Core Insights - The environmental equipment sector saw a slight increase of 0.45% on November 7, with Xuedilong leading the gains [1] - The Shanghai Composite Index closed at 3997.56, down 0.25%, while the Shenzhen Component Index closed at 13404.06, down 0.36% [1] Stock Performance Summary - Xuedilong (002658) closed at 9.43, up 10.04%, with a trading volume of 408,800 shares and a transaction value of 374 million yuan [1] - Other notable performers included ST Qingyan (301288) with a 3.10% increase, and Bixing Wulian (688671) with a 2.50% increase [1] - Conversely, Guolin Technology (300786) experienced a decline of 2.36%, with a trading volume of 125,400 shares and a transaction value of 211 million yuan [2] Capital Flow Analysis - The environmental equipment sector experienced a net inflow of 136 million yuan from institutional investors, while retail investors saw a net outflow of 733.46 million yuan [2][3] - Xuedilong had a significant net inflow of 148 million yuan from institutional investors, but also faced a net outflow of 75.43 million yuan from retail investors [3] - Longjing Environmental (600388) reported a net inflow of 32.19 million yuan from institutional investors, while also experiencing a net outflow from retail investors [3]

Core Viewpoint - The company plans to invest up to RMB 400 million in purchasing land use rights and constructing an innovation industrial base, focusing on chromatography and mass spectrometry production lines, in alignment with the national "dual carbon" strategy [2][3]. Group 1 - The company will acquire land use rights for the CP01-0801-0047 plot in the Huairou International Information Industry Base, designated for industrial use [2]. - The investment will support the development of carbon monitoring and measurement systems, as well as process instrumentation analysis, including various series of chromatography, spectroscopy, and mass spectrometry instruments [2]. - The project aims to enhance the company's technical research and development capabilities and innovation capacity, laying a solid foundation for sustainable future growth [3].

Core Viewpoint - The company plans to invest up to 400 million RMB in purchasing land use rights and constructing an innovative industrial base, focusing on chromatography and mass spectrometry production lines, aligning with the national "dual carbon" strategy [1][2] Group 1: Investment and Development - The company will use its own or self-raised funds not exceeding 400 million RMB to purchase land use rights and invest in the innovative industrial base project [1] - The company has won the bidding for a plot of industrial land in the Changping District of Beijing, with a transaction price of 54.2667 million RMB [1][2] Group 2: Strategic Alignment and Market Position - The new production lines will enhance the company's capabilities in carbon monitoring, carbon measurement systems, and process instrumentation analysis, contributing to the improvement of high-end scientific instruments' core technology and industrial foundation [2] - This investment is expected to strengthen the company's market position, expand product offerings, and better meet customer demands, aligning with the company's strategic planning and operational development needs [2] - The implementation of this project will help attract and cultivate more professionals, further enhancing the company's R&D capabilities and innovation potential, laying a solid foundation for sustainable future development [2]

Core Viewpoint - The company plans to invest up to RMB 400 million to purchase land use rights and construct an innovative industrial base, focusing on the development of chromatography and mass spectrometry production lines, aligning with the national "dual carbon" strategy [1][2] Group 1: Investment and Development Plans - The company will use its own or self-raised funds not exceeding RMB 400 million to purchase land use rights and invest in the construction of an innovative industrial base [1] - The investment will include the establishment of new production lines for chromatography and mass spectrometry, as well as the development of carbon monitoring and measurement systems [2] Group 2: Strategic Importance - The new project is expected to enhance the company's core technology level and industrial foundation, improving its product offerings and meeting customer demands more effectively [2] - This investment aligns with the company's strategic planning and operational development needs, laying a solid foundation for the next phase of rapid growth [2] Group 3: Talent and Innovation - The implementation of this investment project will help attract and cultivate more professional talent, further enhancing the company's technological research and development capabilities [2] - The focus on innovation will support the company's sustainable development in the future [2]

