The disclosure of performance forecasts for the 2025 annual reports of A-share listed companies has entered an accelerated phase. According to Wind data, as of January 28, 1,224 A-share listed companies have released their performance forecasts, including 180 companies in the petroleum and chemical industries. In terms of performance forecast categories, 124 companies anticipate positive results, while 56 companies expect challenges, with a positive forecast rate exceeding 60%, highlighting a gradual recovery trend in the industry's performance. In 2025, the Chinese economy advanced steadily amid pressures, with its total economic output surpassing 140 trillion yuan for the first time and GDP growing by 5% year-on-year, providing solid macroeconomic support for the profit recovery of the petroleum and chemical sectors. Several sub-sectors have delivered outstanding performances, serving as core engines driving the growth of the sector's performance.

The refrigerant sector is operating at a high level of activity, with continuous optimization of supply and demand dynamics. Coupled with steady demand growth in downstream applications such as household and automotive air conditioning, prices of mainstream refrigerant products have risen steadily, significantly boosting the profitability of leading enterprises. Top companies such as Sanmei Co., Ltd., Yonghe Co., Ltd., and Juhua Co., Ltd. all expect year-on-year growth in their 2025 net profits attributable to shareholders, with Sanmei Co., Ltd. achieving its best profitability level in recent years.

The pesticide sector has seen substantial pre-increases in performance, with companies such as Limin Co., Ltd., Rainbow Agrochemicals Co., Ltd., and Xinong Co., Ltd. showing positive trends. Limin Co., Ltd. expects its 2025 net profit attributable to shareholders to increase by 471.55% to 514.57% year-on-year, while its non-GAAP net profit is projected to surge by 765.53% to 837.82% year-on-year. This achievement is attributed to the release of policy dividends in the industry. In 2025, the Ministry of Agriculture and Rural Affairs implemented the "One Certificate, One Product" policy, and the revision of the "Detailed Rules for the Review of Pesticide Production Licenses" significantly raised the industry's entry barriers. Additionally, under the "dual carbon" goals and the guidance of green agricultural development, highly efficient, low-toxicity, and environmentally friendly pesticides have become mainstream in the market, driving China's pesticide exports to achieve "stable volume and improved quality."

Furthermore, sub-sectors such as modified plastics, civil explosives, potash fertilizers, and chemical preparations have also seen a concentration of companies with pre-increased performance. Zhu Hualei, a senior investment advisor at Shaanxi Jufeng Investment Information Co., Ltd., analyzed that in 2025, the capacity expansion in the chemical industry is nearing its end, demand is recovering, and rising raw material costs, coupled with price rebounds for some chemical products, are collectively driving the recovery of the industry's performance.

Notably, the performance of the lithium battery industry chain has improved alongside market recovery. Since 2025, the global lithium battery market has experienced a strong rebound, with sustained explosive demand for power batteries and energy storage batteries, leading to improved operations for companies across the upstream and downstream of the industry chain. Over ten lithium battery-related listed companies, including Tinci Materials, Salt Lake Co., Ltd., and Zangge Mining, have released performance pre-increase announcements, indicating a significant recovery in the industry's performance.

In stark contrast, the photovoltaic and chlor-alkali sectors are under pressure. Performance forecasts disclosed by nearly ten leading photovoltaic companies for 2025 show that the entire industry chain is mired in losses, facing a financial winter. Several listed companies in the chlor-alkali industry have issued performance pre-decrease announcements, with polyvinyl chloride prices continuing to decline in 2025, becoming the main factor dragging down corporate performance.