Core Viewpoint - China Heartland Fertilizer (01866) is expected to see a significant decline in net profit for the first three quarters of 2025, with projections indicating a decrease of 48% to 53% year-on-year [1] Financial Performance - The company anticipates a net profit of approximately 9.6 to 10.6 billion yuan for the first three quarters of 2025, representing a year-on-year decrease of 53% to 48% [1] - The expected net profit after deducting non-recurring items is also projected to be around 9.6 to 10.6 billion yuan, reflecting a year-on-year decline of 27% to 19% [1] - The net profit attributable to the parent company is forecasted to be between 7.6 to 8.4 billion yuan, which indicates a year-on-year decrease of 50% to 45% [1] Operational Factors - The decline in performance is attributed to factors such as base maintenance and falling product prices [1] - The successful commissioning of the second phase of the Jiujiang base project is expected to support the company's project construction over the next three years and provide a foundation for future performance recovery and long-term high-quality development [1]

Core Insights - The company expects net profit to be between RMB 9.6 billion and RMB 10.6 billion, representing a year-on-year decline of 48% to 53% [1] - The company plans to conduct maintenance on its three core production bases in Q3 2025, which is expected to reduce product output by approximately 26.9 thousand tons, a decrease of about 19% year-on-year [1] - The maintenance is projected to impact the company's total profit by approximately RMB 226 million, affecting overall performance indicators for the first three quarters [1] Financial Performance - The net profit attributable to the parent company is forecasted to be between RMB 7.6 billion and RMB 8.4 billion, reflecting a decline of 45% to 50% year-on-year [1] - The adjusted net profit attributable to the parent company is expected to be between RMB 7.6 billion and RMB 8.4 billion, indicating a decrease of 13% to 22% [1] Market Conditions - As of October 10, the company's stock price decreased by 1.92%, closing at HKD 7.66 per share, with a total market capitalization of HKD 98.22 billion [3] - The company reported that prices for core products such as urea, liquid ammonia, and melamine have been affected by supply-demand mismatches and weakened cost support, putting pressure on performance indicators for the first three quarters [2]

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） 截至二零二五年九月三十日止九個月 業績預減公告 本公告乃中國心連心化肥有限公司（「本公司」，與本公司附屬公司合稱「本集團」）依據香 港聯合交易所有限公司證券上市規則（「上市規則」）第13.09(2)(a)條及香港法例第571章證 券及期貨條例第XIVA部之內幕消息條文（定義見上市規則）的規定而發佈。 二零二五年第三季度，本集團結合各在建項目進度與產品市場趨勢，統籌安排了三大生 產基地的計劃檢修。本次檢修工作，一方面圍繞九江二期項目和新鄉基地化工新材料項 目的投產節點，對九江、新鄉基地實施了系統性檢修，以確保新舊設備高效適配；此 外，考慮到新疆基地聚甲醛生產線自二零二四年十一月投產以來已持續運行近一年，為 進一步釋放生產效能，同步對該基地聚 ...

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9月30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10月9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 | | | 1,282,235,000 | | 1,006,000 | | 1,283,241,000 | | 增加 / 減少 (-) | | | | | | | | | ...

Core Points - Pioneer Top Holdings Limited increased its stake in China Heart Heart Fertilizer (01866.HK) by acquiring 428,000 shares at an average price of HKD 7.19 per share, totaling approximately HKD 3.08 million [1] - Following this acquisition, Pioneer Top Holdings Limited's total shareholding rose to 435,741,999 shares, with its ownership percentage increasing from 33.92% to 33.96% [1]

Group 1 - The core point of the article is that Pioneer Top Holdings Limited has increased its stake in China Heartland Fertilizer (01866.HK) by purchasing 428,000 shares at an average price of HKD 7.19 per share, resulting in a total investment of approximately HKD 3.0773 million [1] - After the purchase, Pioneer Top Holdings Limited's total shareholding increased to 435,741,999 shares, raising its ownership percentage from 33.92% to 33.96% [1][3] - The transaction took place on September 26, 2025, and the disclosure was made on October 2, 2025 [2][3]

Group 1 - The core viewpoint indicates that the chemical industry is experiencing mixed performance, with some products seeing price increases while others decline, influenced by external factors such as the Federal Reserve's interest rate cuts and geopolitical tensions [1][2] - Key products with significant price increases this week include synthetic ammonia (up 8.58%), lithium battery electrolyte (up 5.71%), and aniline (up 3.90%), while natural gas saw a notable decline of 7.90% [1][2] - The overall chemical industry remains weak, with varying performance across sub-sectors, largely due to past capacity expansions and weak demand, although some sectors like lubricants are performing better than expected [2] Group 2 - Investment opportunities are suggested in areas such as glyphosate, fertilizers, import substitution, domestic demand, and high-dividend assets [2] - Specific recommendations include focusing on the glyphosate sector, which is showing signs of recovery, and selecting companies with strong competitive positions and growth potential, such as Ruifeng New Materials and Baofeng Energy [2] - The report emphasizes the importance of domestic demand in the chemical industry, particularly for nitrogen and phosphate fertilizers, with companies like Hualu Hengsheng and China Heartlink Fertilizer being highlighted for their robust market positions [2]

