Investment Rating - The report maintains an "Overweight" rating for the industry [4] Core Insights - The modern coal chemical industry is experiencing a development opportunity period, driven by industrial upgrades and energy security [10] - Xinjiang is emerging as a strong coal chemical base due to its abundant resources, favorable policies, and significant investment in coal chemical projects [10][28] - The report identifies three major investment directions within the coal chemical industry: equipment providers, project owners, and service providers [9][10] Summary by Sections 1. Modern Coal Chemical Industry Development - Modern coal chemical processes produce alternative petrochemical products and clean fuels, including coal-to-olefins and coal-to-oil [17] - The industry is essential for ensuring national energy security, given China's reliance on coal as a primary energy source [22][26] 2. Xinjiang's Coal Chemical Industry - Xinjiang has rich coal reserves, with a total resource of 2.19 trillion tons, accounting for about 40% of the national total [28] - The region's coal quality is high, primarily consisting of low-sulfur and high-calorific value coal types, making it suitable for large-scale coal chemical projects [33] - Favorable national policies have positioned Xinjiang as a key coal chemical base, with over 800 billion yuan in planned investments for various coal chemical projects [45] 3. Economic Competitiveness - Xinjiang's coal-to-gas production costs are significantly lower than those in Inner Mongolia and Shaanxi, with costs estimated at 1.28 yuan per cubic meter compared to 2.06 yuan and 2.68 yuan, respectively [53] - The report highlights the cost advantages of Xinjiang's coal resources, with pithead prices for coal being substantially lower than in other regions [34][53] 4. Investment Opportunities - Recommended companies for investment include those involved in engineering design, total contracting, and equipment supply, such as Sandi Chemical, China National Chemical, and Donghua Technology [9] - Project owners benefiting from Xinjiang's cost advantages include Baofeng Energy and Guanghui Energy [9] - Service providers in the coal chemical sector, such as Guangdong Hongda and Xuefeng Technology, are also highlighted as potential investment opportunities [9]

Core Viewpoint - Ningxia Baofeng Energy Group Co., Ltd. has received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, focusing on debt repayment pressure, liquidity, and fixed asset investments [1][2]. Group 1: Debt and Liquidity - The company's debt-to-asset ratio from 2022 to 2024 was 41.17%, with short-term loans of 760 million and non-current liabilities due within one year amounting to 6.36 billion, indicating a significant liquidity pressure as current liabilities exceed current assets by 16.465 billion [1]. - The company plans to distribute dividends and pay interest amounting to 3.206 billion in 2024, a year-on-year increase of 107.51%, with a cash dividend ratio of 47.44%, up by 11.24 percentage points from 2023 [1]. - As of the end of 2024, the company had interest-bearing liabilities totaling 31.031 billion, with expected annual cash flow from operations projected at approximately 17.3 to 18.5 billion from 2025 onwards [1][2]. Group 2: Fixed Assets and Construction Projects - The company's fixed assets and construction projects accounted for 81.88% of total assets, with construction projects showing a book balance of 30.126 billion, a year-on-year increase of 111.64% [3]. - Major investments include 18.263 billion for the Inner Mongolia Olefin Project and 1.18 billion for safety technology upgrades at the Malian Tai Coal Mine, with significant increases in budget allocations compared to 2023 [3]. - The company's olefin production capacity is set to increase from 1.2 million tons per year to 5.2 million tons per year, positioning it as a leader in the coal-to-olefin industry, with olefin products contributing 59% to revenue and 60% to operating profit [5].

关于对宁夏宝丰能源集团股份有限公司 2024 年年度报告的信息披露 监管问询函回复的专项说明 上海证券交易所: 安永华明会计师事务所（特殊普通合伙）(以下简称"我们")接受委托,审计了宁夏宝 丰能源集团股份有限公司（以下简称"宝丰能源"或"公司"）2022 年度、2023 年度及 2024 年度按照企业会计准则编制的财务报表，并于 2023 年 3 月 9 日出具了编号为安永华明(2023) 审字第 61004853 A01 号的无保留意见审计报告，于 2024 年 3 月 21 日出具了编号为安永 华明〈2024〉审字第 70019710 A01 号的无保留意见审计报告，于 2025 年 3 月 11 日出具 了编号为安永华明(2025)审字第 70019710 A01 号的无保留意见审计报告。 按照企业会计准则的规定编制财务报表是公司管理层的责任。我们对宝丰能源 2022 年 度、2023 年度及 2024 年度财务报表执行审计程序的目的,是对宝丰能源的财务报表是否在 所有重大方面按照企业会计准则的规定编制, 是否公允反映了宝丰能源 2022 年 12 月 31 日、 2023 年 12 月 31 日及 ...

