建筑行业2025年年报综述：传统施工经营承压能源化工及专业工程相对景气

正文目录TOC\o"1-2"\h\z\u行业经营整体承压，2026Q1现金流有所改善 4行业营收与利润下滑，季度表现延续承压态势 5毛利率小幅下降，盈利结构稳中有压 5下游资金占用规模处于高位，行业垫资仍存压力 62025年经营性现金流同比改善，2026Q1继续大幅净流出 7资产负债率继续攀升 8能源化工子行业逆势增长，传统建筑经营承压 9收入：化学工程和石油工程韧性较强 9利润：化学工程行业持续正增长，装饰行业扭亏为盈 9毛利率：国际工程与能源驱动改善，盈利结构持续分化 10期间费用率：园林费用率明显改善，国际工程仍处高位增长 管理及研发费用率：2026Q1石油工程、化学工程和基建行业同比下降 12销售费用率：整体保持平稳，2026Q1园林行业提升较明显 13财务费用率：2026Q1国际工程和园林上涨明显 14减值损失率：2026Q1行业同比小幅回落 15归母净利率：化学工程连续5个季度同比改善 16经营现金流：房建、工程咨询、国际工程及专业工程现金流改善 17建筑业新签继续回落，积极布局景气赛道和转型标的 18风险提示 19图表目录图1：2022-2026Q1建筑行业营业收入及同比变化 5图2：2022-2026Q1建筑行业归母净利润及同比变化 5图3：2022-2026Q1建筑行业盈利能力指标 5图4：2022-2026Q1建筑行业三项费用率水平 6图5：2022-2026Q1建筑行业资产及信用减值损失率水平 6图6：2022-2026Q1建筑行业垫资率 6图7：2022-2026Q1建筑行业垫资结构（亿元） 7图8：2022-2026Q1建筑行业经营性现金流净额、收现比和付现比 7图9：2022-2026Q1建筑行业上游占款结构（亿元） 8图10：2022-2026Q1建筑行业负债率和有息负债率 8图2025Q1-2026Q1筑行业和8大央企新签合同额同比 18图12：2025Q1-2026Q1建筑行业总产值及同比 18表1：2022-2026Q1建筑各子行业营业收入同比变化 9表2：2022-2026Q1建筑各子行业归母净利润同比变化 10表3：2022-2026Q1建筑各子行业毛利率变化 10表4：2022-2026Q1建筑各子行业毛利率同比变化 表5：2022-2026Q1建筑各子行业期间费用率变化 表6：2022-2026Q1建筑各子行业期间费用率同比变化 12表7：2022-2026Q1建筑各子行业管理及研发费用率变化 12表8：2022-2026Q1建筑各子行业管理及研发费用率变化 13表9：2022-2026Q1建筑各子行业销售费用率变化 13表10：2022-2026Q1建筑各子行业销售费用率同比变化 14表2022-2026Q1建筑各子行业财务费用率变化 14表12：2022-2026Q1建筑各子行业财务费用率同比变化 15表13：2022-2026Q1建筑各子行业减值损失率变化 15表14：2022-2026Q1建筑各子行业减值损失率同比变化 16表15：2022-2026Q1建筑各子行业归母净利率变化 16表16：2022-2026Q1建筑各子行业归母净利率同比变化 17表17：2022-2026Q1建筑各子行业经营现金流变化（亿元） 17表18：2022-2026Q1建筑各子行业经营现金流同比变化（亿元） 18行业经营整体承压，2026Q1现金流有所改善随着年报和季报披露完毕，我们以142家建筑上市公司为基准进行了数据统计和梳理，建筑行业整体经营呈现以下特征：2025年建筑行业毛利率10.88%0.08pct；2026Q19.17%0.11pct。20256.47%，同比提升4.99%0.50%0.98%，同比变化-0.03pct、0.02pct0.13pct；2026Q15.76%0.26pct，其4.01%、0.45%1.31%-0.09pct、-0.01pct0.36pct。20250.34%0.04pct，资产及信用减值损失率为1.59%0.36pct1.71%0.33pct；2026Q1建筑行业非经常性损益率为0.10%，同比下降0.01pct；资产及信用减值损失率为0.01%，同比下降0.01pct，归属净利率为2.24%，同比下降0.20pct。20254.57pct1926625亿元；2026Q1建筑行业收106.10%2.06pct451775亿元。从资产负债来看，建筑行业资产负债水平高位维持。2025年全年行业资产负债率为77.62%，同比提升0.86pct；2026Q1为77.38%，同比提升0.59pct；2025年全年行业有息负债率为26.61%，同比提升0.90pct；2026Q1为28.39%，同比提升0.91pct。2025Q4-2026Q1收入和利润均保利润同比下滑、2026Q1利润同比实现正增长的是专业工程行业，里面贡献增量利润较大的企业有亚翔集成（20254同比+1284%、20261同比+20241%、圣晖集成（20254同比+46.12%、20261同比+33.66%，得益于全球AI算力产业需求爆发带动高端制造产能规模化扩张，叠加半导体行业需求回暖复苏，拉动洁净室工程需求稳步攀升；2026Q1营收继续下滑但盈内卷程度大大减轻，叠加坏账计提较为充分，头部企业的盈利能力开始修复；钢结构行业20252026Q1呈现边际改善迹象，0.83pct11.04%（如装饰行业营收与利润下滑，季度表现延续承压态势2025年行业实现营业收入824775.62%140920.96%。行业新签同比有所下滑，2025年建筑业新签合31.535.85项目开工和施工节奏放缓导致产值释放减缓。Q1单季度来看，营收及利润延续上年下滑趋势。2026Q118272亿6.03%40913.81%。单季度收入及利润均承部竞争加剧，利润空间被挤压，加之季节性施工安排对收入确认存在阶段性的影响。图1：2022-2026Q1建筑行业营业入及同比变化 图2：2022-2026Q1建筑行业归母利润及同比变化10000012.00%250020.00%9000010.00%10.00%800008.00%20000.00%700006.00%-10.00%600004.00%1500-20.00%500002.00%-30.00%400000.00%1000-40.00%0

