Dividend Distribution - The company plans to distribute a cash dividend of approximately 3,006,627,791.21 yuan, translating to 0.4598 yuan per share for minority shareholders and 0.3891 yuan per share for major shareholders[8]. - The total share capital of the company is 7,333,360,000 shares, which serves as the basis for the dividend distribution[8]. - The company has committed to donating cash to the Ningxia Yanbao Charity Foundation for educational purposes, with compensation for minority shareholders calculated based on their shareholding proportion[8]. - The company has a cash dividend policy that stipulates cash dividends will be distributed if the net profit for the year is positive and the accumulated undistributed profits at year-end are also positive[198]. - The company will distribute at least 20% of the distributable profits in cash during the first three years after its listing[200]. - In the mature stage without significant capital expenditure, the minimum cash dividend ratio should reach 80% of the profit distribution[200]. - In the mature stage with significant capital expenditure, the minimum cash dividend ratio should be 40% of the profit distribution[200]. - In the growth stage with significant capital expenditure, the minimum cash dividend ratio should be 20% of the profit distribution[200]. - The specific profit distribution plan will be determined by the board of directors based on operational data and shareholder opinions[200]. - The implementation of the profit distribution plan requires approval from over two-thirds of the voting rights at the shareholders' meeting[200]. Financial Performance - The company's operating revenue for 2024 reached ¥32,982,889,902.49, an increase of 13.21% compared to ¥29,135,511,197.96 in 2023[26]. - The net profit attributable to shareholders for 2024 was ¥6,337,676,311.63, reflecting a growth of 12.16% from ¥5,650,614,862.71 in the previous year[26]. - The net cash flow from operating activities was ¥8,897,635,369.03, up by 2.36% from ¥8,692,623,772.83 in 2023[26]. - The total assets of the company increased by 25.04% to ¥89,566,217,563.17 in 2024, compared to ¥71,630,299,331.58 in 2023[26]. - The basic earnings per share for 2024 was ¥0.87, a 12.99% increase from ¥0.77 in 2023[27]. - The company reported a net profit of ¥1,800,885,906.83 in Q4 2024, with a total operating revenue of ¥8,708,325,898.16 for the same quarter[30]. - Non-recurring losses amounted to ¥442,325,344.79 in 2024, compared to ¥298,268,061.27 in 2023[33]. - The company maintained a weighted average return on equity of 15.55% in 2024, slightly down from 15.72% in 2023[27]. - The net assets attributable to shareholders increased by 11.60% to ¥43,006,220,908.20 at the end of 2024, compared to ¥38,536,704,775.38 at the end of 2023[26]. - The total profit for 2024 was RMB 7,286.32 million, reflecting a growth of 12.67% year-on-year[94]. - The total revenue for the coal-to-olefins industry reached 106.16 billion yuan in 2024, representing a year-on-year growth of 0.9%[127]. Audit and Compliance - The company has received a standard unqualified audit report from Ernst & Young Hua Ming Accounting Firm[6]. - There are no instances of non-operational fund occupation by controlling shareholders or related parties reported[10]. - The company has not violated decision-making procedures for external guarantees[10]. - The board of directors has confirmed the authenticity, accuracy, and completeness of the annual report[4]. - The company has established a compliance risk management system, creating a compliance issue list and implementing risk prevention measures, effectively controlling compliance risks[39]. - The company has no significant differences in governance practices compared to regulatory requirements, ensuring compliance and transparency[172]. - The company has implemented measures to maintain independence from its controlling shareholder, ensuring no conflicts of interest arise[172]. Operational Efficiency and Innovation - The company emphasized a stable operational performance and efficient project execution, contributing to a robust development trend[38]. - The company achieved a 4.4% year-on-year reduction in energy consumption per ten thousand yuan of output, reaching 2.8 tons of standard coal[41]. - The company successfully developed six new polyolefin grades and six new types of coke, enhancing product value and meeting market demand[45]. - The company has implemented 112 technology innovation projects, enhancing operational efficiency and addressing technical challenges[45]. - The company has established a technology research center for efficient and clean coal utilization, accelerating innovation in high-end chemical development[45]. - The company has improved logistics efficiency, reducing coke product loading time by 12% year-on-year, resulting in significant transportation cost savings[46]. - The company is focusing on technological innovation, with several key projects aimed at improving product quality and reducing energy consumption[132]. Market and Production Capacity - The company’s olefin production capacity will reach 5.2 million tons per year after the completion of new projects, making it the largest coal-to-olefin project globally[44]. - In 2024, the domestic polyolefin production capacity reached 78 million tons, an increase of 7.15 million tons or 10.1% year-on-year[51]. - Polyethylene production capacity was 34.31 million tons, up 3.4 million tons or 11.0% year-on-year, while polypropylene capacity was 43.69 million tons, an increase of 3.75 million tons or 9.4% year-on-year[58]. - The total domestic polyolefin output in 2024 was 62.53 million tons, reflecting a year-on-year increase of 2.89 million tons or 4.8%[59]. - The company’s core business includes coal-to-olefins, with a production capacity of 5.2 million tons per year planned after the completion of the Inner Mongolia project[86]. - The company’s production capacity for polyolefins increased by 61.90% by the end of 2024 compared to the end of 2023[135]. Strategic Initiatives and Future Outlook - The company aims to enhance its modern coal chemical industry technology and optimize resource allocation to improve production efficiency[48]. - The company is focused on risk prevention, performance improvement, and team cultivation as part of its operational strategy for 2025[157]. - The company is committed to enhancing safety management and improving the safety production standardization system[158]. - The company plans to promote green development by strengthening environmental protection management and reducing carbon emissions[159]. - The company aims to improve production stability and operational management through effective equipment lifecycle management and process control[160]. - The company acknowledges potential risks from policy changes, market dynamics, and internal control management[165]. - The company anticipates that the profitability of the coal-to-olefins industry will stabilize and improve in 2025 compared to 2024 due to lower production costs[155]. Governance and Management - The board of directors operates independently, with no interference from the controlling shareholder, ensuring the protection of all shareholders' interests[169]. - The board comprises a sufficient number of members, and all meetings are conducted in compliance with legal requirements, ensuring prudent and reasonable decision-making[170]. - The supervisory board is fully compliant with legal regulations, actively participating in meetings and overseeing financial reports to protect shareholder rights[171]. - The company held three extraordinary shareholder meetings in 2024, approving significant resolutions including the employee stock ownership plan and financial budget reports[173]. - The company has established specialized committees within the board, including a strategy committee and an audit committee, to enhance decision-making efficiency[170]. - The total remuneration for all directors, supervisors, and senior management in 2024 amounted to CNY 47.5125 million[186]. - The company has maintained a stable leadership team, with key executives holding their positions until at least December 31, 2025[175]. - The chairman, Party Yanbao, has been in his role since 2005, indicating strong leadership continuity[175]. - The president, Liu Yuanguan, has been with the company since 2012, further emphasizing stability in management[175]. Employee and Talent Management - The company has established a dynamic talent database and improved its human resource management system to support its growth strategy[47]. - The company reported a 100% resolution rate for employee requests through its communication platform, enhancing employee satisfaction and stability[47]. - The company has developed 8,374 training courses to enhance employee skills and promote high-quality development[196]. - The company has implemented a performance evaluation system for senior management, which was approved during the committee meetings[190]. - The company has a strategic focus on optimizing its compensation system to enhance employee motivation and fairness[195]. - The total number of employees in the parent company is 11,013, and the total number of employees in major subsidiaries is 9,400, resulting in a combined total of 20,413 employees[194].

