Investment Rating - The investment rating for the company is "Buy" and it is maintained [8]. Core Views - The company reported significant growth in its financial performance for the first half of 2025, with total revenue reaching 22.82 billion yuan, a year-on-year increase of 35.05%. The net profit attributable to shareholders was 5.718 billion yuan, up 73.02% year-on-year, and the net profit excluding non-recurring items was 5.579 billion yuan, reflecting a growth of 58.67% [5][11]. - In Q2 2025, the company achieved revenue of 12.049 billion yuan, representing a year-on-year increase of 38.97% and a quarter-on-quarter increase of 11.87%. The net profit attributable to shareholders for the same period was 3.281 billion yuan, up 74.17% year-on-year and 34.64% quarter-on-quarter [5][11]. Summary by Sections Financial Performance - For the first half of 2025, the company reported total revenue of 22.82 billion yuan, with a net profit of 5.718 billion yuan and a net profit excluding non-recurring items of 5.579 billion yuan [5][11]. - In Q2 2025, the company’s revenue was 12.049 billion yuan, with a net profit of 3.281 billion yuan and a net profit excluding non-recurring items of 2.982 billion yuan [5][11]. Production and Projects - The company’s production of polyethylene and polypropylene in Q2 2025 was 640,500 tons and 629,000 tons, respectively, with significant increases in output due to the ramp-up of production capacity in Inner Mongolia [11]. - The company’s new projects, including the 2.6 million tons/year coal-to-olefins project and the 400,000 tons/year green hydrogen coupled coal-to-olefins project, are progressing well and are expected to enhance production capacity significantly [11]. Market Conditions - The report notes a decline in the prices of coke and coking coal, with the average price of coke in Q2 2025 being approximately 942 yuan/ton, down 12.7% quarter-on-quarter. This price drop is attributed to increased domestic supply and a softening demand environment [11]. - The company’s olefin price spread improved in Q2 2025, driven by lower raw material costs, which contributed to a significant increase in profitability [11].

内蒙新产能贡献突出，烯烃产能规模跃居国内第 一 2025 年 08 月 25 日 买入(维持) 事件 分析师：张伟保 S1050523110001 zhangwb@cfsc.com.cn 联系人：覃前 S1050124070019 qinqian@cfsc.com.cn | 基本数据 | 2025-08-22 | | --- | --- | | 当前股价（元） | 16.27 | | 总市值（亿元） | 1193 | | 总股本（百万股） | 7333 | | 流通股本（百万股） | 7333 | | 52 周价格范围（元） | 14.2-17.83 | | 日均成交额（百万元） | 523.44 | 市场表现 -10 0 10 20 30 40 (%) 宝丰能源 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《宝丰能源（600989）：烯烃产 销高增推动业绩，高分红彰显投资 性价比》2025-03-14 2、《宝丰能源（600989）：公司 Q3 业绩承压，新基地打开成长空间》 2024-11-09 3、《宝丰能源（600989）：聚烯烃 量价齐升，煤制烯烃龙头业绩大幅 增长》2024-08- ...

证券研究报告 宝丰能源 (600989 CH) 内蒙项目增量显著，煤制烯烃优势巩固 2025 年 8 月 22 日│中国内地 化学原料 煤制烯烃景气度有望修复，新项目筑牢低成本护城河 据百川盈孚，8 月 21 日聚乙烯/聚丙烯均价为 7392/6836 元/吨，较 Q2 末 +1.6%/-2.3%，内蒙地区原煤价格 535 元/吨，较 Q2 末+12%，煤矿产量收 紧叠加火电旺季需求较好支撑煤价回升，煤制烯烃价差有所收窄。我们认为 烯烃下游需求有望复苏叠加供给格局优化，煤制烯烃景气度或逐步提升。据 半年报，内蒙项目 300 万吨/年烯烃产线已投产，宁东四期于 4 月开工，预 计 26 年底投产，新疆项目和内蒙二期正在推进前期工作，公司烯烃低成本 和规模优势有望持续巩固。公司拟派发中期股息每股 0.28 元（含税），合 计派息 20.4 亿元，占上半年净利润 36%，公司分红率维持较好水平。 盈利预测与估值 考虑内蒙项目有望进一步贡献烯烃盈利增量，我们上调盈利预测，预计公司 25-27 年归母净利润为 121/127/137 亿元（前值为 100/117/129 亿元，上调 幅度 21%/9%/6%），对应 E ...

