瓦利化工 2025年季度报告

Indicate by check mark whether the Registrant (1)has filed all reports required to be filed by Section13 or15(d)of the Securities Exchange Act of 1934 during the preceding 12months (or for such shorter period thatthe Registrant was required to file such reports), and (2)has been subject to such filing requirements for thepast 90days.Yes☒No☐ Whether the Registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule405 of Regulation S-T during the preceding 12months (or for such shorter period that theregistrant was required to submit such files).Yes☒No☐ Whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reportingcompany or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer,”smaller reporting company,” and “emerging growth company” in Rule12b-2 of the Act. Accelerated filer☐Smallerreportingcompany☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transitionperiod for complying with any new or revised financial accounting standards provided pursuant to Section13(a)of theExchange Act.☐ Indicate by check mark whether the Registrant is a shell company (as defined in Rule12b-2 of the Act).Yes☐No☒. Number of shares of the registrant’s common stock, $.01 par value per share, outstanding on November 3, 2025:28,302,293 VALHI,INC. AND SUBSIDIARIES INDEX PartI.FINANCIAL INFORMATION Item1.Financial Statements Condensed Consolidated Balance Sheets–December31, 2024 and September 30, 2025 (unaudited)3Condensed Consolidated Statements of Operations (unaudited)–Three and nine months ended September 30, 2024 and 20255Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited)–Three and nine months ended September 30, 2024 and 20256Condensed Consolidated Statements of Stockholders’ Equity (unaudited)–Three and nine months ended September 30, 2024 and 20257Condensed Consolidated Statements of Cash Flows (unaudited)–Nine months ended September 30, 2024 and 20258Notesto Condensed Consolidated Financial Statements (unaudited)10Item2.Management’s Discussion and Analysis of Financial Condition and Results of Operations27Item3.Quantitative and Qualitative Disclosures AboutMarket Risk47Item4.Controls and Procedures47PartII.OTHER INFORMATIONItem1.Legal Proceedings48Item1A.Risk Factors48Item6.Exhibits49 VALHI,INC. AND SUBSIDIARIES (In millions) VALHI,INC. AND SUBSIDIARIES (In millions) See accompanying Notesto Condensed Consolidated Financial Statements. VALHI,INC. AND SUBSIDIARIES (In millions, except per share data) VALHI,INC. AND SUBSIDIARIES (In millions) VALHI,INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(In millions) VALHI,INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)(In millions) VALHI,INC. AND SUBSIDIARIES NOTESTO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS September 30, 2025 (unaudited) Note1– Organization and basis of presentation: Organization–We are majority owned by a wholly-owned subsidiary of Contran Corporation (“Contran”),which owns approximately91%of our outstanding common stock at September 30, 2025.A majority of Contran’soutstanding voting stock is held directly by Lisa K. Simmons and by family stockholders (Thomas C. Connelly(the husband of Ms. Simmons’ late sister), a family-owned entity and various family trusts established for thebenefit of Ms. Simmons, Mr. Connelly and their children) who are required to vote their shares of Contran votingstock in the same manner as Ms. Simmons. Such voting rights are personal to Ms. Simmons and last throughApril 22, 2030. The remainder of Contran’s outstanding voting stock is held by another trust (the “FamilyTrust”), which was established for the benefit of Ms.Simmons and her late sister and their children and forwhich a third-party financial institution serves as trustee. Consequently, at September 30, 2025, Ms.Simmonsand the Family Trust may be deemed to control Contran and us. Basis of Presentation–Consolidated in this Quarterly Report are the results of our wholly-owned andmajority-owned subsidiaries, including NL Industries,Inc., Kronos Worldwide,Inc., CompX International Inc.,Tremont LLC, Basic Management,Inc. (“BMI”) and The LandWell Company (“LandWell”). Kronos (NYSE: KRO),NL (NYSE: NL) and CompX (NYSE American: CIX) each file periodic reports with the Securities and ExchangeCommission (“SEC”). The unaudited Condensed Consolidated Financial Statements contained in this Quarterly Report have beenprepared on the same basis as the audited Consolidated Financial Statements included in our Annual Report onForm10-K for theyear ended December31, 2024 that we filed with the SEC on March6, 2025 (the “2024 AnnualReport”). In our opinion, we have made all necessary adjustments (which include only normal recurring adjustments),in order to state fairly, in all material respec