Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's operating performance remains stable, with a continuous increase in new contracts signed [4][6] - In the first half of 2025, the company achieved operating revenue of 90.72 billion yuan, a year-on-year decrease of 0.35%, while the net profit attributable to shareholders increased by 9.26% to 3.10 billion yuan [4] - The company has a strong advantage in its main business, with new contracts in the chemical engineering sector exceeding 206 billion yuan, marking a significant milestone [7] Financial Performance - In Q2 2025, the company reported revenue of 46.07 billion yuan, a year-on-year increase of 0.44%, and a net profit of 1.66 billion yuan, up 2.12% year-on-year [4][11] - The gross profit margin for Q2 2025 was 9.85%, a decrease of 0.90 percentage points year-on-year, while the net profit margin increased by 0.02 percentage points to 3.88% [4][11] - The company’s return on equity (ROE) for Q2 2025 was 2.56%, showing a year-on-year decrease of 0.16 percentage points [4] Segment Performance - In the first half of 2025, the chemical engineering segment generated revenue of 74.8 billion yuan, a year-on-year increase of 1.21%, while the infrastructure segment saw a revenue decline of 10.02% to 9.1 billion yuan [5] - The environmental governance segment experienced a significant revenue drop of 54.58%, while the modern service industry grew by 7.81% to 0.8 billion yuan [5] Contract Signing and Business Development - The total new contracts signed in the first half of 2025 amounted to 206.09 billion yuan, representing a year-on-year increase of 1.24% [6] - Domestic contracts accounted for 79.87% of the total, with a value of 164.61 billion yuan, while international contracts contributed 20.13% with 41.48 billion yuan [6] Future Outlook - The company is expected to achieve operating revenues of 203.6 billion yuan, 218.2 billion yuan, and 228.5 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 6.2 billion yuan, 6.9 billion yuan, and 7.5 billion yuan [13][16] - The company is positioned as a leader in the chemical engineering sector, with ongoing projects expected to drive a second growth curve [13]

上市企业：新乡化纤（000949）,恒力石化（600346）,华峰超纤（300180）,荣盛石化（002493）,吉林化 纤（000420）,桐昆股份（601233）,中泰化学（002092）,南京化纤（600889）,泰和新材（002254）,澳 洋健康（002172） 2020-2025年1-7月中国化学纤维产量统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 相关报告：智研咨询发布的《2025-2031年中国化学纤维行业市场运行现状及投资前景分析报告》 根据国家统计局数据显示：2025年7月中国化学纤维产量为734万吨，同比增长4.6%；2025年1-7月中国 化学纤维累计产量为4997.8万吨，累计增长5%。 ...

格隆汇9月8日丨中国化学(601117.SH)在投资者互动平台表示，印尼国内形势动荡，对公司影响较小， 目前暂未收到公司印尼项目受到影响的报告。 ...

格隆汇9月8日丨中国化学(601117.SH)在投资者互动平台表示，印尼国内形势动荡，对公司影响较小， 目前暂未收到公司印尼项目受到影响的报告。 ...

丨证券研究报告丨 公司研究丨点评报告丨中国化学（601117.SH） [Table_Title] 业绩稳增长，化工实业、新疆煤化工贡献增量 报告要点 [Table_Summary] 公司上半年营业总收入 907.22 亿元，同比下降 0.35%，归属净利润 31.02 亿元，同比增长 9.26%，扣非净利润 30.03 亿元，同比下降 1.56%。 分析师及联系人 [Table_Author] SAC：S0490520080022 SAC：S0490522060005 SAC：S0490525070008 SAC：S0490525080003 SFC：BUT917 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 张弛 张智杰 袁志芃 龚子逸 中国化学（601117.SH） cjzqdt11111 [Table_Title2] 业绩稳增长，化工实业、新疆煤化工贡献增量 [Table_Summary2] 事件描述 公司上半年营业总收入 907.22 亿元，同比下降 0.35%，归属净利润 31.02 亿元，同比增长 9.26%，扣非净利润 30.03 亿元，同比下降 ...

Investment Rating - Industry Rating: Outperform the market (maintained rating) [5] Core Viewpoints - Recent focus on "anti-involution" has increased, with a clear policy direction from the central government to address "involution-style" competition. A joint initiative was launched by 33 construction-related state-owned and private enterprises to resist such competition [2][13] - The report emphasizes investment opportunities in the construction sector, particularly in the context of rising infrastructure demand in central and western regions, and the potential benefits from the "anti-involution" trend [2][31] Summary by Sections 1. Anti-Involution Investment Opportunities - Four angles to capture investment opportunities: 1) Price elasticity: Focus on resource-related sectors benefiting from rising commodity prices, such as "construction + minerals" and "construction + chemicals" [2][14] 2) Downstream profit improvement and capital expenditure: The steel industry is seeing enhanced self-discipline, leading to improved supply conditions. Notable companies include China Steel International and China National Materials [2][14] 3) Financial statement improvement and transformation: Companies with stronger technological attributes are expected to benefit from structural demand in technology-driven infrastructure [15] 4) New energy materials and engineering: The photovoltaic sector is highlighted as a key area for investment [2][15] 2. Market Review - The construction index fell by 1.13% this week, underperforming the CSI 300 index by 0.76 percentage points. Notable gainers included companies like Jiangsu Transportation and Hongrun Construction [4][25] 3. Investment Recommendations - Focus on infrastructure recovery and anti-involution investment themes. Key recommendations include: - High-quality local state-owned enterprises such as Sichuan Road and Bridge, and Zhejiang Communications [31][32] - Central state-owned enterprises like China Communications Construction and China Railway Construction [31][32] - Emphasis on regions with high infrastructure demand, particularly in water conservancy, railways, and aviation [31][32]

