香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而 產生或因倚賴該等內容而引致的任何損失承擔任何責任。 CHINA XLX FERTILISER LTD. * 1866 2025年6月20日舉行之股東週年大會之投票結果 董事會欣然宣佈，於2025年6月20日舉行之股東週年大會上提呈之所有決議案已獲正 式通過。 中國心連心化肥有限公司（「本公司」）董事會（「董事會」）欣然宣佈，於2025年6月20日舉行 之本公司股東週年大會（「股東週年大會」）上提呈之所有決議案已以一股一票投票表決方 式獲正式通過。本公告內尚未界定之所有詞彙與本公司日期為2025年4月28日致股東之通 函內所賦予之涵義相同。 投票結果如下： | | 普通決議案 | （附註(a)） 票數(%) | | | --- | --- | --- | --- | | | | 贊成 | 反對 | | 1. | 省覽及採納截至二零二四年十二月三十一日 | 814,133,758 | 0 | | | 止年度的本公司經審核綜合財務報表以及董 | (100.00% ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 CHINA XLX FERTILISER LTD. * 1866 - 1 - 由於本公司在新加坡註冊成立，根據新加坡《1967年公司法》，在新加坡註冊成立的 公司必須有一名或多名自然人秘書，且其主要或唯一居住地須在新加坡（「新加坡規 定」）。因此，本公司必須有一名公司秘書常居於新加坡，以符合新加坡法律不時適 用的規定。 茲提述本公司日期為二零一八年三月六日及二零二四年六月二十八日之公告。石女 士於二零一八年三月六日獲委任為聯席公司秘書，並於二零二四年六月二十八日辭 任該職位以尋求其他職業機會。 石女士擔任聯席公司秘書約6.5年，並於不足一年前辭任。因此，石女士作為聯席公 司秘書對本公司的業務及事務及其所屬行業仍十分熟悉。此外，石女士在任職期間 與本公司董事會及管理層建立及維持穩固可靠的關係，確保持續及有效溝通。 文先生及石女士之履歷詳情載列如下： (1)聯席公司秘書、授權代表及香港法律程序代表；及 (2 ...

3 SECRETARY 秘書 - 1 - 1.1 Members of the Nomination Committee shall be appointed by the board of directors (the "Board") of the Company. 提名委員會的成員須由本公司董事會（「董事會」）委任。 1.2 The majority of the members of the Nomination Committee shall be independent non-executive directors, with at least one member of a different gender. 提名委員會的大部份成員須為獨立非執行董事，至少有一名成員為不同性別。 China XLX Fertiliser Ltd. (the "Company") (Incorporated in Singapore with limited liability) 中國心連心化肥有限公司* （「本公司」） （於新加坡註冊成立的有限公司） TERMS OF REFERENCE FOR THE NOM ...

