基础化工行业深度分析：2025年收入利润恢复增长2026年一季度经营大幅改善

内容目录TOC\o"1-2"\h\z\u2025年收入利润小幅回升，26年一季度大幅改善 42025年营收利润实现增长，一季度同环比均明显改善 4子行业景气分化，一季度多数子行业利润环比增长 42026年一季度盈利能力创近年新高 72025年盈利能力总体稳定，一季度明显改善 7多数子行业一季度出现改善 8基础化工行业财务指标分析 10资产负债率小幅上升 10经营现金流有所改善 12在建工程规模继续下行 13存货周转天数同比小幅下降，营运能力有所改善 15河南基础化工上市公司经营情况 16行业投资建议 19风险提示 19图表目录图1：基化行毛率与利率 7图2：基化行期费用率 7图3：基化行单度毛率净率 7图4：基化行单度期费率 7图5：基化行资负债率 10图6：2026Q1基化行业产债率 图7：基化年经现金净（元） 12图8：基化单度营现流额亿） 12图9：基化在工规模亿） 14图10：础工建占总产重 14图基化行存规模 15图12：础工货天数 15图13：础工业值 19图14：信级业对比 19表1：中基工2025年收与润 4表2：中基工2026年一度入利润 4表3：基化各业2025年入利润 5表4：基化各业2026年季收与（亿） 6表5：基各行工2025年利力 8表6：基化各业2026年一度利力 9表7：2026Q1基化行业资及产债率 表8：基化各行经营动生现流额（元） 13表9：2026Q1基化行业建程 14表10：2026Q1基化各行存周天数 15表河省础工市司2025年入润（元） 16表12：南基化市司2025年利力 17表13：南基化市司2026年季入与润亿） 18表14：南基化市司2026年季利能力 182025年收入利润小幅回升，26年一季度大幅改善2025年营收利润实现增长，一季度同环比均明显改善根据 数，2025中信础工业现业总入27584.28亿同比8.51%1694.4710.41%1306.3420255.64%2.877.34%3.073.80表1：中信基础化工2025年收入与利润2024年2025年同比2024年前三度2025年前三季同比营业总收入（亿元）25421.6227584.288.51%18852.6619916.225.64%营业利润（亿元）1534.761694.4710.41%1376.861477.937.34%净利润（亿元）1172.041306.3411.46%1088.171171.557.66%中原证券研究所、20267421.79662.84523.50295.27%表2：中信基础化工2026年一季度收入与利润2025Q12025Q42026Q12025Q1同比2026Q1同比2026Q1环比营业收入（亿元）6177.747322.527421.796.83%20.14%1.36%营业利润（亿元）462.15209.90662.843.96%43.43%215.79%净利润（亿元）373.06132.44523.506.17%40.33%295.27%中原证券研究所、子行业景气分化，一季度多数子行业利润环比增长20253319个202568.37%49.56%、38.04%30.80%和18.94%14.26%、13.55%、9.94%、7.80%6.73%3314551.36%167.23%146.88%136.85%70.87%，323.96%、204.36%142.84%、123.74%95.32%表3：基础化工各子行业2025年收入与利润营业收入（亿元）营业收入（亿元）营业收入（亿元）营业收入（亿元）净利润（亿元）净利润（亿元）氮肥1578.181598.91 73.1939.95-45.42%钾肥219.33244.03 81.94140.0070.87%复合肥813.061368.93 39.3552.9934.66%农药1629.151758.17 9.3360.80551.36%磷肥及磷化工1229.6785.2182.72-2.92%涤纶412.29410.66 2.864.1846.04%氨纶308.61277.93 23.0918.99-17.77%粘胶343.28335.62 3.672.14-41.82%绵纶243.90248.37 2.58-1.10-142.84%碳纤维36.9755.33 -8.45-10.07-纯碱462.90396.90 31.42-7.46-123.74%氯碱1400.381383.21 18.0748.30167.23%无机盐175.97177.39 18.8418.28-3.00%其他化学原料1173.9587.1257.29-34.24%钛白粉458.39438.60 27.669.90-64.21%日用化学品569.30625.35 42.7741.45-3.09%民爆用品552.59637.23 38.8120.08-48.27%涂料油墨颜料347.52339.86 10.840.51-95.32%印染化学品349.99322.70 27.3931.3014.31%其他化学制品Ⅲ1801.631983.31 64.0078.2422.26%食品及饲料添加剂935.98950.22 72.3975.263.96%电子化学品432.11513.97 39.8360.8852.87%锂电化学品2143.282803.43 -7.6871.86扭亏氟化工474.48548.50 30.2871.72136.85%有机硅425.03367.43 22.73-23.72-204.36%聚氨酯2035.322246.07 137.06131.77-3.86%橡胶助剂254.16237.05 9.883.75-62.02%改性塑料1161.411266.18 24.3031.5029.63%合成树脂562.22776.09 86.31139.6261.77%膜材料413.49393.49 -5.88-6.90-其他塑料制品503.36479.75 0.411.02146.88%轮胎973.761075.87 80.0667.09-16.21%橡胶制品999.97958.71 2.67-5.99-323.96%

