Key Positives Asia Pacific Equity Research 28 October 2025 LB Group - A Overweight First Take: 3Q25 – Weak earnings due to record low TiO2 OP margin; unsustainable TiO2 price may find bottom Our First Take: We believe LB's results will be taken slightly negatively by the market with the company reporting 3Q25 net profit of Rmb289mn, down 66% y/y. 3Q NP was below market consensus and JPMe by 56% and 35%, respectively. The earnings decrease was mainly due to: 1) Weak/negative TiO2 OP margin that worsened in 3 ...