International News Guide: Raw Materials - EVONIK Releases Q2 2025 Earnings Report: Declining Demand Impacts Performance Automotive - ZF Announces Mass Layoffs and Pay Cuts! 12,000 Employees Protest on Streets Packaging -BioLogiQ Receives $5 Mn Grant to Develop Innovative Packaging for Fresh Produce Medical - French Medtech Molding Connection for D&M Plastics Electronics - APPLE Releases Q3 2025 Fiscal Year Earnings Report: iPhone Sales Surpass 3 Billion Units, China Market Returns to Growth Construction - ORIENTAL YUHONG Plans to Acquire Leading Chilean Building Materials Retailer for RMB 880 Million Macro - JAPAN Insists on U.S. Fulfillment of Bilateral Agreement, Urges Immediate Tariff Reduction on Automobiles and Parts Price - Ethylene Asia: CFR Northeast Asia $820/tonne; CFR Southeast Asia $830/tonne   International News Details: 1. EVONIK Releases Q2 2025 Earnings Report: Declining Demand Impacts Performance Against an increasingly challenging economic environment, EVONIK INDUSTRIES AG reported an adjusted EBITDA of €509 million for Q2 2025, a 12% decrease compared to the strong performance in the same period last year. Over half of the decline in Q2 sales was attributed to unfavorable exchange rate fluctuations and the divestiture of the superabsorbent business, which was still part of EVONIK in the same period last year. Sales volume dropped 4% year-on-year, while product prices remained generally stable. Performance of C4 chain products was below average. Extended maintenance shutdowns of production facilities for products such as polyamide 12 also had a certain impact on sales. EVONIK expects that if the global economy does not deteriorate further, the full-year 2025 adjusted EBITDA will reach the lower end of the forecast range (€2.0 billion to €2.3 billion). 2. U.S. Imposes Largest-Ever Sanctions on IRAN! Involving a Chinese Port Company Recently, the U.S. TREASURY DEPARTMENT’S OFFICE OF FOREIGN ASSETS CONTROL (OFAC) announced sanctions on a shipping network controlled by Iranian businessman Mohammad Hossein Shamkhani, involving over 50 entities, individuals, and more than 50 oil tankers and container ships. This marks the largest-scale sanctions imposed by the U.S. government since its "maximum pressure" campaign against IRAN in 2018. 3. TEIJIN’s Bio-Based Polycarbonate (PC) Used in Organ Pipe Manufacture, Showcased at OSAKA-KANSAI WORLD EXPO   TEIJIN LIMITED announced that its tubes molded from biomass-derived polycarbonate (PC) resin have been used to manufacture the world’s first bio-plastic pipe organ. These transparent tubes were produced by Teiyo Co., Ltd., a subsidiary of TEIJIN LIMITED specializing in plastic molding. This innovative pipe organ will be exhibited in the "Rebirth Challenge" zone of the OSAKA Medical and Health Pavilion during the OSAKA-KANSAI WORLD EXPO in JAPAN from August 19 to 25, 2025. 4. ORIENTAL YUHONG Plans to Acquire Leading Chilean Building Materials Retailer for RMB 880 Million On the evening of July 31, ORIENTAL YUHONG announced that its wholly-owned subsidiaries ORIENTAL YUHONG Overseas Development Co., Ltd. and ORIENTAL YUHONG International Trade Co., Ltd. plan to jointly invest approximately $123 million (about RMB 880 million) with their own funds to acquire 100% equity of Construmart S.A. in Chile from the counterparty. After the transaction is completed, ORIENTAL YUHONG Overseas Development Co., Ltd. will hold 99% of Construmart’s equity, and ORIENTAL YUHONG International Trade Co., Ltd. will hold 1% of Construmart’s equity. 5. French Medtech Molding Connection for D&M Plastics French injection molder Groupe JBT has acquired D&M Plastics, an injection molding firm based in Burlington, IL, primarily serving the healthcare sector. The acquisition announced earlier this month will enable JBT to deliver reliable, localized services to its North American customer base, especially in terms of ISO Class 7 cleanroom production needs, the company said. 6. BioLogiQ Receives $5 Mn Grant to Develop Innovative Packaging for Fresh Produce BioLogiQ has been awarded grant funding through the USDA Foreign Agricultural Service’s $5 million Sustainable Packaging Innovation Lab (SPIL) at Clemson University, launched through the Assisting Specialty Crop Exports (ASCE) Initiative.The BioLogiQ/Clemson partnership will develop and commercialize cutting-edge packaging solutions to help U.S. farmers meet evolving global packaging and trade standards. The project will focus on flexible film, pallet wrap, and protective packaging used for fruits, vegetables, nuts, and specialty greens. 7. APPLE Releases Q3 2025 Fiscal Year Earnings Report: iPhone Sales Surpass 3 Billion Units, China Market Returns to Growth On August 1, APPLE released its Q3 2025 fiscal year earnings report for the period ending June 28, with quarterly revenue recording the largest increase since December 2021. The earnings report shows that APPLE’s total revenue in Q3 reached $94.04 billion, a year-on-year increase of 10%, and net profit reached $24.43 billion, a year-on-year increase of 9%. Notably, APPLE’s revenue in the China market during this quarter was $15.369 billion, an increase of 4% compared to $14.728 billion in the same period last year, ending the decline in the previous two quarters and returning to growth. 8. ZF Announces Mass Layoffs and Pay Cuts! 12,000 Employees Protest on Streets German leading automotive parts supplier ZF GROUP recently announced plans to cut approximately 11,000 to 14,000 jobs across GERMANY by the end of 2028. This marks the largest layoff plan in the company’s history, with most layoffs coming from production departments, including R&D staff. In response to the austerity policies and layoff plans, more than 12,000 employees across GERMANY took to the streets to oppose the board’s plan to further cut thousands of jobs and continue to suppress wages. Achim Dietrich, Chairman of ZF’s General Workers’ Union, revealed that if all the management’s demands are implemented, employees will have to give up 25% to 30% of their annual compensation through measures such as shorter working hours, cancellation of one-time bonuses, and reduction of excessive benefits, with significant variations across regions and positions.   Overseas Macro Updates:   JAPANESE Government and Automotive Industry Exchange Views on U.S. Tariffs According to NHK, on the same day, JAPANESE Prime Minister Shigeru Ishiba met with heads of several JAPANESE automotive industry groups to exchange views on the U.S.-JAPAN tariff agreement. JAPANESE automotive industry groups called on the JAPANESE government to provide support for the supply chain and formulate policies to stimulate domestic demand. Masanori Kataoka, Chairman of the JAPANESE AUTOMOBILE MANUFACTURERS ASSOCIATION and Chairman of ISUZU MOTORS LIMITED, stated that he hopes the JAPANESE government will continue dialogue with the U.S. to further reduce tariffs. JAPAN Insists on U.S. Fulfillment of Bilateral Agreement, Urges Immediate Tariff Reduction on Automobiles and Parts On August 1, Chief Cabinet Secretary Yoshimasa Hayashi stated at a press conference that JAPAN will continue to urge the U.S. to fulfill the reached bilateral agreement, including reducing tariffs on automobiles and parts. Hayashi emphasized: "U.S. President Trump has signed an executive order under the U.S.-JAPAN agreement to reduce bilateral tariffs to 15%... The JAPANESE government still insists that the U.S. should immediately take action to implement the agreement terms, especially the tariff reduction measures on automobiles and automotive parts." EU Initiates Anti-Dumping Investigation into Chinese Polyamide Yarns On July 29, the EUROPEAN COMMISSION issued a notice announcing the initiation of an anti-dumping investigation into polyamide yarns originating from China. The dumping investigation period for this case is from July 1, 2024, to June 30, 2025, and the injury investigation period is from January 1, 2022, to the end of the dumping investigation period. A preliminary ruling for this case is expected to be made within 7 months, with a maximum extension of 8 months. JAPAN Plans to Raise Minimum Wage to a New Record High Again A panel of the JAPANESE MINISTRY OF HEALTH, LABOR AND WELFARE plans to recommend a approximately 6% increase in the national average minimum wage for the current fiscal year, which would be the largest increase since 2002. The agency added that the proposed hourly increase of approximately 1118 yen ($7.43) would exceed last year’s 5% increase and be the largest since the current system was implemented, but did not cite sources. The government of JAPANESE Prime Minister Shigeru Ishiba set a target last year to increase the average minimum wage by 42% to 1,500 yen per hour by 2020.   Price Information:   USD/CNY Central Parity 7.1496, down 2 pips; previous trading day’s central parity 7.1494, previous trading day’s official closing price 7.1930, overnight closing price 7.1998. Upstream Raw Materials USD Market Prices Ethylene Asia: CFR Northeast Asia $820/tonne; CFR Southeast Asia $830/tonne. Propylene Northeast Asia: FOB Korea average price $730/tonne; CFR China average price $770/tonne. North Asia frozen cargo CIF price: propane $502-509/tonne; butane $472-479/tonne. South China frozen cargo for second half of August CIF price: propane $540-550/tonne; butane $510-520/tonne. Taiwan region frozen cargo CIF price: propane $502-509/tonne; butane $472-479/tonne. LLDPE USD Market Prices Film: $860-920/tonne (CFR Huangpu); Injection molding: $940/tonne (CFR Dongguan). HDPE USD Market Prices Film: $910/tonne (CFR Huangpu); Hollow: $855/tonne (CFR Huangpu); Pipe: $1,030/tonne (CFR Huangpu). LDPE USD Market Prices Film: $1,070-1,095/tonne (CFR Huangpu); Coating: $1,280/tonne (CFR Huangpu). PP USD Market Prices Homopolymer: $910-965/tonne (CFR Huangpu), up $10/tonne; Copolymer: $920-975/tonne (CFR Nansha); Transparent: $995-1,055/tonne (CFR Huangpu), down $5/tonne; Pipe: $1,160/tonne (CFR Shanghai).

French medical mold manufacturer Groupe JBT has acquired D&M Plastics, an injection molding company based in Burlington, Illinois, which primarily serves the healthcare sector. This acquisition, announced by Groupe JBT earlier this month, will enable the company to provide reliable localized services to its North American customer base, particularly in meeting ISO Class 7 cleanroom production requirements. D&M Plastics will now operate under the name JBT USA. Headquartered in Morangis, France, the family-owned company JBT specializes in the design and manufacturing of precision injection-molded components for the healthcare sector. With facilities in France, Hungary, Mexico, Tunisia, and now the United States, the company has established an integrated value chain covering everything from mold making to final assembly. D&M Plastics was established in 1972, equipped with more than 30 injection molding machines and an ISO Class 8 cleanroom. In addition to the medical technology field, the company also serves the electronics, automotive, and defense industries. JBT Group stated on LinkedIn that with its business presence in the United States, the group currently has seven class 7 and class 8 cleanrooms globally, further consolidating its position as a trusted global partner for pharmaceutical laboratories and contract design and manufacturing organizations.

