BAOFENG ENERGY(600989) 长江商报·2025-04-24 00:13Core Viewpoint - Baofeng Energy has successfully turned around its operating performance, reporting significant growth in revenue and net profit in Q1 2025, driven by the production of its Inner Mongolia olefin project [1][2]. Group 1: Financial Performance - In Q1 2025, Baofeng Energy achieved revenue of 10.771 billion yuan, a year-on-year increase of 30.92%, and a net profit of 2.437 billion yuan, up 71.49% [1][2]. - The company's net profit for 2024 was 6.338 billion yuan, reflecting a year-on-year growth of 12.16%, with revenue reaching 32.98 billion yuan, a 13.21% increase [3]. - The company reported a non-recurring net profit of 2.597 billion yuan in Q1 2025, marking a 75.25% increase year-on-year [2]. Group 2: Business Operations and Projects - The growth in Baofeng Energy's performance is attributed to the production increase of its main product, polyolefins, following the launch of its Inner Mongolia olefin project [1][2]. - The company has been expanding its production capacity with new projects, including a 250,000 tons/year EVA project and a 2.6 million tons/year coal-to-olefin project, with multiple production lines set to commence in 2024 and 2025 [3]. Group 3: Innovation and R&D - Baofeng Energy has been actively investing in technology innovation to strengthen its competitive edge, with R&D expenses increasing significantly over the years, reaching 740 million yuan in 2024, which is 2.24% of total revenue [4][6]. - The company has applied for a total of 546 patents, with 318 granted, and has made advancements in smart production and supply chain management through digital technologies [6].