继文先生辞任后，甘美霞女士(甘女士，彼具备香港上市规则第3.28条所规定的必要专业资格及相关经 验)已获委任为联席公司秘书、授权代表及法律程序代表，自2025年11月13日起生效，以接替文先生。 石慧仪女士(石女士)将继续担任另一位联席公司秘书。 中国心连心化肥(01866)发布公告，文润华先生(文先生)已辞任本公司其中一位联席公司秘书(联席公司 秘书)、香港联合交易所有限公司(联交所)证券上市规则(香港上市规则)第3.05条项下的本公司授权代表 (授权代表)及香港上市规则第19.05(2)条及香港法例第622章公司条例第16部项下代表本公司于香港接收 法律程序文件及通知之法律程序代表(法律程序代表)，自2025年11月13日起生效。 ...

Core Viewpoint - Sinochem Fertilizer (00297) has announced the signing of an EPC general contracting agreement for electrical and instrumentation equipment renovation projects, with a total cost not exceeding RMB 31 million [1][2] Group 1: Project Details - The project involves the design, procurement, construction, installation, and commissioning of electrical and instrumentation equipment [1][2] - The electrical renovation includes the replacement of 10kV incoming cables, transformers, low-voltage distribution cabinets, and related grounding system modifications across various distribution rooms [1] - The instrumentation renovation includes the replacement of field instrument cables, control cabinets, and the relocation of distributed control system (DCS) cabinets to new control rooms [2] Group 2: Board Approval - The board of directors, including independent non-executive directors, considers the EPC contract transactions to be conducted on normal commercial terms and in the overall interest of the company and its shareholders [2] - No directors are deemed to have a significant interest in the EPC contract, thus no abstention from voting on the board resolution for the contract approval is required [2]

Core Viewpoint - Sinochem Fertilizer (00297) has entered into a total contracting agreement for the backfill utilization project of harmless phosphogypsum, with a total cost of RMB 62,644,158.09 [1] Group 1 - The agreement was signed on November 13, 2025, between Sinochem Fuling, Zhonglan Lianhai, and Zhejiang Tuohai [1] - The project includes design, procurement, and construction responsibilities assigned to Zhonglan Lianhai and Zhejiang Tuohai [1]

Core Viewpoint - Sinochem Fertilizer (00297) has announced the signing of an EPC contract for the electrical and instrumentation equipment upgrade project, with a total cost not exceeding RMB 31 million [1][2]. Group 1: Project Details - The EPC contract involves Sinochem Yunlong commissioning Zhonglan Lianhai and Yunnan Qiangshi for design, procurement, construction, installation, and commissioning of the electrical and instrumentation equipment upgrade project [1]. - The electrical upgrade includes replacing 10kV incoming cables, transformers, and low-voltage distribution cabinets across various distribution rooms, as well as the removal of existing equipment [1]. - The instrumentation upgrade involves replacing control cabinets, relocating distributed control system (DCS) cabinets, and removing old cables and protective conduits [2]. Group 2: Board Approval - The board of directors, including independent non-executive directors, considers the EPC contract transaction to be conducted on normal commercial terms and in the overall interest of the company and its shareholders [2]. - No directors are deemed to have a significant interest in the EPC contract, thus they are not required to abstain from voting on the board resolution for its approval [2].

