长江证券承销保荐有限公司 关于荆州九菱科技股份有限公司的 2025 年半年度持续督导跟踪报告 根据《证券发行上市保荐业务管理办法》《北京证券交易所股票上市规则》 等有关法律法规、规范性文件等的规定，长江证券承销保荐有限公司（下文简称 "保荐机构"）作为荆州九菱科技股份有限公司（下文简称"公司""九菱科技"）的 保荐机构，负责荆州九菱科技股份有限公司的持续督导工作，并出具 2025 年半 年度持续督导跟踪报告。 | 项目 | 工作内容 | | --- | --- | | 1、公司信息披露审阅情况 | 保荐机构及时审阅了公司信息披露文 | | | 件。 | | 2、督导公司建立健全并有效执行规则制度的情况 | 保荐机构督导公司建立健全规则制度 | | | （包括但不限于根据新《公司法》及《上 | | | 市规则》的规定），修改完善公司治理 | | | 制度，本督导期内，九菱科技有效执行 | | | 了规则制度。 | | 3、募集资金监督情况 | 保荐机构定期查阅公司募集资金账户 | | | 对账单，核查公司募集资金使用情况； | | | 前往公司现场核查募集资金使用情况。 | | | 本督导期内，九菱科技募集资金 ...

证券代码：873305 证券简称：九菱科技 公告编号：2025-089 荆州九菱科技股份有限公司 关于持股 5%以上股东权益变动触及 1%整数倍的提示性公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 荆州九菱科技股份有限公司（以下简称"公司"）于 2025 年 9 月 4 日收到持 股 5%以上股东许文怀出具的《股份减持进展告知函》，许文怀于 2025 年 8 月 27 日至 9 月 3 日通过集中竞价累计减持公司股份 165,250 股，占公司总股本的 0.2547%。 | | | 动前持有股 | 比例(%) | 动后持有股 | 比例(%) | | --- | --- | --- | --- | --- | --- | | | | 份（股） | | 份（股） | | | 许文怀 | 持有股份 其中：无限 | 5,294,421 | 8.1619 | 5,129,171 | 7.9071 | | | 售条件股份 | 1,323,605 | 2.0405 | 1,158,355 | 1.7857 | ...

证券代码：873305 证券简称：九菱科技 公告编号：2025-088 荆州九菱科技股份有限公司 关于持股 5%以上股东权益变动触及 1%整数倍的提示性公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 荆州九菱科技股份有限公司（以下简称"公司"）于 2025 年 8 月 28 日收到持 股 5%以上股东张青出具的《股份减持进展告知函》，张青于 2025 年 8 月 27 日 通过集中竞价累计减持公司股份 115,000 股，占公司总股本的 0.1773%。 上述股份减持导致张青持有公司股份比例从 8.1596%减少至 7.9824%，权益 变动触及 1%的整数倍。现将其权益变动有关情况公告如下： 一、本次权益变动的基本情况 （一）信息披露义务人基本情况 | 股东名称 | 股份性质 | 本次权益变 | 占总股本 | 本次权益 变 | 占总股本 | | --- | --- | --- | --- | --- | --- | | | | 动前持有股 | 比例(%) | 动后持有 股 | 比例(%) | | ...

证券代码：873305 证券简称：九菱科技 公告编号：2025-087 荆州九菱科技股份有限公司 2025 年半年度募集资金存放、管理与实际使用情况 的专项报告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、募集资金基本情况 荆州九菱科技股份有限公司（以下简称"公司"或"九菱科技"）于 2022 年 11 月 23 日收到中国证券监督管理委员会下发的《关于同意荆州九菱科技股份 有限公司向不特定合格投资者公开发行股票注册的批复》（证监许可〔2022〕2964 号），同意公司向不特定合格投资者公开发行股票的注册申请。公司本次发行价 格为 11.72 元/股，发行股数为 1,120.00 万股，募集资金总额为人民币 131,264,000.00 元，扣除与发行有关的费用（不含税）人民币 14,952,425.90 元，实际募集资金净额为人民币 116,311,574.10 元。截至 2022 年 12 月 14 日， 上述募集资金已全部到账，并由中喜会计师事务所（特殊普通合伙）出具了《验 资报告》（中喜 ...

第三届董事会第八次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、会议召开和出席情况 （一）会议召开情况 证券代码：873305 证券简称：九菱科技 公告编号：2025-084 荆州九菱科技股份有限公司 3.会议召开方式：现场加视频通讯 4.发出董事会会议通知的时间和方式：2025 年 8 月 15 日以书面方式发出 5.会议主持人：徐洪林先生 6.会议列席人员：公司总经理、副总经理、董事会秘书、财务负责人等高管。 7.召开情况合法、合规、合章程性说明： 本次会议的召集、召开、议案审议程序等方面符合《中华人民共和国公司法》 和《荆州九菱科技股份有限公司章程》的有关规定。 （二）会议出席情况 会议应出席董事 8 人，出席和授权出席董事 8 人。 董事江明炎因工作原因缺席，委托董事刘君武代为表决。 董事郑婵娟因工作原因以通讯方式参与表决。 1.会议召开时间：2025 年 8 月 25 日 2.会议召开地点：公司新材料研发中心大楼三楼会议室 （二）审议通过《关于 2025 年半年度募集资金存 ...

