Group 1 - A general blasting accident occurred at the Malian Tai Coal Mine in Ningxia on February 17, 2025, resulting in 11 injuries, including 9 serious and 2 minor injuries, with direct economic losses amounting to 5.638 million yuan [1] - The accident was caused by illegal exposed blasting in the 20907 working face, which raised coal dust to explosive concentrations, leading to a local explosion [1] - The investigation report was published by the National Mine Safety Supervision Bureau, confirming the incident as a production safety responsibility accident due to improper blasting operations [1] Group 2 - The investigation team proposed accountability measures for 13 individuals, including criminal referrals for the on-duty team leader and blaster [2] - The mine's party secretary and mine manager faced severe penalties, including dismissal from party positions, removal from their roles, and a five-year ban from holding major positions in production and operation units [2] - Other officials, including the production vice president and safety management department head, received disciplinary actions, administrative fines, and qualification suspensions [2]

Core Viewpoint - Baofeng Energy's Q4 2025 performance is in line with expectations, and while short-term performance is under pressure, the company's long-term growth potential remains intact [1] Group 1: Project Developments - The Inner Mongolia Phase I project has reached full production capacity, and cost optimization continues [1] - The Ningdong Phase IV project has officially commenced construction, with an expected completion date by the end of 2026 [1] - The Xinjiang Zhuzhong 4 million tons coal-to-olefins project has received expert review opinions for environmental and safety assessments, opening up long-term growth opportunities [1] Group 2: Competitive Advantages - The Inner Mongolia project has advantages in raw materials, depreciation, and processing costs, which will enhance future competitive advantages [1] - As a leading player in the coal-to-olefins industry, the company maintains a cost advantage over competitors [1]

Core Viewpoint - Baofeng Energy's stock has shown significant growth in recent months, with a notable increase in revenue and net profit year-on-year, indicating strong financial performance and investor interest [1][2]. Group 1: Stock Performance - On January 22, Baofeng Energy's stock rose by 2.08%, reaching 22.10 CNY per share, with a trading volume of 5.76 billion CNY and a turnover rate of 0.36%, resulting in a total market capitalization of 162.07 billion CNY [1]. - Year-to-date, Baofeng Energy's stock price has increased by 12.58%, with a 4.89% rise over the last five trading days, 20.63% over the last 20 days, and 22.57% over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Baofeng Energy achieved a revenue of 35.55 billion CNY, representing a year-on-year growth of 46.43%, and a net profit attributable to shareholders of 8.95 billion CNY, which is a 97.27% increase compared to the previous year [2]. - Since its A-share listing, Baofeng Energy has distributed a total of 17.35 billion CNY in dividends, with 8.12 billion CNY distributed over the last three years [3]. Group 3: Shareholder Information - As of September 30, 2025, Baofeng Energy had 65,400 shareholders, an increase of 3.70% from the previous period, with an average of 112,206 circulating shares per shareholder, a decrease of 3.57% [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 177 million shares, a decrease of 25.62 million shares from the previous period, while Huatai-PB CSI 300 ETF and Chemical ETF are also among the top shareholders [3].

Core Insights - Green ammonia is a zero-carbon ammonia product synthesized from renewable energy-driven green hydrogen, reducing emissions by approximately 95% compared to gray ammonia [1][3] - The green ammonia industry in China is supported by multiple policies, particularly promoting its application in inland shipping, indicating significant growth potential [1][6] - The industry structure consists of three layers: upstream supply, midstream conversion, and downstream demand, with a focus on cost reduction and technological integration for future development [1][6] Industry Overview - Ammonia (NH3) is a key raw material for nitrogen fertilizers and is widely used in various industrial applications, making it an essential chemical in the industrial system [2] - Green ammonia is produced through renewable energy sources, with a lifecycle carbon emission intensity of less than 0.8 tons CO₂ equivalent per ton of ammonia, distinguishing it from gray and blue ammonia [3][4] Policy Background - China has implemented several policies to support the development of green ammonia, including plans for renewable energy development and low-carbon transformation of coal power [6] - The promotion of green ammonia in inland shipping is expected to open new commercial application spaces, facilitating the transition from demonstration projects to large-scale applications [6] Industry Chain Structure - The green ammonia industry chain in China is structured into upstream supply (renewable energy generation and equipment manufacturing), midstream conversion (green hydrogen production and ammonia synthesis), and downstream demand (agricultural fertilizers and energy applications) [6][9] - Upstream challenges include the volatility of renewable energy output and reliance on imported components for PEM electrolyzers [8] Current Development Status - China's synthetic ammonia industry is mature, with a production capacity of 5,954.2 million tons expected to reach 8,247 million tons by 2025, with green ammonia becoming a core growth driver [10] - As of 2025, 125 green ammonia projects are planned, with a total capacity exceeding 2,335.72 million tons per year, marking a shift towards small-scale commercial demonstration [10] Company Landscape - The green ammonia industry in China features a diverse competitive landscape, with state-owned enterprises leading large-scale projects and private companies focusing on technology and system integration [11] - Key players include China Energy Engineering, Sinopec, and Longi Green Energy, with regional production bases in the northwest and transportation hubs in the southeast [11] Future Development Trends - The green ammonia industry is expected to focus on technological innovation for cost reduction and efficiency, with an emphasis on upgrading electrolyzer technology and optimizing synthesis processes [12] - There will be a trend towards vertical integration of the industry chain, enhancing collaboration between renewable energy and chemical sectors [12] - Application scenarios will expand from green fertilizers to energy sectors, driven by policy support and market demand, facilitating the transition from demonstration to large-scale commercialization [13]

