BAOFENG ENERGY(600989) 证券之星·2025-05-09 10:38Core 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].