Investment Rating - The investment rating for the company is not explicitly stated in the report [1]. Core Viewpoints - The company reported a significant increase in performance in Q1 2025, with total revenue of 254 million yuan, a year-on-year growth of 9.65%, and a net profit attributable to the parent company of 10 million yuan, a remarkable increase of 257.2% [1][3]. - The expansion of the national carbon emission trading market is expected to accelerate the demand for monitoring services, benefiting the company as it has secured multiple carbon monitoring projects in various industries [3][4]. - The company is actively positioning itself in the scientific instrument sector, enhancing its high-end development through the establishment of research centers and the development of core technologies [3][4]. Financial Performance Summary - In 2024, the company achieved total revenue of 1.42 billion yuan, a decrease of 5.97% year-on-year, and a net profit of 169 million yuan, down 16.9% [1][5]. - The gross profit margin for 2024 was 41.97%, an increase of 0.56 percentage points year-on-year, with the ecological environment monitoring system and industrial process analysis system contributing revenues of 1.138 billion yuan and 185 million yuan, respectively [3][5]. - The company plans to distribute a cash dividend of 2.50 yuan per 10 shares for 2024, amounting to approximately 156.13 million yuan, which represents 92.64% of the net profit attributable to the parent company [6]. Earnings Forecast - The company is expected to generate revenues of 1.491 billion yuan, 1.690 billion yuan, and 1.878 billion yuan for 2025, 2026, and 2027, respectively, with growth rates of 5.0%, 13.4%, and 11.1% [6][5]. - The net profit attributable to the parent company is forecasted to be 206 million yuan, 231 million yuan, and 260 million yuan for the same years, with growth rates of 22.3%, 12.3%, and 12.3% [6][5].

Investment Rating - The report does not specify a current investment rating for the company [1] Core Insights - The company reported a significant increase in performance in Q1 2025, with total revenue reaching 254 million yuan, a year-on-year growth of 9.65%, and a net profit attributable to the parent company of 10 million yuan, a remarkable increase of 257.2% [1][3] - The expansion of the national carbon emissions trading market is expected to accelerate the demand for monitoring services, benefiting the company as it has secured multiple carbon monitoring projects in various industries [3][4] - The company is actively developing its scientific instruments segment, aiming for high-end growth by leveraging its five core technology platforms and establishing a strong industrialization capability [3][4] Financial Performance Summary - In 2024, the company achieved total revenue of 1.42 billion yuan, a decrease of 5.97% year-on-year, and a net profit of 169 million yuan, down 16.9% [1][5] - The company forecasts revenue growth for 2025-2027, with expected revenues of 1.49 billion yuan, 1.69 billion yuan, and 1.88 billion yuan, representing growth rates of 5.0%, 13.4%, and 11.1% respectively [5][6] - The gross margin for 2024 was reported at 41.97%, an increase of 0.56 percentage points year-on-year, indicating improved profitability despite a challenging market environment [3][5] Market and Industry Context - The chemical industry is anticipated to see a recovery in market demand, with the company’s main business segments, including ecological environment monitoring systems, facing a decline in revenue in 2024 [3] - The company is well-positioned to benefit from the government's initiatives to strengthen energy consumption and carbon emissions monitoring, as outlined in recent policy documents [3][4]

Financial Performance - The company reported a basic earnings per share (EPS) of 0.0200 yuan for Q1 2025, a significant increase of 300% compared to a loss of 0.0100 yuan in Q1 2024 [1] - Revenue for Q1 2025 was 2.54 billion yuan, reflecting a 9.48% increase from 2.32 billion yuan in Q1 2024 [1] - The net profit for Q1 2025 was 0.1 billion yuan, a substantial improvement from a loss of 0.06 billion yuan in Q1 2024, marking a 266.67% increase [1] - The return on equity (ROE) for Q1 2025 was 0.39%, up from -0.24% in Q1 2024, indicating a 262.5% improvement [1] Shareholder Information - The top ten unrestricted shareholders collectively hold 12,324.27 million shares, accounting for 34.36% of the circulating shares, which is a decrease of 193.29 million shares from the previous period [1] - Notable shareholders include Ao Xiaoqiang with 9,191.50 million shares (25.63% of total shares) and Ji Ping with 664.92 million shares (1.85%), with Ji Ping increasing holdings by 63.32 million shares [2] - The company will not distribute dividends or bonus shares in this period [3]

