分组1 - DuPont de Nemours reported quarterly earnings of $1.12 per share, exceeding the Zacks Consensus Estimate of $1.06 per share, and up from $0.97 per share a year ago, representing an earnings surprise of +5.66% [1] - The company posted revenues of $3.26 billion for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 1.30%, and compared to year-ago revenues of $3.17 billion [2] - DuPont de Nemours has surpassed consensus EPS estimates four times over the last four quarters and topped consensus revenue estimates three times during the same period [2] 分组2 - The stock has underperformed the market, losing about 7% since the beginning of the year, while the S&P 500 gained 7.6% [3] - The current consensus EPS estimate for the coming quarter is $1.13 on revenues of $3.25 billion, and for the current fiscal year, it is $4.28 on revenues of $12.72 billion [7] - The Zacks Industry Rank for Chemical - Diversified is currently in the bottom 7% of over 250 Zacks industries, indicating potential challenges for the sector [8]

2Q 2025 Financial Results August 5, 2025 Overview On January 15, 2025, DuPont de Nemours, Inc. ("DuPont", or after the completion of the Intended Electronics Separation, "New DuPont") announced it is targeting November 1, 2025 to complete the intended separation of its Electronics business (the "Intended Electronics Separation") by way of a spin-off transaction, thereby creating a new independent, publicly traded electronics company ("Qnity Electronics, Inc."). The Intended Electronics Separation will not r ...

Group 1 - The company reported Q2 net sales of $3.26 billion, exceeding market expectations of $3.24 billion [1] - Adjusted earnings per share (EPS) for Q2 were $1.12, higher than the market expectation of $1.06 [1] - The company projects adjusted EPS for Q3 to be approximately $1.15, slightly above the market expectation of $1.14 [1]

Exhibit 99.1 DuPont Reports Second Quarter 2025 Results WILMINGTON, Del., Aug. 5, 2025 - DuPont (NYSE: DD) announced its financial results for the second quarter ended June 30, 2025. (1) "We delivered another quarter of year-over-year organic sales growth and solid margin expansion in both the ElectronicsCo and IndustrialsCo segments, as well as 15 percent adjusted EPS growth," said Lori Koch, DuPont Chief Executive Officer. "Ongoing strength in electronics, healthcare and water end-markets, along with our ...

Core Insights - DuPont reported a strong second quarter for 2025, with year-over-year organic sales growth and margin expansion in its ElectronicsCo and IndustrialsCo segments, leading to a 15% increase in adjusted EPS [2][3][6] - The company is on track for the spin-off of its electronics business, Qnity™, scheduled for November 1, 2025, and has raised its full-year earnings guidance due to strong performance [2][19][12] Financial Performance - Net sales for Q2 2025 reached $3,257 million, a 3% increase from $3,171 million in Q2 2024, with organic sales growing by 2% [3][6] - GAAP income from continuing operations was $238 million, up 35% from $176 million in the same quarter last year [3][4] - Operating EBITDA increased to $859 million, an 8% rise from $798 million in Q2 2024, with an operating EBITDA margin of 26.4%, up 120 basis points [3][5] Segment Performance - ElectronicsCo net sales were $1,170 million, a 6% increase year-over-year, with operating EBITDA of $373 million, reflecting a 14% growth [10][15] - IndustrialsCo net sales were $2,087 million, a 1% increase, with operating EBITDA of $509 million, a 3% rise [11][16] - Organic sales growth in ElectronicsCo was 6%, while IndustrialsCo saw 1% organic sales growth [7][11] Cash Flow and Guidance - Cash provided by operating activities from continuing operations was $381 million, with transaction-adjusted free cash flow of $433 million, reflecting a 93% conversion rate [8][6] - The company raised its full-year 2025 guidance, now estimating net sales of approximately $12,850 million and adjusted EPS of around $4.40, incorporating the impact of tariffs [12][13] Geographic Performance - Organic sales growth was strongest in the Asia Pacific region at 4%, followed by 2% in EMEA and 1% in the U.S. & Canada [7][44] - Net sales attributed to China/Hong Kong for Q2 2025 were $603 million, slightly down from $614 million in Q2 2024 [44]

