智通财经APP获悉，中国心连心化肥(01866)午后涨近5%，截至发稿，涨4.85%，报7.14港元，成交额 3209万港元。 消息面上，中国心连心化肥近日发布业绩，上半年实现营业收入126.66亿元，同比增长4%；实现扣非 归母净利润5.99亿元，同比下滑14.41%。华鑫证券指出，公司年初产品价格下行拖累上半年整体价格表 现，但随着下游需求逐步释放，第二季度产品价格环比明显回升。 从第二季度单季业绩表现来看，公司各产品售价均呈显著向好态势，其中，尿素及三聚氰胺表现突出， 其售价环比分别增长10%和11%。此外，得益于销售网络的持续密植，复合肥及三聚氰胺的销量环比分 别增长29%和20%。在售价与销量的双重向好推动下，第二季度毛利环比提升44%，有效带动集团第二 季度净利润环比增长约2.59亿元，增幅高达104%。 ...

公司第二季度业绩出现显著好转。尿素和三聚氰胺的售价环比分别增长10%和11%。同时，得益于销售 网络的扩张，复合肥和三聚氰胺的销量环比分别增长29%和20%。 中国心连心化肥公布，上半年公司收入约126.66亿元，同比增长5%；但受产品售价降幅大于成本降幅 影响，母公司拥有人应占溢利约5.99亿元，同比减少12.77%。其中，尿素产品毛利大幅下滑是主要原 因。 ...

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]

