一、对外投资概述 北京雪迪龙科技股份有限公司（以下简称"公司"）拟与北京怀柔硬科技创 新服务有限公司（以下简称"怀柔硬科技公司"）共同出资设立控股子公司怀众 质谱（北京）技术有限公司（暂定名，以市场监督管理局核定为准，以下简称"控 股子公司"）。控股子公司将聚焦质谱技术领域，组织开展质谱共性技术、关键 核心部件的研发，组织开展质谱新技术验证、评价及应用推广，促进质谱行业交 流合作，推动行业发展。 控股子公司注册资本为1,000万元，其中公司以自有资金出资800万元，占控 股子公司注册资本的80.00%，怀柔硬科技公司出资200万元，占控股子公司注册 资本的20.00%。 2025年8月4日，公司召开第五届董事会第二十次会议和第五届监事会第十九 次会议，审议通过了《关于对外投资设立控股子公司的议案》，同意公司以自有 资金出资人民币800万元与北京怀柔硬科技创新服务有限公司共同出资设立控股 子公司，其注册资本为人民币1,000万元，控股子公司将聚焦质谱技术领域，组 织开展质谱共性技术、关键核心部件的研发，组织开展质谱新技术验证、评价及 应用推广，促进质谱行业交流合作，推动行业发展。 证券代码：002658 证券简 ...

Market Overview - The Shanghai Composite Index rose by 0.37% on July 17, with 25 out of 28 sectors experiencing gains, led by defense and military industry (up 2.74%) and communication (up 2.41%) [2] - The banking and transportation sectors saw declines of 0.42% and 0.39%, respectively, with the environmental protection sector also among the top losers [2] Capital Flow Analysis - The net inflow of capital in the two markets reached 11.662 billion yuan, with 15 sectors experiencing net inflows [2] - The computer sector led with a net inflow of 5.202 billion yuan and a daily increase of 1.33%, followed by the electronics sector with a net inflow of 4.455 billion yuan and a daily increase of 2.18% [2] Environmental Protection Sector Performance - The environmental protection sector declined by 0.26%, with a net outflow of 631 million yuan, comprising 133 stocks, of which 59 rose and 67 fell [3] - Among the stocks with net inflows, Shijin Technology topped the list with a net inflow of 37.971 million yuan, followed by Shanghai Washba and Xingrong Environment with inflows of 35.862 million yuan and 23.160 million yuan, respectively [3] - The top stocks with net outflows included Huicheng Environmental (outflow of 218.1536 million yuan), Huahong Technology (outflow of 100.9985 million yuan), and Xuedilong (outflow of 63.9296 million yuan) [5] Environmental Protection Sector Capital Flow Rankings - **Top Inflow Stocks**: - Shijin Technology: +4.32%, 15.16% turnover, 37.971 million yuan inflow - Shanghai Washba: +4.93%, 7.20% turnover, 35.862 million yuan inflow - Xingrong Environment: -1.20%, 0.85% turnover, 23.160 million yuan inflow [4] - **Top Outflow Stocks**: - Huicheng Environmental: -1.75%, 3.59% turnover, -218.1536 million yuan outflow - Huahong Technology: -6.39%, 27.29% turnover, -100.9985 million yuan outflow - Xuedilong: -0.98%, 7.70% turnover, -63.9296 million yuan outflow [5]