Group 1: Overview of CFO Compensation - The total compensation for CFOs in A-share listed companies in 2024 reached 4.27 billion yuan, with an average annual salary of 814,800 yuan [1] - The average salary for CFOs in the machinery and equipment-general equipment industry is approximately 634,900 yuan, with the highest salary being 3.07 million yuan and the lowest at 150,000 yuan [1] - The majority of CFOs earn between 500,000 and 1 million yuan, totaling 96 individuals, which accounts for 47% of the total [1] Group 2: Age Distribution of CFOs - The average age of CFOs is approximately 48.36 years, with the largest age group being 40-49 years, comprising 103 individuals or about 51% [3] - The oldest CFO is 63 years old, earning 613,000 yuan, while the youngest is 30 years old, earning 336,000 yuan [3] Group 3: Educational Background and Salary Correlation - The distribution of CFOs by education level shows 40 with master's degrees, 120 with bachelor's degrees, 40 with associate degrees, and 1 with a secondary vocational degree, with corresponding average salaries of 744,300 yuan, 626,300 yuan, 543,700 yuan, and 246,600 yuan respectively [5] - There is a positive correlation between education level and salary [5] Group 4: Performance and Compensation Relationship - There are instances of salary increases for CFOs despite declines in company performance, such as Zhu Futao from Ruichen Environmental, whose salary increased by 20,440 yuan (41%) while the company's net profit dropped by 205% [7] - A total of 5 CFOs received warnings or public notifications for violations in 2024-2025 [7] Group 5: Violations and Regulatory Actions - Specific CFOs received multiple warnings for various violations, including Liang Kejun from Bolite, who received 2 warnings and earned 652,500 yuan [8] - Other CFOs, such as Tong Weimin from San Chuan Wisdom, also received warnings for inaccuracies in financial disclosures [9] - Xiao Yonglin from Haozhi Electromechanical faced significant penalties for involvement in market manipulation, highlighting strict regulatory scrutiny on CFOs [10]

Industry Overview - Powder metallurgy is a technology for producing metal materials and components using metal powders, characterized by energy efficiency, material savings, and high precision, making it suitable for mass production [1][12] - The industry is classified into nine categories based on usage and characteristics, including structural materials, friction materials, porous materials, tool materials, refractory materials, corrosion-resistant materials, electrical materials, magnetic materials, and others [3][4] Industry Chain Analysis - The powder metallurgy industry chain consists of upstream raw materials and equipment, midstream product manufacturing, and downstream applications in automotive, aerospace, medical devices, and engineering machinery [6][7] - Leading companies in the industry include upstream material suppliers like Yuyuan New Materials and midstream manufacturers like Antai Technology and Dongmu Co., which are increasingly integrating their operations [7] Current Industry Status - The average production and sales rate of representative companies in the powder metallurgy sector has shown a fluctuating growth trend, increasing from 96.6% to 98.7% from 2021 to 2023, indicating a balance between supply and demand [20][22] - The Chinese powder metallurgy market is projected to exceed 16 billion yuan in 2024, driven by diverse applications across various sectors, particularly in the automotive industry [22][23] Competitive Landscape - The industry is divided into three tiers based on revenue, with Antai Technology leading at over 2.9 billion yuan, followed by Dongmu Co. with approximately 2.2 billion yuan, and other companies like Tianyi Shangjia and Haichang New Materials in the 100 million to 500 million yuan range [23][26] - The market share for Antai Technology and Dongmu Co. was 18.2% and 13.8% respectively in 2023, while other companies held less than 4% [26] Future Development Trends - The powder metallurgy industry is expected to see significant growth in applications, particularly in high-end markets such as new energy, medical devices, and aerospace, with a projected market size of 24.4 billion yuan by 2030, reflecting a compound annual growth rate of 6.9% [34] - Technological innovations, including metal powder injection molding and 3D printing, are anticipated to enhance product performance and expand application boundaries [31][33]

