In-depth Analysis of 2024 Financial Reports of Global Chemical Giants: Deepening Divergence and Transformational Growing Pains

I. Industry-wide Performance: Oil & Gas Majors Under Pressure, Specialty Chemicals Defy Trends with Growth In 2024, the global chemical industry exhibited pronounced divergence amid a complex and volatile market environment. Total industry revenue reached USD 4.8 trillion; however, international chemical giants’ financial performance diverged markedly, weighed down by a sharp 18% year-on-year decline in Brent crude oil’s average price—to USD 78.3 per barrel—and sluggish demand. Traditional oil & gas majors faced significant pressure and notable profit erosion, whereas specialty chemicals achieved counter-cyclical growth driven by innovation—emerging as a bright spot across the sector. (A) Oil & Gas Majors: Profit Declines and Accelerated Transformation Within the traditional oil & gas segment, the combined adjusted net profit of the world’s five largest petroleum majors declined 17% year-on-year to USD 102.3 billion. This downward trend reflects mounting challenges confronting legacy oil & gas operations amid accelerating global energy transition. Specifically: • ExxonMobil reported adjusted net income of USD 33.68 billion, down 6.5% year-on-year. Nevertheless, the company enhanced its product mix, raising the share of high-value products to 68%, demonstrating strategic adaptability to shifting market dynamics. • Shell’s net profit stood at USD 23.72 billion, down 16% year-on-year. Yet Shell’s investment allocation toward renewable energy has reached 23%, underscoring its proactive low-carbon transition strategy. • TotalEnergies recorded net profit of USD 18.3 billion, down 21% year-on-year; however, its installed low-carbon power generation capacity surpassed 20 gigawatts—laying a solid foundation for sustainable future growth. • BP’s net profit amounted to USD 8.915 billion, plunging 35.6% year-on-year; nonetheless, its investment share in new-energy businesses exceeded 30%, reflecting strong commitment to transformation. • Chevron posted net profit of USD 17.661 billion, down 17.35% year-on-year. Through portfolio optimization, it generated USD 3.8 billion in operating cash flow—providing financial flexibility for future business adjustments. Additionally, TotalEnergies’ operating cash flow totaled USD 29.9 billion, down 17% year-on-year—a figure further confirming the cash-flow pressure induced by its heavy transition investments. (B) Specialty Chemicals: Innovation-Driven Growth Meanwhile, the specialty chemicals segment demonstrated robust growth momentum in 2024. Profit margins across this segment rose broadly by 1.5–3 percentage points; niche markets—including AI-chip materials and bio-based chemicals—grew at over eight times the industry’s average pace. This trend signals that, propelled by rapid global technological advancement and heightened sustainability awareness, specialty chemicals are emerging as a new engine for the broader chemical industry. • DuPont’s Electronics & Industrial segment saw sales rise 11%, with demand for AI-chip materials contributing USD 320 million in incremental revenue. • AkzoNobel’s coatings sales in China grew 8%, while its powder coatings achieved a record-breaking gross margin of 19%. • 3M’s adjusted earnings per share reached USD 7.30, up 21% year-on-year; its Safety & Industrial segment generated USD 4.9 billion in free cash flow. These figures collectively illustrate how specialty chemicals companies—through continuous innovation and optimized product portfolios—successfully seized market opportunities and delivered counter-cyclical performance gains.

Dongfang Tantalum Industry Research Report (20260512)

1. Electronics & Information Sector • Sunlord Electronics: Domestic leader in chip-type inductors and tantalum capacitors. Accounts for ~4% of Dongfang Tantalum’s total revenue; annual procurement volume: ~20 metric tons. • Hongda Electronics: Core supplier of military-grade tantalum capacitors. Represents ~4.5% of total revenue; annual procurement volume: ~25 metric tons. 2. Semiconductor Sector • SMIC (Semiconductor Manufacturing International Corporation): Key supplier of tantalum sputtering targets (used as diffusion barrier layers in chips). • Yangtze Memory Technologies (YMTC): Part of the 3D NAND flash memory supply chain. Tantalum is classified as a ‘thin-film material consumable’ in wafer fabrication, with cost contribution extremely low—approximately 0.2%–0.5% of total wafer manufacturing costs. 3. Aerospace & Defense • China Aerospace Science and Industry Corporation (CASIC); domestic aero-engine manufacturers (tantalum used as a high-temperature alloy additive). 4. Large-Scale Scientific Infrastructure Projects • ITER (International Thermonuclear Experimental Reactor): Supplies superconducting niobium materials. • Shanghai Synchrotron Radiation Facility & China Spallation Neutron Source: Utilize niobium-based superconducting radiofrequency cavities. III. Customer Structure (2025 Annual Report) Top five customers: RMB 660 million in sales, representing 42.76% of total revenue. Geographic distribution: Domestic sales account for 68.16%; overseas sales account for 31.84%. IV. Downstream Application Breakdown • Electronics & Information (48%): Consumer electronics, automotive electronics, 5G infrastructure, AI servers. • Aerospace & Defense (20%): Aero-engines, aerospace equipment. • Semiconductors (15%): Tantalum sputtering targets for chips. • Superconductivity & New Energy (15%): Nuclear fusion, medical MRI systems, corrosion-resistant chemical processing equipment. V. Dongfang Tantalum’s Core Competitors can be clearly categorized into three global leaders and major domestic players—reflecting an industry structure dominated by a triopoly globally, supplemented by strong regional competitors. International Top-Tier Competitors (Global Tier-1) 5.1 Cabot Corporation (NYSE: CBT) • Position: Undisputed global leader in tantalum powder, dominant in premium segments. • Advantages: World-leading technology in high-capacitance, ultra-high-purity tantalum powder for military, aerospace, and automotive-grade applications. • Deep strategic partnerships with top-tier capacitor manufacturers such as Vishay and KEMET—resulting in exceptionally high customer stickiness. • Market share: ~30–35% of global capacitor-grade tantalum powder market—the strongest rival to Dongfang Tantalum. Cabot Corporation (NYSE: CBT) is a global leader in specialty chemicals and high-performance materials. Core products include carbon black, conductive additives, fumed silica, and aerogels. Its primary B2B manufacturing customers operate predominantly in four sectors: tires & rubber, electric vehicle batteries, industrial plastics, and inks & coatings. 5.2 Key Customer Segments (by Industry) 1. Tire & Rubber Manufacturing (largest customer group, ~45–50% of revenue) Cabot is a premier global supplier of reinforcing carbon black for tires, serving leading global tire manufacturers: • Michelin • Bridgestone — long-standing core customer; in February 2026, Cabot acquired Bridgestone’s carbon black plant in Mexico to deepen collaboration. • Goodyear • Continental AG • Sumitomo Rubber Industries

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