2024年

2025

营业收入同比

2024年

2025

净利润同比中原证券研究所、2026年第一季度，基础化工各子行业收入总体呈现较快增长中，其中30个子行业营业收入同比实现增长，3个子行业同比下滑。钾肥、锂电化学品、复合肥、碳纤维和轮胎行业收入214表4：基础化工各子行业2026年一季度收入与利润（亿元）业收入营业收入业收入营业收入净利润净利润氮肥368.21407.4410.65% 6.21%11.2918.3362.36%61000.00%钾肥48.8486.3576.80% 22.94%22.7651.33125.53%-4.66%复合肥234.83395.1568.27% 7.06%13.3216.0820.72%29.36%农药423.62466.5410.13% 28.7433.3616.08%扭亏磷肥及磷化工285.58290.861.85% 8.28%18.6118.811.07%166.05%涤纶81.1997.7220.36% 1.483.33125.00%扭亏氨纶73.7178.186.06% 12.47%5.166.8432.56%71.00%粘胶81.9685.524.34% -1.09%-0.230.69扭亏扭亏绵纶54.2759.138.96% 6.16%0.090.1344.44%扭亏碳纤维10.4114.5339.58% -3.33%-1.07-0.07--纯碱95.7386.78-9.35% -8.92%3.673.62-1.36%扭亏氯碱335.1346.143.29% -1.76%15.0613.55-10.03%244.78%无机盐42.9944.854.33% -5.32%4.414.542.95%-4.62%其他化学原料304.09340.8712.10% 21.8130.0937.96%387.68%钛白粉119.87120.160.24% 9.89%8.413.19-62.07%扭亏日用化学品147.21150.492.23% -15.01%11.8712.616.23%56.65%民爆用品122.45125.762.70% -30.78%5.764.12-28.47%扭亏涂料油墨颜料68.177.9214.42% -8.76%2.922.77-5.14%扭亏印染化学品75.6391.7421.30% 6.17%5.949.8665.99%5.45%其他化学制品Ⅲ439.5544.4323.87% 2.46%26.233.1226.41%扭亏食品及饲料添加剂235.4243.243.33% -1.62%29.1410.9-62.59%128.51%电子化学品112.78133.6718.52% -1.91%13.5415.3813.59%31.34%锂电化学品561.42982.6275.02% 9.74%8.4182.94886.21%156.70%氟化工118.14138.0416.84% -3.10%14.823.458.11%65.14%有机硅90.2493.653.78% -0.33%4.664.34-6.87%扭亏聚氨酯479.95598.724.74% -7.29%32.5239.3120.88%14.71%橡胶助剂58.358.19-0.19% -4.07%2.451.57-35.92%扭亏改性塑料288.46308.536.96% -5.21%7.279.1826.27%97.00%合成树脂165.05200.8221.67% -0.89%29.8840.8536.71%38.38%膜材料90.45106.4217.66% 4.31%0.738.451057.53%扭亏其他塑料制品104.7120.8215.40% -1.03%3.511.55-55.84%扭亏轮胎248.91323.3329.90% 16.62%16.6117.384.64%29.41%