-2.00%-4.00%-6.00%-8.00%

5000

-50.00%-60.00%-70.00%-80.00% 营业收（亿） 同比变（右）

归母净润（元） 同比变（右）毛利率小幅下降，盈利结构稳中有压2025年建筑行业整体毛利率为10.88%0.08pct；2026Q19.17%0.11pct。图3：2022-2026Q1建筑行业盈利能力指标14.00%12.00%10.00%8.00%6.00%4.00%2.00%0.00%2022 2023 2024 20252026Q1 2024Q42025Q12025Q22025Q32025Q42026Q1归母净率 毛利率 期间费率得益于减值压力阶段性缓解，行业盈利能力边际企稳，但整体利润端仍承压。2025年建筑行业信用及资产减值率为1.59%0.36pct20261信用及资产减值率为0.01%，0.01pct。20256.47%0.12pct，其中管理及研4.99%0.50%0.98%同0.13%。2026Q15.76%4.01%同比下降0.09pct0.45%0.01pct1.31%0.36pct。非经常性收益对利润支撑有限，归母净利率仍承压。2025年非经常性损益/0.34%0.04pct1.71%0.33pct2026Q1非经常性损益/0.10%0.01pct2.24%0.20pct。图4：2022-2026Q1建筑行业三项用率水平 图5：2022-2026Q1建筑行业资产信用减值损失率水平7.00%6.00%5.00%4.00%3.00%2.00%1.00%0.00%

4.50%4.00%3.50%3.00%2.50%2.00%1.50%1.00%0.50%0.00% 管理及发费率 销售费率 财务费率

减值损失率下游资金占用规模处于高位，行业垫资仍存压力2025年全年建筑行业对下游业主的垫资总额进一步扩大，行业资金占用水平维持高位。2025年全1676810.25万亿元，同比增长8.99%59.88%0.58pct，主要受下游业主资金周转偏紧，工程回款节奏延后影响。2026Q123699479921165542431706110.477.07%。图6：2022-2026Q1建筑行业垫资率62.00%61.00%60.00%59.00%58.00%57.00%56.00%55.00%20222023202420252026Q12024Q42025Q12025Q22025Q32025Q42026Q1行业垫资率:（应收账款及票据+存货及合同资产+长期应收款+其他应收款+其他非流动资产）/总资产图7：2022-2026Q1建筑行业垫资结构（亿元）1200001000008000060000400002000002022 2023 2024 20252026Q1 2024Q42025Q12025Q22025Q32025Q42026Q1应收账及票据 存货及同资产 长期应款 其他应款 其他非动资产2025年经营性现金流同比改善，2026Q1继续大幅净流出20251926625101.26%98.33%4.57pct和4.57pct736517.29%。2026Q12026Q1建筑行业经营性现金流净流出4517亿元，75106.10%128.44%2.06pct和4.72pct63825亿元，同比增长5.95%。图8：2022-2026Q1建筑行业经营性现金流净额、收现比和付现比8,000.00 140.00%26252625264,000.00 100.00%2,000.00 80.00%

202220232024202520

Q1

60.00%Q140.00%-4,000.00 20.00%-6,000.00 0.00%经营性金流额（元） 收现比右轴） 付现比右轴）图9：2022-2026Q1建筑行业上游占款结构（亿元）90000 7000060000500004000030000200001000002022 2023 2024 20252026Q1 2024Q42025Q12025Q22025Q32025Q42026Q1应付票及应账款 预收款项 合同负债 其他应款 长期应款2.4资产负债率继续攀升202577.62%0.86pct26.61%0.90pct。2026Q1行业资产负债率环比回落，但有息负债率持续上升。2026Q177.38%0.59pct，环比下降0.24%28.39%0.91pct1.78pct。行业资产负债率保持高位，企业仍需通过有息负债支撑经营和投资，融资压力略有增加。图10：2022-2026Q1建筑行业负债率和有息负债率78.00%29.0077.50%28.0077.00%76.50%27.0076.00%26.0075.50%75.00%25.0074.50%24.0074.00%73.50%23.0073.00%22.002022 2023 2024 20252026Q12024Q42025Q12025Q22025Q32025Q42026Q1资产负率 有息负率（轴）能源化工子行业逆势增长，传统建筑经营承压14210工程咨询、国际工程、化学工程、基建、石油工程、园林、专业工程和装饰十个子行业。