Linde's Q3 2025 Earnings Report (dated December 4, 2025)

【Lock in First, Then Research】 Series First coverage of $LIN. A Nasdaq-100 constituent and the largest-weighted stock in the XLB ETF; industry leader in industrial gases. Key points from earnings report, presentation materials, and earnings call: ・Consumer demand (Linde classifies the electronics sector as part of the consumer market) remains resilient, primarily driven by semiconductor manufacturing—especially at advanced process nodes. ・Industrial demand remains cyclically weak; Chemicals & Energy (C&E) segment saw a sequential decline. ・Current order backlog stands at $10 billion. ・Anticipates continued expansion of the U.S. steel and metals industries due to tariff impacts. ・Demand for industrial gases from commercial spaceflight is growing at double-digit rates. ・The majority of current potential projects originate from the Americas and Asia. Have virtually no background in the chemical industry; the earnings call transcript appears far more engaging than the 10-Q filing. At a share price of approximately $410, the P/E ratio stands at 25—appearing reasonable for an industry leader delivering 3% revenue growth and 6% EPS growth.

Regulatory Standards Governing Share Reductions by Major Shareholders of Listed Companies under New Rules

Regulatory Case: DFJT (Stock Code: 600811) DFRL, a shareholder holding more than 5% of the shares of listed company DFJT (hereinafter referred to as “the Company”), had its shares forcibly sold via exchange-based centralized bidding by CITIC Securities Co., Ltd. on June 21, 2024, due to default in a margin financing and securities lending transaction. The forced sale involved 23.0605 million shares. DFRL failed to disclose a reduction plan fifteen trading days prior to its first sale, thereby violating: Article 8 of the “Regulations on Share Reduction by Shareholders, Directors, Supervisors, and Senior Management of Listed Companies” (CSRC Announcement [2017] No. 9); Articles 9 and 15 of the “Interim Measures for the Administration of Share Reduction by Shareholders of Listed Companies” (CSRC Order No. 224); Articles 1.4 and 3.4.1 of the “Shanghai Stock Exchange Stock Listing Rules”; and Article 10 of the “Shanghai Stock Exchange Guidelines for Self-Regulatory Oversight of Listed Companies No. 15 — Share Reduction by Shareholders and Directors, Supervisors, and Senior Management.” On October 14, 2024, the Shanghai Stock Exchange issued a regulatory warning to this major shareholder. Regulatory Case: MJNY (Stock Code: 000723) From December 20 to December 27, 2023, NYJT’s pledged shares triggered default clauses under a stock pledge repurchase agreement, resulting in forced sales via centralized bidding by Great Wall Guorui Securities Co., Ltd. A total of 12.1536 million shares were sold—representing 0.28% of the listed company’s total share capital—and generating transaction proceeds of RMB 81.082 million. NYJT failed to disclose a share reduction plan fifteen trading days before such reduction activities commenced, thereby violating: Articles 1.4 and 3.4.1(1), and 3.4.13(1) of the “Shenzhen Stock Exchange Stock Listing Rules (August 2023 Revision)”; and Article 13(1) of the “Shenzhen Stock Exchange Detailed Rules for Implementation of Share Reduction by Shareholders and Directors, Supervisors, and Senior Management of Listed Companies.” On July 26, 2024, the Shenzhen Stock Exchange imposed a disciplinary sanction of public censure upon this major shareholder. Regulatory Case: XJDL (Stock Code: 300157) YCZN, a shareholder holding more than 5% of the shares of the listed company, had its shares judicially disposed of due to a civil loan dispute. Pursuant to Assistance-in-Execution Notices issued by the Beijing Chaoyang District People’s Court ([2022] Jing 0105 Zhi Hui No. 5873) and the Hangzhou Xihu District People’s Court ([2023] Zhe 0106 Zhi No. 906), YCZN’s shares were sold cumulatively via centralized bidding between April 20 and June 26, 2023, totaling 5.9331 million shares—or 0.83% of the listed company’s total share capital—with aggregate proceeds of RMB 20.2902 million. YCZN failed to disclose a share reduction plan fifteen trading days prior to its first sale of the listed company’s shares. This conduct violated: Articles 1.4 and 2.3.1(1) of the “ChiNext Stock Listing Rules (2023 Revision)” and Article 13(1) of the “Detailed Rules for Implementation of Share Reduction by Shareholders and Directors, Supervisors, and Senior Management of Listed Companies.” On June 6, 2024, the Shenzhen Stock Exchange imposed a disciplinary sanction of public censure upon this major shareholder.

Linde PLC Stock: Jackson Square Capital LLC Trims Stake

1 day ago

Jackson Square Capital LLC reduced its Linde PLC stake by 87% in Q3, while the company reported strong earnings of $4.50 EPS and $9.29 billion revenue. Analysts maintain a bullish rating with a $547.10 price target.

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