2025Q1

2026Q1

营收同比 营收环

2025Q1

2026Q1

净利润同比 净利润环比橡胶制品 210.64 203.2 -3.53% -19.76% 3.34 1.93 -42.22% 扭亏中原证券研究所、2026年一季度盈利能力创近年新高2025年盈利能力总体稳定，一季度明显改善2025年，中信基础化工行业整体毛利率为17.51%，较2024年提升0.18个百分点，较2025年三季报下降0.20个百分点，行业盈利能力自2022年以来总体保持稳定，行业景气底部运行。2025年行业净利率为5.02%，较2024年提升0.21个百分点，较2025年三季报下滑1.1620257.49%202520250.23个图1：基础化工行业毛利率与净利率 图2：基础化工行业期间费用率30% 16%

14%12%10%15% 8%6%10%4%5%2%0%2015A2016A2017A2018A2019A2020A2021A2022A2023A2024A2025A2026Q1整体毛利率（%） 整体净利率（%）

0%2015A2016A2017A2018A2019A2020A2021A2022A2023A2024A2025A2026Q1销售费用率（%） 管理费用率（%） 财务费用率（%） 期间费用率（%）中原证券研究所、 中原证券研究所、2026年第一季度，基础化工行业整体毛利率为18.77%，同提升1.22个百分点，环比提1.201.275.527.28%0.031.10总体来看，一季度基础化工行业的盈利能力明显改善，毛利率和净利率均创2022年三季度以来新高。30%25%20%15%10%5%0%14%12%10%8%30%25%20%15%10%5%0%14%12%10%8%6%4%2%0%整体毛利率（%） 整体净利率（%） 系列1 系列2 系列3 系列4中原证券研究所、 中原证券研究所、多数子行业一季度出现改善2025339.23、7.77、4.02、2.652.156.62、5.593.69、2.502.291520.94、7.574.71、3.213.08、9.98、4.09、3.413.04个百分点。总体来看，表5：基础各子行业化工2025年盈利能力2024年2025年2024年2025年三级子行业毛利率毛利率毛利率同比净利率净利率净利率同比氮肥12.35%11.75%-0.61%5.09%3.02%-2.08%钾肥50.44%58.21%7.77%38.29%59.22%20.94%复合肥13.25%11.72%-1.53%4.86%4.30%-0.56%农药19.97%22.12%2.15%0.61%3.82%3.21%磷肥及磷化工17.38%17.96%0.57%7.62%7.66%0.05%涤纶4.80%6.48%1.68%0.69%1.02%0.33%氨纶14.11%13.63%-0.48%7.31%6.75%-0.56%粘胶14.34%11.84%-2.50%1.60%0.78%-0.82%绵纶8.91%7.44%-1.47%1.73%-0.30%-2.03%碳纤维10.73%14.75%4.02%-22.85%-18.14%4.71%纯碱23.03%17.44%-5.59%9.27%-0.71%-9.98%氯碱13.35%16.00%2.65%1.15%3.51%2.36%无机盐26.22%26.02%-0.20%10.70%10.45%-0.25%其他化学原料16.73%14.96%-1.78%7.22%4.53%-2.69%钛白粉19.69%16.00%-3.69%6.29%2.20%-4.09%日用化学品47.39%46.97%-0.42%7.59%6.80%-0.79%民爆用品25.91%24.97%-0.94%8.39%4.98%-3.41%涂料油墨颜料25.02%25.94%0.92%3.18%0.14%-3.04%印染化学品23.35%24.90%1.55%8.50%10.54%2.04%其他化学制品Ⅲ16.37%17.45%1.08%3.59