公司2025年上半年度利润分配方案为：截至报告披露日，公司总股本7,333,360,000股，扣除不参与现金分红的公司回购股份60,593,400股，有权享受本 次现金红利的股份为7,272,766,600股，拟每股派发现金红利0.28元，共计派发现金红利2,036,374,648元，报告期不进行资本公积转增股本。 宁夏宝丰集团有限公司（以下简称"宝丰集团"）系公司控股股东；党彦宝系公司实际控制人；东毅国际集团有限公司（以下简称"东毅国际"）为实际控 制人控制的企业。党彦宝持有宝丰集团95.59%的股权，为宝丰集团的实际控制人。党彦宝持有东毅国际51.22%的股权，为东毅国际的实际控制人。 宝丰集团及其一致行动人东毅国际累计质押宝丰能源股份9.5亿股，占其所持股份比例的20.59%，占公司总股本比例的12.95%。 中国经济网北京8月22日讯 宝丰能源(600989.SH)昨晚披露的2025年半年度报告显示，公司上半年实现营业收入为228.20亿元，同比增长35.05%；归属于 上市公司股东的净利润为57.18亿元，同比增长73.02%；归属于上市公司股东的扣除非经常性损益的净利润55.79亿元，同比增长58 ...

证券研究报告 | 2025年08月22日 宝丰能源（600989.SH） 优于大市 二季度归母净利润再创新高，聚烯烃贡献增量 公司二季度归母净利润再创新高。公司 2025 年二季度营收 120.5 亿元（同 比+39.0%，环比+11.9%），归母净利润 32.8 亿元（同比+74.2%，环比 +34.6%）；毛利率/净利率为 38.0%/27.2%，期间费用率 8.7%。二季度 内蒙古烯烃项目产能释放加速，聚烯烃产销量同比大幅跃升，叠加煤炭 成本下行及产品盈利结构优化，驱动利润端高增长。 聚烯烃新产能贡献增量。2025 年二季度，公司聚乙烯产销量 64.05/63.83 万吨（同比+128%/+128%，环比+23%/+24%），聚丙烯产销量 62.9/62.64 万吨（同比+109%/+106%，环比+25%/+27%），增量核心来自内蒙古 260 万吨/年煤制烯烃项目的满产贡献。二季度国内聚烯烃市场受原油波动、 终端需求分化影响，公司聚乙烯/聚丙烯不含税平均售价 6495/6346 元/ 吨（同比-11%/-7%，环比-8%/-3%）；虽价格回落，但煤炭等原料成本 也有所下降，支撑盈利扩张。公司聚烯烃产 ...

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][4] Core Views - The company expects a significant increase in net profit for the first half of 2025, projecting a range of 5.4 billion to 5.9 billion yuan, which represents a year-on-year increase of 2.095 billion to 2.595 billion yuan, or a growth of 63.39% to 78.52% [2][3] - The main driver for this performance is the production ramp-up of the Inner Mongolia 3 million tons/year olefin project, leading to a significant increase in olefin product sales [2][3] - The decline in coal prices has reduced the cost of coal-to-olefin production, maintaining a significant cost advantage for the company [9] - The company is steadily advancing its projects in Ningdong Phase IV and Xinjiang, continuing to expand its main product capacity in polyolefins [2][7] - The company has repurchased shares to enhance investor confidence, having repurchased 60.59 million shares, accounting for 0.83% of the total share capital [15] Summary by Sections Financial Performance - The company anticipates a net profit of 2.963 billion to 3.463 billion yuan for the second quarter of 2025, reflecting a year-on-year increase of 57.3% to 83.9% and a quarter-on-quarter increase of 21.6% to 42.1% [3] - The total coal-to-olefin production capacity has increased from 2.2 million tons to 5.2 million tons per year following the commissioning of the Inner Mongolia project [7] Cost Structure - The average cost of coal-to-olefin production is projected to be 6,082 yuan/ton, compared to 7,415 yuan/ton for oil-to-olefin production, maintaining a cost advantage of approximately 1,334 yuan/ton [9] Project Development - The Ningdong Phase IV project will add 250,000 tons/year of ethylene-vinyl acetate copolymer and 300,000 tons/year of polypropylene, with construction progressing as planned [14] - The Xinjiang 4 million tons olefin project has received necessary environmental assessment approvals and is set to include multiple production units for methanol and olefins [14] Investment Recommendations - The company’s main product, polyolefin capacity expansion, is expected to contribute significantly to profit growth, with projected net profits of 12.206 billion, 12.413 billion, and 13.267 billion yuan for 2025-2027, respectively [16]