宁夏宝丰能源集团股份有限公司 审计报告 2024 年度 宁夏宝丰能源集团股份有限公司 目 录 | | 页 | 次 | | --- | --- | --- | | 审计报告 | 1 – | 5 | | 已审财务报表 | | | | 合并资产负债表 | 6 – | 7 | | 母公司资产负债表 | 8 – | 9 | | 合并利润表 | 10 | | | 母公司利润表 | 11 | | | 合并现金流量表 | 12 | | | 母公司现金流量表 | 13 | | | 合并所有者权益变动表 | 14 – | 15 | | 母公司所有者权益变动表 | 16 – | 17 | | 财务报表附注 | 18 – | 124 | | 补充资料 | | | | 1. 非经常性损益明细表 | 125 | | | 2. 净资产收益率和每股收益 | 125 | | 审计报告 安永华明（2025）审字第70019710_A01号 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全体股东： 一、审计意见 我们审计了宁夏宝丰能源集团股份有限公司的财务报表，包括 2024 年 12 月 31 日的合 并及公司资产负债表，2024 ...

宁夏宝丰能源集团股份有限公司 内部控制审计报告 2024 年 12 月 31 日 内部控制审计报告 安永华明（2025）专字第70019710_A01号 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全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审 计了宁夏宝丰能源集团股份有限公司（以下简称"贵公司"）2024 年 12 月 31 日的财 务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制 评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是贵公司董事会 的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表审计 意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现报错的可能性。此外，由于情况 的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程序减低，根据内 部控制审计结果推到未来内部控制的有效性具有一定风险。 1 内部控制审计报告（续） 安永华明（2025 ...

