In order to solve the problems of weak internal motivation and insufficient resource capabilities in the ESG(environmental, social, and governance)development of Chinese enterprises, grounded theory was used to conduct a textual analysis of ESG reports from 102 A-share listed companies between 2020 and 2023. A dual-dimensional analysis model was constructed encompassing management attitude (“words”) and capital investment (“deeds”), with manual coding of the above ESG reports via Nvivo12 software, and statistical analysis of their patterns and trends. Key findings include from the perspective of management attitude, the sample companies currently focus on compliance ESG construction and institutional safeguards instead of strategic ESG development. From the viewpoint of capital investment, the sample firms’ inputs in the three ESG dimensions are significantly unbalanced, especially the environmental and governance dimensions that are under-invested. Through dual-dimensional cross-analysis, it is found that the “words” of enterprises do not match their “deeds” at this stage, but the current compliance management can be transformed into future strategic development. Industry comparative analysis shows significant differences between industries with high and low ESG ratings in both “Words” and “Deeds” dimensions, necessitating coordinated efforts to promote integrated collaboration between emerging and traditional industries. Accordingly, tripartite improvement pathways of corporate ESG construction are proposed for enterprises, government, and capital market.