Core Viewpoint - Ningxia Baofeng Energy Group Co., Ltd. has announced a share repurchase plan to buy back shares through centralized bidding for employee stock ownership plans or equity incentives [1] Group 1: Share Repurchase Announcement - The company's board of directors approved the share repurchase plan during the 18th meeting of the 4th board on May 14, 2025 [1] - The announcement regarding the share repurchase plan was disclosed on May 15, 2025, in various financial publications and on the Shanghai Stock Exchange website [1] Group 2: Shareholder Information - The announcement includes details about the top ten shareholders and the top ten unrestricted shareholders, including their names, shareholdings, and ownership percentages [2] - Specific shareholder data, such as the number of shares held and the percentage of total shares, is provided but not detailed in the text [2]

宁夏宝丰能源集团股份有限公司董事会 2025年5月21日 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 宁夏宝丰能源集团股份有限公司（以下简称"公司"）于2025年5月14日召开 第四届董事会第十八次会议，审议通过了《关于以集中竞价交易方式回购股份方 案的议案》，同意公司以集中竞价交易方式回购公司部分股份，用于员工持股计 划或者股权激励。具体内容详见公司于2025年5月15日披露在《中国证券报》《上 海 证 券 报 》 《 证 券 时 报 》 《 证 券 日 报 》 和 上 海 证 券 交 易 所 网 站 （http://www.sse.com.cn/）的《关于以集中竞价交易方式回购股份方案的公告》 （公告编号：2025-018号）。根据《上海证券交易所上市公司自律监管指引第7 号——回购股份》的相关规定，现将公司董事会公告回购股份决议的前一交易日 （即2025年5月14日）登记在册的A股前十大股东和前十大无限售条件股东的名称、 持股数量及持股比例情况公告如下： | | 前十大股东 | | | | --- | --- | - ...

证券代码：600989 证券简称：宝丰能源 公告编号：2025-020 宁夏宝丰能源集团股份有限公司关于 参加宁夏辖区上市公司投资者集体接待日暨 2024 年度 业绩说明会的公告 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。 宁夏宝丰能源集团股份有限公司董事会 2025年5月20日 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 (https://rs.p5w.net/),或关注微信公众号：全景财经，或下载全景路演APP, 参与本次互动交流，活动时间为2025年5月28日(星期二)14:00-17:00。届时公 司高管将在线就公司2024年度业绩、公司治理、发展战略、经营状况、融资计 划、股权激励和可持续发展等投资者关心的问题，与投资者进行沟通与交流， 欢迎广大投资者踊跃参与! 特此公告。 为进一步加强与投资者的互动交流，宁夏宝丰能源集团股份有限公司( 以下简称"公司")将参加由宁夏上市公司协会与深圳市全景网络有限公司联 合举办的"宁夏辖区上市公司投资者集体接待日暨2024年度业绩说明会",现 将相关事项公告如下： ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 21.60 yuan [2][9]. Core Views - The company's Q1 2025 performance slightly exceeded expectations, with revenue of 10.771 billion yuan, a year-on-year increase of 30.92% and a quarter-on-quarter increase of 23.69%. The net profit attributable to shareholders reached 2.437 billion yuan, reflecting a year-on-year growth of 71.50% and a quarter-on-quarter growth of 35.31% [2][9]. - The report highlights the stabilization of coal prices and the downward trend in oil prices, indicating a potential clearing of risks. The company is expected to benefit from its upstream coal chemical projects, particularly in Xinjiang, which may significantly enhance profitability once operational [2][9]. Financial Summary - The company is projected to achieve total revenue of 32.983 billion yuan in 2024, with a growth rate of 13.2%. By 2025, revenue is expected to rise to 46.268 billion yuan, reflecting a growth rate of 40.3% [4][10]. - The net profit attributable to shareholders is forecasted to be 6.338 billion yuan in 2024, with a growth rate of 12.2%, and is expected to reach 13.177 billion yuan in 2025, showing a significant growth rate of 107.9% [4][10]. - Earnings per share (EPS) are projected to increase from 0.86 yuan in 2024 to 1.80 yuan in 2025, with a price-to-earnings (P/E) ratio of 19 in 2024 and 9 in 2025 [4][10]. Operational Insights - In Q1 2025, the company reported sales volumes of polyethylene, polypropylene, and EVA at 51460, 49150, and 4710 tons respectively, with significant quarter-on-quarter increases [2][9]. - The report notes that the average procurement price of raw coal was approximately 494 yuan per ton in Q1, down by 91 yuan from the previous quarter, indicating a favorable cost environment for production [2][9]. Future Outlook - The report anticipates that the company's Xinjiang coal chemical projects will accelerate in construction due to increasing energy security concerns, with potential net profit contributions of approximately 12 billion yuan once operational [2][9]. - The company is expected to enter an upward profit cycle as oil price risks clear, with a projected net profit of 13.177 billion yuan in 2025, corresponding to a P/E ratio of 9 [2][9].

