来源：环球网 该项目全部采用国产化装置设备替代进口，其中有23项达到了国内国际领先水平，创造了"五个全球规 模之最"和"三个全国规模之最"的行业纪录，为我国装备制造业高质量发展贡献力量，助力"制造强 国"建设。其中，首次应用航天工程6.5MPa粉煤加压气化技术，氧气及原料煤消耗量实现双下降，原料 成本进一步降低；应用中科院大化所的第三代DMTO技术，实现单套烯烃装置产能超过100万吨，吨烯 烃产品甲醇单耗大幅降低，经济性大幅提高。此外，项目开创性地利用"风光融合"可再生能源发绿电制 取绿氢、绿氧，直供化工生产装置，"以氢换煤"，大幅降低碳排放，为现代煤化工绿色转型提供了示范 路径。 8月22日，在能源化工行业转型升级的关键节点，宝丰能源（600989）以一份亮眼的2025年半年度业 绩，再次印证了其前瞻布局的卓越成效。公司上半年净利润57.17亿元，同比增长73.02%，经营性现金 流量净额达79.89亿元，同比大增92.74%，构筑起穿越周期的"资金堡垒"，而38.34%有息负债率不仅远 低于行业均值，更为公司未来战略扩张及投资留足空间。这份含金量十足的业绩，不仅印证内蒙古烯烃 项目投产的战略价值，更以"量 ...

Group 1 - The company achieved a net profit attributable to shareholders of 5.718 billion yuan in H1 2025, representing a year-on-year increase of 73.02% [1] - The company's operating revenue for H1 2025 was 22.82 billion yuan, up 35.05% year-on-year, with a net profit of 5.718 billion yuan, reflecting a significant growth [1] - In Q2 2025, the net profit attributable to shareholders reached 3.281 billion yuan, showing a year-on-year increase of 74.17% and a quarter-on-quarter increase of 34.6% [1] Group 2 - The Inner Mongolia project has significantly boosted sales, with polyethylene, polypropylene, and EVA sales reaching 115.29, 111.79, and 10.95 million tons respectively, marking increases of 101%, 95%, and 53% year-on-year [2] - The average coal price in Inner Mongolia was 477 yuan/ton in H1 2025, down 28.1% year-on-year, while the average prices for PE and PP were 7,610 and 7,558 yuan/ton, down 5.8% and 2.9% respectively, leading to an improved olefin price spread [2] - The company’s coking coal and coke prices also saw declines, with average prices of 1,105 and 1,580 yuan/ton, down 29.9% and 31% year-on-year [2] Group 3 - The Inner Mongolia project has reached full production capacity, with a total capacity of 5.2 million tons/year, making it the largest coal-to-olefin project globally [3] - The company is actively advancing new projects, including the Ningdong Phase IV olefin project, which began construction in April 2025 and is expected to be completed by the end of 2026 [3] - Preliminary work is also progressing on the Xinjiang olefin project and the second phase of the Inner Mongolia olefin project [3] Group 4 - The company is committed to sustainable high-quality development and has implemented a stable profit distribution policy, proposing a cash dividend of 0.28 yuan per share for H1 2025, totaling 2.036 billion yuan, which accounts for 35.62% of the net profit [4] - Due to the decline in oil prices affecting polyethylene prices, the company's net profit forecasts for 2025 and 2026 have been adjusted from 14 billion and 15 billion yuan to 12 billion and 13.6 billion yuan, with a new forecast of 15 billion yuan for 2027 [4] - As of August 25, 2025, the company's market value corresponds to price-to-earnings ratios of 10, 9, and 8 times for 2025, 2026, and 2027 respectively, maintaining a "buy" rating [4]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [7] Core Views - The company achieved a significant increase in net profit, reaching 5.718 billion yuan in H1 2025, a year-on-year growth of 73.02% [1] - The revenue for H1 2025 was 22.82 billion yuan, reflecting a 35.05% increase compared to the previous year [1] - The company emphasizes shareholder returns by implementing a mid-term cash dividend of 0.28 yuan per share, totaling 2.036 billion yuan, which accounts for 35.62% of the net profit for the first half of the year [4] Summary by Sections Financial Performance - In H1 2025, the company reported a net profit of 5.718 billion yuan, up 73.02% year-on-year, with a Q2 net profit of 3.281 billion yuan, increasing by 74.17% year-on-year and 34.6% quarter-on-quarter [1] - The operating revenue for H1 2025 was 22.82 billion yuan, a 35.05% increase year-on-year, and the non-recurring net profit was 5.579 billion yuan, up 58.67% [1] Production and Sales - The company saw a substantial increase in sales volume due to the launch of the Inner Mongolia project, with polyethylene, polypropylene, and EVA sales reaching 1.1529 million tons, 1.1179 million tons, and 109,500 tons respectively, marking increases of 101%, 95%, and 53% year-on-year [2] - The average coal price in Inner Mongolia was 477 yuan per ton, down 28.1% year-on-year, contributing to an improved price spread for olefins [2] Project Development - The Inner Mongolia project has reached full production capacity, with an annual capacity of 2.6 million tons of coal-to-olefins and 400,000 tons of green hydrogen coupling, making it the largest coal-to-olefins project globally [3] - The company is actively advancing new projects, including the Ningdong Phase IV olefins project, which is expected to be completed by the end of 2026 [3] Shareholder Returns - The company maintains a sustainable and stable profit distribution policy, with a mid-term cash dividend of 0.28 yuan per share, amounting to 2.036 billion yuan [4] - The profit forecast for 2025 and 2026 has been adjusted downwards to 12 billion yuan and 13.6 billion yuan respectively, with a new forecast for 2027 set at 15 billion yuan [4]