Arkema and its subsidiary PI Advanced Materials announcedIts flagship high-performance polyimide product line is launched under the new brand name "Zenimid™".。This move marks PI High-Tech Materials Company's commitment to expanding its product range inAerospace, automotive, electronics, and industrialAn important milestone in global influence across multiple market sectors. Zenimid™ polyimide materials are designed for the most demanding applications, deliveringExcellent dimensional stability, flexibility, heat resistance, chemical corrosion resistance, and electrical insulation.The material is supplied in various forms such as films, slurries, and preforms. Some of its applications include flexible printed circuit boards (FPCB) and thermal interface sheets in smart devices, battery management systems (BMS), and 5G infrastructure. PI Advanced Materials Co., Ltd.The world's first manufacturer of unstretched 4-micron ultra-thin polyimide filmThe global polyimide film market holds the number one market share. "The name 'Zenimid™' is a combination of 'Zenith' and 'Polyimide,' symbolizing PI Advanced Materials Co., Ltd.'s commitment to delivering top-notch polyimide performance," said HeeJoon Ham, the Chief Financial and Strategy Officer of PI Advanced Materials Co., Ltd. "The launch of the Zenimid™ brand signifies that this product line has evolved into an independent brand known for its cutting-edge innovation and durability. This strategic initiative will help us communicate the unique value of our products to customers more clearly, further driving its continued growth in the global market." After Arkema acquired 54% of PI Advanced Materials, Zenimid™ polyimide has strengthened Arkema’s high-performance polymers portfolio, whose flagship products includeRilsan® PA11、Rilsamid® PA12、Pebax® TPE、Kynar® PVDF、Orgasol®PA12 powder and Kepstan®PEKK material。

On July 28th, Mr. Diego Mirlmestein, President of Argentina's LOMA PLAST Group, along with his core team, visited the Ramada Group to conduct an on-site inspection of the customized (3300T) 1100-liter trash bin injection molding solution. This equipment is about to be officially delivered and put into production in South America. Craftsmanship Answer Sheet LOMA PLAST has a 74,200 square meter production base in Argentina and Brazil. Its products cover areas such as automotive parts and logistics, and are exported to more than 25 countries. The previously provided (3000T) customized logistics pallet box solution by Ramada Group has already earned their high level of trust. During the acceptance process, the clients conducted an on-site inspection of the equipment operation, attentively listened to the Ramada Group technical team's explanation of the process plan and highlights, and conducted a rigorous evaluation of key performance and product quality, ultimately giving high praise. Drawing a blueprint together The acceptance and delivery of this large-scale equipment (3300T) is a strong testament to Huameida Group's technical strength and reliability. General Manager Liu Xiang of Huameida Group andMr. Diego Mirlmestein, President of LOMA PLAST Group, after in-depth discussions, reached an important consensus on deepening strategic cooperation, laying a solid foundation for jointly expanding the South American market. This demonstrates Ramada Group's professional innovation and international competitiveness in the field of large-scale high-end injection molding equipment. To a Distant Future In the future, the Ramada Group will continue to innovate, providing higher quality injection molding machines and personalized solutions for global customers, including LOMA PLAST. We will take this opportunity to deepen our cooperation in South America, achieving mutual success and contributing our craftsmanship to the high-quality global expansion of "Made in China"!

Nordmann has established a partnership with Jiangsu Liside New Materials, an eco-friendly flame retardant supplier. Effective immediately, Nordmann will be responsible for the distribution and marketing of Liside's halogen-free flame retardants in Europe, including Turkey. LSD's products have a wide range of applications, covering fields such as engineering plastics and polyurethane coatings. The materials involved include PA6, PA66, PBT, TPE, as well as special grades developed specifically for PET spinning and fibers. Ralf Meier, Business Manager for Flame Retardants in Europe at Nordmann, said: “We are impressed by Liside’s high quality, innovative strength, and first-class R&D team. We value such high standards and look forward to this new cooperation. Liside’s innovative flame retardant products will perfectly complement our existing range of halogen-free flame retardants, synergists, and flame retardant masterbatches, enabling us to provide first-class solutions to our customers.” Thomas Leung, Head of Sales at Li Si De, added, "We are very pleased to partner with Nordmann. Our shared commitment to quality and innovation lays a solid foundation for future success. We are confident that this collaboration will bring substantial benefits to both parties." In the future, Nordmann will offer a variety of flame retardant grades for the above-mentioned application fields. The first major event where both parties will make a joint appearance will be the K 2025 exhibition in Düsseldorf, Germany: List will have its own independent booth at Hall 7, Level 1, Booth A28, and will also participate as a co-exhibitor at Nordmann’s booth (Hall 6, Booth E75).

U.S. tariff policy is set for intensive developments, with new measures taking effect on August 1! On July 31 local time, the White House website announced that U.S. President Trump signed an executive order establishing the latest "reciprocal tariff" rates for nearly 70 countries and regions, with specific rates ranging from 10% to 41%. Specific details are as follows: According to Annex I, a 15% tariff is applied to countries such as Japan, South Korea, and New Zealand. A uniform tariff of 10% is applied to goods from countries not listed in Annex I. The executive order also stipulates that if goods are found to be rerouted through a third country to evade tariffs, a 40% rerouting tax will be imposed, and the entities will be added to an "evasion list" which is published biannually. According to the administrative order, the highest "reciprocal tariff" rate is imposed on Syria at 41%, Myanmar and Laos at 40%; Brazil and the United Kingdom have the lowest tariff rates at 10%. The tariff rates for most countries and regions are set at 15%. The tariff rate for Vietnam is set at 20%. The new tariffs will take effect in 7 days, officially coming into force on August 7th.This move is also to provide countries that have not reached a trade agreement with time to negotiate, so that U.S. Customs has enough time to make the necessary changes to collect the new tariffs. Tariff Exemption: Goods that have been shipped before 00:01 AM Eastern Time on August 7, 2025, and are in their final mode of transport, and arrive in the United States by October 5, 2025, for consumption or withdrawal from warehouse for consumption, will not be subject to the additional tariffs. This allows existing orders destined for the U.S. to be exempted, meaning that as long as the goods are shipped by August 7 and arrive at a U.S. port before October 5, they qualify for the tariff exemption. The previously implemented additional tariffs (10%, excluding China) still apply. EU Tariffs: If the tariff rate in the first column for an EU product is less than 15%, then the reciprocal tariff for that product is 15% minus the tariff in the first column. If the tariff rate in the first column for an EU product is already equal to or greater than 15%, then the reciprocal tariff for that product is zero. This essentially ensures that EU products are not subject to a tariff lower than 15%. It is important to note that the EU reciprocal tariff does not stack with the most-favored-nation rate or any other additional imposed tariffs. Canadian Tariffs: In addition, Trump stated that he will raise tariffs on Canada from 25% to 35%, effective August 1. The White House indicated that goods that comply with the United States-Mexico-Canada Agreement (USMCA) will not be affected by the higher rates.   Latest plastic prices on August 1st In August, the commodity futures market broadly turned green, with coking coal falling more than 5%, PP, PE, and styrene slightly declining, and PVC and PTA dropping more than 1%. Recently, driven by the "anti-involution" sentiment and infrastructure benefits such as the Yarlung Zangbo River power station project, PVC followed leading commodities like coking coal in a unilateral rise. Unfortunately, the good times didn't last long, as it fell back shortly after gaining momentum. The final straw that broke the market—Wanhua's 400,000 tons/year PVC and other units resume production.Directly pushing suppliers to their maximum capacity, resulting in a drop in spot prices, with a more significant decline in some areas: Hangzhou Sanlian WuxingA decrease of 160 yuan/ton Hangzhou Yihua Five TypesDown 160 yuan/ton Hangzhou Yili WuxingThe price dropped by 150 RMB/ton. Hangzhou Jintai Type 5Down 150 yuan/ton Changzhou Zhongtai Type 5Down 120 yuan per ton Tianjin Yili Five TypesDown 110 yuan per ton Shanghai Tianye Five TypesDown 100 yuan/ton …… The plastic market has almost given back all its previous gains. Currently, downstream demand is weak, and the supply side remains under high pressure, making it difficult for there to be any significant increase in the short term.