基于此分类，对各子行业的收入与利润增长、盈利能力指标、垫资水平以及现金流状况等关键指标系统分析。收入：化学工程和石油工程韧性较强2025年全年建筑行业子行业收入普遍承压，仅化学工程实现正增长。全年来看，化学-20.98%-20.49%-19.93%-13.14%-8.04%-3.15%Q12.35%1.03%，其他子行业均为负增长，-20.28%-17.04%-15.30%-9.42%、园林-9.09%、房建-5.86%、工程咨询-4.64%和基建-4.32%。表1：2022-2026Q1建筑各子行业营业收入同比变化营业收入同比20222023202420252026Q12024Q42025Q12025Q22025Q32025Q42026Q1房建6.90%7.78%-5.47%-8.04%-5.86%-5.06%-4.78%-7.47%-8.22%-11.48%-5.86%钢结构2.41%7.95%-8.20%-2.92%-9.42%-6.77%7.92%-2.88%-9.27%-6.06%-9.42%工程咨询-4.27%4.47%-0.55%-2.93%-4.64%-11.09%-9.71%1.95%0.04%-4.10%-4.64%国际工程16.06%37.33%-20.75%-19.93%-17.04%-32.73%-24.71%-28.81%-22.08%-5.66%-17.04%化学工程13.16%13.92%4.85%2.32%2.35%11.20%0.84%1.05%4.28%3.05%2.35%基建10.88%7.63%-2.53%-3.15%-4.32%2.04%-5.03%-0.99%-0.91%-5.02%-4.32%石油工程36.37%12.74%3.31%-1.62%1.03%-1.45%0.76%-7.29%-2.00%1.82%1.03%园林-35.12%-24.26%-5.55%-20.49%-9.09%84.51%-20.36%-9.34%-21.49%-28.04%-9.09%专业工程14.82%7.73%-9.90%-13.14%-20.28%-12.86%-15.37%-18.72%-10.47%-7.50%-20.28%装饰-12.20%-0.08%-19.17%-20.98%-15.30%-27.82%-25.53%-21.81%-21.90%-14.89%-15.30%利润：化学工程行业持续正增长，装饰行业扭亏为盈2025年全年建筑行业子行业归母净利润表现分化明显，化学工程、石油工程和工程咨17.87%11.16%65.54%33.54%23.38%21.23%12.44%14.14%3.00%单季度来看，2026Q121.35%；工程咨询、钢结构、基建、国际工程、石油工程、房建和园林归40.54%、22.74%、21.20%、20.97%、10.79%、7.05%3.85%。表2：2022-2026Q1建筑各子行业归母净利润同比变化归母净利润同比20222023202420252026Q12024Q42025Q12025Q22025Q32025Q42026Q1房建-5.02%5.43%-16.66%-23.38%-7.05%-40.55%-4.10%2.48%-35.62%-99.04%-7.05%钢结构-13.17%-4.73%-28.56%-65.54%-22.74%-65.81%-18.88%-15.19%-10.49%-703.91%-22.74%工程咨询-11.98%-17.66%-58.25%10.83%-40.54%-112.16%20.12%-7.86%35.36%18.03%-40.54%国际工程-18.83%40.09%9.18%-3.00%-20.97%39.99%-8.27%-39.73%-10.49%72.17%-20.97%化学工程14.03%2.29%5.47%11.16%5.22%8.32%16.25%4.08%8.83%15.40%5.22%基建16.55%5.71%-10.37%-21.23%-21.20%-7.13%-12.66%-13.36%-7.40%-43.17%-21.20%石油工程436.10%18.26%8.44%17.87%-10.79%2.61%36.10%-0.94%23.79%22.22%-10.79%园林185.03%-2.12%-3.10%-14.14%-3.85%-19.51%-43.95%-49.67%-49.75%8.97%-3.85%专业工程52.53%-24.55%11.42%-33.54%5.84%-118.18%-24.78%14.46%-41.65%-911.49%5.84%装饰-49.53%-104.98%-1204.76%-12.44%21.35%-818.16%-18767.95%-59.05%-34.44%7.18%21.35%毛利率：国际工程与能源驱动改善，盈利结构持续分化2025年多数建筑子行业毛利率呈改善趋势，国际工程、石油工程及园林行业领涨，共74.49pct4.56%1.84pct16.14%1.34pct11.98%0.94pct至12.07%0.92pct15.01%0.48pct11.13%，房0.08pct9.87%1.21pct、0.09pct0.42pct11.13%、27.77%10.93%。单季度来看，2026Q1大部分子行业毛利率延续改善趋势，国际工程和园林板块涨幅明82.39pct、2.22pct、0.83pct、0.61pct、0.18pct、0.07pct0.07pct12.90%17.15%11.04%10.84%17.27%、9.68%、12.82%7.96%1.03pct0.34pct。