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 | ...

Core Insights - In April, oil prices continued to decline, with average Brent and WTI prices at $66.5 and $62.9 per barrel, representing decreases of 7.0% and 7.4% respectively [2] - OPEC+ announced an increase in production by 411,000 barrels per day starting June, exceeding market expectations [2] - China's apparent demand for refined oil fell by 4.9% year-on-year in the first quarter, with production and exports also declining significantly [1][3] Supply Side - OPEC+ is set to increase production, with key producers like Saudi Arabia and Russia participating [2] - Iran's oil production and exports remained stable in April, with production at 335,000 barrels per day and exports at 166,000 barrels per day [2] - China's refined oil production was 101 million tons in the first quarter, down 7.0% year-on-year, while exports fell by 26.1% [1][3] Demand Side - China's apparent crude oil demand decreased by 1.6% year-on-year in the first quarter, with consumption at 188 million tons [3] - Natural gas apparent demand in China also fell by 2.2%, with consumption at 1,048 billion cubic meters [3] - The U.S. refinery utilization rate increased to 89.0% as of May 2, indicating potential for higher fuel consumption as summer approaches [2] Price Outlook - The expected price range for Brent crude oil is between $58 and $68 per barrel in the near term, with reduced cost pressures on the industry [4] - Global trade tensions and uncertainties in U.S. tariff policies may impact oil consumption growth expectations [2][4] Investment Recommendations - The company suggests focusing on growth-oriented stocks in the chemical sector, recommending companies such as Satellite Chemical, Baofeng Energy, and Guoen Co., Ltd. [4]

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]

Core Insights - The coal industry in China reported mixed results for Q1 2025, with over 70% of listed coal companies remaining profitable, yet most experienced significant declines in net profit year-on-year, with some companies even reporting losses [1][4][12] - Baofeng Energy, led by Ningxia's richest man, achieved a remarkable net profit growth of 71.49%, standing out in an otherwise declining industry [1][8] Financial Performance Summary - Major coal companies reported the following net profits and year-on-year changes: - China Shenhua: 11.949 billion, -17.96% - Shaanxi Coal and Chemical: 4.805 billion, -1.23% - Baofeng Energy: 2.437 billion, +71.49% [2] - A total of 32 out of 39 listed coal companies saw a decline in net profit, with 12 companies experiencing declines over 30% [4][12] Factors Behind Profit Decline - Market price fluctuations have directly impacted coal company profits, with average prices for major coal types, such as thermal coal, dropping approximately 25% year-on-year [5][6] - The supply-demand imbalance is exacerbated by a warm winter and increased renewable energy generation, which saw a 18.7% year-on-year increase in wind and solar power output [5][12] - Rising production costs due to deeper mining and increased safety and environmental expenditures have further squeezed profit margins [6][12] Baofeng Energy's Growth Strategy - Baofeng Energy's success is attributed to its integrated "coal-coke-chemical" business model, which allows it to convert raw material advantages into high-value products [8][9] - The company's olefin project has become a significant profit driver, with a production efficiency that exceeds industry averages [8][9] - Investment in technology and digital transformation has enhanced operational efficiency and reduced costs, contributing to its strong performance [9][11] Industry Challenges - The coal industry faces significant challenges from the dual carbon goals and the increasing competitiveness of renewable energy sources [12][13] - The average utilization hours for thermal power plants have decreased, indicating a decline in coal demand [13][14] - The industry is experiencing a supply surplus, with total coal production capacity exceeding 4.5 billion tons per year, while consumption is projected at around 4.2 billion tons [13][14] Conclusion - The Q1 2025 performance of the coal industry reflects the urgent need for transformation amid evolving energy dynamics, with a clear divide emerging between companies that adapt and those that do not [16]

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 ...

Investment Rating - The report maintains a "Positive" outlook on the chemical industry, highlighting the recovery at the bottom of the cycle and the focus on undervalued high-growth stocks [1]. Core Insights - The macroeconomic assessment of the chemical industry indicates a stabilization in oil prices due to geopolitical factors and OPEC+ production increases, while coal prices are expected to decline in the medium to long term. Natural gas prices are fluctuating at the bottom [3][4]. - The report forecasts a gradual recovery in profitability for the chemical sector in Q1 2025, driven by terminal inventory replenishment and improved demand, despite ongoing construction projects peaking and declining [3]. - The overall revenue for the chemical sector in 2024 is projected to reach 2.0601 trillion yuan, a 3% year-on-year increase, while net profit is expected to decline by 3% to 109.8 billion yuan, aligning with market expectations [3]. Summary by Sections Industry Dynamics - Current oil prices are influenced by the easing of the Russia-Ukraine conflict and U.S. tariff policies, with Brent crude averaging $80.93 per barrel in 2024, down 2% year-on-year. NYMEX natural gas futures are expected to average $2.41 per million British thermal units, down 10% year-on-year [3][4]. - The chemical industry is experiencing a "V"-shaped recovery in market conditions, with Q1 2025 revenue reaching 496.9 billion yuan, a 6% increase year-on-year, and net profit rising by 9% year-on-year to 32.8 billion yuan [3]. Investment Analysis - The report suggests focusing on traditional cyclical stocks with strong fundamentals, such as Wanhua Chemical and Hualu Chemical, as well as growth stocks in semiconductor materials and OLED technologies [3]. - The tire industry is expected to benefit from domestic demand recovery and cost reductions, with companies like Sailun Tire and Linglong Tire highlighted for potential investment [3]. - The report emphasizes the importance of identifying undervalued stocks with growth potential in the chemical sector, particularly in segments like agricultural chemicals and specialty chemicals [3]. Price and Inventory Changes - The report notes that the chemical industry is experiencing a gradual recovery in price differentials, with PPI data showing a slow recovery from negative values towards zero [3][4]. - The report highlights the importance of monitoring inventory levels and price movements in key chemical products, as these factors will influence future profitability and investment opportunities [3][4].