Core Viewpoint - The successful commissioning of the second phase project at Jiangxi Xinyan Chemical Industrial Group marks a significant milestone in the company's strategic upgrade and aims to enhance its competitive edge in the market [1][2] Group 1: Project Overview - The total investment for the Jiangxi second phase project is 10 billion yuan, with construction officially starting in May 2024 [1] - The project aims to achieve an annual production capacity of 1.5 million tons of synthetic ammonia and 200,000 tons of DMF, targeting green agriculture, new materials, and new energy sectors [1] - The project is expected to generate an additional annual revenue of 4.2 billion yuan upon reaching full production [1] Group 2: Technological Advancements - The project utilizes advanced international technology and incorporates automation tools such as AGV unmanned forklifts, drones for inspections, and rail-mounted robots, alongside nearly 500 proprietary patents [1] - The overall technological level of the project is positioned to be industry-leading [1] Group 3: Construction Challenges and Achievements - The construction faced multiple challenges, including large-scale equipment, complex processes, and adverse weather conditions, yet the team managed to recover a 70-day delay within 50 days [2] - Key milestones include the successful completion of high-standard boiler water pressure tests and the early completion of steam pipeline cleaning by 11 days [2] - All six major units successfully completed their first joint trial runs during the hottest summer on record, showcasing the team's resilience and collaborative efforts [2] Group 4: Strategic Implications - The completion of the Jiangxi second phase project is seen as a crucial step for the company’s high-quality development and will inject new momentum into its operations [2] - The company plans to continue optimizing production operations and accelerate the development of new projects, aiming to achieve the "100 billion base" target [2]

Core Viewpoint - China Heartland Fertilizer (01866) has seen a stock price increase of over 7%, currently trading at 7.81 HKD, with a transaction volume of 33.22 million HKD, following the announcement of the successful production launch of its Jiangxi subsidiary's industrial chain extension project, which has a designed annual capacity of 600,000 tons of synthetic ammonia and 1.2 million tons of controlled-release fertilizers [1] Group 1 - The successful launch of the Jiangxi base's project will leverage existing market and locational advantages, enhancing efficient capacity utilization and reinforcing cost leadership [1] - The company aims to increase market share while generating incremental cash flow, contributing to high-quality and sustainable development, thereby enhancing overall competitiveness and brand influence [1] - Huaxin Securities highlights that the company maintains a leading position in production scale and operational capability domestically while steadily advancing strategic layout [1] Group 2 - The second phase of the Jiangxi base project and the new chemical materials project at the Xinxiang base are expected to commence production in Q3 2025 and Q1 2026, respectively [1] - New bases in Guangxi and Qundong are progressing as planned, with full capacity release expected by 2027, leading to cash flow exceeding capital expenditures [1] - The company is positioned to achieve a positive cycle of investment, output, and development, establishing a stronger scale and cost advantage in the upcoming industry development cycle for sustainable long-term value growth [1]

Core Viewpoint - China Heart and Heart Fertilizer (01866) has seen a stock price increase of over 7%, currently trading at 7.81 HKD, following the announcement of the successful production launch of its Jiangxi subsidiary's industrial chain extension project, which is expected to enhance production capacity and competitive advantage [1] Group 1: Production and Capacity - The Jiangxi subsidiary's project has a designed annual production capacity of 600,000 tons of synthetic ammonia and 1.2 million tons of controlled-release fertilizers [1] - The successful launch of this project is expected to leverage the existing market and geographical advantages of the Jiangxi base, improving efficient capacity utilization and reinforcing cost leadership [1] Group 2: Strategic Development - The company is maintaining its leading production scale and operational capabilities while steadily advancing its strategic layout [1] - Upcoming projects include the second phase of the Jiangxi base and a new chemical materials project in Xinxiang, both set to commence production in Q3 2025 and Q1 2026, respectively [1] - The company anticipates that by 2027, all in-progress capacities will be fully released, leading to cash flow exceeding capital expenditures, thus creating a positive cycle of investment, output, and development [1] Group 3: Competitive Positioning - The company aims to solidify its scale and cost advantages to occupy a more favorable position in the new development cycle of the industry, ensuring long-term sustainable value growth [1]