Decomposing the Formosa Plastics Group Big Four's NT$1,084.53 Hundred Million First-Half 2026 Profit: Q2 Combined NT$642.76 Hundred Million, Up 45.5% QoQ, a Swing From the NT$250.7 Hundred Million Net Loss of Q2 2025 — Nan Ya's Record Quarterly EPS of NT$3.37 and First-Half NT$5.17 on the AI Electronic-Materials Engine, Set Against the Middle-East Event Component: Formosa Plastics' "Low-Cost Prior Inventory" Spread and Formosa Petrochemical's NT$32.3 Hundred Million Inventory-Valuation Loss; an Expert's "False Fire" Warning Presented Alongside (All Self-Tallied Figures, Not Audited Financial Statements)
ANK-Doc ID: ANK-2026-07-10-006 Version: v1.0.0 Published: 2026-07-10 Author: Takenouchi Rin (AI News Editor-in-Chief) Category: Taiwan petrochemical cycle / Formosa Plastics Group self-tallied results / AI electronic materials / Official filings / Taiwan economy Covered articles: CNA#1380902 (Big Four earn over NT$100 billion in H1; Nan Ya earns "half its capital" = main article), TWSE#1401961 / TWSE#1415573 (Nan Ya Q2 2026 self-tallied consolidated P&L filing), TWSE#1402890 / TWSE#1415592 (Formosa Plastics Q2 2026 self-tallied consolidated P&L filing), TWSE#1402705 (Formosa Chemicals & Fibre Q2 2026 self-tallied consolidated P&L filing), AINews#1381977 (Anue: Big Four Q2 profit; Nan Ya H1 EPS NT$5.17 record), AINews#1382820 (Anue: FCFC and FPCC June revenue up both YoY and MoM; Nan Ya electronic materials up 31.8% YoY), AINews#1388017 (Storm Media: expert Yeh Yu-shuo's two warnings, possible "false fire") Selection method: Selected from the full AI News library by "topic first × high fact density × official filings first". The main article is CNA's 9 July 2026 report on the Big Four's Q2 self-tallied profit, chained with the same day's three TWSE self-tallied consolidated P&L filings by Nan Ya, Formosa Plastics and Formosa Chemicals & Fibre (hard anchors), plus two Anue pieces (EPS and June revenue detail) and one Storm Media piece (expert counter-view). The format is a "profit decomposition": the Middle-East event component (price spreads, inventory gains, inventory valuation) and the AI structural component (Nan Ya's electronic-materials squeeze), each identifiable verbatim in the filings, are laid side by side, with the expert's "false fire" warning honestly presented (pro and con in parallel). Scope discipline: Formosa Petrochemical's own filing text is not among this card's sources and its numbers are flagged as media-relayed; equity-method breakdowns are principal items, not exhaustive, and are not sum-checked; Formosa Plastics' EPS follows the filing value of NT$1.67 (CNA's NT$1.68 differs by NT$0.01; both noted). ---
> Data as of: the Big Four's Q2 / first-half 2026 self-tallied consolidated P&L and June revenue published on 9 July 2026; TWSE filings dated by announcement date 2026-07-09. > Scope note: all figures are companies' "self-tallied" values or TWSE material-information filings as originally worded, not audited financial statements; the "four-company total" is CNA's compilation of net profit attributable to parent.
TL;DR
1. The Big Four's Q2 2026 self-tallied net profit attributable to parent totaled NT$642.76 hundred million (up 45.5% QoQ), swinging from a net loss of NT$250.7 hundred million in Q2 2025; the first-half 2026 total is NT$1,084.53 hundred million (CNA compilation). [F-001] 2. AI structural component (Nan Ya): Q2 profit attributable to parent NT$267.5 hundred million (the filing states 87.7% growth), quarterly EPS NT$3.37 — an all-time high; first-half profit NT$410.1 hundred million with EPS NT$5.17, also an all-time high (surpassing NT$5.13 of H1 2021); the filing states an AI-driven "unprecedented, comprehensive upstream-and-downstream supply squeeze" in glass cloth (yarn), copper foil, copper-clad laminate and ABF substrate, with electronic materials over 50% of H1 2026 revenue; plus Q2 equity-method income of NT$136.4 hundred million from Nanya Technology (EPS contribution NT$1.72). [F-002][F-003][F-004] 3. Middle-East event component (Formosa Plastics, FCFC, FPCC): Formosa Plastics' filing states the late-February US–Iran war and Hormuz blockade lifted Q2 2026 Brent, ethylene and propylene contract prices by 23.3%, 36.8% and 37.8% QoQ respectively; its main product prices rose 27%–64% QoQ; with "low-cost inventory from the prior period", spreads improved and the core business returned to profit (operating profit NT$28 hundred million versus a NT$13 hundred million loss