China XLX Fertiliser (1866) Q3 2026 earnings summary

Executive summary

• 9M2026 revenue rose 28% YoY to RMB23.047bn and gross profit increased 43% to RMB4.151bn, supported by higher product volumes and prices and stronger chemical-product profitability.

• Q3 revenue was RMB7.307bn, up 38% YoY; net profit attributable to owners was RMB217m, up 8%, despite concentrated maintenance across production bases.

Financial highlights

• 9M net profit increased 51% YoY to RMB1.522bn; net profit attributable to owners rose 42% to RMB1.138bn.

• Basic EPS was RMB90.7 cents, up 39% YoY; diluted EPS was RMB90.7 cents, up 40%.

• EBITDA rose 33% YoY to RMB3.931bn; R&D expenses increased 21% to RMB823m.

Outlook and guidance

• Q4 fertiliser export quotas, winter stocking and commercial reserve purchases are expected to support domestic urea demand; high-standard farmland and soil-protection programs underpin longer-term demand.

• Q4 operations are expected to benefit from completed maintenance and stable, high-load production; projects coming on stream are expected to add profits, with Zhundong benefits expected from 2027.

• Zhundong Phase I entered joint commissioning and is expected to start production in Q4 2026; Guangxi Phase I remains on schedule for Q3 2027.