Hong Kong–listed China BlueChemical (stock code 03983) released audited results for the year ended 31 December 2025.
Revenue and profitability • Revenue rose 0.7% year-on-year to RMB12.03 billion, driven by higher sales volumes in methanol (+6.4%) and acrylonitrile (+22.3%) that offset softer pricing in most product lines. • Gross profit fell 7.9% to RMB1.57 billion; gross margin contracted 1.2 ppts to 13.0% on weaker urea and compound-fertiliser spreads. • Profit attributable to shareholders declined 9.0% to RMB974 million; basic EPS slipped to RMB0.21 from RMB0.23. • Net margin eased to 8.1% from 9.0% in 2024.
Segment performance (external revenue) • Urea: RMB3.30 billion (-11.0% YoY) as ASP dropped RMB247/tonne; sales volume rose 1.8%. • Methanol: RMB3.11 billion (+0.5% YoY); volume growth offset lower ASP (-RMB120/tonne). • Phosphorus & compound fertilisers: RMB3.05 billion (+10.4% YoY) on higher ASP (+RMB243/tonne) and volume (+24 kt). • Acrylonitrile & related products: RMB2.16 billion (+7.6% YoY) on volume surge (+50 kt). • Other businesses (port, logistics, trading, by-products): RMB0.42 billion (+10.9% YoY).
Cost dynamics Total cost of sales increased 2.2% to RMB10.46 billion. Lower natural-gas prices cut urea and methanol production costs, but higher ore and sulphur prices lifted phosphorus-fertiliser costs by 13.8%.
Cash flow and balance sheet • Operating cash inflow reached RMB1.38 billion (2024: RMB1.81 billion). • Year-end cash and cash equivalents stood at RMB736.57 million; time deposits (>3 months) totalled RMB12.10 billion. • Net gearing remained low at 9.6% (2024: 9.8%). Interest-bearing debt fell to RMB2.05 billion from RMB2.06 billion. • Capital expenditure was RMB475.48 million, focused on fluorochemicals, port upgrades and environmental projects.
Dividend The Board proposes a final dividend of RMB0.112 per share (payout ratio 53.0%), pending approval at the 2025 AGM. The prior-year dividend was RMB0.1208.
Operational highlights • All six major production units achieved at least two 100-day or one 200-day continuous-run period; Fudao Phase I set a record 469-day unbroken run. • Annual outputs: urea 1.93 million t, methanol 1.57 million t, phosphorus & compound fertilisers 0.83 million t, acrylonitrile series 0.28 million t. • Basuo Port throughput reached 13.12 million t (+undisclosed growth). • The company injected RMB73.50 million into newly established joint venture Hubei Wengfu Haiyu Fluorosilicon New Material (39.19% stake).
2026 outlook and priorities Management expects continued supply growth and margin pressure in urea and acrylonitrile, while phosphorus fertilisers should benefit from firm raw-material costs and stable demand. Key initiatives for 2026 include deepening cost control, advancing digitalisation and AI applications, accelerating R&D commercialisation, and cultivating new growth avenues alongside core fertiliser and chemical businesses.