China XLX Fertiliser (China XLX) reported FY2025 revenue of RMB25.35 billion, a 9.60 % increase year-on-year (YoY), supported by higher sales volumes across key fertiliser and chemical products. Gross profit slipped 3.14 % to RMB3.81 billion as the average gross margin compressed to 15 % (FY2024: 17 %) on lower selling prices for urea, methanol and other chemicals.

Profit for the year fell 35.29 % to RMB1.30 billion. The prior period included a RMB0.74 billion gain from the disposal of Tianxin Coal Mine; excluding this one-off item, underlying profit declined 3 %. Profit attributable to shareholders dropped 36.10 % to RMB0.93 billion, with basic EPS down to RMB0.76 from RMB1.20.

Segment performance • Fertiliser revenue increased 2 % to RMB14.37 billion and contributed 62 % of group gross profit, led by a 3 % rise in urea sales volume and a 19 % jump in compound-fertiliser tonnage. • Chemical products generated RMB9.58 billion (+21 % YoY) but margins narrowed to 13 % as average prices for methanol (-4 %), liquid ammonia (-17 %) and DMF (-7 %) declined. • Other products (industrial gases, medical intermediates, smart equipment) delivered RMB1.41 billion revenue and a 16 % margin.

Operating expenses remained tightly controlled. Selling and distribution costs rose 5 % to RMB0.74 billion on higher handling and export-related charges, while G&A expenses edged up 3 % to RMB1.36 billion, reflecting increased R&D and digital-transformation spending. Finance costs decreased 3 % to RMB0.48 billion after the group refinanced RMB9.24 billion of high-interest debt and reduced its average borrowing rate to 3.34 %.

Total assets reached RMB38.76 billion (+19 %), driven by RMB6.02 billion of capital expenditure on new capacities in Xinxiang and Zhundong. Net debt expanded to RMB23.47 billion, pushing the gearing ratio to 73.84 % (FY2024: 69.66 %). Short-term borrowings now account for 20 % of total debt, versus 41 % a year earlier, following a shift toward medium- and long-term funding.

The board proposes a final dividend of RMB0.32 per share, up 23 % YoY, representing a payout of RMB0.41 billion and signalling confidence in long-term growth despite near-term margin pressure.