%4.24%0.65%食品及饲料添加剂22.46%21.34%-1.12%7.66%7.95%0.30%电子化学品31.44%31.78%0.34%10.15%12.60%2.45%锂电化学品11.77%13.11%1.34%-0.42%2.66%3.08%氟化工17.19%26.43%9.23%6.44%14.01%7.57%有机硅18.52%11.90%-6.62%5.26%-6.55%-11.81%聚氨酯15.46%13.27%-2.19%7.59%6.53%-1.06%橡胶助剂10.37%8.63%-1.73%3.94%1.62%-2.32%改性塑料11.65%13.04%1.38%1.58%2.17%0.59%合成树脂28.71%30.72%2.01%15.38%17.99%2.61%膜材料11.98%13.04%1.06%-1.52%-1.86%-0.33%其他塑料制品10.38%12.10%1.72%-0.31%-0.19%0.12%轮胎21.48%19.20%-2.29%8.44%6.52%-1.93%橡胶制品10.53%9.96%-0.57%0.02%-0.76%-0.78%中原证券研究所、202612.90、9.04、6.76、5.544.402131表6：基础化工各子行业2026年第一季度盈利能力2025Q1毛2026Q1毛毛利率同毛利率环2025Q12026Q1净利率同净利率环三级子行业利率利率比比净利率净利率比比氮肥10.02%12.69%2.67%2.17%3.06%5.00%1.94%4.58%钾肥53.49%66.39%12.90%10.50%48.89%64.76%15.87%-13.72%复合肥13.96%11.14%-2.82%-0.37%5.68%4.38%-1.30%0.34%农药22.99%23.19%0.20%-0.09%7.13%7.57%0.44%8.14%磷肥及磷化工14.67%15.60%0.93%-1.95%7.06%7.16%0.10%4.72%涤纶6.47%8.99%2.52%3.16%1.83%3.42%1.59%7.06%氨纶14.04%18.44%4.40%7.81%6.98%8.84%1.86%3.19%粘胶11.51%11.42%-0.09%-0.27%-0.23%0.67%0.90%0.96%绵纶8.54%9.27%0.73%2.17%0.36%0.43%0.07%2.47%碳纤维6.79%15.83%9.04%-3.90%-10.17%-0.47%9.70%60.92%纯碱16.76%18.13%1.37%3.00%5.52%5.48%-0.04%24.74%氯碱16.82%15.19%-1.63%0.30%4.54%3.86%-0.68%2.75%无机盐25.92%24.66%-1.26%1.19%10.48%10.37%-0.11%0.33%其他化学原料15.77%17.29%1.52%1.71%6.87%8.96%2.09%7.16%钛白粉17.64%13.11%-4.53%0.32%7.23%2.93%-4.30%10.54%日用化学品45.71%47.49%1.78%-1.54%8.24%8.57%0.33%3.82%民爆用品21.71%20.90%-0.81%-5.22%6.00%4.22%-1.78%8.45%涂料油墨颜料24.62%22.17%-2.45%-4.76%4.43%3.52%-0.91%18.53%印染化学品23.90%27.87%3.97%1.98%8.85%11.00%2.15%-0.80%其他化学制品Ⅲ17.41%18.35%0.94%0.45%6.20%6.26%0.06%6.67%食品及饲料添加剂25.27%17.48%-7.79%-0.08%12.43%4.61%-7.82%2.64%电子化学品29.81%30.79%0.98%-2.06%13.08%12.08%-1.00%3.14%锂电化学品12.04%18.80%6.76%3.81%1.55%9.21%7.66%5.39