HK Stock Market Move | SINOFERT (00297) fell over 6% in the afternoon, with a year-on-year net profit increase of over 18%. The domestic fertilizer market remains stable.

SINOFERT (00297) fell more than 6% in the afternoon, as of the time of writing, down 6.21% to HK$1.51, with a trading volume of HK$68.75 million. In terms of news, SINOFERT announced its annual performance during lunchtime, with a revenue of RMB 23.263 billion, an increase of 9.40% year-on-year. The company's attributable net profit to shareholders was RMB 1.259 billion, an increase of 18.66% year-on-year. The increase in revenue was mainly due to the rise in average selling prices. Sales volume during the period was 7.31 million tons, a slight increase of 1.39% year-on-year; sales of bio-fertilizers were 1.54 million tons, an increase of 14% year-on-year. It is worth noting that the tense situation in the Middle East has stirred up the global fertilizer market, but the domestic fertilizer market in China still appears to be stable. Statistics show that urea prices in the United States have increased by 46.93% since the escalation of the US-Iran conflict on February 28, and have risen nearly 80% compared to the same period last year. The prices of all fertilizers have risen by 22.57%. In contrast, the domestic urea market prices are relatively stable, with a price difference of around RMB 3000/ton between domestic and international prices. Analyst Guo Qing from ZHONGTAIFUTURES stated that the domestic market has experienced a strong policy environment to ensure supply.