2025年，A股化工上市公司数量达到431家，覆盖申万行业分类下的1个一级行业、7个二级行业及33个三级行业。报告以2025年8月31日为数据截止点，基于 和君"咨询+资本"双重视角，构建了系统分析框架，全面梳理行业宏观发展与微观运行逻辑。 行业整体处于创新驱动与全球化发展的新阶段，细分领域呈现明显分化，化学制品占据核心地位。区域格局上，浙江、山东、江苏三地表现突出，形成梯次 分布。市场方面，化工品价格在2024年震荡后持续低位，价差波动显著，股价表现弱于大盘，估值长期处于历史低位。市值分化明显，头部企业与高成长标 的表现突出。 经营层面，营收展现规模韧性，但归母净利润呈现结构性差异，利润增速虽仍为负但已大幅收窄。盈利能力承压，行业内部分化加剧，反映产业转型的攻坚 阶段。营运能力呈现分化，资产与账款管理体现企业经营韧性。资产负债率有所上升，财务策略逐步适应产业升级需求。 资本运作方面，IPO与增发全面收缩，融资聚焦优质赛道与核心项目，债券融资温和修复，资金向优质项目与头部企业集中。产能建设中，资本开支同比收 缩，固定资产增长放缓，不同细分行业间存在明显差异，头部企业聚集效应增强。 科技创新投入整体提升，资源向 ...

Group 1 - The company's total revenue for the six months ending June 30, 2025, increased by 1.3% to RMB 209.2 million from RMB 206.4 million in the same period of 2024, primarily driven by sales of the commercialized drug Envita (a subcutaneous PD-L1 inhibitor) [1] - Gross profit for the same period rose by 2.1% to RMB 192.9 million from RMB 188.9 million in 2024, with a gross margin increase from 91.5% to 92.2%, attributed to higher product sales and a slight reduction in related taxes and fees [1] - The total comprehensive loss decreased by RMB 21.5 million to RMB 92.6 million for the six months ending June 30, 2025, due to increased gross profit from sales growth and effective control of administrative expenses, which saved RMB 13.8 million [1] Group 2 - The company holds a broad patent portfolio, including 13 authorized patents in China, 24 authorized patents in other jurisdictions, and 19 pending patent applications, demonstrating its commitment to protecting its products and technologies [2] - As an innovative, commercialization-driven biopharmaceutical company, the company has made significant breakthroughs in various fields, with ongoing clinical research and development efforts focused on early-stage research and expanding indications for Envita [2] - The company aims to maintain stable revenue while achieving all key R&D milestones as planned, emphasizing its pursuit of breakthrough innovations and deepening global strategic partnerships to advance overseas commercialization [2]