Investment Rating - The industry rating is "Outperform the Market" [3][50]. Core Insights - Breakthroughs in electrolyzer technology have been observed, and the hydrogen heavy-duty truck sector is gradually maturing. The newly awarded electrolyzer projects are still primarily alkaline, but both PEM and AEM electrolyzer technologies have made significant advancements. It is recommended to pay attention to companies at the forefront of electrolyzer technology [2][40]. - The midstream sector is accelerating the development of hydrogen transportation and utilization, promoting the construction of hydrogen refueling stations. Companies with hydrogen transportation capabilities are recommended for attention [2][40]. - Transportation applications are leading the gradual maturation of the hydrogen fuel cell industry ecosystem, with a recommendation to focus on hydrogen vehicle companies related to heavy-duty trucks [2][40]. Industry Performance - As of July 4, 2025, the hydrogen energy index closed at 2135.09 points, with a weekly change of 1.03% and a year-to-date change of 20.16%. The hydrogen energy index ranked 53rd among the Shenwan secondary industry rankings this week, showing a significant decline [8][14]. - The TTM price-to-earnings ratio of the hydrogen energy index is 24.66 times, and the MRQ price-to-book ratio is 1.60 times as of July 4, 2025 [11][13]. Company Dynamics - The top five companies in the hydrogen energy sector by weekly increase are Xuedilong (31.74%), Kaimeteqi (27.46%), Shengdexintai (22.40%), Zhongcai Technology (20.71%), and Huaguang Huaneng (20.06%). The top three companies by weekly decrease are Guangzhi Technology (-15.82%), Taihe Technology (-9.40%), and Xinxunda (-9.13%) [14][16]. - This week, there were 9 awarded projects in the hydrogen energy sector, with 3 electrolyzer bidding projects totaling 520 MW and a total hydrogen production capacity of 104,000 Nm³/h [17][18]. Industry Dynamics - Significant developments include the approval of the first cross-province green hydrogen pipeline in Inner Mongolia and the launch of hydrogen two-wheelers in Dongguan. These initiatives are part of broader efforts to promote hydrogen energy as a strategic industry [35][36]. - Internationally, Morocco's large-scale green hydrogen project is making progress, and Uzbekistan's Tashkent green hydrogen project has successfully achieved hydrogen production [36][37].

证券代码：002658 证券简称：雪迪龙 公告号：2025-027 北京雪迪龙科技股份有限公司 股票交易异常波动公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 公司股票连续三个交易日内（2025 年 6 月 27 日、2025 年 6 月 30 日、2025 年 7 月 1 日）日收盘价格涨幅偏离值累计达到 20.12%，连续二个交易日内（2025 年 7 月 2 日、2025 年 7 月 3 日）日收盘价格涨幅偏离值累计达到 20.74%，根据 《深圳证券交易所交易规则》的相关规定，目前公司股票属于股票交易异常波 动的情况，可能存在市场情绪过热的情形，交易风险较大。公司郑重提醒广大 投资者，注意二级市场交易风险，审慎决策、理性投资。 一、股票交易异常波动的情况介绍 北京雪迪龙科技股份有限公司（以下简称"公司"或"本公司"）股票连续 二个交易日内（2025年7月2日、2025年7月3日）日收盘价格涨幅偏离值累计达到 20.74%。根据《深圳证券交易所交易规则》的相关规定，属于股票交易异常波动 的情况。 二、公司关注、核实情况说明 针对公司股票 ...

New Stock Offerings - Jichuan Pharmaceutical (600566) has a tender offer period from June 18, 2025, to July 17, 2025[1] - *ST Yazhen (603389) has a tender offer period from June 10, 2025, to July 9, 2025[1] - Zhongcheng Tui (300208) has 11 trading days remaining until the last trading day[1] Delisting and Trading Reminders - Tui Shi Jin Gang (600190) has 11 trading days remaining until the last trading day[1] - Hengli Tui (000622) is in the delisting arrangement period with 8 trading days remaining[1] - Tui Shi Jiu You (600462) has 7 trading days remaining until the last trading day[1] Market Volatility - Beifang Changlong (301357) reported severe abnormal fluctuations[1] - Multiple companies, including Jichuan Pharmaceutical and *ST Yazhen, are under scrutiny for trading anomalies[1]

Group 1 - The stock of Xuedilong has reached a trading limit, marking three consecutive days of limit-up, with a current price of 9.47 yuan and a turnover rate of 3.17% [2] - During the consecutive limit-up period, the stock has increased by 33.01%, with a cumulative turnover rate of 23.66% [2] - The latest total market capitalization of the A-shares is 60.21 billion yuan, with a circulating market capitalization of 33.96 billion yuan [2] Group 2 - The company reported a total operating revenue of 254 million yuan in the first quarter, representing a year-on-year growth of 9.66%, and a net profit of 10 million yuan, which is a significant increase of 257.20% year-on-year [2] - The stock has appeared on the Dragon and Tiger list due to a cumulative deviation of 20% in its price over three trading days, with institutional net purchases amounting to 11.98 million yuan [2] - The trading data shows significant net inflows from major funds, with a net inflow of 114.6 million yuan on June 30, 2025 [2]

