Core Viewpoint - Cambridge Technology, a leading company in the AI computing network and optical communication sector, successfully listed on the Hong Kong Stock Exchange on October 28, 2025, with an opening increase of 36.47% [1] Group 1: IPO Details - The IPO received significant interest, with the Hong Kong public offering portion being oversubscribed by 340 times, resulting in frozen funds amounting to 158.6 billion HKD [1] - ICBC Wealth Management participated as a cornerstone investor, contributing a stake of 10 million USD, alongside other global institutions such as Morgan Stanley, Baillie Gifford, and Sequoia [1] Group 2: Market Position - Cambridge Technology is positioned as the first stock in the Hong Kong market focused on AI computing and optical modules, marking a significant milestone in the sector [1] - The company is also noted for being the first in its field to achieve an "A+H" listing, indicating its dual listing on both the A-share and H-share markets [1]

Core Viewpoint - Cambridge Technology (603083) shares fell nearly 10% to HKD 80.2, still 16% above the IPO price of HKD 68.88, influenced by the third-quarter report and a broader decline in the A-share optical communication sector [1] Company Performance - Cambridge Technology reported third-quarter revenue of RMB 1.325 billion, a year-on-year increase of 32.29%, and a net profit attributable to shareholders of RMB 138 million, up 92.92% year-on-year [1] - The company primarily generates revenue from the sale of broadband, wireless, and optical module technology products, being one of the few globally to offer all three types [1] Industry Context - The optical communication sector in A-shares has been experiencing a continuous pullback, with companies like New Ease and Tianfu Communication seeing a halt in their revenue growth trend after a period of sequential increases [1] - The core growth drivers for Cambridge Technology are its high-speed optical modules and telecom broadband access businesses, with significant demand from global data center construction boosting orders [1]

Core Viewpoint - Cambridge Technology (06166) experienced a nearly 10% drop in stock price, influenced by the third-quarter report and the overall decline in the A-share optical communication sector [1] Group 1: Company Performance - Cambridge Technology reported third-quarter revenue of 1.325 billion yuan, representing a year-on-year increase of 32.29% [1] - The net profit attributable to the parent company for the same period was 138 million yuan, showing a year-on-year growth of 92.92% [1] - The company primarily generates revenue from the sale of broadband, wireless, and optical module technology products, being one of the few globally to offer all three types [1] Group 2: Market Context - The optical communication sector in the A-share market has been experiencing a continuous pullback, with companies like New Ease and Tianfu Communication seeing a halt in their revenue growth trend after a period of sequential increases [1] - The strong performance of Cambridge Technology's high-speed optical module business is driven by the surge in global data center construction demand, leading to a significant increase in orders [1] - The company has achieved high-quality growth through continuous capacity enhancement and an efficient supply chain [1]

Group 1 - Multiple stocks in the computing hardware sector experienced declines, with Zhongji Xuchuang, Xinyi Sheng, and Shenghong Technology dropping over 4% [1] - Other companies such as Tianfu Communication, Jianqiao Technology, and Shengyi Electronics also followed the downward trend [1]

Core Viewpoint - The report highlights the strong financial performance of several optical module companies in their third-quarter results, indicating significant growth in net profits for key players in the industry [1]. Group 1: Company Performance - Zhongji Xuchuang reported a third-quarter net profit of 3.137 billion yuan, representing a quarter-on-quarter increase of 30.06% [1]. - Xinyi Technology achieved a net profit of 6.327 billion yuan in the first three quarters, marking a year-on-year growth of 284.37% [1]. - Shijia Photon recorded a net profit of 300 million yuan for the first three quarters, with a remarkable year-on-year increase of 727.74% [1]. Group 2: Industry Overview - Multiple optical module companies, including Zhongji Xuchuang, Xinyi Technology, and Shijia Photon, have disclosed their third-quarter reports, showcasing robust financial results [1]. - The overall performance of the optical module sector appears to be strong, with significant profit growth across various companies [1].

Core Viewpoint - Cambridge Technology is a leading global provider of ICT terminal devices, focusing on R&D, production, and sales based on JDM and ODM models, showcasing significant investment value [1] Group 1: Business Performance - In Q3 2025, Cambridge Technology achieved a revenue of 3.36 billion yuan, ranking 5th in the industry out of 29 companies, with the top competitor, Yiyuan Communication, generating 17.877 billion yuan [2] - The revenue composition includes telecom broadband at 2.033 billion yuan (55.66%), wireless networks and small base stations at 1.052 billion yuan (28.82%), and high-speed optical modules at 492 million yuan (13.46%) [2] - The net profit for Q3 2025 was 249 million yuan, ranking 7th in the industry, with the leading company, Yiyuan Communication, reporting 727 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, the debt-to-asset ratio was 62.37%, higher than the previous year's 50.06% and above the industry average of 40.17%, indicating increased financial pressure [3] - The gross profit margin for Q3 2025 was 23.02%, an increase from 21.54% year-on-year, but still below the industry average of 26.55%, suggesting room for improvement in profitability [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 0.64% to 67,000, while the average number of circulating A-shares held per shareholder increased by 0.64% to 3,999.1 [5] - Hong Kong Central Clearing Limited is the second-largest shareholder, holding 15.853 million shares, an increase of 4.9918 million shares from the previous period [5] Group 4: Strategic Developments - Cambridge Technology has made significant breakthroughs in the high-speed optical module sector, with a focus on 400G, 800G, and 1.6T products, and has commenced mass production of 800G and 400G series products [6] - The company is expected to launch multiple new high-speed optical module products in 2024, with large-scale shipments anticipated in 2025 [6]