%氟化工25.90%31.44%5.54%6.18%13.45%18.33%4.88%7.67%有机硅15.24%19.50%4.26%8.79%5.12%4.66%-0.46%33.39%聚氨酯15.13%14.31%-0.82%0.73%7.38%7.63%0.25%1.43%橡胶助剂10.40%8.59%-1.81%1.63%4.25%2.63%-1.62%5.44%改性塑料12.20%12.95%0.75%-2.40%2.22%2.78%0.56%1.21%合成树脂31.08%32.32%1.24%4.01%18.16%20.36%2.20%5.85%膜材料13.19%16.63%3.44%3.98%0.71%7.81%7.10%16.54%其他塑料制品13.22%11.60%-1.62%-0.31%3.12%1.20%-1.92%6.68%轮胎17.37%21.65%4.28%0.54%6.89%6.57%-0.32%1.42%橡胶制品10.34%11.57%1.23%3.30%1.47%0.92%-0.55%5.46%中原证券研究所、基础化工行业财务指标分析资产负债率小幅上升20264.979.80%4.76%48.33%0.630.47图5：基础化工行业资产负债率70%60%50%40%30%20%10%0%基础化工行业资产负债率（%）中原证券研究所、2026331962.56%、59.40%、59.39%57.40%56.55%资产负债率较低，分别为17.66%、29.06%、30.67%、33.48%和34.00%。图6：2026Q1基础化工各行业资产负债率70%60%50%40%30%20%10%聚氨酯聚氨酯复合肥有机硅钛白粉锂电化学品涂料油墨颜料氯碱粘胶农药碳纤磷肥及磷化工氟化工其他化学制品ⅢCS钾肥中原证券研究所、20267.405.505.46、4.053.885.71、4.00、2.98、1.93和1.66个百分点。表7：2026Q1基础化工各行业总资产及资产负债率三级子行业总资产（亿元）资产负债率资产负债率同比变动氮肥2487.9650.56%1.81%钾肥979.5317.66%0.62%复合肥1316.4557.40%4.05%农药3137.8249.15%-1.11%磷肥及磷化工1685.7548.34%-2.98%涤纶469.0245.93%-5.71%氨纶538.3033.48%1.85%粘胶578.9249.27%-0.46%绵纶436.4559.40%-1.93%碳纤维221.5348.96%5.46%纯碱1147.2745.20%7.40%氯碱2795.6949.40%0.48%无机盐373.7634.00%1.87%其他化学原料2129.8451.73%0.88%钛白粉1011.6353.92%-1.44%日用化学品814.5330.67%0.37%民爆用品1185.8651.74%2.35%涂料油墨颜料610.0451.48%0.10%印染化学品1214.0745.37%3.88%其他化学制品Ⅲ3861.4938.85%0.11%食品及饲料添加剂1648.9735.89%0.24%电子化学品1140.2729.06%0.61%锂电化学品5736.6253.73%2.93%氟化工1078.6242.93%3.16%有机硅1092.8156.21%-0.60%聚氨酯3728.4662.56%-1.45%橡胶助剂311.5851.55%0.57%改性塑料1389.3959.39%-1.66%合成树脂1430.2141.96%-4.00%膜材料1091.0439.51%2.35%其他塑料制品760.1940.13%5.50%轮胎1989.9052.53%0.55%橡胶制品1330.2456.55%1.60%中原证券研究所、经营现金流有所改善20252864.39281.5110.90%20252026181.0271.62830.4图7：基础化工年度经营现金流净额（亿元） 图8：基础化工单季度经营现金流净额（亿元）3500 12003000