This week's industry highlight: Several key units at Wanhua Chemical's Fujian Industrial Park have resumed production.TDI production capacity leads the world; the global plastic additives market is set for expansion, and Liaoning Xinyuan Composite Materials Co., Ltd. is emerging; New Changan Automobile Group is drawing up a grand blueprint with the goal of achieving a production and sales volume of 5 million units by 2030, aiming to rank among the global top ten. Meanwhile, financial reports from chemical giants like BASF show declining performance in the second quarter, Binhu Chemicals is planning to list in Hong Kong, and Rebecca is under investigation for information disclosure violations. In terms of production capacity, GuangdongThirteen key chemical projects highlight the advantages of clustering, with companies such as Lin'an Urban Investment Group, Anhui Huayang, and Ningbo Juhua advancing the construction and commissioning of new projects. Zhongjing Petrochemical's world's largest alkane integration base has also been put into operation. Innovative materials and application fields, Amcor.Origin, along with companies like Hordijk and Kyoraku, is actively developing new products, while Toyota, Kreyenborg with infrared technology, and Vanden Global have also made new advancements in the application of sustainable materials. Company News 1、36,000 tons of TDI capacity strongly resumes production! The price surge is expected to boost Wanhua Chemical's profits significantly. Wanhua Chemical has released the latest announcement stating that its Fujian Industrial Park...The 800,000-ton/year MDI unit, the 360,000-ton/year TDI unit, and the 400,000-ton/year PVC unit have completed maintenance and resumed normal production. As the world's largestWanhua Chemical, a producer of MDI and TDI, has a "giant" capacity layout: by the end of 2024, its annual TDI capacity will reach 1.11 million tons, accounting for nearly 30% of the global total capacity. After the second 330,000 tons/year TDI project in Fujian is put into operation in 2025, the total capacity will rise to 1.44 million tons/year. The TDI facility in the Fujian Industrial Park, which has been restarted, is one of the key nodes in its global supply chain. The global plastic additives market is set to reach 650 billion! This company from Liaoning has already prepared its "trump card" product. With the rapid development of the global plastics industry, the plastic additives market has also ushered in unprecedented growth opportunities.The global plastic additives market size in 2023 is approximately 58.12 billion USD (about 416.3 billion RMB), and it is expected to reach 90.69 billion USD (about 650 billion RMB) by 2033, with a compound annual growth rate of approximately 4.55%. Plastic additives not only optimize the processing performance of plastics, significantly enhancing their strength, toughness, heat resistance, and corrosion resistance, but also include special functional additives such as flame retardants, antibacterial agents, and antistatic agents. These additives endow plastics with new application values and further expand their application fields. Among the many enterprises dedicated to the research, production, and sales of plastic additives, Liaoning Xinyuan Composite Material Co., Ltd. has secured a place in the industry with its high-quality products, professional services, and technological innovation. 3. Targeting a production and sales scale of 5 million vehicles by 2030, the new Chang'an aims to rank among the top ten global automakers. On July 30th, the leadership team of China Changan Automobile Group Co., Ltd. made their first collective appearance. This new central state-owned enterprise, approved by the State Council and with the State-owned Assets Supervision and Administration Commission directly fulfilling the responsibilities of the investor, announced its strategic ambition to the world on the second day of its establishment — to build a world-class automobile group with global competitiveness and independent core technologies. The establishment of China Changan Automobile Group is beneficial for accelerating the development of a globally competitive world-class enterprise and better supporting the high-quality development of the intelligent connected new energy vehicle industry. It aids Changan in integrating relevant resources to forge a new path in the fierce market competition and to open up new horizons, further strengthening, optimizing, and expanding state-owned enterprises. It also enables Changan to better participate in international competition, creating an international, market-oriented, professional, and youthful organization and team, thereby accelerating its progress towards becoming a world-class automobile brand. Q2 Earnings Reports Are Here! How Did BASF, Dow, and Honeywell Perform? Amid the intertwined backdrop of global economic fluctuations and geopolitical conflicts, the supply-demand imbalance challenges in the chemical industry have intensified. Recently, global chemical giants such as BASF, Dow, and Honeywell have successively announced...In the second quarter 2025 financial reports, how did each company perform? Which products were profitable? What important industry information was revealed? On July 30th, BASF Group released its financial data for Q2 2025 and its full-year outlook. According to the financial report, the company's sales for this quarter amounted to 15.8 billion euros, a decrease of 342 million euros compared to the same period last year, representing a decline of 2.1%. Net profit plummeted by 81.6% year-on-year, amounting to only 79 million euros (compared to 430 million euros in the same period last year). The chemical business continues to drag down overall performance, particularly the petrochemical department, which is significantly affected by oversupply, resulting in a year-on-year decline in chemical sales.The profit pressure in the basic chemicals business segment is evident, with earnings before interest, taxes, depreciation, and amortization excluding special items decreasing by 185 million euros compared to the same period last year, to 1.8 billion euros. The profit margin fell from 12.1% to 11.2%. 5. Revenue and net profit surge in Q1 2025! Leading chemical company goes public in Hong Kong. On July 29, 2025, Binhu Chemical Co., Ltd. (601678.SH), a leading domestic chlor-alkali chemical company, announced that it is planning to issue H shares overseas and list them on the Hong Kong Stock Exchange. At the same time, the company is discussing specific advancement work related to this H share listing with relevant intermediaries, and details have yet to be determined. Binhua Co., Ltd. was established inThe company, which was listed on the Shanghai Stock Exchange in 2010, was founded in 1968. It has five major business divisions: chlor-alkali, petrochemicals, specialty chemicals, new materials, and new energy. It is the largest supplier of propylene oxide and oilfield additives in the country, the largest domestic supplier of trichloroethylene, and an important producer of caustic soda products. Caustic soda is widely used in light industry, chemical industry, textile, metallurgy, medicine, petroleum, and other industries. According to statistics, as of...By the end of 2024, China's total caustic soda production capacity will amount to 50.1 million tons. Among this, Binhua Co., Ltd. has a caustic soda production capacity of 610,000 tons, ranking at the forefront within Shandong Province. Meanwhile, Binhua Co., Ltd. is the largest granular caustic soda producer in China, and its flake caustic soda production capacity holds a leading position within Shandong Province. 6. The Wig Tycoon Harvests 900 Million Market Value, with the CSRC Penalty Revealing a Trillion-Yuan Blue Ocean in Plastic Wigs Special VisionOn July 28th, it was observed that over the past weekend, an announcement thrust "Wig King" Rebecca (SH600439) into the spotlight. This wig giant, with a total market value of 4.188 billion yuan, is under investigation by the China Securities Regulatory Commission for alleged violations of information disclosure laws. The announcement shows that Rebecca and its controlling shareholder Henan Rebecca Holding Co., Ltd. failed to disclose related-party non-operating fund transactions, insufficient provision for inventory write-downs, and poor management of insider information, among five major issues, exposing deep-seated risks in the company's governance. Just two months ago, Rebecca was penalized for failing to disclose in a timely manner.In 2024, the performance forecast was warned by the Henan Securities Regulatory Bureau, and the annual net profit attributable to the parent company was a loss of 118 million yuan, further exacerbating the predicament of its first loss in 25 years. Production Capacity Dynamics 1. Thirteen key chemical projects revealed! Huizhou, Guangzhou, and Jieyang are going full throttle! An overview of Guangdong's petrochemical industry cluster. Guangdong is an important economic province in China and is also in the top tier of the national petrochemical industry. "Vanguard", holding five major integrated refining and chemical bases in Guangzhou, Huizhou Daya Bay, Zhanjiang Donghai Island, Maoming, and Jieyang Dapeng Bay, and 24 chemical parks. In 2024, the refining capacity will reach 87.75 million tons per year (third nationwide) and ethylene capacity will be 5.17 million tons per year (second nationwide). Over 9,800 large-scale petrochemical enterprises generate 2.02 trillion yuan in revenue. Guangdong connects its 4,100-kilometer coastline with mega ports like Guangzhou Port and Zhanjiang Port, leading the nation in raw material import and product export costs. Moreover, as a key point of the "Belt and Road Initiative," it attracts global giants such as BASF and ExxonMobil to settle, continuously unleashing the innovative vitality of private chemical companies. Below are the latest developments of some benchmark projects. 2. Lin'an City Investment Group invests 1 billion to construct a renewable resource recycling project. According to Zhang Wei, the Minister of the Urban Investment Engineering Management Department, the preliminary procedures for this project have been completed. The project was fully completed in June and smoothly commenced under the principles of high standards and high efficiency. The project has now entered the full construction phase, with site leveling and temporary facility setup successfully completed. The construction team is working diligently on the foundation and main structure to ensure completion by the end of January 2027 as scheduled. Once completed, the project will feature nine production lines and will broadly cover the production of building materials, sand washing from construction waste, solidified soil processing, and the sorting and recycling of waste plastics, household appliances, textiles, etc. Notably, the District Urban Investment Group will employ fully intelligent and environmentally friendly equipment, integrating green energy applications and digital twin technology, as well as establishing a digital ERP platform. This is aimed at creating a comprehensive circular economy industrial cluster that combines intelligent recycling and sorting, high-value processing and utilization, and the production of new building materials from solid waste resources. This will inject strong momentum into the reduction, harmlessness, and resource upgrading of solid waste disposal in the entire region of Lin'an District. After production starts, the annual output value is expected to reach 1 billion yuan. The total investment is 350 million! The first phase of the Anhui Huayang Green Degradable, Recyclable, and Functional Fabric Project has been completed and put into operation! On July 29, it was reported that the first phase of the Anhui Huayang Technology Co., Ltd. green degradable, recyclable, and functional fabric smart factory project has been completed and put into production. The Anhui Huayang functional fabric project is located in Yuhui District, Bengbu City.In March 2024, a formal agreement will be signed, with a total investment of 350 million RMB, covering an area of 170 acres. Relying on internationally leading intelligent and automated dyeing and finishing equipment, the focus will be on providing one-stop solutions from fabric to garment for globally renowned clothing brands. Currently, the company's clients include domestic and international outdoor brands such as Li-Ning and Toread. Once the project is fully completed and operational, it will have an annual production capacity of 98 million meters of functional fabric, with an expected annual output value of 1.2 billion RMB and an annual tax contribution of 40 million RMB, further enhancing its market share in the high-end textile materials sector. 4. Ningbo Juhua's Ethylene Oxide Method for PDO Production! 150,000 Tons of Specialty Polyester Soon to be Commissioned The South Plant of Ningbo Juhua Chemical Technology Co., Ltd.The 150,000-ton-per-year specialty polyester new materials project is scheduled to start production in the first half of the year. After the project is put into production, it is expected to generate additional annual sales revenue.With an investment of 2.5 billion yuan, not only can it break the long-term technological monopoly of foreign countries in the polyester field and achieve full industry chain localization, but it also holds the promise of making a significant contribution to the independent controllability of China's special materials industry chain. The foundation-laying ceremony for the Shengke Environmental Protection Resource Recycling Intelligent Equipment Production Base, with a total investment of 200 million yuan, was held in Foshan. On July 26th, the groundbreaking ceremony for the Shengke Environmental Protection Resource Recycling Intelligent Equipment Manufacturing Base, with a total investment of 200 million RMB and a planned area of 40 mu, was held in the Lingang International Industrial Community. This adds a new force to the green intelligent manufacturing industry in Nanhai, Jiujiang! On the morning of the ceremony, Chen Haobin, Director of the Standing Committee of the Nanhai District People's Congress, along with a group of district and town leaders, participated in the groundbreaking for the Shengke Environmental Protection Resource Recycling Intelligent Equipment Manufacturing Base project. It is reported that the investor, Guangdong Shengke Environmental Protection Technology Co., Ltd., has been deeply involved in the field of solid waste resource recycling equipment for many years.The project, recognized as a "High-tech Enterprise" and a "Specialized and New Enterprise of Guangdong Province," is being established in the Lingang International Industrial Community of Jiujiang Town. With a total investment of 200 million RMB and covering an area of approximately 40 mu, it will focus on the fields of plastics, metals, and electronic waste. The project aims to create a comprehensive base integrating the research and manufacturing of professional solid waste recycling equipment and production lines, along with the development and promotion of environmental protection technologies. The world's largest alkane integration production base by Zhongjing Petrochemical, with a total investment of 30 billion yuan, has officially commenced operations. On July 27, 2025, the Zhongjing Petrochemical Technology Park in the Jiangyin Port Economic Zone of Fuzhou City, Fujian Province, was adorned with colorful flags and a lively atmosphere as the world's largest alkane integrated production base of Zhongjing Petrochemical held a grand completion and commissioning ceremony. The completion of this milestone project signifies a crucial step forward in Zhongjing Petrochemical's development towards integration, scaling, intensification, and greening. With the world's largest single-plant production capacity, it reshapes the competitive landscape of the global alkane industry chain. Innovative materials Amcor develops lightweight polypropylene caps for household products. Amcor has developed a polypropylene product for household use.The PP bottle cap combines a unique design with a lightweight construction, helping brands enhance visual appeal while supporting sustainability commitments. Amcor states that this new "Hector Child-Resistant Closure (CRC)" weighs only 7.25 grams, making it one of the lightest caps on the market, significantly saving materials and reducing carbon dioxide emissions. Compared to the traditional 14-gram caps, an order of one million Hector caps can reduce plastic usage by 6.75 tons. 2、Origin collaborates with Hordijk to produce sustainable PET caps on a large scale in Europe. Origin Materials and Dutch packaging manufacturer Royal Hordijk Packaging have announced a strategic partnership to mass-produce polyethylene terephthalate (PET) bottle caps, marking an important step in promoting circular packaging solutions in the European market. 3. Kyoraku's tableware uses BASF's PESU. Tokyo Kyoraku, a Japanese plastic products manufacturer, is now using BASF's specialty plastics. Ultrason® has added a unique dinnerware design concept to its comprehensive home goods product portfolio. It is called Amberware, made from Ultrason® E 3010 NAT, an injection molding and extrusion polyethersulfone (PESU) with higher toughness and high chemical resistance.  Material Application Toyota Tsusho's ASR-derived recycled plastic has been adopted for use in Toyota's front fenders. Toyota Tsusho Corporation announced that its group company K.K. PlaniThe ASR (Automobile Shredder Residue) derived recycled plastic manufactured by Planic has been used for the first time in Japan for the front fender seal of Toyota's Crown "Sport". Planic is a recycled plastic manufacturing company in Japan, jointly owned by Toyota Tsusho and Kojima Industries Corporation (a member of Kojima Industrial Corporation Group). The raw materials for recycled plastic used by Planic are collected from Toyota Metal Co., Ltd., a Toyota Tsusho Group company engaged in automobile recycling, as well as from ASR recycling facilities and home appliance recycling plants across Japan. Since the collected plastic containing ASR-derived plastic is difficult to classify by material, it is challenging to achieve car-to-car recycling with high-quality requirements, and thus the plastic is mainly incinerated (thermal recovery). In this situation, Planic became the first company in Japan to introduce advanced gravity separation technology and equipment, which has been practically applied in Europe, to achieve the production of high-quality recycled plastic and car-to-car recycling. This has become a major advantage for the company. The European Food Safety Authority has approved Kreyenborg's infrared technology for use in food packaging recycling materials. European Food Safety Authority (EFSA)The European Food Safety Authority (EFSA) has issued a positive "scientific opinion" on the infrared technology IR-Clean from the German company Kreyenborg, based on EU Regulation 2022/1616. This technology can decontaminate recycled polyethylene terephthalate (PET) flakes, enabling them to be used in the production of food packaging. Kreyenborg announced that with the approval of its process by the EFSA, its IR-Clean system will be assigned a unique Recycling Authorization Number (RAN) and included in the public register. Kreyenborg stated that multiple IR-Clean processes have received positive feedback from customers according to the old EC 282/2008 regulation. The company also added that with the new EU 2022/1616 regulation, the approval procedures for Kreyenborg and its packaging industry customers will be streamlined and simplified. 3. Vanden Global Launches New Catalog of Recycled PET Resins and Flakes Plastic recycling companyVanden Global has launched a new catalog of recycled PET resins and sheets, which the company claims can provide manufacturers with a stable supply of high-quality recycled polyethylene terephthalate (rPET) materials. The company, headquartered in the UK, stated:"As the demand for food-grade rPET and technically verified recycled materials continues to grow, Vanden's latest catalog showcases a full range of flakes and pellets certified by the European Food Safety Authority (EFSA), the U.S. Food and Drug Administration (FDA), and RecyClass, while also offering customized raw material solutions." The company also added that the launch of the new catalog demonstrates its ability to consistently and stably supply materials through its global presence, local expertise, and internal logistics network.

