Core Viewpoint - Fertilizer stocks showed strong performance today, with notable increases in share prices for several companies following the agreement on potash import prices for 2026, which supports domestic supply and price stability [1] Group 1: Company Performance - China Heartland Fertilizer (01866) rose by 4.55%, reaching HKD 8.74 [1] - Sinochem Fertilizer (00297) increased by 4.58%, reaching HKD 1.6 [1] - CNOOC Chemical (03983) gained 4.53%, reaching HKD 2.54 [1] Group 2: Market Developments - On November 23, the Chinese potash import negotiation team reached an agreement with major international potash suppliers, setting the 2026 contract price at USD 348 per ton (CFR), a USD 2 increase from 2025 [1] - This price adjustment continues to maintain a "price lowland" for global potash, ensuring domestic supply and price stability [1] Group 3: Industry Insights - Nanhua Futures (603093) indicated that in November, supported by policies for supply assurance and profit recovery, daily urea production is expected to remain high, exerting significant pressure on prices [1] - However, timely and continuous adjustments to export policies have alleviated downward pressure on prices, leading to a more stable short-term domestic urea market [1] - Rising coal prices are also contributing to support for urea prices, as the cash flow cost line for coal-based production increases [1]

Core Viewpoint - On November 21, 2025, Zhang Qingjin, an executive director of China Heartland Fertilizer (01866.HK), increased his shareholding by purchasing 190,000 shares at an average price of HKD 7.24 per share, totaling approximately HKD 1.3756 million [1]. Group 1 - Zhang Qingjin's shareholding increased from 3.013 million shares to 3.013 million shares, raising his ownership percentage from 0.22% to 0.23% [1].

Core Points - Executive Director Zhang Qingjin increased his stake in China Heartland Fertilizer (01866) by purchasing 190,000 shares at a price of HKD 7.24 per share, totaling HKD 1.3756 million [1] - After the purchase, the total number of shares held by Zhang Qingjin is 3.013 million, representing a holding percentage of 0.23% [1]

Group 1 - The executive director Zhang Qingjin increased his stake in China Heartland Fertilizer (01866) by purchasing 190,000 shares at a price of HKD 7.24 per share, totaling HKD 1.3756 million [1] - After the purchase, the total number of shares held by Zhang Qingjin is 3.013 million, representing a holding percentage of 0.23% [1]

CHINA XLX FERTILISER LTD. 中國心連心化肥有限公司 * （ 在 新 加 坡 註 冊 成 立 之 有 限 公 司 ） （香港股份代號：1866） 獲批新豁免以嚴格遵守上市規則第3.28條及第8.17條 茲提述中國心連心化肥有限公司（「本公司」）日期為二零二五年十一月十三日之公告（「該 公告」）。內容有關（其中包括）向香港聯合交易所有限公司（「聯交所」）提交申請，尋求新 豁免（「新豁免」）以豁免在剩餘豁免期（即自二零二五年十一月十三日（即甘美霞女士（「甘 女士」獲委任為本公司聯席公司秘書（「聯席公司秘書」）的生效日期）至二零二八年六月十 五日）（「剩餘豁免期」）內嚴格遵守香港聯合交易所有限公司（「聯交所」）證券上市規則（「香 港上市規則」）第3.28條及第8.17條。除文義另有所指外，本公告所用詞彙與該公告所界 定者具有相同涵義。 如該公告所披露，因聯席公司秘書變更，本公司已向聯交所提交申請，尋求新豁免以涵 蓋剩餘豁免期。於二零二五年十一月十八日，聯交所授出新豁免以豁免在剩餘豁免期內 嚴格遵守聯交所香港上市規則第3.28條及第8.17條，並須遵守以下條件： (i) 石慧儀女士（「石女士」） ...

