Core Viewpoint - The company demonstrated steady revenue growth and significant improvement in profitability during the first half of 2025, with net profit growth outpacing revenue growth, indicating enhanced operational efficiency [2] Financial Performance - In the first half of 2025, the company achieved operating revenue of 596 million yuan, a year-on-year increase of 4% [1] - The net profit attributable to shareholders reached 61.97 million yuan, reflecting a year-on-year growth of 26% [1] - The net profit after deducting non-recurring items was 50.73 million yuan, up 37% year-on-year [1] Profitability Improvement - The growth in net profit (25.51%) exceeded the revenue growth rate (3.70%), highlighting improved profitability [2] - Cost control measures led to a decrease in sales and management expenses by 2.27% and 8.22% respectively [2] - The optimization of product structure contributed to a 1.18 percentage point increase in gross margin, with the industrial process analysis system business revenue growing by 19.17% [2] - Improvement in asset quality resulted in a positive contribution to profits, with credit impairment losses shifting from -7.38 million yuan in the previous year to 2.91 million yuan this period [2] Strategic Initiatives - The company is positioning its carbon monitoring business as a "second growth engine," developing an integrated solution for carbon emission monitoring and management [3] - The expansion of the national carbon market and mandatory installation policies in industries like thermal power and steel are expected to accelerate market growth [3] - The company is capitalizing on domestic substitution opportunities in high-end manufacturing, with successful applications in advanced fields such as semiconductor gas purity detection and nuclear power gas analysis [3] Operational Strategy - The company has optimized its operational strategy by focusing on cash flow-positive industrial enterprises (To B) while strategically managing longer payment cycles in government contracts (To G) [4] - It has established R&D centers in Beijing, the UK, and Belgium, leveraging five core technologies to support international market expansion [4] - The development of data collection and IoT platforms aims to transform environmental monitoring data into a commercial asset, potentially opening new business growth avenues [4] Earnings Forecast - Projected operating revenues for 2025-2027 are 1.527 billion, 1.682 billion, and 1.869 billion yuan, with year-on-year growth rates of 7.53%, 10.11%, and 11.17% respectively [5] - Expected net profits for the same period are 224 million, 241 million, and 267 million yuan, with growth rates of 33.15%, 7.34%, and 10.82% respectively [5] - Corresponding PE ratios based on the closing price on August 22, 2025, are projected to be 23.97, 22.33, and 20.15 [5]

Investment Rating - The report does not specify a current investment rating for the company [1]. Core Insights - The company reported a total revenue of 596 million yuan for H1 2025, representing a year-on-year growth of 3.7%. The net profit attributable to shareholders was 62 million yuan, up 25.5% year-on-year, and the non-recurring net profit was 51 million yuan, reflecting a growth of 37.27% [1]. - The company is positioned to benefit from the accelerating demand in the carbon monitoring and measurement market, following the Ministry of Ecology and Environment's announcement to include steel, cement, and aluminum industries in the national carbon emissions trading market [4]. - The company has been actively developing scientific instruments, including mass spectrometers, chromatographs, and portable instruments, with a strong focus on R&D, investing around 100 million yuan annually [4]. Financial Performance - For H1 2025, the company's main business segments generated revenues of 471 million yuan from ecological environment monitoring systems and 84 million yuan from industrial process analysis systems, with year-on-year growth rates of 2.15% and 19.17%, respectively [4]. - The gross margin for the instrument industry was 43.93%, an increase of 1.18 percentage points year-on-year, with specific margins for ecological environment monitoring systems and industrial process analysis systems at 44.42% and 41.16%, respectively [4]. - The company forecasts revenues of 1.491 billion yuan, 1.690 billion yuan, and 1.878 billion yuan for 2025, 2026, and 2027, with growth rates of 5.0%, 13.4%, and 11.1% respectively [6]. Market Outlook - The carbon monitoring and measurement market is expected to accelerate, driven by the expansion of the national carbon emissions trading market and the development of carbon peak and carbon neutrality standards [4]. - The company has established three R&D centers in Beijing, the UK, and Belgium, focusing on five core technologies, which enhances its ability to shorten the R&D cycle and commercialize results effectively [4].

