Group 1 - The overall fertilizer market is experiencing a "first decline, then rise" trend in Q1 2025, with initial supply-demand mismatches leading to continued low prices for coal chemical products, including urea and melamine [1] - In March, driven by spring farming demand and increased export expectations, urea prices rebounded quickly, positively impacting downstream product prices [1] - The company's overall gross margin decreased by 4 percentage points year-on-year but increased by nearly 3 percentage points quarter-on-quarter to 14%, indicating a rising trend [1] Group 2 - The company's revenue for Q1 reached 5.846 billion yuan, representing a year-on-year growth of 1.7% and a quarter-on-quarter growth of 2.4% [1] - Net profit attributable to shareholders was 197.5 million yuan, with basic earnings per share at 16.3 cents [1] - The company has strengthened cost control, with the proportion of three expenses decreasing by nearly 1 percentage point year-on-year, particularly financial expenses, which fell by 9% [1] Group 3 - Due to the decline in raw coal prices, the support for urea prices weakened, leading to a larger price drop for urea compared to cost reductions, resulting in a 23% year-on-year decline in overall gross margin [2] - However, with improvements in the fertilizer supply-demand landscape, product prices are gradually recovering, leading to a 26% quarter-on-quarter increase in gross margin [2] - The company's net profit, excluding non-recurring items, saw a significant quarter-on-quarter growth of 89%, indicating a stable upward trend in operations [2]
中国心连心化肥(01866.HK)一季度营业收入同比增长1.7% 环比增长2.4%