Recently, global safety science expert UL Solutions awarded Jiangsu Wolai New Materials Co., Ltd. (hereinafter referred to as "Wolai New Materials") the UL 746C certification for outdoor weatherability suitability for its photovoltaic module frame composite material WL-303. This composite material is continuous glass fiber-reinforced polyurethane produced by pultrusion, with one side coated with a polyurethane layer. It boasts excellent performance and is an ideal material to replace aluminum alloy frames for photovoltaic modules, helping photovoltaic module manufacturers reduce costs and improve efficiency. In the pultrusion process of continuous fiber-reinforced polyurethane composites, more reinforcing fibers can be used, significantly enhancing the strength of the product. The resin and fibers complement each other well in terms of performance. Therefore, fiber-reinforced materials produced by pultrusion using polyurethane resin as the matrix have the following properties and characteristics: lightweight and high strength, good corrosion resistance, excellent dimensional stability, and strong designability. The recent UL Solutions tests for outdoor weather resistance, UV resistance, and water immersion have further confirmed this product’s important suitability for use in photovoltaic module frames. Anti-ultraviolet and immersion test According to the standard UL 746C, Polymeric Materials - Use in Electrical Equipment Evaluations, the mechanical properties and flammability of materials are evaluated after ultraviolet (UV) aging and water immersion to determine their suitability for outdoor use. The outdoor suitability of the material is related to its color and thickness. The content to be tested and the conditions that need to be met are as follows: Outdoor weather-resistant materials generally have two types of suffixes in the product model name. (f1) indicates that the material has passed all outdoor usage assessment tests. (f2) indicates that the material has only passed either the UV resistance test or the water immersion test. The acceptability of the result needs to be specifically evaluated based on the end-use location of the product. About Volai New Materials Jiangsu Wolai New Materials Co., Ltd., established in 2021, is an innovative enterprise specializing in the field of photovoltaic composite material frames. The company holds multiple exclusive patents for frame design, installation structures, and connection methods, and is also the leading drafter of the group standard for composite material frames. Wolai has introduced advanced production equipment and processes, integrated the world’s best supply chain resources, and collaborates deeply with partners in the photovoltaic industry to provide high-quality and most reliable products for the sector. In the future, Wolai New Materials will continue to drive development through technological innovation, maintain customer satisfaction as its core value, and offer high-quality photovoltaic composite material frame products and excellent services.

The critical tariff deadline of August 1st has finally arrived. Trump has also announced the latest tariffs targeting countries around the world. On July 31 local time, the White House website announced that U.S. President Trump had signed an executive order.The latest "reciprocal tariff" rates have been set for nearly 70 countries and regions, with specific rates ranging from 10% to 41%.。 Countries and Regions Reciprocal Tariff(Starting from August 1) 1 Afghanistan Afghanistan 15% 2 Algeria Algeria 30% 3 Angola Angola 15% 4 Bangladesh Bangladesh 20% 5 Bolivia Bolivia 15% 6 Bosnia and Herzegovina 30% 7 Botswana Botswana 15% 8 Brazil 10% 9 Brunei 25% 10 Cambodia Cambodia 19% 11 Cameroon Cameroon 15% 12 Chad 15% 13 Costa Rica Costa Rica 15% 14 Côte d'Ivoire Côte d`Ivoire 15% 15 Democratic Republic of the Congo Democratic Republic of the Congo 15% 16 Ecuador Ecuador 15% 17 Equatorial Guinea Equatorial Guinea 15% 18 EU: Goods with a tax rate > 15% in column 1 European Union: Goods with Column 1 Duty Rate[1] > 15% 0% 19 EU: Goods with tariff rates in Column 1 less than 15% European Union: Goods with Column 1 Duty Rate < 15% 15% minus the tariff of Column 1 20 Falkland Islands Falkland Islands 10% 21 Fiji 15% 22 Ghana 15% 23 Guyana Guyana 15% 24 Iceland 15% 25 India 25% 26 Indonesia Indonesia 19% 27 Iraq Iraq 35% 28 Israel Israel 15% 29 Japan 15% 30 Jordan 15% 31 Kazakhstan Kazakhstan 25% 32 Laos 40% 33 Lesotho Lesotho 15% 34 Libya Libya 30% 35 Liechtenstein Liechtenstein 15% 36 Madagascar Madagascar 15% 37 Malawi Malawi 15% 38 Malaysia Malaysia 19% 39 Mauritius Mauritius 15% 40 Moldova Moldova 25% 41 Mozambique Mozambique 15% 42 Myanmar (Burma) 40% 43 Namibia Namibia 15% 44 Nauru 15% 45 New Zealand New Zealand 15% 46 Nicaragua Nicaragua 18% 47 Nigeria Nigeria 15% 48 North Macedonia North Macedonia 15% 49 Norway 15% 50 Pakistan Pakistan 19% 51 Papua New Guinea Papua New Guinea 15% 52 Philippines Philippines 19% 53 Serbia Serbia 35% 54 South Africa 30% 55 South Korea 15% 56 Sri Lanka Sri Lanka 20% 57 Switzerland 39% 58 Syria Syria 41% 59 China Taiwan Taiwan China 20% 60 Thailand 19% 61 Trinidad and Tobago Trinidad and Tobago 15% 62 Tunisia Tunisia 25% 63 Turkey Turkey 15% 64 Uganda Uganda 15% 65 United Kingdom 10% 66 Vanuatu Vanuatu 15% 67 Venezuela Venezuela 15% 68 Vietnam 20% 69 Zambia Zambia 15% 70 Zimbabwe Zimbabwe 15%   Special Note: Translate the above content into English and output the translation directly without any explanation. A uniform tax rate of 10% will apply to unspecified countries. If a country or region circumvents tariffs through transshipment via a third country, its goods will be subject to an additional 40% tariff, replacing the additional tariff on goods from the country of origin. The new tariffs will take effect in 7 days, officially coming into force on August 7.This move is also intended to give countries that have not reached a trade agreement time to negotiate, so that U.S. Customs has sufficient time to make the necessary changes to collect the new tariffs.   Tariff Exemption:Goods that are loaded and in their final mode of transport by 00:01 Eastern Time on August 7, 2025, and arrive in the United States by October 5, 2025, entering consumption or withdrawn from a warehouse for consumption, will not be subject to this additional tariff. This allows time for existing orders to the U.S., meaning that as long as they are shipped by August 7 and arrive at U.S. ports by October 5, they can be exempted from this tariff. The previously implemented additional tariffs (10%, excluding China) still apply.   EU Tariffs:If the tariff rate in Column 1 for an EU product is less than 15%, the corresponding countervailing tariff for that product shall be 15% minus the tariff rate in Column 1. If the tariff rate in Column 1 for an EU product is equal to or greater than 15%, the corresponding countervailing tariff for that product shall be zero.It is essentially to ensure that goods from the EU are subject to no less than a 15% tariff. It is worth noting thatThe EU's reciprocal tariffs are not cumulative with the most-favored-nation rates, nor with other additional tariffs.。   Canadian Tariffs:In addition, Trump stated that he will raise tariffs on Canada from 25% to 35%, effective August 1. The White House said that goods that comply with the United States-Mexico-Canada Agreement (USMCA) will not be affected by the higher tariff rate.  

Introduction:As China’s plastics industry enters a period of capacity expansion, supply is increasing rapidly, with growth far outpacing demand. This has led to an intensifying supply-demand imbalance. While the continuous improvement in domestic product quality is facilitating import substitution, export volumes are also growing. "Going global" has become an effective way for China’s plastics industry to alleviate supply pressure. Figure 1 Annual Capacity Change Trend of Synthetic Resin in China from 2020 to 2024 (Unit: 10,000 tons/year)   As China's plastic production capacity continues to expand, global competition is intensifying, with the global capacity share reaching 34.74% by 2024. As China's plastic production capacity continues to expand, it is expected that the capacity share will continue to increase in 2025-2026, and the rapid enhancement of product sophistication will further boost China's global competitiveness in plastics. Figure 2 Trend of Changes in the Production Capacity Structure of Synthetic Resin in China from 2020 to 2024 (10,000 tons/year)   From a product perspective, there is significant differentiation in domestic plastic capacity expansion products. Among them, ABS has the fastest growth rate at 118%, while PVC has the slowest growth at only 8%. From 2020 to 2024, China's overall plastic production capacity increased by about 38%. Among the main products, PP and PVC both grew at a rate below the average, while PP has the highest domestic plastic production capacity, accounting for 35.21%. The rapid growth of plastic production capacity in China has led to a sharp increase in supply pressure, with product quality continuously improving and price levels trending downward. Reducing imports and expanding exports has become a direct and effective way to ease supply pressure. Figure 3 Comparative Analysis of China's Synthetic Resin Import and Export Volume in 2024 (10,000 tons)   In terms of import and export by product, there is significant variation. Among them, PE has the largest import volume, with a net import volume reaching as high as 13.0298 million tons in 2024. Despite the rapid growth of domestic supply, the low global capacity share and the prominent advantages of both capacity and quality in North America and the Middle East pose a challenge to domestic polyethylene products. The path to becoming a net exporter in the medium to long term is a long one. Since 2021, PVC has achieved a reversal to net import, reaching as high as 1.3554 million tons that year, and subsequently showing an increasing trend year by year, reaching 2.396 million tons in 2024 and is expected to reach 2.8297 million tons in 2025. The next product to transition from net import to net export will be polypropylene. In 2024, the import volume will be 1.2647 million tons. Domestic supply is ample and stable, and the rapid improvement in product quality is strongly substituting imports. The import volume and import dependency are rapidly declining. However, since the scale is still 3.6713 million tons in 2024, and with a high proportion of high-end materials and processing of imported materials, it is difficult to achieve complete substitution in the short term. Figure 4 Trend of China's Synthetic Resin Export Volume from 2020 to 2024 (10,000 Tons)   From the perspective of export volume by product, China's plastics exports grew at an average rate of 45.6% from 2020 to 2024, reaching 6.2784 million tons in 2024. Among them, PVC firmly ranked first with 2.6259 million tons, and PP ranked second with 2.4066 million tons, representing a year-on-year growth rate of 83.4% and showing rapid export growth. The scale of other products is relatively small. Based on the above analysis, as China’s plastic production capacity continues to expand and is expected to peak around 2026, its share of global capacity will keep rising, accelerating the process of globalization. Domestic manufacturers are actively pursuing differentiated, diversified, and high-end development strategies, rapidly enhancing the global competitiveness of Chinese plastic products. Coupled with a continuous decline in price levels, this will strongly substitute imported products, leading to decreases in both import volume and import dependence. However, the volume of imports remains considerable and the proportion of high-end materials is relatively high. Furthermore, the processing trade model for imported materials cannot be replaced, so China’s plastic imports will remain at a significant scale in the medium to long term. While Chinese plastic products are substituting imports, companies are also actively expanding export channels. In addition to Southeast Asia, export destinations are becoming more diversified, including South Asia, Central Asia, South America, and Africa, and export volumes continue to grow rapidly. The transition of China’s plastics industry from a net importer to a net exporter is accelerating. Following PVC and PP, more products such as PS and ABS are also expected to achieve this reversal.