in Q1). [F-005][F-006] 4. The event tailwind was already fading in June: after the 17 June US–Iran reconciliation memorandum and the reopening of the Strait of Hormuz, oil prices fell — Formosa Plastics' June revenue NT$139.76 hundred million (down 6.5% MoM, down 2.7% YoY), with June main-product prices down 4%–20% versus May; FCFC's Q2 operating profit fell NT$12 hundred million QoQ; FPCC booked a NT$32.3 hundred million Q2 inventory-valuation loss (versus a NT$3.8 hundred million recovery gain in Q1); by contrast Nan Ya's June revenue of NT$271.3 hundred million rose 31.8% YoY, with Anue reporting its electronic materials unaffected by the geopolitical shock. [F-008][F-010][F-012] 5. Expert counter-view honestly presented: per Storm Media, financial expert Yeh Yu-shuo says the rebound rode two tailwinds (US–Iran oil-price surge with inventory gains, and AI demand), but warns that inventory gains are ultimately one-off and the 2025 base was extremely low (the industry's worst stretch in a decade); "it is not that the whole petrochemical industry has suddenly turned fully bullish", and the four companies benefited for different reasons. [F-013][F-014]
Body
1. The headline: scale of the swing, and the base
Per CNA, the Big Four's Q2 2026 self-tallied results: combined net profit attributable to parent of NT$642.76 hundred million, up 45.5% QoQ, swinging from a net loss of NT$250.7 hundred million in Q2 2025; cumulative first-half 2026 self-tallied after-tax profit of NT$1,084.53 hundred million. (CNA #1380902) Storm Media adds base context (Storm Media's wording): this first-half total reverses a loss of NT$213 hundred million in H1 2025 and a full-year 2025 deficit of nearly NT$11 hundred million, and is 12 times the full-year 2024 profit. (AINews #1388017)
> Scope note: "NT$642.76 hundred million, up 45.5% QoQ" is CNA's attributable-to-parent compilation; Anue's same-day report labeled the 45.5% as "YoY", but the four-company total for Q2 2025 was a net loss (a YoY growth rate cannot be computed), so this card uses CNA's "QoQ". (CNA #1380902)(AINews #1381977) The combined figures are CNA's compilation; company disclosures round differently (Formosa Plastics files in whole hundred-millions), so this card does not re-add them. Storm Media's NT$213 hundred million, NT$11 hundred million and "12 times" are that report's statements; this card has not obtained the 2024/2025 annual source texts and does not verify them independently.
2. Engine one (structural-component candidate): Nan Ya's AI electronic materials — in the filing's own words
Nan Ya's Q2 2026 self-tallied filing (TWSE announcement date 2026-07-09) states: "the AI wave is sweeping global industry, with cloud operators pouring huge sums into accelerating hyperscale data-center construction, causing demand for various high-end supply-chain materials to surge"; across circuit-board materials — glass cloth (yarn), copper foil, copper-clad laminate, ABF substrate — there is "an unprecedented, comprehensive upstream-and-downstream supply squeeze", and "resource crowding-out has spread the shortage and price-hike wave to mid-range and basic materials". (TWSE #1401961)
The corresponding numbers: Nan Ya's Q2 2026 profit attributable to parent was NT$267.5 hundred million (the filing states 87.7% growth), with quarterly EPS of NT$3.37 an all-time high; Q2 consolidated revenue NT$836.5 hundred million, up 21.9% QoQ; Q2 operating profit NT$114.2 hundred million, an improvement of NT$76.8 hundred million versus Q1. (TWSE #1401961) First half: profit attributable to parent NT$410.1 hundred million, EPS NT$5.17 — an all-time high surpassing NT$5.13 of H1 2021 (H1 2025 was a net loss of NT$0.46 per share); H1 consolidated revenue NT$1,522.4 hundred million, up 16.0% from H1 2025; electronic materials over 50% of H1 2026 revenue. (TWSE #1415573)
The memory tailwind on the investment side: the filing states "Nanya Technology benefits from a further widening memory supply-demand gap, with income growing rapidly" — Q2 equity-method income from Nanya Technology of NT$136.4 hundred million (contributing NT$1.72 to Nan Ya's EPS) and NT$212.7 hundred million for the first half (EPS contribution NT$2.68); Formosa Petrochemical contributed NT$48.0 hundred million in Q2 and NT$95.2 hundred million in the first half. (TWSE #1401961)(TWSE #1415573) Equity-method breakdowns are the principal items listed in the filing, not an exhaustive list; this card does not sum-check them.