10002500

8000

6004002002019Q12019Q22019Q12019Q22019Q32019Q42020Q12020Q22020Q32020Q42021Q12021Q22021Q32021Q42022Q12022Q22022Q32022Q42023Q12023Q22023Q32023Q42024Q12024Q22024Q32024Q42025Q12025Q22025Q32025Q42026Q1基础化工行业经营活动产生的现金流量净额（亿元）

(200)

单季度经营活动产生的现金流量净额（亿元）中原证券、 中原证券、201320261914食品及饲料添加剂、复合肥、磷肥及磷化工和印染化学品行业现金流下降幅度较大。表8：基础化工各子行业经营活动产生的现金流净额（亿元）2024年现金流2025年现金流2025年同比增2025Q1经营现2026Q1经营现2026Q1同比增三级子行业净额（亿元）净额（亿元）减（亿元）（亿元）金流净额（亿元）减（亿元）氮肥147.99149.751.765.4657.0851.62钾肥100.02145.4345.4119.4937.8618.37复合肥27.5595.1767.6224.110.94-23.17农药167.06206.7539.69-11.87-2.129.75磷肥及磷化工152.28124.36-27.9317.83-4.17-22.00涤纶7.0441.9334.90-0.81-2.94-2.14氨纶24.3439.1514.81-1.483.595.07粘胶16.4913.34-3.15-3.77-0.063.72绵纶0.0719.5219.45-2.52-2.61-0.09碳纤维4.21-1.51-5.72-2.59-1.131.46纯碱82.3743.53-38.844.76-3.13-7.89氯碱142.50176.3033.807.5827.3819.80无机盐25.7415.15-10.590.880.16-0.72其他化学原料192.49162.32-30.1719.4327.548.11钛白粉42.8643.750.891.934.983.06日用化学品53.9181.6727.7515.258.81-6.44民爆用品55.9663.027.06-1.72-14.56-12.84涂料油墨颜料15.7929.6413.85-1.78-0.561.22印染化学品106.7475.06-31.6825.613.81-21.79其他化学制品Ⅲ137.25125.30-11.94-1.41-21.13-19.72食品及饲料添加剂143.75129.41-14.3319.79-7.91-27.70电子化学品71.6978.456.768.5012.443.95锂电化学品122.3050.29-72.01-41.70-99.36-57.66氟化工43.9894.7650.787.839.922.09有机硅58.9955.18-3.8116.1411.48-4.66聚氨酯306.34342.1535.821.0763.3262.25橡胶助剂5.0811.206.12-2.19-3.78-1.58改性塑料38.5582.2643.712.6712.469.79合成树脂104.18184.5780.3924.2347.2723.04膜材料28.3522.76-5.59-8.15-2.265.89其他塑料制品32.3411.43-20.91-19.20-7.6411.55轮胎72.4695.7623.30-10.5323.5534.08橡胶制品52.2056.544.33-3.421.785.21中原证券研究所、在建工程规模继续下行2021202320242026534.7912.60%2026年一季度，基础化工行业在建工程占总资产比重为7.46%，同比下降1.92个百分点，环比下降0.32个百分点。图9：基础化工在建工程规模（亿元） 图10：基础化工在建工程占总资产比重0