整体表3：2022-2026Q1建筑各子行业毛利率变化毛利率20222023202420252026Q12024Q42025Q12025Q22025Q32025Q42026Q1房建10.10%9.65%9.79%9.87%7.96%12.42%7.90%10.57%7.46%13.16%7.96%钢结构13.53%12.81%12.33%11.13%11.04%13.26%10.21%11.44%13.90%9.36%11.04%工程咨询29.51%28.87%27.87%27.77%24.21%28.97%25.24%27.80%27.45%29.46%24.21%国际工程11.27%9.98%14.09%15.01%17.15%17.11%14.93%15.35%17.34%13.36%17.15%化学工程9.93%9.92%10.65%11.13%9.68%13.65%9.62%10.41%9.43%14.41%9.68%基建11.04%11.44%11.35%10.93%9.25%13.33%9.59%10.40%10.35%12.76%9.25%石油工程10.76%13.72%14.30%16.14%17.27%12.59%17.10%17.16%16.51%14.48%17.27%园林7.96%0.55%0.06%4.56%12.90%-14.05%10.50%10.34%7.44%-7.20%12.90%专业工程10.66%10.84%11.13%12.07%10.84%13.24%10.23%12.78%11.93%13.19%10.84%装饰10.15%11.59%10.64%11.98%12.82%8.35%12.75%12.13%12.18%11.03%12.82%表4：2022-2026Q1建筑各子行业毛利率同比变化毛利率同比20222023202420252026Q12024Q42025Q12025Q22025Q32025Q42026Q1房建-0.60%-0.44%0.14%0.08%0.06%0.39%-0.04%0.15%-0.44%0.74%0.06%钢结构-0.11%-0.71%-0.48%-1.21%0.83%0.52%-1.30%-0.42%1.36%-3.90%0.83%工程咨询0.11%-0.64%-1.00%-0.09%-1.03%-1.23%0.87%-2.00%0.00%0.49%-1.03%国际工程0.18%-1.29%4.11%0.92%2.22%8.08%3.09%3.43%1.87%-3.75%2.22%化学工程-0.06%-0.01%0.73%0.48%0.07%0.19%1.23%-0.75%0.64%0.77%0.07%基建-0.12%0.40%-0.09%-0.42%-0.34%-0.60%-0.24%-0.84%0.08%-0.56%-0.34%石油工程-3.40%2.96%0.58%1.84%0.18%0.09%3.16%2.26%0.28%1.89%0.18%园林-9.55%-7.41%-0.48%4.49%2.39%40.57%1.84%3.71%1.98%6.85%2.39%专业工程-1.08%0.18%0.29%0.94%0.61%1.18%0.73%1.66%1.41%-0.04%0.61%装饰-2.86%1.44%-0.95%1.34%0.07%-1.30%1.36%0.53%1.01%2.67%0.07%期间费用率：园林费用率明显改善，国际工程仍处高位增长2025年全年建筑子行业期间费用率整体呈上升趋势，国际工程、工程咨询及专业工程71.57pct8.81%，0.55pct18.84%0.57pct7.25%；石油工程同比提升0.50pct至6.0%0.18pct至540%0.06pct至6.06%，0.02pct6.64%3.77pct0.15pct8.82%0.07pct11.30%，费用率有所优化。单季度来看，2026Q1大部分子行业费用率继续上行，园林、国际工程及钢结构涨幅明93.96pct33.28%3.47pct11.23%1.05pct9.21%；石油工程同比提升1.43pt至765%0.80pct至713%0.37pct至20.86%，0.25pct0.14pct0.14pct5.45%0.37pct12.03%。表5：2022-2026Q1建筑各子行业期间费用率变化期间费用率同比变化20222023202420252026Q12024Q42025Q12025Q22025Q32025Q42026Q1房建5.33%4.94%5.21%5.40%4.34%6.89%4.20%5.12%4.81%7.38%4.34%钢结构8.18%8.41%8.96%8.82%9.21%9.54%8.17%7.72%9.87%9.66%9.21%工程咨询16.96%16.92%18.28%18.84%20.86%17.34%20.49%18.29%19.08%18.10%20.86%国际工程4.83%5.30%7.25%8.81%11.23%6.93%7.75%9.25%10.84%8.00%11.23%化学工程5.35%5.41%6.00%6.06%5.45%7.30%5.31%5.51%6.44%6.83%5.45%基建6.17%6.48%6.62%6.64%6.06%7.22%5.81%5.87%6.91%7.62%6.06%石油工程5.15%6.43%6.21%6.70%7.65%6.18%6.22%6.18%6.14%7.81%7.65%园林23.99%31.72%31.79%28.02%33.28%27.87%29.32%25.44%28.91%28.80%33.28%专业工程6.45%6.49%6.67%7.25%7.13%7.41%6.34%6.89%7