Core Viewpoint - The demand for optical modules is surging due to the increasing need for computing power in the AI era, benefiting companies like Cambridge Technology [1] Financial Performance - For the first three quarters of 2025, the company reported revenue of 3.36 billion yuan, a year-on-year increase of 21.57% [1] - The net profit attributable to shareholders reached 259 million yuan, with a year-on-year growth of 70.88%, while the net profit excluding non-recurring items was 255 million yuan, up 91.93% [1] - In Q3 alone, the company achieved revenue of 1.325 billion yuan, a 32.29% increase year-on-year, and a net profit of 138 million yuan, reflecting a 92.92% growth [1] Business Drivers - The significant growth in revenue is primarily driven by the high-speed optical module and telecom broadband access businesses, with a notable increase in orders due to global data center construction [1] - The company has enhanced its production capacity and supply chain efficiency to meet the rising demand [1] Cash Flow and Financial Health - The operating cash flow for the first three quarters was -388 million yuan, a decline of 195.71% year-on-year, attributed to business expansion and increased payments for key materials [2] - Accounts receivable as of September 2025 stood at 1.992 billion yuan, a 65.31% increase, outpacing revenue growth [3] - The company's debt ratio rose to 62.37% by the end of Q3 2025, up from 52.57% at the end of 2024 [3] Strategic Initiatives - The company is accelerating domestic and international capacity expansion to address trade challenges and delivery pressures [4] - Cambridge Technology is planning to list H-shares, having completed the subscription process, with an expected fundraising of 4.616 billion HKD from the issuance of 67.01 million shares at a price of 68.88 HKD each [4] - As of October 27, 2025, the company's stock price reached 123.88 yuan per share, a 205.12% increase from the beginning of the year [4]

每经记者｜曾子建 每经编辑｜程鹏 文多 潘海福 10月28日，光模块龙头上海剑桥科技股份有限公司（以下简称剑桥科技，HK06166，SH603083）将在港交所正式挂牌，成为CPO（光电共封装）概念首 个"A+H股"上市公司。 72岁的创始人Gerald G Wong将携管理团队敲响上市锣声，此次发行不仅吸引了霸菱、红杉等16家全球顶级机构组成基石阵容，更因较A股股价超40%的折 价率而受到了市场关注。 图片来源：剑桥科技公告截图 16家投资机构组成豪华基石阵容 剑桥科技兼具光模块、有线宽带及无线网络设备研发能力，"深度绑定"全球主流电信运营商、通信设备制造商及数据中心运营商。作为A股光模块领域核 心玩家，其2025年内股价累计涨幅超186%，仅次于同概念的新易盛（SZ300502）和中际旭创（SZ300308）。 剑桥科技成立于2006年，主要从事设计、开发和销售连接及数据传输设备。公司主要通过销售宽带、无线、光模块技术产品获得收入。 根据弗若斯特沙利文的资料，剑桥科技在2024年全球综合光学与无线连接设备（OWCD）行业中，按销售收入计排名第五，所占市场份额为4.1%。光模 块产品方面，剑桥科技的产品组合 ...

智通财经APP获悉，剑桥科技(06166)将于10月28日(周二)在香港挂牌。截至发稿，利弗莫尔证券暗盘交易显示报价94.25港元，较招股价68.88港元上涨 36.83%，每手50股，不计手续费，每手赚1268.5港元。 | 94.250 | 36.83% | | | | --- | --- | --- | --- | | | | 十档 | 成交明细 | | | | 94.900 | = =(- -) | | | | 94.850 | - -(- -) | | | | 94.800 | - -(- -) | | | | 94.750 | - -(- -) | | | | 94.700 | - -(- -) | | | | 94.650 | - -(- -) | | | | 94.600 | 100(1家) | | | | 94.550 | - -(- -) | | | | 94.500 | - -(- -) | | 68.880 | | 94.450 | 50(1家) | | | | 94.250 | 600(1家) | | | | 94.200 | - -(- -) | | | | 94.150 | - ...