Core Viewpoint - The recent financial report of Xuedilong (002658) shows a moderate increase in revenue and a significant rise in net profit, indicating improved profitability despite a slight decline in quarterly revenue [1] Financial Performance Summary - Total revenue for the first half of 2025 reached 596 million yuan, a year-on-year increase of 3.7% [1] - Net profit attributable to shareholders was 61.97 million yuan, up 25.51% year-on-year [1] - Gross margin improved to 42.28%, reflecting a 3.05% increase compared to the previous year [1] - Net margin increased to 10.43%, showing a year-on-year growth of 21.63% [1] - Total expenses (selling, administrative, and financial) amounted to 137 million yuan, accounting for 23.0% of revenue, a decrease of 7.84% year-on-year [1] Cash Flow and Financial Position - Cash and cash equivalents decreased by 14.71% to 601 million yuan [1] - Accounts receivable increased by 3.78% to 540 million yuan [1] - Interest-bearing debt rose significantly by 65.27% to 6.97 million yuan [1] - The net cash flow from financing activities increased by 39.01%, attributed to reduced dividend payments compared to the previous year [3] Operational Insights - The company's return on invested capital (ROIC) was 5.82%, indicating average capital returns [4] - The net profit margin for the previous year was 11.94%, suggesting average value addition from products or services [4] - The company relies heavily on marketing-driven performance, necessitating further analysis of the underlying drivers [4] - The accounts receivable situation is concerning, with accounts receivable to profit ratio reaching 320.26% [4]

Group 1 - The company reported a revenue of 596 million yuan, representing a year-on-year growth of 3.70%, and a net profit attributable to shareholders of 61.97 million yuan, with a year-on-year increase of 25.51% [2] - The company focuses on environmental monitoring, carbon monitoring and measurement, and industrial process analysis, providing a comprehensive solution of "intelligent equipment + smart operation + digital application" to support environmental quality improvement and the achievement of carbon neutrality goals [2] - The industry environment is favorable, with accelerated construction of a modern industrial system and digital China, leading to new opportunities for the instrument and meter industry as digital technology integrates with the real economy [2] Group 2 - In the second half of 2025, the company will continue to implement its business strategy of "deepening customer value and achieving high-quality development," focusing on profit and optimizing resource allocation [3] - The company aims to consolidate its core competitiveness by leveraging its rich product reserves and market presence in the analysis instrument market and ecological environment monitoring industry [2] - The company has established five core technology platforms and two basic software platforms, continuously engaging in technological research and innovation to meet market demands [2]

2025年8月22日，雪迪龙(002658.SZ)发布2025年中报。 公司营业总收入为5.96亿元，较去年同报告期营业总收入增加2127.83万元，同比较去年同期上涨 3.70%。归母净利润为6197.41万元，较去年同报告期归母净利润增加1259.46万元，同比较去年同期上 涨25.51%。经营活动现金净流入为6105.78万元。 公司最新资产负债率为13.79%，较去年同期资产负债率减少0.74个百分点。 公司最新毛利率为42.28%，较上季度毛利率增加2.89个百分点，较去年同期毛利率增加1.25个百分点。 最新ROE为2.48%，较去年同期ROE增加0.48个百分点。 公司摊薄每股收益为0.10元，较去年同报告期摊薄每股收益增加0.02元，同比较去年同期上涨25.00%。 公司最新总资产周转率为0.20次，较去年同期总资产周转率增加0.01次，实现2年连续上涨，同比较去年 同期上涨5.47%。最新存货周转率为0.82次，较去年同期存货周转率增加0.09次，实现5年连续上涨，同 比较去年同期上涨12.85%。 公司股东户数为3.55万户，前十大股东持股数量为4.01亿股，占总股本比例为63.03%，前 ...

