BAOFENG ENERGY(SH:600989) Xin Lang Cai Jing·2025-09-09 10:36Core Viewpoint - Baofeng Energy has experienced significant growth in its performance in the first half of the year, benefiting from increased production capacity and a decline in product prices that is less than the drop in raw material costs [1][2] Group 1: Financial Performance - In the first half of the year, the average selling price of polyethylene and polypropylene was 6730.7 yuan/ton and 6423.3 yuan/ton, respectively, reflecting a year-on-year decrease of 5.3% and 3.7% [1] - The average procurement price of gasification raw coal was 446.87 yuan/ton, down 20.5% year-on-year, contributing to improved profitability in the polyethylene business due to stable selling prices and significantly reduced costs [1] - The Inner Mongolia olefin project contributed a gross profit of 3.4 billion yuan, accounting for 43% of the company's overall performance in the first half of the year [2] Group 2: Production Capacity and Projects - The company is actively advancing new capacity construction, with the Ningdong Phase IV project under construction and expected to be operational by the end of 2026 [1] - The Inner Mongolia project has been completed and is fully operational, producing 1.1635 million tons of polyethylene, which represents 48.39% of the company's total polyethylene output [2] - The company has established production capacities of 30,000 standard cubic meters/hour for green hydrogen and 15,000 standard cubic meters/hour for green oxygen at its Ningdong base, with the electrolysis water hydrogen project in Inner Mongolia already under construction [1]