USA | Chemicals Equity Research July 31, 2025 Chinese Supply-Side Structural Reform 2.0: More Focus On Market Mechanisms The Chinese Politburo met on July 30 to set economic priorities for the second half of the year. The tone around "anti-involution" was notably less strident than we expected from prior policy shifts, signaling a preference for gradual adjustments rather than aggressive mandates. We expect overcapacity and industry 'involution' to be resolved more through market-driven exits in core sector ...

伊士曼化工（Eastman Chemical Co.，EMN）收跌19%，创该公司美国IPO以来最差单日表现，此前所给三季度业绩指引逊色于市场预 期。 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the regist ...

点击 最 下方 关注《材料汇》 ， 点击"❤"和" "并分享 添加 小编微信 ，寻 志同道合 的你 正文 FDCA是具有高价值的生物基化合物，应用市场广阔。 FDCA是来源于淀粉、纤维素、半纤维素等生物质的新型生物基芳香族单体，可以认为是对苯二 甲酸的替代品，也可制备性能优异的新型生物基高分子合成材料，还是 2004年美国能源部提出的12种未来最有价值的平台化合物之一 。FDCA 应用市 场细分为 PEF、高Tg共聚酯、塑化剂、泡沫灭火剂等 。FDCA在PEF 生产中的应用市场潜力最大，PEF 对应下游应用场景多样。FDCA 的合成路线较 多，可分为化学制备法和生物制备法，此外还存在一些新型合成路线，其中HMF 路线最受重视，已取得显著进展，并有望率先实现工业化生产。 国外多家企业实现FDCA生产，国内产业化仍处于初期阶段。 从2004年开始，国外许多知名公司参与了FDCA及PEF的研究，投入了巨额资金，目前国 际上已有多家企业实现了FDCA的生产。国内从2010年左右才开始对FDCA布局研究，但发展的速度很快，研究链健全。 国内研究所从HMF的制备， 到FDCA，再到高分子聚合工艺等均有较大突破 ，其中中科 ...

Financial Data and Key Metrics Changes - The company is targeting significant cost savings in 2025 and has reduced capital spending for 2026, indicating a cautious outlook on macroeconomic conditions [7][8] - There is an expected mid-single-digit drop in demand for the second half of the year, influenced by trade dynamics and seasonality [12][16] - The company anticipates a utilization headwind of approximately $75 million to $100 million in the second half of the year due to inventory reduction efforts [13][14] Business Line Data and Key Metrics Changes - The chemical and materials business is facing challenges due to overcapacity from China, impacting profitability [20][21] - The Methanalysis unit is performing well, with expectations of improved profitability through debottlenecking investments [30][32] - The fibers business is experiencing a decline due to tariff impacts and market demand issues, with a projected $20 million headwind from tariffs [56][91] Market Data and Key Metrics Changes - The automotive market is expected to see low single-digit declines in the back half of the year, influenced by tariff concerns and consumer behavior [50][51] - The consumer durables market is particularly affected by trade dynamics, leading to cautious purchasing behavior among customers [41][42] - The textile market has slowed down significantly due to tariffs, impacting overall demand [57][58] Company Strategy and Development Direction - The company is focusing on cash generation and cost management in response to current market uncertainties [13][17] - There is a strategic emphasis on improving the structural strength of the business and enhancing profitability through targeted investments [22][24] - The company is exploring alternative options for its Methanalysis investments, indicating a flexible approach to capital allocation [34][36] Management's Comments on Operating Environment and Future Outlook - Management acknowledges significant uncertainty in demand due to trade dynamics and macroeconomic factors, emphasizing the need for cautious forecasting [10][15] - There is optimism about potential stabilization in 2026, driven by pro-growth policies and resolution of trade issues [16][17] - The management is committed to maintaining cost discipline and optimizing working capital to navigate the current challenges [45][62] Other Important Information - The company is experiencing volatility in customer demand, particularly in consumer discretionary markets, which are highly sensitive to trade conditions [70][72] - The company has a strong focus on maintaining price-cost stability in its AFP business, which has contributed to its performance [55][56] Q&A Session Summary Question: How representative of the second half should be when thinking about trough earnings levels? - Management indicated that the second half is heavily impacted by trade situations, making it a poor indicator of overall company performance [8][10] Question: How far along is the investment in the Metapasys unit? - Management confirmed that the investment is progressing well, with expectations of significant profitability improvements [18][30] Question: What triggered the change in customer dialogue in July? - Management noted that the trade pause allowed customers to reassess their inventory and demand outlook, leading to a more cautious approach [39][41] Question: Can you provide more color on the automotive end markets? - Management highlighted that while the aftermarket performed well, the interlayer business faced challenges due to production moderation in response to tariffs [49][50] Question: What is the current state of tariffs and their impact on the fibers business? - Management stated that tariffs have significantly impacted the textile market, leading to a cautious outlook for the fibers segment [56][58] Question: What are the expectations for cash flow next year? - Management indicated that while cash flow may decrease due to pulling forward cash flow this year, they expect to build off a stable platform for future growth [62][63]

