Ge Long Hui A P P·2025-10-21 07:46Core Viewpoint - Beijing Lier's revenue maintained stable growth in the first three quarters, with a year-on-year growth rate of 9.16%, slightly up by 0.01 percentage points compared to the first half of the year, attributed to the consolidation of Baogang Lier and stable production from major clients [1] Revenue Growth - The revenue growth is supported by the company's whole-package model and the stable production of large clients [1] - The company benefited from anti-involution policies in the refractory materials downstream industry, primarily serving large clients [1] Profitability - The company's net profit attributable to shareholders after deducting non-recurring gains and losses was 0.83 billion, representing a year-on-year increase of 3.51%, reversing the declining trend observed since the third quarter of 2024 [1] - Profitability indicators such as ROE, interest-bearing debt ratio, and operating net cash flow showed improvement on a quarter-on-quarter basis [1] Business Stability and Strategy - Traditional business remains stable, while investments in new sectors contribute positively to performance [1] - The company has a significant competitive advantage in traditional refractory materials, demonstrating strong risk resistance and increasing market share against the trend [1] - Efforts are being made to create a composite growth system combining "traditional industries + emerging technologies," maintaining a "strongly recommended" rating for the company [1]