BAOFENG ENERGY(SH:600989) Xin Lang Cai Jing·2025-08-27 07:23Group 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]