Q1 Performance Review of Global Chemical Giants (Asia Edition)

Q1 Performance Review of Global Chemical Giants (Asia Edition) Summary In Q1 2024, the chemical industry as a whole showed a positive trend. The majority of companies reported year-on-year growth in both revenue and net profit, although some experienced declines in either or both metrics. Overall, however, operational performance across the industry remained sound. Below is a ranking of chemical enterprises by revenue: ● Chinese chemical enterprises lead the pack Overall, Chinese chemical companies delivered particularly strong revenue performance in Q1 2024—including Rongsheng Petrochemical, Hengli Petrochemical, Wanhua Chemical, and China National Chemical Corporation. Japanese and Korean chemical firms also achieved high sales volumes and operating profits. SABIC performed well in terms of revenue, but its net profit was relatively low. ▲ Disclaimer: The views expressed herein are solely those of the author and do not represent the official stance of East Chemical Intelligence. Some information is sourced from the internet; please contact us for removal if any content infringes upon your rights or raises other concerns.

In-Depth Interpretation of the 2026 Mid-Year Reports in the Chemical Industry: The Logic Behind Profit Reallocation Across the Industrial Chain Among 44 Companies Reporting Expected Growth

July 13, 2026 · Industry Deep-Dive Analysis · ~2,000 words Core Insight: The 2026 mid-year reports for the chemical industry are not about whether results are simply 'good' or 'bad', but rather about 'who benefits structurally versus who continues to bear pressure'. Signals indicating the bottoming-out of the cyclical downturn are now evident—but the era of broad-based, indiscriminate growth is over. Going forward, divergence will be the norm; selecting the right players matters more than merely guessing the right direction. I. Forty-Four Companies Forecasting Growth: Overall Enthusiasm Amidst Stark Polarization As of July 13, 44 companies within the A-share basic chemicals sector have issued mid-year earnings forecasts, with a markedly improved proportion forecasting positive results. Numerically, this is an encouraging report card—suggesting the chemical industry is emerging from its prior deep trough. Yet a closer look at the data reveals a starkly different picture: 'forecasting growth' does not equate to 'broad-based growth'; behind the surge lies a harsh reallocation of profits across the value chain. 📊 Growth-Forecasting Group • Sanyou Chemical: net profit ≈ RMB 168 million (+129%), driven by price increases in chemical fibers and organic silicon • Huachang Chemical: net profit ≈ RMB 123 million (+1,026%), boosted by new多元醇 (polyol) production capacity and product price hikes • Zhongtai Chemical: turned profitable (RMB 55–82 million), reversing prior losses •杉杉股份 (Shanshan Co., Ltd.): projected growth of +262% to +334% • Ningbo Fubang: projected growth of +417% to +520% 📉 Loss-Forecasting Group • Liu Guo Chemical: forecasted loss of RMB 165–185 million (worsening year-on-year), due to high sulfur and sulfuric acid raw material costs plus stringent export inspections • Bohai Chemical: forecasted loss of RMB 275–315 million, driven by elevated procurement costs from the Middle East and severe overcapacity Some are feasting; others are taking a beating—this is the true picture painted by the 2026 chemical mid-year reports. Even more telling is today’s futures market: energy-chemical commodities surged across the board (fuel oil and ethylene glycol up +4%; benzene up +3.5%), while soda ash futures plunged to RMB 1,083/ton amid record-high inventory of 1.74 million tons. Such divergence perfectly epitomizes sectoral fragmentation. II. Chemical Fibers (Polyester Chain): Threefold Tailwinds Propel Industry Leaders The chemical fiber segment stands out as the top performer in this round of mid-year reports, benefiting from the convergence of three favorable factors. First, improvement on the raw material front: structural improvements in the PX–PTA supply-demand balance. PTA capacity additions slowed during 2025–2026, while downstream polyester capacity continued steady expansion—shifting profit centers along the value chain from upstream to midstream and significantly easing cost pressures for chemical fiber producers. Second, export boom: polyester filament benefited from the onset of overseas textile restocking cycles, coupled with Saudi Arabia’s reduced pricing for Asian raw materials—greatly enhancing the export competitiveness of domestic chemical fiber enterprises. Reshoring of textile orders from Southeast Asia and South Asia further bolstered export momentum. Third, exhaustion of cost-related headwinds: the downward shift in the global crude oil price benchmark directly benefited chemical fiber producers—as downstream refiners—by substantially alleviating raw material cost pressures. Sanyou Chemical’s 129% net profit growth was primarily driven by price increases in chemical fibers and organic silicon. ⚠️ Caution: The sustainability of the chemical fiber sector’s prosperity hinges on the actual pace of global textile demand recovery. Should the overseas restocking cycle end prematurely, the sector’s upside potential may rapidly contract. III. Fertilizers & Phosphorus-Based Chemicals: Supported by Agricultural Commodities and Policy Easing The fertilizer sector’s fundamentals stem largely from structural supply-side optimization. Agricultural commodity prices remain at medium-to-high levels, sustaining farmers’ planting enthusiasm and generating robust, inelastic demand for fertilizers.

Surging Q1 2026 Profit at Westlake Chemical Partners (NYSE: WLKP)

May 6, 2026

Westlake Chemical Partners reported significantly improved Q1 2026 results with net income nearly doubling to $81.7 million, driven by higher ethylene production. The partnership also declared a quarterly cash distribution of $0.4714 per common unit.

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