Ningxia Baofeng Energy Group Co., Ltd. is a leading enterprise in green manufacturing of high-end chemical materials, listed on the main board of the A-share market (stock code: 600989). Staying true to the Party's leadership and committed to building the country through industry, the company actively responds to major national and regional strategic plans, upholds a green development philosophy of "resource conservation and environmental friendliness", and devotes itself to industries the country needs most. It works to develop new quality productive forces and to make a positive contribution to safeguarding national energy security and leading the industry's green transformation. The company is dedicated to building a technology-driven, green and intelligent manufacturing enterprise defined by "technological innovation, technological leadership, industry leadership and world-class standards". Applying globally advanced processes, technologies and equipment, it produces polyolefins at scale by replacing petroleum with coal and fossil energy with new energy. At the Ningdong and Ordos national energy bases, it has built a modern coal chemical circular-economy industrial cluster that is the largest in China, the most complete in industrial chain and the most advanced in technology. With upstream and downstream links closely connected and mutually reinforcing, the cluster can produce more than 100 chemical products, achieving intensive resource use and clean, efficient utilization. Its capacity includes 300 million cubic meters of green hydrogen, 7 million tonnes of coke, 14 million tonnes of methanol, 6 million tonnes of polyolefins and 1.35 million tonnes of fine chemicals per year, substituting more than 30 million tonnes of oil imports and nearly 6 million tonnes of olefin product imports annually, and actively safeguarding national energy security. Committed to self-reliance in science and technology, the company has joined forces with renowned academicians and expert teams, leading research and design institutes, and equipment manufacturers to tackle key problems. Through continuous technology iteration and equipment upgrading, it has achieved domestic substitution across its full range of processes and equipment, with 23 core technologies and items of equipment reaching internationally leading levels and multiple bottleneck issues resolved, driving China's modern coal chemical equipment from reliance on imports to independent leadership and supporting the building of a manufacturing powerhouse. Deeply integrating next-generation information technologies such as artificial intelligence, big data, the Internet of Things and cloud computing, the company has created a digital plant that is "fully sensing, fully connected, covering all scenarios and fully intelligent". Its self-developed industrial AI large model empowers every link of the business — industrial manufacturing, process R&D, equipment and energy management, safety and environmental protection, product development, cost and supply chain management — making it a benchmark for the deep integration of AI and industry. Aligned with the "dual carbon" goals, the company has built a globally leading "wind-solar-storage" green hydrogen project and coupled green hydrogen with the modern coal chemical industry. Using new energy to replace fossil energy, it produces green methanol, green ammonia, green olefins and other green fuels and raw materials, replacing coal with hydrogen and cutting carbon at the source, and has explored a scientific pathway to carbon neutrality for the low-carbon transition of the energy and chemical industry.
Xinjiang Baofeng Coal-based New Materials Co., Ltd. is a wholly-owned subsidiary of Ningxia Baofeng Energy Group Co., Ltd. Established on July 19, 2024, and headquartered in the Zhundong Economic and Technological Development Zone in the Changji Hui Autonomous Prefecture, Xinjiang, the company is led by its legal representative, Gao Jianjun. With a registered capital of 100 million RMB, it serves as the core platform for Baofeng Energy’s large-scale, modern coal-chemical and low-carbon new materials industrial footprint in Xinjiang. The company’s flagship project is a demonstration initiative focused on the clean and efficient conversion of coal, integrated with green hydrogen to produce low-carbon chemicals and new materials. It is located within the No. 5 Chemical Industrial Park of the Jiangjunmiao Mining Area, part of the state-level Xinjiang Zhundong Economic and Technological Development Zone. Leveraging Xinjiang’s abundant coal reserves and renewable energy (wind and solar) resources, the project centers on coal-to-methanol and methanol-to-olefins (MTO) processes, incorporating green hydrogen to reduce carbon emissions. The planned facilities include units for methanol production, MTO, olefin separation, polypropylene (PP), polyethylene (PE), ultra-high molecular weight polyethylene (UHMWPE), ethylene-vinyl acetate (EVA), and polymethyl methacrylate (PMMA). Its primary product portfolio encompasses high-end polyolefins and new materials—such as HDPE, LLDPE, PP, EVA, UHMWPE, and PMMA—alongside by-products like sulfur, heavy C4 fractions, and MTBE. These products are widely used in sectors including packaging, piping, injection molding, photovoltaic encapsulation films, and high-end engineering plastics, effectively complementing and extending the product ecosystem of Baofeng Energy’s headquarters. Adhering to Baofeng Energy’s development philosophy of being "green, low-carbon, and circular," the company distinguishes itself by integrating green hydrogen—produced from wind and solar energy—into its chemical production processes. This approach reduces the consumption of fossil-based feedstocks and lowers carbon emissions, aligning with national "dual carbon" (carbon peaking and carbon neutrality) goals. The company’s business scope spans the R&D and manufacturing of high-end synthetic materials, the production and sale of chemical raw materials, coal washing and processing, new material technology development, wastewater treatment and resource recovery, and equipment operation and maintenance. Supported by comprehensive utility infrastructure, storage and logistics systems, and environmental protection facilities, the company aims to build an integrated, intelligent, and energy-efficient industrial base for modern coal-based new materials. Leveraging its parent company’s mature expertise in coal-to-olefins technology, established supply chain, robust R&D capabilities, and global sales channels, the company—upon the completion and commissioning of its facilities—will significantly expand Baofeng Energy’s production capacity for new polyolefin materials. This will further refine the company’s nationwide industrial footprint, enabling the supply of a diverse range of high-quality polyolefin products to both domestic and international markets. Furthermore, the project will facilitate the on-site conversion of regional energy resources, extend the coal-chemical industrial chain, and drive the coordinated development of local industries and employment.