Group 1 - The rare earth permanent magnet sector in the A-share market has weakened, with Baotou Steel falling nearly 8% and Northern Rare Earth and Huicheng Environmental Protection dropping over 5% [1] - Other companies such as Zhongmin Resources, Yahua Group, and Ashi Chuang experienced declines of over 4%, while Dadi Bear, China Aluminum, Jiuling Technology, Benlang New Materials, and Zhongse Co. fell over 3% [1] Group 2 - Baotou Steel's market capitalization is 121.8 billion, with a year-to-date increase of 44.62% despite a recent drop of 7.88% [2] - Northern Rare Earth has a market capitalization of 135.3 billion, with a year-to-date increase of 76.66% and a recent decline of 5.43% [2] - Huicheng Environmental Protection's market capitalization is 33.3 billion, with a year-to-date increase of 74.35% and a recent drop of 5.30% [2] - Zhongmin Resources has a market capitalization of 26 billion, with a year-to-date increase of 3.01% and a recent decline of 4.96% [2] - Yahua Group's market capitalization is 16.1 billion, with a year-to-date increase of 19.91% and a recent drop of 4.51% [2] - Ashi Chuang has a market capitalization of 5.672 billion, with a year-to-date increase of 53.93% and a recent decline of 4.09% [2] - Dadi Bear's market capitalization is 3.610 billion, with a year-to-date increase of 52.97% and a recent drop of 3.84% [2] - China Aluminum has a market capitalization of 127.6 billion, with a year-to-date increase of 1.22% and a recent decline of 3.75% [2] - Jiuling Technology has a market capitalization of 4.16 billion, with a year-to-date increase of 243.03% and a recent drop of 3.67% [2] - Benlang New Materials has a market capitalization of 3.361 billion, with a year-to-date increase of 135.93% and a recent decline of 3.65% [2] - Zhongse Co. has a market capitalization of 11.8 billion, with a year-to-date increase of 20.63% and a recent drop of 3.59% [2] - Xiamen Aluminum has a market capitalization of 36.7 billion, with a year-to-date increase of 22.51% and a recent decline of 3.50% [2]

Investment Rating - The industry is rated as "Overweight," indicating an expected increase in performance exceeding the market benchmark by over 10% in the next 6-12 months [31]. Core Insights - The weekly average trading volume on the North Exchange reached 31.08 billion yuan, a 42.4% increase compared to the previous week, with the North Exchange 50 index rising by 2.85% [5][12]. - Key stocks that performed well included Hengli Drilling Tools (up 184.1%), Tietuo Machinery (up 64.9%), and Jikang Instruments (up 51.1%) [12][15]. - Significant news includes a record-breaking humanoid robot project by UBTECH worth 90.51 million yuan and the commencement of a 1.2 trillion yuan hydropower project in Tibet [14][16]. Summary by Sections Market Overview - The North Exchange's average daily trading volume was 31.08 billion yuan, reflecting a 42.4% week-on-week increase, with a daily turnover rate of 3.3% [5][6]. - The North Exchange 50 index saw a weekly increase of 2.85% [5]. Key News and Policies - A humanoid robot project by UBTECH set a global record with a contract worth 90.51 million yuan, with plans to deliver 500 units within the year [14]. - The 1.2 trillion yuan hydropower project on the Yarlung Tsangpo River has officially commenced, expected to boost the infrastructure sector [16]. Core Driving Factors - Regulatory deepening and institutional optimization are progressing alongside the World Artificial Intelligence Conference (WAIC), which showcased advancements in AI and robotics [26]. - The infrastructure sector is gaining momentum due to the Yarlung Tsangpo project, with increased activity in related industries [27]. - Market sentiment is improving with a return of liquidity, although volatility remains low [28]. Investment Recommendations and Strategies - Focus on sectors aligned with new productive forces, such as AI, commercial aerospace, and new energy equipment, prioritizing companies with technological barriers and scarce products in the A-share market [29]. - Emphasize growth companies with revenue and profit growth exceeding 20% and R&D intensity above 5%, while avoiding high-valuation sectors lacking performance support [29]. - Monitor event-driven catalysts, including project announcements and mergers, which may disrupt the current low-volatility environment [29].

1. 艾罗能源(688717.SH)：公司及多名董监高因个人资金需求，计划在15个交易日后3个月内通过集中竞价或大宗交易方式减持股 份，减持数量不超过公司总股本的0.78%。 2. 奥普光电(002338.SZ)：控股股东长春光机所计划在15个交易日后90日内，以集中竞价方式减持公司股份不超过240万股，占公 司总股本的1%。 3. 铂科新材(300811.SZ)：股东铂科天成及其一致行动人合计减持1.01%股份，减持计划实施完毕，同时股东梅建军合计减持8134 股，占总股本的0.0476%。 4. 博迁新材(605376.SH)：股东新辉投资计划在15个交易日后3个月内通过大宗交易减持公司股份不超过261.6万股，占公司总股本 的1%。 5. 博盈特焊(301468.SZ)：股东前海股权基金和中原前海基金减持计划实施完成，合计减持394.48万股，占公司总股本的2.99%。 6. 测绘股份(300826.SZ)：高级管理人员刘键计划在15个交易日后3个月内通过集中竞价方式减持公司股份不超过5万股，占公司总 股本的0.03%。 13. 红宝丽(002165.SZ)：控股股东宝源投资及实际控制人芮敬功计划在15 ...