快查股权穿透数据显示，该公司由中国化学持股，出资比例为47.08%。 （来源：快查一企业中标了） 快查APP显示，中国化学相关公司东华工程科技股份有限公司于2025年9月5日发布一则招标信息，项目 名称为罗布泊盐湖老卤提锂综合利用扩能改造工程(建安标段一、二、三)招标公告，预算金额为 28217.00万元。 ...

Core Viewpoint - The recent conference on "New Regulations for CCC Certification of Mobile Power Supplies and Lithium Batteries" highlighted the industry's need to address deep structural contradictions in supply chain management, cost optimization, and quality safety balance, especially with a looming safety crisis expected in 2025 [3]. Group 1: Industry Overview - The conference was organized by the China Chemical and Physical Power Industry Association and gathered over 200 representatives from the mobile power supply and lithium battery industry in the Greater Bay Area [1]. - The Shenzhen Market Supervision Administration is actively guiding production enterprises and certification bodies to fulfill their responsibilities, emphasizing the importance of compliance in the industry [3]. Group 2: Regulatory Changes - The new regulations require stricter CCC certification execution and regular unannounced factory inspections, aiming to shift the industry focus from "scale expansion" to "quality improvement" [3]. - The Ministry of Industry and Information Technology is developing stricter national standards, including the "Safety Technical Specifications for Mobile Power Supplies," to enhance safety and control in lithium battery production [3]. Group 3: Conference Insights - Experts provided systematic interpretations of the core changes in the "Implementation Specifications for Certification of Mobile Power Supplies, Lithium-ion Batteries, and Battery Packs," clarifying compliance pathways for enterprises [3]. - The conference served as a timely platform for policy interpretation and exchange among industry chain enterprises, receiving broad recognition and positive responses from attendees [3].

Group 1 - The construction industry faced overall pressure in the first half of 2025, with a slight improvement in cash flow in Q2 [6][10][12] - The industry's revenue and profit both declined year-on-year, with total revenue of 3.92 trillion yuan, down 5.63%, and net profit of 936.2 billion yuan, down 5.33% [12][26] - The gross profit margin for construction companies was 10.14%, a slight decrease of 0.12 percentage points year-on-year, while the net profit margin increased marginally to 2.39% [6][10][20] Group 2 - The construction industry saw an increase in cash collection efficiency, with the cash collection ratio rising by 6.29 percentage points to 95.11% [6][31] - The industry's asset-liability ratio increased to 77.52%, up 0.57 percentage points from the beginning of the year, indicating a rise in financial leverage [6][34] - The total amount of funds occupied by downstream owners increased, with accounts receivable and inventory reaching 10.03 trillion yuan, a year-on-year increase of 8.57% [27][30] Group 3 - The chemical engineering and petroleum engineering sectors showed resilience, with positive revenue growth, while the steel structure sector also saw profit recovery due to overseas expansion [11][39][40] - In the first half of 2025, only two sub-sectors, steel structure and chemical engineering, achieved positive revenue growth of 2.81% and 1.33% respectively [39][41] - The gross profit margin for the international engineering and petroleum engineering sectors improved, with international engineering at 15.14%, up 3.26 percentage points [43][44]

Core Viewpoint - China Chemical's stock has experienced a decline in recent trading sessions, with a year-to-date drop of 7.33% and a significant net outflow of funds on September 3rd [1][2]. Financial Performance - For the first half of 2025, China Chemical reported a revenue of 907.22 billion yuan, a slight decrease of 0.35% year-on-year, while the net profit attributable to shareholders was 31.02 billion yuan, reflecting a growth of 9.26% [2]. - Cumulatively, since its A-share listing, the company has distributed a total of 99.58 billion yuan in dividends, with 33.05 billion yuan distributed over the past three years [3]. Stock Market Activity - As of September 3rd, the stock price was 7.51 yuan per share, with a market capitalization of 458.63 billion yuan. The trading volume was 4.08 billion yuan, with a turnover rate of 0.89% [1]. - The stock has seen a net outflow of 23.46 million yuan from major funds, with significant selling pressure observed [1]. Shareholder Structure - As of June 30, 2025, the number of shareholders decreased to 93,300, while the average number of circulating shares per person increased by 12.45% to 64,756 shares [2][3]. - The top circulating shareholder is Hong Kong Central Clearing Limited, holding 295 million shares, an increase of 60.66 million shares from the previous period [3].