Baofeng Energy reveals 2024 funds usage details

Ningxia Baofeng Energy Group has released its special audit report detailing non-operating capital occupation and other related party fund transactions for the year ended December 31, 2024. The report, audited by Ernst & Young Hua Ming LLP, identifies several instances of non-operating fund occupation and related party transactions. Notable related party fund flows include significant transactions with entities such as Gansu Guazhou Baofeng Silicon Material Development Co., Ltd. (¥2,664,877.81) and Ningxia Baofeng Yuneng Technology Co., Ltd. (¥11,478,687.51). Furthermore, transactions with Ningxia Baofeng Storage Materials Co., Ltd. amounted to ¥68,224,161.32. The report also highlights fund transfers with subsidiaries, including a notable ¥2,313,440,528.95 for Ningxia Coal-based New Material Technology Co. The report notes ¥7,100,000 of capital was for non-operating purposes by Ningxia Hongdunzi Coal Industry. The audit firm stated that, apart from procedures for their 2024 audit report, no additional audit procedures were performed on the data.