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]

Investment Rating - The report maintains a "Positive" investment rating for the petrochemical industry [9] Core Insights - The petrochemical industry is experiencing a downturn in revenue and net profit due to pressures from real estate and infrastructure, as well as global trade tensions, but the industry is nearing historical lows in terms of profitability [2][6] - There is a notable divergence in profitability among sub-industries, with downstream processing, coal chemical, and gas chemical sectors showing positive growth, indicating structural investment opportunities [2][6] - Key investment opportunities are identified in high-quality growth, growth potential, and high dividend yield sectors [2][7] Summary by Sections Industry Performance Overview - The petrochemical sector's revenue and net profit are projected to decline in 2024 and Q1 2025, with overall revenue for 2024 estimated at approximately 8,210.4 billion yuan, a decrease of 3.02% year-on-year, and net profit at about 395.0 billion yuan, down 0.54% [21][22] - For Q1 2025, revenue is expected to be around 200.5 billion yuan, reflecting a 6.14% decline, with net profit decreasing by 4.43% [21][22] Sub-Industry Analysis - The performance of various sub-sectors in 2024 shows mixed results: - Petrochemical (-0.54%) - Oil and gas services and equipment (-7.61%) - Energy extraction (4.87%) - Oil and gas storage and sales (-35.41%) - Traditional refining (-19.10%) - Private refining (-38.09%) - Coal and gas chemicals (19.21%) - Downstream processing (117.14%) [6][22] - In Q1 2025, the performance continues to vary: - Petrochemical (-4.43%) - Oil and gas services and equipment (18.13%) - Energy extraction (-2.48%) - Oil and gas storage and sales (-2.43%) - Traditional refining (-28.31%) - Private refining (-9.55%) - Coal and gas chemicals (65.79%) - Downstream processing (55.26%) [6][22] Investment Focus - The report emphasizes three main investment themes: 1. Gradual recovery in the industry, favoring quality leading companies with rising volumes and prices [7] 2. Opportunities in high-end materials and technology import substitution, particularly in POE and ethylene technology [7] 3. Stable cash flow and high dividend yields, particularly in central and state-owned enterprises, which may see a revaluation [7][8] Recommended Stocks - Key stocks to focus on include: - High-quality growth: Satellite Chemical, Baofeng Energy, Zhongman Petroleum, New Natural Gas, and Guanghui Energy - High-end material import substitution: AkzoNobel and Dingjide - Beneficiaries of coal chemical investments in regions like Xinjiang and Shanxi: Aerospace Engineering - Recovery plays: Huajin Co., Hengli Petrochemical, Rongsheng Petrochemical, Dongfang Shenghong, and Hengyi Petrochemical - High dividend stocks: CNOOC, PetroChina, and Sinopec [8]

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]

Group 1 - Huate Gas plans to reduce its shareholding by up to 2% through block trading from June 9, 2025, to September 8, 2025, totaling no more than 2.4 million shares [1] - Huazhong Co. reported April sales of 208,200 pigs, with a revenue of 375 million yuan, showing a month-on-month decrease of 4.28% [2] - Haizheng Biomaterials intends to reduce its shareholding by up to 1% starting from June 9, 2025, due to funding needs [3] Group 2 - Lisheng Sports plans to repurchase shares worth between 20 million and 40 million yuan for employee stock ownership plans [5] - Hongjing Technology signed a service contract worth 563 million yuan for a smart computing project, lasting five years [6] - Ugreen Technology aims to participate in the pre-restructuring of Zhongzhi Real Estate, targeting 100% equity acquisition [8] Group 3 - Jingquan Hua plans to reduce its shareholding by up to 1.67% starting from June 6, 2025 [9] - New Times plans to reduce its shareholding by up to 0.3% starting from June 6, 2025 [10] - Baofeng Energy intends to repurchase shares worth between 1 billion and 2 billion yuan, with a maximum price of 22.80 yuan per share [10] Group 4 - Yuanli Co. plans to reduce its shareholding by up to 3% starting from June 6, 2025 [14] - Huakai Yibai intends to reduce its shareholding by up to 3% starting from June 6, 2025 [15] - Guangshengtang's innovative hepatitis B drug GST-HG131 has completed Phase II clinical trials, showing significant efficacy [17] Group 5 - Electric Media plans to invest 115 million yuan in a cultural technology venture capital fund, which has a total expected scale of 2 billion yuan [21] - China Merchants Port reported a total of 17.059 million TEUs in April, a year-on-year increase of 6% [23] - Changguang Huaxin plans to reduce its shareholding by up to 2% starting from June 9, 2025 [25] Group 6 - Huace Film plans to reduce its shareholding by up to 1.11% starting from June 6, 2025, to reduce debt [26] - BeiGene's HHLR Fund reduced its shareholding from 6.03% to 4.89% after selling 16 million shares [27] - Heertai plans to reduce its shareholding by up to 2.05% starting from June 6, 2025 [28] Group 7 - Biyin Lefen's director plans to reduce his shareholding by up to 491,300 shares starting from June 6, 2025, due to personal funding needs [29]