.55%8.15%7.13%装饰10.94%11.21%11.37%11.30%12.03%12.14%12.40%10.47%12.53%10.22%12.03%表6：2022-2026Q1建筑各子行业期间费用率同比变化期间费用率同比变化20222023202420252026Q12024Q42025Q12025Q22025Q32025Q42026Q1房建0.43%-0.39%0.27%0.18%0.14%0.66%0.03%0.23%0.08%0.48%0.14%钢结构0.43%0.23%0.56%-0.15%1.05%0.41%-1.62%0.02%0.86%0.12%1.05%工程咨询1.21%-0.05%1.37%0.55%0.37%1.32%1.64%-0.24%0.17%0.76%0.37%国际工程-3.07%0.47%1.95%1.57%3.47%1.26%1.68%2.95%0.63%1.07%3.47%化学工程-0.70%0.07%0.58%0.06%0.14%0.19%0.32%0.15%0.32%-0.47%0.14%基建-0.19%0.31%0.13%0.02%0.25%-0.59%0.09%-0.32%-0.19%0.40%0.25%石油工程-2.90%1.28%-0.23%0.50%1.43%-1.16%0.58%0.29%-0.95%1.63%1.43%园林7.72%7.73%0.07%-3.77%3.96%-31.04%-6.17%-7.12%-4.33%0.93%3.96%专业工程-0.44%0.04%0.19%0.57%0.80%-0.66%0.79%0.34%0.24%0.74%0.80%装饰0.78%0.28%0.16%-0.07%-0.37%0.27%0.67%0.18%1.03%-1.92%-0.37%管理及研发费用率：2026Q1石油工程、化学工程和基建行业同比下降2025年建筑子行业管理及研发费用率多数以小幅上升为主，园林、钢结构和基建同比1.29pct0.21pct0.19pct5.10%1.05pct6.53%，工程咨询同比提升0.06pct至14.7%0.45pct至6.1%0.21pct至7.62%，0.11pct4.05%0.01pct5.50%5.62%，同比持平。单季度来看，2026Q13个子行业管理及研发0.23pct0.07pct至4.84%0.25pct至4.07%0.79pct至6.53%，0.18pct15.90%0.30pct5.65%；钢结构同比提0.70pct6.67%0.90pct17.17%0.08pct3.05%，装0.24pct8.12%。表7：2022-2026Q1建筑各子行业管理及研发费用率变化管理及研发费用率变化20222023202420252026Q12024Q42025Q12025Q22025Q32025Q42026Q1房建4.09%3.78%3.94%4.05%3.05%5.47%2.97%3.89%3.31%5.90%3.05%钢结构6.20%6.34%6.56%6.35%6.67%6.96%5.97%5.69%7.12%6.75%6.67%工程咨询14.67%14.34%14.61%14.67%15.90%14.41%15.72%14.27%14.94%14.14%15.90%国际工程4.90%4.23%5.48%6.53%6.53%6.31%5.74%7.73%7.62%5.59%6.53%化学工程5.29%5.29%5.62%5.62%4.84%7.08%4.91%5.17%6.02%6.25%4.84%基建5.14%5.32%5.29%5.10%4.07%6.08%4.32%4.56%5.15%6.04%4.07%石油工程5.02%5.28%5.49%5.50%4.94%6.94%5.17%4.91%5.26%6.32%4.94%园林13.34%17.42%16.99%15.70%17.17%17.95%16.27%14.67%16.16%15.92%17.17%专业工程5.63%5.64%5.72%6.17%5.65%6.54%5.35%5.84%6.40%7.03%5.65%装饰6.54%6.76%7.41%7.62%8.12%8.60%7.88%6.88%8.47%7.44%8.12%表8：2022-2026Q1建筑各子行业管理及研发费用率变化管理及研发费用率同比变化20222023202420252026Q12024Q42025Q12025Q22025Q32025Q42026Q1房建0.14%-0.30%0.16%0.11%0.08%0.46%-0.03%0.23%-0.15%0.43%0.08%钢结构0.31%0.14%0.22%-0.21%0.70%-0.01%-1.18%-0.09%0.66%-0.21%0.70%工程咨询1.59%-0.33%0.26%0.06%0.18%0.98%0.60%-0.26%0.44%-0.27%0.18%国际工程-0.25%-0.66%1.25%1.05%0.79%2.43%1.04%2.42%2.07%-0.72%0.79%化学工程-0.14%0.00%0.33%0.00%-0.07%0.17%0.47%0.34%0.13%-0.82%-0.07%基建0.05%0.19%-0.04%-0.19%-0.25%-0.61%0.00%-0.39%-0.36%-0.03%-0.25%石油工程-0.98%0.26%0.21%0.01%-0.23%1.08%0.94%-0.28%0.28%-0.62%-0.23%园林3.50%4.09%-0.43%-1.29%0.90%-15.00%-1.25%-1.82%0.43%-2.03%0.90%专业工程-0.18%0.00%0.09%0.45%0.30%-0.36%0.77%0.14%0.26%0.49%0.30%装饰0.26%0.22%0.65%0.21%0.24%1.16%0.72%0.40%0.95%-1.16%0.24%销售费用率：整体保持平稳，2026Q1园林行业提升较明显202530.24pct1.86%，0.02pct0.98%0.01pct0.09%0.40pct至.13%0.36pct至1.63%0.12pct3.67%0.10pct0.75%0.04pct0.40%，化学工程0.01pct0.34%0.45%，同比持平。