1866 CHINA XLX FERTILISER LTD. * | | 執行董事╱ | | | --- | --- | --- | | 董事姓名 | 獨立非執行董事 | 角色與職能 | | 劉興旭 | 執行董事 | 董事會主席 | | | | 提名委員會成員 | | | | 負責本集團整體戰略的規劃及業務的 | | | | 發展 | | 張慶金 | 執行董事 | 負責本集團整體管理及日常業務經營 | | | | 決策 | | 閆蘊華 | 執行董事 | 負責本集團一切財務決策 | | | | 提名委員會成員 | | 王建源 | 獨立非執行董事 | 審核委員會主席 | | | | 薪酬委員會成員 | | | | 提名委員會成員 | | 李生校 | 獨立非執行董事 | 審核委員會成員 | | | | 薪酬委員會成員 | | | | 提名委員會主席 | | 王為仁 | 獨立非執行董事 | 審核委員會成員 | | | | 薪酬委員會主席 | | | | 提名委員會成員 | | 李紅星 | 獨立非執行董事 | 審核委員會成員 | | | | 薪酬委員會成員 | | | | 提名委員會成員 | * 僅供識別 日期：202 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 提名委員會組成變動 中國心連心化肥有限公司（「本公司」）之董事會（「董事會」）謹此宣佈，本公司執行董事閆 蘊華女士已獲委任為提名委員會成員，自二零二五年六月十三日起生效。 CHINA XLX FERTILISER LTD. 經上述變動後，提名委員會由四名獨立非執行董事（即王建源先生、李生校先生（提名委 員會主席）、王為仁先生及李紅星先生）及兩名執行董事（即劉興旭先生及閆蘊華女士）組 成，並已符合提名委員會在性別多樣性方面的原則。 * 1866 中國心連心化肥有限公司 董事會主席 劉興旭 香港，二零二五年六月十三日 於本公告日期，本公司執行董事為劉興旭先生、張慶金先生及閆蘊華女士；本公司獨立 非執行董事為王建源先生、李生校先生、王為仁先生及李紅星先生。 * 僅供識別 是次變動乃因應《香港聯合交易所有限公司證券上市規則》（「上市規則」）及上市規則附錄 C1所載《企業管治守則》之修訂而作出，有關修訂將於二零二 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) | 公司名稱： | China XLX Fertiliser Ltd. 中國心連心化肥有限公司（於新加坡註冊成立之有限公司） | | | | --- | --- | --- | --- | | 表格類別： 股票 呈交日期： | 2025年6月11日 | 狀態： | 新提交 | FF305 確認 不適用 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 01866 | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | ...

翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) | 表格類別： 股票 | | 狀態： | 新提交 | | --- | --- | --- | --- | | 公司名稱： | China XLX Fertiliser Ltd. 中國心連心化肥有限公司（於新加坡註冊成立之有限公司） | | | | 呈交日期： | 2025年6月10日 | | | FF305 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 01866 | 說明 | | | | | | | A. 已發行股份或庫 ...

Investment Rating - The report assigns a "Buy" rating for China Heart Heart Fertilizer (1866.HK) for the first time [1]. Core Views - The company has demonstrated stable expansion in its main business, with significant investment value highlighted [1]. - The sale of coal mine assets has led to a notable increase in net profit, with a reported increase of approximately 740 million RMB in investment income from the disposal of stakes in coal mining companies [5]. - The urea business has shown resilient growth despite a decrease in product prices, with production volume increasing by 21% and sales volume by 29%, resulting in a revenue of approximately 7.306 billion RMB, a year-on-year growth of about 6.3% [6]. - The company has prioritized shareholder returns, achieving a record high dividend of 0.25 RMB per share for the fiscal year 2024, with a dividend payout ratio of 22.14% and a dividend yield of 6.7% [7]. - The earnings forecast for 2025-2027 indicates revenues of 24.767 billion, 29.502 billion, and 34.578 billion RMB respectively, with corresponding EPS of 0.9, 1.5, and 2.1 RMB, suggesting a low PE ratio of 4.5, 2.9, and 2.1 times [8]. Summary by Sections Market Performance - The company’s stock price is currently at 4.52 HKD, with a total market capitalization of 5.8 billion HKD and a 52-week price range of 3.36-4.79 HKD [1]. Financial Performance - In 2024, the company reported a total revenue of 23.128 billion RMB, a slight decline of 1.48% year-on-year, while net profit attributable to shareholders increased by 22.96% to 1.459 billion RMB [4]. - The financial projections indicate a gradual increase in revenue and net profit over the next three years, with a significant expected growth rate in 2026 and 2027 [10][11]. Dividend Policy - The company plans to maintain a dividend payout ratio of no less than 25% from 2025 to 2027, reinforcing its commitment to shareholder returns [7].

