BJLE(002392) 搜狐财经·2025-05-13 13:05Core 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].