Report Overview - Report Name: Methanol Daily Report - Date: June 20, 2025 - Industry: Methanol Key Points 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The supply pressure of methanol remains high as domestic production has been increasing for four consecutive weeks, while the operating rates of most downstream products have declined this week. However, the methanol price is still rising due to the expected significant decrease in methanol imports caused by the Iran geopolitical conflict. It is expected to fluctuate strongly in the short term, but technical adjustments should be noted [5]. - From a technical perspective, in the hourly cycle, the MACD fast and slow lines of the methanol weighted contract are running above the zero - axis with repeated divergences, and the RSI has entered the overbought area three times, indicating a need for short - term stagnation and callback. In the daily cycle, the MACD fast and slow lines are above the zero - axis, the red column is continuously lengthening, the price has reached a new high, and the RSI has been in a钝化 stage after entering the overbought area. It is expected to fluctuate strongly in the short term, but technical adjustments should be noted [6]. 3. Summary by Directory 3.1 Market Review and Outlook - The methanol weighted contract increased in position and price today. The weighted contract added 20,499 lots, and the 09 main contract added 17,514 lots. It showed a high - opening and wide - range oscillation trend, closing with a small - bodied positive line with long upper and lower shadows, rising 0.91% overall. The average spot transaction price of methanol in Jiangsu Taicang was 2,770 yuan/ton, an increase of 70 yuan/ton from the previous day [5]. - From June 13 to June 19, 2025, the domestic methanol production was 1,997,846 tons, an increase of 15,190 tons from the previous week, and the plant capacity utilization rate was 88.65%, a month - on - month increase of 0.76%. The capacity utilization rates of some main downstream products of methanol this week are as follows: olefins 88.97% (a month - on - month decrease of 0.54%), formaldehyde 50.39% (a month - on - month decrease of 0.22%), acetic acid 88.33% (a month - on - month decrease of 0.327%), MTBE 63.71% (a month - on - month increase of 4.01%) [5]. - A table shows the futures market quotations of different contracts, including opening price, closing price, highest price, lowest price, increase or decrease, trading volume, open interest, change in open interest, and speculation degree [7]. 3.2 Industry News - The 3 - million - ton/year olefin project of Inner Mongolia Baofeng Coal - based New Materials Co., Ltd., the world's largest single - plant coal - to - olefin project with a total investment of 48.4 billion yuan, was put into operation. It uses coal to produce polyethylene and polypropylene, with an annual output of 3 million tons of polyolefins, including 1.5 million tons of polyethylene and 1.5 million tons of polypropylene [13]. 3.3 Data Overview - Multiple data charts are provided, including the basis of the main contract, the price difference between production and sales areas, the futures price and the number of warehouse receipts, the price difference between MA09 and MA01, the profits of three methanol production processes, and the overseas market price of methanol, but specific data in the charts are not described in detail [20][21][22]

