Ningxia Baofeng Energy Group reported record H1 2026 profits of 9.73 billion yuan (47.8 billion THB), driven by elevated crude oil prices that favor its coal-to-chemicals conversion model. High oil costs make coal-derived chemical feedstock (olefins) more competitive, boosting margins even as coal costs remain stable. The strategic shift reduces China's oil import dependency while supporting regional economic development in coal-rich provinces like Xinjiang and Ningxia.