Financial Performance - The company's revenue for Q1 2025 was ¥253,865,913.70, representing a 9.65% increase compared to ¥231,513,362.82 in the same period last year[4] - Net profit attributable to shareholders reached ¥10,069,894.17, a significant increase of 257.20% from a loss of ¥6,405,916.45 in the previous year[4] - The net profit after deducting non-recurring gains and losses was ¥5,244,277.33, up 152.78% from a loss of ¥9,935,755.71 year-on-year[4] - Basic and diluted earnings per share both improved to ¥0.02, a 300.00% increase from -¥0.01 in the same period last year[4] - Net profit for the current period was ¥10,207,820.10, a significant recovery from a net loss of ¥6,488,684.96 in the previous period[22] - Earnings per share (EPS) for the current period was ¥0.02, compared to a loss per share of ¥0.01 in the previous period[23] - The company reported a significant improvement in operating profit, reaching ¥14,289,061.78, compared to an operating loss of ¥6,402,777.84 in the previous period[22] Cash Flow - The company's cash flow from operating activities was negative at -¥28,928,295.22, worsening by 95.43% compared to -¥14,802,211.81 in the previous year[4] - Cash flow from operating activities was ¥250,015,339.59, compared to ¥246,167,443.73 in the previous period, indicating a slight increase[25] - Net cash flow from operating activities was -28,928,295.22, compared to -14,802,211.81 in the previous period, indicating a decline in operational performance[26] - Total cash inflow from operating activities was 266,662,735.33, slightly down from 273,832,855.30, indicating stable operational cash generation[26] - Total cash outflow from operating activities increased to 295,591,030.55 from 288,635,067.11, reflecting higher operational costs[26] Assets and Liabilities - Total assets at the end of the reporting period were ¥3,003,936,823.18, a decrease of 1.29% from ¥3,043,342,110.73 at the end of the previous year[4] - The company’s total liabilities decreased from 2,598,133,120.52 RMB to 2,572,131,269.69 RMB[18] - Total liabilities decreased to ¥405,296,009.76 from ¥456,943,473.73, indicating a reduction of approximately 11.3%[20] - Total equity increased to ¥2,598,640,813.42 from ¥2,586,398,637.00, showing a growth of about 0.5%[20] Shareholder Information - Total number of common shareholders at the end of the reporting period is 38,415[11] - The largest shareholder, Ao Xiaoqiang, holds 57.83% of shares, totaling 367,660,000 shares[11] - The company repurchased a total of 11,243,157 shares, accounting for 1.77% of the total share capital, with a total transaction amount of 60,512,734.11 RMB[14][15] - The company plans to use 50 million to 100 million RMB for share repurchase, with a maximum repurchase price of 7.50 RMB per share[13] Investment Activities - Cash inflow from investment activities totaled 458,299,772.56, up from 309,282,081.11, reflecting an increase in investment recovery[26] - Net cash flow from investment activities improved to 59,770,317.93 from -117,119,668.74, showing a positive turnaround in investment performance[27] - Cash received from investment recovery was 455,000,000.00, significantly higher than 307,724,251.38, indicating successful divestments[26] Other Financial Metrics - Research and development expenses were ¥22,475,278.20, down from ¥25,123,925.00, reflecting a decrease of approximately 10.5%[22] - Other comprehensive income after tax for the current period was ¥2,034,356.32, compared to a loss of ¥1,414,025.13 in the previous period[23] - The company experienced a 213.73% increase in credit impairment losses, amounting to ¥5,072,626.06, mainly due to the reversal of provisions for bad debts[8] - The company’s long-term equity investments decreased from 95,463,942.29 RMB to 89,403,783.96 RMB[18] - The company’s goodwill remains stable at 10,238,596.25 RMB[18] - The company did not undergo an audit for the first quarter report, which may affect stakeholder confidence in the financial statements[28]

