Petrochemical Executives Warn: Trump Tariff Orders Add to Industry Woes, Trade Volume May Fall Another 15%

On October 30th, the major project of the national petrochemical industry planning layout and China Petroleum's key project in the "14th Five-Year Plan," the Guangxi Petrochemical Ethylene Project, was fully completed and put into operation at Qinzhou Port in Guangxi. The first batch of qualified solid chemical products has been dispatched. The total investment of the project exceeds 30 billion yuan.

On the evening of October 29, Rongsheng Petrochemical released its report for the third quarter of 2025, showing that the company achieved an operating revenue of 227.815 billion yuan in the first three quarters, with a net profit attributable to the parent company of 888 million yuan. During the reporting period, the net cash flow from operating activities reached 23.647 billion yuan, a year-on-year increase of 19.93%. Specifically, in the third quarter, the company's net profit attributable to the parent company was 286 million yuan, marking a year-on-year growth of 1427.94% and a quarter-on-quarter increase of 1992.91% from Q2. The third quarter witnessed both year-on-year and quarter-on-quarter growth in net profit, highlighting the company's continuously improving performance.

On October 29, Sinopec released its third-quarter report for 2025. In the first three quarters, the company comprehensively coordinated production and operations, promoted regional optimization, and deepened potential tapping and efficiency improvement, maintaining stable production and operations. According to International Financial Reporting Standards, the profit attributable to shareholders for the first three quarters was RMB 32.065 billion, with RMB 8.313 billion in the third quarter, representing a year-on-year increase of 3.5%. The net cash flow from operating activities for the first three quarters was RMB 114.782 billion, an increase of 13.0% year-on-year, indicating a solid financial position.

General Motors confirmed on October 29 that it has notified nearly 5,500 employees at three of its plants to take unpaid leave, including 3,400 workers at the Detroit Factory Zero plant, which had previously implemented unpaid leave this summer. This plant produces electric Chevrolet Silverado, GMC Sierra, and Hummer electric vehicles. GM will assess the production needs and plans to recall about 1,200 workers when the plant resumes single-shift operations in January next year, while the remaining 2,200 will be on indefinite unpaid leave. GM also laid off 1,400 workers at the Ultium battery plant in Warren, Ohio, and 710 workers in Spring Hill, Tennessee. A company spokesperson stated that about 850 workers at the Ohio plant are expected to return in May next year, while 550 are considering indefinite layoffs.

According to the Tianyancha App, recently, Huawang Automotive Technology (Guangzhou) Co., Ltd. underwent a business change, adding GAC Aion New Energy Automobile Co., Ltd. as a shareholder. The registered capital increased from 1.5 billion RMB to 2.1 billion RMB, a 40% increase, and several senior executives were changed. The company was established in March of this year, with He Xianqing as the legal representative. Its business scope includes automobile sales, manufacturing of automotive parts and accessories, and wholesale of automotive spare parts. It is now jointly held by GAC Group (601238) and the newly added shareholder.