申万宏源证券承销保荐有限责任公司 关于无锡灵鸽机械科技股份有限公司 募集资金投资项目延期的核查意见 申万宏源证券承销保荐有限责任公司（以下简称"申万宏源承销保荐"、"保 荐机构"）作为无锡灵鸽机械科技股份有限公司（以下简称"灵鸽科技"、"公司"） 向不特定合格投资者公开发行股票并在北交所上市的保荐机构，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》等有关规定，对灵鸽 科技募集资金投资项目延期的事项进行了审慎核查，发表核查意见如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意无锡灵鸽机械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[2023]2599 号）同意注册， 公司向不特定合格投资者公开发行人民币普通股（A 股）股票 1,500.00 万股，每 股面值 1.00 元，每股发行价格 5.6 元。 截至 2025 年 11 月 30 日，公司募集资金的存储情况如下： 单位：元 | 账户名称 | 银行名称 | 账号 | 截止日余额 | | --- | --- | --- | --- | | 无锡灵鸽能源科技 | 中国光大银行股份有限 | 399201 ...

证券代码：920284 证券简称：灵鸽科技 公告编号：2025-138 无锡灵鸽机械科技股份有限公司募投项目延期公告 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、 募集资金基本情况 2023 年 12 月 8 日，无锡灵鸽机械科技股份有限公司发行普通股 15,000,000.00 股，发行方式为向不特定合格投资者公开发行，发行价格为 5.6 元/股，募集资金 总额为 84,000,000.00 元，募集资金净额为 69,173,113.21 元，到账时间为 2023 年 12 月 12 日。公司因行使超额配售选择权取得的募集资金净额为 12,599,787.74 元，到账时间为 2024 年 1 月 18 日。 二、 募集资金使用情况 截至 2025 年 11 月 30 日，公司上述发行股份的募集资金使用情况具体如下： 单位：元 | 账户名称 | 银行名称 | 专户账号 | 金额（元） | | --- | --- | --- | --- | | 无锡灵鸽机 械科技股份 | 北京银行股份有限公 司 ...

无锡灵鸽机械科技股份有限公司 第四届董事会第十八次会议决议公告 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：920284 证券简称：灵鸽科技 公告编号：2025-137 1.会议召开时间：2025 年 12 月 29 日 2.会议召开地点：公司 4 楼会议室 二、议案审议情况 （一）审议通过《关于公司募投项目延期的议案》 1.议案内容： 具体内容详见公司于 2025 年 12 月 30 日在北京证券交易所信息披露平台 （http://www.bse.cn/）披露的《无锡灵鸽机械科技股份有限公司募投项目延期 公告》（公告编号：2025-138）。 3.会议召开方式：现场结合通讯方式 4.发出董事会会议通知的时间和方式：2025 年 12 月 26 日以邮件方式发出 5.会议主持人：董事长王洪良 6.会议列席人员：全体高级管理人员 7.召开情况合法合规的说明： 本次会议的召集、召开符合《中华人民共和国公司法》《中华人民共和国证 券法》《公司章程》以及 ...

证券代码：920284 证券简称：灵鸽科技 公告编号：2025-136 无锡灵鸽机械科技股份有限公司 关于投资者关系活动记录表的公告 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、 投资者关系活动类别 √特定对象调研 □业绩说明会 □媒体采访 □现场参观 □其他 二、 投资者关系活动情况 活动时间：2025 年 12 月 23 日 活动地点：上海浦东丽思卡尔顿酒店 参会单位及人员：天风证券、永赢基金、中银基金、中邮基金、华夏基金、 华泰柏瑞基金、创金合信基金、德邦基金、汇添富基金、中欧基金、景顺长城、 广发基金、南方基金、博时基金、西部利得基金、博道基金、汇安基金、翊安投 资、云汉资产、交银施罗德、国寿安保、肇万资产、瀛赐基金、银河基金、东吴 基金、国寿安保基金、华商基金、彤源投资、中盛晨嘉基金。 上市公司接待人员：公司董事会秘书、财务负责人、董事王玉琴女士；证券 事务代表：尤佳女士。 三、 投资者关系活动主要内容 问题一：公司固态电池物料处理系统主要运用场景是什么？ □新闻发布会 □分析师会议 ...

