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 3,237 RMB/ton as of November 10, reflecting a 28.66% increase year-to-date and a 34.37% increase year-on-year [1] - The gross profit margin for the potassium chloride industry was reported at 1,164 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 for potassium fertilizers in the medium term [1] Company Insights - **Migo Group (09879)**: Ranked fourth among Chinese potassium fertilizer companies by sales volume in 2023, Migo Group is a comprehensive supplier capable of providing a full production line of fertilizers, including potassium chloride and compound 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. The company has renewed a cooperation memorandum with Jordan's Arab Potash Company for potassium fertilizer sales in China [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 activities [4] - **China National Offshore Oil Corporation Chemical (03983)**: A leading company in the fertilizer and methanol industry, with a total designed capacity of 1.84 million tons of urea and significant production bases across several provinces [5]