香港联交所最新资料显示，8月22日，执行董事张庆金增持中国心连心化肥(01866)2万股，每股作价7.49 港元，总金额为14.98万港元。增持后最新持股数目为248.5万股，最新持股比例为0.19%。 ...

香港联交所最新资料显示，8月22日，执行董事张庆金增持中国心连心化肥(01866)2万股，每股作价7.49 港元，总金额为14.98万港元。增持后最新持股数目为248.5万股，最新持股比例为0.19%。 ...

香港联交所最新资料显示，8月19日，执行董事张庆金增持中国心连心化肥(01866)2万股，每股作价7.18 港元，总金额为14.36万港元。增持后最新持股数目为246.5万股，最新持股比例为0.19%。 ...

智通财经APP获悉，香港联交所最新资料显示，8月19日，执行董事张庆金增持中国心连心化肥(01866)2 万股，每股作价7.18港元，总金额为14.36万港元。增持后最新持股数目为246.5万股，最新持股比例为 0.19%。 ...

（以上内容为金融界基于公开消息，由程序或算法智能生成，不作为投资建议或交易依据。） 本文源自：金融界 作者：港股君 截至8月22日收盘，中国心连心化肥（01866.HK）报7.510港元，较上个交易日上涨1.62%，当日盘中最 高价触及7.620港元，创近一年新高。 资金流向方面，当日主力流入NaN万港元，流出NaN万港元，净流出329.03万港元。 中国心连心化肥有限公司是一家集研发、生产、销售、服务为一体的大型煤化工集团。始建于1969 年,2003年改为股份制企业,2009年在香港上市(股票代码:01866)。现有河南、新疆、江西三大生产基地, 总资产279亿元,员工8500余人,公司是国内单体规模和单位产品盈利能力一流的尿素企业,产品涉及化 肥、基础化工品、化工新材料、新能源化学材料等三十多种产品。尿素产销量行业领先,复合肥产销量 位列行业第一方阵。下属公司的腐植酸、车用尿素、糠醇、二氧化碳、高端封头、医药中间体等产品名 列所在行业前茅,"车用尿素、腐植酸肥料、高压法三聚氰胺、糠醇、二甲醚"五大品牌产品畅销市场。 科技创新是第一生产力。心连心公司是国家高新技术企业,掌握先进煤气化技术,拥有国家企业技术 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price raised to HKD 9.0, indicating a potential upside of 32% from the current price [4][7]. Core Insights - The company's performance exceeded expectations in the first half of the year, with a revenue of RMB 12.67 billion, a year-on-year increase of 5%, and a net profit of RMB 600 million, a year-on-year decrease of 13% [2][4]. - The decline in net profit is attributed to the weakening support for urea prices due to falling coal prices, leading to a 19% drop in urea prices and a 15.9% decrease in urea revenue [2][3]. - Significant new production capacity is set to come online, which is expected to drive rapid growth in revenue and profits in 2026 and 2027 [3][4]. Summary by Sections Financial Performance - In Q2, the company reported revenue of RMB 6.82 billion, a quarter-on-quarter increase of 16.7%, and a net profit of RMB 400 million, a quarter-on-quarter increase of 102.5% [1][2]. - The company anticipates explosive growth in net profit for 2026 and 2027, with projections of RMB 1.15 billion and RMB 2.49 billion respectively, reflecting year-on-year changes of +43.8% and +51.1% [4][10]. Capacity Expansion - The company is steadily advancing its capacity expansion projects, with significant projects expected to come online between 2025 and 2027, including urea projects in Henan and Xinjiang [3][4]. - Once all projects are completed, the company’s urea production capacity is expected to exceed 8 million tons, and total fertilizer capacity is projected to reach 14 million tons [3]. Marketing Strategy - The company is upgrading its branding strategy to better meet market demands, transitioning from a product-focused approach to providing comprehensive planting solutions [3].