Group 1: Financial Events and Policies - The 2025 Financial Street Forum Annual Meeting is taking place from October 27 to 30 in Beijing, with key speeches from the Governor of the People's Bank of China, the head of the Financial Regulatory Administration, and the Chairman of the China Securities Regulatory Commission [2][3] - The People's Bank of China will conduct a 900 billion yuan Medium-term Lending Facility (MLF) operation on October 27, with a one-year term [3][5] - The State Council's report on financial work emphasizes the need for a moderately loose monetary policy to support the real economy and create a favorable financial environment [3] Group 2: Company Earnings Reports - WuXi AppTec reported a net profit of 12.076 billion yuan for the first three quarters, a year-on-year increase of 84.84% [4] - Cambridge Technology's net profit for the first three quarters increased by 70.88% year-on-year [5] - Weicai Technology achieved a net profit of 202 million yuan for the first three quarters, marking a 226.41% year-on-year growth [5] - Guosheng Financial Holdings reported a net profit of 242 million yuan for the first three quarters, up 191.21% year-on-year [6] - Shen Shen Fang A's net profit surged by 2791.57% year-on-year for the first three quarters, reaching 14.5 million yuan [6] - Several companies, including Morning Light Biotechnology and Wen Tai Technology, reported significant year-on-year profit increases of 385.3% and 265.09%, respectively [6][12] Group 3: Company Losses and Declines - Jing Sheng Machinery reported a net profit decline of 69.56% for the first three quarters [9] - China Shenhua's net profit decreased by 10% year-on-year, amounting to 39.052 billion yuan [8] - Health Yuan and Ping An Bank experienced net profit declines of 1.83% and 3.5%, respectively, for the first three quarters [8]

Key Points - The 2025 Financial Street Forum Annual Meeting is taking place from October 27 to 30 in Beijing, with key speeches from top financial officials including the Governor of the People's Bank of China, Pan Gongsheng [6][7] - The People's Bank of China will conduct a 900 billion yuan Medium-term Lending Facility (MLF) operation on October 27, with a one-year term [7] - The State Council's report emphasizes the need for financial services to focus on the real economy and to implement a moderately loose monetary policy to support economic recovery [7] Company News - WuXi AppTec reported a net profit of 12.076 billion yuan for the first three quarters, a year-on-year increase of 84.84% [10] - Cambridge Technology's net profit for the first three quarters increased by 70.88% year-on-year [10] - Great Wall Motor's net profit for the first three quarters decreased by 16.97% year-on-year [13] - The net profit of China Shenhua for the first three quarters decreased by 10% year-on-year, amounting to 39.052 billion yuan [13] - The net profit of North Automotive Blue Valley for the first three quarters showed a significant loss of 3.426 billion yuan [14] Industry Insights - The Ministry of Industry and Information Technology has released a draft for public consultation on the steel industry's capacity replacement, which aims to enhance capacity constraints and encourage mergers and acquisitions [21] - CITIC Securities has raised its forecast for domestic energy storage installation growth to double next year, driven by increased demand and investment opportunities in the lithium battery sector [22]

Core Viewpoint - The company has reported significant growth in its financial performance for the third quarter, driven primarily by its high-speed optical module and telecom broadband access businesses, with a notable increase in revenue and net profit compared to the previous year [6][7]. Financial Performance - The company achieved operating revenue of 1.325 billion yuan for the quarter, representing a year-on-year increase of 32.29%, and a total revenue of 3.36 billion yuan year-to-date, up 21.57% [6][7]. - The net profit attributable to shareholders for the quarter was 138 million yuan, a 92.92% increase year-on-year, while the year-to-date net profit reached 259 million yuan, growing by 70.88% [7]. - Basic earnings per share increased by over 70% for both the quarter and year-to-date periods [7]. Business Highlights - The high-speed optical module business has seen a surge in demand due to global data center construction, leading to a significant increase in orders [6]. - The sales proportion of high-margin 800G optical modules has risen, contributing to the enhanced profitability of the company [6]. Asset and Cash Flow Management - As of the end of the reporting period, total assets amounted to 7.074 billion yuan, a 36.32% increase from the previous year, while net assets grew by 9.16% to 2.522 billion yuan [7]. - The net cash flow from operating activities was -388 million yuan, a decline of 195.71% year-on-year, primarily due to increased payments for key material reserves amid business expansion [7]. Future Developments - The company is progressing with its H-share issuance, having published the prospectus and completed the subscription for 67,010,500 shares at a price of 68.88 HKD per share, with plans for listing on the Hong Kong Stock Exchange on October 28, 2025 [7].