基础化工行业在建工程（亿元）

基础化工行业在建工程占总资产比重（%）中原证券研究所、 中原证券研究所、从子行业来看，2026年一季度基础化工各子行业中，15个子行业在建工程同比增长，氟化工、食品及饲料添加剂、复合肥、纯碱和橡胶助剂等行业在建工程同比增幅较大。从绝对规模上看，聚氨酯、有机硅、其他化学制品、氯碱、氮肥等行业在建工程规模较大。表9：2026Q1基础化工各行业在建工程三级子行业2025Q1在建工程（亿元）2026Q1在建工程（亿元）在建工程同比氮肥278.38264.84-4.86%钾肥66.1123.25-64.83%复合肥60.5784.0038.68%农药204.91153.39-25.14%磷肥及磷化工101.97115.2713.05%涤纶69.5415.76-77.34%氨纶36.5743.5719.15%粘胶39.1740.523.45%绵纶55.3942.97-22.42%碳纤维28.3925.51-10.15%纯碱70.0796.7738.10%氯碱278.11290.614.49%无机盐29.3525.26-13.94%其他化学原料200.43207.623.58%钛白粉62.9466.976.39%日用化学品22.1316.30-26.34%民爆用品45.6145.53-0.18%涂料油墨颜料32.8533.100.78%印染化学品28.6624.49-14.56%其他化学制品Ⅲ322.43336.464.35%食品及饲料添加剂104.32152.3346.02%电子化学品71.3678.129.47%锂电化学品378.28246.74-34.77%氟化工117.37180.3753.67%有机硅377.27343.68-8.90%聚氨酯498.37345.56-30.66%橡胶助剂15.1120.0632.76%改性塑料126.8380.53-36.51%合成树脂152.4688.31-42.08%膜材料60.1661.151.65%其他塑料制品55.4722.91-58.69%轮胎113.1999.98-11.67%橡胶制品140.8737.95-73.06%中原证券、存货周转天数同比小幅下降，营运能力有所改善2026年一季度，基础化工行业存货总额为5038.04亿元，同比增加639.71亿元，存货周转天数71.88天，同比下降3.94天，显示行业整体营运能力有所改善。图基础化工行业存货规模 图12：基础化工存货周转天数0

基础化工行业存货（亿元）

9080706050403020100

基础化工行业存货周转天数（天）中原证券研究所、 中原证券研究所、22623表10：2026Q1基础化工各行业存货周转天数三级子行业2025Q1存货周转天数2026Q1存货周转天数同比氮肥38.9340.062.90%钾肥72.9370.15-3.82%复合肥72.4765.74-9.29%农药112.52104.30-7.31%磷肥及磷化工53.8563.6018.10%涤纶55.8847.37-15.23%氨纶73.7669.39-5.92%粘胶60.9855.67-8.69%绵纶52.0647.72-8.33%碳纤维126.3697.63-22.73%纯碱81.3280.84-0.59%氯碱39.8638.12-4.37%无机盐75.1184.4312.40%其他化学原料46.5248.744.77%钛白粉95.3584.67-11.20%日用化学品89.7285.50-4.69%民爆用品36.9246.5226.00%涂料油墨颜料93.5384.35-9.82%印染化学品531.52439.43-17.33%其他化学制品Ⅲ82.2376.72-6.70%食品及饲料添加剂69.5471.342.59%电子化学品109.81106.77-2.77%锂电化学品85.6778.54-8.32%氟化工67.1473.9110.09%有机硅134.12102.23-23.78%聚氨酯61.3451.41-16.18%橡胶助剂51.0654.817.35%改性塑料60.9461.500.92%合成树脂50.6247.68-5.81%膜材料98.7488.74-10.13%其他塑料制品70.0660.93-13.03%轮胎92.8883.06-10.57%橡胶制品59.6472.6921.89%中原证券研究所、河南基础化工上市公司经营情况202617102025年，17759.660.22%31.2028.22%24.9224.10%2025表11：河南省基础化工上市公司2025年收入与利润（亿元）业收入业收入业收入业收入营业利润营业利润同比净利润净利润比新乡化纤73.6678.576.67% 2.641.96-25.85%2.461.98-19.36%多氟多82.0794.3414.95% -3.892.16扭亏-3.082.13扭亏龙佰集团275.39259.88-5.63% 29.2415.92-45.55%21.6912.45-42.61%清水源10.928.69-20.43% -0.60-0.44--0.59-0.41-濮阳惠成14.1114.10-0.04% 2.201.51-31.61%1.921.31-31.44%金丹科技15.0516.147.22% 0.251.21375.82%0.371.15205.92%瑞丰新材31.5735.088.368.552.33%7.227.361.92%