市公司 叶研究公司书 任杰 A0230522070003 reniie@swsresearch.com 宋涛 A0230516070001 songtao@swsresearch.com 报告原因:有业绩公布需要点评 | 市场数据: 2026年01月21日 | | --- | | 收盘价（元） 21.65 | | 一年内最高/最低（元） 22.17/13.85 | | 市净率 3.5 | | 股息率%（分红/股价） 5.21 | | 158,767 流通 A 股市值 (百万元) | | 上证指数/深证成指 | | 注："股息率"以最近一年已公布分红计算 | | 基础数据: | 2025年09月30日 | | --- | --- | | 每股净资产（元） | 6.27 | | 资产负债率% | 49.10 | | 总股本/流通 A 股 (百万) | 7,333/7,333 | | 流通 B 股/H 股 (百万) | | 年内股价与大盘对比走势： 沪深300指数 相关研究 证券分析师 投资要点: C 25Q4 业绩基本符合预期，短期业绩承压不改公司中长期成长性。公司发布 2025 年年度业绩预增公告， 公司预计 ...

上 市 公 司 公 司 研 究 / 公 司 点 评 一年内股价与大盘对比走势： -20% -10% 0% 10% 20% 30% 40% 01-21 02-21 03-21 04-21 05-21 06-21 07-21 08-21 09-21 10-21 11-21 12-21 01-21 宝丰能源 沪深300指数 (收益率) 相关研究 证券分析师 任杰 A0230522070003 renjie@swsresearch.com 宋涛 A0230516070001 songtao@swsresearch.com 研究支持 任杰 A0230522070003 renjie@swsresearch.com 证 券 研 究 报 告 报告原因：有业绩公布需要点评 | 市场数据： | 2026 年 01 月 21 日 | | --- | --- | | 收盘价（元） | 21.65 | | 一年内最高/最低（元） | 22.17/13.85 | | 市净率 | 3.5 | | 股息率%（分红/股价） | 5.21 | | 流通 A 股市值（百万元） | 158,767 | | 上证指数/深证成指 | 4,116.94 ...

2025 年 2 月 17 日 22 时 16 分，宁夏宝丰能源马莲台煤矿（以下简称马莲台煤矿）20907 切眼导硐掘进 工作面发生一起一般爆破事故，造成 11 人受伤（其中9 人重伤、2人轻伤），直接经济损失 563.8 万 元。 经调查认定，马莲台煤矿"2·17"事故是一起因20907切眼导硐掘进工作面违规爆破作业扬起煤尘形成局 部爆燃造成的生产安全责任事故。 该矿在 20907 切眼导硐掘进工作面内违规裸露爆破，爆炸扬起粉煤达到爆燃浓度，引起煤尘爆燃，是事 故的直接原因： 国家矿山安全监察局宁夏局1月19日公布《宁夏宝丰能源集团股份有限公司马莲台煤矿"2·17"一般爆破 事故调查报告》。 1.违规裸露爆破。现场未实施打眼作业，爆破工将炸药卷直接放置在迎头浮煤堆里实施爆破。现场视频 显示，事故发生前 10 分钟内，切眼导硐浮煤上炸药滑落，爆破工将部分炸药用脚向浮煤内踩踏、部分 炸药扔在浮煤上。 2.20907 切眼导硐留有浮煤。自2 月15 日至2月17日早班共进行了 5 次爆破作业，均未按照爆破说明书实 现全断面一次爆破成型，留有 1.8 米底煤台阶。 3.未采取综合防尘措施。事故当班辅助运输下山大巷供 ...

