Global Chemicals Sector Sees Wild Swings: 14-Fold Surge Amid Near €200 Million Loss

As the peak production season for the chemical industry concluded in the third quarter of 2025, the sector's interim performance reports have entered a peak disclosure period. Recently, 31 core chemical enterprises-encompassing international giants have successively released their third-quarter and first-three-quarter results for 2025. Notably, the sector exhibits pronounced performance divergence. Some enterprises achieved robust growth in both revenue and profits through capacity expansion and product portfolio optimisation, while others faced losses or declining results due to market demand fluctuations and cost volatility.

Among the standout performers, China's Gotion High-Tech recorded a staggering 1,434.42% year-on-year surge in third-quarter net profit, while Baofeng Energy nearly doubled its net profit attributable to shareholders in the first three quarters. Conversely, AkzoNobel recorded a net loss of €194 million in Q3, while Huayi Group's net profit attributable to shareholders turned from a profit to a loss of RMB 92.77 million. Huafon Chemical saw its net profit attributable to shareholders decline by 27.45% year-on-year in the first three quarters. Even industry leader Wanhua Chemical experienced a 17.45% year-on-year decrease in net profit for the first three quarters, highlighting significant disparities across the sector.

• AkzoNobel

For the third quarter of 2025, the company recorded a net loss attributable to shareholders of €194 million, with revenue declining by 5% to €2.55 billion. In the first three quarters, total revenue stood at €7.786 billion, a 4% year-on-year decrease; net profit attributable to shareholders fell to €37 million.

• Baofeng Energy

For the first three quarters of 2025, the company's operating revenue reached RMB 35.545 billion, a year-on-year increase of 46.43%. Net profit attributable to shareholders of the parent company was RMB 8.95 billion, up 97.27% year-on-year. Non-recurring net profit attributable to shareholders of the parent company was RMB 8.972 billion, an increase of 82.85% year-on-year. Basic earnings per share stood at RMB 1.22. Specifically, third-quarter revenue reached RMB 12.725 billion, up 72.49% year-on-year and 5.61% quarter-on-quarter; net profit attributable to shareholders of the parent company was RMB 3.232 billion, rising 162.34% year-on-year but declining 1.48% quarter-on-quarter; non-recurring net profit attributable to shareholders of the parent company stood at RMB 3.392 billion, increasing 144.03% year-on-year and 13.74% quarter-on-quarter.

• BASF

In the third quarter of 2025, the company's sales amounted to €14.3 billion, a decrease of 3% year-on-year. Earnings before interest, taxes, depreciation and amortisation (EBITDA, hereafter excluding discontinued operations) stood at €1.4 billion (compared to €1.5 billion in the same period last year). EBITDA was €1.2 billion (compared to nearly €1.2 billion in the prior-year period); net income (unaffected by discontinued operations) was €172 million (compared to €287 million in the prior-year period); Earnings per share amounted to €0.19 (compared to €0.32 in the prior-year period); cash flow from operating activities stood at €1.4 billion, a decrease of €681 million compared to the prior-year period; expenditure on intangible assets and property, plant and equipment totalled €973 million, a reduction of €510 million compared to the prior-year period; free cash flow amounted to €398 million, a decrease of €171 million compared to the prior-year period.

• Corning

For the third quarter of 2025, the company reported sales of US$4.27 billion, representing a 14% year-on-year increase; earnings per share stood at US$0.67, up 24% year-on-year; operating margin reached 19.6%, an improvement of 130 basis points compared to the prior-year period; adjusted free cash flow amounted to US$535 million.

• Covestro

Third-quarter 2025 sales amounted to €3.2 billion (previous year: €3.6 billion); EBITDA reached €242 million (previous year: €287 million); net profit stood at -€47 million (previous year: €33 million); cash flow totalled €111 million (previous year: €112 million).

• Dow

Net sales for the third quarter of 2025 were $10.0 billion, down 8% year-on-year and 1% quarter-on-quarter; volumes decreased 1% year-on-year but increased 1% quarter-on-quarter; net income under Generally Accepted Accounting Principles (GAAP) was $124 million; operating EBITDA was $180 million, down $461 million year-on-year but up $201 million quarter-on-quarter; GAAP earnings per share were $0.08; operating loss per share was $0.19, compared to earnings per share of $0.47 in the prior-year period and a loss per share of $0.42 in the previous quarter; cash generated from operating activities (i.e., continuing operations) was $1.1 billion, an increase of $330 million year-on-year and $1.6 billion quarter-on-quarter; total shareholder returns for the quarter amounted to $249 million.