2023

2024

营收同比

2023

2024

营业利润

2023

2024

净利润同力量钻石6.866.32-7.84%2.351.15-50.93%2.011.09-45.58%天力锂能17.5422.0425.70%-5.14-2.01--4.66-2.01-风神股份67.0874.1310.51%3.132.84-9.50%2.812.36-16.14%神马股份139.68125.80-9.94%2.19-1.39-163.42%0.27-2.17-888.53%建龙微纳7.798.417.94%0.901.1022.86%0.750.9931.78%东方碳素3.032.36-22.12%-0.72-1.19--0.61-1.20-利通科技4.844.61-4.63%1.240.97-21.95%1.070.83-22.36%硅烷科技7.054.74-32.81%0.84-1.20-242.50%0.78-1.13-245.33%天马新材2.161.70-21.61%0.01-0.20-1972.48%0.04-0.19-575.89%惠丰钻石2.552.747.38%0.460.27-40.49%0.390.38-3.10%河南整体761.36759.66-0.22%43.4731.20-28.22%32.8324.92-24.10%行业整体25421.6227584.284.70%1534.761694.470.11%1172.041306.350.40%中原证券研究所、202516.36%3.28%，1.761.03表12：河南省基础化工上市公司2025年盈利能力2024年2025年 2024年 2025年三级子行业毛利率毛利率毛利率同比净利率净利率净利率同比新乡化纤11.05%9.90%-1.15%3.31%2.51%-0.79%多氟多8.81%13.96%5.16%-5.94%1.95%7.89%龙佰集团25.01%21.05%-3.96%8.14%4.55%-3.59%清水源10.61%10.66%0.05%-5.19%-4.45%0.73%濮阳惠成21.81%19.72%-2.09%13.57%9.32%-4.26%金丹科技20.33%22.25%1.93%0.57%6.94%6.37%瑞丰新材35.82%34.60%-1.22%22.93%21.14%-1.79%力量钻石28.95%22.23%-6.71%29.27%17.28%-11.98%天力锂能-2.93%4.54%7.47%-27.42%-9.84%17.57%风神股份17.07%14.80%-2.26%4.19%3.18%-1.01%神马股份10.58%8.12%-2.47%0.90%-1.64%-2.55%建龙微纳28.35%31.92%3.57%9.60%11.72%2.12%东方碳素4.85%4.01%-0.83%-20.25%-50.87%-30.63%利通科技43.26%41.03%-2.23%22.10%17.96%-4.14%硅烷科技24.09%-2.53%-26.63%11.01%-23.82%-34.83%天马新材21.16%22.95%1.79%1.67%-11.79%-13.46%惠丰钻石24.21%17.74%-6.47%15.45%13.95%-1.51%河南整体18.12%16.36%-1.76%4.31%3.28%-1.03%行业整体17.33%17.51%0.18%4.81%5.02%0.21%中原证券研究所、2026205.839.57%12.182.98%9.13亿元，8.75%行业水平。其中多氟多、惠丰钻石、新乡化纤、硅烷科技、力量钻石和风神股份净利润实现较快增长。表13：河南省基础化工上市公司2026年一季度收入与利润（亿元）2025Q1 2026Q1 2025Q12026Q1营业利润2025Q12026Q1净利润同上市公司营业收入业收入营收同比营业利润营业利润同比净利润净利润比新乡化纤18.8122.1717.88%0.321.30304.65%0.281.16319.53%多氟多20.9832.1653.26%0.754.97566.89%0.653.76480.15%龙佰集团70.6071.581.39%8.492.89-65.98%6.861.87-72.75%清水源2.052.6227.92%-0.040.01-127.84%-0.05-0.01-80.08%濮阳惠成3.563.53-0.85%0.400.21-48.60%0.360.18-49.25%金丹科技3.443.9013.40%0.430.31-26.90%0.390.30-23.03%瑞丰新材8.498.773.24%2.281.61-29.46%1.951.40-28.22%力量钻石1.181.8455.86%0.150.53247.53%0.150.36147.12%天力锂能4.185.1623.31%-0.400.09-121.62%-0.400.08-121.29%风神