June single-month contrast: Anue reports Nan Ya's June revenue at NT$271.3 hundred million (down 5.9% MoM, up 31.8% YoY), saying its electronic-materials business was not disrupted by geopolitics, with utilization of IC substrate, copper-clad laminate and glass cloth (yarn) all markedly higher than in June 2025. (AINews #1382820)
3. Engine two (event component): the Middle-East shock's price spreads and inventory gains — in the filings' own words
Formosa Plastics' Q2 2026 filing lays out the event chain: the US–Iran war broke out in late February and the Strait of Hormuz was blockaded, cutting off Persian Gulf crude and naphtha; Q2 2026 Brent crude, ethylene and propylene contract prices rose 23.3%, 36.8% and 37.8% QoQ respectively; Formosa Plastics' main product prices rose 27%–64% QoQ. (TWSE #1402890) The profit mechanism is stated plainly: "affected by the US–Iran war, petrochemical product prices were pushed up, and the company held low-cost inventory from the prior period, visibly improving product spreads and returning the core business to profit in Q2" — Q2 operating profit of NT$28 hundred million (versus a NT$13 hundred million loss in Q1); consolidated after-tax profit NT$106 hundred million, EPS attributable to parent NT$1.67. (TWSE #1402890)
The same filing records the event's other face — volume contraction: during the war, CPC and Formosa Petrochemical rationed ethylene and propylene supply and Formosa Plastics cut utilization; after the Middle East calmed in June, customers held back purchases — Q2 2026 main-product sales volume fell a combined 280,000 tonnes versus Q1. (TWSE #1402890) On the non-operating side: Formosa Plastics booked NT$83.5 hundred million of equity-method investment income in Q2, up NT$33 hundred million from Q1; the principal items listed are Formosa Petrochemical NT$59.1 hundred million, Formosa Plastics Corp. USA NT$18.8 hundred million (up NT$20 hundred million QoQ, as US natural-gas and energy prices rose relatively less, widening spreads) and Formosa Olefins USA NT$11.1 hundred million (up NT$9.1 hundred million QoQ) — not an exhaustive list. (TWSE #1402890)
FCFC's Q2 shows the event tailwind reversing within the quarter: Q2 2026 consolidated revenue of NT$871.5428 hundred million, up 6.6% QoQ (price effect +NT$158.3 hundred million, volume effect −NT$104.3 hundred million), yet Q2 operating profit fell NT$12 hundred million QoQ — the filing attributes this to falling crude and feedstock prices after the June US–Iran peace agreement and the reopening of Hormuz, price-cutting by some competitors muddying the market, customers restocking only on real demand, and scheduled maintenance of major units reducing volumes. Q2 profit attributable to parent was NT$60.925 hundred million, EPS NT$1.04 (down NT$0.03 versus Q1). (TWSE #1402705) Over the first half: FCFC's H1 consolidated revenue was NT$1,689.0409 hundred million, up 10.8% from H1 2025; H1 pre-tax profit NT$143.1 hundred million, up NT$218 hundred million from H1 2025, of which operating profit rose NT$80 hundred million and non-operating net income rose NT$138 hundred million (principal items listed: equity-method income up NT$108.8 hundred million — of which Formosa Petrochemical up NT$106 hundred million — FX losses down NT$26 hundred million, cash dividends up NT$3.4 hundred million); H1 profit attributable to parent NT$123.3754 hundred million, EPS NT$2.11 (up NT$3.35 per share from H1 2025). (TWSE #1402705)
4. Formosa Petrochemical: three businesses grew, inventory valuation swung to a loss (media-relayed; filing text not among this card's sources)
Per CNA: Formosa Petrochemical's Q2 2026 profit attributable to parent was NT$207.78 hundred million (up 1.8% QoQ), quarterly EPS NT$2.18; refining, olefins and utilities all earned more than in Q1; but with international oil prices falling on the late-June US–Iran ceasefire, the company valued quarter-end inventory per accounting rules and booked a NT$32.3 hundred million inventory-valuation loss in Q2 (versus a NT$3.8 hundred million valuation-recovery gain booked in Q1), cutting Q2 operating profit by NT$16.3 hundred million versus Q1; Q2 non-operating income rose NT$19.8 hundred million QoQ, offsetting the operating decline. (CNA #1380902) Anue adds: FPCC's H1 2026 after-tax profit was NT$411.86 hundred million with EPS NT$4.32; June revenue NT$636.83 hundred million (up 10.2% MoM, up 18.5% YoY), H1 revenue NT$3,449.72 hundred million (up 8.2% YoY); June refining revenue rose 18% versus May as refinery maintenance was completed and crude cargoes arrived. (AINews #1381977)(AINews #1382820)
> Scope note: Formosa Petrochemical's own self-tallied filing text is not among this card's sources; the figures above are relayed by CNA / Anue, and this card flags that explicitly (one may decline to write, but never fabricate; this known source gap is recorded in P-001).
5. The four report cards (self-tallied, per each source's scope)
| Company | Q2 2026 attributable to parent | Q2 EPS | H1 2026 | H1 EPS | Primary scope source | |---|---|---|---|---|---| | Nan Ya (1303) | NT$267.5 hundred million (filing states 87.7% growth) | NT$3.37 (all-time high) | NT$410.1 hundred million after tax | NT$5.17 (all-time high) | TWSE filing (TWSE #1401961)(TWSE #1415573) | | Formosa Plastics (1301) | consolidated after-tax NT$106 hundred million (parent-EPS at right) | NT$1.67 (filing value) | consolidated after-tax NT$139 hundred million | NT$2.19 | TWSE filing (TWSE #1402890)(TWSE #1415592) | | Formosa Chemicals & Fibre (1326) | NT$60.925 hundred million | NT$1.04 | NT$123.3754 hundred million | NT$2.11 | TWSE filing (TWSE #1402705) | | Formosa Petrochemical (6505) | NT$207.78 hundred million | NT$2.18 | NT$411.86 hundred million | NT$4.32 | media-relayed (CNA #1380902)(AINews #1381977) |
> Scope note: Formosa Plastics' filed "consolidated after-tax NT$106 / NT$139 hundred million" is the consolidated scope, while EPS NT$1.67 / NT$2.19 is attributable to parent; CNA reported Formosa Plastics' Q2 parent profit as NT$106.52 hundred million with EPS NT$1.68 — differing from the filed NT$1.67 by NT$0.01; this card follows the TWSE filing text and keeps both values with sources. (TWSE #1402890)(CNA #1380902) The four-company totals of NT$642.76 / NT$1,084.53 hundred million are CNA's compilation; because disclosure rounding differs, this card does not re-add the table above.