• Do-Fluoride

For the third quarter of 2025, the company's operating revenue reached RMB 2.4 billion, representing a year-on-year increase of 5.18%. Net profit attributable to shareholders of the listed company amounted to RMB 26.7244 million, compared to a net loss of RMB 46.1357 million in the same period last year. Operating revenue for the first three quarters totalled RMB 6.729 billion, a year-on-year decrease of 2.75%. Net profit attributable to shareholders of the listed company reached RMB 78.0546 million, a year-on-year increase of 407.74%.

• Gotion High-Tech

In the third quarter of 2025, the company's operating revenue reached RMB 10.114 billion, a year-on-year increase of 20.68%; Net profit reached RMB 2.167 billion, a year-on-year increase of 1434.42%. Total operating revenue for the first three quarters reached RMB 29.508 billion, a year-on-year increase of 17.21%. Operating costs amounted to RMB 24.546 billion, rising 17.25% year-on-year, while expenses and other costs totalled RMB 4.555 billion, up 22.70% year-on-year. After deducting operating costs and expenses from total operating revenue, net profit attributable to shareholders reached RMB 2.533 billion, a year-on-year increase of 514.35%.

• Hengli Petrochemical

For the first three quarters of 2025, the company recorded operating revenue of RMB 157.384 billion, net profit attributable to shareholders of RMB 5.023 billion, and net cash flow from operating activities of RMB 20.134 billion. Notably, third-quarter profit reached RMB 1.972 billion, representing an 81.47% year-on-year increase.

• Hengyi Petrochemical

For the first three quarters of 2025, the company's operating revenue was approximately RMB 83.885 billion, a year-on-year decrease of 11.53%. Net profit attributable to shareholders of the parent company was approximately RMB 231 million, a year-on-year increase of 0.08%. Non-recurring net profit attributable to shareholders was RMB 78.7965 million, a year-on-year increase of 273.30%.

• Honeywell

Third-quarter 2025 sales reached US$10.4 billion, a 7% year-on-year increase, with organic sales growth of 6%. Operating income decreased by 6% year-on-year. Segment profit rose 5% year-on-year to US$2.4 billion. Operating margin decreased by 220 basis points to 16.9%. Earnings per share stood at $2.86, up 32% year-on-year; adjusted earnings per share reached $2.82, rising 9% year-on-year; operating cash flow amounted to $3.3 billion, increasing 65% year-on-year; free cash flow was $1.5 billion, down 16% year-on-year.

• Huafon Chemical

For the third quarter of 2025, the company's operating revenue stood at RMB5.973 billion, a year-on-year decrease of 9.89%; net profit attributable to shareholders of the parent company was RMB478 million, down 3.68% year-on-year. For the first three quarters, operating revenue reached RMB18.109 billion, a year-on-year decline of 11.11%, while net profit attributable to shareholders of the parent company was RMB1.461 billion, down 27.45% year-on-year.

• Huayi Group

In the third quarter of 2025, the company's operating revenue stood at RMB 11.708 billion, representing a decrease of RMB 1.264 billion or 9.75% compared to the same period last year (adjusted figure of RMB 12.972 billion). Net profit attributable to shareholders recorded a loss of RMB 92.77 million, compared to a profit of RMB 209 million in the corresponding period last year. Revenue for the first three quarters totalled RMB 35.708 billion, down 5.02% year-on-year; net profit stood at RMB 395 million, a 42.68% decrease year-on-year.

• Kingfa Sci. and Tech

For the first three quarters of 2025, the company's operating revenue reached approximately RMB 49.616 billion, a year-on-year increase of 22.62%. Net profit attributable to shareholders of the listed company amounted to approximately RMB 1.065 billion, a year-on-year increase of 55.86%. Specifically, third-quarter operating revenue reached RMB 17.98 billion, a year-on-year increase of 5.04%, while net profit reached RMB 479 million, a year-on-year increase of 58.04%.

• LONGi Green Energy Technology

For the first three quarters of 2025, the company's operating revenue reached RMB 50.915 billion. The third quarter alone recorded revenue of RMB 18.101 billion, achieving a significant reduction in losses for two consecutive quarters.

