Ningxia Baofeng Energy Group (600989) Q4 2025 earnings summary

Executive summary

• Achieved revenue of RMB 48.04 billion in 2025, up 45.64% year-over-year; net profit attributable to shareholders reached RMB 11.35 billion, up 79.09% year-over-year.

• Total assets at year-end were RMB 90.15 billion, a 0.65% increase from the previous year.

• Major coal-to-olefin project in Inner Mongolia reached full production, raising olefin capacity to 5.2 million tons/year, the largest in China's coal-to-olefin sector.

• Cash dividend payout for 2025 totaled RMB 5.09 billion, representing 44.85% of net profit.

Financial highlights

• Operating income: RMB 48.04 billion, up 45.64% year-over-year.

• Net profit attributable to shareholders: RMB 11.35 billion, up 79.09% year-over-year.

• Operating cash flow: RMB 16.85 billion, up 89.39% year-over-year.

• Basic and diluted EPS: RMB 1.56, up 79.31% year-over-year.

• Net assets attributable to shareholders: RMB 48.39 billion, up 12.52% year-over-year.

Outlook and guidance

• Industry expects continued growth in polyolefin demand, though supply growth outpaces demand, keeping the market environment loose.

• Company aims to maintain leadership in coal-based chemicals and pursue green, sustainable development.