证券代码：002658 证券简称：雪迪龙 公告号：2025-026 4、经核查，公司、控股股东和实际控制人不存在关于本公司的应披露而未 披露的重大事项，或处于筹划阶段的重大事项。 5、公司股票异常波动期间，公司控股股东、实际控制人未买卖本公司股票。 北京雪迪龙科技股份有限公司 股票交易异常波动公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、股票交易异常波动的情况介绍 北京雪迪龙科技股份有限公司（以下简称"公司"或"本公司"）股票连续 三个交易日内（2025年6月27日、2025年6月30日、2025年7月1日）日收盘价格涨 幅偏离值累计达到20.12%。根据《深圳证券交易所交易规则》的相关规定，属于 股票交易异常波动的情况。 二、公司关注、核实情况说明 针对公司股票异常波动情况，公司对有关事项进行了核查，并询问了公司控 股股东、实际控制人，现将有关情况说明如下： 1、经核查，公司前期披露的信息不存在需要更正、补充之处。 2、公司未发现近期公共传媒报道了可能或已经对本公司股票交易价格产生 较大影响的未公开重大信息。 3、近期公司生产经营情况正常，内外部 ...

Core Insights - The 2024 revenue of the domestic instrument industry shows significant differentiation, with leading companies like Antu Bio achieving counter-cyclical growth while others face challenges due to market contraction and cost pressures [2][4] Group 1: Revenue and Income Disparities - The income of executives in the instrument sector has widened significantly compared to last year, primarily driven by high dividends [4] - Antu Bio's chairman, Miao Yongjun, is the only executive with an income exceeding 100 million yuan, with 99% of his income coming from dividends [4] - The dividend payout ratio for Antu Bio is 60.28% of net profit, while Tailin Bio has an even higher ratio of 91.94%, raising concerns about sustainable development [4] Group 2: Growth Drivers and Market Challenges - The biopharmaceutical supply chain and overseas markets are identified as core growth drivers, with Antu Bio's overseas revenue increasing by 36.25% year-on-year and Wanyi Technology achieving a remarkable 447% growth [4] - Traditional sectors like environmental monitoring and industrial process analysis are under severe pressure, as evidenced by the declining income of Xuedilong's chairman, which fell from 140 million yuan in 2022 to 110 million yuan in 2023 [5] Group 3: Cost Pressures and Profitability - Cost pressures are intensifying, squeezing net profit margins across the industry, with Tailin Bio facing significant profit margin erosion due to raw material price increases and price wars [6] - Despite a 15.01% year-on-year revenue growth, Lihua Technology experienced a decline in net profit due to rising costs and increased expenses [6] - Companies like Nanwei Technology have successfully implemented quality improvement and efficiency enhancement measures, restoring growth in core business areas while controlling expenses [6] Group 4: Executive Compensation Trends - The average pre-tax salary of executives has decreased to approximately 860,000 yuan, down from 1.2 million yuan last year, reflecting cost-cutting measures amid profit pressures [9] - The compensation structure for executives in the instrument industry is evolving, emphasizing the importance of strategic transformation, industry upgrades, and cost management [9]