证券代码：600989 证券简称：宝丰能源 公告编号：2025-017 宁夏宝丰能源集团股份有限公司 （1）补充披露公司存量债务具体情况，包括但不限于债权人、借款用途、利率区 间、到期时点、债务规模及公司对应的还款计划和资金来源，说明是否存在长短期偿 债压力，并进行充分风险提示。 公司回复： — 1 — 2024 年末公司具体借款及还款计划如下： | | | | | | | | | | | | 单位：亿元 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 年 | 项目 | 用途 | 利率 | 主要债权人 | | 到期时点 | 借款 | 一年 | 1-2 | 2-3 年 | 3-5 年 | 5 年 | | | | | 3.60 | | | | 余额 | 以内 | | | | 以上 | | | | 内蒙古烯烃 | %-4.2 0% 3.85 | 兴业银行牵头 | 2030 | 年 11 月 | 66.07 111.3 | 2.57 | 7.50 | 12.50 | 30.00 | 60.6 | ...

风险提示：国际贸易摩擦加剧的风险，原料价格大幅上涨的风险，下游需求不及预期的 风险，主营产品景气度下降的风险，项目达产不及预期的风险等。(中国银河 翟启迪) 1-3月国原油表观需求回落，同比下降1.6%。1-3月，我国加工原油1.82亿吨，同比增长 1.6%；原油产量0.54亿吨，同比增长1.1%；原油进口1.35亿吨，同比下降1.5%；原油表观消 费量1.88亿吨，同比下降1.6%；对外依存度72.1%，维持高位。 1-3月我国天然气表观需求回落，同比下降2.2%。1-3月，我国天然气表观消费量1048亿 方，同比下降2.2%；产量660亿方，同比增长4.4%；进口量406亿方，同比下降10.0%；对外 依存度38.8%，同比回落3.4个百分点。 1-3月我国成品油表观需求回落，同比下降4.9%。1-3月，我国成品油产量1.01亿吨，同 比下降7.0%；成品油出口751万吨，同比下降26.1%，主要系年后国内独立炼厂开工率低于 往年，主营资源多用于补充地炼开工走低造成的产量损失，出口利润持续偏低等原因；成品 油表观消费量0.93亿吨，同比下降4.9%。其中，汽油、煤油、柴油表观消费量同比下降 4.1%、1. ...

Investment Rating - The report does not explicitly state an investment rating for the chemical industry Core Insights - In April 2025, the basic chemical index decreased by 3.61%, ranking 20th among primary industries, with 12 sub-industries showing growth and 20 experiencing declines [11][16][20] - The apparent consumption of methanol in China has surpassed 100 million tons for the first time [1] Market Overview - Major indices in April 2025 showed the following changes: Shanghai Composite Index -1.70%, Shenzhen Component Index -5.75%, ChiNext Index -7.40%, and North Securities 50 Index +4.72% [11] - The basic chemical sector's performance was mixed, with significant declines in rubber and related products, while daily chemical products and inorganic salts showed positive growth [16][20] Product Price Movements - The top ten products with price increases in April 2025 included Trichloroethylene (+16.28%), Ammonium Sulfate (+12.20%), and H Acid (+10.96%) [24][25] - Trichloroethylene prices rose significantly due to reduced production and strong demand in the refrigerant market [25][26] Sub-Industry Performance - Among the basic chemical sub-industries, the top five performers were daily chemicals (+8.56%), inorganic salts (+4.37%), and fluorochemicals (+3.46%), while polyurethane and tires saw the largest declines of -17.59% and -14.68%, respectively [16][19] - In April 2025, 221 companies in the basic chemical sector reported positive returns, while 319 reported negative returns [20] Company Performance - The top ten companies by monthly growth included United Chemical (+159.09%), Hongbaoli (+104.27%), and Zhongxin Fluorine Materials (+65.92%) [21][22] - Conversely, the bottom ten companies included Hunan YN (-22.18%), Dingjide (-22.54%), and Hengxing New Materials (-23.21%) [23][24] Industry News - In the first quarter of 2025, the chemical raw materials and products manufacturing industry achieved a total profit of 78.76 billion yuan, a slight decrease of 0.4% year-on-year [32] - Shandong province continues to enhance its chemical industry advantages, with 3,682 large-scale chemical enterprises and a revenue of 2.86 trillion yuan by the end of 2024 [32]

