CHINA XLX FERT (01866) rose more than 8% again. At the time of writing, the stock was up 11.42%, trading at HKD 12.29 with a turnover of HKD 93.0289 million. The company's preliminary first-quarter results show that its main business revenue reached between RMB 6.7 billion and RMB 7.0 billion, a year-on-year increase of 15% to 20%. Net profit attributable to shareholders was between RMB 280 million and RMB 300 million, representing a significant surge of 41% to 52% compared to the same period last year. Analysts are optimistic that the commissioning of new production capacity will lead to explosive earnings growth in 2026 and 2027. The first-quarter performance exceeded expectations, prompting an upward revision of the 2026 net profit forecast to RMB 1.5 billion. According to the company's 2025 annual report, CHINA XLX FERT is advancing the construction of several production bases. Among them, the Phase II project in Jiujiang, Jiangxi province commenced operations successfully last September. This project is a key part of the company's "fertilizer-based, circular economy" strategy. Once fully operational, the project will have an annual production capacity of 1.5 million tons of synthetic ammonia and 200,000 tons of DMF, among other products. It is designed to cater to the specific needs of the green agriculture, new materials, and new energy industries, and is expected to generate approximately RMB 4.2 billion in additional annual revenue.