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China XLX Fertiliser

1866.HK
48
Agricultural Inputs · Basic Materials
Price
HK$11.60
+0.00 (+0.00%)
Market Cap
HK$14.79B
Exchange
Hong Kong Stock Exchange
Winston Score
48
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Sep 4, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Mixed
Growth
Mixed
Cash Flow
Good
Stability
Good
Valuation
Strong
Dividends
Strong

Share count rising — dilution

+6.5% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 1.17B (2021) → 1.25B (2025)

Winston Score History

The full picture

China XLX Fertiliser Ltd. operates as an investment holding company, primarily focusing on the development, production, and global sale of urea, with a significant presence in Mainland China. Beyond its core fertilizer offerings, the company's diverse portfolio extends to other chemical products such as compound fertilizers, methanol, liquid ammonia, dimethyl ether, melamine, furfuryl alcohol, furfural, humic acid, 2-methylfuran, and vehicle urea solutions, alongside specialized derivatives and pharmaceutical intermediates. Additionally, China XLX Fertiliser engages in energy-related activities, including coal mining and electricity generation and distribution. Its operations further encompass the manufacturing and commercialization of gas, testing equipment, and intelligent machinery. The company is also active in agricultural production, international trade, technological innovation, and consulting services. Established in 1969, China XLX Fertiliser Ltd. maintains its headquarters in Xinxiang, People's Republic of China.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+22.6% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+52.1% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

¥0/ year

0.0% of revenue

Research and development spending

Cash Runway

~6 months

¥3.1B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

China XLX Fertiliser has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
19.3%
Thin — 19.3% gross margin
Profit after running costs
Operating Margin
10.3%
Modest — 10.3% operating margin
Return on the money invested
ROCE
7.6%
Weak — 7.6% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+18.9%
Fast-growing sales (+18.9% YoY)
Profit growth
EPS YoY
-10.7%
Earnings shrinking (-10.7% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is
EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash
Cash Conversion
232%
Turns 232% of profit into real cash
Spare cash per sale
FCF Margin
-10.4%
Burning cash (-10.4%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns
Debt / Equity
1.91
Elevated debt (1.91)
Covers its interest
Interest Cover
4.50x
Adequate interest coverage (4.5x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
11.6x
Attractive valuation — P/E 11.6

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
+4.3
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (11.6 → 7.3)

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Dividends

Dividend
Dividend Yield
3.19%
Moderate income — 3.19% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
+108.8%
Dividend growing fast (108.8% YoY)

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