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].

Group 1 - Vanke A received a loan of 1.552 billion yuan from its largest shareholder, Shenzhen Metro Group, to repay the principal and interest of publicly issued bonds, with a loan term of 36 months and an annual interest rate of 2.34%, lower than the 1-year LPR [2] - Chengfei Integration announced that its stock has been on a six-day trading limit, confirming that there are no undisclosed significant matters affecting the company [3] - Dongpeng Beverage's shareholder, Kunpeng Investment, reduced its shareholding from 6.44% to 5.43%, a decrease of 1.01 percentage points, through trading activities [4] Group 2 - Baofeng Energy plans to repurchase shares worth between 1 billion and 2 billion yuan, with a maximum repurchase price of 22.80 yuan per share [7] - Huakayi Yibai announced that shareholders plan to reduce their holdings by up to 3% of the company's total shares [6] - China Pacific Insurance reported a 10.4% year-on-year increase in original insurance premium income for its life insurance subsidiary, totaling 115.359 billion yuan [22]

Important Announcements - Sinopec's controlling shareholder has increased its stake by 302 million H-shares, accounting for 0.25% of the total issued shares, with an investment of HKD 1.232 billion [4] - Shenghe Resources plans to acquire Peak Rare Earths Limited for AUD 158 million (approximately RMB 74.26 million), focusing on the Ngualla rare earth project in Tanzania [5] - Qibin Group has terminated the acquisition of 28.78% equity in its subsidiary Qibin Solar Energy due to changes in market conditions and transaction cycles [8] - Baofeng Energy intends to repurchase shares worth between RMB 1 billion and 2 billion, with a repurchase price not exceeding RMB 22.8 per share [9] - Hongjing Technology has signed a service contract for a smart computing project worth RMB 563 million [13] Shareholder Actions - Huate Gas shareholders plan to reduce their holdings by up to 2% of the company's shares, totaling no more than 2.4 million shares [6] - Haizheng Materials' shareholder, Sinopec Group Capital, intends to reduce its stake by up to 1% of the total shares, approximately 202,680 shares [2] - New Times plans for its directors and deputy general manager to collectively reduce their holdings by up to 0.3% of the company's shares [10] - Jingquan Hua's actual controller and board members plan to reduce their holdings by up to 1.67% of the company's shares [11] Project Developments - China National Petroleum Engineering's subsidiary has won a contract for an overseas project worth RMB 11.538 billion, involving the construction of a gas processing facility in Iraq [3] - Hainan Haicong New Materials is set to establish a new company with a registered capital of RMB 25 million to develop an aluminum alloy door and window project with an investment of RMB 55 million [17] - Huakang Clean has signed a construction contract worth RMB 143 million for a hospital project [18]

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 ...

宝丰能源：拟10亿元-20亿元回购公司股份 智通财经5月14日电，宝丰能源(600989.SH)公告称，公司拟使用自有资金或自筹资金以集中竞价交易方 式回购公司股份，回购资金总额不低于人民币10亿元且不超过人民币20亿元。回购价格不超过人民币 22.80元/股。回购期限自董事会审议通过回购方案之日起不超过12个月。回购股份将用于员工持股计划 或股权激励。 ...