[Financial Statements](index=2&type=section&id=Financial%20Statements) [Condensed Consolidated Statement of Profit or Loss](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the first half of 2025, the Group's revenue increased by 5.0% year-on-year to RMB 12.67 billion, but gross profit decreased by 13.4% due to faster growth in cost of sales, leading to a 19.3% decline in profit for the period and a 12.8% decrease in profit attributable to owners of the parent 2025 H1 Key Profit or Loss Data | Indicator | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 12,665,749 | 12,060,957 | +5.0% | | Gross Profit | 2,040,184 | 2,355,720 | -13.4% | | Profit Before Tax | 918,518 | 1,122,610 | -18.2% | | Profit for the Period | 757,116 | 938,486 | -19.3% | | Profit Attributable to Owners of the Parent | 599,295 | 686,996 | -12.8% | | Basic Earnings Per Share (RMB cents) | 51.50 | 56.4 | -8.7% | [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets increased by 10.8% from the end of 2024 to RMB 36.04 billion, primarily driven by an increase in property, plant, and equipment, while total liabilities increased by 14.5% to RMB 22.90 billion, mainly due to an increase in non-current interest-bearing borrowings, resulting in net assets growing by 4.9% to RMB 13.14 billion Key Balance Sheet Data as of June 30, 2025 | Indicator | June 30, 2025 (RMB thousands) | Dec 31, 2024 (RMB thousands) | Period Change | | :--- | :--- | :--- | :--- | | Total Non-current Assets | 28,256,258 | 26,217,520 | +7.8% | | Total Current Assets | 7,785,057 | 6,300,724 | +23.6% | | **Total Assets** | **36,041,315** | **32,518,244** | **+10.8%** | | Total Current Liabilities | 11,126,855 | 11,367,961 | -2.1% | | Total Non-current Liabilities | 11,772,334 | 8,628,495 | +36.4% | | **Total Liabilities** | **22,899,189** | **19,996,456** | **+14.5%** | | **Net Assets** | **13,142,126** | **12,521,788** | **+4.9%** | [Condensed Consolidated Statement of Changes in Equity](index=5&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) During the period, total equity increased from RMB 12.52 billion at the beginning of the year to RMB 13.14 billion, primarily driven by profit for the period of RMB 757 million, partially offset by dividends paid to non-controlling shareholders (RMB 122 million) and share repurchases (RMB 4.84 million) - Total equity increased by approximately **RMB 620 million** during the period, primarily contributed by current period profit[7](index=7&type=chunk) - The company conducted share repurchases, costing approximately **RMB 4.84 million**[7](index=7&type=chunk) [Notes to the Condensed Consolidated Interim Financial Information](index=6&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Interim%20Financial%20Information) [Product Performance Contribution](index=7&type=section&id=3.%20Product%20performance%20contribution) By product, the fertilizer segment (urea and compound fertilizer) contributed the majority of revenue and profit, with urea remaining the largest profit source despite a significant year-on-year decline in segment profit, while in the chemical segment, methanol revenue grew significantly, and other products performed steadily or slightly declined H1 2025 Performance by Product Segment | Product Segment | Revenue (RMB thousands) | Segment Profit (RMB thousands) | | :--- | :--- | :--- | | Urea | 3,225,357 | 662,636 | | Compound Fertilizer | 3,566,305 | 563,356 | | Methanol | 1,641,974 | 138,724 | | Liquid Ammonia | 533,249 | 69,437 | | Melamine | 377,812 | 116,775 | | DMF | 587,071 | 108,294 | | Others | 2,733,981 | 380,962 | | **Total** | **12,665,749** | **2,040,184** | - Compared to the same period last year, urea segment profit significantly decreased from **RMB 1.18 billion** to **RMB 660 million**, which is the primary reason for the Group's overall profit decline[16](index=16&type=chunk)[19](index=19&type=chunk) [Notes on Key Financial Items](index=9&type=section&id=Notes%20on%20Key%20Financial%20Items) This section details the composition and changes of key financial items including revenue, expenses, dividends, borrowings, and gearing ratio, noting that finance costs decreased year-on-year, total interest-bearing borrowings increased but with optimized structure, and the gearing ratio slightly rose to 63.5% [Dividends](index=12&type=section&id=8.%20Dividends) During the period, the company declared a final dividend for the year ended December 31, 2024, totaling RMB 334 million, with no interim dividend proposed or declared for the six months ended June 30, 2025 - Final dividend for 2024 of **RMB 333,643,000** has been distributed[28](index=28&type=chunk) - No interim dividend proposed for 2025[28](index=28&type=chunk) [Interest-bearing Bank and Other Borrowings](index=17&type=section&id=17.%20Interest-bearing%20bank%20and%20other%20borrowings) As of the end of the period, total interest-bearing borrowings were RMB 15.53 billion, a significant increase from RMB 12.86 billion at the beginning of the period, with the Group actively optimizing its debt structure by improving the long-term to short-term borrowing ratio from 6:4 to 7:3, increasing the proportion of medium and long-term loans to reduce short-term repayment pressure Interest-bearing Borrowings Structure | Item | June 30, 2025 (RMB thousands) | Dec 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Current Borrowings | 4,858,594 | 5,267,226 | | Non-current Borrowings | 10,673,109 | 7,588,086 | | **Total** | **15,531,703** | **12,855,312** | - The Group optimized its debt structure by increasing medium and long-term project loans, adjusting the long-term to short-term borrowing ratio from **6:4** to **7:3**, to match project construction cycles and alleviate short-term funding pressure[44](index=44&type=chunk) [Gearing Ratio](index=19&type=section&id=18.%20Gearing%20ratio) As of the end of the first half of 2025, the Group's gearing ratio was 63.5%, an increase of 2 percentage points from 61.5% at the beginning of the year, primarily due to new medium and long-term loans of approximately RMB 2.67 billion to meet project construction needs - Gearing ratio (total liabilities/total assets) increased from **61.5%** to **63.5%**[45](index=45&type=chunk) - The increase in gearing ratio was mainly due to new medium and long-term loans to support project construction; the company expects cash flow to improve and the gearing ratio to stabilize after the Jiangxi Phase II project commences operation[45](index=45&type=chunk) [Management Discussion and Analysis](index=20&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review](index=20&type=section&id=Business%20Review) In the first half of 2025, despite a decline in gross profit due to falling product prices, the Group achieved a 5% year-on-year revenue increase through new capacity deployment and market expansion, with Q2 performance significantly rebounding quarter-on-quarter, showing a positive trend with gross profit up 44% and net profit up 104% - H1 revenue increased by **5%** year-on-year to approximately **RMB 12.67 billion**, but net profit attributable to owners of the parent decreased by **13%** year-on-year (down **9%** after non-recurring items)[46](index=46&type=chunk) - The decline in performance was mainly due to product price decreases exceeding cost reductions, with urea gross profit decreasing by nearly **44%** year-on-year, being the primary drag[46](index=46&type=chunk) - Q2 performance significantly improved quarter-on-quarter, with gross profit increasing by **44%** and net profit growing by **104%**, driven by both selling prices and sales volume[47](index=47&type=chunk) [Segment Performance Analysis](index=21&type=section&id=Segment%20Performance%20Analysis) In the fertilizer segment, urea revenue decreased by 16% due to price declines, but