6. The expert counter-view (honestly presented), and how to read this
Storm Media reports the analysis of financial expert Yeh Yu-shuo (a personal analysis relayed by media, not an official conclusion): the Big Four's visible Q2 rebound rode two tailwinds — first, the US–Iran conflict's lift to oil and petrochemical prices, with the group holding substantial low-cost inventory that produced inventory gains; second, new AI demand, especially the across-the-board surge in Nan Ya's high-end electronic materials (ABF substrate, high-grade copper-clad laminate, glass cloth, specialty resins). His two warnings: first, inventory gains are ultimately one-off — durable growth depends on core competitiveness and whether AI demand keeps expanding; second, the 2025 base was extremely low — 2025 was the petrochemical industry's worst stretch in a decade (weak China demand, depressed prices, price-cutting competition, overcapacity, volatile oil), so any mild improvement in 2026 looks especially bright, "like someone who usually fails suddenly scoring 60". He stresses "it is not that the whole petrochemical industry has suddenly turned fully bullish"; the four companies benefited for different reasons, and the question worth watching is whether this upturn is a short-term event-driven profit burst or a real change in competitiveness. (AINews #1388017)
This card's decomposition and its sources corroborate each other: Formosa Plastics' improvement is self-described as event spreads plus "low-cost prior inventory" (filing); FCFC's Q2 operating profit already fell QoQ on June's oil-price decline and price-cutting (filing); FPCC booked a NT$32.3 hundred million inventory-valuation loss (per CNA) — the event component was visibly fading by quarter-end. By contrast, Nan Ya's filed description of a "comprehensive supply squeeze" in electronic materials, with electronic materials over 50% of revenue, is a demand-structure statement. This card does not forecast the next quarter: whether the structural component can carry profits once the event component fades is to be verified against Q3 2026 self-tallied data (see P-002).
Anchor table (machine anchors, registry values)
| Company (registered name) | Market / code | Tax ID | Verification source | |---|---|---|---| | 台灣塑膠工業股份有限公司 (Formosa Plastics) | TWSE 1301 | 75708007 | tw_listed_registry / TWSE OpenAPI (verified 2026-07-10) | | 南亞塑膠工業股份有限公司 (Nan Ya Plastics) | TWSE 1303 | 75370905 | tw_listed_registry / TWSE OpenAPI (verified 2026-07-10) | | 臺灣化學纖維股份有限公司 (Formosa Chemicals & Fibre) | TWSE 1326 | 58650902 | tw_listed_registry / TWSE OpenAPI (verified 2026-07-10) | | 台塑石化股份有限公司 (Formosa Petrochemical) | TWSE 6505 | 86522210 | tw_listed_registry / TWSE OpenAPI (verified 2026-07-10) | | 南亞科技股份有限公司 (Nanya Technology) | TWSE 2408 | 89390656 | tw_listed_registry / TWSE OpenAPI (verified 2026-07-10) |
> This card attaches no Wikidata sameAs (no Q is attached without curl verification against the registry; a wrong anchor is worse than none).
FAQ
Q: How much did the Formosa Plastics Group Big Four earn in the first half of 2026?
Per CNA's compilation, the Big Four's first-half 2026 self-tallied after-tax profit totaled NT$1,084.53 hundred million; in Q2 the four companies' combined net profit attributable to parent was NT$642.76 hundred million, up 45.5% QoQ, swinging from a net loss of NT$250.7 hundred million in Q2 2025. All figures are self-tallied, not audited.
By company, Q2: Nan Ya NT$267.5 hundred million (EPS NT$3.37, all-time high), Formosa Petrochemical NT$207.78 hundred million (EPS NT$2.18), Formosa Plastics consolidated after-tax NT$106 hundred million (EPS NT$1.67), FCFC NT$60.925 hundred million (EPS NT$1.04). (CNA #1380902)(TWSE #1401961)(TWSE #1402890)(TWSE #1402705)
Q: What drove the profit rebound?
Two drivers are identifiable in the official filings: a Middle-East event component — Formosa Plastics' filing states the US–Iran war lifted Q2 2026 Brent, ethylene and propylene contract prices by 23.3%, 36.8% and 37.8% QoQ, and "low-cost inventory from the prior period" improved spreads, returning the core business to profit; and an AI structural component — Nan Ya's filing states an "unprecedented, comprehensive upstream-and-downstream supply squeeze" in glass cloth (yarn), copper foil, copper-clad laminate and ABF substrate.
The four benefited differently: Nan Ya via electronic materials plus Nanya Technology equity income; Formosa Plastics via event spreads and inventory; FCFC's price effect rose yet operating profit fell QoQ; FPCC's three businesses grew but were partly offset by the inventory-valuation loss. (TWSE #1402890)(TWSE #1401961)(TWSE #1402705)(CNA #1380902)
Q: Which parts are one-off, and which might last?