Investment Rating - The report maintains a positive outlook on the Xinjiang coal chemical industry, highlighting its strategic importance and growth potential [3][5]. Core Insights - Xinjiang has abundant coal resources, with a predicted coal resource volume of 2.19 trillion tons and confirmed resources of 450 billion tons, making it a key player in China's coal chemical sector [4][5]. - The coal chemical industry in Xinjiang is expected to experience rapid development, with planned investments exceeding 700 billion yuan and an anticipated increase in coal demand of 210 million tons per year [4][5]. - The integration of major inter-basin water diversion projects is expected to alleviate water resource shortages, further enhancing the competitiveness of Xinjiang's coal chemical industry [4][6]. Summary by Sections 1. Coal Resource Advantages - Xinjiang's coal resources are characterized by high quality and low extraction costs, with 95% of the identified resources suitable for chemical raw materials [4][29]. - The region's coal consumption for chemical production accounted for 12.1% of total coal production in 2022, indicating a growing trend towards coal chemical utilization [5][29]. 2. Industry Development and Policy Support - The coal chemical industry in Xinjiang is supported by mature domestic technology and favorable policies, leading to the establishment of a complete industrial chain including coke and calcium carbide-PVC [4][6]. - Planned modern coal chemical projects include coal-to-methanol (8.3 million tons/year), coal-to-olefins (7.1 million tons/year), coal-to-oil (4 million tons/year), and coal-to-gas (33.7 billion cubic meters/year) [4][5]. 3. Cost Competitiveness and Market Dynamics - The report highlights the cost advantages of Xinjiang's coal chemical products, particularly in the ammonia-urea and calcium carbide-PVC sectors, where local production costs are significantly lower than in other regions [4][6]. - The coal-to-olefins process is particularly advantageous when international oil prices exceed $60 per barrel, showcasing the economic viability of Xinjiang's coal chemical projects [4][6]. 4. Future Outlook - The coal chemical industry is projected to become a major pillar of Xinjiang's economy, with a strategic position in the national energy landscape expected to strengthen [5][6]. - Key companies to watch include Baofeng Energy, Hubei Yihua, Xinjiang Tianye, and China Heartlink Fertilizer, which are positioned to benefit from the region's coal resource advantages [5][6].

Core Viewpoint - The company experienced a decline in net profit in Q1 2025, but long-term value remains intact, with projected net profits increasing significantly from 2025 to 2027 [1][3]. Financial Performance - In Q1 2025, the company reported revenue of 5.85 billion yuan, a year-on-year increase of 1.7%, while net profit was 200 million yuan, a decrease of 30% year-on-year [1]. - Urea revenue was 1.54 billion yuan with a sales volume of 965,000 tons, maintaining year-on-year levels, but the price decreased by 23% to 1,592 yuan/ton, leading to a gross margin drop of 13 percentage points to 18% [2]. - Compound fertilizer revenue reached 1.56 billion yuan with a sales volume of 600,000 tons, a 14% increase year-on-year, but the price fell by 4% to 2,599 yuan/ton, maintaining a gross margin of 14% [2]. - Methanol revenue was 800 million yuan with a sales volume of 354,000 tons, a 22% increase year-on-year, with the price rising by 4% to 2,270 yuan/ton and a gross margin increase of 4 percentage points to 10% [2]. - Melamine revenue was 160 million yuan with a sales volume of 32,000 tons, a 7% decrease year-on-year, with the price down by 18% to 5,106 yuan/ton and a gross margin drop of 21 percentage points to 22% [2]. - DMF revenue was 290 million yuan with a sales volume of 78,000 tons, a 9% increase year-on-year, with the price decreasing by 9% to 3,668 yuan/ton and a gross margin increase of 4 percentage points to 16% [2]. Industry Outlook - The demand for urea in China is projected to be 69 million tons in 2025, with agricultural demand at 43 million tons (3% growth) and industrial demand at 22 million tons (5% growth), while export volume is expected to reach 4 million tons, a significant increase of 1,438% [3]. - Changes in export policy from comprehensive restrictions to structured regulation are anticipated to alleviate domestic urea supply surplus, with total export quotas not exceeding 4.25 million tons in 2023 and a defined export window from May to September [3]. Investment Recommendation - The company maintains a target price of 6.5 HKD, representing a 49% upside potential based on a projected P/E ratio of 7.4 times for 2025, with expected net profits of 1 billion, 1.76 billion, and 2.6 billion yuan for 2025, 2026, and 2027 respectively [1][3].