中国心连心化肥二零二五年中期报告

(Incorporated in Singapore with limited liability)（於新加坡註冊成立之有限公司） Stock Code股份代號 ：1866 * For identification purposes only僅供識別 2025 INTERIM REPORT High-EfficiencyFertilisers in China 綠色生態 高質發展 China XLX Culture We uphold a culture of integrity and the corporate spirit of “Dedicated tohard workSatisfy the needs of others” and we are committed to creating thegreatest value for the society with the least resources. Contents 37Condensed Consolidated Statement of ComprehensiveIncome38Condensed Consolidated Statement of FinancialPosition41Condensed Consolidated Statement of Changes inEquity42Condensed Consolidated Statement of Cash Flows44Notes to the Condensed ConsolidatedInterim Financial Information 2Company Profile4Corporate Information7Management Discussion and Analysis CHINA XLX DEVELOPMENT STRATEGY The Company’s Strategic Positioning and Tactics “1”Corporate Vision1 Committed to become China’s most respected fertiliser enterprise group “1”Core Mission1 Achieve high-efficiency, high-end, lean development in the Group CHINA XLX DEVELOPMENT STRATEGY “6”Development Principles6 Principle of strategic positioning direction:never deviate from the main course andcommitted to establish the position as“Industry No. 1” Principle of customer orientation: promote amain value chain that applies an “integrated”high efficiency operation model, which isconcentrated in satisfying the demands ofthe market and customers. Principle of pursuing excellence: be open-minded and inclusive, learn from the mostadvanced enterprises in the world and withinthe industry, and improve various workingstandards. Principle of pragmatic and highly efficientmanagement: upgrade management withthe purpose of increasing competitivenessand profitability of the Company. Principle of key capabilities enhancement:strengthen technological research anddevelopment, marketing, differentiationcapabilities. Principle of preventing and controllingdevelopment risks: abide by laws anddisciplines, never take shortcuts, controldevelopment and investment risks. Corporate Information BOARD EXECUTIVE DIRECTORS LIU Xingxu(Chairman of the Board)ZHANG QingjinYAN Yunhua INDEPENDENT NON-EXECUTIVE DIRECTORS ONG Kian GuanLI ShengxiaoONG Wei JinLI Hongxing BOARD COMMITTEES AUDIT COMMITTEE ONG Kian Guan(Chairman)LI ShengxiaoONG Wei JinLI Hongxing REMUNERATION COMMITTEE ONG Wei Jin(Chairman)ONG Kian GuanLI ShengxiaoLI Hongxing NOMINATION COMMITTEE LI Shengxiao(Chairman)LIU XingxuONG Kian GuanONG Wei JinLI HongxingYAN Yunhua CHIEF EXECUTIVE OFFICERSONG Wanlei CHIEF FINANCIAL OFFICER/DATA PROTECTION OFFICERWONG Wing Wang AUTHORISED REPRESENTATIVES UNDER LISTING RULES YAN YunhuaMAN Yun Wah JOINT COMPANY SECRETARIES MAN Yun WahCHEOK Hui Yee AUDITOR One Raffles QuayNorth Tower, Level 18Singapore, 048583 Ernst & Young LLPOne Raffles QuayNorth Tower, Level 18Singapore, 048583Partner-in-charge: YONG Kok Keong LEGAL ADVISORSHaiwen & Partners LLPShook Lin & Bok LLP (Singapore) PRINCIPAL BANKERS China Construction BankAgricultural Bank of ChinaBank of ChinaIndustrial & Commercial Bank of ChinaBank of CommunicationsHSBC REGISTERED OFFICE 36 Robinson Road,#20-01 City House, Singapore 068877 36 Robinson Road,#20-01 City House, Singapore 068877 Corporate Information HEADQUARTERS 453731 Xinxiang Economic Development ZoneHenan ProvincePRC 453731 1866 STOCK CODEHong Kong Stock Code: 1866 www.chinaxlx.com.hk CORPORATE WEBSITEwww.chinaxlx.com.hk Management Discussion and Analysis The board of directors (the “Board”) of China XLX Fertiliser Ltd. (the“Company” and, together with its subsidiaries, the “Group”) is pleasedto present this interim report for the six months ended 30 June 2025(“1H2025”). I (I)BUSINESS REVIEW 12,666,000,000605,000,0005% Entering into 2025, the decline in product prices at the beginning ofthe year weighed on the overall price performance in the first half.However, as the downstream demand gradually released, productprices saw a significant quarter-on-quarter (“QoQ”) rebound inthe second quarter, with urea and melamine standing out for theirnotable recovery. Against this backdrop, the Group strengthenedmarketing efforts and ensured the orderly release of new productioncapacity, driving varying degrees of growth in sales volumes acrossits product portfolio and thereby supporting steady revenue growth.The Group’s unaudited consolidated income was approximatelyRMB12,666 million, representing an increase of approximatelyRMB605 million or 5% compared with the same period last year. 13%44%181,000,00088,000,00019%13%9% In the first half of the year, despite a decline in raw material cost, thedecline in selling price of product exceeded the decline in cost dueto the factors such as the imbalance between supply and demand,resulting in a 13% YoY decline in overall gross profit. Among them,the gross profit of urea products lowered by nearly 44% year-on-year (“YoY”), mainly due to the decline in the selling price, w