Core Viewpoint - Baofeng Energy plans to repurchase shares worth between 1 billion and 2 billion yuan to align its stock price with intrinsic value and enhance market confidence [1][2]. Group 1: Share Repurchase Plan - The board of Baofeng Energy approved a share repurchase plan on May 14, allowing for a buyback of 10 billion to 20 billion yuan through centralized bidding [2]. - The repurchase price will not exceed 150% of the average stock price over the previous 30 trading days, capped at 22.80 yuan per share, with an estimated repurchase volume of approximately 43.86 million to 87.72 million shares, representing 0.60% to 1.2% of total shares [2]. - The repurchased shares will be used for employee stock ownership plans or equity incentives [2]. Group 2: Financial Performance - Baofeng Energy's total assets as of December 31, 2024, were 896 billion yuan, with net assets of 430 billion yuan and current assets of 48 billion yuan [2]. - If the maximum repurchase amount of 20 billion yuan is utilized, it would account for 2.2% of total assets, 4.7% of net assets, and 41.7% of current assets [2]. - The company reported a revenue of 107.71 billion yuan in Q1 2025, a 30.92% increase year-on-year, and a net profit of 24.37 billion yuan, up 71.49% year-on-year [1][5]. Group 3: Business Operations and Growth - Baofeng Energy specializes in coal-to-olefins, with a significant project in Inner Mongolia that will increase its olefin production capacity to 5.2 million tons per year, making it the largest in China's coal-to-olefins industry [1][5]. - The company experienced a decline in net profit in 2022 and 2023, with figures of 63.03 billion yuan and 56.51 billion yuan, respectively, but is expected to return to growth in 2024 [4][5]. - New projects, including a 25,000 tons/year EVA project and a 260,000 tons/year coal-to-olefins project, are set to drive revenue growth, with projected revenues of 329.83 billion yuan in 2024, a 13.21% increase [4][5].

Investment Rating - The investment rating for the company is "Buy (Maintain)" [3] Core Views - The company has announced a share repurchase plan with a total amount between RMB 1 billion and RMB 2 billion, aimed at supporting employee stock ownership plans or equity incentives [6] - The Inner Mongolia base has completed its production ramp-up, currently producing over 9,000 tons of olefins daily, which translates to an annualized output of 3.29 million tons, exceeding the designed capacity of 3 million tons per year [7] - The company is expected to see a significant increase in quarterly profits as it enters a phase of full production, with a positive outlook on cost improvements due to falling coal prices [7] - The company is expanding its growth potential with a new coal-to-olefins project in Xinjiang, which is expected to have a capacity of 4 million tons per year [7] - The share repurchase reflects management's confidence in the company's future growth and aims to align the stock price with its intrinsic value [7] Financial Summary - The company’s projected net profits for 2025-2027 are RMB 14.305 billion, RMB 16.972 billion, and RMB 18.754 billion, representing year-on-year growth of 125.7%, 18.6%, and 10.5% respectively [7] - The expected earnings per share (EPS) for the same period are projected to be RMB 1.95, RMB 2.31, and RMB 2.56 [7] - Revenue is forecasted to grow significantly from RMB 32.983 billion in 2024 to RMB 61.470 billion in 2027, with a compound annual growth rate (CAGR) of approximately 10.6% [9] - The gross margin is expected to improve from 33.1% in 2024 to 42.1% in 2027, indicating enhanced profitability [9]