2025年一季度，中国煤炭行业交出了一份"喜忧参半"的成绩单。 根据最新公布的上市煤企业绩报告，尽管超过70%的企业仍保持盈利状态，但绝大多数企业净利润同比 呈现大幅下滑态势，部分企业甚至出现由盈转亏的严峻局面。在这一片"跌声"中，宁夏首富党彦宝掌舵 的宝丰能源，以净利润同比增长71.49%的亮眼表现"一枝独秀"，为行业带来一丝暖意。 | | | 上市煤企2025年一季度财报汇总 | | (单位:亿元) | | --- | --- | --- | --- | --- | | 上市煤企 | 净利润 | 同比 | 营业收入 | 同比 | | 中国神华 | 119.49 | -17.96% | 695.85 | -21.07% | | 陕西煤业 | 48.05 | -1.23% | 401.62 | -7.30% | | 中煤能源 | 39.78 | -19.95% | 383.92 | -15.43% | | 発矿能源 | 27.10 | -27.89% | 303.12 | -23.53% | | 宝丰能源 | 24.37 | 71.49% | 107.71 | 30.92% | | 电投能源 | 11.59 ...

Core Points - The company has announced a differentiated cash dividend distribution plan for the fiscal year 2024, which was approved at the annual shareholders' meeting on April 2, 2025 [2] - The total cash dividend to be distributed amounts to approximately 3.007 billion RMB, with an average distribution of 0.41 RMB per share [3] - The cash dividend for minority shareholders is set at 0.4598 RMB per share (including tax), while for major shareholders, it is 0.3891 RMB per share (including tax) [2][3] Distribution Plan - The distribution is based on the decision made during the 16th meeting of the fourth board of directors, which includes compensation for minority shareholders due to donations made by major shareholders [2] - The total compensation amount calculated for minority shareholders is approximately 107.96 million RMB, leading to a total cash dividend distribution of approximately 996.45 million RMB for minority shareholders [2] - Major shareholders will receive a total cash dividend of approximately 2.01 billion RMB [2] Implementation Details - The cash dividends will be distributed through the China Securities Depository and Clearing Corporation Limited, Shanghai Branch, to all shareholders registered by the end of the trading day on the equity registration date [4] - The reference price for ex-dividend trading will be adjusted based on the cash dividend amount, with the formula provided for calculation [3][4] - The company will not distribute any non-compliant shares, and the flow of shares will remain unchanged [4] Taxation Information - For individual shareholders holding unrestricted shares, dividends are subject to different tax treatments based on the holding period, with specific rates outlined for various durations [6][7] - For shares held for over one year, dividends are exempt from personal income tax, while those held for less than one year will have taxes deducted upon transfer [6][7] - Qualified Foreign Institutional Investors (QFII) will have a 10% withholding tax applied to their dividends [8][9]

证券代码：600989 证券简称：宝丰能源 公告编号：2025-016 本次利润分配方案经公司2025 年 4 月 2 日的2024年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 宁夏宝丰能源集团股份有限公司2024年度权益分派实施公告 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： 每股分配比例 中小股东每股派发现金红利0.4598元（含税），大股东每股派发现金红利 0.3891 元（含 税）。 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/5/12 | － | 2025/5/13 | 2025/5/13 | 差异化分红送转： 是 一、 通过分配方案的股东大会届次和日期 由于本次公司进行差异化分红，上述公式中现金红利指根据总股份摊薄调整 ...

北京市嘉源律师事务所 关于宁夏宝丰能源集团股份有限公司 差异化分红事项的核查意见 西城区复兴门内大街 158 号远洋大厦 4 楼 中国 · 北京 IR E UT E S Pr IA YUAN LAW OFFICES 北京 BEIJING · 上海 SHANGHAI · 深圳 SHENZHEN · 香港 HONG KONG · 广州 GUANGZHOU · 西安 XI'AN 致:宁夏宝丰能源集团股份有限公司 北京市嘉源律师事务所 关于宁夏宝车能源集团股份有限公司 差异化分红事项的核查定见 嘉源(2025)-05-101 敬启者: 受宁夏宝丰能源集团股份有限公司(以下简称"公司"或"宝丰能源")委 托,北京市嘉源律师事务所(以下简称"本所")就公司 2024年度利润分配涉 及的差异化分红（以下简称"本次差异化分红"）相关事项出具本核查意见。 本核查意见依据《中华人民共和国公司法》(以下简称"《公司法》")、 《中华人民共和国证券法》(以下简称"《证券法》")、《上海证券交易所股 票上市规则》(以下简称"《上市规则》")以及《宁夏宝丰能源集团股份有限 公司章程》(以下简称"《公司章程》")的有关规定,按照律师行业公 ...