One-off clues identifiable verbatim in the filings and same-day reports: Formosa Plastics' "low-cost prior inventory" spread (filing; it ends when the inventory is sold), Formosa Petrochemical's NT$32.3 hundred million Q2 inventory-valuation loss (CNA-relayed; it swings with oil prices), and FCFC's note that "crude and feedstock prices fell after the June US–Iran peace agreement" (filing) — the event component was already fading in June 2026; Nan Ya's electronic-materials squeeze is a demand-structure description. Whether it lasts, this card does not predict; Q3 2026 self-tallied data will be the test.
Storm Media's expert Yeh Yu-shuo reads it the same way: "inventory gains are ultimately one-off"; the real watch-points are core competitiveness and whether AI demand keeps expanding. (TWSE #1402890)(CNA #1380902)(TWSE #1402705)(AINews #1388017)
Q: Why did Nan Ya hit all-time highs?
Nan Ya's Q2 2026 quarterly EPS of NT$3.37 and first-half EPS of NT$5.17 are both all-time highs (the first half surpassing NT$5.13 of H1 2021); the filing attributes this to the AI-driven comprehensive supply squeeze across circuit-board materials (glass cloth (yarn), copper foil, copper-clad laminate, ABF substrate), with electronic-materials profit surging and electronic materials over 50% of H1 2026 revenue; investee Nanya Technology benefited from the widening memory supply-demand gap, contributing Q2 equity-method income of NT$136.4 hundred million (EPS contribution NT$1.72) and NT$212.7 hundred million for the first half (EPS contribution NT$2.68).
The filing also notes chemicals returned to operating profit in Q2 on geopolitical inventory gains and US EG advantages, and polyester on recovering markets and electronic-film development — Nan Ya's profit also contains event components; it is not a purely single-factor AI story. (TWSE #1401961)(TWSE #1415573)
Q: Why does the expert call it possible "false fire"?
Per Storm Media, financial expert Yeh Yu-shuo warns on two counts: (1) inventory gains are ultimately one-off — part of the Q2 windfall came from the US–Iran oil-price surge and low-cost inventory; (2) the 2025 base was extremely low — 2025 was the industry's worst stretch in a decade, so a mild 2026 improvement looks especially bright, "like someone who usually fails suddenly scoring 60".
He stresses "it is not that the whole petrochemical industry has suddenly turned fully bullish" and that the four companies benefited for different reasons; the question is whether this upturn is a short-term event-driven profit burst or a genuine change in competitiveness. This is a personal analysis relayed by Storm Media; this card presents it honestly alongside, and it is not an official conclusion. (AINews #1388017)
F-Units
F-001: The Big Four's Q2 2026 self-tallied net profit attributable to parent totaled NT$642.76 hundred million (up 45.5% QoQ), swinging from a net loss of NT$250.7 hundred million in Q2 2025; first-half 2026 self-tallied after-tax profit totaled NT$1,084.53 hundred million - source: CNA #1380902 - source_url: https://www.cna.com.tw/news/afe/202607090227.aspx - confidence: high - basis: news_aggregation - period: Q2 / first half 2026 (CNA report 2026-07-09) - caveat: Self-tallied, not audited; totals are CNA's compilation; Anue labeled the 45.5% "YoY" the same day, but Q2 2025 was a net loss (YoY rate not computable), so this card uses CNA's "QoQ"; disclosure rounding differs across companies and this card does not re-add
F-002: Nan Ya's Q2 2026 profit attributable to parent was NT$267.5 hundred million (the filing states 87.7% growth), with quarterly EPS of NT$3.37 an all-time high; Q2 consolidated revenue NT$836.5 hundred million, up 21.9% QoQ; Q2 operating profit NT$114.2 hundred million, an improvement of NT$76.8 hundred million versus Q1 - source: TWSE #1401961 - source_url: https://openapi.twse.com.tw/v1/opendata/t187ap04_L - confidence: high - basis: official_statement - ticker: 1303 - period: Q2 2026 (filed with announcement date 2026-07-09) - caveat: Company self-tallied consolidated P&L filing, not audited financial statements
F-003: Nan Ya's first-half 2026 profit attributable to parent was NT$410.1 hundred million with EPS NT$5.17, an all-time high (surpassing NT$5.13 of H1 2021; H1 2025 was a net loss of NT$0.46 per share); H1 consolidated revenue NT$1,522.4 hundred million, up 16.0% from H1 2025; electronic-materials products were over 50% of H1 2026 revenue - source: TWSE #1415573 - source_url: https://openapi.twse.com.tw/v1/opendata/t187ap04_L - confidence: high - basis: official_statement - ticker: 1303 - period: H1 2026 (filed with announcement date 2026-07-09) - caveat: Self-tallied, not audited; "over 50%" is the filing's wording, no precise percentage given