上海剑桥科技股份有限公司 第五届董事会审计委员会第十一次会议决议 上海剑桥科技股份有限公司（以下简称"公司"）于 2025 年 10 月 24 日向 全体委员书面发出关于召开公司第五届董事会审计委员会第十一次会议的通知， 并于 2025 年 10 月 30 日（周四）以通讯表决方式召开。本次会议由主任委员姚 明龙先生召集，应参加委员 3 人，实际参加委员 3 人，符合《公司章程》及公司 《董事会审计委员会工作细则》的规定。经与会委员认真审议，表决并形成如下 决议： 上海剑桥科技股份有限公司 董事会审计委员会 二、审议通过关于 2024 年股票期权激励计划第一个行权期行权条件成就的 议案 同意发表如下审核意见：经审议，全体委员认为，公司 2024 年度业绩达标 且未出现不符合行权的情形，激励对象个人绩效考核合规真实，无不得行权情形。 经核实，743 名符合行权条件的激励对象资格合法有效，对应可行权股票期权 756.915 万份、行权价格 29.1848 元/份（经权益分派调整后），符合激励计划规定。 本次行权安排遵循相关法规及公司制度，决策程序合法合规，未损害公司及全体 股东（尤其是中小股东）权益，审计委员会一 ...

详见公司在上海证券交易所网站（www.sse.com.cn）和指定信息披露报刊披 露的《关于调整 2024 年股票期权激励计划股票期权行权价格的公告》（公告编号： 临 2025-068）。 表决结果：同意 6 票，反对 0 票，弃权 0 票，回避 2 票（与本议案有利害关 系的关联董事张杰先生和赵宏伟先生回避表决）。 公司同日召开的第五届董事会薪酬与考核委员会第六次会议、第五届董事会 审计委员会第十一次会议均审议通过本议案，全体委员一致同意本议案，并同意 将本议案提交董事会审议。 证券代码：603083 证券简称：剑桥科技 公告编号：临 2025-067 上海剑桥科技股份有限公司 第五届董事会第二十一次会议决议公告 特别提示 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 上海剑桥科技股份有限公司（以下简称"公司"）于 2025 年 10 月 24 日向 全体董事书面发出关于召开公司第五届董事会第二十一次会议的通知，并于 2025 年 10 月 30 日以通讯表决方式召开了本次会议。本次会议由董事长 Gerald G Wong ...

上海剑桥科技股份有限公司 第五届董事会薪酬与考核委员会第六次会议决议 表决结果：同意 3 票，反对 0 票，弃权 0 票。 二、审议通过关于 2024 年股票期权激励计划第一个行权期行权条件成就的 议案 同意发表如下审核意见：经审议，全体委员认为，本次激励计划第一个行权 期 12 个月等待期已届满，行权时间符合规定。公司 2024 年度营业收入、剔除股 份支付费用的净利润均完成考核目标，激励对象个人考核规范公正，743 名符合 条件者对应的 756.915 万份可行权期权及 29.1848 元/份的行权价格（经权益分派 调整后）合规。本次行权条件成就既肯定公司经营成果，又能激励核心人员、稳 定队伍，相关流程符合法规及公司制度，未损害公司及股东利益，薪酬与考核委 员会一致同意该议案。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 1 特此决议。 上海剑桥科技股份有限公司 上海剑桥科技股份有限公司（以下简称"公司"）于 2025 年 10 月 24 日向 全体委员书面发出关于召开公司第五届董事会薪酬与考核委员会第六次会议的 通知，并于 2025 年 10 月 30 日（周四）以通讯表决方式召开。本次会议由 ...

证券代码：603083 证券简称：剑桥科技 公告编号：临 2025-068 上海剑桥科技股份有限公司 关于调整 2024 年股票期权激励计划股票期权行权价格的公告 特别提示 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 上海剑桥科技股份有限公司（以下简称"公司"）于 2025 年 10 月 30 日召开 的第五届董事会第二十一次会议、第五届董事会审计委员会第十一次会议和第五 届董事会薪酬与考核委员会第六次会议分别审议通过《关于调整 2024 年股票期 权激励计划股票期权行权价格的议案》，根据《公司 2024 年股票期权激励计划》 （以下简称"本次激励计划"）相关规定，鉴于公司已实施 2024 年半年度、2024 年年度及 2025 年半年度权益分派，需对 2024 年股票期权激励计划的股票期权行 权价格进行相应调整。本次调整事项符合《上市公司股权激励管理办法》（以下 简称"《管理办法》"）及公司激励计划的要求，且已获 2024 年第一次临时股东大 会授权，无需再次提交股东会审议。具体调整情况及相关事宜如下： 一、公司本次激励 ...