Ningxia Coal-based New Materials Technology Co., Ltd. is a wholly-owned subsidiary of Ningxia Baofeng Energy Group Co., Ltd. Located within the Ningdong Energy and Chemical Industry Base, it serves as the operating entity for the Group’s Phase III olefin project in Ningdong. The project utilizes the third-generation DMTO (Methanol-to-Olefins) technology developed by the Dalian Institute of Chemical Physics (DICP) under the Chinese Academy of Sciences. It represents the first single-train polyolefin production facility in China with an annual capacity of 1 million tons. Trial production commenced in September 2023, supported by a 1.5 million tons/year methanol plant. The product portfolio includes 400,000 tons/year of polyethylene, 500,000 tons/year of polypropylene, and 250,000 tons/year of ethylene-vinyl acetate (EVA) copolymer.###In February 2024, the associated EVA production unit was completed and brought online. As the world’s first project to produce EVA using coal as a feedstock, it offers the flexibility to switch between EVA and low-density polyethylene (LDPE), as well as between different grades of EVA, based on market conditions. The facility has successfully transitioned from producing foaming-grade EVA to photovoltaic (PV)-grade EVA—meeting the required quality standards—and has achieved its first export order. The completion of this unit enables the company to extend its olefin product offerings into high-value-added sectors, such as PV encapsulant films and high-end foaming materials, marking a flagship initiative in the Group’s strategy focused on "high-end development and product differentiation."
Inner Mongolia Baofeng Coal-based New Materials Co., Ltd. is located in the Tuke Industrial Park, Uxin Banner, Ordos City, Inner Mongolia. It is 99.67% owned by a publicly listed company (with the remaining 0.33% held by the Ningdong Olefins Plant II). With a total investment of 48.4 billion RMB, the project is designed for an annual output of 3 million tons of olefins, supported by a 6.6 million tons/year methanol production capacity. The first phase—comprising 2.6 million tons/year of coal-to-olefins capacity and an additional 400,000 tons/year of olefins produced via green hydrogen integration—is set to be fully operational by March 2025. It stands as the world’s largest single-site coal-to-olefins project and the first globally to utilize green hydrogen on a large scale to replace fossil fuels in olefin production. The project was constructed in just 18 months, achieving a 98% localization rate for its equipment. Through collaborations with partners such as Aerospace Long March, the Dalian Institute of Chemical Physics (Chinese Academy of Sciences), Shenyang Blower Works, and Hangzhou Oxygen Plant Group, the project has achieved full localization of its core equipment. Twenty-three of its technologies and equipment units have reached leading domestic and international standards. Notably, the project features five individual production units—including those for gasification, purification, methanol synthesis, and full-density polyethylene—that rank as the largest of their kind globally, alongside three others—air separation, DMTO (methanol-to-olefins), and polypropylene—that are the largest in China. Upon commissioning, the group’s total olefin production capacity will reach 5.2 million tons/year, making it the largest player in China’s coal-to-olefins sector. The project produces approximately 9,000 tons of polyolefins daily, maintains a stable gross profit margin of around 30%, and is projected to generate an annual industrial output value of approximately 30 billion RMB, serving consumer markets in North and East China.
The company is a wholly-owned subsidiary of Ningxia Baofeng Energy Group Co., Ltd. It operates the Phase II olefin production facilities in Ningdong, which utilize the MarTECH ADL dual-loop polyethylene process and the Unipol polypropylene process. Capable of producing high-end grades—such as bimodal high-density polyethylene (HDPE) and metallocene polyethylene (mPE)—the company stands as one of the few domestic manufacturers to have achieved mass production of metallocene polyethylene. Its product portfolio serves applications including films, pipes, blow-molded products, and injection-molded parts. In April 2023, the facility successfully developed the chromium-based blow-molding grade HXM50100 in a single trial run, filling a gap in the Group’s portfolio of chromium-based polyolefin products. Additionally, the company holds a 0.33% equity stake in Inner Mongolia Baofeng. Leveraging the flexibility of the dual-loop process—which allows for efficient switching between product grades—the Phase II olefin plant is tasked with the development and volume production of the Group’s new, high-end polyolefin grades. This creates a complementary product structure and a staggered production schedule in coordination with the Group’s Phase I and Phase III facilities in Ningdong.