单季度来看，2026Q12个子行业销售费用率同比下0.10pct1.99%0.04pct0.30%0.97pct0.95%4.29%0.09pct0.74%0.05pct2.26%，化学工程0.02pct0.29%0.43%0.08%，同比持平。表9：2022-2026Q1建筑各子行业销售费用率变化销售费用率变化20222023202420252026Q12024Q42025Q12025Q22025Q32025Q42026Q1房建0.28%0.30%0.35%0.40%0.30%0.50%0.33%0.33%0.37%0.55%0.30%钢结构0.91%0.91%1.00%0.98%0.95%1.14%0.84%0.78%1.05%1.28%0.95%工程咨询2.43%2.53%3.55%3.67%4.29%2.81%4.19%3.44%3.45%3.68%4.29%国际工程1.56%1.32%1.73%2.13%1.99%1.86%2.08%2.64%2.21%1.77%1.99%化学工程0.33%0.32%0.32%0.34%0.29%0.44%0.27%0.28%0.31%0.47%0.29%基建0.41%0.43%0.45%0.45%0.43%0.52%0.43%0.44%0.41%0.52%0.43%石油工程0.08%0.08%0.09%0.09%0.08%0.12%0.08%0.08%0.06%0.11%0.08%园林1.47%1.68%1.27%1.63%2.20%-0.02%1.23%1.46%1.81%1.91%2.20%专业工程0.59%0.60%0.66%0.75%0.74%0.82%0.65%0.63%0.69%1.00%0.74%装饰2.59%2.30%2.10%1.86%2.26%1.50%2.21%1.63%2.16%1.55%2.26%表10：2022-2026Q1建筑各子行业销售费用率同比变化销售费用率同比变化20222023202420252026Q12024Q42025Q12025Q22025Q32025Q42026Q1房建-0.01%0.02%0.05%0.04%-0.04%0.11%0.06%0.04%0.02%0.05%-0.04%钢结构0.01%0.00%0.09%-0.02%0.11%0.03%-0.23%-0.03%0.05%0.14%0.11%工程咨询0.11%0.10%1.01%0.12%0.11%0.36%0.41%-0.60%-0.48%0.87%0.11%国际工程-0.07%-0.25%0.41%0.40%-0.10%0.71%0.53%0.99%0.33%-0.09%-0.10%化学工程-0.02%-0.01%0.00%0.01%0.02%-0.02%0.04%0.01%-0.03%0.03%0.02%基建-0.01%0.01%0.03%0.00%0.00%0.02%0.00%0.00%0.00%-0.01%0.00%石油工程-0.07%0.00%0.01%-0.01%0.00%0.04%0.00%0.02%-0.04%0.00%0.00%园林0.34%0.21%-0.41%0.36%0.97%-3.13%-0.79%-0.54%0.14%1.94%0.97%专业工程-0.04%0.01%0.05%0.10%0.09%0.04%0.06%0.08%0.01%0.19%0.09%装饰0.27%-0.29%-0.20%-0.24%0.05%-0.64%-0.53%-0.53%0.14%0.05%0.05%财务费用率：2026Q1国际工程和园林上涨明显20252个子行业财务费用率同比下降。0.03pct2.85pct10.68%0.03pct0.07pct0.38pct0.51%0.14pct0.14%0.05pct0.10%，基建0.21pct0.49pct0.03pct0.32%。单季度来看，2026Q11个子行业财务费0.66pct1.66%0.09pct0.99%0.24pct1.60%0.09pct0.67%，国际工2.78pct0.19pct0.50pct至1.56%1.66pct2.63%2.09pct13.91%0.41pct0.74%。表11：2022-2026Q1建筑各子行业财务费用率变化财务费用率变化20222023202420252026Q12024Q42025Q12025Q22025Q32025Q42026Q1房建0.96%0.86%0.92%0.95%0.99%0.93%0.89%0.90%1.13%0.92%0.99%钢结构1.07%1.15%1.40%1.48%1.60%1.45%1.36%1.25%1.71%1.63%1.60%工程咨询-0.14%0.04%0.13%0.51%0.67%0.12%0.58%0.58%0.69%0.28%0.67%国际工程-1.63%-0.26%0.03%0.14%2.71%-1.23%-0.07%-1.12%1.00%0.65%2.71%化学工程-0.28%-0.20%0.05%0.10%0.32%-0.22%0.12%0.06