Report Industry Investment Rating - Not provided Core Views - Urea spot new orders follow-up slowed down, and the futures market rose slightly due to export news. Agricultural autumn fertilizer production is ending, compound fertilizer autumn fertilizer production is winding up, and winter storage fertilizer production has not started on a large scale. The overall operating rate remains stable. Melamine operating rate increased slightly, with rigid demand procurement. In the medium and long term, urea supply and demand remain loose due to new capacity release. Gas-based plant maintenance in the fourth quarter is expected to start gradually in December. Affected by the export quota news, urea enterprises' shipments improved, and inventory decreased. The high inventory area is still Inner Mongolia. Attention should be paid to the start-up rate of compound fertilizer plants in the Northeast, raw material procurement rhythm, and the national light storage rhythm. The news of the fourth batch of 600,000 tons of export quotas has improved the year-end export expectation of urea, which is expected to support the spot market. India's IPL issued a new round of urea import tender on November 7, with an intention to tender 2.5 million tons, 1.25 million tons each for the east and west coasts. The tender will close on November 20, be valid until November 28, and the latest shipping date is January 15, 2026. Continuous attention should be paid to the spot procurement sentiment and rhythm [2] Summary by Directory 1. Urea Basis Structure - On November 12, 2025, the urea main contract closed at 1,655 yuan/ton (+15). The ex-factory price of small granular urea in Henan was 1,610 yuan/ton (unchanged), in Shandong was 1,600 yuan/ton (-10), and in Jiangsu was 1,600 yuan/ton (-10). The basis in Shandong was -55 yuan/ton (-25), in Henan was -45 yuan/ton (-25), and in Jiangsu was -55 yuan/ton (-25) [1] 2. Urea Production - As of November 12, 2025, the enterprise capacity utilization rate was 82.71% (up 0.08%). The total inventory of sample enterprises was 1.4836 million tons (-94,500 tons), and the port sample inventory was 79,000 tons (-31,000 tons) [1] 3. Urea Production Profit and Operating Rate - On November 12, 2025, the urea production profit was 70 yuan/ton (-10), and the export profit was 930 yuan/ton (-1) [1] 4. Urea Overseas Prices and Export Profit - Not specifically summarized in the text, but the export profit is mentioned in the price and basis section, with an export profit of 930 yuan/ton (-1) on November 12, 2025 [1] 5. Urea Downstream Operating Rate and Orders - As of November 12, 2025, the compound fertilizer capacity utilization rate was 31.04% (unchanged), the melamine capacity utilization rate was 53.20% (up 3.22%), and the pre - received order days of urea enterprises were 7.71 days (+0.42) [1] 6. Urea Inventory and Warehouse Receipts - As of November 12, 2025, the total inventory of sample enterprises was 1.4836 million tons (-94,500 tons), and the port sample inventory was 79,000 tons (-31,000 tons) [1] Strategies - Unilateral: Range - bound oscillation, opportunistic cash - and - carry arbitrage - Inter - delivery: Wait - and - see - Inter - commodity: None [3]

Core Viewpoint - YunTu Holdings experienced a 5.23% increase in stock price, reaching 12.28 CNY per share, with a trading volume of 2.32 billion CNY and a total market capitalization of 148.31 billion CNY [1] Company Overview - Chengdu YunTu Holdings Co., Ltd. is located in Xindu District, Chengdu, Sichuan Province, and was established on August 31, 1995, with its listing date on January 18, 2011 [1] - The company's main business involves the production and sales of a variety of compound fertilizers, along with in-depth development around the compound fertilizer industry chain [1] - The revenue composition of the main business includes: - New compound fertilizers and phosphate fertilizers: 34.92% - Conventional compound fertilizers: 28.43% - Trade: 18.85% - Other products: 9.53% - Yellow phosphorus: 5.43% - Soda ash: 2.84% [1] Fund Holdings - A fund under Guolian Fund holds a significant position in YunTu Holdings, specifically the Guolian Smart Selection Pioneer Stock A (020748), which held 113,600 shares in the third quarter, accounting for 0.44% of the fund's net value, ranking as the tenth largest holding [2] - The fund has a current size of 145 million CNY and has achieved a year-to-date return of 36.44%, ranking 1252 out of 4216 in its category [2] - The fund manager, Wang Zhe, has a tenure of 7 years, with a total asset size of 2.519 billion CNY, achieving a best return of 106.32% during his tenure [2] - Co-manager Chen Xinyu has a tenure of 6 years and 107 days, managing assets of 1.211 billion CNY, with a best return of 68.98% during his tenure [2]