The company is a wholly-owned subsidiary of Ningxia Baofeng Energy Group Co., Ltd. and serves as the operating entity for the Group’s Coking Plant No. 1. The Group’s coking division comprises Phase I and Phase II projects—each with an annual capacity of 2 million tonnes—and a Phase III project with an annual capacity of 3 million tonnes, bringing the total coke production capacity to 7 million tonnes per year. Coke is supplied primarily through long-term contracts directly to large-scale steel and ferroalloy enterprises, with 99.7% of metallurgical coke sold directly to end-users. The commissioning of supporting dry-quenching facilities has improved coke quality while simultaneously reducing energy consumption and emissions. Coke oven gas generated during the coking process is not vented; instead, it is entirely channeled into downstream integrated utilization. A portion is processed by Dongyi Environmental Protection to produce methanol, while another portion is used to manufacture chemical products such as synthetic ammonia. This creates a "coal–coke–chemical" closed-loop cycle, serving as a critical node in the Group’s circular economy industrial chain.
The company is 90% owned by the listed parent company and 10% owned by Inner Mongolia Baofeng. It operates the Group’s Coking Plant No. 2, focusing on coke production and the comprehensive utilization of coke oven gas. Together with the Coal Coking Company (Coking Plant No. 1), it forms the Group’s 7-million-ton-per-annum coking division, providing a stable supply of metallurgical coke to the metallurgical industry, while also supplying a continuous stream of coke oven gas as feedstock for methanol and fine chemical production facilities.
The company is a wholly-owned subsidiary of Ningxia Baofeng Energy Group Co., Ltd., having been acquired by the Group in 2013. Located within the Ningdong Baofeng Circular Economy Industrial Park, its primary facility features a 200,000-ton-per-year methanol production unit utilizing coke oven gas; the company also produces industrial gases such as oxygen and nitrogen. The entire output of methanol is supplied internally as feedstock for the Group’s olefin production units, while the coke oven gas used as raw material is sourced from the Group’s coking plants. Serving as a pivotal link in the “coke oven gas–methanol–olefin” value chain, the company converts by-product gases from the coking process into olefin feedstock. This reduces reliance on external methanol procurement and plays a key role in the Group’s circular economy model by enabling the efficient conversion of by-product resources and securing a competitive cost advantage.
The company is a wholly-owned subsidiary of Baofeng Energy, incorporated in December 2025 with a registered capital of 1 billion yuan. Located in the Linhe Industrial Park within the Ningdong Energy and Chemical Base, it serves as the primary operating entity for the group’s fine chemicals division. Its business scope encompasses the manufacturing and sales of specialty chemical products, basic chemical raw materials, and synthetic materials. Leveraging byproducts from the group’s coal-to-olefins and coking operations, the company has expanded into high-value-added fine chemicals, such as styrene. The group’s 200,000-ton-per-annum styrene plant began producing qualified output in 2023, and additional projects—including a 100,000-ton-per-annum vinyl acetate plant and a 100,000-ton-per-annum needle coke facility—have since been completed. These developments are driving a shift in the product portfolio from bulk basic chemicals toward fine chemicals and new materials.
The company is a wholly-owned subsidiary of Ningxia Baofeng Energy Group Co., Ltd. Established in 2012 and located in the Hongdunzi mining area of Xingqing District, Yinchuan City, it operates the Hongsi Coal Mine and its associated coal preparation plant. The mine officially commenced operations in January 2022. In 2023, with approval from the autonomous region’s Development and Reform Commission, its annual production capacity was increased from 2.4 million tonnes to 3 million tonnes. The coal preparation plant has an annual processing capacity of 3.6 million tonnes. The primary coal type is coking coal, with resource reserves of approximately 280 million tonnes. Situated just over 20 kilometers from the Ningdong Industrial Base, the mine benefits from low transportation costs and provides a stable supply of raw coal for olefin and coking production facilities. The company currently employs over 1,200 people and holds numerous patents in the fields of coal mine safety and equipment. It was designated a provincial-level "Green Mine" in 2025 and a national-level "Green Mine" in 2026.
The company is a wholly-owned subsidiary of Ningxia Baofeng Energy Group Co., Ltd. It operates the Siguquan Coal Mine in Yanchi County, which has an approved annual production capacity of 1.2 million tonnes and an associated coal preparation plant with an annual processing capacity of 1 million tonnes. As an integral part of the Group’s total annual coal production capacity of 9.1 million tonnes, the raw coal extracted is washed and processed before being transported to the Ningdong Industrial Base. The company remains committed to developing "green mines" and the comprehensive utilization of mine gas. In 2023, a project utilizing low-concentration mine gas for heat supply was completed and put into operation, replacing the previous coal-fired boilers. Additionally, a low-concentration mine gas power generation project at Mine Shaft No. 2—featuring an installed capacity of 4.5 MW and an annual output of approximately 30 million kWh—was connected to the grid in January 2026, enabling a "combined heat and power" approach and the utilization of mine gas across all concentration levels. Both Mine Shaft No. 1 and Mine Shaft No. 2 have been included in the autonomous region’s official list of "green mines."
