May 29, 2026 - According to the 2025 annual reports, the financial performances of the nine A-share listed companies in China's refractory industry have shown significant differences: some players recorded robust revenue and profit growth supported by capacity upgrades, but major market incumbents faced sliding revenue and deepening net losses.

Beijing Lirr was among the top performers, disclosing on April 9 that it reached 6.97 billion yuan in operating revenue for 2025, a 10.17% year-on-year increase. Net profit attributable to shareholders hit 401 million yuan, jumping 25.86% from 2024. Basic earnings per share came in at 0.34 yuan, and the board has proposed a cash dividend of 0.35 yuan (pre-tax) for every 10 shares held. During the reporting period, the company completed capacity upgrading and replacement for its refractory product lines, bringing its total annual production capacity of refractory products to approximately 1 million tons.

PRCO Group published its 2025 performance report on April 23, reporting 5.488 billion yuan in operating revenue, a 5.69% year-on-year gain. However, net profit attributable to shareholders fell 35.89% year-on-year to 86.59 million yuan, while net profit after deducting non-recurring gains and losses dropped 5.75% to 71.44 million yuan.

Ruitai Technology’s 2025 results, released April 9, showed continued revenue contraction and a swing to net loss. The company posted 3.872 billion yuan in operating revenue, an 11.02% year-on-year decrease, with a net loss attributable to the parent company of 57.77 million yuan, representing a 201.31% year-on-year decline. Net loss after non-recurring items deepened to 65.86 million yuan, a 252.41% drop from 2024.

Luyang Energy-Saving, which released its annual report on April 28, recorded 2.481 billion yuan in operating revenue for 2025, a 29.75% year-on-year decline. Net profit attributable to the parent company fell 91.06% to just 42.90 million yuan, while core net profit after non-recurring items dropped 77.60% to 109 million yuan. Basic earnings per share stood at 0.08 yuan.

Sinosteel Luonai, which also published results on April 28, reported 1.997 billion yuan in 2025 operating revenue, an 8.72% drop from 2.188 billion yuan in 2024. The company posted a net loss of 150 million yuan attributable to shareholders, marking a 153.30% year-on-year drop in profitability, while net loss attributable to the listed company’s shareholders after excluding non-recurring gains and losses widened to 218 million yuan, down 91.99% from 2024. Quarterly data shows the company’s revenue trended downward throughout the year: 541 million yuan in Q1, 469 million yuan in Q2, 494 million yuan in Q3, and a further decline to 492 million yuan in Q4, with revenue pressure persisting across all four quarters.

Against the downturn for larger players, smaller niche players recorded strong double-digit growth. Guoliang New Materials, which released results on April 28, hit 1.062 billion yuan in operating revenue, up 17.39% year-on-year, with net profit attributable to the parent growing 11.79% to 79.33 million yuan. Core net profit after non-recurring items rose 25.90% to 75.68 million yuan, and basic earnings per share reached 1.21 yuan.

Donghe New Materials also posted strong growth, with 817 million yuan in 2025 operating revenue, up 19.74% year-on-year. Net profit attributable to the parent climbed 45.30% to 75.73 million yuan, while core net profit after non-recurring items jumped 58.65% to 73.81 million yuan. Basic earnings per share hit 0.46 yuan.

REAL JD, which released its full-year results on April 7, reported muted 0.30% year-on-year revenue growth to 478 million yuan, with net profit rising 9.19% to 92.64 million yuan and basic earnings per share of 0.6963 yuan.

Kechuang New Materials was the fastest-growing player of the group, releasing its annual report on March 20 showing 21.13% year-on-year revenue growth to 139 million yuan. Net profit attributable to the parent surged 86.23% to 17.70 million yuan, while core net profit after non-recurring items rose 84.06% to 15.34 million yuan, with basic earnings per share of 0.21 yuan.

Overall, the 2025 results show a clear split across China’s refractory sector, with top-tier players expanding capacity and delivering growth while many mid-sized and established producers face ongoing revenue and profit pressure. Smaller, focused players have outperformed larger peers on both revenue and profit growth amid shifting market demand.