Group 1 - Urea prices have been weak this year, with production profits for fixed-bed and natural gas-based urea at -210 CNY/ton and -167 CNY/ton respectively [1] - Since mid-October, urea prices have started to rise due to news from Indian tenders, but high inventory levels in urea plants limit the potential for price rebounds [1] - From January to September 2025, China's urea production reached 53.18 million tons, an increase of 4.31 million tons or 8.1% year-on-year, with daily operating rates at 85.15%, up 3.58 percentage points year-on-year [1] Group 2 - The urea industry has experienced severe overcapacity after years of rapid growth, leading to significant losses for companies [2] - The government has implemented supply-side structural reforms, eliminating 16.22 million tons of urea capacity during the 13th Five-Year Plan [2] - New capacity additions are planned for the coming years, with 394,000 tons in 2024, 380,000 tons in 2025, 688,000 tons in 2026, and 590,000 tons in 2027, resulting in an average annual production growth of about 5% [2] Group 3 - In 2024, domestic controls on urea exports will be strengthened, with a complete suspension of exports in the second half of the year [3] - The export policy is expected to remain unchanged, with a limited and orderly export model, and the total export volume is anticipated to be constrained [3] - Overall demand growth for urea is expected to remain around 3%, while production growth is projected at approximately 5%, leading to excess supply that needs to be managed through exports [3]

Financial Data and Key Metrics Changes - Consolidated adjusted EBITDA for Q3 2025 reached $115 million, with year-to-date EBITDA at $206 million [3][6] - Gross sales totaled $323 million in Q3, reflecting a 29% year-over-year decline due to lower volumes and prices [6] - Year-to-date sales stood at $1 billion, with adjusted EBITDA at $206 million, indicating lower consolidated results primarily due to lower global prices and higher costs in USD terms [6][11] Business Line Data and Key Metrics Changes - In the sugar, ethanol, and energy business, crushing volume was 4% lower year-over-year, but a new quarterly record of 4.9 million tons was achieved, representing a 20% year-over-year increase [7][8] - The farming business saw a 13% year-over-year increase in total production, attributed to higher planted area and record productivity in rice operations [7] - Adjusted EBITDA for the farming business totaled $1 million in Q3, with year-to-date EBITDA at $19 million, impacted by lower international prices and higher costs [12][13] Market Data and Key Metrics Changes - In Brazil, the company achieved a record quarterly crushing volume and produced 40% more ethanol than the previous year [3] - In Argentina and Uruguay, the price-cost scenario remains challenging, leading to adjustments in crop mix and leased area [3][4] Company Strategy and Development Direction - The company is focusing on efficiency and being the lowest-cost producer to navigate the challenging market environment [5] - A strategic shift towards maximizing ethanol production was made due to better margins compared to sugar, with an ethanol mix of 58% compared to 45% the previous year [8] - The acquisition of a 50% stake in ProFertil, the largest producer of granular urea in South America, is expected to diversify operations and reduce result volatility [4][15] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the tough year but emphasized the need to remain focused on efficiency [5] - The company expects crushing volumes to improve in 2025-2026, with a potential increase of 5%-6% due to better yields and conditions [24] - Cost reductions of 15%-20% are anticipated for the upcoming year, driven by higher yields and efficiencies [24] Other Important Information - Net debt increased by 35% year-over-year to $872 million, with a net leverage ratio of 2.8 times [16] - The shareholder distribution program for 2025 amounted to $45 million, including $10 million in share repurchases and $35 million in cash dividends [17] Q&A Session Summary Question: Future crushing volumes and CAPEX expectations - Management indicated that crushing volumes could see growth in 2025-2026, with CAPEX being revised downwards due to compressed EBITDA margins [20][22] Question: Actions to reduce leverage and crop area reduction rationale - Management explained that reducing leased area is aimed at lowering costs and focusing on high productivity farms, with expectations for improved EBITDA next year [27][29] Question: Financing details for ProFertil acquisition and dividend expectations - The acquisition is fully financed at competitive rates, and while it is too early to provide specific dividend guidance for 2026, management remains optimistic about future cash flows [38][40]

