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Private Chinese coal-chemical group converting coal into olefins, coke and chemical products at large integrated plants.
Private Chinese coal-chemical group converting coal into olefins, coke and chemical products at large integrated plants.
Turns coal into polyethylene and polypropylene through coal-to-olefins plants, so profit is the spread between plastics prices and the cost of coal and power. The chairman, Dang Yanbao, founded the group, and it has been building large new capacity in Inner Mongolia.
In one line: A Chinese coal-to-chemicals integrated producer.
Moat: narrow (scale, cost advantage). Large integrated coal-chemical scale in a low-cost coal region supports cost leadership.
Headquarters: Yinchuan, China · Founded: 1998 · Employees: 22,037
Size Ningxia Baofeng Energy (600989.SS) is a China Materials company (Chemicals: Specialty) with a market value of $23.4B, the 84th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥21.24 on 6 Nov 2026.
Performance Over six months the shares fell 30.8%, against -12.9% for the median peer and -16.4% for the China market (cap-weighted) — 6th lowest of 21 in its peer set.
Growth Revenue grew 34.6% over the last twelve months (peer median +0.9%); the operating margin is 34.6% (peer median 10.6%).
Valuation It trades at 8.4× forward earnings against a peer median of 17.5× (4th cheapest of 19).
Price implies For today's price to make sense, revenue must grow about -8% a year for seven years (Req g). Recent delivered growth is +25%, so the hurdle is -33 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 15.3 points above its cost of capital (6.0% WACC).
Next results Next results expected around 11 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥59.6B | CN¥47.9B | CN¥32.8B | CN¥29.1B | CN¥28.4B |
| Revenue growth | — | +46% | +13% | +3% | — |
| Gross profit | CN¥25.9B | CN¥16.9B | CN¥10.7B | CN¥8.73B | CN¥9.21B |
| EBITDA | n/a | CN¥17.8B | CN¥10.7B | CN¥8.93B | CN¥9.49B |
| Net income | CN¥16.7B | CN¥11.4B | CN¥6.34B | CN¥5.65B | CN¥6.30B |
| Free cash flow | CN¥13.4B | CN¥10.2B | -CN¥2.63B | -CN¥4.15B | -CN¥3.35B |
| Capital expenditure | CN¥8.64B | CN¥6.64B | CN¥11.5B | CN¥12.8B | CN¥9.98B |
| Total debt | CN¥25.9B | CN¥30.9B | CN¥31.6B | CN¥21.7B | CN¥15.4B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Ningxia Baofeng Energy 600989.SS | $23.4B | -31% | +35% | 35% | 8.4× | -7.8% |
| Shaanxi Coal Industry 601225.SS | $37.6B | -1% | -8% | 22% | 11.1× | -15.1% |
| Wanhua Chemical 600309.SS | $34.1B | -19% | +37% | 11% | 11.3× | -2.6% |
| Yankuang Energy 600188.SS | $20.4B | -27% | +21% | 15% | 10.3× | -0.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 600989.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -8.9% | +0.1% | 7th lowest of 21 |
| 6-month return | -30.8% | -12.9% | 6th lowest of 21 |
| Distance from 52-week high | -41.8% | -27.4% | 7th lowest of 21 |
| Revenue growth (TTM) | +34.6% | +0.9% | 3rd highest of 21 |
| Operating margin | 34.6% | 10.6% | 2nd highest of 21 |
| Forward P/E | 8.4× | 17.5× | 4th cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | -7.8% | 8.1% | 4th least demanding of 16 |
| Growth delivered (Del g) | +24.8% | +7.0% | 3rd highest of 16 |
| Hurdle (Req g minus delivered) | -32.6 pp | +0.5 pp | 2nd least demanding of 16 |
| ROIC minus cost of capital | +15.3 pp | -1.0 pp | 3rd highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Ningxia Baofeng Energy 600989.SS | China | $23.4B | -31% | +35% | 35% | 8.4× | -7.8% | +24.8% |
| Dow DOW | United States | $22.7B | -14% | +4% | 5% | 14.8× | 4.3% | +0.7% |
| Ems-chemie EMSN.SW | Switzerland | $24.3B | +28% | -3% | 30% | 39.4× | 8.6% | +1.6% |
| LyondellBasell LYB | United States | $19.6B | -15% | -2% | 10% | 9.5× | -10.3% | +1.7% |
| China Northern Rare Earth (Group) High-Tech 600111.SS | China | $19.6B | -31% | +29% | 11% | 28.5× | 24.6% | +14.2% |
| Hengli Petrochemical 600346.SS | China | $17.5B | -25% | -8% | 8% | 9.2× | -8.0% | +5.1% |
| Novonesis A/S NSIS-B.CO | Denmark | $32.1B | +22% | +5% | 21% | 30.0× | 13.2% | +17.2% |
| Sociedad Quimica y Minera de Chile S.A. Sponsored ADR Pfd Series B SQM | United States | $16.0B | -37% | +59% | 39% | 7.3× | -4.8% | +20.1% |
| Nippon Sanso 4091.T | Japan | $15.3B | +1% | +10% | 15% | 16.9× | 7.8% | +10.7% |
| Symrise SY1.DE | Germany | $15.1B | +30% | -1% | 12% | 24.8× | 8.1% | +7.0% |
| Covestro 1COV.DE | Germany | $14.0B | 0% | -9% | -3% | 200.3× | n/a | n/a |
| Zhejiang Juhua 600160.SS | China | $13.1B | -12% | -5% | 20% | 18.2× | n/a | n/a |
| Lgchem 051910.KS | South Korea | $12.6B | -42% | 0% | 0% | n/a | n/a | n/a |
| Resonac 4004.T | Japan | $12.6B | -26% | +1% | 8% | 18.0× | 26.7% | +6.7% |
| Satellite Chemical 002648.SZ | China | $12.4B | -17% | +20% | 23% | 7.2× | -13.2% | +33.8% |
| Formosa Plastics 1301.TW | Taiwan | $12.1B | +22% | -11% | -2% | 21.4× | n/a | n/a |
| Albemarle ALB | United States | $11.7B | -51% | +18% | 14% | 11.3× | 10.9% | +10.4% |
| Formosa Chemicals & Fibre 1326.TW | Taiwan | $11.1B | +21% | -5% | 1% | 21.0× | 26.2% | +2.5% |
| Swancor Advanced Materials 688585.SS | China | $10.9B | +50% | +3% | -25% | n/a | n/a | n/a |
| Basf BAS.DE | Germany | $52.6B | +2% | -4% | 7% | 16.8× | 5.7% | +0.2% |
| Ganfeng Lithium 1772.HK | Hong Kong | $9.76B | -72% | +123% | 18% | 6.4× | 9.0% | +32.0% |