Investment Rating - The report assigns a "Buy-B" rating to the company, indicating a positive outlook for its stock performance in the near term [9]. Core Insights - The company has shown significant growth in its financial performance, with a 35% year-on-year increase in revenue and a 73% increase in net profit for the first half of 2025 [3]. - The company's production capacity in coal-based olefins has reached 5.2 million tons per year, positioning it as a leader in the industry [7]. - The report highlights the successful launch of new projects, including a 2.6 million tons/year coal-based olefins project and a 100,000 tons/year ethylene vinyl acetate project, which are expected to contribute positively to future earnings [7][9]. Financial Performance Summary - For the first half of 2025, the company achieved a revenue of 22.82 billion yuan, with a net profit of 5.72 billion yuan, reflecting a year-on-year growth of 35% and 73% respectively [3]. - The company's revenue from its three main segments—olefins, coking, and fine chemicals—was 17.8 billion yuan, 3.59 billion yuan, and 1.38 billion yuan, showing a year-on-year increase of 83%, a decrease of 32.1%, and a decrease of 24% respectively [5]. - The overall gross margin improved to 36.7%, up by 3.1 percentage points year-on-year, driven by the rapid release of olefin production capacity and a decrease in raw material costs [5]. Future Projections - The company is projected to achieve net profits of 12.2 billion yuan, 13.2 billion yuan, and 14.4 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 10.4, 9.6, and 8.8 [8]. - The report emphasizes that the company's cost advantages and the contribution from new projects will support its long-term growth potential [9].

Core Viewpoint - Baofeng Energy's stock has shown positive performance with a year-to-date increase of 3.10% and a significant rise of 9.08% over the past five trading days, indicating strong market interest and potential growth in the coal-to-olefins sector [1][2]. Financial Performance - For the first half of 2025, Baofeng Energy reported a revenue of 22.82 billion yuan, representing a year-on-year growth of 35.05% [2]. - The net profit attributable to shareholders for the same period was 5.72 billion yuan, reflecting a substantial increase of 73.02% compared to the previous year [2]. Shareholder Information - As of June 30, 2025, the number of Baofeng Energy's shareholders increased to 63,000, up by 2.29% from the previous period [2]. - The average number of circulating shares per shareholder decreased by 2.24% to 116,356 shares [2]. Dividend Distribution - Baofeng Energy has distributed a total of 15.31 billion yuan in dividends since its A-share listing, with 7.11 billion yuan distributed over the last three years [3]. Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited is the fourth-largest circulating shareholder, holding 202 million shares, an increase of 22.26 million shares from the previous period [3]. - Huatai-PB CSI 300 ETF and E Fund CSI 300 ETF are also among the top ten circulating shareholders, with holdings of 39.21 million shares and 27.93 million shares, respectively [3].

证券代码：600989 证券简称：宝丰能源 公告编号：2025-036 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 东名册主动提醒股东参会投票，并向每位股东主动推送股东会参会邀请、议案情 况等信息。投资者在收到提醒信息后，可根据使用手册（下载链接 ...

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 目 录 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现场会议议程 .. 5 宁夏宝丰能源集团股份有限公司 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。 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，下同）的合法权益，除出席会议的股东，公司董事、监事、高级管理人 员，公司聘请的律师及董事会邀请的人员外，公司有权依法拒绝其他人员进入 会场。 四、出席会议的股东须在会议召开前 20 分钟到达会议现场向董事会办理签 到手续，并请按规定出示股票账户卡、持股凭证、身份证或法人单位证明、授 权委托书及出席人身份证等，经验证后领取会议资料，方可出席会议。 五、股东需要在股 ...

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].