若广大投资者对本次服务有任何意见或建议，可通过邮件、投资者热线等方 式向公司反馈，感谢广大投资者对公司的关注与支持！ 特此公告。 宁夏宝丰能源集团股份有限公司 2025 年 8 月 26 日 关于股东大会开设网络投票提示服务的公告 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。 宁夏宝丰能源集团股份有限公司（以下简称"公司"）于2025年8月22日披露 了关于召开2025年第一次临时股东大会的通知，公司拟于2025年9月8日14:00召 开2025年第一次临时股东大会，本次会议采用现场投票和网络投票相结合的表决 方式。具体内容详见8月22日刊登在上海证券交易所网站（www.sse.com.cn）的 《宁夏宝丰能源集团股份有限公司关于召开2025年第一次临时股东大会的通知》 （公告编号：2025-033）。 为更好的服务广大中小投资者，确保有投票意愿的中小投资者能够及时参会、 及时投票。公司拟使用上证所信息网络有限公司（以下简称"上证信息"）提供 的股东大会提醒服务，委托上证信息通过智能短信等形式，根据股权登记日的股 东名册主动 ...

股票代码：600989 公司简称：宝丰能源 宁夏宝丰能源集团股份有限公司 2025 年第一次临时股东大会须知 各位股东及股东代表： 为维护投资者的合法权益，确保宁夏宝丰能源集团股份有限公司（以下简 称"公司"）2025 年第一次临时股东大会顺利召开，根据中国证券监督管理委员 会《上市公司股东大会规则》等有关规定，制定会议须知如下： 一、公司根据《公司法》《证券法》《上市公司股东大会规则》和《公司 章程》的规定，认真做好召开股东大会的各项工作。 二、公司董事会办公室具体负责会议有关程序方面的事宜。 宁夏宝丰能源集团股份有限公司 2025 年第一次临时股东大会会议资料 2025 年 8 月 1 目 录 | | | 3 .. 5 | | --- | --- | --- | | 宁夏宝丰能源集团股份有限公司 宁夏宝丰能源集团股份有限公司 议案 议案 关于修订、制定、废止相关制度的议案 | 关于修订《公司章程》及附件的议案 | 2025 年第一次临时股东大会须知 2025 年第一次临时股东大会现场会议议程 7 47 | | 1 2 | | | 2 三、为保证股东大会的严肃性和正常秩序，切实维护与会股东（包含股东 代表， ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [8]. Core Views - The company reported significant growth in its financial performance for the first half of 2025, with total revenue reaching 22.82 billion yuan, a year-on-year increase of 35.05%. The net profit attributable to shareholders was 5.718 billion yuan, up 73.02% year-on-year, and the net profit excluding non-recurring items was 5.579 billion yuan, reflecting a growth of 58.67% [5][11]. - In Q2 2025, the company achieved revenue of 12.049 billion yuan, representing a year-on-year increase of 38.97% and a quarter-on-quarter increase of 11.87%. The net profit attributable to shareholders for the same period was 3.281 billion yuan, up 74.17% year-on-year and 34.64% quarter-on-quarter [5][11]. Summary by Sections Financial Performance - For the first half of 2025, the company reported total revenue of 22.82 billion yuan, with a net profit of 5.718 billion yuan and a net profit excluding non-recurring items of 5.579 billion yuan [5][11]. - In Q2 2025, the company’s revenue was 12.049 billion yuan, with a net profit of 3.281 billion yuan and a net profit excluding non-recurring items of 2.982 billion yuan [5][11]. Production and Projects - The company’s production of polyethylene and polypropylene in Q2 2025 was 640,500 tons and 629,000 tons, respectively, with significant increases in output due to the ramp-up of production capacity in Inner Mongolia [11]. - The company’s new projects, including the 2.6 million tons/year coal-to-olefins project and the 400,000 tons/year green hydrogen coupled coal-to-olefins project, are progressing well and are expected to enhance production capacity significantly [11]. Market Conditions - The report notes a decline in the prices of coke and coking coal, with the average price of coke in Q2 2025 being approximately 942 yuan/ton, down 12.7% quarter-on-quarter. This price drop is attributed to increased domestic supply and a softening demand environment [11]. - The company’s olefin price spread improved in Q2 2025, driven by lower raw material costs, which contributed to a significant increase in profitability [11].