sales volume increased by 4%, while compound fertilizer revenue grew by 5% benefiting from new capacity; in the chemical segment, methanol performed strongly with a 27% revenue increase, and melamine and DMF achieved sales volume growth by expanding markets, partially offsetting the impact of price declines [Fertilizer Segment](index=21&type=section&id=Fertilizer%20Segment) Urea business revenue declined by 16% due to a 19% year-on-year decrease in selling price, with gross margin falling to 21%, though the company reduced production costs by 7% through technical optimization and procurement strategies; compound fertilizer business revenue grew by 5% driven by an 8% increase in sales volume due to the Guangxi base commissioning, but rising raw material costs reduced gross margin to 16% - **Urea**: Revenue decreased by **16%** year-on-year due to a **19%** decline in average selling price. The company actively expanded overseas markets, driving an increase in export volume, supporting a **4%** year-on-year growth in total sales volume. Gross margin decreased from **31%** to **21%**[48](index=48&type=chunk) - **Compound Fertilizer**: Revenue increased by **5%** year-on-year due to an **8%** increase in sales volume. The Guangxi base commissioning expanded coverage to the South China market, with high-efficiency fertilizer sales volume increasing by **11%** year-on-year. Gross margin decreased from **18%** to **16%** due to rising raw material costs[49](index=49&type=chunk) [Chemical Segment](index=22&type=section&id=Chemical%20Segment) Methanol benefited from market improvement and increased foreign trade volume, with sales volume up 28% and revenue up 27%; liquid ammonia sales and revenue both decreased due to the company's 'prioritize methanol, reduce ammonia' strategy; melamine and DMF, despite falling prices, achieved sales volume growth of 5% and 9% respectively by expanding overseas markets and collaborating with leading enterprises, and improved gross margins through cost control - **Methanol**: Sales volume increased by **28%** year-on-year, driving a **27%** increase in revenue, with gross margin stable at **8%**[50](index=50&type=chunk)[51](index=51&type=chunk) - **Liquid Ammonia**: Revenue decreased by **20%** year-on-year due to the company's 'prioritize methanol, reduce ammonia' strategy leading to reduced self-production. Gross margin benefited from cost reduction, increasing from **11%** to **13%**[52](index=52&type=chunk) - **Melamine**: Revenue decreased by **5%** year-on-year due to a **9%** decline in selling price, but sales volume increased by **5%**. Through expanding into the EU market and cost control, gross margin increased from **30%** to **31%**[53](index=53&type=chunk) - **DMF**: Revenue slightly decreased by **1%** year-on-year due to a **9%** decline in selling price, but sales volume increased by **9%**. Through technical transformation to reduce costs, gross margin significantly increased from **13%** to **18%**[54](index=54&type=chunk) [Analysis of Expenses and Other Income](index=24&type=section&id=Analysis%20of%20Expenses%20and%20Other%20Income) During the period, net other income significantly increased by 79% year-on-year, mainly from government grants and byproduct sales, while selling expenses increased by 4% due to expanded sales volume, general and administrative expenses (excluding share-based payment expenses) actually decreased by 5% year-on-year, and finance costs significantly decreased by 14% due to optimized debt structure and lower interest rates - **Other Income, Net**: Increased by **79%** year-on-year to **RMB 200 million**, mainly due to increased government grants and net profit from byproduct sales[55](index=55&type=chunk) - **Selling and Distribution Expenses**: Increased by **4%** year-on-year, mainly due to increased handling and freight inspection service fees resulting from higher sales volume and overseas market development[56](index=56&type=chunk) - **General and Administrative Expenses**: Slightly decreased by **0.3%** year-on-year. Excluding **RMB 35 million** in share-based payment expenses, actual administrative expenses decreased by **5%** year-on-year, benefiting from organizational streamlining and optimized equipment maintenance[57](index=57&type=chunk) - **Finance Costs**: Decreased by **14%** year-on-year to **RMB 230 million**, mainly due to the Group optimizing its debt structure and replacing high-interest loans, leading to a **0.8 percentage point** decrease in average loan interest rate[59](index=59&type=chunk) [Outlook](index=26&type=section&id=Outlook) Looking ahead to the second half, the company expects urea prices to remain stable and the chemical industry's prosperity to improve, with the Group adhering to its strategy of 'fertilizer as foundation, high-quality development,' focusing on high-efficiency fertilizers and cost advantages, as several ongoing projects are scheduled to commence operation, with full capacity release expected by 2027, bringing long-term value growth to the Group - The company's strategic core is to be an 'advocate for high-efficiency fertilizers in China,' focusing on R&D of slow-release and controlled-release technologies, and providing full-chain agricultural services with humic acid as the core product[62](index=62&type=chunk)[63](index=63&type=chunk) - Construction projects are progressing steadily: Jiangxi Base Phase II project is expected to commence operation in Q3 this year, and Xinxiang Base Chemical New Materials project in Q1 next year[63](index=63&type=chunk) - By **2027**, all of the Group's ongoing capacities are expected to be fully released, at which point cash flow will significantly exceed capital expenditures, forming a positive cycle of 'investment, output, and development'[63](index=63&type=chunk) [Risk Management and Other Disclosures](index=27&type=section&id=Risk%20Management%20and%20Other%20Disclosures) [Operational and Financial Risks](index=27&type=section&id=Operational%20and%20Financial%20Risks) The Group faces key risks including market risks (product selling price and raw material cost fluctuations), interest rate risk, liquidity risk, and gearing ratio risk, which the company manages by monitoring cash positions, adjusting the long-term to short-term loan structure, and adapting its asset-liability structure based on economic conditions - Key market risks include fluctuations in average product selling prices, raw material (primarily coal) costs, and interest rate volatility[64](index=64&type=chunk) - Liquidity risk management: The Group manages liquidity risk by adjusting its loan structure; as of the end of the period, the proportion of debt due within one year decreased from **40.97%** to **31.28%**[69](index=69&type=chunk) - Gearing ratio risk: The Group monitors its gearing ratio, which was **63.5%** at the end of the period[70](index=70&type=chunk) [Corporate Governance and Other Information](index=29&type=section&id=Corporate%20Governance%20and%20Other%20Information) The company confirmed compliance with all corporate governance code provisions during the reporting period, repurchasing 1,006,000 shares for approximately HKD 5.32 million to demonstrate confidence in business prospects and optimize capital structure, with the Group having 11,945 employees as of the period end - The company repurchased **1,006,000** shares on the Stock Exchange during the period for a total consideration of approximately **HKD 5.318 million**, with repurchased shares intended for employee share incentive schemes and other purposes[76](index=76&type=chunk)[78](index=78&type=chunk)[79](index=79&type=chunk) - As of June 30, 2025, the Group had **11,945** employees, a slight increase from **11,787** at the end of 2024[80](index=80&type=chunk)

