137页|化工上市公司发展报告（2025）

Overall Overview - As of August 31, 2025, there are 431 chemical companies listed on A-shares, covering 1 primary industry, 7 secondary industries, and 33 tertiary industries [4][5] - The chemical industry is currently in a new phase of innovation-driven and globalization development, with significant differentiation in sub-sectors, where chemical products occupy a core position [1][19] - The regional distribution shows that Zhejiang, Shandong, and Jiangsu are leading, forming a tiered distribution [1][19] Market Performance - Chemical prices experienced fluctuations in 2024 and continued to operate at low levels in 2025, with significant price spread volatility [1][19] - Stock prices underperformed compared to the broader market, with valuations remaining at historical lows [1][19] - There is a notable divergence in market capitalization, with leading companies and high-growth stocks performing prominently [1][19] Operating Conditions - Revenue shows resilience in scale, but net profit attributable to shareholders exhibits structural differences, with profit growth still negative but significantly narrowing [1][19] - Profitability is under pressure, reflecting a transitional phase in the industry, with operational capabilities showing significant differentiation [1][19] - The asset-liability ratio has increased, indicating that financial strategies are gradually adapting to the needs of industrial upgrades [1][19] Capital Operations - IPOs and additional issuances have contracted significantly, with capital focusing on quality tracks and core projects [2][12] - Bond financing has seen a mild recovery, with funds concentrating on quality projects and leading enterprises [2][12] Capacity Construction - Capital expenditures have contracted year-on-year, with fixed asset growth slowing down, and significant differences exist among various sub-sectors [2][12] - The construction of ongoing projects is steadily increasing, but the growth rate is slowing, highlighting a pronounced concentration effect among leading enterprises [2][12] Technological Innovation - Overall investment in technological innovation has increased, with resources concentrating on high-end fields and specialized enterprises [2][12] - The proportion of R&D personnel continues to rise, with significant differentiation between industries and companies [2][12] International Development - Overseas revenue is steadily recovering, but performance varies across sub-sectors, with leading companies deeply integrated into the global market [2][12] - The structure of foreign investment holdings is increasingly differentiated, with high-tech companies receiving focused allocations [2][12] Policy Guidance - Encouraging policies focus on green low-carbon, high-end, and park-intensive development, while restrictive policies strengthen the clearance of backward production capacity and inefficient layouts [2][12] - Capital market policies support high-end green transformation, guiding capital towards strategic fields [2][12] Case Insights - Wanhua Chemical builds a scale moat through integrated layout and global expansion, while New Hecheng achieves counter-cyclical growth through technological barriers and specialized routes [2][12] - Upstream New Materials shows a speculative premium disconnected from fundamentals, highlighting the importance of profit realization for valuation support [2][12]