On March 27, Baofeng Energy (600989.SH), a leading company in the coal chemical industry, opened significantly lower by over 6%, and quickly hit the daily limit down. By the close of trading, the total volume was 780,500 hands, with a turnover of 1.241 billion yuan, and its latest market capitalization was 116.3 billion yuan.

Public information shows that Baofeng Energy, officially known as Ningxia Baofeng Energy Group Co., Ltd., is a leading enterprise in the high-end coal-based new materials industry with a complete industrial chain. Its main businesses include coal-to-olefins and coking operations, and its primary products include polyethylene, polypropylene, and coke. The chairman of Baofeng Energy is Dang Yanbao, while the legal representative and general manager is Liu Yuanguan. The actual controller of Baofeng Energy is Dang Yanbao. Dang Yanbao directly holds 7.53% of the shares, while Ningxia Baofeng Group Co., Ltd. and Dongyi International Group Co., Ltd., which he controls, hold 35.65% and 27.27% respectively, bringing the total shareholding proportion to 70.45%.

On March 12, 2025, Baofeng Energy released its 2024 annual report, with revenue and net profit attributable to the listed company reaching RMB 32.983 billion and RMB 6.338 billion, respectively, representing year-on-year growth of 13.21% and 12.16%. Notably, Baofeng Energy announced a dividend distribution of RMB 4.1 per 10 shares, with no stock transfers or bonus shares, entirely paid in cash, totaling RMB 3.007 billion, accounting for nearly half of the net profit.

Zhongyuan Securities released a research report on March 25, maintaining an "Overweight" rating for Baofeng Energy. The rating rationale primarily includes: 1) The commissioning of new projects driving full-year earnings growth; 2) The widening oil-coal price gap expected to enhance the company's profitability; 3) The steady progress of the Inner Mongolia project, ensuring future earnings growth. Risk factors: Demand falling short of expectations, declining product prices, and intensifying industry competition.

According to public information, as of March 25, 2025, a total of 122 institutional investors have disclosed their holdings in Baofeng Energy A-shares, with a combined holding of 5.135 billion shares, accounting for 70.02% of Baofeng Energy's total share capital. Among them, the top ten institutional investors include Ningxia Baofeng Group Co., Ltd., Dongyi International Group Co., Ltd., Hong Kong Central Clearing Limited, Industrial and Commercial Bank of China Limited - Huatai-PB Securities CSI 300 ETF, China Life Insurance Company Limited - Traditional - Ordinary Insurance Product - 005L-CT001, Abu Dhabi Investment Authority, Taikang Life Insurance Co., Ltd. - Investment-linked - Multi-strategy Preferred, E Fund Supply-side Reform Mixed, CITIC Securities Excellent Growth A, and E Fund Quality Momentum Three-Year Holding Mixed A, with the top ten institutional investors holding a combined proportion of 67.97%. Compared to the previous quarter, the combined holding proportion of the top ten institutions has decreased by 0.82 percentage points.

In terms of public offering funds, a total of 23 public offering funds increased their holdings compared to the previous period, mainly including Yifangda Supply-side Reform Hybrid, Yifangda Quality Momentum Holding Hybrid A, Yifangda New Silk Road Hybrid, Yifangda New Economy Hybrid, and Jing投长城 JingSheng Dual Income Bond A Class, among others, with an increase in holdings accounting for 0.28%. A total of 1 public offering fund decreased its holdings compared to the previous quarter, namely Huatai Bermuda 300 ETF, with a slight decline in holdings. A total of 1 public offering fund was newly disclosed compared to the previous quarter, namely China Merchants Securities Zhiyuan Growth Flexible Allocation Hybrid A. Compared to the previous quarter, a total of 123 public offering funds were no longer disclosed, mainly including CITIC Securities Excellent Growth A, Yifangda Supply-side Reform Hybrid, Jing投长城 Strategic Selection Flexible Allocation Hybrid A, Yifangda Quality Momentum Holding Hybrid A, and CITIC Securities Dividend Value A, among others.

In terms of insurance capital, there was one insurance company that reduced its shareholding compared to the previous quarter, namely China Life Insurance Company Limited - Traditional - General Insurance Product - 005L-CT001 Shanghai, with a slight decrease in the proportion of shareholding reduction. One new insurance capital investor was disclosed this quarter compared to the previous quarter, namely Taikang Life Insurance Co., Ltd. - Investment-linked - Multi-strategy Preferred.

From the perspective of foreign capital, there is a total of 1 foreign fund that increased its shareholding in this period compared to the previous one, namely Hong Kong Securities Clearing Company Limited, with a slight increase in the proportion of shares held. In this period, there is 1 newly disclosed foreign institution compared to the previous quarter, which is the Abu Dhabi Investment Authority.