Report Overview - Report Title: Urea Daily Report (November 12, 2025) [2] - Report Type: Energy and Chemical Research Report [2] - Industry: Urea in the Energy and Chemical Sector [2] 1. Report Industry Investment Rating - No industry investment rating was provided in the report. 2. Report's Core View - The market sentiment for urea has cooled down after the impact of the new export quota news faded. The supply is currently abundant with increasing daily production, while the demand is weakening. The domestic urea market is expected to see a decline in prices in the short - term, although the fourth batch of export quotas may have a short - term positive impact on market sentiment [5]. 3. Summary by Relevant Catalogs Market Review - **Futures Market**: Urea futures rose and then fell, closing at 1655 (+7/+0.42%) [3]. - **Spot Market**: The ex - factory prices were weakly stable with general trading. The ex - factory prices in different regions were as follows: Henan 1560 - 1570 yuan/ton, Shandong small - sized 1560 - 1600 yuan/ton, Hebei small - sized 1590 - 1600 yuan/ton, Shanxi medium and small - sized 1500 - 1560 yuan/ton, Anhui small - sized 1540 - 1550 yuan/ton, and Inner Mongolia 1420 - 1490 yuan/ton [3]. Important Information - On November 12, the daily urea production in the industry was 19.81 tons, an increase of 0.14 tons from the previous working day and 1.59 tons from the same period last year. The current operating rate was 84.68%, 4.06% higher than 80.62% in the same period last year [4]. Logic Analysis - **Supply Side**: The maintenance devices are gradually returning, and the daily average production has increased to around 19.9 tons. The urea production enterprise inventory has increased slightly by 20,000 tons to around 1.58 million tons, remaining at a high level [5]. - **Demand Side**: The fourth batch of export quotas is expected to be around 600,000 tons. The international price's impact on the domestic market has increased again. However, the compound fertilizer production in central and northern China has basically ended, the grass - roots stocking is coming to an end, the operating rate of compound fertilizer plants has declined, and the demand for raw materials is low [5]. - **Regional Market**: In Shandong, the mainstream ex - factory prices are expected to decline; in Henan, the ex - factory prices are expected to follow the downward trend; in the delivery area and its surrounding areas, the ex - factory prices are expected to remain stable for now [5]. Trading Strategy - **Single - sided**: Go short [6]. - **Arbitrage**: Wait and see [8]

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core View of the Report - Urea is expected to trade within the valuation range and face short - term pressure in the market [1] - Short - term urea is expected to move in a volatile manner, with the overall upward trend of spot prices expected to slow down, and incremental warehouse receipts putting pressure on the upside of futures prices [3][4] - The domestic urea fundamental pressure is relatively large, but the downward driving force is weakened under the policy regulation. The 01 contract has a strong fundamental pressure level at 1700 - 1720 yuan/ton and a support level at 1550 - 1560 yuan/ton [4] Group 3: Summary by Relevant Catalogs 1. Urea Fundamental Data - **Futures Market**: The closing price of the urea main contract was 1,640 yuan/ton, down 20 yuan from the previous day; the settlement price was 1,648 yuan/ton, down 13 yuan; the trading volume was 142,319 lots; the open interest of the 01 contract was 254,022 lots, down 3,552 lots; the warehouse receipt quantity was 6,812 tons, up 397 tons; the trading volume was 468.992 million yuan, down 110.461 million yuan. The basis in Shandong area was - 30, up 10; the difference between Fengxi and the futures price was - 140, up 20; the difference between Dongguang and the futures price was - 30, up 20; the spread between UR01 and UR05 was - 77, down 5 [2] - **Spot Market**: The factory prices of urea in many enterprises remained unchanged, and the trading price of dealers in Shandong area was 1,610 yuan/ton, down 10 yuan. The supply - side indicators showed that the operating rate was 84.07%, down 0.34 percentage points, and the daily output was 196,680 tons, down 800 tons [2] 2. Industry News - On November 5, 2025, the total inventory of Chinese urea enterprises was 1.5781 million tons, an increase of 23,800 tons from the previous week, a month - on - month increase of 1.53%. The inventory of some enterprises increased due to factors such as market sentiment and environmental protection warnings, while the inventory of some enterprises decreased [3] 3. Futures Research - **Trend Intensity**: The trend intensity of urea is 0, indicating a neutral view [4]