Investment Rating - The report maintains a "Buy" investment rating for the company [9] Core Views - The company achieved a significant increase in revenue and net profit in the first half of 2025, with revenue reaching 22.82 billion yuan, up 35.05% year-on-year, and net profit attributable to shareholders reaching 5.718 billion yuan, up 73.02% year-on-year [4][5] - The growth in revenue is primarily driven by the increase in production and sales of polyolefins [5] - The company’s new projects, particularly in Inner Mongolia, have significantly contributed to its production capacity, making it the largest in China's coal-based olefin industry [8] Summary by Sections Financial Performance - In Q2 2025, the company reported a revenue of 12.049 billion yuan, a year-on-year increase of 38.97% and a quarter-on-quarter increase of 11.87% [4] - The average profit for oil-based polyethylene was 438 yuan/ton, an increase of 643 yuan/ton year-on-year, while oil-based polypropylene saw an average profit of -260 yuan/ton, an increase of 954 yuan/ton year-on-year [6] Production and Capacity - The company produced 2.4046 million tons of polyolefins in the first half of 2025, a year-on-year increase of 96.64% [6] - The new Inner Mongolia project has a capacity of 2.6 million tons/year for coal-based olefins and has produced 1.1635 million tons of polyolefins, accounting for 48.39% of the company's total production [8] Future Outlook - The company forecasts net profits of 12.162 billion yuan, 12.876 billion yuan, and 13.506 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 9.8, 9.3, and 8.8 [9][11] - The company is actively progressing with new projects, including the Ningdong Phase IV olefin project, which is expected to be completed by the end of 2026 [8]

Group 1: Resident Deposit Migration - The report indicates that resident deposit migration is expected to begin, typically occurring 10-12 months after a market transition from bear to bull, with the current period being 11 months since the last transition [1][6][7] - Initial signs of deposit migration have emerged, with a notable increase in non-bank deposit growth turning positive, suggesting potential for significant market inflow [6][9] - Short-term market consolidation of 2-3 months is anticipated as deposits begin to migrate, based on historical patterns observed in previous bull markets [8][9] Group 2: Unmanned Sanitation Vehicles - The unmanned sanitation vehicle market is projected to reach a scale of approximately 123 billion yuan in 2024, with significant growth expected as the industry transitions from the 0-1 stage to mass production [12][14] - The economic benefits of unmanned sanitation vehicles are substantial, with potential labor cost savings of 12-16 million yuan per vehicle by replacing 3-4 workers, leading to a cost reduction of up to 66% under certain conditions [13][15] - The market for unmanned sanitation vehicles is estimated to be worth between 1.16 trillion and 2.91 trillion yuan, depending on the replacement rate of sanitation workers [14][15] Group 3: Semiconductor Equipment - The report highlights a significant growth potential in the semiconductor equipment sector, particularly in the context of domestic AI development and the need for self-sufficient supply chains [3][18] - The domestic semiconductor equipment market has an average annual scale of approximately 41.7 billion USD, with expectations for continued expansion driven by AI applications [19] - Key companies in the semiconductor equipment space are recommended for investment, including those involved in front-end and back-end equipment, as well as the photolithography supply chain [19] Group 4: Power Prediction Business - The company is recognized as a leader in power prediction, with a projected net profit growth of 40% to 27% from 2025 to 2027, supported by a strong market demand and technological barriers [4][22][24] - The number of service sites for power prediction has increased significantly, indicating robust growth in this segment, with a 55.14% increase in revenue from power prediction services [23] - The company is actively investing in strategic partnerships to enhance its market position in the renewable energy sector [24] Group 5: Wind Power Equipment - The company has reported a 41.26% increase in revenue for the first half of 2025, driven by a significant rise in wind turbine sales, which saw a 106.58% increase in sales capacity [32][33] - The company’s gross margin for wind turbine sales has improved, reflecting operational efficiencies and increased demand [33] - Future projections indicate continued growth in net profit, with expectations of 63.8% growth from 2025 to 2027 [35] Group 6: Lithium Battery Materials - The company has achieved a 28.97% increase in revenue for the first half of 2025, with expectations for further price stabilization and growth in the second half of the year [37][38] - The company is focusing on innovation in lithium battery materials, with significant investments in new technologies and production capabilities [38][39] - Projections for net profit growth from 2025 to 2027 are robust, with an anticipated increase of 68.5% [39]