The U.S. tariff policy is set for intensive developments, effective August 1st! According to CCTV news, on July 31 local time, U.S. President Trump signed an executive order determining the "reciprocal tariffs" rates imposed on multiple countries and regions, with specific rates ranging from 10% to 41%. On that day, President Trump signed a new executive order further modifying the so-called "reciprocal tariffs" policy released in April of this year. The order adjusts the additional tariff rates on goods from multiple countries to address what the U.S. side refers to as a "national security emergency" caused by a long-term and severe trade deficit. According to Annex I, tariffs are set at 15% for countries such as Japan, South Korea, and New Zealand; Canada's rate is raised to 35%; and goods from countries not listed in Annex I are uniformly subject to a 10% tariff. For EU countries, if the current tariff on a product is below 15%, it will be supplemented to 15%; if it is above 15%, no additional tariff will be imposed. The executive order also stipulates that if goods are found to be transshipped through a third country to evade tariffs, a 40% transshipment tax will be imposed, and such cases will be included in an "evasion list" published semi-annually. According to the executive order, the highest "reciprocal tariff" rate is imposed on Syria, set at 41%, with Myanmar and Laos at 40%. Brazil and the United Kingdom have the lowest tariffs, set at 10%. The tariff rate for most countries and regions is set at 15%. The tariff rate for Vietnam is set at 20%. On the eve of the deadline, the tariff game accelerates. According to CCTV News, on July 31 local time, the White House stated that Trump has signed an executive order to increase the tariff rate on Canada from 25% to 35%. The new tariff will take effect on August 1. The White House stated in its announcement that the tax increase is "in response to Canada's continued inaction and retaliatory measures," and that the President "has determined it necessary to effectively address the current emergency situation by raising the tax rate." In addition, a reporter from Futures Daily learned that on July 31 Eastern Time, Trump announced that the U.S.-Mexico tariff agreement would be extended for 90 days, meaning Mexico will continue to pay a 25% fentanyl tariff, a 25% automobile tariff, and a 50% tariff on steel, aluminum, and copper. This means that the current tariff situation will continue. Goods from Mexico will be subject to a 25% tariff unless they comply with the United States-Mexico-Canada Agreement (USMCA) signed during Trump's first term. If the goods comply with the agreement, they will not be taxed, with the exception of special tariffs in certain industries. According to CCTV News, on July 31 local time, several judges of the U.S. Federal Court of Appeals questioned the legality of Trump's implementation of "reciprocal tariffs" under the International Emergency Economic Powers Act (IEEPA), believing that it exceeded the authority granted by Congress and failed to demonstrate that the trade deficit constituted a "national emergency." The case was brought by several states and businesses, and the court had previously ruled that Trump exceeded his authority. The case is expected to be appealed to the Supreme Court. Stock index futures collectively pulled back; short-term trading may remain volatile. Yesterday, all three major indices of the A-shares closed down, with the Shanghai Composite Index decreasing by 1.18%, the Shenzhen Component Index dropping by 1.73%, and the ChiNext Index falling by 1.66%. The trading volume of the two markets increased by 91.756 billion yuan compared to the previous trading day. Meanwhile, stock index futures collectively declined. Regarding the decline in the stock market yesterday, Wang Ying, an analyst of equity and fixed income research at Nanhua Futures, stated that firstly, previously popular concept stocks experienced a correction, and the outflow of funds due to profit-taking led to the market downturn. Secondly, there have been no substantial positive policies recently, and the uncertainty surrounding U.S. tariff policies has weakened market expectations. Lastly, the July FOMC meeting of the Federal Reserve was hawkish. "These factors combined have led to a decline in market risk appetite and reduced trading enthusiasm," said Wang Ying. In the short term, after the hype around concepts like "anti-involution" fades, the A-shares lack further upward momentum and are expected to mainly fluctuate. Wang Dongying, a financial engineering analyst at Everbright Futures, stated that recently, the major indices of the A-share market are near the highs seen since October last year, and the increased trading volume suggests that there are differing opinions on the future trends of the A-share market. In his view, the core disagreement lies in whether a liquidity-driven market can sustain the upward movement of the indices during a period when the profitability of listed companies is declining. From the perspective of the debt cycle, as of the first quarter of this year, the year-on-year growth rate of revenue for listed companies is still negative, which means that the returns on the asset side of enterprises have not covered the costs on the liability side, thereby putting pressure on the sustained upward movement of the indices. "In the context of the significant previous gains in major A-share indices, a phase of correction is in line with expectations," Wang Dongying believes. The liquidity in the stock market and the underlying policy logic have not undergone substantial changes. Considering the supportive effect of allocation funds on A-shares, it is expected that the major indices will not undergo a systemic correction, and short-term fluctuations will prevail." Most commodity futures are drifting lower as the market downplays policy expectations. Yesterday, the domestic commodity futures market also experienced a general decline. Cheng Xiaoyong, deputy general manager of the Guangzhou Financial Holdings Futures Research Center, believes that the main reason is the closing of long positions from earlier profits, leading to reduced positions in black building materials, industrial silicon, and lithium carbonate. The fundamentals of commodities also show temporary bearish factors. Cheng Xiaoyong believes that, firstly, the recent surge in black building materials and new energy materials-related futures is driven by "anti-involution" policies, but the recovery in demand is insufficient, so after a rebound, profit-taking is likely to occur. Secondly, the policy emphasis on "anti-involution" has weakened, the market's expectations for the real estate market in the second half of the year are low, and additional fiscal policies remain unclear. Thirdly, both the manufacturing PMI and construction PMI fell in July, causing renewed concerns about demand in the market. Lastly, the Federal Reserve's July meeting maintained its stance on not cutting interest rates, leading to a rebound in the dollar, which exerted pressure on commodities with strong financial attributes, such as precious metals. "U.S. ADP, second quarter real GDP, core PCE, and other economic data exceeded market expectations. Although Federal Reserve Chairman Powell faced pressure from the White House, his statement was hawkish, leading to increased market expectations for the Federal Reserve to maintain higher interest rates," added Zhou Ji, macro foreign exchange innovation analyst at Nanhua Futures. "This round of adjustments may be short-term. In the context of 'anti-involution' and the possibility of policy intensification in the second half of the year, the strength of policy to counter deflation will not weaken. Supply reduction and demand improvement remain the main themes, and excessive pessimism is not advisable," said Cheng Xiaoyong. Due to the recent increase in market volatility, both long and short positions face significant volatility risks. Traders should pay attention to position control and appropriately reduce their positions. For industrial enterprises, the focus should be on hedging risks rather than turning hedging into speculation, with an emphasis on profits derived from changes in the spot market or basis returns. Zhou Ji believes that the focus of domestic policy is shifting towards long-term stability, and the probability of strong short-term stimulus is relatively low. The market's expectation of "strong policy support" may be further adjusted.

Decathlon, the world's largest sports goods retailer, has announced a global partnership with UK materials technology company RHEON LABS to integrate advanced material science into everyday sports. This collaboration enables Decathlon to access RHEON's complete technology platform, including current and future innovations in strain rate-sensitive materials, thereby developing apparel that enhances control, comfort, and performance during sports activities. This collaboration combines RHEON’s material innovations with Decathlon’s experience in designing for athletes. The result is: Performance-oriented apparel can meet the needs of athletes, no matter where or how they exercise, and makes it accessible to everyone. Born for sports Aimed at adapting RHEON is a patented polymer that remains soft and flexible during everyday movement, but dynamically hardens during motion or impact. As a result, it supports real-time adaptation to the body's needs—enhancing comfort, control, and performance without sacrificing freedom of movement. Stephen Bates, CEO of RHEON LABS, said: “Decathlon believes that innovation should serve everyone, which aligns perfectly with our philosophy. RHEON started in elite sports—now, this collaboration will bring the same level of performance to millions of people.” The first product of this collaboration, the KIPRUN compression model, will be launched in 2025, aiming to concentrate energy and reduce muscle movement. Other developments in different categories are underway, including a collaboration with Decathlon fitness and sports expert Domyos, with the first technologies set to debut in 2026. Aurelien CORBIER, Head of Textile Innovation at Decathlon, stated: "Innovation truly matters when it empowers everyone. Through our collaboration with RHEON LABS, we have obtained materials specifically designed for athletes and made them accessible to all. This aligns perfectly with our commitment to providing excellent products for everyone, resulting in better comfort, control, and performance." Collaboration is the core of innovation This partnership reflects a shared commitment to collective innovation, driven by the diverse perspectives within the design, development, and engineering teams of both companies, as well as a common spirit of curiosity and bold thinking. Decathlon and RHEON LABS are jointly creating a future where sports are more inclusive, inspiring, and important than ever before. The future we create today will remain important 50 years from now. About RHEON Technology The core of RHEON is a super polymer that absorbs energy. In its natural state, it is soft and flexible, but when subjected to force, it hardens to absorb energy. It can be integrated into countless products to dissipate high levels of energy or to endow them with unique responsive characteristics. About RHEON LABS RHEON LABS is a fast-growing collective of scientists, engineers, and designers based in London, UK. They are united by a shared vision to create products previously thought impossible with traditional static materials. At the core of each product is the energy-absorbing super polymer RHEON. RHEON was created by Dr. Daniel Plant, originally stemming from a NASA project, and developed for over 15 years at Imperial College London, considered one of the world's leading innovation institutions.

Coperion will jointly exhibit with Herbold Meckesheim at the K Trade Fair to be held in Düsseldorf, Germany, from October 8 to 15, 2025. At booth 9B34 in Hall 9, the focus will be on showcasing Herbold Meckesheim’s mechanical processing technologies for plastic waste, including the new T 150-300 mechanical dryer and the SMS 80-200 granulator. In the open-air area FG/CE07, visitors can witness the seamless collaboration of Coperion’s full range of recycling technologies, with exhibits including: Herbold Meckesheim Hydraulic Cyclone Classifier ZSK FilCo Filter Mixing Extruder ZS-B MEGAfeed Side Feeder Kobelco Kaichuang K3-V200 Vibrating Feeder S60 Single Screw Feeder MechaTron® Flat Bottom Feeder Mobile Deodorization Device (for Removing Odors from Recycled Materials) In addition, Copelon will showcase its core capabilities in plastic compounding technology at Booth 14B19 in Hall 14. Efficient Collaboration between ZSK FilCo and ZS-B MEGAfeed The open exhibition area FG/CE07 will demonstrate the new ZSK FilCo filter-compounding extruder, which can complete the recycling material filtration and compounding in one step. Compared to traditional two-step production lines, the ZSK FilCo handles materials more gently and significantly reduces energy consumption while improving product quality when recycling post-consumer waste plastics and other highly contaminated polymers. Waste plastics (such as recycled pellets, fiber scraps, film fragments, or untreated agglomerates) are melted, homogenized, and degassed through the ZSK twin-screw extruder. After impurities are removed by a screen, additives are injected before granulation. To fully leverage the performance of ZSK FilCo, a stable supply of raw materials without feeding restrictions is required. Traditional granulation or compaction processes have high energy consumption and increase costs, whereas the showcased ZS-B MEGAfeed side feeder can reliably convey lightweight materials with bulk densities as low as 20 kg/m³ (such as fibers and flakes), enabling high-throughput recycling. Using the ZSK Filco filter-compounding extruder allows filtering and compounding to be carried out in a single production step. Equipped with the ZS-B MEGAfeed side feeder, it can fully leverage the high performance of the ZSK Filco.   Seamless integration of material handling and feeding technology Coperion's high-precision feeding technology representative exhibits include: PK3-V200 Vibratory Feeder: Suitable for precise metering and feeding of challenging materials such as small granules or flakes. Mecha Tron FB flat-bottom feeder: specially designed for lightweight and difficult-to-feed materials such as polypropylene/PET films. S60 Single Screw Feeder: Renowned for High Reliability   In addition, the ZRD rotary valve, developed by Coperion specifically for plastic recycling, ensures reliable discharge of flakes through new drive technology and rotor-to-housing gap design. The K-Tron K3 vibratory feeder is equipped with a unique drive system, suitable for high-precision feeding of recycled materials.   One-stop integrated solution for self-produced products At K 2025, Coperion will demonstrate the synergistic effects of its technology through 3D simulations. The audience will gain an in-depth understanding of the operation of complete systems and the functions of each individual component. All components and technologies from Coperion feature high output, high-quality end products, and exceptional efficiency. For instance, Coperion recently successfully commissioned chemical plastic recycling production lines at two customer plants, each with a processing capacity of up to 6,000 kg/h. With the recently installed "EcoFresh Silo Devolatilization Unit" at the Recycling Innovation Center, Cobelong is able to conduct devolatilization performance tests on customers' actual products under conditions close to real production, allowing for evaluation before production starts. Even in PET recycling, manufacturers can benefit from Coperion's expertise in designing complete systems, achieving excellent end-product quality and high productivity. Due to the effective degassing in Coperion’s process, there is no need to pre-dry PET flakes. A few weeks ago, Coperion, together with Herbold Meckesheim, installed the first phase of a bottle-to-bottle recycling plant at Magpet Polymer Pvt Ltd in India. The successful commissioning of the pelletizer and washing line marks an important step toward starting up the entire plant, which is designed with a processing capacity of up to 5,500 kg/h. Similarly, the advantage of this end-to-end production line technology is significant in effectively removing odors. Throughout the recycling process, Coperion offers multiple solutions for the reliable deodorization of post-consumer plastics. These include odor removal during the mechanical processing stage, twin-screw degassing, and the EcoFresh silo degassing system. The collaboration of these technologies reliably ensures the quality of the desired products. Coperion has recently installed the EcoFresh system in its Recycling Innovation Center, allowing customers to test the deodorization effects under near-production conditions before making an investment.

