非经营性 往来 | | | 马 开 | 鞍 山 利 尔 元 新 材 ...

北京利尔高温材料股份有限公司 关于第二期员工持股计划实施进展的公告 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"）于 2025 年 4 月 10 日召开第六届董事会第八次会议、于 2025 年 4 月 28 日召开公司 2025 年第一次 临时股东大会，审议通过了《关于〈北京利尔第二期员工持股计划（草案）及摘 要〉的议案》、《关于〈北京利尔第二期员工持股计划管理办法〉的议案》、《关 于提请股东大会授权董事会全权办理员工持股计划相关事项的议案》，同意公司 实施第二期员工持股计划并授权董事会办理员工持股计划的设立、变更等相关事 宜。 根据《关于上市公司实施员工持股计划试点的指导意见》和《深圳证券交易 所上市公司自律监管指引第 1 号—主板上市公司规范运作》相关要求，现将公司 第二期员工持股计划实施进展情况公告如下： 截至本公告披露日，公司第二期员工持股计划专用证券账户已在已在中国证 券登记结算有限责任公司开立，账户信息如下： 证券账户名称：北京利尔高温材料股份有限公司－第二期员工持股计划 证券代码：002392 证 ...