Core Viewpoint - The domestic carbon black industry is facing dual challenges of continuously declining prices and high raw material costs, leading to significant pressure on the performance of leading listed companies in the first three quarters of 2025 [1] Group 1: Company Performance - Leading carbon black companies such as Longxing Technology, Yongdong Co., and Heimao Co. reported substantial declines in net profits for Q3 2025, with Heimao Co. posting a net loss of 55 million yuan, Yongdong Co. achieving a net profit of 48.89 million yuan (down 40.46% year-on-year), and Longxing Technology's net profit declining by 45.59% to 60.99 million yuan [1] - Heimao Co. reported a revenue of 6.417 billion yuan for the first three quarters, a year-on-year decrease of 12.1%, with a net loss expanding to 213 million yuan [4] - Longxing Technology achieved a revenue of 3.241 billion yuan, a year-on-year increase of 3.76%, but its net profit fell by 45.59% to 60.99 million yuan [4] Group 2: Market Price Trends - As of September 29, 2025, the mainstream market price for carbon black N330 in Shandong was between 6,300 and 6,500 yuan per ton, with an average increase of 100 yuan per ton since early July, but a decline of 146 yuan per ton (2.2%) compared to Q2 [2] - The average price for Q3 2025 was 6,465 yuan per ton, down 1,624 yuan per ton (20.08%) compared to the same period in 2024 [2] - Analysts predict that the carbon black market will experience weak fluctuations in Q4 2025, with supply exceeding demand remaining a significant factor influencing pricing [3] Group 3: Industry Challenges - The carbon black industry's profitability is under pressure due to declining market prices, with many companies reporting losses in Q3 2025 [4] - The average theoretical profit level for carbon black N330 products in Shandong was -315.69 yuan per ton in Q1 2025, a significant drop from the average profit level of 266.57 yuan per ton in Q3 2024 [4] - The ongoing supply-demand imbalance is expected to persist, leading to continued low pricing and reduced bargaining power for carbon black companies [3]