China XLX Fertiliser (1866) Q3 2025 earnings summary

Executive summary

• Coordinated maintenance at major production bases in Q3 2025 led to a temporary output and sales decline, impacting total profit by approximately RMB226 million, but improved operational efficiency and set the stage for future recovery.

• The Jiujiang Phase II Project was successfully commissioned, expanding low-cost production capacity and supporting long-term competitiveness and profit growth.

Financial highlights

• Revenue for the first nine months of 2025 was RMB17.96 billion, up from RMB17.42 billion year-over-year.

• Net profit dropped to RMB1.01 billion from RMB2.03 billion year-over-year; net profit after deducting non-recurring gains and losses was RMB1.06 billion, down from RMB1.31 billion.

• Basic earnings per share fell to 65.1 RMB cents from 126.1 RMB cents year-over-year.

• Gross profit for the period was RMB2.90 billion, with an 11% year-over-year decline in overall gross profit.

Outlook and guidance

• The fertilizer market is expected to remain subdued in Q4 2025 due to seasonal factors, but policy support and modernization trends are anticipated to strengthen long-term demand for high-end fertilizers.

• The company will focus on high-margin products, technological innovation, and integrated development in the chemical sector to drive future growth.