关于宁夏宝丰能源集团股份有限公司 非经营性资金占用及其他关联资金往来情况 汇总表的专项审计报告 目 录 1、 专项审计报告 2、 附表 非经营性资金占用及其他关联资金往来情况的专项说明 安永华明（2025）专字第70019710_A02号 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董事会： 我们审计了宁夏宝丰能源集团股份有限公司的2024年度财务报表，包括2024年12 月31日的合并及公司资产负债表，2024年度的合并及公司利润表、股东权益变动表和 现金流量表以及相关财务报表附注，并于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《上市公司监管指引第8号——上市公司资金往来、对外担保的监管要求》的 要求，宁夏宝丰能源集团股份有限公司编制了后附的2024年度非经营性资金占用及其 他关联资金往来情况汇总表（以下简称"汇总表"）。 为了更好地理解宁夏宝丰能源集团股份有限公司2024年度非经营性资金占用及其 他关联资金往来情况，汇总表应当与经审计的财务报表一并阅读。 本专项说明仅供宁夏宝丰能源集团股份有限公司为2024年度报告披露使 ...

宁夏宝丰能源集团股份有限公司 2024 年度独立董事述职报告 -- 孙积禄 2024 年度,本人作为宁夏宝丰能源集团股份有限公司(以下简称"公司") 第四届董事会的独立董事,按照《中华人民共和国公司法》《中华人民共和国证 券法》《上市公司独立董事管理办法》等有关法律法规及《宁夏宝丰能源集团股 份有限公司章程》《宁夏宝丰能源集团股份有限公司独立董事工作制度》《宁夏 宝丰能源集团股份有限公司独立董事年报工作制度》等公司内部管理制度要求, 忠实、勤勉、审慎、独立地履行职责,关注公司信息,及时了解公司的生产经营、 财务运作等情况,按时出席公司董事会及股东大会会议,参与公司重大事项的决 策并按要求发表独立意见,充分发挥独立董事的参谋与监督作用,为保证股东利 益、提升公司价值发挥了重要作用。现将 2024年度履职相关情况报告如下: 一、本人基本情况 (一) 个人工作履历、专业背景、兼职情况 孙积禄,2023年3月31日至今担任本公司独立董事。现任外交学院国际法 系教授,白银有色独立董事。 (二)是否存在影响独立性的情况说明 作为公司的独立董事,本人具备证监会《上市公司独立董事管理办法》所要 求的独立性,未在公司担任除独立 ...

宁夏宝丰能源集团股份有限公司 2024 年度独立董事述职报告 --- 张鸣林 2024 年度,本人作为宁夏宝丰能源集团股份有限公司(以下简称"公司") 第四届董事会的独立董事,按照《中华人民共和国公司法》《中华人民共和国证 券法》《上市公司独立董事管理办法》等有关法律法规及《宁夏宝丰能源集团股 份有限公司章程》《宁夏宝丰能源集团股份有限公司独立董事工作制度》《宁夏宝 丰能源集团股份有限公司独立董事年报工作制度》等公司内部管理制度要求,忠 实、勤勉、审慎、独立地履行职责,关注公司信息,及时了解公司的生产经营、 财务运作等情况,按时出席公司董事会及股东大会会议,参与公司重大事项的决 策并按要求发表独立意见,充分发挥独立董事的参谋与监督作用,切实维护公司 整体利益以及公司股东特别是中小股东的合法权益不受损害。现将 2024 年度履 职相关情况报告如下: (一)个人工作履历、专业背景、兼职情况 张鸣林,在职研究生学历,工学博士,工程技术应用调研员(正高级职称), 2023年3月 31 日至今担任本公司独立董事。2018年3月至今(退休),任中国 煤炭加工利用协会高级顾问兼煤转化分会会长。 (二) 是否存在影响独立性的 ...

(一)个人工作履历、专业背景、兼职情况 李耀忠,本科学历,高级会计师,注册会计师。2023年3月31 日到今担任 本公司独立董事。现任信永中和会计师事务所合伙人,银川分所主任会计师。 (二)是否存在影响独立性的情况说明 作为公司的独立董事,本人具备证监会《上市公司独立董事管理办法》所要 求的独立性,未在公司担任除独立董事以外的任何职务,也未在公司主要股东中 担任任何职务,未从公司及其主要股东或有利害关系的机构和人员取得除独立董 事津贴外未予披露的其他利益,不存在任何影响本人独立性的情况。 宁夏宝丰能源集团股份有限公司 2024 年度独立董事述职报告 -- 李耀忠 2024年度,本人作为宁夏宝丰能源集团股份有限公司(以下简称"公司") 第四届董事会的独立董事,按照《中华人民共和国公司法》《中华人民共和国证 券法》《上市公司独立董事管理办法》等有关法律法规及《宁夏宝丰能源集团股 份有限公司章程》《宁夏宝丰能源集团股份有限公司独立董事工作制度》《宁夏 宝丰能源集团股份有限公司独立董事年报工作制度》等公司内部管理制度要求, 忠实、勤勉、审慎、独立地履行职责,关注公司信息,及时了解公司的生产经营、 财务运作等情况,按时 ...