• PPG

For the first three quarters of 2025, the company's net sales amounted to US$11.961 billion, a decrease of 1.28% year-on-year. Pre-tax profit stood at US$1.656 billion, down 6.49% year-on-year. Operating profit reached US$1.276 billion, a reduction of 6.59% year-on-year. Net profit attributable to shareholders of the parent company was US$1.276 billion, down 8.60% year-on-year. Cash flow from operating activities amounted to US$1.054 billion, down 1.86% year-on-year.

• Rongsheng Petrochemical

For the first three quarters of 2025, the company's operating revenue reached RMB 227.815 billion, down 7.09% year-on-year; net profit attributable to shareholders of the parent company was RMB 888 million, up 1.34% year-on-year; non-recurring net profit was RMB 1.069 billion, up 55.37% year-on-year.

• Sanmei

For the first three quarters of 2025, the company's operating revenue reached RMB 4.429 billion, a year-on-year increase of 45.72%; net profit amounted to RMB 1.591 billion, a year-on-year increase of 183.66%. Specifically, third-quarter operating revenue was RMB 1.601 billion, a year-on-year increase of 60.29%; net profit was RMB 596 million, a year-on-year increase of 236.57%.

• Sinopec Shanghai Petrochemical

For the third quarter of 2025, the company's operating revenue was RMB 19.362 billion, a year-on-year decrease of 13.8%. Net profit attributable to shareholders of the listed company was RMB 30.595 million, a year-on-year increase of 361.67%. Basic earnings per share were RMB 0.003.

• Tongkun Holding

For the first three quarters of 2025, the company's operating revenue was RMB 67.397 billion, a year-on-year decrease of 11.38%; net profit attributable to shareholders of the listed company was RMB 1.549 billion, a year-on-year increase of 53.83%. Specifically, in the third quarter, the company's operating revenue was RMB 23.239 billion, a year-on-year decrease of 16.51%; net profit attributable to shareholders of the listed company was RMB 452 million, a year-on-year increase of 872.09%.

• Wanhua Chemical

For the first three quarters of 2025, the company's operating revenue stood at RMB 144.226 billion, a year-on-year decrease of 2.29%; net profit reached RMB 9.157 billion, a year-on-year decrease of 17.45%. Specifically, third-quarter operating revenue amounted to RMB 53.324 billion, a year-on-year increase of 5.52%; net profit reached RMB 3.035 billion, a year-on-year increase of 3.96%.

• STL

For the first three quarters of 2025, the company's total operating revenue reached RMB 34.771 billion, a year-on-year increase of 7.73%. Net profit attributable to shareholders of the parent company amounted to RMB 3.755 billion, a year-on-year increase of 1.69%. Non-recurring net profit stood at RMB 4.238 billion, a year-on-year increase of 3.65%. Specifically, third-quarter operating revenue stood at RMB 11.311 billion, down 12.15% year-on-year but up 1.61% quarter-on-quarter. Net profit attributable to shareholders of the parent company was RMB 1.011 billion, down 38.21% year-on-year and 13.95% quarter-on-quarter. Non-recurring net profit attributable to shareholders of the parent company reached RMB 1.342 billion, down 27.63% year-on-year but up 11.45% quarter-on-quarter. 

• Xin Feng Ming

For the first three quarters of 2025, the company's operating revenue reached RMB 51.542 billion, representing a year-on-year increase of 4.77%. Net profit attributable to shareholders of the parent company amounted to RMB 869 million, up 16.56% year-on-year. Non-recurring items adjusted net profit attributable to shareholders of the parent company stood at RMB 776 million, rising 21.76% year-on-year.

• NHU

For the first three quarters of 2025, the company's operating revenue reached RMB 16.64 billion, representing a year-on-year increase of 5.5%. Net profit attributable to shareholders of the parent company amounted to RMB 5.32 billion, rising by 33.4% year-on-year. Non-recurring items adjusted net profit attributable to shareholders of the parent company stood at RMB 5.33 billion, up 37.4% year-on-year. Net operating cash flow reached RMB 5.642 billion, a year-on-year increase of 23.3%. Specifically, third-quarter revenue stood at RMB 5.54 billion, down 6.7% year-on-year; net profit attributable to shareholders of the listed company was RMB 1.72 billion, down 3.8% year-on-year; and non-recurring net profit attributable to shareholders of the listed company was RMB 1.65 billion, down 4.1% year-on-year.