Financial Data and Key Metrics Changes - The company is targeting a reduction in capital spending for 2026, indicating a focus on cost savings in 2025 as well [6][14] - There is an expected mid-single-digit drop in demand for the second half of the year, influenced by trade dynamics and seasonality [12][15] - The company anticipates a utilization headwind of approximately $75 million to $100 million in the second half of the year due to inventory reduction efforts [13][16] Business Line Data and Key Metrics Changes - The Chemical Intermediates segment is expected to improve by over $30 million, while the Specialty and Fibers segments are projected to decline by a similar amount [70] - The AFP business saw a 4% year-over-year price increase primarily driven by cost pass-through contracts [54] - The Fibers business is facing a $20 million headwind due to tariffs and a $20 million asset utilization headwind, alongside higher energy costs [95][96] Market Data and Key Metrics Changes - The automotive market is expected to see a low single-digit decline in the back half of the year, with challenges stemming from tariff impacts and consumer behavior [50][51] - The textile market has slowed down significantly due to tariffs, impacting demand and leading to a cautious approach from customers [57][58] - The company is experiencing accelerated demand in certain areas, particularly in mechanical recycling for food-grade packaging applications [35] Company Strategy and Development Direction - The company is focusing on cash generation and cost management in response to current market uncertainties [13][16] - There is an emphasis on improving the structural strength of the business, particularly in the chemical and materials segments [21][22] - The company is exploring debottlenecking investments to enhance operational efficiency and profitability in its methanol system plant [30][31] Management's Comments on Operating Environment and Future Outlook - Management highlighted the chaotic nature of the current operating environment, driven by trade dynamics and consumer caution [12][14] - There is a belief that stability may return in 2026, contingent on resolving trade issues and improving economic conditions [15][16] - The management remains cautious about predicting demand due to ongoing uncertainties in the market [40][81] Other Important Information - The company is targeting additional cost cuts of $75 million to $100 million, which will be detailed in plans for the second half of the year [103] - The methanol system plant is performing well, with expectations for increased profitability as operational efficiencies are realized [30][31] Q&A Session Summary Question: Can you help us understand how representative the second half should be when thinking about trough earnings levels? - Management indicated that the second half is heavily impacted by trade situations, making it a poor measure of overall company performance [7][10] Question: How far along is the investment in the Metapasys unit, and what gives confidence in profitability? - Management discussed ongoing challenges in the chemical and materials business but expressed optimism about improving profitability through strategic investments [20][24] Question: What triggered the change in customer dialogue in July? - Management noted that the trade pause allowed customers to reassess their inventory and demand, leading to a more cautious approach [41][42] Question: Can you provide more color on the weakness in the automotive end markets? - Management confirmed that while the aftermarket performed well, the interlayer business faced challenges due to production moderation in response to tariffs [49] Question: What is the outlook for the Fibers business next year? - Management indicated that the Fibers business is facing headwinds this year but expects stabilization and potential recovery in the following year [94][100]

Key Takeaways EMN posted Q2 adjusted EPS of $1.60, down from $2.15 last year and below the consensus estimate.Eastman Chemical's Q2 sales fell 3% year over year to $2.29B, missing estimates amid weak end-market demand.EMN expects Q3 adjusted EPS of $1.25 and full-year operating cash flow of approximately $1 billion.Eastman Chemical Company (EMN) logged second-quarter 2025 earnings of $1.20 per share, a roughly 38% decline from the year-ago quarter's figure of $1.94.EMN posted adjusted earnings of $1.60 per ...

2Q 2025 financial results July 31, 2025 Prepared remarks These slides should be reviewed with the accompanying prepared remarks posted on our website. Forward-looking statements The information in this release and other statements by the company may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act with respect to, among other items: projections and estimates of earnings, revenues, volumes, pricing, margins, cost reductions, expenses, taxes, liquidity, cap ...

Eastman Chemical (EMN) came out with quarterly earnings of $1.6 per share, missing the Zacks Consensus Estimate of $1.72 per share. This compares to earnings of $2.15 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -6.98%. A quarter ago, it was expected that this specialty chemicals maker would post earnings of $1.89 per share when it actually produced earnings of $1.91, delivering a surprise of +1.06%.Over the last four quart ...

Exhibit 99.01 Eastman Announces Second Quarter 2025 Financial Results KINGSPORT, Tenn., July 31, 2025 – Eastman Chemical Company (NYSE:EMN) announced its second quarter 2025 financial results. | (In millions, | | except | per | share | amounts; | unaudited) | 2Q2025 | 2Q2024 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Sales | revenue | | | | | | $2,287 | $2,363 | | Earnings | | before | interest | and | taxes ("EBIT") | | 222 | 337 | | Adjusted | | EBIT* | | | | | 275 | 353 | | Earnings | | ...