Amidst the intertwining backdrop of global economic fluctuations and geopolitical conflicts, the supply-demand imbalance challenge in the chemical industry is intensifying. Recently, global chemical giants such as BASF, Dow, and Honeywell have successively released their financial reports for the second quarter of 2025. How did each company's performance fare? Which products are profitable? And what important industry information was revealed?   BASF: Significant Decline in Sales, Noticeable Business Segmentation On July 30th, BASF Group released its financial data for the second quarter of 2025 and its full-year outlook. According to the financial report, the company's sales for this quarter amounted to 15.8 billion euros, a decrease of 342 million euros compared to the same period last year, representing a decline of 2.1%. Net profit plummeted by 81.6% year-on-year, amounting to only 79 million euros (compared to 430 million euros in the same period last year). The chemical business continues to drag down overall performance, particularly the petrochemical department, which is significantly impacted by supply surplus.Chemical sales revenue decreased by 11.9% year-on-year. The profit in the basic chemicals business segment was significantly under pressure, with earnings before interest, taxes, depreciation, and amortization (EBITDA) excluding special items decreasing by 185 million euros to 1.8 billion euros compared to the same period last year, and the profit margin falling from 12.1% to 11.2%. In stark contrast to this,Agricultural solutions business performs remarkably well.In the second quarter, sales increased by 21% year-on-year, mainly due to strong demand for crop protection chemicals, particularly herbicides, with the department's profits nearly doubling. BASF also revealed that it is advancing the legal separation of its agricultural division, with plans to complete the initial public offering of this business by 2027. The Surface Technologies division, driven by the recovery in car sales, achieved a year-on-year sales increase of 11.0%, with significant improvements in the business, including automotive catalysts. The Nutrition and Care business segment also showed a growth trend, with product price increases partially offsetting the performance decline in other segments. In terms of business optimization, the acquisition consultation of BASF's coatings business is underway, covering the automotive coatings segment, with sales expected to reach $4.4 billion in 2024. Dr. Markus Kamieth, Chairman of the Executive Board of BASF Group, stated to analysts on July 30, "The acquisition process is progressing smoothly." In terms of cash flow, cash flow from operating activities in the second quarter was 1.6 billion euros, a year-on-year decrease of 365 million euros, mainly due to changes in trade payables. However, with the end of the investment peak period for the integrated production base in South China, cash flow from investing activities improved significantly by 1 billion euros, resulting in a year-on-year increase in free cash flow of 62 million euros to 533 million euros. In terms of the full-year outlook, BASF has lowered its earnings forecast, adjusting its expected earnings before interest, taxes, depreciation, and amortization (EBITDA) excluding special items to between 7.3 billion and 7.7 billion euros (previously 8.0 billion to 8.4 billion euros). The company noted that macroeconomic and geopolitical uncertainties are increasing, and the anticipated growth in global GDP, industrial production, and chemical demand is lower than previously forecasted. Ample market supply will continue to suppress upstream business profits.   Covestro's second-quarter performance is under pressure, with both sales and profits declining. On July 31, the global chemical giant Covestro presented a challenging performance report amid a complex and volatile economic environment. The unexpected increase in U.S. import tariffs, which triggered supply chain disruptions, coupled with downward pricing pressure due to an oversupply in global markets, and geopolitical tensions combined to form obstacles to performance growth. Although sales remained relatively stable, multiple external factors still led to significant fluctuations in the group’s core financial indicators, while also accelerating the company's strategic adjustments and deepening transformations. According to financial report data, in the second quarter of 2025, Covestro Group's sales decreased by 8.4% year-on-year to 3.4 billion euros (compared to 3.7 billion euros in the same period last year); earnings before interest, taxes, depreciation, and amortization (EBITDA) declined by 15.6% to 270 million euros (compared to 320 million euros in the same period last year), which is at the upper end of the company's own forecast range. This result was partly benefited by the reversal of 44 million euros in bonus provisions adjusted after the annual forecast. In terms of net profit, although still negative, it improved from -72 million euros in the same period last year to -59 million euros. Free operating cash flow further pressured from -147 million euros in the same period last year to -228 million euros. In terms of the two main business segments, the performance in the second quarter showed a divergence.Sales revenue of the functional materials sector declined by 11.8% year-on-year.Revenue decreased to 1.6 billion euros (1.8 billion euros in the same period last year); EBITDA fell from 196 million euros to 149 million euros, mainly due to declining profit margins and expenses related to the STRONG transformation plan; free operating cash flow was -172 million euros, a further pressure compared to -89 million euros in the same period last year. In contrast,The performance of the solutions and specialty chemicals sector is relatively stable.Sales decreased by 5.4% to 1.7 billion euros (compared to 1.8 billion euros in the same period last year), while EBITDA slightly increased to 175 million euros (compared to 174 million euros in the same period last year). The resilience of this segment is attributed to the positive impact of reduced expenditures related to the STRONG transformation plan and increased sales volume. Free operating cash flow also rose from 36 million euros to 56 million euros, becoming the "stabilizer" of the group's performance. In response to the persistently weak economic environment with no signs of short-term recovery, Covestro revised its fiscal 2025 performance forecast on July 11: the full-year EBITDA is expected to be adjusted from the original 1 to 1.4 billion euros to 0.7 to 1.1 billion euros; free operating cash flow from 0 to 300 million euros down to -400 million to 100 million euros; the gap between Return on Capital Employed (ROCE) and Weighted Average Cost of Capital (WACC) has also widened from 3-6 percentage points to 5-9 percentage points. However, the forecast for full-year greenhouse gas emissions remains unchanged at 4.2 to 4.8 million metric tons of CO2 equivalents, demonstrating its commitment to sustainability goals.   Dow's losses widened in the second quarter, with a loss of 7.8 billion in the first half of the year. Dow Chemical, a major U.S. chemical giant, faced a more severe situation in the second quarter, with net sales of $10.1 billion, a 7% year-over-year decrease. All operating segments experienced a decline.The net loss further expanded from $290 million in the first quarter to $801 million, with a total loss of $1.091 billion (approximately 7.8 billion RMB) in the first half of the year.The specific data is as follows: The decline in prices is the core factor for the decrease in performance. Local prices fell by 7% year-on-year, affecting all regions and operating segments. The largest business unit, packaging and specialty plastics, saw a sales decline of 8.9% and a volume decrease of 2% quarter-on-quarter, partly due to reduced ethylene feedstock earnings resulting from the startup of the Poly-7 polyethylene project along the U.S. Gulf Coast. According to generally accepted accounting principles, operating EBIT (Earnings Before Interest and Taxes) reported a loss of $21 million, down $840 million year-on-year, primarily impacted by the decline in prices and equity earnings. To cope with pressure, Dow has implemented a series of cost-cutting measures: closing three factories in Europe, advancing layoffs, and reducing dividends by 50%. Notably, Dow has continuously paid dividends every quarter since 1912, and this adjustment is seen as an important move to address cyclical challenges. Dow's Chairman and CEO, Jim Fitterling, told analysts in a conference call on July 24, "The fixed dividend expenditure of $2 billion per year limits capital flexibility, and cutting the dividend provides greater room for maneuver to weather the storm." In terms of cash flow, cash generated from operating activities in the second quarter was -$470 million, a year-over-year decrease of $1.3 billion and a quarter-over-quarter decrease of $574 million, primarily due to profit compression leading to reduced earnings. Despite this, the company still provided an overall return of $496 million to shareholders this quarter. For the future, Dow is counting on strategic adjustments and project commissioning: it plans to achieve over $6 billion in revenue by 2026 through short-term cash support and earnings growth leverage measures. Short-term growth projects will be put into operation in the third quarter, and combined with long-term strategic investments, will focus on high-value application areas and advantageous end markets to enhance revenue resilience. Meanwhile, the company will continue to advance structural cost improvements and optimize global asset layout to address challenges such as anti-competitive behavior in the industry and oversupply.   Sisuoke's EBITDA increased by 8% quarter-on-quarter, orderly exiting non-core businesses. On July 31, SESOKO released the financial report for the second quarter of 2025, which includes: Net sales reached 1.59 billion euros, impacted by unfavorable year-on-year exchange rate changes (-4%) and a decline in volume (-3%), while prices remained generally stable. The consumer and industrial specialty chemicals business achieved year-on-year growth. - Gross profit reached 506 million euros, down 13% year-on-year, mainly due to a decrease in sales volume and adverse exchange rate movements; the gross profit margin was 31.9%, up 20 basis points quarter-on-quarter. The underlying EBITDA was 335 million euros, representing an organic year-on-year decrease of 8%, primarily due to a decline in the underlying EBITDA of the specialty polymers business. However, compared to the previous quarter, the underlying EBITDA achieved an 8% sequential increase, benefiting from the specialty polymers business. The underlying EBITDA margin contracted organically by 110 basis points year-on-year to 21.1%, but due to improvements in both the Materials and Effectiveness & Maintenance segments, the underlying EBITDA margin increased by 190 basis points quarter-on-quarter.   Wacker's second-quarter performance meets expectations, significantly lowers full-year performance forecast. On July 31, Wacker Chemie AG released its financial report for the second quarter of 2025. Data shows that in the second quarter of 2025, Wacker Group's sales amounted to 1.41 billion euros (second quarter of 2024: 1.47 billion euros), and EBITDA was 114 million euros (second quarter of 2024: 155 million euros). Both figures meet the current average market expectations of 1.45 billion euros for sales and 119 million euros for EBITDA. Furthermore, on July 18, Wacker adjusted its forecast for the entire year of 2025. This move is primarily due to the persistent uncertainties in macroeconomic and geopolitical conditions, leading to weak customer demand across numerous user industries. Another reason is the unfavorable development of the euro to dollar exchange rate since the beginning of the second quarter, with the current exchange rate level expected to continue. Additionally, Wacker had previously predicted that the uncertainties brought by U.S. trade policies on solar-grade polysilicon would be eliminated within the year, and that demand in the polysilicon business sector would recover.   Honeywell's second-quarter performance exceeded expectations, with sales reaching $10.4 billion. Honeywell's latest performance was like a bombshell, directly igniting the market atmosphere in the chemical industry. Specifically: In the second quarter, Honeywell's sales reached $10.4 billion (approximately RMB 74.5 billion), marking an 8% year-over-year increase. Organic sales grew by 5%, with both the defense and space business and the UOP business achieving double-digit organic sales growth. Driven by the growth of the building automation business, revenue was $2.11 billion, an increase of 7% year-on-year, and departmental profit increased by 8% to $2.4 billion. The operating profit margin contracted by 30 basis points to 20.4%, and the departmental profit margin contracted by 10 basis points to 22.9%, both in line with previous expectations. Earnings per share for the second quarter were $2.45, a year-over-year increase of 4%, while adjusted earnings per share were $2.75, a year-over-year increase of 10%. Operating cash flow was $1.3 billion, a year-over-year decrease of 4%, and free cash flow was $1.0 billion, a year-over-year decrease of 9%. Despite the macroeconomic environment being full of uncertainties, Honeywell achieved impressive results in the second quarter, with both organic growth and adjusted earnings per share exceeding expectations. Led by the Smart Building Technologies group, three out of the four business groups saw sales growth of more than 5% this quarter, fully demonstrating the strong ability of the Honeywell Accelerator Operating System to adapt to changes and drive growth. This quarter, we continued to increase our efforts in new product innovation, further driving record growth in backlog orders. Meanwhile, we continued to adopt a prudent capital deployment strategy, selectively seizing quality acquisition opportunities such as acquiring Johnson Matthey's catalyst technology business and strategically acquiring Li-ionTamer.   Industry Outlook: Imbalance of Supply and Demand and External Uncertainties as Main Challenges The global chemical industry is currently facing multiple challenges. The issue of oversupply has led to a drop in product prices, severely squeezing corporate profit margins. BASF's petrochemical division, Dow's packaging and specialty plastics division, and Covestro's functional materials segment have all been severely affected by this. In addition, international trade frictions and geopolitical uncertainties have exacerbated the industry's difficulties, systematically undermining companies' profitability. Among them, BASF, Covestro, and Wacker have all downgraded their performance forecasts for 2025, while Dow has mentioned the negative impact of trade and tariff fluctuations. These external factors are putting pressure on the demand for chemical products. This predicament is not an isolated case—global chemical companies are generally facing the triple pressures of soaring production costs in Europe, weak end demand, and tightening environmental regulations, forcing them to reassess their strategic layouts. In the strong support of its main business and capital combination, Honeywell was the first to achieve a performance turnaround. In February this year, Honeywell directly announced a "super spin-off" plan — splitting the company into three parts: Automation, Aerospace, and Advanced Materials, each independently listed. In May, it sold its personal protective equipment business, and by July, it was preparing to sell parts of its productivity and warehouse solutions. At the same time, it made significant acquisitions: acquiring Johnson Matthey's catalyst business for 1.8 billion pounds, Sundyne for 2.2 billion dollars, and strategically acquiring Li-ion Tamer. In the future, with strategic adjustments such as BASF/SABIC divesting non-core businesses, Dow optimizing asset distribution, and Covestro deepening transformation/strategic acquisitions, leading companies are expected to better cope with cyclical fluctuations and gradually emerge from the current difficulties. Their transformation paths also provide important references for the industry. For the entire industry, this profound adjustment may accelerate the differentiation of enterprises and promote the concentration of resources towards leading companies with technological barriers and cost advantages.   Some of the materials are sourced from the WeChat public accounts of companies such as BASF, Dow, Wacker, SI Group, Honeywell, and the editorial department of Chemistry World.