基础化工/化学原料 宝丰能源（600989.SH） 煤价下跌煤化工受益，关注内蒙及新疆产能成长 2025 年 03 月 04 日 ——公司信息更新报告 投资评级：买入（维持） 张绪成（分析师） zhangxucheng@kysec.cn 证书编号：S0790520020003 煤价下跌致煤化工受益，关注内蒙及新疆产能成长 自 2024 年 10 月国内煤价持续走低，截至 2025 年 2 月 28 日秦港 Q5500 动力末 煤平仓价 690 元/吨，较 2024 年 10 月初降 177 元/吨；2025 年 1-2 月秦港均价 745 元/吨，环比 2024Q4 均价-9.4%。受益于成本端煤价下滑，公司烯烃及焦炭业务 盈利有望受益，我们维持 2024 年盈利预测并上调 2025-2026 年盈利预测，预计 2024-2026 年归母净利润 63.6/127.4/136.4 亿元（前值为 63.6/109.5/121.2 亿元）， 同比+12.5%/+100.4%/+7.1%；EPS 为 0.87/1.74/1.86 元，对应当前股价 PE 为 19.6/9.8/9.1 倍。公司盈利受益于煤化工成本下降与 ...

宝丰能源（600989.SH） 煤价下跌煤化工受益，关注内蒙及新疆产能成长 2025 年 03 月 04 日 ——公司信息更新报告 投资评级：买入（维持） | 张绪成（分析师） | | --- | zhangxucheng@kysec.cn 证书编号：S0790520020003 基础化工/化学原料 煤价下跌致煤化工受益，关注内蒙及新疆产能成长 自 2024 年 10 月国内煤价持续走低，截至 2025 年 2 月 28 日秦港 Q5500 动力末 煤平仓价 690 元/吨，较 2024 年 10 月初降 177 元/吨；2025 年 1-2 月秦港均价 745 元/吨，环比 2024Q4 均价-9.4%。受益于成本端煤价下滑，公司烯烃及焦炭业务 盈利有望受益，我们维持 2024 年盈利预测并上调 2025-2026 年盈利预测，预计 2024-2026 年归母净利润 63.6/127.4/136.4 亿元（前值为 63.6/109.5/121.2 亿元）， 同比+12.5%/+100.4%/+7.1%；EPS 为 0.87/1.74/1.86 元，对应当前股价 PE 为 19.6/9.8/9.1 倍。公司盈 ...

Investment Rating - The report rates the chemical industry as "Outperform the Market" [1] Core Views - The report suggests focusing on companies in rapidly developing downstream industries, particularly in electronic materials and new energy materials [1] - It emphasizes the importance of high-quality development and shareholder returns, recommending large energy state-owned enterprises and related oil service companies [1] - The report highlights the high prosperity of leading companies in the refrigerant and vitamin industries [1] - It notes an overall improvement in macroeconomic expectations, suggesting attention to undervalued leading companies and those in the light hydrocracking sub-industry [1] Summary by Sections Industry Dynamics - During the week of February 10-16, 2025, among 101 tracked chemical products, 43 saw price increases, 26 saw declines, and 32 remained stable [7] - The average price of WTI crude oil was $70.74 per barrel, with a weekly increase of 0.18%, while Brent crude oil was $74.74 per barrel, with a weekly increase of 0.11% [31] - The report indicates a tightening supply of potassium chloride due to reduced production and limited import availability, with prices rising to 2797 CNY/ton, up 4.19% week-on-week [32] Investment Recommendations - The report recommends focusing on companies in the rapidly developing electronic materials and new energy materials sectors [8] - It suggests that the oil and gas extraction sector will continue to see high prosperity, with energy state-owned enterprises improving quality and efficiency [8] - The report identifies specific companies to recommend, including China Petroleum, China National Offshore Oil Corporation, and several others in the new materials and chemical sectors [8] Price Changes - The average price of DMF increased to 4300 CNY/ton, up 4.24% week-on-week, despite a year-on-year decrease of 12.65% [33] - The report notes that the overall market for chemical products is experiencing a mixed trend, with some products seeing significant price increases while others decline [30]