Investment Rating - The report maintains a "Strong Buy" rating for Xuedilong (002658) with an expected price target of 8.2 CNY, representing a potential upside of approximately 19% from the current price of 6.89 CNY [1][2][6]. Core Views - The demand for carbon monitoring is expected to be released, presenting development opportunities under the logic of domestic substitution [1]. - The company is focusing on traditional businesses in ecological environment monitoring and industrial process analysis while exploring downstream demand across multiple industries [6]. - The report highlights the acceleration of domestic substitution in scientific instruments due to tariff disturbances, with the company aiming to advance into higher-end analytical instruments [6]. Financial Summary - **Revenue Forecast**: The total revenue is projected to be 1,420 million CNY in 2024, with a year-on-year decline of 6.0%. It is expected to grow to 1,675 million CNY in 2025, representing an 18.0% increase, and continue to rise to 2,106 million CNY by 2027 [2][7]. - **Net Profit Forecast**: The net profit attributable to the parent company is forecasted to be 169 million CNY in 2024, down 16.9% year-on-year, with a recovery to 208 million CNY in 2025 and 261 million CNY in 2027 [2][7]. - **Earnings Per Share (EPS)**: The EPS is expected to be 0.27 CNY in 2024, increasing to 0.33 CNY in 2025 and reaching 0.41 CNY by 2027 [2][7]. - **Valuation Metrics**: The price-to-earnings (P/E) ratio is projected to decrease from 26 in 2024 to 17 in 2027, indicating improving valuation over time [2][7]. Business Performance - **Revenue Breakdown**: The ecological environment monitoring system generated 11.38 billion CNY in sales, down 5.83% year-on-year, while the industrial process analysis system saw a 24.13% decline to 1.85 billion CNY. Other businesses, however, grew by 67.54% to 0.97 billion CNY, mainly due to increased revenue from energy-saving and environmental protection projects [6]. - **Gross Margin**: The overall gross margin for 2024 is reported at 41.97%, with a slight increase of 0.56 percentage points year-on-year. The fourth quarter gross margin improved significantly to 44.89%, up 4.56 percentage points year-on-year [6].

分红年度：2024年年度权益分派 分配方案：分配比例固定 股权登记日：2025年4月29日 除权除息日为：2025年4月30日 除权前总股本：635,760,924股 回购专户上已回购的股份数量：11,243,157股 每10股派息（含税）：2.50元 现金分红总额：156,129,441.75元 除权后总股本：635,760,924股 按A股除权前总股本（含回购股份及其他不参与分红的股份）计算的每10股派 息（含税）：2.455788元 证券代码：002658 证券简称：雪迪龙 公告号：2025-024 北京雪迪龙科技股份有限公司 2024年年度权益分派实施公告 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： 北京雪迪龙科技股份有限公司（以下简称"公司"或"本公司"）通过公司回 购专用证券账户持有公司股份11,243,157股，该部分股份不享有利润分配权利，公司 本次实际现金分红总金额（元）=（本次权益分派股权登记日2025年4月29日的总股 本-公司已回购股份）÷10*分配比例，即（635,760,924-11,243,157）÷10× 2.5 ...

北京市朝阳区建外大街丁 12 号英皇集团中心 8、9、11 层 8/9/11/F, Emperor Group Centre, No.12D, Jianwai Avenue, Chaoyang District, Beijing, 100022, P.R.China 电话/Tel.:010-50867666 传真/Fax:010-56916450 网址/Website:www.kangdalawyers.com 北京 西安 深圳 海口 上海 广州 杭州 沈阳 南京 天津 菏泽 成都 苏州 呼和浩特 香港 武汉 郑州 长沙 厦门 重庆 合肥 宁波 济南 北京市康达律师事务所 关于北京雪迪龙科技股份有限公司 2024 年年度股东大会的法律意见书 康达股会字【2025】第 0090 号 致：北京雪迪龙科技股份有限公司 北京市康达律师事务所（以下简称"本所"）接受北京雪迪龙科技股份有限 公司（以下简称"公司"）的委托，指派本所律师参加公司 2024 年年度股东大会 （以下简称"本次会议"）。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华 人民共和国证券法》（以下简称"《证券法》"）、《上市公 ...

本次股东大会无增加、变更、否决提案的情况。 一、会议召开情况 1、召开时间： （1）现场会议召开时间：2025年4月18日（星期五）下午14:30 （2）网络投票时间:2025年4月18日 其中，通过深圳证券交易所交易系统进行网络投票的具体时间：2025年4月 18日上午9:15-9:25、9:30-11:30，下午13:00-15:00；通过深圳证券交易所互联网 投票系统投票的具体时间：2025年4月18日上午9:15至下午15:00期间的任意时间。 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。 证券代码：002658 证券简称：雪迪龙 公告编号：2025-023 北京雪迪龙科技股份有限公司 2024年年度股东大会决议公告 重要提示 2、召开地点：北京市昌平区高新三街3号公司会议室 3、召开方式：现场投票与网络投票相结合 4、召集人：北京雪迪龙科技股份有限公司第五届董事会 5、主持人：董事长敖小强先生 6、本次股东大会会议的召集、召开与表决程序符合《中华人民共和国公司 法》、《深圳证券交易所股票上市规则》及《北京雪迪龙科技股份有限公司章程》 等法律、法规及 ...