International News Guide: Raw Materials News - Canada's Debrand receives CleanBC fund to tackle clothing plastic waste disposal challenges Automotive News - BMW Group's first-half net profit drops 29% year-on-year Electronics News - Iveco Group NV agrees to split its business Packaging News - Amcor develops lightweight polypropylene caps for household products Macro News - New Zealand government lifts ban on offshore oil and gas exploration Price Information - Ethylene Asia: CFR Northeast Asia $820/ton; CFR Southeast Asia $830/ton   Details of International News:   1.Trump announces suspension of de minimis exemptions for all countries On July 30 local time, the official website of the White House released an executive order signed by Trump, suspending the duty-free treatment for low-value imported products from all countries, namely the "de minimis" treatment. This means that small parcels exported to the United States by all countries/regions via postal services will no longer enjoy duty-free treatment. They must enter the United States through standard customs declaration procedures, submit complete import documents, and pay applicable tariffs and taxes, including additional tariffs. 2.Shell's adjusted profit in the second quarter is $4.26 billion Shell's second-quarter revenue was $65.41 billion, compared with an estimate of $64.8 billion; adjusted profit was $4.26 billion, compared with an estimate of $3.74 billion; adjusted earnings per share was $0.72, compared with an estimate of $0.60. 3.JD.com plans to acquire German electronics retail giant CEconomy AG On July 31, JD.com announced on the Hong Kong Stock Exchange that it has decided to make a voluntary public takeover offer to all shareholders of CECONOMY AG, the parent company of European consumer electronics retailers MediaMarkt and Saturn, through its wholly-owned indirect subsidiary JINGDONG Holding Germany GmbH. It will acquire all issued and outstanding bearer shares of CECONOMY at a cash consideration of 4.60 euros per share and establish a strategic investment partnership. The transaction values CECONOMY at approximately 2.2 billion euros, equivalent to more than 18 billion yuan. If the transaction is successfully completed, it will set a new record for Chinese e-commerce companies' overseas expansion into Europe. 4.Iveco Group NV has agreed to split its business Iveco Group will sell its defense business (IDV and ASTRA brands) to Leonardo SpA and the remaining business to Tata Motors Ltd. The total value of the two transactions is approximately 5.5 billion euros (equivalent to $6.3 billion). 5.Amcor develops lightweight polypropylene caps for household products Amcor has developed a polypropylene (PP) cap for household products, which combines a unique shape with a lightweight design, helping brands enhance visual appeal while contributing to their sustainability commitments. Amcor stated that this new "Hector Child-Resistant Cap (CRC)" weighs only 7.25 grams, making it one of the lightest caps on the market, which can significantly save materials and reduce carbon dioxide emissions. Compared with traditional 14-gram caps, an order of one million Hector caps can reduce plastic usage by 6.75 tons. 6.Origin partners with Hordijk to mass-produce sustainable PET caps in Europe Origin Materials and Dutch packaging manufacturer Royal Hordijk Packaging announced a strategic partnership to mass-produce polyethylene terephthalate (PET) caps, marking an important step in promoting circular packaging solutions in the European market. 7.Canada's Debrand receives CleanBC fund to tackle clothing plastic waste disposal challenges Debrand is a reverse logistics solutions provider based in Vancouver, Canada, serving apparel and retail brands in North America. The company has received more than $325,000 in funding from the "CleanBC Plastics Action Fund", which is jointly managed by the Government of British Columbia and Alacrity Canada and is part of the Ministry of Environment and Climate Change Strategy. 8.UK waste management giant Bifa closes Washington plastic recycling plant Bifa, a leading UK waste management company, announced the closure of its plastic recycling plant in Washington, Sunderland. According to "Sustainable Plastics", the plant ceased operations in early 2025 due to increasingly difficult market conditions, especially the sluggish demand for washed high-density polyethylene (HDPE) and polypropylene (PP) flakes, affecting approximately 80 employees. The Washington plant, built in 2020 with an investment of 7 million pounds (approximately 8.1 million euros), was a key part of Bifa's strategy to enhance the recycling capacity of commonly used plastic packaging (such as milk bottles, buckets, and trays made of HDPE and PP). In 2023, Bifa planned to invest another 13 million pounds to double the plant's capacity, but this expansion plan was later shifted to another Bifa plant in Redcar.   Overseas Macro Market Information:   【White House official: Trump will impose higher tariffs on countries that fail to reach trade agreements】 On July 30 local time, a White House official told the media that Trump will sign an executive order on July 31 local time to impose higher tariff rates on several countries that fail to reach trade agreements by the August 1 deadline. It may include some of the United States' largest trading partners, including Canada and Mexico. 【Bank of Japan announces interest rate decision, keeps rates unchanged】 The Bank of Japan approved the interest rate decision by a 9-0 vote, keeping the interest rate unchanged, in line with expectations. 【New Zealand government lifts ban on offshore oil and gas exploration】 On July 31 local time, the New Zealand government lifted the ban on offshore oil and gas exploration. New Zealand's Resources Minister Sean Jones pointed out that this move is expected to increase natural gas supply and ease energy cost pressures. However, the decision has triggered strong opposition from environmental groups in the country, who are worried that this policy may damage New Zealand's environmental image. 【BMW Group's first-half net profit drops 29% year-on-year】 On July 31, BMW Group announced that its total operating income in the first half of the year was 67.685 billion euros, a year-on-year decrease of 8.0%; net profit was 4.015 billion euros, a year-on-year decrease of 29.0%. 【Toyota suspends production due to tsunami impact】 Nikkei News reported that due to supply chain disruptions caused by the tsunami, Toyota Motor will suspend 11 production lines at 7 factories in Japan starting from Thursday night.   Price Information:   Ethylene Asia: CFR Northeast Asia $820/ton; CFR Southeast Asia $830/ton. Propylene Northeast Asia: FOB South Korea average price $730/ton, down $10/ton; CFR China average price $770/ton. North Asia frozen cargo CIF: propane $505 - $512/ton; butane $490 - $497/ton. South China frozen cargo CIF for August delivery: propane $540 - $550/ton; butane $525 - $535/ton. Taiwan region frozen cargo CIF: propane $505 - $512/ton; butane $490 - $497/ton. 【LLDPE US dollar market price】 Film: $860 - $920/ton (CFR Huangpu); Injection molding: $940/ton (CFR Dongguan); 【HDPE US dollar market price】 Film: $910/ton (CFR Huangpu); Hollow: $855/ton (CFR Huangpu); Pipe: $1030/ton (CFR Huangpu); 【LDPE US dollar market price】 Film: $1070 - $1095/ton (CFR Huangpu); Coating: $1280/ton (CFR Huangpu). 【PP US dollar market price】 Homopolymer: $900 - $965/ton (CFR Huangpu); Copolymer: $920 - $975/ton (CFR Nansha), down $20/ton; Transparent: $1000 - $1055/ton (CFR Huangpu); Pipe: $1160/ton (CFR Shanghai).

For many electronic and electrical (E&E) Component, when polyamide66（PA66When the strength and rigidity of cannot meet the requirements, BASF's customers now have more customized options to choose from.PA66/6TProduct:Ultramid® T6000It is a high-temperature resistant polyamide material that exhibits superior performance in humid and high-temperature environments.PA66mechanical and dielectric properties. At the same time, the lower hygroscopicity ensures good dimensional stability, thereby filling the gap for BASF.Ultramid® AdvancedPoly(phenylenediamide):PPAThe gaps in the product portfolio.Ultramid® T6000Can be compared with the standardPA66Easily processed at similarly low mold temperatures. In addition to durable orange and gray colors, this material also has good colorability and can be customized into products with different shades of white. Its flame-retardant grades all use halogen-free flame retardants.Ultramid® T6000is by BASF2020The improved upstream integration developed after the acquisition of Solvay's polyamide business in that yearPA66/6TThe compound is now available as a material solution to customers worldwide. Ultramid® T6000With excellent fluidity, it is an ideal material for producing miniature and complex electronic and electrical components, such as high-voltage connectors and miniature circuit breakers.MCB...as well as components for electric power systems and consumer electronics. For example,...Ultramid® T6340 G6High-voltage connectors suitable for use in electric vehicles can provide safe and reliable connections between the battery and inverter or between the power distribution unit and the motor, even in high-temperature environments.Ultramid® T6000It facilitates the efficient and safe transmission of electric power. Even when high current surges occur during rapid acceleration, it can continuously and reliably respond throughout the entire vehicle lifecycle. At the same time, it ensures high-quality component design based on compact and flexible geometry, as well as weight and cost optimization. Ultramid® T6340G6 ULThe yellow card indicates that it has excellent flame-retardant properties.0.4The thickness reaches millimeters.V-0Flame retardant ratingCTIThe value (comparative tracking index) is as high as600Submit (according toIEC60112Standard): with standardPA66Compared to others, it has a lower creepage distance and better insulation performance, thereby enabling the miniaturization of electronic and electrical components.0.4Electrical with millimeter thicknessRTI(relative temperature index) as high as150°C 0.8Millimeter thicknessGWFI(Glow-wire flammability index) is960°CThis ensures that even under high-temperature conditions, thin-walled components can continue to function properly. BASFPPABusiness Development DepartmentAndreas Stockheim Display:“OurUltramid® T6000filledPA66 PPAPerformance gaps in the field of electronic and electrical applications. Tests indicate,90°C 110°CThe mold temperature has no significant effect on its good mechanical properties and surface appearance. Therefore, manufacturers can continue to use existing mold equipment, including water cooling devices, together with...PPACompared to this, it can even save energy. We look forward to working with our clients to fully unleash.Ultramid® T6000The potential in multi-color innovative electronic and electrical components.” As a leader in the polyamide market, BASF relies onUltramid® T6000Become one of the few currently able to provide long-lasting orangeRAL 2003Pre-coloringPA66/6TThe company’s compound product can maintain color stability even under prolonged high-temperature conditions, enabling long-lasting color identification, which is crucial for safety in high-voltage applications. By using customized pigments and halogen-free flame retardants, the material can also effectively prevent electrochemical corrosion, performing exceptionally well especially in humid and warm environments. In addition to pre-colored compounds in black, gray, orange, and white, customers can also use...ULCertified masterbatch self-coloring. For fuel cell components, high-purity materials without flame retardants can be used.Ultramid® T6300HG7Materials.