当日主力资金净流入5430.32万元，近五个交易日累计净流入3802.23万元。 8月21日公司召开第五届第二十一次董事会会议，审议通过了关于召开2025年第一次临时股东会的议 案。同日，监事会审议通过了2025年半年度报告等多项议案。 雪迪龙最新股价为8.60元，较前一交易日上涨0.35元。盘中最高触及8.62元，最低8.23元，成交量为 502360手，成交金额达4.26亿元。 雪迪龙属于仪器仪表行业，主营业务为环境监测设备的研发、生产和销售。2025年上半年公司营业收入 中仪器仪表占比达92.99%。 风险提示：市场有风险，投资需谨慎。 ...

2025年1至6月份，雪迪龙的营业收入构成为：仪器仪表占比92.99%，其他占比7.01%。 （文章来源：每日经济新闻） 雪迪龙（SZ 002658，收盘价：8.6元）8月21日晚间发布公告称，公司第五届第二十一次董事会会议于 2025年8月21日在公司会议室，以远程视频与现场会议结合的方式召开。会议审议了《关于召开公司 2025年第一次临时股东会的议案》等文件。 ...

证券日报网讯 8月21日晚间，雪迪龙发布公告称，公司第五届监事会第二十次会议审议通过了《2025年 半年度报告全文及其摘要的议案》等多项议案。 （文章来源：证券日报） ...

北京雪迪龙科技股份有限公司 第一条 为了进一步完善北京雪迪龙科技股份有限公司(以下简称"公司") 的治理机制，建立、健全公司内部控制制度，提高年度报告(以下简称"年报") 信息披露质量，明确独立董事的职责，充分发挥独立董事在年度报告编制、披露 工作中的作用，保护全体股东特别是中小股东的利益，根据《上市公司独立董事 管理办法》《公司章程》和《北京雪迪龙科技股份有限公司独立董事制度》等相 关规定，结合公司实际情况，制定本制度。 第二条 独立董事应在公司年度审计、年报编制和披露过程中切实履行独立 董事的责任和义务，勤勉尽责，关注公司年度经营数据和重大事项等情况，确保 公司年报真实、准确、完整，不存在任何虚假记载或误导性陈述。 独立董事年报工作制度 （2025 年修订） 第一章 总 则 第二章 沟通制度 第三条 每个会计年度结束后两个月内，公司管理层应向独立董事全面汇报 公司本年度的经营情况和重大事项的进展情况，汇报内容包括但不限于以下方面： （一）公司本年度生产经营计划执行情况； （十）本年度接受监管部门和交易所检查、调查和被采取其他监管措施的情 况； （十一）内外部环境变化对公司所处行业的影响情况。 独立董事如要 ...

北京雪迪龙科技股份有限公司 董事会审计委员会工作细则 （2025 年修订） 第一章 总则 第一条 为充分发挥审计委员会对北京雪迪龙科技股份有限公司（以下简称 "公司"）财务信息、内部控制、内外部审计等工作的监督作用，强化董事会决 策功能，确保董事会对经理层的有效监督，完善公司治理结构，健全公司内部监 督机制，规范审计委员会履职行为，推动提高履职质效，根据《中华人民共和国 公司法》《上市公司治理准则》《上市公司独立董事管理办法》《深圳证券交易所 股票上市规则》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公 司规范运作》等法律法规、部门规章、规范性文件和《北京雪迪龙科技股份有限 公司章程》（以下简称"《公司章程》"）有关规定，制定本工作细则。 第五条 审计委员会设主任委员（召集人）一名，由独立董事中会计专业人 1 士担任，负责主持委员会工作；主任委员由董事会决定。 第二条 董事会审计委员会是董事会下设的专门工作机构，主要负责审核公 司财务信息及其披露、监督及评估内外部审计工作和内部控制。 审计委员会对董事会负责，依照《公司章程》和董事会授权履行职责，审计 委员会的提案应当提交董事会审议决议。 审计委 ...