证券代码：600989 证券简称：宝丰能源 公告编号：2025-019 二、其他说明 公司将严格按照《上海证券交易所上市公司回购股份实施细则》等相关规定 及公司回购股份方案，在回购期限内根据市场情况择机做出回购决策并予以实施， 并根据回购股份事项进展情况及时履行信息披露义务，敬请广大投资者注意投资 风险。 特此公告。 宁夏宝丰能源集团股份有限公司董事会 2025年5月16日 宁夏宝丰能源集团股份有限公司 关于以集中竞价交易方式首次回购公司股份的公告 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。 宁夏宝丰能源集团股份有限公司（以下简称"公司"）于2025年5月14日 召开第四届董事会第十八次会议，审议通过了《关于以集中竞价方式回购股份方 案的议案》，公司拟使用不低于人民币100,000万元（含），不超过人民币200,000 万元（含）的自有资金或自筹资金回购公司股份，回购期限自董事会审议通过回 购方案之日起12个月内，具体方案内容详见公司于2025年5月15日在上海证券所 交易所网站（www.sse.com.cn）披露的《关于以集中竞价交易方式回购股份方案 的 ...

Group 1 - The company Baofeng Energy (600989) announced its first share repurchase plan to be implemented on May 15, 2025, through centralized bidding [1] - A total of 1.1 million shares will be repurchased, accounting for 0.015% of the company's total share capital [1] - The repurchase price ranged from a minimum of 15.95 yuan per share to a maximum of 16.02 yuan per share, with a total payment of 17.5773 million yuan (excluding transaction fees) [1] Group 2 - The repurchase plan complies with relevant laws and regulations as well as the company's repurchase scheme [1] - The company will implement the repurchase based on market conditions during the repurchase period and will disclose relevant progress in a timely manner [1]

Core Viewpoint - The company plans to repurchase shares to implement an employee stock ownership plan or equity incentive program, with a total repurchase fund ranging from RMB 1 billion to RMB 2 billion [2][3]. Summary by Sections Repurchase Plan Overview - The repurchase will be conducted through centralized bidding and is expected to enhance market confidence and align the stock price with its intrinsic value [9]. - The repurchase period is set for up to 12 months from the board's approval date, starting from May 14, 2025 [4][10]. Financial Details - The total amount for the repurchase is set between RMB 1 billion and RMB 2 billion, with a maximum repurchase price of RMB 22.80 per share [3][12]. - If the maximum fund of RMB 2 billion is utilized at the maximum price, approximately 87.72 million shares could be repurchased, representing about 1.2% of the total share capital [12]. Funding and Implementation - The funding for the repurchase will come from the company's own funds or self-raised funds [15]. - The company has confirmed that there are no plans for share reductions by directors, supervisors, senior management, or major shareholders in the next three to six months [5][18]. Share Structure and Future Impact - The repurchased shares will be used entirely for the employee stock ownership plan or equity incentives, and if not implemented, the unallocated shares will be canceled [19]. - The repurchase is not expected to significantly impact the company's operational activities, financial status, or future development [17][18]. Authorization and Compliance - The board has authorized the management to handle all matters related to the share repurchase, including setting up a dedicated securities account [21][22]. - The company has established a dedicated securities account for the repurchase, ensuring compliance with relevant regulations [25].

证券代码：600989 证券简称：宝丰能源 公告编号：2025-018 宁夏宝丰能源集团股份有限公司关于 以集中竞价交易方式回购股份方案的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导 性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责 任。 重要内容提示： ● 拟回购股份的用途：本次回购股份拟作为宁夏宝丰能源集团股份有限公 司(以下简称"公司")实施员工持股计划或股权激励的股票来源。 ● 拟回购股份的资金总额：本次拟回购资金总额不低于人民币10亿元、不 高于人民币20亿元。 ● 回购期限：自公司董事会审议通过回购方案之日起不超过12个月。 ● 回购价格：不高于公司董事会通过回购决议前30个交易日公司股票交易 均价的150%，即不超过人民币22.80元/股（含）。 ● 回购资金来源：公司自有资金或自筹资金。 ● 相关股东是否存在减持计划：公司董事、监事、高级管理人员、控股股 东及其一致行动人、实际控制人及其一致行动人未来3个月、未来6个月均无减持 计划。若未来拟实施股票减持计划，公司将按相关规定及时履行信息披露义务。 ● 相关风险提示： 1.公司股票价格持续超出回购方案披露的 ...