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Core Viewpoint - China Heart Heart Fertilizer reported a mixed performance in Q1, with revenue growth but a significant decline in net profit, indicating challenges in the fertilizer market and the need for strategic adjustments [1][2][3] Financial Performance - The company achieved revenue of approximately 5.846 billion yuan, a year-on-year increase of 1.7% and a quarter-on-quarter increase of 2.4% [1] - The net profit attributable to shareholders was about 198 million yuan, a decrease of 30.03% year-on-year, although it marked a recovery from a loss of approximately 74.64 million yuan in the previous quarter [1] Market Dynamics - The fertilizer market is experiencing a "first suppressed then rising" trend, with prices of coal chemical products remaining low in January and February, followed by a rebound in March due to spring farming demand and improved export expectations [1] - The overall gross margin increased by nearly 3 percentage points to 14% during the period, driven by rising prices of downstream products [1] Segment Performance - The fertilizer segment generated sales revenue of approximately 3.09 billion yuan, accounting for 53% of total revenue, making it the largest revenue source for the company [1] - The chemical segment achieved sales revenue of about 2.46 billion yuan, representing 42% of total revenue, while other segments contributed approximately 290 million yuan, or 5% [1] Product Development and Strategy - The company is enhancing the sales proportion of high-efficiency compound fertilizers, with a 6% increase in sales volume and a 9% increase in product prices, leading to a 2 percentage point rise in gross margin [2] - The gross margin for humic acid reached 25%, supported by ongoing research and development [2] Future Projects - Upcoming projects include a 600,000-ton synthetic ammonia and 1.2 million-ton slow-release fertilizer project in Jiangxi, expected to be operational by Q3 2025, and a 320,000-ton melamine and 500,000-ton high-efficiency compound fertilizer project in Xinjiang, projected for completion by the end of 2026 [2] Market Outlook - The company anticipates an increase in international potassium fertilizer and grain prices due to tariff policies, alongside a shift in domestic agriculture towards precision farming, which will enhance demand for high-efficiency fertilizers [3] - The company plans to leverage policy benefits for technological upgrades and focus on functional, customized products and differentiated services to strengthen its market position as a "proponent of efficient fertilizer use" [3]