Group 1: North Exchange Specialized and Innovative Index - The North Exchange Specialized and Innovative Index focuses on innovative small and medium-sized enterprises, emphasizing "specialized, refined, unique, and innovative" small giants, providing differentiated value as a rare high-quality small-cap growth index in the market [11][12] - The index consists of high-quality underlying assets, with a market capitalization median of 3.74 billion yuan, lower than other indices, indicating a focus on smaller companies [11] - The index has shown high growth potential, with a revenue compound annual growth rate (CAGR) of 40.4% over the past three years, and a high research and development investment ratio of 6.2% [11] Group 2: Saint Bella (2508HK) - Saint Bella is a well-known company in the high-end confinement service sector, aiming to provide comprehensive family care services from pregnancy to elderly care, with a projected adjusted net profit of 117 million, 191 million, and 287 million yuan for 2025-2027 [3][14] - The company has established four core advantages: strong brand recognition in high-end confinement services, a light asset model with standardized training, vertical and horizontal expansion in family services, and international market penetration targeting overseas Chinese [17] - The family care industry in China is expected to grow from 392.8 billion yuan in 2019 to 711.3 billion yuan in 2024, with a CAGR of 12.6%, indicating a favorable market environment for Saint Bella [17]

Core Viewpoint - Baofeng Energy, a leading enterprise in efficient coal-based new materials in China, reported strong mid-year results for 2025, with significant increases in revenue and net profit driven by higher production and sales of polyolefins [2][3]. Financial Performance - In the first half of 2025, Baofeng Energy achieved operating revenue of 22.82 billion yuan, a year-on-year increase of 35.05%, and a net profit attributable to shareholders of 5.718 billion yuan, up 73.02% [2][3]. - The company’s main product, polyolefins (including EVA), saw production reach 2.4046 million tons, a substantial year-on-year growth of 96.64% [4]. - The comprehensive gross margin for the first half of 2025 was 36.74%, an increase of 3.14 percentage points, while the net profit margin reached 25.06%, up 5.5 percentage points [4]. Shareholder Returns - Baofeng Energy plans to distribute a cash dividend of 0.28 yuan per share, totaling 2.036 billion yuan, which represents 35.62% of the net profit for the period [4]. - Cumulatively, the company’s total dividends since its listing in 2019 will reach 17.35 billion yuan if the current dividend is executed [4]. Operational Highlights - The company’s cash flow from operating activities showed a net inflow of 7.99 billion yuan in the first half of 2025, an increase of 92.74% year-on-year [4]. - Baofeng Energy has been actively repurchasing shares, having bought back 60.5934 million shares, accounting for 0.83% of the total share capital, with a total expenditure of approximately 1 billion yuan [5]. Project Development - The company successfully launched new projects, including a 2.6 million tons/year coal-to-olefins project in Inner Mongolia, which is the largest of its kind globally and utilizes green hydrogen technology [6]. - Baofeng Energy's olefin production capacity has reached 5.2 million tons/year, positioning it as the leader in China's coal-to-olefins industry [6]. - Ongoing projects include the Ningdong Phase IV olefin project, which is progressing well and is expected to be completed by the end of 2026 [7]. R&D Investment - Baofeng Energy has significantly increased its R&D investment, totaling 1.768 billion yuan over the past three and a half years, focusing on product and process innovation [6][7].

