$CHINA XLX FERT(01866.HK)1. As an industry leader, it directly benefits from policy support under the food security strategy and the demand for fertilizer supply guarantees, with a solid performance foundation.

2. The company continues to transform towards high-margin automotive urea, compound fertilizers, and chemical products. The optimization of the product structure can effectively enhance profitability and smooth out the cyclical fluctuations of single fertilizers.

3. With the advantages of low-cost coal gasification technology and integrated industrial chains, the company is expected to further expand its competitive edge and market share amid tightening cost control and environmental requirements.

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