%0.11%0.11%0.32%基建0.63%0.73%0.88%1.09%1.56%0.62%1.06%0.88%1.36%1.06%1.56%石油工程0.05%1.07%0.63%1.12%2.63%-0.87%0.97%1.19%0.82%1.38%2.63%园林9.18%12.62%13.53%10.68%13.91%9.95%11.82%9.31%10.94%10.97%13.91%专业工程0.22%0.25%0.29%0.32%0.74%0.05%0.33%0.42%0.46%0.12%0.74%装饰1.80%2.15%1.86%1.83%1.66%2.04%2.32%1.95%1.90%1.23%1.66%表12：2022-2026Q1建筑各子行业财务费用率同比变化财务费用率同比变化20222023202420252026Q12024Q42025Q12025Q22025Q32025Q42026Q1房建0.30%-0.10%0.06%0.03%0.09%0.09%0.00%-0.04%0.22%0.00%0.09%钢结构0.11%0.09%0.25%0.07%0.24%0.39%-0.20%0.14%0.15%0.19%0.24%工程咨询-0.49%0.18%0.09%0.38%0.09%-0.01%0.63%0.62%0.21%0.16%0.09%国际工程-2.74%1.38%0.29%0.11%2.78%-1.87%0.11%-0.46%-1.78%1.88%2.78%化学工程-0.54%0.08%0.25%0.05%0.19%0.04%-0.20%-0.21%0.22%0.33%0.19%基建-0.23%0.10%0.14%0.21%0.50%0.00%0.09%0.06%0.17%0.44%0.50%石油工程-1.86%1.03%-0.45%0.49%1.66%-2.28%-0.35%0.55%-1.20%2.25%1.66%园林3.88%3.43%0.91%-2.85%2.09%-12.91%-4.13%-4.76%-4.90%1.02%2.09%专业工程-0.21%0.03%0.04%0.03%0.41%-0.35%-0.04%0.12%-0.03%0.07%0.41%装饰0.25%0.35%-0.29%-0.03%-0.66%-0.25%0.48%0.31%-0.05%-0.81%-0.66%减值损失率：2026Q1行业同比小幅回落20256个子行业减值损失率同比0.39pct1.52%0.30pct1.28%，基建同比提升0.07pct至1.4%0.13pct至09%0.09pct至36.35%，3.36pct5.16%1.10pct1.58%，0.92pct5.71%0.44pct4.74%，化学工程同比下降0.03pct0.42%。单季度来看，2026Q13个子行业减值损失率同0.07pct至-0.05%0.06pct0.15%，石油工程0.04pct0.19%0.34pct至-1.57%，化学工程同0.05pct至-0.12%0.82pct至-0.38%0.37pct至-2.06%0.43pct至-0.09%0.33pct0.10%，园林同2.10pct至-1.56%。表13：2022-2026Q1建筑各子行业减值损失率变化减值损失率变化20222023202420252026Q12024Q42025Q12025Q22025Q32025Q42026Q1房建0.93%0.84%1.13%1.52%-0.05%2.64%-0.12%1.41%0.36%4.25%-0.05%钢结构1.15%0.65%0.97%1.28%-1.57%3.80%-1.23%0.93%0.31%4.66%-1.57%工程咨询4.53%5.65%6.63%5.71%-0.09%13.05%0.34%4.44%3.07%11.64%-0.09%国际工程2.75%1.11%2.68%1.58%0.10%7.89%0.43%1.84%0.14%3.13%0.10%化学工程0.17%0.42%0.45%0.42%-0.12%1.65%-0.06%0.08%-0.75%2.09%-0.12%基建0.82%0.92%0.97%1.04%0.15%2.06%0.08%0.98%0.34%2.32%0.15%石油工程0.34%0.64%0.26%0.39%0.19%0.81%0.14%0.46%-0.13%0.88%0.19%园林28.67%24.43%36.26%36.35%-1.56%99.07%0.55%10.54%8.42%107.13%-1.56%专业工程1.00%1.83%1.80%5.16%-0.38%4.61%0.45%2.05%0.82%15.54%-0.38%装饰9.42%4.19%5.17%4.74%-2.06%15.24%-1.69%3.42%1.77%13.95%-2.06%表14：2022-2026Q1建筑各子行业减值损失率同比变化减值损失率同比变化20222023202420252026Q12024Q42025Q12025Q22025Q32025Q42026Q1房建0.04%-0.08%0.29%0.39%0.07%0.85%-0.09%-0.13%0.25%1.61%0.07%钢结构0.02%-0.50%0.32%0.30%-0.34%1.82%0.51%0.00%0.14%0.86%-0.34%工程咨询-0.06%1.12%0.99%-0.92%-0.43%3.64%-0.35%-0.28%-1.49%-1.41%-0.43%国际工程2.42%-1.64%1.57%-1.10%-0.33%4.95%0.42%0.63%-0.67%-4.76%-0.33%化学工程-0