In this experiment, ‘Yunma–1’ was used as material, with the split–split plot design, three fertilization levels(300, 600 and 900 kg/hm2(marked as A1, A2 and A3)), two planting density levels (450 000 and 675 000 stalks per hm2(marked as B1 and B2)) and two different fertilizer proportions(N∶P2O5∶K2O=3∶1∶2 and N∶P2O5∶K2O=4∶1∶2(marked as C1 and C2))were conducted to measure the interaction of these factors and their effects on the yield of stem, bark and leaf of ‘Yunma–1’. The results showed that A2B1C1 treatment had the highest plant height(396.67 cm) and the most thick stem(1.66 cm); A2B2C2 treatment had the largest numbers of effective stalks per hectare; A2B1C1 treatment had the highest yield of stem(12 139.55 kg/hm2), bark(2 971.49 kg/hm2) and leaf(3 527.65 kg/hm2). There was a highly significant relationship between yield of stem and planting density, yield of stem and fertilizer proportion, yield of stem and the interaction of planting density and fertilizer proportion, yield of stem and the interaction of fertilizing amount, planting density and fertilizer proportion. The yield of bark of ‘Yunma–1’ had a highly significant relationship with fertilizing amount, planting density, fertilizer proportion, the interaction of fertilizing amount and proportion, the interaction of planting density and fertilizer proportion and the interaction of fertilizing amount, planting density and fertilizer proportion. There was a significant relationship between yield of bark and the interaction of fertilizing amount and planting density. The interaction of fertilizing amount and proportion, the interaction of planting density and fertilizer proportion both had a highly significant relationship with the yield of leaf of ‘Yunma–1’. Therefore, for ‘Yunma–1’, the optimal fertilizing amount was 600 kg/hm2, the optimal fertilizing proportion of N, P2O5 and K2O was 3∶1∶2 and the optimal planting density proportion was 450 000 stalks per hm2.