China XLX Fertiliser Ltd. (1866) reported a decline in net profit to RMB1,008 million for the nine months ended 30 September 2025, compared with RMB2,031 million in the same period last year. Revenue reached approximately RMB17,963 million, up slightly from RMB17,420 million year on year. The drop in profitability was primarily attributed to temporary production halts for scheduled maintenance, coupled with oversupply in core fertiliser markets and persistently low urea prices.
Net profit attributable to owners of the parent amounted to RMB800 million, down from RMB1,534 million a year earlier. Gross profit for the first three quarters of 2025 fell 11% year on year, partly owing to maintenance-related downtime across production bases that lowered output volumes of major products such as urea, liquid ammonia, and DMF. Despite these challenges, the Group’s adoption of cost-control measures, including debt restructuring and interest rate optimization, limited selling, general, and administrative expenses.
By the end of the reporting period, total assets reached RMB37.1 billion, representing a 20% increase from the beginning of the year. This growth stemmed from expanded production capacity, more substantial project investments, and higher fixed assets. As part of its forward-looking strategy, China XLX Fertiliser continues to invest heavily in technology upgrades and large-scale projects, including the Jiujiang Phase II Project, which has begun operations, and the ongoing Guangxi and Zhundong Projects. These expansions aim to improve economies of scale and further reduce production costs, underpinning the Group’s long-term competitiveness.
Looking ahead, the Group anticipates that seasonal agricultural off-peak demand and continued market imbalances may keep fertiliser prices at lower levels. However, the Group highlights that advancements in capacity, technology, and product differentiation will strengthen its market positioning and catalyze margin recovery. Through measures such as enhanced branding, high-efficiency product promotion, and integrated chemical operations, it aims to bolster its leading status in the high-end fertiliser market while maintaining disciplined cash flow and cost control.