The Q3 financial results of the world’s top 50 chemical companies have been released! BASF, Dow, Hengli, Wanhua…

Recently, major global chemical listed companies have successively announced their third-quarter 2021 financial results. This article compiles the performance data of 50 large chemical enterprises. Europe BASF: Q3 2021 sales amounted to €19.7 billion (approx. USD 22.2 billion), an increase of €5.9 billion year-on-year, primarily driven by substantial price hikes across all business segments. EBITDA excluding special items totaled €2.8 billion, up €1.2 billion year-on-year. Net income reached €1.3 billion—€3.4 billion higher than the same period last year. LyondellBasell Industries: Q3 2021 revenue stood at USD 12.7 billion, compared to USD 6.776 billion in the prior-year quarter. Net profit for the quarter was USD 1.762 billion, versus USD 0.114 billion a year earlier. Linde: Q3 2021 sales totaled USD 7.668 billion, up from USD 6.855 billion year-on-year. Net profit for the quarter was USD 0.979 billion, versus USD 0.7 billion a year earlier. Air Liquide: Q3 2021 revenue was €5.834 billion (approx. USD 6.57 billion), up from €4.98 billion year-on-year. Covestro: Q3 2021 sales were €4.302 billion (approx. USD 4.85 billion), up from €2.76 billion year-on-year. EBITDA was €0.862 billion, versus €0.456 billion a year earlier. Net profit was €0.472 billion, versus €0.179 billion year-on-year. Evonik: Q3 2021 sales rose 33% year-on-year to €3.87 billion (approx. USD 4.36 billion). Adjusted net income increased 45% to €0.269 billion. Adjusted EBITDA rose 24% year-on-year to €0.645 billion. Solvay: Q3 2021 net sales were €2.573 billion (approx. USD 2.9 billion), up from €2.103 billion year-on-year. Quarterly EBITDA was €0.599 billion, versus €0.473 billion a year earlier. Quarterly net profit was €0.273 billion, versus €0.176 billion year-on-year. Henkel Group: Q3 2021 nominal sales rose 1.9% to €5.092 billion. For the first nine months, nominal sales rose 3.7% to €15.019 billion. Arkema Group: Q3 2021 sales were €2.398 billion (approx. USD 2.7 billion), up from €1.908 billion year-on-year. EBITDA was €0.474 billion, versus €0.307 billion a year earlier. Adjusted quarterly net profit was €0.258 billion, versus €0.109 billion year-on-year. DSM: Q3 2021 sales were €2.299 billion (approx. USD 2.59 billion), up from €1.961 billion year-on-year. Adjusted EBITDA for the quarter was €0.449 billion, versus €0.383 billion a year earlier. LANXESS: Q3 2021 performance was robust, with sales rising 33.5% year-on-year to €1.951 billion (approx. USD 2.2 billion). Johnson Matthey: Reported results for the first half of its fiscal year ended September 30, 2021. Revenue for the period was GBP 8.586 billion, up 23% from GBP 6.979 billion in the prior-year period.

Financial Report Tracking Q3 2026–5: Indeed, I’ve picked strong companies this year.

So this figure wasn’t artificially engineered by the company. Yet generating triple the first-half profit in a single quarter is still an unusually sharp jump. Fortunately, the company itself flagged in its September stock price volatility announcement that structural price increases face lagging pass-through risks—effectively explaining the anomaly. My assessment is that this stock falls into what I call a ‘transparent play’—a term I use on Zhihu—meaning it’s widely watched by institutional investors who had already priced in the Q3 improvement well in advance. Hence, there’s no meaningful entry opportunity at this juncture. For earnings-turnaround investing, one must dig deeper for ‘hidden-turning-point’ catalysts—not yet anticipated by institutions. 4. Huatong Wire & Cable Net profit attributable to shareholders for the first three quarters: RMB 480 million to RMB 560 million, up 86.53% to 117.62% year-on-year; non-recurring gains and losses: RMB 40 million. First-half net profit attributable to shareholders: RMB 163 million, up only 18.61% year-on-year; adjusted-for-non-recurring net profit: RMB 124 million, down 3.19% year-on-year. Implied Q3 net profit: RMB 317 million to RMB 397 million, up 164.4% to 231.1% year-on-year and up 220.6% to 301.5% quarter-on-quarter from Q2’s RMB 99 million. Last year’s Q3 base was RMB 120 million. According to the announcement, incremental profits stem from the Angolan electrolytic aluminum wire project—120,000 tons annual capacity—which commenced operations in January and reached full capacity by the reporting period. The aluminum segment’s profitability exceeds that of wire & cable, thus carrying overall earnings. However, first-half revenue rose 41.35% to RMB 4.842 billion while adjusted-for-non-recurring profit declined, indicating non-recurring items also contributed. Profitability is indeed improving—but I apply a discount. What’s lifting earnings is aluminum prices and full-capacity operation—two variables beyond the company’s control. Full capacity, moreover, signals a peak. This stock’s expectations are already fully priced in, entering a ‘garbage time’ of mere earnings realization. 5. Huakai Yibai Net profit attributable to shareholders for the first three quarters: RMB 275 million to RMB 305 million, up 456.61% to 517.33% year-on-year; adjusted-for-non-recurring net profit: RMB 264 million to RMB 294 million, up 649.82% to 735.09% year-on-year. Revenue for the first three quarters: approx. RMB 6.1 billion. Q3 revenue: approx. RMB 2.1 billion—slightly below last year’s RMB 2.201 billion and up only 2.34% quarter-on-quarter. Net profit attributable to shareholders for Q3 (per company guidance): RMB 110 million to RMB 140 million, up 17.70% to 49.81% quarter-on-quarter. Last year’s Q3 net profit attributable to shareholders was merely RMB 12.6657 million. Revenue flat, yet profit up seven- to eight-fold—entirely attributable to margin expansion. Last year’s Q3 net profit margin was just 0.575%; this quarter’s implied range is 5.24%–6.67%, and adjusted-for-non-recurring margin is 4.83%–6.26%. The narrow gap between the two indicates profits aren’t subsidy-driven. The company cites focus on high-margin product categories, structural optimization, and sustained growth in premium businesses. Reviewing last year: it was a disaster—full-year net profit attributable to shareholders was RMB 147 million, down 13.78% year-on-year, with the first three quarters down 73.90%. Thus, the core question becomes: how far can a company go when revenue stagnates but profits surge? Likely not far. If given the chance, watch Q4 closely—if revenue begins growing, then deeper fundamental analysis may be warranted to assess whether the company’s fundamentals have truly shifted. 6. Lianke Technology Q3 official report: First three quarters revenue: RMB 2.004 billion, up 12.07% year-on-year; net profit attributable to shareholders: RMB 256 million, up 11.00% year-on-year; adjusted-for-non-recurring net profit: RMB 242 million, up 6.35% year-on-year.

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