Report Summary 1. Report Information - Report Title: Methanol Daily Report [1] - Date: May 16, 2025 [2] - Researcher: Li Jin, Ren Junchi, Peng Haozhou, Peng Jinglin, Liu Youran, Li Jie, Feng Zeren [3] 2. Core Viewpoint - The methanol market is currently in a situation where supply has increased while demand remains in the off - season, resulting in a loose supply - demand pattern that suppresses prices. Along with the overall macro - commodity correction today, methanol has also followed suit. It is expected to show short - term oscillatory movements [5]. 3. Content Summary by Section 3.1 Market Review and Outlook - **Futures Market Performance**: The methanol weighted contract decreased in price with a reduction of 60,836 lots, and the 09 main contract reduced by 55,346 lots. The weighted contract showed an oscillatory downward trend and closed with a medium - sized negative candlestick with a short lower shadow, dropping 1.85%. Specific contracts' details are as follows: MA2501 closed at 2388 yuan/ton, down 1.53%; MA2505 at 2400 yuan/ton, down 2.04%; MA2509 at 2320 yuan/ton, down 1.90% [5][7]. - **Spot Market**: The average spot transaction price of methanol in Jiangsu Taicang today was 2430 yuan/ton, a decrease of 75 yuan/ton from the previous day [5]. - **Supply and Demand Data**: From May 9th to 15th, 2025, domestic methanol production was 1,991,055 tons, an increase of 66,720 tons from the previous week. The plant capacity utilization rate was 88.47%, a decrease of 4.01% compared to the previous period. For downstream demand, the capacity utilization rates of major products were: olefins 82.31% (down 0.58% week - on - week), formaldehyde 50.87% (up 0.33% week - on - week), acetic acid 89.71% (up 2.13% week - on - week), and MTBE 56.09% (down 5.28% week - on - week) [5]. 3.2 Industry News - Baofeng's Inner Mongolia project, the world's largest single - plant coal - to - olefins project with an annual capacity of 3 million tons of olefins, has been fully put into operation. It produces over 9,000 tons per day, sets multiple industry records with "five global largest" equipment, and 23 core technologies have reached the international top level. It has achieved full - process automated production and promoted the localization of high - end manufacturing. In the coal automatic sampling and preparation process, it has established an efficient and accurate coal quality control closed - loop system. All equipment in the project is domestically produced, with 23 key core equipment reaching the international top level [13]. 3.3 Data Overview - The report provides multiple data charts, including futures prices and warehouse receipt quantities, the price difference between MA09 and MA01, the basis of the main contract, the price difference between production and sales areas, the profits of three methanol production processes, and overseas methanol market prices, with data sources from Wind and the Research and Development Department of CCB Futures [15][18][24].

Core 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].

Financial Performance - In Q1 2025, the company achieved revenue of 10.771 billion yuan, a year-on-year increase of 30.92% [1] - The net profit attributable to shareholders was 2.437 billion yuan, up 71.49% year-on-year, while the net profit excluding non-recurring items was 2.597 billion yuan, reflecting a 75.25% increase [1] - The sales volume of polyethylene (PE) and polypropylene (PP) significantly increased, with revenues of 3.614 billion yuan and 3.205 billion yuan, representing year-on-year growth of 77% and 84% respectively [1] Production and Sales - The production volume for PE and PP reached 522,500 tons and 501,400 tons, with year-on-year increases of 82% and 83% respectively [1] - The average selling prices (excluding tax) for PE and PP were 7,023.06 yuan/ton and 6,521.96 yuan/ton, showing a year-on-year increase of 1.44% and a slight decrease of 0.02% respectively [1] - The company’s coal procurement average price (excluding tax) was 347.6 yuan/ton, down 23.11% year-on-year, contributing to improved profitability [1] Market Conditions - The demand for coke remains weak, leading to a decline in coke prices, with the company reporting coke revenue of 1.834 billion yuan, a decrease of 32% year-on-year [2] - The average price of coke (excluding tax) was 1,079.25 yuan/ton, down 29.58% year-on-year, reflecting the pressures from downstream steel mills and raw material costs [2] Project Developments - The company’s Inner Mongolia project is progressing, with a total capacity of 5.2 million tons/year for coal-to-olefins expected to enhance future performance [3] - The first series of 1 million tons/year olefins production line was launched in November 2024, with subsequent lines coming online in January and March 2025 [3] - The company maintains a strong investment rating, projecting net profits of 10.75 billion, 12.6 billion, and 13.88 billion yuan for 2025-2027 [3]