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"）于2025年10月17日召开 第五届董事会第二十三次会议，审议通过了《关于拟购买土地使用权并投资建设 创新产业基地项目的议案》，同意公司以自有资金或自筹资金不超过人民币 40,000万元（最终以实际发生金额为准）购买土地使用权并投资建设创新产业基 地项目，拟新增色谱和质谱生产线；根据国家"双碳"战略，新增碳监测、碳计 量系统及工艺过程仪表分析的生产研发，包括色谱、光谱及质谱分析仪等多个系 列产品。投资资金将用于购买土地使用权、仪器仪表生产研发中心及生产线建设、 铺底流动资金等，具体资金使用情况以实际发生金额为准。《关于拟购买土地使 用权并投资建设创新产业基地项目的公告》（公告号：2025-047）具体内容详见 公司于2025年10月20日在指定信息披露媒体《证券时报》和巨潮资讯网 （http://www.cninfo.com.cn）发布的相关公告。 证券代码：002658 证券简称：雪迪龙 公告号：2025-051 北京雪迪龙科技股份有限公司 关于拟购买土地使用权 并投资建设创新产业基地项目的进展公告 本公司及董事会全体成员保证信息披露的内容真实 ...

Core Viewpoint - Xuedilong is a leading company in the environmental monitoring sector in China, established in 2001 and listed in 2012, with a focus on R&D, production, and sales of environmental monitoring products, showcasing a full industry chain advantage [1] Financial Performance - In Q3 2025, Xuedilong reported revenue of 888 million yuan, ranking 12th among 28 companies in the industry, with the top company, Yingfeng Environment, generating 9.544 billion yuan [2] - The net profit for the same period was 116 million yuan, placing Xuedilong 9th in the industry, while the leading company, Longjing Environmental Protection, achieved a net profit of 785 million yuan [2] Financial Ratios - As of Q3 2025, Xuedilong's debt-to-asset ratio was 15.43%, lower than the previous year's 16.04% and significantly below the industry average of 43.61% [3] - The gross profit margin for Q3 2025 was 43.11%, an increase from 39.93% year-on-year and above the industry average of 25.59% [3] Executive Compensation - The chairman, Ao Xiaoqiang, received a salary of 600,600 yuan in 2024, a slight increase from 599,800 yuan in 2023 [4] - The general manager, Gou Dongqing, earned 888,000 yuan in 2024, up from 812,300 yuan in 2023, reflecting an increase of 75,700 yuan [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 39.39% to 49,500, while the average number of circulating A-shares held per account decreased by 28.26% to 7,244 [5]

Core Viewpoint - The stock of Xuedilong has shown a significant increase in price this year, with a year-to-date rise of 36.82%, despite a recent decline in the last five trading days [1][2]. Group 1: Stock Performance - As of October 31, Xuedilong's stock price reached 8.42 yuan per share, with a market capitalization of 5.353 billion yuan [1]. - The stock experienced a trading volume of 65.6634 million yuan, with a turnover rate of 2.20% [1]. - The stock has seen a net inflow of main funds amounting to 3.0581 million yuan, with significant buying activity from large orders [1]. Group 2: Financial Performance - For the period from January to September 2025, Xuedilong reported a revenue of 888 million yuan, reflecting a year-on-year growth of 6.34% [2]. - The net profit attributable to shareholders for the same period was 115 million yuan, marking a substantial increase of 52.10% year-on-year [2]. Group 3: Business Overview - Xuedilong specializes in environmental monitoring, industrial process analysis, and smart environmental protection services, with its main business revenue composition being 78.96% from ecological environment monitoring systems, 14.03% from industrial process analysis systems, and 7.01% from other services [1]. - The company is categorized under the environmental protection equipment industry and is involved in various concepts such as ultra-supercritical power generation, PPP, solid waste treatment, nuclear power, and carbon neutrality [2]. Group 4: Shareholder Information - As of September 30, Xuedilong had 49,500 shareholders, an increase of 39.39% from the previous period, with an average of 7,244 circulating shares per shareholder, which decreased by 28.26% [2]. Group 5: Dividend Information - Since its A-share listing, Xuedilong has distributed a total of 1.316 billion yuan in dividends, with 589 million yuan distributed over the last three years [3].

