Ningxia Baofeng Energy Group (600989) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 32.73% YoY to RMB 16.89bn; attributable net income increased 41.97% to RMB 4.59bn.

• 9M revenue grew 32.47% to RMB 47.09bn and attributable net income rose 59.97% to RMB 14.32bn.

• Stronger olefins profitability and higher output following the Inner Mongolia project’s full ramp-up supported growth.

Financial highlights

• Q3 total profit was RMB 5.39bn, up 47.45% YoY; 9M total profit reached RMB 16.90bn, up 65.05%.

• 9M operating cash flow increased 38.42% YoY to RMB 18.80bn.

• 9M operating revenue was RMB 47.09bn versus RMB 35.54bn a year earlier; operating costs were RMB 30.26bn versus RMB 25.29bn.

• 9M attributable net income excluding non-recurring items was RMB 14.13bn, up 57.47% YoY; reported attributable net income was RMB 14.32bn.

Segment performance

• Olefins products recorded stronger profitability as chemical product market prices rose and sales volumes increased.

• The Inner Mongolia olefins project reached full production in Apr 2025, driving a substantial YoY increase in production and sales volumes.