宝丰能源（600989）：内蒙项目全面达产，中期分红重视股东回报

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [7] Core Views - The company achieved a significant increase in net profit, reaching 5.718 billion yuan in H1 2025, a year-on-year growth of 73.02% [1] - The revenue for H1 2025 was 22.82 billion yuan, reflecting a 35.05% increase compared to the previous year [1] - The company emphasizes shareholder returns by implementing a mid-term cash dividend of 0.28 yuan per share, totaling 2.036 billion yuan, which accounts for 35.62% of the net profit for the first half of the year [4] Summary by Sections Financial Performance - In H1 2025, the company reported a net profit of 5.718 billion yuan, up 73.02% year-on-year, with a Q2 net profit of 3.281 billion yuan, increasing by 74.17% year-on-year and 34.6% quarter-on-quarter [1] - The operating revenue for H1 2025 was 22.82 billion yuan, a 35.05% increase year-on-year, and the non-recurring net profit was 5.579 billion yuan, up 58.67% [1] Production and Sales - The company saw a substantial increase in sales volume due to the launch of the Inner Mongolia project, with polyethylene, polypropylene, and EVA sales reaching 1.1529 million tons, 1.1179 million tons, and 109,500 tons respectively, marking increases of 101%, 95%, and 53% year-on-year [2] - The average coal price in Inner Mongolia was 477 yuan per ton, down 28.1% year-on-year, contributing to an improved price spread for olefins [2] Project Development - The Inner Mongolia project has reached full production capacity, with an annual capacity of 2.6 million tons of coal-to-olefins and 400,000 tons of green hydrogen coupling, making it the largest coal-to-olefins project globally [3] - The company is actively advancing new projects, including the Ningdong Phase IV olefins project, which is expected to be completed by the end of 2026 [3] Shareholder Returns - The company maintains a sustainable and stable profit distribution policy, with a mid-term cash dividend of 0.28 yuan per share, amounting to 2.036 billion yuan [4] - The profit forecast for 2025 and 2026 has been adjusted downwards to 12 billion yuan and 13.6 billion yuan respectively, with a new forecast for 2027 set at 15 billion yuan [4]