.15%0.25%0.03%-0.03%-0.05%0.26%0.19%-0.37%-0.46%0.44%-0.05%基建-0.05%0.10%0.05%0.07%0.06%0.01%-0.17%0.12%0.01%0.26%0.06%石油工程-3.82%0.29%-0.37%0.13%0.04%-0.46%-0.05%0.40%0.06%0.07%0.04%园林16.75%-4.24%11.83%0.09%-2.10%-19.30%3.98%-3.69%2.22%8.06%-2.10%专业工程-0.80%0.84%-0.04%3.36%-0.82%0.68%0.08%-0.32%1.46%10.93%-0.82%装饰-12.47%-5.23%0.98%-0.44%-0.37%2.62%-0.54%-0.77%-0.20%-1.29%-0.37%归母净利率：化学工程连续5个季度同比改善20254个子行业归母净利率同比上0.36pct2.88%0.82pct4.69%，化学0.29pct3.66%1.22pct7.38%0.32pct1.58%1.74pct0.96%0.45pct至4.37pct至-59.12%0.39pct0.78pct至-7.98%。30.10pct至3.57%0.68pct2.74%0.51pct1.68%。其余子行业0.03pct2.36%0.39pct2.26%，工程咨询同比下降1.58pct2.62%0.25pct5.08%0.42pct1.98%1.01pct7.61%0.84pct至-15.47%。表15：2022-2026Q1建筑各子行业归母净利率变化归母净利率变化20222023202420252026Q12024Q42025Q12025Q22025Q32025Q42026Q1房建2.20%2.15%1.89%1.58%2.36%1.04%2.39%2.44%1.42%0.01%2.36%钢结构3.92%3.46%2.69%0.96%2.26%0.72%2.65%2.83%3.57%-4.62%2.26%工程咨询7.62%6.01%2.52%2.88%2.62%-0.61%4.21%4.98%4.74%-0.76%2.62%国际工程2.75%2.81%3.87%4.69%5.08%2.60%5.33%3.73%4.90%4.75%5.08%化学工程3.73%3.35%3.37%3.66%3.57%3.81%3.48%3.92%2.83%4.27%3.57%基建2.65%2.60%2.39%1.95%1.98%2.38%2.40%2.16%1.98%1.43%1.98%石油工程5.60%5.87%6.16%7.38%7.61%3.57%8.62%8.52%9.39%4.28%7.61%园林-41.30%-53.37%-54.76%-59.12%-15.47%-101.16%-14.62%-19.30%-25.79%-153.18%-15.47%专业工程1.93%1.35%1.67%1.28%2.74%0.09%2.06%2.22%1.93%-0.77%2.74%装饰-10.58%0.53%-7.20%-7.98%1.68%-20.56%1.18%-2.55%-2.52%-25.89%1.68%表16：2022-2026Q1建筑各子行业归母净利率同比变化归母净利率同比变化20222023202420252026Q12024Q42025Q12025Q22025Q32025Q42026Q1房建-0.28%-0.05%-0.25%-0.32%-0.03%-0.62%0.02%0.24%-0.60%-1.03%-0.03%钢结构-0.70%-0.46%-0.77%-1.74%-0.39%-1.24%-0.87%-0.41%-0.05%-5.34%-0.39%工程咨询-0.67%-1.61%-3.49%0.36%-1.58%-5.11%1.05%-0.53%1.24%-0.14%-1.58%国际工程-1.18%0.06%1.06%0.82%-0.25%1.35%0.96%-0.68%0.63%2.15%-0.25%化学工程0.03%-0.38%0.02%0.29%0.10%-0.10%0.46%0.11%0.12%0.46%0.10%基建0.13%-0.05%-0.21%-0.45%-0.42%-0.24%-0.21%-0.31%-0.14%-0.96%-0.42%石油工程4.17%0.27%0.29%1.22%-1.01%0.14%2.24%0.55%1.96%0.71%-1.01%园林-31.90%-12.07%-1.38%-4.37%-0.84%130.72%6.16%15.47%14.50%-52.03%-0.84%专业工程0.48%-0.58%0.32%-0.39%0.68%0.51%-0.26%0.64%-1.03%-0.86%0.68%装饰7.83%11.11%-7.73%-0.78%0.51%-22.63%1.18%2.32%0.48%-5.33%0.51%经营现金流：房建、工程咨询、国际工程及专业工程现金流改善2025318.4773.1320.3310.86亿元；工程咨询净流42.588.4230.2110.72亿元；1008.97494.20267.23116.2331.1568.67148.570.9626.1315.79亿元；装饰净流入35.60亿元，同比减少1.74亿元。1015.67300.1331.5320.506.436.7032.16128.7723.5415.11278.8013.309.5610.48亿元；基建净流出3035.71534.0918.5314.73亿63.693.64亿元。表17：2022-2026Q1建筑各子行业