Investment Rating - The report maintains a "Buy" rating for Baofeng Energy (600989) [1][6][14] Core Views - The company's performance meets expectations, with significant contributions from new production capacity in Inner Mongolia [1][5][12] - The company achieved a revenue of 22.82 billion yuan, a year-on-year increase of 35.0%, and a net profit attributable to shareholders of 5.72 billion yuan, up 73.0% year-on-year [4][5] - The new production capacity in Inner Mongolia has positioned the company as the leader in China's coal-to-olefins industry, with a total olefin production capacity of 5.2 million tons per year [5] Summary by Sections Financial Performance - For the first half of 2025, the company produced 1.164 million tons of polyolefins, accounting for 48.39% of total production, contributing significantly to revenue [5] - The company plans to distribute a cash dividend of 0.28 yuan per share, which represents 35.62% of the net profit attributable to shareholders [4] Future Outlook - The company is progressing well with ongoing projects, including the Ningdong Phase IV olefin project, which is expected to be completed by the end of 2026 [5] - New projects in Xinjiang and Inner Mongolia are also in the pipeline, which may provide additional growth opportunities [5] Earnings Forecast - The projected EPS for 2025, 2026, and 2027 are 1.57 yuan, 1.89 yuan, and 2.01 yuan respectively, indicating strong growth potential [6][7] - Revenue is expected to grow significantly, with estimates of 48.6 billion yuan in 2025 and 58.1 billion yuan in 2026 [7]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's Q2 performance met expectations, with significant contributions from the Inner Mongolia project and a recovery in olefin price differentials [7] - For H1 2025, the company reported total revenue of 22.82 billion yuan, a year-on-year increase of 35.05%, and a net profit attributable to shareholders of 5.72 billion yuan, up 73.02% year-on-year [7] - The Inner Mongolia project has reached full production capacity, significantly boosting olefin production and sales [7] Financial Performance Summary - In Q2 2025, the company achieved a revenue of 12.05 billion yuan, representing a year-on-year increase of 38.97% and a quarter-on-quarter increase of 11.87% [7] - The gross profit margin for Q2 2025 was 37.97%, showing a year-on-year decrease of 0.26 percentage points but a quarter-on-quarter increase of 2.61 percentage points [5] - The net profit margin for Q2 2025 reached 27.23%, reflecting a year-on-year increase of 5.50 percentage points and a quarter-on-quarter increase of 4.61 percentage points [5] Revenue and Profit Forecast - The company forecasts total revenue of 55.37 billion yuan for 2025, with a year-on-year growth rate of 67.9% [6] - The projected net profit attributable to shareholders for 2025 is 13.52 billion yuan, indicating a year-on-year growth rate of 113.4% [6] - The earnings per share for 2025 is estimated at 1.84 yuan [6] Project Developments - The Inner Mongolia project, with a capacity of 3 million tons per year, is the largest coal-to-olefin project globally and has begun production, contributing significantly to the company's revenue [7] - The company is also advancing its Ningdong Phase IV project, expected to be operational by the end of 2026 [7] - A new coal-to-olefin project in Xinjiang has received environmental and safety approvals, further expanding the company's growth potential [7]

Financial Performance - In H1 2025, the company's operating revenue reached 22.82 billion yuan, a year-on-year increase of 35.0% [1] - The net profit attributable to shareholders was 5.72 billion yuan, up 73.0% year-on-year [1] - The non-recurring net profit attributable to shareholders was 5.58 billion yuan, reflecting a 58.7% year-on-year increase [1] - In Q2 2025, operating revenue was 12.05 billion yuan, a 39.0% increase year-on-year [1] - The net profit attributable to shareholders in Q2 was 3.28 billion yuan, up 74.2% year-on-year [1] - The non-recurring net profit attributable to shareholders in Q2 was 2.98 billion yuan, a 46.6% increase year-on-year [1] Production Capacity and Projects - The company produced 2.4046 million tons of polyolefins (including EVA) in H1 2025, a year-on-year increase of 96.64% [1] - The coal-based olefins project in Inner Mongolia, with a capacity of 2.6 million tons/year, was successfully commissioned and contributed significantly to production [2] - The project is the largest coal-based olefins project globally and the first to apply green hydrogen in a large-scale production process [2] - The company's olefins production capacity has reached 5.2 million tons/year, ranking first in China's coal-based olefins industry [2] - The 100,000 tons/year ethylene vinyl acetate project was successfully commissioned, ensuring stable supply of key raw materials [2] - Ongoing projects include the Ningdong Phase IV olefins project, which is progressing well and is expected to be completed by the end of 2026 [2] Profit Forecast - The company is projected to achieve net profits attributable to shareholders of 11.812 billion yuan, 12.995 billion yuan, and 14.106 billion yuan for the years 2025, 2026, and 2027, respectively [3] - A target price of 19.32 yuan is set based on a 12x PE ratio for 2025, maintaining a "buy" rating [3]