Core Viewpoint - The A-share market is experiencing a surge in performance disclosures, with many companies reporting significant profit growth in Q3 2025, indicating a positive trend in corporate earnings and potential investment opportunities [1][6]. Group 1: Q3 Earnings Reports - WuXi AppTec reported a Q3 revenue of 32.857 billion yuan, a year-on-year increase of 18.61%, and a net profit attributable to shareholders of 12.076 billion yuan, up 84.84% [2]. - Zhenghai Magnetic Materials achieved a Q3 revenue of 1.916 billion yuan, a 50.76% increase, with a net profit of 115 million yuan, up 189.72% [2]. - Weicai Technology's Q3 revenue reached 448 million yuan, growing 44.40%, with a net profit of 101 million yuan, an increase of 98.11% [3]. - Cambridge Technology reported Q3 revenue of 1.325 billion yuan, a 32.29% increase, and a net profit of 138 million yuan, up 92.92% [3]. - Ruihu Mould's Q3 revenue was 942 million yuan, a 55.72% increase, with a net profit of 128 million yuan, up 40.90% [4]. - Zhongtung High-tech reported Q3 revenue of 4.906 billion yuan, a 34.98% increase, and a net profit of 335 million yuan, up 36.53% [5]. Group 2: Market Trends and Analysis - As of October 26, 2025, 1,311 A-share companies have disclosed their Q3 earnings, with 775 companies (approximately 59.12%) reporting a year-on-year profit increase [6]. - Analysts predict that the A-share market will undergo a performance evaluation as more companies disclose their earnings, highlighting the value of quality companies while potentially pressuring the stock prices of underperforming firms [6]. - Investment strategies suggested by various brokerages include focusing on sectors with strong Q3 performance, such as gold, AI-driven TMT sectors, and non-bank financials [6][7]. - Potential growth areas identified include upstream resources, midstream manufacturing, and technology TMT sectors, particularly in semiconductors and communication equipment [7].

Growth - Shen Shen Fang A reported a net profit of 42.09 million yuan in the third quarter, representing a year-on-year increase of 7066.86% [1] - Zhenghai Magnetic Materials achieved a net profit of 115 million yuan in the third quarter, up 189.72% year-on-year [1] - Bojun Technology's net profit reached 274 million yuan in the third quarter, marking a year-on-year growth of 102.11% [1] - Weicai Technology reported a net profit of 101 million yuan in the third quarter, reflecting a year-on-year increase of 98.11% [1] - Cambridge Technology posted a net profit of 138 million yuan in the third quarter, a year-on-year rise of 92.92% [1] - WuXi AppTec's net profit for the third quarter was 3.515 billion yuan, showing a year-on-year growth of 53.27% [1] - Hengdian East Magnetic's net profit was 432 million yuan in the third quarter, up 51.98% year-on-year [1] - Xiyu Co. reported a net profit of 683 million yuan in the third quarter, an increase of 41.34% year-on-year [1] - Keda Technology achieved a net profit of 19 million yuan in the third quarter, reflecting a year-on-year growth of 38.36% [1] - Huace Testing reported a net profit of 345 million yuan in the third quarter, marking an 11.24% year-on-year increase [1] Decline and Loss - Guosheng Financial Holdings reported a net profit of 32.8008 million yuan in the third quarter, a decrease of 15% year-on-year [1] - Xinlei Co. experienced a net loss of 9.7794 million yuan in the third quarter [1]