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年7月31日 | 狀態: | 新提交 | | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | 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8月6日 | | | | I. 法定/註冊股本變動 不適用 | | | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01866 | 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 ...

近日，证券之星第三届ESG大会胜利举行。凭借在环境领域的卓越实践，中国心连心化肥荣获"碳路践 行者奖"。该奖项是由证券之星联合妙盈科技等专业权威机构，在中国首席经济学家论坛等指导下设立 的ESG领域权威奖项，旨在挖掘并表彰在碳排放领域实现卓越实践，推动经济效能与社会责任深度融合 的企业。 面对"双碳"目标，心连心深知，系统性减碳始于严密的治理架构。ESG报告显示，公司建立了董事会直 接领导的ESG治理体系，将气候变化风险纳入集团全面风险管理，并制定清晰的减碳目标。这种自上而 下的机制确保了碳排放管理不是孤立项目，而是融入生产、采购、研发的日常决策中。 在能源消耗的核心环节，心连心展现了技术破局的魄力。江西基地创新引入"绿电+灰电"双路供电系 统，首次应用双轴跟踪光伏技术为智能巡检装置供能；河南基地光伏发电量达958万千瓦时，清洁电力 占比稳步提升。更值得关注的是其工艺革新——通过磁悬浮风机改造、循环真空系统升级等项目，节约 煤炭和蒸汽消耗。2024年，集团在产能增长背景下，废气中硫氧化物减排21.2%，烟尘减排近50%,并且 连续13年获得"合成氨能效领跑者标杆企业"荣誉称号。 心连心的减碳智慧更体现在"变废 ...

格隆汇7月29日丨中国心连心化肥(01866.HK)宣布，公司将于2025年8月8日（星期五）举行董事会会 议，其中议程包括考虑及批准刊发公司及其附属公司截至2025年6月30日止六个月的综合中期业绩公告 于香港联交所网站。 ...

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。 承董事會命 中國心連心化肥有限公司 董事會主席 劉興旭 CHINA XLX FERTILISER LTD. * 1866 董事會會議召開日期 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，本公司將於二零二 五年八月八日（星期五）舉行董事會會議，其中議程包括考慮及批准刊發本公司及其附屬 公司截至二零二五年六月三十日止六個月之綜合中期業績公告於香港聯合交易所有限公 司網站。 香港，二零二五年七月二十九日 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 ...