Core Viewpoint - The company's profitability has significantly improved, with a notable optimization in business structure, leading to a substantial increase in net profit compared to revenue growth [2][3] Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of 888 million yuan, a year-on-year increase of 6.34% - The net profit attributable to shareholders reached 115 million yuan, reflecting a year-on-year growth of 52.10% - The net profit growth rate (52.10%) far exceeded the revenue growth rate (6.34%), with a non-recurring net profit growth of 61.81% [1][2] Quarterly Highlights - In the third quarter, the company recorded operating revenue of 292 million yuan, a year-on-year increase of 12.15% - The net profit for the third quarter was 53 million yuan, showing a remarkable year-on-year growth of 101.69% [2] Business Strategy - The improvement in profitability is attributed to enhanced receivables management and a reduction in bad debt provisions compared to the previous year - The company has strategically shifted focus from government (To G) business to enterprise (To B) markets, improving project quality and payment conditions - A decrease in sales expenses also indicates effective cost control [2][3] Market Position and Innovations - The company is making significant strides in the domestic substitution logic, particularly in high-end instruments for environmental and industrial process analysis - Key breakthroughs include the promotion of domestic alternatives for explosion-proof laser analyzers and chromatographs in industries like petrochemicals and cement [2][3] Emerging Fields - The company has established a technological lead in the nuclear power sector by providing gas analysis systems for the world's first commercial fourth-generation nuclear power project - In the semiconductor industry, its products are utilized for gas purity detection in lithography machines, serving top global manufacturers - The company is also expanding into cutting-edge applications such as aircraft engine exhaust analysis [3] Carbon Monitoring Business - The company positions its carbon monitoring business as a core growth point, having made proactive investments in online measurement systems and carbon accounting software - A joint venture with the China Metrology Institute aims to participate in the national dual carbon standard system construction - With the expansion of the national carbon market, the company is expected to benefit significantly from the anticipated demand for carbon monitoring equipment [3] Profit Forecast - The company is projected to achieve operating revenues of 1.501 billion, 1.652 billion, and 1.837 billion yuan for 2025-2027, with year-on-year growth rates of 5.67%, 10.11%, and 11.17% respectively - The net profits attributable to shareholders are expected to be 208 million, 222 million, and 245 million yuan, with growth rates of 23.50%, 6.77%, and 10.25% respectively - Based on the closing price on October 27, 2025, the corresponding P/E ratios are projected to be 26.33, 24.66, and 22.37, with EPS of 0.33, 0.35, and 0.39 yuan [4]

Core Viewpoint - The financial report of Beijing Xuedilong (stock code: 002658) for the third quarter of 2025 shows significant growth in revenue and net profit, indicating a positive trend in the company's financial performance [2]. Financial Data Summary - **Revenue**: The company's operating revenue for the reporting period is CNY 292.21 million, an increase of 12.15% compared to the same period last year. Year-to-date revenue is CNY 888.29 million, up 6.34% year-on-year [2]. - **Net Profit**: The net profit attributable to shareholders is CNY 53.40 million, a remarkable increase of 101.69% year-on-year. Year-to-date net profit is CNY 115.37 million, reflecting a growth of 52.10% [2]. - **Earnings Per Share**: Basic and diluted earnings per share are both CNY 0.09 for the reporting period, representing a 125% increase compared to the same period last year. Year-to-date earnings per share are CNY 0.18, up 50% [2]. - **Total Assets**: As of the end of the reporting period, total assets amount to CNY 3.08 billion, a slight increase of 1.15% from the end of the previous year [2]. Non-Recurring Gains and Losses - The report indicates non-recurring gains and losses, including government subsidies and asset disposal losses. The total non-recurring gains for the reporting period amount to CNY 5.05 million [4]. Changes in Financial Indicators - **Accounts Receivable Financing**: Decreased by 48.40% to CNY 29.58 million due to the maturity of receivables [8]. - **Prepayments**: Increased by 41.32% to CNY 21.46 million, attributed to increased prepayments for materials [8]. - **Inventory**: Increased by 11.99% to CNY 463.64 million, indicating a rise in stock levels [20]. - **Short-term Loans**: Increased by 110.40% to CNY 6.48 million, reflecting the need for additional working capital [8]. - **Net Profit Margin**: The net profit margin has improved significantly, indicating better cost management and operational efficiency [24]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 49,511, with the top ten shareholders holding a significant portion of the shares. The largest shareholder, Ao Xiaoqiang, holds 57.83% of the shares [11]. Share Buyback and Corporate Governance - The company has completed a share buyback program, repurchasing 11.24 million shares, which is 1.77% of the total share capital, at an average price of CNY 5.38 per share [12][14]. - Recent amendments to the company's articles of association have eliminated the supervisory board, transferring its responsibilities to the audit committee of the board of directors, aimed at enhancing corporate governance [15][16].

Core Points - The company Xuedilong (002658) announced on the evening of October 27 that it has no overdue external guarantees [1] - The company also stated that there are no ongoing litigation or arbitration matters related to guarantees [1]