China XLX Fertiliser (1866) Q3 2025 earnings summary

Executive summary

• Q3 2025 sales revenue reached RMB 17.963 billion, up 13% year-over-year and 22% sequentially from Q3 2024.

• Net profit was RMB 1.008 billion, a 150% increase year-over-year and 51% higher sequentially.

• EPS rose 148% year-over-year to RMB 1.26.

• Major plant maintenance reduced profit by approximately RMB 226 million and cut production by 270,000 tons across key products; maintenance improved operational efficiency and set the stage for future recovery.

• The Jiujiang Phase II Project was successfully commissioned, expanding low-cost production capacity and supporting long-term competitiveness and profit growth.

Financial highlights

• Gross profit for Q3 2025 was RMB 2.9 billion, down 11% year-over-year but up 29% sequentially.

• Net current liabilities decreased to RMB 4.329 billion from RMB 5.067 billion year-over-year.

• Average loan interest rate dropped to 3.2% from 4.2% year-over-year.

• Basic earnings per share fell to 65.1 RMB cents from 126.1 RMB cents year-over-year.

• SG&A expense-to-revenue ratio (excluding equity incentives) decreased by 1 percentage point year-over-year.

Segment performance

• Fertilizer accounted for 57% of revenue and 60% of profit; chemicals contributed 38% of revenue and 37% of profit.

• Urea sales revenue dropped 19% year-over-year, while methanol revenue increased 34%.

• Compound fertilizer revenue grew 18% year-over-year.

• Urea sales volume decreased 3%, but methanol volume rose 37% year-over-year; melamine export volume surged 86% due to strategic overseas expansion.

• Fertilizer segment gross margin grew quarter-on-quarter despite low prices, supported by high-end product promotion; chemical segment gross margin increased nearly 45% year-over-year due to flexible production strategies.