Core Viewpoint - The news highlights significant financial performance and strategic developments of various companies, indicating growth in sectors such as pharmaceuticals, technology, and materials, while also noting some companies facing challenges. Financial Performance - WuXi AppTec reported a net profit of 12.076 billion yuan for the first three quarters, a year-on-year increase of 84.84% [3] - Cambridge Technology achieved a net profit growth of 70.88% year-on-year for the first three quarters [4] - Zhenghai Magnetic Materials saw a net profit increase of 189.72% in the third quarter, attributed to rising rare earth prices [12] - Horizontal East Magnetic reported a 56.80% increase in net profit for the first three quarters [13] - Xiyang Co. reported a net profit growth of 35.99% for the first three quarters [13] Strategic Developments - WuXi AppTec plans to sell 100% equity of its subsidiaries for 2.8 billion yuan to focus on its CRDMO business model [6] - China Tungsten High-tech intends to acquire 99.97% equity of Hengyang Yuanjing Tungsten Industry for 821 million yuan [7] - Yiyiyuan plans to acquire 100% equity of a pet food company, with stock resuming trading [9] - United Optoelectronics is selling radar-related assets and increasing investment in Millimeter Automotive [10] Market Demand and Supply - Huagong Technology's 800G LPO optical modules have started delivery overseas, with an expected domestic demand of around 20 million units next year [2] - Cambridge Technology anticipates increased demand for high-speed optical modules and telecom broadband products [4] Other Notable Announcements - Han's Information has authorized management to initiate preparations for H-share issuance and listing [28] - Sifang Precision plans to issue shares overseas and list on the Hong Kong Stock Exchange [29] - Dongsheng Technology has achieved batch supply of solid-state battery materials exceeding 20 tons [35]

Core Viewpoint - Cambridge Technology, a leading optical module company, is set to officially list on the Hong Kong Stock Exchange, becoming the first "A+H share" company in the CPO (Co-Packaged Optics) concept, attracting significant market attention due to a more than 40% discount compared to A-share prices [1][2] Company Overview - Founded in 2006, Cambridge Technology specializes in the design, development, and sales of connectivity and data transmission devices, with a strong focus on optical modules, broadband, and wireless network equipment [2][6] - The company ranks fifth globally in the OWCD (Optical and Wireless Connectivity Devices) industry by sales revenue, holding a market share of 4.1% in 2024 [2] - Cambridge Technology's product portfolio includes optical modules with speeds of 100G, 400G, 800G, and 1.6T, being one of the first companies to deploy 800G and 1.6T optical module products [2][7] IPO Details - The company plans to issue 67.01 million shares at an offering price of HKD 68.88, with a total fundraising target of HKD 4.48 billion [3][7] - A notable aspect of the IPO is the participation of 16 cornerstone investors, including major global asset management firms and private equity, who collectively invested USD 290 million, accounting for 48.89% of the total shares offered [3][4] Market Position and Growth Potential - Cambridge Technology's stock price is projected to increase by over 186% by 2025, making it a key player in the optical module sector [2] - The optical module industry is expected to grow significantly, with global sales projected to reach USD 41.5 billion by 2029, reflecting a compound annual growth rate (CAGR) of 18.5% from 2024 [7][8] - Specifically, the revenue for 800G optical modules is anticipated to grow at a CAGR of approximately 188.1% from 2020 to 2024, and 19.1% from 2024 to 2029, while 1.6T optical modules are expected to see explosive growth with a CAGR of 180.0% from 2024 to 2029 [7][8] Research and Development Focus - Approximately 20% of the funds raised from the IPO will be allocated to enhancing R&D capabilities and talent, which is crucial for maintaining technological leadership [8] - The company has consistently invested in R&D, with expenditures as a percentage of total revenue projected to be 7.1%, 8.9%, 8.8%, and 7.9% for the years ending 2022, 2023, 2024, and the first half of 2025, respectively [8]