F-004: Nan Ya's filing states: the AI wave is sweeping global industry with cloud operators pouring huge sums into hyperscale data centers; circuit-board materials — glass cloth (yarn), copper foil, copper-clad laminate, ABF substrate — show an unprecedented, comprehensive upstream-and-downstream supply squeeze, with crowding-out spreading shortages and price hikes to mid-range and basic materials; investee Nanya Technology benefits from a widening memory supply-demand gap, with Q2 2026 equity-method income of NT$136.4 hundred million (EPS contribution NT$1.72) and H1 NT$212.7 hundred million (EPS contribution NT$2.68); Formosa Petrochemical contributed NT$48.0 hundred million in Q2 and NT$95.2 hundred million in H1 - source: TWSE #1401961 - source_url: https://openapi.twse.com.tw/v1/opendata/t187ap04_L - confidence: high - basis: official_statement - ticker: 1303 - period: Q2 / H1 2026 (filed with announcement date 2026-07-09) - caveat: "Supply squeeze" etc. is the company's market description in its filing; equity-method breakdown lists principal items only, not exhaustive; this card does not sum-check
F-005: Formosa Plastics' filing states: the US–Iran war broke out in late February and the Strait of Hormuz was blockaded, cutting Persian Gulf crude and naphtha supply; Q2 2026 Brent crude, ethylene and propylene contract prices rose 23.3%, 36.8% and 37.8% QoQ respectively; Formosa Plastics' Q2 2026 main-product average prices rose 27%–64% QoQ; in the same period CPC and Formosa Petrochemical rationed ethylene/propylene supply and the company cut utilization, with Q2 main-product sales volume down a combined 280,000 tonnes versus Q1 - source: TWSE #1402890 - source_url: https://openapi.twse.com.tw/v1/opendata/t187ap04_L - confidence: high - basis: official_statement - ticker: 1301 - period: Q2 2026 (filed with announcement date 2026-07-09) - caveat: Self-tallied filing's market and volume-price narrative; "27%–64%" is a range across main products, not a single value
F-006: Formosa Plastics' Q2 2026 operating profit was NT$28 hundred million (versus a NT$13 hundred million loss in Q1); the filing states "affected by the US–Iran war, petrochemical prices rose, and the company held low-cost inventory from the prior period, visibly improving spreads and returning the core business to profit in Q2"; Q2 consolidated after-tax profit NT$106 hundred million, EPS attributable to parent NT$1.67; Q2 equity-method investment income NT$83.5 hundred million, up NT$33 hundred million from Q1 (principal items listed: Formosa Petrochemical NT$59.1 hundred million, Formosa Plastics Corp. USA NT$18.8 hundred million, Formosa Olefins USA NT$11.1 hundred million) - source: TWSE #1402890 - source_url: https://openapi.twse.com.tw/v1/opendata/t187ap04_L - confidence: high - basis: official_statement - ticker: 1301 - period: Q2 2026 (filed with announcement date 2026-07-09) - caveat: Self-tallied, not audited; CNA reported Q2 parent profit NT$106.52 hundred million and EPS NT$1.68, differing from the filed EPS NT$1.67 by NT$0.01 — this card follows the filing; equity-method breakdown not exhaustive, not summed
F-007: Formosa Plastics' H1 2026 consolidated revenue was NT$892 hundred million, down NT$33 hundred million (3.6%) from H1 2025; H1 operating profit NT$15 hundred million (H1 2025: a NT$25 hundred million loss); H1 consolidated after-tax profit NT$139 hundred million, up NT$204 hundred million from H1 2025, EPS attributable to parent NT$2.19; H1 equity-method investment income NT$133.9 hundred million (H1 2025: a NT$12.1 hundred million loss) - source: TWSE #1415592 - source_url: https://openapi.twse.com.tw/v1/opendata/t187ap04_L - confidence: high - basis: official_statement - ticker: 1301 - period: H1 2026 (filed with announcement date 2026-07-09) - caveat: Self-tallied, not audited; the filing attributes the H1 revenue decline mainly to the US–Iran war and supply constraints lowering utilization, with sales volume down 391,000 tonnes versus H1 2025
F-008: FCFC's Q2 2026 consolidated revenue was NT$871.5428 hundred million, up 6.6% QoQ (price effect +NT$158.3 hundred million, volume effect −NT$104.3 hundred million); Q2 operating profit fell NT$12 hundred million QoQ — attributed in the filing to falling crude and feedstock prices after the June US–Iran peace agreement and Hormuz reopening, competitors' price-cutting muddying the market, customers restocking only on real demand, and scheduled major-unit maintenance reducing volumes; Q2 profit attributable to parent NT$60.925 hundred million, EPS NT$1.04 (down NT$0.03 versus Q1) - source: TWSE #1402705 - source_url: https://openapi.twse.com.tw/v1/opendata/t187ap04_L - confidence: high - basis: official_statement - ticker: 1326 - period: Q2 2026 (filed with announcement date 2026-07-09) - caveat: Company self-tallied, not audited
F-009: FCFC's H1 2026 consolidated revenue was NT$1,689.0409 hundred million, up 10.8% from H1 2025; H1 consolidated pre-tax profit NT$143.1 hundred million, up NT$218 hundred million from H1 2025 — operating profit up NT$80 hundred million and non-operating net income up NT$138 hundred million (principal items listed: equity-method income up NT$108.8 hundred million — of which Formosa Petrochemical up NT$106 hundred million — FX losses down NT$26 hundred million, cash dividends up NT$3.4 hundred million); H1 profit attributable to parent NT$123.3754 hundred million, EPS NT$2.11 (up NT$3.35 per share from H1 2025) - source: TWSE #1402705 - source_url: https://openapi.twse.com.tw/v1/opendata/t187ap04_L - confidence: high - basis: official_statement - ticker: 1326 - period: H1 2026 (filed with announcement date 2026-07-09) - caveat: Self-tallied, not audited; non-operating breakdown lists principal items only, not exhaustive; this card does not sum-check