证券代码：920284 证券简称：灵 鸽 科 技 公告编号：2025-135 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。 公司于2024年6月19日、2024年6月28日召开第四届董事会第五次会议、第四 届董事会第六次会议，审议通过了《关于回购股份方案的议案》、《关于回购股 份方案（修订稿）的议案》。同意公司使用自有资金以竞价方式回购公司股份， 回购股份后续用于实施股权激励或员工持股计划。截至2025年6月28日，公司通过 回购股份专用证券账户以连续竞价方式回购公司股份701,614股，占公司总股本的 0.67%，回购的最高成交价为9.18元/股，最低成交价为5.07元/股；已支付的总金额 为4,635,540.98元（不含印花税、佣金等交易费用），回购均价为6.61元/股。 （二）本员工持股计划规模 本员工持股计划通过非交易过户方式过户的股份数量为70.1614万股，占目前 公司股本总额的0.67%，全部来源于上述回购股份。本次非交易过户完成后，公 司回购专用证券账户持有的公司股票数量为0股。 二 ...

Market Overview - The A-share market experienced an overall pullback in the third week of November 2025, with the average daily trading amount on the Beijing Stock Exchange (BSE) falling to 214 billion yuan, a decrease of 5.86% from the previous week[1] - The BSE 50 Index declined by 0.56%, which is less than the declines seen in other major indices, indicating relative stability[1] Trading Activity - The average daily trading volume on the BSE was 213.92 billion yuan, with a turnover rate of 22.52%[1][8] - The BSE's trading volume accounted for 1.05% of the total market, reflecting a further decrease in trading activity compared to the previous week[11] Sector Performance - Among the 24 sectors on the BSE, 13 sectors had a positive median return, with the utilities sector leading at a median increase of 4.54%[18] - The automotive sector had the largest median decline at -2.22%[18] Valuation Insights - The computer sector had the highest trailing twelve months (TTM) price-to-earnings (P/E) ratio at 141.58 times, followed by the communication sector at 129.85 times, while the construction and decoration sector had a relatively low P/E ratio of 28.08 times[18] New Listings and IPOs - During the week, there was one IPO on the BSE, with no new stocks listed[36] Risks - There is a noted risk of further pullback in BSE stock performance, particularly following the historical high of the BSE 50 Index on September 8, 2025[38]

Investment Rating - The report indicates a cautious outlook on the industry, suggesting a focus on structural opportunities despite recent adjustments in the new energy sector [4]. Core Insights - The market is experiencing a significant structural divergence, with new stocks and specialized sectors showing resilience, while traditional sectors like new energy are under pressure [4]. - The North Exchange is positioned as a key platform for innovative small and medium enterprises, benefiting from ongoing policy support and regional industrial advantages [4]. - Short-term index adjustments are primarily driven by heavyweight sectors, but long-term prospects remain positive for niche leaders with technological barriers [4]. Summary by Sections Market Review - On November 18, the North Exchange A-share trading volume reached 201.0 billion, an increase of 4.2 billion from the previous trading day, with the North 50 Index closing at 1481.82, down 2.92% [2][9]. - Among 283 companies listed, 31 saw gains, 4 remained flat, and 248 experienced declines, with the top gainers being Beikang Detection (295.5%), Meideng Technology (22.8%), and others [2][18]. - The top decliners included Lingge Technology (-9.8%), Luqiao Information (-9.5%), and others [2][19]. Important News - Arm and NVIDIA are collaborating to promote NVLink, aiming to establish industry standards for AI chip interconnectivity [3][20]. - Huawei is set to unveil the Mate 80 series and the new Kirin 9030 chip on November 25 [3][21]. Key Company Announcements - Hanxin Technology received a patent for a digital twin-based optimization method [3][22]. - Ruihua Technology also announced a patent for a dehydration reaction method in BDO refining [3][24].