Core Viewpoint - Baofeng Energy's stock has shown significant growth in recent months, with a notable increase in revenue and net profit year-on-year, indicating strong operational performance and investor interest [1][2]. Group 1: Stock Performance - On January 20, Baofeng Energy's stock rose by 2.03%, reaching 21.66 CNY per share, with a trading volume of 9.67 billion CNY and a turnover rate of 0.61%, resulting in a total market capitalization of 158.41 billion CNY [1]. - Year-to-date, Baofeng Energy's stock price has increased by 10.34%, with a 5-day increase of 11.71%, a 20-day increase of 18.30%, and a 60-day increase of 19.67% [1]. Group 2: Financial Performance - For the period from January to September 2025, Baofeng Energy achieved a revenue of 35.545 billion CNY, representing a year-on-year growth of 46.43%, and a net profit attributable to shareholders of 8.950 billion CNY, which is a 97.27% increase compared to the previous year [2]. - Since its A-share listing, Baofeng Energy has distributed a total of 17.348 billion CNY in dividends, with 8.121 billion CNY distributed over the last three years [2]. Group 3: Shareholder Structure - As of September 30, 2025, Baofeng Energy had 65,400 shareholders, an increase of 3.70% from the previous period, with an average of 112,206 circulating shares per shareholder, a decrease of 3.57% [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 177 million shares, a decrease of 25.624 million shares from the previous period, while the Chemical ETF has entered the top ten as a new shareholder with 32.987 million shares [2].

Market Overview - The chemical raw materials sector increased by 3.05% on January 19, with Junzheng Group leading the gains [1] - The Shanghai Composite Index closed at 4114.0, up 0.29%, while the Shenzhen Component Index closed at 14294.05, up 0.09% [1] Top Performers - Junzheng Group (601216) closed at 5.76, up 8.68%, with a trading volume of 4.2296 million shares and a transaction value of 2.373 billion [1] - Weiyuan Co., Ltd. (600955) closed at 18.72, up 8.52%, with a trading volume of 334,500 shares and a transaction value of 616 million [1] - New Jinlu (000510) closed at 16.69, up 7.68%, with a trading volume of 1.1245 million shares and a transaction value of 1.780 billion [1] Market Capital Flow - The chemical raw materials sector saw a net inflow of 117 million from institutional investors, while retail investors contributed a net inflow of 236 million [2] - However, there was a net outflow of 353 million from speculative funds [2] Individual Stock Capital Flow - Junzheng Group had a net inflow of 237 million from institutional investors, but a net outflow of 103 million from speculative funds [3] - Weiyuan Co., Ltd. experienced a net inflow of 106 million from institutional investors, with a net outflow of 90.63 million from speculative funds [3] - North Yuan Group (601568) had a net inflow of 37.92 million from institutional investors, but a net outflow of 16.12 million from speculative funds [3]

Core Viewpoint - The report highlights the current trends in the chemical industry, focusing on price movements, supply and demand dynamics, and investment opportunities in undervalued leading companies amid a backdrop of geopolitical tensions and changing market conditions [1][4][8]. Industry Dynamics - In the week of January 12-18, 49 out of 100 tracked chemical products saw price increases, while 20 experienced declines, and 31 remained stable. The average monthly price of 49% of products rose compared to the previous month [3]. - The average price of WTI crude oil futures increased by 0.54% to $59.44 per barrel, while Brent crude oil futures rose by 0.66% to $63.76 per barrel during the same week [4]. - As of January 9, U.S. crude oil production averaged 13.753 million barrels per day, a decrease of 58,000 barrels from the previous week but an increase of 272,000 barrels year-on-year. Total U.S. oil demand was 21.009 million barrels per day, up by 178,200 barrels from the previous week [4]. Price Movements - The price of butadiene rose by 4.04% to 9,663 yuan per ton as of January 18, with a month-on-month increase of 25.98% but a year-on-year decrease of 20.8%. The production of butadiene was 109,300 tons, down 2.85% from the previous week [5]. - Epoxy propane prices increased by 8.84% to 8,620 yuan per ton, with a year-on-year rise of 9.88%. The market operating rate was 65.38%, reflecting a 1.51% increase from the previous week [6][7]. Investment Recommendations - As of January 18, the price-to-earnings ratio (TTM) for the SW basic chemical sector is 14.68, at the 59.64% historical percentile, while the price-to-book ratio is 1.54, at the 40.20% historical percentile. The SW oil and petrochemical sector has a TTM P/E ratio of 13.44, at the 39.81% historical percentile [8]. - Investment suggestions include focusing on undervalued leading companies, the impact of "anti-involution" on supply in related sub-industries, and the growing importance of self-sufficiency in electronic materials and certain new energy materials amid rising prices [2][8]. - Recommended stocks include Wanhua Chemical, Hualu Hengsheng, and others, with a focus on sectors like semiconductor materials, OLED materials, and new energy materials [8][9].