Financial Performance - In 2024, the company achieved total revenue of 1.42 billion RMB, a decrease of 5.97% compared to 1.51 billion RMB in 2023 [19] - The net profit attributable to shareholders was 169 million RMB, down 16.90% from 203 million RMB in the previous year [19] - The company’s overseas revenue for 2024 was 105 million RMB, accounting for 7.40% of total revenue, with a gross profit margin of 51.98% [5] Business Strategy and Development - The company focuses on enhancing its core business in environmental monitoring and aims to strengthen its competitive edge in this sector [22] - Plans to expand investment in carbon monitoring and industrial process analysis, targeting industries such as steel, cement, and power generation [23] - The company is committed to developing new growth areas, particularly in scientific instruments and information technology related to its main business [24] Market Trends and Opportunities - The ecological environment monitoring industry is expected to expand due to increasing government support and environmental policies [8] - The carbon monitoring and measurement market is anticipated to accelerate, driven by national policies aimed at carbon peak and neutrality [11] - The industrial process analysis sector is seeing a rise in domestic production levels, with a focus on high-quality development and technological innovation [14] Research and Development - In 2024, the company invested 91.44 million RMB in R&D, representing 6.44% of its revenue [25] - The focus for 2025 will be on refining products, enhancing quality, and exploring new growth avenues through innovative solutions [25] Challenges and Risks - The overall market demand remains weak, and the industry is facing intense competition, which may impact future performance [19] - Potential impacts from U.S. tariffs on raw material costs are expected to be minimal due to the low proportion of materials sourced from the U.S. [19] Future Outlook - The company is optimistic about future revenue growth, driven by strategic partnerships and new product developments in environmental monitoring and carbon measurement [20] - Plans to enhance digital capabilities and integrate new technologies to improve operational efficiency and customer satisfaction [20]

Core Viewpoint - The company's overall performance has declined, with a revenue of 1.42 billion yuan, down 5.97% year-on-year, and a net profit attributable to shareholders of 169 million yuan, down 16.90% year-on-year [2] Financial Performance - The company reported a total revenue of 1.42 billion yuan, a decrease of 5.97% compared to the previous year [2] - The net profit attributable to shareholders was 169 million yuan, reflecting a year-on-year decline of 16.90% [2] - The non-recurring net profit was 151 million yuan, down 12.21% year-on-year [2] Business Segment Analysis - The ecological environment monitoring system generated sales revenue of 1.138 billion yuan, a decrease of 5.83% from 1.208 billion yuan in the previous year [2] - The industrial process analysis system reported sales revenue of 185 million yuan, down 24.13% from 244 million yuan year-on-year [2] - Other businesses achieved sales revenue of 97 million yuan, an increase of 67.54% from 58 million yuan, mainly due to increased revenue from energy-saving and environmental protection projects [2] Market Outlook - Frequent policies are expected to accelerate the carbon monitoring and measurement market, with various government initiatives aimed at establishing a standardized carbon accounting system and enhancing carbon emission measurement technologies [3] - The carbon monitoring and measurement market is anticipated to gain momentum as the national carbon trading market expands and voluntary emission reduction projects develop [3] Technological Advancements - Breakthroughs in mass spectrometry and chromatography technologies are expected to broaden the company's high-end analytical instrument product line [4] - The company has established strategic partnerships with major petrochemical and building materials groups and has won contracts for significant gas analysis systems [4] - The company’s subsidiary in Belgium has completed capacity expansion and launched a new generation of chromatography platforms, laying a solid foundation for gas analysis business expansion in various industries [4] Profit Forecast - The company is projected to achieve revenues of 1.533 billion yuan, 1.688 billion yuan, and 1.878 billion yuan for the years 2025 to 2027, representing year-on-year growth rates of 7.92%, 10.17%, and 11.21% respectively [4] - The net profit attributable to shareholders is expected to be 218 million yuan, 236 million yuan, and 263 million yuan for the same period, with growth rates of 29.6%, 7.84%, and 11.50% respectively [4] - Based on the closing price on March 27, 2025, the corresponding price-to-earnings ratios are projected to be 19.74, 18.30, and 16.41 [4]