Group 1: Earnings Reports Overview - Palantir has secured a $10 billion Army contract and is expected to report strong quarterly results, with predictions of a "total blowout" due to strong business performance [2] - Berkshire Hathaway's upcoming earnings report is anticipated to be different under Greg Abel's leadership, with expectations of a potential stock price increase if results are favorable [1] - DuPont's breakup is on track, with expectations that the individual parts will be valued higher than the whole [3] Group 2: Sector Insights - Caterpillar is expected to post strong results, benefiting from domestic infrastructure and reshoring trends [3] - Eli Lilly's performance will be closely watched, especially in light of competitor Novo Nordisk's disappointing quarter, raising questions about market share dynamics in the GLP-1 drug sector [5] - Disney's shares have been climbing, with positive remarks on its streaming, theme park, and cruise line segments [4] Group 3: Other Companies to Watch - McDonald's is viewed as a buy due to recent improvements and new offerings [4] - Warner Bros Discovery is undergoing reorganization and debt reduction, with anticipation around its earnings report [6] - Pinterest is expected to deliver solid results, being recognized as a family-friendly advertising platform [6]

Group 1 - FDCA is a high-value bio-based compound with a wide range of applications, serving as a substitute for terephthalic acid and enabling the production of high-performance bio-based polymers [2][8] - The synthesis routes for FDCA are diverse, with the HMF route being the most promising and showing significant progress towards industrial production [17][18] - The global FDCA market is expected to grow at a compound annual growth rate (CAGR) of 8.9% from 2021 to 2028, potentially reaching $873.28 million by 2028 [4][51] Group 2 - Internationally, several companies have achieved FDCA production, with significant investments made since 2004, including major players like Coca-Cola, DuPont, and Avantium [3][35] - Domestic research on FDCA began around 2010 and has rapidly advanced, with notable breakthroughs in synthesis and polymerization processes [3][41] - The domestic industry is still in its early stages of commercialization, but there is a growing number of patents and publications, indicating a strong research foundation [3][41] Group 3 - PEF, derived from FDCA and ethylene glycol, exhibits superior properties compared to PET, including higher mechanical strength and better gas barrier performance, making it a promising alternative [5][10] - The application areas for PEF include food packaging, films, and fibers, with significant potential for replacing PET in various markets [5][10] - The production of PEF is expected to expand, driven by the increasing demand for sustainable materials and the growth of the bio-based product market [5][51] Group 4 - Companies like Avantium and Eastman are leading the way in FDCA production technology, with Avantium's YXY technology being a notable example [36][39] - Domestic companies such as Hefei Lif Biological and Zhongke Guosheng are making strides in FDCA production, with innovative processes and significant production capacity planned for the near future [44][45] - The collaboration between research institutions and companies is fostering innovation and accelerating the commercialization of FDCA and its derivatives in China [41][44]