Core Points - China Heartlink Fertilizer (01866) announced the resignation of Mr. Wen Runhua as one of the joint company secretaries and authorized representatives effective from November 13, 2025 [1] - Ms. Gan Meixia has been appointed as the new joint company secretary, authorized representative, and legal representative effective from November 13, 2025, to replace Mr. Wen [1] - Ms. Shi Huiyi will continue to serve as another joint company secretary [1]

Core Viewpoint - China Heartland Fertilizer (01866) announced the resignation of Mr. Wen Runhua as one of the joint company secretaries and authorized representatives effective from November 13, 2025 [1] Group 1 - Mr. Wen Runhua will cease to serve as the joint company secretary and authorized representative under the Hong Kong Listing Rules [1] - Ms. Gan Meixia has been appointed as the new joint company secretary, authorized representative, and legal representative effective from November 13, 2025 [1] - Ms. Shi Huiyi will continue to serve as the other joint company secretary [1]

Core Viewpoint - China Heartland Fertilizer (01866.HK) announced the resignation of Wen Runhua as one of the joint company secretaries and authorized representatives under the Hong Kong Stock Exchange Listing Rules, effective from November 13, 2025 [1] Group 1 - Wen Runhua has resigned from his positions as joint company secretary and legal representative for receiving legal documents in Hong Kong [1] - Following Wen Runhua's resignation, Gan Meixia has been appointed as the new joint company secretary and authorized representative, effective from November 13, 2025 [1] - Gan Meixia possesses the necessary professional qualifications and relevant experience as stipulated under the Hong Kong Listing Rules [1]

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。 CHINA XLX FERTILISER LTD. 中國心連心化肥有限公司 * （ 在 新 加 坡 註 冊 成 立 之 有 限 公 司 ） （香港股份代號：1866） (1)變更聯席公司秘書、授權代表及香港法律程序代表 及 (2)豁免嚴格遵守上市規則第3.28條及第8.17條 變更聯席公司秘書、授權代表及香港法律程序代表 中國心連心化肥有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈：文潤華先生 （「文先生」）已辭任本公司其中一位聯席公司秘書（「聯席公司秘書」）、香港聯合交易所有 限公司（「聯交所」）證券上市規則（「香港上市規則」）第3.05條項下之本公司授權代表（「授 權代表」）及香港上市規則第19.05(2)條及香港法例第622章公司條例第16部項下代表本公 司於香港接收法律程序文件及通知之法律程序代表（「法律程序代表」），自二零二五年十 一月十三日起生效。 (i) 石女士於豁免期內須 ...

Industry Overview - The global potassium fertilizer market is experiencing a tightening supply-demand balance, leading to a steady increase in price levels, with the average domestic price of potassium chloride reaching 3237 RMB/ton as of November 10, reflecting a year-to-date increase of 28.66% and a year-on-year increase of 34.37% [1] - The industry gross profit for potassium chloride was reported at 1164 RMB/ton as of November 7, with an increase of approximately 400 RMB per ton compared to the same period last year [1] - Global potassium fertilizer demand is expected to grow at a compound annual growth rate (CAGR) of 3.2% from 2025 to 2027, driven by population growth and increasing focus on food security [1][2] - Limited new production capacity is anticipated until the end of 2026, with existing major producers facing increased mining costs, suggesting sustained high demand in the mid-term [1] Company Insights - **Migo Group (09879)**: Ranked fourth among Chinese potassium fertilizer companies, Migo Group has comprehensive capabilities in procurement, manufacturing, processing, and sales, providing a wide range of fertilizers [3] - **Sinochem Fertilizer (00297)**: Reported a 6% year-on-year increase in net profit for the first three quarters of 2025, with revenue of approximately 19.373 billion RMB and net profit of about 1.364 billion RMB [3] - **China Heart-to-Heart Fertilizer (01866)**: Achieved revenue of 17.96 billion RMB in the first three quarters of 2025, a 3.1% increase year-on-year, but experienced a 12.8% decline in adjusted net profit due to lower urea prices and production constraints from maintenance [4] - **China National Offshore Oil Corporation Chemical (03983)**: A leading company in the domestic fertilizer and methanol industry, with a total designed capacity of 1.84 million tons of urea and significant investments in phosphate resources [5]