Investment Rating - The investment rating for the environmental engineering and services sector is "Positive" [2] Core Viewpoints - The environmental industry is gradually returning to rationality after experiencing a decline in national subsidies, PPP projects, and mixed ownership reforms. Companies are focusing on core business development while exploring new growth areas such as renewable energy and AI+environmental solutions [24] - In 2024, the environmental sector achieved a total revenue of CNY 395.986 billion, a year-on-year decrease of 1.2%, and a net profit attributable to shareholders of CNY 26.289 billion, a decrease of 10.7%. However, in Q1 2025, the sector's revenue increased by 1.5% year-on-year to CNY 87.873 billion, and net profit rose by 1.3% to CNY 8.723 billion, indicating a steady improvement in performance [24] Summary by Relevant Sections Water Sector - In 2024, the water sector generated revenue of CNY 75.376 billion, a decrease of 1% year-on-year, while net profit increased by 24.1% to CNY 11.822 billion. In Q1 2025, revenue remained flat at CNY 16.785 billion, with net profit growing by 7.6% to CNY 2.663 billion. Recent policy changes are expected to catalyze market-oriented water price reforms, benefiting efficient water companies [3][35] Solid Waste Sector - The solid waste treatment sector achieved revenue of CNY 174.722 billion in 2024, a year-on-year increase of 10.6%, with net profit rising by 10.2% to CNY 14.248 billion. In Q1 2025, revenue grew by 8.6% to CNY 41.34 billion, and net profit increased by 7.9% to CNY 4.3 billion. The new paradigm of waste incineration combined with data centers is expected to enhance profitability and cash flow [4][30] Environmental Monitoring/Testing Sector - The environmental monitoring/testing sector reported revenue of CNY 11.146 billion in 2024, a year-on-year increase of 1.5%, with net profit rising significantly by 46.2% to CNY 0.733 billion. In Q1 2025, revenue decreased by 6.3% to CNY 1.788 billion, while net profit remained stable with a slight increase of 0.4% [4] Environmental Equipment Sector - The environmental equipment sector generated revenue of CNY 61.497 billion in 2024, a decrease of 10.27%, with net profit falling by 33% to CNY 2.873 billion. In Q1 2025, revenue decreased by 6.42% to CNY 13.822 billion, and net profit decreased by 4.6% to CNY 0.986 billion. The demand for energy-saving equipment is expected to rise as the government promotes energy efficiency [5][6] Investment Recommendations - Three main investment lines are highlighted: 1. Water and waste incineration operations, which are expected to benefit from market reforms and stable cash flows. Recommended companies include Xirong Environment and Hongcheng Environment. 2. Environmental equipment, which is anticipated to see increased demand due to ongoing energy-saving initiatives. Suggested companies include Zhongtai Co. and Ice Wheel Environment. 3. Circular economy initiatives, with significant growth potential as outlined in the "14th Five-Year Plan" for circular economy development. Recommended companies include Inke Recycling and High Energy Environment [6][30]

Overview - The water environment monitoring market in China is rapidly emerging, with a projected market size of 27.443 billion yuan in 2024, representing a year-on-year growth of 5.28%. Water environment monitoring services account for approximately 50.7% of the market, while monitoring equipment makes up about 49.3% [1][9]. Industry Chain - The water environment monitoring industry in China consists of monitoring equipment and services. The upstream includes suppliers of raw materials such as metals, plastics, and optical materials, as well as manufacturers of components like sensors and data analysis software. The downstream market includes government departments, water companies, and pollution source enterprises in sectors like power, chemicals, and pharmaceuticals [4]. Market Policies - The Chinese government has issued several policies to enhance water quality monitoring and protection, including the "National Water Network Construction Planning Outline" and various guidelines aimed at improving water quality and ecological restoration. These policies create a favorable environment for the development of the water environment monitoring industry [6][8]. Current Development - The water environment monitoring market is experiencing significant growth due to stringent environmental policies. The demand for monitoring services is expected to increase as downstream enterprises strive to meet emission standards and sustainable production requirements [9]. Competitive Landscape - The water environment monitoring industry features both equipment manufacturers and service providers. High-end monitoring equipment is primarily dominated by foreign companies and large domestic firms like Lihua Technology and Xuedilong, while the low-end market is highly competitive with many small domestic enterprises. In the service sector, large third-party monitoring institutions and state-owned entities provide comprehensive services and enjoy high market recognition [11]. Representative Companies - **Xuedilong Technology Co., Ltd.**: Founded in 2001 and listed in 2012, the company focuses on environmental monitoring and has achieved a revenue of 1.42 billion yuan in 2024, with 80.14% coming from ecological monitoring systems [13]. - **China National Inspection Testing Group**: Established from the inspection and certification sector, the company reported a revenue of 1.041 billion yuan in the first half of 2024, with 71.90% from inspection and testing services [15]. Development Trends - Future trends in the water environment monitoring industry include the widespread application of IoT technology for real-time data collection, integration of big data and AI for predictive analysis, and the establishment of standardized monitoring practices to ensure data accuracy and reliability [17].