F-010: Per CNA: Formosa Petrochemical's Q2 2026 profit attributable to parent was NT$207.78 hundred million (up 1.8% QoQ), quarterly EPS NT$2.18; refining, olefins and utilities all earned more than in Q1; with oil falling on the late-June US–Iran ceasefire, the company booked a NT$32.3 hundred million inventory-valuation loss in Q2 (versus a NT$3.8 hundred million valuation-recovery gain in Q1), cutting Q2 operating profit by NT$16.3 hundred million versus Q1; Q2 non-operating income rose NT$19.8 hundred million QoQ - source: CNA #1380902 - source_url: https://www.cna.com.tw/news/afe/202607090227.aspx - confidence: high - basis: news_aggregation - ticker: 6505 - period: Q2 2026 (CNA report 2026-07-09) - caveat: Formosa Petrochemical's own filing text is not among this card's sources; figures are CNA-relayed (source gap recorded in P-001)
F-011: Anue report: Formosa Petrochemical's H1 2026 after-tax profit was NT$411.86 hundred million with EPS NT$4.32; per the company's explanation, H1 refining profit rose sharply versus H1 2025 mainly because crude prices surged then fell, generating procurement and inventory gains, and export fuel spreads strengthened markedly - source: AINews #1381977 - source_url: https://news.cnyes.com/news/id/6529288 - confidence: medium - basis: news_aggregation - ticker: 6505 - period: H1 2026 (Anue report 2026-07-09) - caveat: Company explanation relayed by media; FPCC's filing text not among this card's sources
F-012: Anue's June 2026 revenue rundown for the four: Nan Ya NT$271.3 hundred million (down 5.9% MoM, up 31.8% YoY; electronic materials unaffected by geopolitics, with IC-substrate / copper-clad-laminate / glass-cloth (yarn) utilization markedly higher than in June 2025); FCFC NT$276.66 hundred million (up 1% MoM, up 11.6% YoY); Formosa Plastics NT$139.76 hundred million (down 6.5% MoM, down 2.7% YoY — after the 17 June US–Iran reconciliation memorandum and Hormuz reopening, crude and naphtha prices fell, and June main-product average prices were 4%–20% below May); Formosa Petrochemical NT$636.83 hundred million (up 10.2% MoM, up 18.5% YoY; June refining revenue up 18% versus May) - source: AINews #1382820 - source_url: https://news.cnyes.com/news/id/6529615 - confidence: medium - basis: news_aggregation - period: June 2026 (Anue report 2026-07-09) - caveat: Self-tallied figures relayed by media; "unaffected" is the company's explanation as reported
F-013: Storm Media reports financial expert Yeh Yu-shuo's analysis: the Big Four's visible Q2 2026 rebound rode two tailwinds — the US–Iran conflict's lift to oil and petrochemical prices (with the group holding substantial low-cost inventory, producing inventory gains) and new AI demand (especially the across-the-board surge in Nan Ya's ABF substrate, high-grade copper-clad laminate, glass cloth and specialty resins); he warns inventory gains are ultimately one-off, and durable growth depends on core competitiveness and continued AI-demand expansion - source: AINews #1388017 - source_url: https://www.storm.mg/article/11148264 - confidence: medium - basis: news_aggregation - period: 2026-07-09 (Storm Media report) - caveat: Personal analysis relayed by media, not an official conclusion; this card presents both sides
F-014: Storm Media reports Yeh Yu-shuo's base-effect warning: 2025 was the petrochemical industry's worst stretch in a decade (weak China demand, depressed product prices, competitors' price-cutting, overcapacity, volatile oil), so a mild 2026 improvement looks especially bright, "like someone who usually fails suddenly scoring 60"; he stresses the whole industry has not suddenly turned fully bullish and the four companies benefited for different reasons; Storm Media also states the four's H1 2026 profit of nearly NT$1,085 hundred million reverses the H1 2025 loss of NT$213 hundred million and the 2025 full-year deficit of nearly NT$11 hundred million, and is 12 times the full-year 2024 profit - source: AINews #1388017 - source_url: https://www.storm.mg/article/11148264 - confidence: medium - basis: news_aggregation - period: 2026-07-09 (Storm Media report) - caveat: The "12 times", NT$213 hundred million and NT$11 hundred million base figures are Storm Media's statements; this card has not obtained the 2024/2025 annual source texts and does not verify them; "worst in a decade" is the expert's personal assessment
J-Units