Origin Materials and Dutch packaging manufacturer Royal Hordijk Packaging have announced a strategic partnership to mass-produce polyethylene terephthalate (PET) bottlecaps, marking a significant step in advancing circular packaging solutions across the European market. California-based Origin Materials, a Nasdaq-listed technology company focused on the development of sustainable materials, will collaborate with Hordijk to operate high-speed production lines known as CapFormer at Hordijk’s facilities in the European Union. These production lines will convert PET sheet—extruded by Hordijk—into lightweight and tethered caps intended to support recyclability and compliance with EU single-use plastics regulations. “Hordijk combines expert manufacturing, a robust base of operations in Europe, and significant global reach,” said John Bissell, CEO of Origin Materials. “Further, Hordijk brings PET extruders and extrusion expertise to our operations that can drive capital cost efficiency for CapFormer lines. We look forward to producing billions of PET caps together and carrying packaging forward to its next evolution.” With over a century of experience in packaging innovation, the family-owned Hordijk Group serves clients in more than 25 countries across the food, personal care, pharmaceutical, and horticultural sectors. The company has invested significantly in sustainable materials and design, aligning with growing regulatory and market demands for mono-material packaging solutions. Rik Hennink, CEO of Hordijk, emphasized the alignment between the two companies’ objectives: “At Hordijk, we believe the future of packaging is circular, and we are committed to innovation and reducing environmental impact. Partnering with Origin to mass produce PET bottlecaps and investing in extrusion to scale production aligns with our mission and roadmap.” The initiative targets a global caps and closures market valued at over $65 billion, aiming to improve recyclability through material simplification and mechanical performance enhancements. PET caps, when tethered and mono-material, are positioned as a practical solution to upcoming regulatory requirements, particularly in the EU where tethered closures for single-use plastic bottles will become mandatory. Origin’s broader mission includes the transformation of carbon from renewable biomass into specialty materials used across packaging, textiles, automotive, and other sectors. Its patented biomass conversion platform underpins its material innovations, including PET caps and closures. The companies will jointly develop and operate production capabilities to address growing demand from brands seeking sustainable packaging that meets circular economy goals while maintaining shelf stability and performance.

Debrand is a reverse logistics solutions provider headquartered in Vancouver, Canada, serving apparel and retail brands across North America. The company has received over $325,000 in funding from the CleanBC Plastics Action Fund, which is jointly managed by the Government of British Columbia and Alacrity Canada and falls under the Ministry of Environment and Climate Change Strategy. Bales of clothing in Debrand's Vancouver warehouse. Image source: CNW Group/Debrand This grant will be used to support Debrand's new R&D project, which focuses on the diversion of currently identified non-reusable plastic-based garments and textiles — not only preventing them from entering landfills but also integrating them into the region's growing ecosystem of circular material solutions. Amelia Eleiter, Co-founder and CEO of Debrand, stated: "Plastic-derived textiles account for a significant portion of today’s fashion system, making up about 60% of the global apparel volume. The industry has a responsibility to reduce its impact by extending the lifespan of extracted materials. This funding enables us to gain deeper insights into the plastic waste streams within the apparel sector of British Columbia and to apply advanced sorting technologies to explore more possibilities, thereby designing smarter circular systems that allow these materials to retain value rather than go to waste." Debrand stated in an official announcement that the project will utilize its automated sorting equipment and proprietary software to analyze plastic-based clothing and textiles currently in circulation. They said: "By accurately sorting these garments and identifying their material composition, the project aims to better define the operational and economic conditions required to plan appropriate reuse and recycling pathways for these items." They believe the goal is to address a "significant gap" in the North American fashion industry: the lack of scalable infrastructure to handle discarded textiles. "Despite increasing consumer and regulatory pressure, most clothing today is still designed for single use. At the current pace, a truckload of textiles is discarded every second globally—this statistic highlights the urgent need for systemic solutions." An official from Alacrity Canada added, "Textiles are one of the major sources of waste, and plastic-based materials like polyester are more difficult to recycle than ordinary plastics. Coupled with the rising trend of 'fast fashion,' we are facing a challenging problem. Fortunately, Debrand is addressing this issue head-on. They have implemented sustainable recycling practices and innovative initiatives to divert textiles from landfills, which is changing the way we think."

During an exchange with Tesla owners in Silicon Valley, SpaceX CEO Elon Musk provided a detailed update on the Starship program. It is understood that Starship is currently the largest rocket under development in the world, and SpaceX is advancing its tenth full-stack flight mission. Elon Musk stated that SpaceX plans to achieve two key goals of the Starship program as early as next year: recovery of the upper-stage spacecraft and orbital propellant refueling. These two objectives are crucial for reducing rocket launch costs. However, in the Starship test activities in 2025, SpaceX still faces numerous setbacks and has yet to make substantive progress on these goals. Musk mentioned in a discussion that the Starship program has faced enormous challenges from the very beginning. He pointed out that in many respects, Starship is “insane,” because its thrust is two and a half times that of the Saturn V lunar rocket, and future versions will have three times Saturn V’s thrust. Saturn V was the largest rocket in history and also the largest flying vehicle. Starship’s thrust is three times that, and its weight is about twice as much. Musk emphasized that the “insane” part of Starship is that SpaceX hopes to make it a “fully and rapidly reusable” rocket, which makes Starship “one of the toughest engineering challenges ever.” Musk said that the complexity of Starship led many people to believe it was impossible when it was first proposed. Musk stated that Starship once had a “very high what I call ‘laughter factor’,” and people would “immediately laugh at its absurdity.” Despite facing numerous doubts, SpaceX continues to push forward with the Starship program. Musk stated that one of the biggest challenges the Starship program currently faces is its heat shield. Musk pointed out that the heat shield is the most difficult part of the Starship to overcome because it is not reusable. He emphasized, "Solving the heat shield problem might be the biggest challenge Starship is currently facing." The upper spacecraft of the Starship uses thousands of heat shield tiles independently manufactured by SpaceX, and the heat shield is crucial for the full reusability of the Starship, as the spacecraft must be able to withstand the high temperatures during atmospheric re-entry. After solving the heat shield issue, the next key goal for the Starship is to achieve the recovery of the upper spacecraft and to be able to be caught by the "giant metal chopsticks" (i.e., the recovery tower). Musk stated that the recovery tower is crucial for the reusability of the Starship, because without it, SpaceX would have to land the rocket in water. He optimistically stated that the Starship is expected to achieve recovery this year, but at the latest, it will be completed by the first half of next year. Once SpaceX is able to successfully recover the Starship using the mechanical arms of the recovery tower, the company will further enhance it to make both the Starship and the booster not only reusable but also "fully and rapidly reusable." These upgrades are crucial for reducing the cost per flight and per ton of payload for the Starship, with the goal of bringing the cost below that of the Falcon 1 rocket. Musk also mentioned that reducing launch costs means the cost of sending a hundred tons or more of payload into orbit will be lower than traditional rockets that can only deliver half a ton of payload, such as the Falcon 1. Additionally, another key objective of the Starship program is in-space refueling, which is vital for interplanetary missions and NASA's Artemis lunar mission. He explained that the process of in-space refueling will first be achieved by docking two Starships and transferring fuel, after which SpaceX will work on establishing orbital fuel depots.

July 28, 2025 The Foreign Trade Committee Executive Management Committee (GECEX) issued Resolution No. 763 of 2025.A final affirmative anti-dumping ruling has been made on phthalic anhydride originating from China, and it has been decided to impose anti-dumping duties on the involved products from China for a period of five years.，The tax amount is $62.65–$773.79 per ton.(For taxation details, see the attached table.) This measure does not apply to o-nitroaniline packaged in quantities of less than 1 kilogram. Phthalic anhydride. Products classified under Mercosur tax code 2917.35.00. This resolution shall come into effect from the date of its publication. On February 9, 2024, the Foreign Trade Secretariat of the Ministry of Development, Industry, Trade and Services of Brazil issued Notice No. 4/2024, announcing the initiation of an anti-dumping investigation into phthalic anhydride originating in China, following an application submitted by the Brazilian domestic company Petrom Petroquímica Mogi das Cruzes S.A. on October 30, 2023. On July 5, 2024, the Foreign Trade Secretariat of the Ministry of Development, Industry, Trade and Services of Brazil issued Notice No. 31/2024, making a preliminary affirmative determination on phthalic anhydride originating in China, and recommending the imposition of provisional anti-dumping duties for a period not exceeding six months, with the duty amounts ranging from USD 155.16 to USD 696.41 per ton (for details of the duties, please refer to the preliminary determination announcement of the case). Appendix: Final Anti-Dumping Duty Table on Phthalic Anhydride from Brazil to China Manufacturer/Exporter Name Manufacturer/Exporter Chinese Name (Translation for Reference) Anti-dumping duty (USD)/ 1 Panjin Read Chemical Company Limited Panjin Ruide Chemical Co., Ltd. 200.42 2 Xingtai Risun Chemicals Limited ———— 62.65 3 Tangshan Risun Chemicals Limited Tangshan Xuyang Chemical Co., Ltd. 62.65 4 Henan Foremost Chem Co., Ltd Henan Yuanheng Import and Export Trading Co., Ltd. 167.93 5 Qilu Petroleum Chemical Group   167.93 6 Alchemist Worldwide Ltd Nanjing Xiangbang Industry and Trade Co., Ltd. 167.93 7 Qingdao Echemi Technology Co., Ltd Qingdao Thumbs-up Supply Chain Technology Co., Ltd. 167.93 8 Panjin Liabin ———— 167.93 9 Tangshan Baotie Group ———— 167.93 10 Henan Harvest Chem Co., Ltd Henan Haoweisi Chemical Co., Ltd. 167.93 11 Eli-X (Qingdao) Chem Co., Limited Yilixin (Qingdao) Chemical Co., Ltd. 167.93 12 Yue Xiu Textiles Co., Ltd. Guangzhou Yuexiu Textile Co., Ltd. 167.93 13 Tangshan Fengnan Shengchun Trading Co.,Ltd. Tangshan City Fengnan District Shengchun Trading Co., Ltd. 167.93 14 Skystep Trading Ltd Tianjin Beiguang Industrial Co., Ltd. 167.93 15 Guangzhou Chemicals Import & Export Co., Ltd. Guangzhou Chemicals Import & Export Corporation 167.93 16 Bailong Chemicals Co Ltd Shijiazhuang Bailong Chemical Co., Ltd. 167.93 17 Zhejiang Chemicals Import And Export Corporation Zhejiang Chemicals Import & Export Corporation 167.93 18 New Solar Technology Group Co., Ltd. Xinyang Technology Group Co., Ltd. 167.93 19 Zibo Qixiang Tengda Chemical Co., Ltd. Zibo Qixiang Tengda Chemical Co., Ltd. 167.93 20 Ningbo Pangs Chem Co., Ltd Ningbo Ponzi Chemical Co., Ltd. 773.79 21 Demais empresas Other manufacturers/exporters 773.79