Zhongzhi Weiye Information | Q3 Financial Results of the World’s Top 50 Chemical Companies Released!

【Answer 1】 Linde reported Q3 sales of USD 8.2 billion, down 7% year-on-year; operating profit of USD 2.1 billion, up 15% year-on-year; and net profit of USD 1.565 billion. Air Liquide Group’s Q3 revenue reached EUR 6.811 billion, up 1.5% year-on-year. Revenue from gases and services amounted to EUR 6.483 billion, up 1.7% year-on-year. Henkel Group’s Q3 sales totaled approximately EUR 5.4 billion, achieving organic growth of 2.8%. Sales for the first three quarters of 2023 reached EUR 16.366 billion. Evonik’s Q3 sales stood at EUR 3.77 billion, down 23% year-on-year; adjusted EBITDA rose 8% quarter-on-quarter to EUR 485 million, but declined 21% year-on-year. Covestro’s Q3 sales were EUR 3.6 billion, down 22.7% year-on-year; EBITDA was EUR 277 million; net profit was -EUR 31 million, compared to EUR 12 million in the same period last year. Solvay’s Q3 net sales were EUR 2.747 billion, down 20.3% on an organic basis; underlying EBITDA was EUR 702 million, down 18.5% organically year-on-year; net sales for the first nine months of 2023 totaled EUR 9.001 billion, down 9.6% organically; EBITDA was EUR 2.331 billion, down 1% organically year-on-year. AkzoNobel’s Q3 sales were EUR 2.741 billion, up 5% at constant exchange rates; operating profit increased to EUR 354 million, versus EUR 168 million in Q3 2022. LANXESS reported Q3 sales of EUR 1.601 billion, down 26.7% year-on-year; EBITDA was EUR 119 million, down 50.4% year-on-year; net income fell from EUR 80 million in the prior year to -EUR 131 million. Wacker Chemie AG’s Q3 group sales were EUR 1.52 billion, down 29% year-on-year; EBITDA was EUR 152 million, down 67% year-on-year; net profit for Q3 was EUR 34 million. Clariant’s Q3 organic sales were CHF 1.031 billion, down 8% year-on-year; EBITDA margin declined to 15.4%, versus 16.8% in the prior-year period. Cumulative sales for the first nine months of 2023 totaled CHF 3.315 billion, down 7% year-on-year. North America Dow’s Q3 net sales were USD 10.7 billion, down 24% year-on-year; GAAP net income was USD 327 million, versus USD 760 million in the prior-year period. LyondellBasell’s Q3 sales revenue was USD 10.625 billion, down 13.3% year-on-year from USD 12.25 billion; EBITDA was USD 1.356 billion, up 21.8% year-on-year from USD 1.108 billion. Sherwin-Williams’ Q3 net sales were USD 6.117 billion, up 1.1%; net income was USD 298 million, up 10.7%; EBITDA was USD 1.27 billion, up 12.6%.

[Top 100 Insight] Smoore International (06969.HK) Plunges Over 15%—Performance Improvement Fails to Offset Negative Catalysts

【Answer 2】 On October 13, Smoore International (06969.HK), a leading e-cigarette company, suffered a sharp decline: by press time, its share price had plunged 15.1% to HKD 7.56 per share. From a technical perspective, the stock has been trending downward with volatility since hitting a near-term high of HKD 23.52 in August 2025; its current price represents a cumulative decline of approximately 68% from that peak. This steep drop appears, on the surface, to be triggered by Q3 earnings—but the core catalyst is a major negative development: the adjustment of export tax rebate policies. On October 12, Smoore International released its unaudited financial data for the third quarter of fiscal year 2026, delivering mixed results. Data shows that in Q3, the company achieved revenue of approximately RMB 3.95 billion (all amounts in RMB unless otherwise stated), up 17.7% quarter-on-quarter but down 6.0% year-on-year; profit attributable to equity holders was approximately RMB 365 million, up 18.0% quarter-on-quarter and 15.2% year-on-year; adjusted profit attributable to equity holders was approximately RMB 452 million, up 10.4% quarter-on-quarter but only 1.8% year-on-year. This improvement was primarily driven by revenue and gross profit growth in its U.S. electronic vaporization and heated tobacco businesses. Smoore International operates two main business segments: (1) Business-to-Business (ToB) operations—developing, designing, and manufacturing electronic vaporization products, heated tobacco products (HTPs), specialty vaporization products, and vaporization medical devices for leading tobacco companies and independent vaporization brands, along with related technical services; and (2) Own-brand operations—researching, developing, manufacturing, and selling its own electronic vaporization products and vaporization beauty products. Breaking down performance by segment: In Q3, ToB business revenue totaled approximately RMB 3.14 billion, up 19.0% quarter-on-quarter. Of this, electronic vaporization product revenue was approximately RMB 2.65 billion, up 16.4% quarter-on-quarter and ~1.8% year-on-year—driven mainly by strong U.S. market performance, as the company began delivering flavored e-vaporization products to key clients during the quarter. Heated tobacco product (HNB) revenue was approximately RMB 397 million, up 33.2% quarter-on-quarter due to new partnerships with tobacco clients and provision of comprehensive HNB solutions—but down 47.8% year-on-year, largely because of an exceptionally high base from large-scale shipments to a key client in the prior-year period. For the own-brand business, revenue was approximately RMB 803 million, up 13.0% quarter-on-quarter and ~4.8% year-on-year; vaporization medical business revenue was approximately RMB 96 million, up 40.2% quarter-on-quarter and 40.6% year-on-year—primarily attributable to technical services provided to Transpire Bio Inc.

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