ASML’s net profit surges 133%! Earning over RMB 400 million daily, with orders booked through 2030.

Xin Dongxi Xin Dongxi reported on October 15 that yesterday, Dutch lithography equipment giant ASML released its Q3 2026 financial results and held an investor conference call. The report shows the company’s total net sales for Q3 reached €11.662 billion (approx. RMB 87.657 billion), up ~55% year-on-year—a quarterly record; net profit hit €4.96 billion (approx. RMB 37.282 billion), up ~133% year-on-year; gross margin stood at 57.5%, above the previously guided range of 55%–57%. Regarding this, ASML President and CEO Christophe Fouquet stated: “In Q3 2026, ASML achieved net sales of €11.7 billion—its highest-ever quarterly figure—approaching the upper end of prior forecasts. Installed Base Management (IBM) revenue amounted to €3.3 billion, exceeding expectations, primarily driven by sustained customer demand for production efficiency upgrade solutions. As a result, gross margin reached 57.5%, above guidance.” ASML projects Q4 2026 total net sales to range between €14.2 billion and €15.2 billion (approx. RMB 106.7–114.3 billion), with gross margin around 57%. IBM revenue is expected to be approximately €3.7 billion (approx. RMB 27.53 billion). The company also forecasts full-year 2026 sales growth of ~36%, with total net sales projected between €44 billion and €45 billion (approx. RMB 330.7–338.2 billion) and gross margin around 56%. Sales of memory-chip equipment are expected to grow ~75%, while logic-chip equipment sales will rise ~10%. The China market is expected to account for ~20% of total annual net sales. Fouquet noted in the earnings release that customers continue revising upward their short- and medium-term equipment demand forecasts; some have already expressed interest in pre-ordering equipment for 2029 and even 2030. He further assessed that, under current 2027–2028 capacity plans, ASML will be unable to fully meet customer demand—and the company is exploring additional capacity expansion beyond its already-announced 2028 plan. ASML expects China-market revenue in 2026 to represent ~20% of its total net sales. Domestic demand in China remains robust, and the China revenue share is expected to remain around 20% in 2027 and beyond. Addressing concerns about China potentially launching low-end immersion DUV lithography tools around 2029, Fouquet responded that ASML’s immersion lithography systems hold an extremely high market share in China, with strong and stable customer trust. Over the past ~25 years, related domestic R&D progress has been relatively slow, making it unlikely that substantive local competition will emerge in the near term. As of today’s U.S. market close, ASML’s share price stood at USD 1,650 per share (approx. RMB 11,000 per share), down ~3.94% from yesterday’s closing price of USD 1,717.76 (approx. RMB 11,500), with a total market capitalization of USD 633.765 billion (approx. RMB 4.4 trillion). I. EUV accounts for nearly half of system revenue; full-year revenue growth forecast exceeds 45%.

Overview and supply-demand analysis of the global titanium dioxide market in 2026.

Chlorination-process products offer superior quality and lower environmental impact, aligning well with high-end applications and sustainability trends. Longbai Group is the first domestic enterprise to successfully break through and scale up chlorination-process technology. Its current domestic chlorination-process capacity stands at 660,000 tons/year, while its acquired UK facility adds another 150,000 tons/year. Kuncai Technology’s Phase I project—200,000 tons/year—is gradually ramping up production, and its Phase II project—600,000 tons/year—is progressing steadily. Tianyuan Co., Ltd. currently operates a 100,000-ton/year chlorination-process titanium dioxide plant, running at full capacity and full utilization. Among planned new titanium dioxide capacity additions in China for 2025–2026, chlorination-process capacity totals 1.08 million tons—far exceeding sulfate-process capacity additions of 520,000 tons. Downstream Applications: Coatings, Plastics, Paper, Inks, etc. Approximately 60% of titanium dioxide consumption goes to the coatings industry. Rutile and anatase titanium dioxide serve as the ‘foundation of whiteness’ in coating formulations—whether for aesthetic appeal of building exteriors, gloss performance of premium automotive paints, or uniform film formation in furniture and wood coatings, titanium dioxide is indispensable as the white pigment base. According to Huirui Consulting, coatings’ share of titanium dioxide consumption is projected to rise from 59.1% in 2026 to 62.2% by 2030. However, current architectural coatings face headwinds from the sluggish real estate sector, resulting in overall coatings industry operating rates below 60%. Plastics constitute the second-largest application segment, accounting for ~24% of titanium dioxide consumption. From electronic appliance housings and automotive interior/exterior trim parts to daily-use plastic goods and food packaging films, titanium dioxide imparts whiteness and enhances weather resistance. Paper applications account for ~8–10% of consumption, mainly in printing paper, decorative paper, and specialty papers. Inks, cosmetics, food additives, and other niche segments provide structural growth opportunities for titanium dioxide. Titanium Dioxide Market Competition Landscape The global titanium dioxide market exhibits a highly concentrated oligopolistic structure. Chemours, Tronox, Longbai Group, and Kronos are the world’s top four titanium dioxide producers. Recently, overseas capacity has gradually exited the market, while Chinese manufacturers continue expanding internationally. On one hand, overseas giants are retreating. Chemours’ Titanium Technologies business generated full-year 2025 revenue of USD 2.429 billion, down 6% year-on-year; adjusted EBITDA totaled only USD 145 million—a sharp 52% decline year-on-year; overall profitability shrank from 12% to 6%, hitting a multi-year low. Tronox permanently closed its Fuzhou, China factory in January 2026. Chemours has raised titanium dioxide prices in the Asia-Pacific region three times this year, cumulatively increasing them by USD 400 per ton. On the other hand, Chinese industry leaders are rising. Longbai Group is China’s leading titanium dioxide producer and has operated in the chemical industry for over 30 years. The company’s chlorination-process titanium dioxide capacity stands at 660,000 tons/year, and its sulfate-process capacity at 850,000 tons/year. Its 2025 capacity utilization rate was ~84.53%. In 2025, Longbai Group plans to acquire Venator UK’s Greatham facility in the UK—a 150,000-ton/year chlorination-process titanium dioxide asset. Venator, alongside Chemours, Tronox, and Kronos, is one of the four major Western titanium dioxide producers; Venator UK is its sole chlorination-process titanium dioxide production site. Upon completion of the acquisition, the company’s total titanium dioxide capacity will reach 1.66 million tons/year. Against the backdrop of high anti-dumping duties imposed by the EU on Chinese titanium dioxide and steep U.S. import tariffs on Chinese goods, acquiring overseas capacity supports Longbai Group’s globalization strategy and industrial layout.

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Chemours Co. announced it will release its third-quarter 2026 financial results after market close on November 2, 2026. A public conference call to discuss these results will follow at 8:00 a.m. Eastern Time on November 3.

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