Loading…
Chinese coal-based fertilizer maker producing urea and compound fertilizers, plus industrial chemicals, based in Henan.
Chinese coal-based fertilizer maker producing urea and compound fertilizers, plus industrial chemicals, based in Henan.
Turns coal into ammonia and then urea and compound fertilizer, sold mostly through distributors with demand peaking in planting seasons, so margins are the gap between fertilizer prices and coal cost. Government limits on fertilizer exports and steps to control urea supply also move the economics.
Moat: none (scale). Commodity fertilizer producer; pricing is set by coal costs and national urea supply/demand.
Headquarters: Henan, China · Founded: 2000 · Employees: 12,964
Size China XLX Fertiliser (1866.HK) is a Hong Kong Materials company (Chemicals: Agricultural) with a market value of $1.51B, the 490th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$9.20 on 6 Nov 2026.
Performance Over six months the shares fell 27.0%, against -25.1% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 9th lowest of 21 in its peer set.
Growth Revenue grew 24.3% over the last twelve months (peer median +5.9%); the operating margin is 8.4% (peer median 7.7%).
Valuation It trades at 6.7× forward earnings against a peer median of 16.7× (cheapest of 19).
Capital Return on invested capital runs 0.4 points below its cost of capital (5.9% WACC).
Next results Next results expected around 19 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$31.8B | HK$27.5B | HK$25.1B | HK$25.9B | HK$26.8B |
| Revenue growth | — | +10% | -3% | -3% | — |
| Gross profit | HK$5.39B | HK$4.13B | HK$4.26B | HK$4.63B | HK$5.06B |
| EBITDA | HK$5.00B | HK$3.88B | HK$3.82B | HK$4.18B | HK$4.80B |
| Net income | HK$1.41B | HK$1.01B | HK$1.58B | HK$1.31B | HK$1.54B |
| Free cash flow | -HK$3.61B | -HK$3.42B | -HK$1.91B | HK$1.88B | -HK$144M |
| Capital expenditure | HK$7.09B | HK$6.53B | HK$5.29B | HK$3.97B | HK$4.38B |
| Total debt | n/a | HK$19.6B | HK$14.8B | HK$14.0B | HK$14.8B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| China XLX Fertiliser 1866.HK | $1.51B | -27% | +24% | 8% | 6.7× | n/a |
| China BlueChemical 3983.HK | $1.08B | -32% | +4% | 5% | 6.0× | n/a |
| Sinofert 0297.HK | $1.08B | -25% | +16% | 6% | 5.5× | -18.5% |
| Yara International YAR.OL | $11.0B | -26% | +2% | 13% | 8.2× | -6.9% |
| CF Industries CF | $18.1B | +4% | +20% | 41% | 9.8× | -11.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 1866.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -12.0% | -8.3% | 9th lowest of 21 |
| 6-month return | -27.0% | -25.1% | 9th lowest of 21 |
| Distance from 52-week high | -29.1% | -34.7% | 7th highest of 21 |
| Revenue growth (TTM) | +24.3% | +5.9% | 3rd highest of 21 |
| Operating margin | 8.4% | 7.7% | 10th highest of 21 |
| Forward P/E | 6.7× | 16.7× | cheapest of 19 |
| ROIC minus cost of capital | -0.4 pp | +0.9 pp | 9th lowest of 21 |
| EV / EBITDA | 7.3× | 10.3× | 4th cheapest of 9 |
| Net debt / EBITDA | 4.1× | 1.0× | 2nd most indebted of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| China XLX Fertiliser 1866.HK | Hong Kong | $1.51B | -27% | +24% | 8% | 6.7× | n/a | n/a |
| Deepak Fertilisers and Petrochemicals DEEPAKFERT.NS | India | $1.54B | -14% | +14% | 13% | 10.1× | n/a | n/a |
| Paradeep Phosphates PARADEEP.NS | India | $1.57B | +12% | +31% | 7% | 17.6× | n/a | n/a |
| Bayer Cropscience India BAYERCROP.NS | India | $1.58B | -28% | -5% | 15% | 19.5× | 16.1% | +5.9% |
| Shenzhen Batian Ecological Technique 002170.SZ | China | $1.44B | -29% | +3% | 23% | 7.1× | -8.1% | +18.8% |
| Hubei Yihua Chemical Industry 000422.SZ | China | $1.60B | -42% | +15% | 5% | 15.2× | n/a | n/a |
| Holitech Technology 002217.SZ | China | $1.41B | -58% | +17% | 2% | n/a | 45.7% | -37.1% |
| Huapont Life Sciences 002004.SZ | China | $1.39B | -5% | -6% | 11% | n/a | -8.7% | +1.1% |
| Atul ATUL.NS | India | $1.63B | -26% | +18% | 12% | 19.7× | 18.2% | +11.0% |
| Tata Chemicals TATACHEM.NS | India | $1.64B | -25% | +2% | 3% | 85.9× | n/a | n/a |
| Sumitomo Chemical India SUMICHEM.NS | India | $1.74B | -34% | -3% | 18% | 28.1× | 23.4% | +4.1% |
| Zhejiang Xinan Chemical Industrial 600596.SS | China | $1.75B | -31% | +5% | 2% | 22.9× | 12.4% | +3.1% |
| Jiang Su Suyan Jingshen 603299.SS | China | $1.28B | -18% | -5% | 5% | 25.9× | n/a | n/a |
| Stanley Agricultural 002588.SZ | China | $1.27B | -33% | +3% | 8% | 8.8× | n/a | n/a |
| Shenzhen Noposion Crop Science 002215.SZ | China | $1.25B | -23% | +12% | 13% | 9.3× | -3.9% | +6.9% |
| Lier Chemical 002258.SZ | China | $1.85B | +20% | +6% | 8% | 21.0× | n/a | n/a |
| E.I.D.-Parry (India) EIDPARRY.NS | India | $1.21B | -24% | +16% | 7% | 11.4× | n/a | n/a |
| Taiwan Fertilizer 1722.TW | Taiwan | $1.18B | -15% | +4% | -16% | 13.7× | 0.0% | +3.5% |
| Sichuan Development Lomon 002312.SZ | China | $1.93B | -36% | +5% | 6% | 35.0× | 8.2% | +14.0% |
| CAC Nantong Chemical 301665.SZ | China | $1.17B | -26% | +27% | 13% | 15.8× | -1.7% | +11.9% |
| CVR Partners, LP UAN | United States | $1.16B | -13% | +7% | 21% | 7.4× | -10.5% | +11.6% |