Investment Rating - The report does not explicitly state an investment rating for the industry, but it suggests a focus on "specialized and innovative small giants" with technological barriers in sectors like new materials, precision manufacturing, and high-end equipment [3][25]. Core Insights - The North Exchange A-share market saw a trading volume of 19.68 billion yuan on November 17, 2025, a decrease of 2.78 billion yuan from the previous trading day, with the North Exchange 50 Index closing at 1526.46, up 0.81% [1][8]. - The report highlights a divergence in individual stock performance, with notable gains in companies like Lingge Technology (+10.9%) and Fujida (+10.5%), while others like Taipeng Intelligent (-9.3%) and Kaiteng Gas (-6.7%) faced declines [3][16]. - The macroeconomic environment remains supportive, with the central bank injecting 500 billion yuan into the market through reverse repos, indicating a continued loose liquidity environment that benefits high-elasticity markets like the North Exchange [3][19]. Summary by Sections Market Review - On November 17, 2025, the North Exchange A-share trading volume was 19.68 billion yuan, down 2.78 billion yuan from the previous day, with the North Exchange 50 Index closing at 1526.46, reflecting a PE_TTM of 72.30 [1][8]. - Among 282 companies listed, 74 saw gains, 3 remained flat, and 205 experienced declines, indicating a mixed market performance [3][16]. Important News - Abu Dhabi has launched commercial operations for L4 level fully autonomous vehicles, marking a significant milestone in the MENA region, with participation from leading Chinese companies in the autonomous driving sector [2][19]. - The China Academy of Information and Communications Technology has made progress in establishing international standards for embodied intelligence, which will facilitate global technological interoperability [2][19]. Key Company Announcements - Vision Intelligence announced that its wholly-owned subsidiary received a patent for a home device networking method based on dynamic programming algorithms [20]. - Tianrun Technology also received a patent for an automated 3D reconstruction method for urban components using high-resolution remote sensing images [21].

Group 1 - The report highlights the significant growth in lithium battery demand, with total shipments exceeding 1.2 TWh in the first three quarters of 2025, representing a year-on-year increase of 60% [11] - The report identifies investment opportunities in companies related to lithium battery materials and equipment, such as Guangsha Huaneng and Lingge Technology, which are involved in heat exchangers and automated material handling systems respectively [15][23] - The prices of key lithium battery materials have surged, with lithium iron phosphate increasing by 16.5% and lithium hexafluorophosphate rising by 193% from July to November 2025 [11][12] Group 2 - The report notes that the chemical new materials, consumer services, and pharmaceutical biotechnology sectors experienced positive average weekly performance, with consumer services and pharmaceutical biotechnology showing increases of 2.26% and 2.83% respectively [30][41] - The average price-to-earnings (P/E) ratios for various sectors, including high-end equipment and information technology, have decreased, indicating a potential shift in market valuation [3][45] - The report mentions that the total market capitalization of the technology new industry has declined from 4984.15 billion to 4923.95 billion, with a median market cap drop from 24.26 billion to 23.47 billion [47][50] Group 3 - Lingge Technology has successfully transitioned from a loss to a profit, achieving a net profit of 7.22 million in the first three quarters of 2025, with a significant year-on-year growth of 205.12% [27][29] - Guangsha Huaneng reported a total operating income of 294 million in the first three quarters of 2025, although this represents a decrease of 28.73% year-on-year [22] - The report highlights the performance of specific companies, with Rongyi Precision and Lingge Technology showing notable increases in their stock prices, with gains of 20.52% and 17.46% respectively [51]

证券代码：920284 证券简称：灵鸽科技 公告编号：2025-134 无锡灵鸽机械科技股份有限公司 关于投资者关系活动记录表的公告 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、 投资者关系活动类别 √特定对象调研 □业绩说明会 □媒体采访 □现场参观 □新闻发布会 □分析师会议 □路演活动 二、 投资者关系活动情况 活动时间：2025 年 11 月 7 日 活动地点：公司会议室 参会单位及人员：东方证券、中邮创业基金、中信证券、嘉实基金、誉辉资 本、敦颐资产、永赢基金、光大保德信、圆信永丰基金、汇安基金、天风证券。 上市公司接待人员：公司董事会秘书、财务负责人、董事：王玉琴女士；证 券事务代表：尤佳。 三、 投资者关系活动主要内容 问题一：固态电池电解质材料的物料处理是否可以使用公司产品？ 回复：公司是一家物料自动化处理解决方案提供商，以技术创新及市场需求 为导向，主要从事以粉料、粒料、液料及浆料的计量配料、混合及输送等物料自 动化处理产线和设备研发、生产和销售，为客户提供物料处理智能化、自动 ...