Core Viewpoint - China Heartland Fertilizer (01866) reported a mixed performance in its recent earnings, with revenue growth but a decline in net profit, indicating challenges in pricing and market conditions [1] Financial Performance - The company achieved a revenue of 12.666 billion yuan in the first half of the year, representing a year-on-year increase of 4% [1] - The net profit attributable to the parent company was 599 million yuan, showing a year-on-year decline of 14.41% [1] Price and Demand Dynamics - The decline in product prices at the beginning of the year negatively impacted overall performance, but there was a noticeable recovery in product prices in the second quarter as downstream demand began to release [1] - In the second quarter, the prices of urea and melamine increased significantly, with a quarter-on-quarter growth of 10% and 11% respectively [1] Sales Volume Growth - The company experienced substantial growth in sales volume, with compound fertilizer and melamine sales increasing by 29% and 20% quarter-on-quarter respectively, driven by an expanding sales network [1] Profitability Improvement - The gross profit in the second quarter increased by 44% quarter-on-quarter, contributing to a net profit growth of approximately 259 million yuan, marking a significant increase of 104% [1]

Core Viewpoint - China Heartland Fertilizer (01866.HK) reported a 5% year-on-year increase in unaudited consolidated revenue to approximately RMB 12.666 billion for the six months ending June 30, 2025, despite a decline in overall gross profit due to price drops exceeding cost reductions [1] Financial Performance - The overall gross profit decreased by 13% year-on-year, primarily due to a nearly 44% drop in gross profit from urea products, which significantly impacted the company's overall profitability [1] - The unaudited consolidated net profit and net profit attributable to the parent company fell by approximately RMB 1.81 billion and RMB 880 million, representing declines of 19% and 13%, respectively [1] - After excluding non-recurring items, the net profit attributable to the parent company decreased by 9% year-on-year [1] Second Quarter Performance - In the second quarter, product prices showed significant improvement, with urea and melamine prices increasing by 10% and 11% quarter-on-quarter, respectively [1] - The sales volume of compound fertilizer and melamine increased by 29% and 20% quarter-on-quarter, respectively, due to the continued expansion of the sales network [1] - The gross profit for the second quarter increased by 44% quarter-on-quarter, leading to a net profit growth of approximately RMB 2.59 billion, a remarkable increase of 104% [1]

Core Viewpoint - China Heartland Fertilizer (01866) reported a mid-year performance for 2025, showing a revenue of approximately 12.666 billion, a year-on-year increase of about 5%, but a decrease in net profit attributable to shareholders by 12.77% to approximately 599 million [1] Financial Performance - Revenue for the first half of the year was approximately 12.666 billion, reflecting a year-on-year growth of about 5% [1] - Net profit attributable to shareholders decreased by 12.77% to approximately 599 million, with basic earnings per share at 51.50 cents [1] - Overall gross profit declined by 13% year-on-year due to a greater decrease in product prices compared to raw material costs, despite a drop in raw material costs [1] Product Performance - Urea products significantly impacted gross profit, with a nearly 44% year-on-year decline in gross profit attributed to falling prices [1] - In the second quarter, product prices showed a notable upward trend, with urea and melamine prices increasing by 10% and 11% respectively [1] - Sales volume for compound fertilizers and melamine increased by 29% and 20% respectively in the second quarter, driven by an expanding sales network [1] Quarterly Performance - The second quarter saw a 44% quarter-on-quarter increase in gross profit, contributing to a net profit increase of approximately 259 million, representing a growth rate of 104% [1]

Core Viewpoint - China Heartlink Fertilizer (01866) reported a mid-year performance for 2025, showing a revenue of approximately 12.666 billion yuan, a year-on-year increase of about 5%, while net profit attributable to shareholders decreased by 12.77% to approximately 599 million yuan [1] Financial Performance - Revenue for the first half of the year was approximately 12.666 billion yuan, reflecting a year-on-year growth of about 5% [1] - Net profit attributable to the parent company was approximately 599 million yuan, representing a decrease of 12.77% compared to the previous year [1] - Basic earnings per share were reported at 51.50 cents [1] Cost and Margin Analysis - Despite a decline in raw material costs, the overall gross profit margin decreased by 13% due to a greater decline in product prices compared to cost reductions [1] - The gross profit margin for urea products fell nearly 44%, significantly impacting the overall gross profit of the group [1] Second Quarter Performance - In the second quarter, product prices showed a notable improvement, with urea and melamine prices increasing by 10% and 11% respectively on a quarter-on-quarter basis [1] - Sales volume for compound fertilizers and melamine increased by 29% and 20% respectively, driven by an expanding sales network [1] - The gross profit for the second quarter increased by 44% quarter-on-quarter, contributing to a net profit growth of approximately 259 million yuan, marking a substantial increase of 104% [1]