Investment Logic - The core investment logic for aramid and its products (fiber, paper) lies in their irreplaceability, high-growth applications, and opportunities for domestic substitution [2][3][4] - Aramid fibers possess exceptional properties such as high strength, heat resistance, flame retardancy, and insulation, making them difficult to replace in various fields like safety protection, aerospace, and electronics [2][4] - The domestic market is at a critical stage for substitution, with core technologies historically monopolized by overseas giants like DuPont and Teijin. Domestic companies are making technological breakthroughs and expanding capacity, leading to significant substitution opportunities [3][4] - The high technical barriers in the entire production chain from fiber to paper ensure strong profitability and pricing power for a few concentrated enterprises [4] Industry Overview - The global aramid market is expected to reach approximately 37 billion yuan by 2025, with the global aramid paper market demand reaching 4.4 billion yuan in 2023 [9][10][24] - The high-end market is currently dominated by DuPont, but domestic companies like Taihe New Materials and Sinochem International are gradually breaking this monopoly [10][18] - The aramid fiber market is projected to grow at a CAGR of 8.0%, driven by military and new energy applications [24] Application Areas - In the protective field, demand for meta-aramid fibers is growing due to rigid requirements for firefighting suits and military bulletproof gear, driven by global safety standards [6] - Lightweight applications for para-aramid fibers are surging in automotive (hoses, brake pads), new energy (battery pack components), and aerospace (composite materials) [6] - High-end insulation applications for aramid paper are seeing increased demand in ultra-high voltage transmission, new energy vehicle motors/batteries, and 5G communications, representing the highest technical barriers and profit margins in the industry [6] Domestic Market Dynamics - Domestic aramid production has been led by Taihe New Materials, which achieved mass production of meta-aramid in 2004 and para-aramid in 2011, with current capacities of 31,400 tons for para-aramid and 25,500 tons for meta-aramid [19][20] - The industry is experiencing "involution" as domestic companies expand capacity, leading to a decline in aramid prices. For instance, the average price of aramid products is projected to drop to 117,000 yuan per ton in 2024 [22] - The domestic market for aramid paper is also growing, with a demand of 1.26 billion yuan in 2023, primarily driven by the electrical insulation sector [32] Key Companies - Taihe New Materials is the first domestic company to achieve mass production of aramid fibers, with a production capacity of 32,000 tons and a strong presence in the aramid deep processing sector [45] - Minshida, a subsidiary of Taihe New Materials, specializes in aramid paper and has become a significant supplier in both domestic and international markets, with plans to increase its production capacity [46] - Other notable companies include Zhongfang Special Fiber, which has made breakthroughs in aramid production technology, and Supermeis, which focuses on aramid paper and has plans for expansion [49][50]

Core Viewpoint - The CMP (Chemical Mechanical Polishing) pad market in China is projected to reach USD 470 million by 2031, with a compound annual growth rate (CAGR) of 8.3% during the forecast period [2]. Group 1: Market Overview - The CMP pad market is driven by the increasing wafer sizes, particularly 8-inch and 12-inch wafers, with a potential shift towards 18-inch wafers, which raises production challenges for CMP pads [2]. - The current leading product type in the market is polymer CMP pads, accounting for approximately 90.76% of the market share [6]. - The primary application segment is 300mm wafers, which holds about 77.11% of the market share [8]. Group 2: Competitive Landscape - Major manufacturers in the Chinese CMP pad market include DuPont and Hubei Dinglong, with the top three companies holding around 95.0% of the market share by 2024 [5]. - The market is characterized by high entry barriers due to the need for specialized technology, rigorous performance requirements, and significant capital investment for R&D and manufacturing [9]. Group 3: Future Trends and Challenges - As the demand for enhanced semiconductor performance grows, the requirements for CMP pad polishing performance will become increasingly stringent [2]. - The market is expected to see a shift towards domestic production opportunities due to geopolitical factors, with local companies potentially adopting aggressive pricing strategies to capture market share [8][9]. - The competitive landscape will likely see a narrowing of price differences among brands, leading to fluctuations in profit margins [9].

Core Insights - DuPont and Aero Tec Laboratories (ATL) have launched crash-resistant fuel bladders made with Kevlar® EXO™ for World Rally Championship cars, starting at the WRC Delfi Rally Estonia, enhancing safety and performance by reducing the weight of the Safety Fuel Cell by approximately 20% [1][2][3] Company Collaboration - The partnership between DuPont and ATL aims to innovate within the racing industry, having previously introduced similar technology in Formula One, which met stringent FIA safety requirements [2][3] - The expansion into the World Rally Championship follows the initial success in Formula One, indicating a strategic move to leverage learnings from one motorsport series to another [3] Product Innovation - Kevlar® EXO™ represents DuPont's most significant aramid fiber innovation in over 50 years, initially introduced for life protection applications, now being utilized in motorsports to enhance safety and reliability [3] - The integration of Kevlar® EXO™ into fuel bladders not only reduces weight but also provides teams with a competitive edge while improving protection [4] Future Plans - DuPont and ATL plan to further expand their partnership and explore additional applications of their technology in other motorsport series such as NASCAR, IndyCar, and Le Mans [4]