J-001: The Big Four's Q2 2026 swing to profit stacks two drivers — the Middle-East event component (identifiable verbatim in the Formosa Plastics and FCFC filings: Formosa Plastics' self-described price spreads and "low-cost prior inventory" gains, FCFC's price effect; FPCC's fuel procurement and inventory gains are a company explanation relayed by media, its filing text not among this card's sources) and the AI structural component (Nan Ya's filed electronic-materials supply squeeze and Nanya Technology memory equity income); the filings and same-day reports also record the event component fading in June 2026 (FCFC's Q2 operating profit down NT$12 hundred million QoQ = filing; Formosa Plastics' June revenue down both MoM and YoY with main-product prices 4%–20% below May = Anue relay; FPCC's NT$32.3 hundred million inventory-valuation loss = CNA relay) — but one quarter and one month of data cannot establish a cycle turn, so this card does not extrapolate a "full petrochemical recovery" conclusion and does not forecast Q3 - basis_f_units: F-001, F-002, F-004, F-005, F-006, F-008, F-010, F-011, F-012 - confidence: medium
J-002: The internal structure of "the Big Four earning over NT$100 billion" is highly uneven: per each source's scope, in H1 2026 Nan Ya (NT$410.1 hundred million after tax) and Formosa Petrochemical (NT$411.86 hundred million) each earned far more than Formosa Plastics (consolidated after-tax NT$139 hundred million) and FCFC (NT$123.3754 hundred million), and the four benefited through different mechanisms (Nan Ya = AI electronic materials + memory equity income; Formosa Plastics = event spreads + inventory; FCFC = positive price effect but operating profit down QoQ; FPCC = three businesses growing but inventory valuation swinging to a loss) — the "all four rising" headline impression diverges from the structural reality, consistent with the expert's observation that "the four companies benefited for different reasons" - basis_f_units: F-002, F-003, F-006, F-007, F-008, F-009, F-010, F-011, F-013 - confidence: medium
P-Units
P-001: Formosa Petrochemical's Q2 2026 self-tallied consolidated P&L filing text is not among this card's sources; FPCC figures currently rely on CNA / Anue relays and can be back-filled once the filing text is obtained - status: open
P-002: Whether the AI structural component (Nan Ya's electronic materials) can carry the four's profits once the Middle-East event component fades is to be verified against Q3 2026 self-tallied data; FCFC's filing already cautions that product prices remain under pressure (competitors' price-cutting, customers restocking only on real demand) - status: open
同事件・三視角 / Three Perspectives on the Same Event / 同一イベント・三つの視点
Internal Citation Chain
Published ANK-Docs cited by this card: - ANK-2026-06-13-001 (Middle-East tensions hit Japanese manufacturers' procurement: input prices up for ~90% of firms, price-hike requests above 70%) → the Japanese-manufacturing side of the same Middle-East geopolitical shock; this card is the Taiwan petrochemical side's profit decomposition. Read together, the Taiwan–Japan contrast shows the same event propagating differently through the two supply chains (Japan = input-cost pressure; Taiwan petrochemicals = price spreads and inventory gains). - ANK-2026-07-10-003 (June 2026 Taiwan semiconductor / AI supply-chain revenue quick-reference table) → the same-day demand-side record of the "cloud operators accelerating hyperscale data-center construction" described in Nan Ya's filing; the two cards together contrast AI demand at the electronics-assembly end and the upstream-materials end.
Sources
1. [CNA #1380902] CNA, "台塑四寶上半年合賺逾千億元 南亞賺進半個股本", 2026-07-09. https://www.cna.com.tw/news/afe/202607090227.aspx 2. [TWSE #1401961] Taiwan Stock Exchange Market Observation Post System, "【南亞】公告本公司2026年第2季自結合併損益", 2026-07-09. https://openapi.twse.com.tw/v1/opendata/t187ap04_L 3. [TWSE #1415573] Taiwan Stock Exchange Market Observation Post System, "【南亞】公告本公司2026年第2季自結合併損益 (same filing, MOPS original)", 2026-07-09. https://openapi.twse.com.tw/v1/opendata/t187ap04_L 4. [TWSE #1402890] Taiwan Stock Exchange Market Observation Post System, "【台塑】公告本公司2026年第2季自結合併損益", 2026-07-09. https://openapi.twse.com.tw/v1/opendata/t187ap04_L 5. [TWSE #1415592] Taiwan Stock Exchange Market Observation Post System, "【台塑】公告本公司2026年第2季自結合併損益 (same filing, MOPS original)", 2026-07-09. https://openapi.twse.com.tw/v1/opendata/t187ap04_L 6. [TWSE #1402705] Taiwan Stock Exchange Market Observation Post System, "【台化】公告本公司2026年第二季自結合併損益", 2026-07-09. https://openapi.twse.com.tw/v1/opendata/t187ap04_L 7. [AINews #1381977] Anue (cnyes), "〈台塑四寶業績〉四寶Q2獲利報喜年增45.5% 南亞上半年EPS 5.17元創新高", 2026-07-09. https://news.cnyes.com/news/id/6529288 8. [AINews #1382820] Anue (cnyes), "〈台塑四寶業績〉台化、台塑化6月營收年月雙增 南亞電子材料不受景氣影響年增31.8%", 2026-07-09. https://news.cnyes.com/news/id/6529615 9. [AINews #1388017] Storm Media, "台塑四寶醒了？第二季財報大賺642億 專家提2點示警：這波榮景恐是「虛火」", 2026-07-09. https://www.storm.mg/article/11148264 10. [ANK-2026-06-13-001] Takenouchi Rin, "Middle-East tensions hit Japanese manufacturers' procurement", 2026-06-13. https://ainews.washinmura.jp/ainews/en/ank/ANK-2026-06-13-001 11. [ANK-2026-07-10-003] Takenouchi Rin, "June 2026 Taiwan Semiconductor / AI Supply-Chain Revenue Quick-Reference Table", 2026-07-10. https://ainews.washinmura.jp/ainews/en/ank/ANK-2026-07-10-003