• Xinjiang Tianye

For the third quarter of 2025, the company's operating revenue reached RMB 2.809 billion, an increase of 8.60% year-on-year; net profit attributable to shareholders of the listed company amounted to RMB 15.7597 million, surging by 363.19% year-on-year.

• CNOOC

For the first three quarters of 2025, the company's operating revenue reached RMB 312.5 billion, with net profit attributable to shareholders amounting to RMB 101.97 billion. Net oil and gas production reached 578.3 million barrels of oil equivalent, representing a year-on-year increase of 6.7%. The natural gas business performed particularly well, achieving an 11.6% year-on-year growth.

• CNCEN

For the first three quarters of 2025, the company's operating revenue reached RMB 135.845 billion, a year-on-year increase of 1.26%; net profit stood at RMB 4.232 billion, a year-on-year increase of 10.28%. Specifically, third-quarter operating revenue was RMB 45.424 billion, a year-on-year increase of 4.32%; net profit was RMB 1.131 billion, a year-on-year increase of 13.21%.

• SINOPEC

For the first three quarters of 2025, the company's operating revenue stood at RMB 2.11 trillion, a year-on-year decrease of 10.7%; net profit attributable to shareholders of the parent company was RMB 29.984 billion, a year-on-year decrease of 32.2%. Specifically, third-quarter operating revenue reached RMB 704.389 billion, a year-on-year decrease of 10.9%; net profit attributable to shareholders of the parent company was RMB 8.501 billion, a year-on-year decrease of 0.5%.

• Zhongfu Shenying

The company's revenue for the third quarter of 2025 reached 615.3081 million yuan, a year-on-year increase of 59.23%; net profit attributable to shareholders of the listed company was 51.0048 million yuan.

• Zhongxin Fluoride Materials

The company's main business revenue for the first three quarters of 2025 amounted to 1.159 billion yuan, a year-on-year increase of 12.72%; Net profit attributable to shareholders of the listed company reached RMB 7.8232 million, a year-on-year increase of 118.2%; non-recurring net profit stood at RMB 5.0124 million, a year-on-year increase of 110.87%. Specifically, in the third quarter of 2025, the company's main business revenue was RMB 385 million, a year-on-year increase of 0.71%; net profit attributable to shareholders of the listed company was RMB 2.4112 million, a year-on-year increase of 112.14%; with non-recurring net profit reaching RMB 1.1476 million, a year-on-year increase of 105.76%.

Navigating the Industry's Mixed Fortunes

Analysing the performance of 31 enterprises reveals that the chemical sector in Q3 2025 exhibited distinct characteristics of 'seeking opportunities amid divergence and cultivating resilience through adjustment'. This interplay of contrasting fortunes reflects structural shifts within the industrial chain.

The 'Warming trend' is primarily concentrated across three key sectors: Firstly, the new energy materials track continues its robust growth, with enterprises such as Gotion High-Tech and Zhongfu Shenying benefiting from the surge in demand for power batteries and high-end composite materials, emerging as the industry's new growth engines; Secondly, leading players in speciality chemicals have seen significant profit recovery. Fluorochemical firms like Do-Fluoride and Sanmei have achieved performance rebounds through product mix optimisation and cost control. Thirdly, China's leading private refining and petrochemical enterprises demonstrated considerable resilience. Baofeng Energy and Hengli Petrochemical maintained profit growth amid market volatility through integrated production capacity layouts, highlighting the operational flexibility advantages of private chemical firms.

The 'cooling trend' is evident in traditional chemical sectors: conventional refining and basic chemical enterprises face pressure from weak demand. Companies like SINOPEC and Huayi Group have seen both revenue and profits squeezed by crude oil price volatility and narrowing chemical product margins. Traditional international chemical giants are experiencing insufficient growth momentum. Companies such as BASF, Dow, and AkzoNobel have underperformed market expectations due to slower-than-anticipated recovery in global chemical demand, with some even incurring losses.

From an industry perspective, the chemical sector currently occupies a transitional phase between 'structural upgrading' and 'demand adjustment': sustained high growth in emerging fields like new energy and advanced materials will continue driving the industry's shift towards higher value-added segments, while traditional chemical segments must address market challenges through technological upgrades and capacity optimisation. Moving forward, enterprises possessing core technologies and focusing on high-growth niche markets are poised to emerge as leaders amid industry consolidation, injecting sustained growth momentum into the chemical sector.