Summary of Cambridge Technology Conference Call Company Overview - **Company**: Cambridge Technology - **Industry**: Optical Modules Key Points Financial Performance - Cambridge Technology's revenue for the first three quarters of 2025 reached 3.3 billion RMB, falling short of the 750 million Euro threshold set by the OECD's Pillar Two tax regime [2][4][5] - The company expects to maintain a positive outlook for Q4 2025 despite facing delivery pressures, driven by increased customer demand [2][3] Market Demand and Growth - The demand forecast for optical modules, particularly 800G, has been consistently revised upwards, with expectations that demand may exceed 100 million units by 2027 [2][6] - The company is closely collaborating with clients to ensure future delivery plans and material preparations, indicating a robust growth phase in the industry [2][6] Product Development and Technology - Silicon photonics technology is gaining high acceptance in the market, with most of Cambridge Technology's products above 800G utilizing this solution [2][7] - The company has signed supply agreements with five strategic partners to secure CW light source supplies and has addressed key material issues such as silicon photonic engines and DSPs [2][8] Production Capacity and Plans - Cambridge Technology aims to achieve a production capacity of 2.3 million units by the end of 2025, slightly exceeding expectations, and plans to reach 5 million units by the end of 2026, including both 800G and 1.6T production lines [4][15] - The 1.6T product is expected to account for 20% of total production capacity by the end of 2026 [29] Customer Base and Market Expansion - The company is expanding its business not only through existing customers but also by acquiring new clients, indicating a successful market share expansion for its high-speed optical modules [4][9] - Major clients are expected to drive the demand for 1.6T modules, with significant interest from large customers who require high bandwidth solutions [17] Pricing and Profitability - The current price range for 800G modules is approximately $350 to $400, while 1.6T modules are priced above $1,000, with expectations of price reductions in 2026 [19] - The gross margin for the first half of the year reached 32.4%, with projections to maintain above 40% in 2026 as production scales up [26][31] Supply Chain and Material Preparedness - The company has made sufficient preparations for key materials such as lasers and DSP chips, ensuring supply chain stability through annual agreements [25] - The assembly yield is reported to be above the industry average, contributing to the current gross margin levels [33] Strategic Partnerships and Future Outlook - Cambridge Technology is actively pursuing partnerships with new suppliers to meet diverse customer needs and ensure flexibility in responding to market demands [12][14] - The company is also exploring opportunities with major clients like Nokia, which may lead to increased demand for optical modules in 2026 [28] Challenges and Risks - The company acknowledges potential supply chain challenges, particularly concerning the availability of 800G capacity, which may be slightly below the target of 600,000 units for 2025 [21] - The impact of the OECD's Pillar Two tax regime is being monitored, although the company does not expect to be affected in the short term [4][5] Conclusion Cambridge Technology is positioned for growth in the optical module market, driven by increasing demand for high-speed solutions and strategic partnerships. The company is focused on expanding its production capacity and ensuring supply chain stability while navigating potential challenges in the evolving market landscape.

Market Overview - The Shanghai Composite Index rose by 0.97% on November 6, with 19 sectors experiencing gains, led by the metals and electronics sectors, which increased by 3.05% and 3.00% respectively [1] - The communication sector ranked third in terms of daily gains [1] - A total of 61.74 billion yuan of net inflow was recorded in the two markets, with 12 sectors seeing net inflows [1] Sector Performance - The electronic sector had the highest net inflow of 122.24 billion yuan, corresponding to a 3.00% increase [1] - The metals sector followed with a net inflow of 36.47 billion yuan and a daily increase of 3.05% [1] - The media and social services sectors faced the largest declines, with decreases of 1.35% and 1.11% respectively [1] Communication Sector Analysis - The communication sector increased by 2.37% with a net inflow of 23.04 billion yuan [2] - Out of 125 stocks in the communication sector, 68 stocks rose while 53 fell [2] - Six stocks in the communication sector saw net inflows exceeding 100 million yuan, with NewEase leading at 7.81 billion yuan [2] Top Gainers in Communication Sector - NewEase (300502) rose by 3.07% with a turnover rate of 4.46% and a net inflow of 780.95 million yuan [2] - Zhongji Xuchuang (300308) increased by 4.17% with a net inflow of 777.79 million yuan [2] - Jianqiao Technology (603083) saw a rise of 4.20% with a net inflow of 256.64 million yuan [2] Top Losers in Communication Sector - Shida Group (600734) experienced the largest outflow, declining by 6.36% with a net outflow of 202.25 million yuan [3] - Wanma Technology (300698) fell by 4.75% with a net outflow of 67.47 million yuan [3] - Dongtu Technology (300353) decreased by 0.83% with a net outflow of 67.11 million yuan [3]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 上海劍橋科技股份有限公司 呈交日期: 2025年11月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06166 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 67,010,500 | RMB | | 1 RMB | | 67,010,500 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 67,010,500 | RMB | | 1 RMB | | 67,010,500 | | 2. 股份分類 | 普通股 | 股份類別 | A | ...

Group 1 - Cambridge Technology's stock rose by 5.09%, reaching 105.20 CNY per share, with a trading volume of 1.933 billion CNY and a turnover rate of 7.02%, resulting in a total market capitalization of 35.245 billion CNY [1] - The company, established on March 14, 2006, and listed on November 10, 2017, focuses on the research, production, and sales of ICT terminal products for home, enterprise, and industrial applications based on cooperative models, primarily JDM and ODM [1] - The main revenue composition includes: telecommunications broadband 55.66%, wireless networks and small base stations 28.82%, high-speed optical modules 13.46%, edge computing and industrial interconnection products 2.01%, and others 0.06% [1] Group 2 - Southern Fund's Southern CSI 1000 ETF (512100) is among the top ten circulating shareholders of Cambridge Technology, having reduced its holdings by 15,000 shares in the third quarter, now holding 2.4681 million shares, which accounts for 0.92% of circulating shares [2] - The fund has achieved a year-to-date return of 26.77% and a one-year return of 20.59%, ranking 1995 out of 4216 and 1931 out of 3909 respectively in its category [2] - The fund manager, Cui Lei, has been in position for 7 years and has overseen a total fund asset size of 122.76 billion CNY, with the best fund return during the tenure being 167.82% [3]

Core Viewpoint - Shanghai Cambridge Technology Co., Ltd. will participate in the 2025 Shanghai-listed companies' third quarter collective performance briefing on November 13, 2025, to discuss its operational results and financial status with investors [3][4]. Group 1: Meeting Details - The meeting is scheduled for November 13, 2025, from 15:00 to 16:30 [6]. - It will be held at the Shanghai Stock Exchange Roadshow Center and conducted in an interactive online format [2][4]. - Investors can submit questions from November 6 to November 12, 2025, through the Roadshow Center website or via the company's email [2][7]. Group 2: Company Participation - Key participants include the Chairman and General Manager Gerald G Wong, Vice General Manager and Financial Officer Cheng Gucheng, and other board members [5][7]. - The company emphasizes that all responses during the meeting will adhere to information disclosure regulations and will not include any undisclosed significant information [2][4]. Group 3: Investor Engagement - Investors can participate in the meeting without any fees, and the company will not be responsible for any technical issues that may prevent participation [8]. - After the meeting, investors can access the main content and details of the briefing through the Roadshow Center [8].

Core Viewpoint - Cambridge Technology (06166.HK) plans to participate in the "2025 Shanghai Listed Companies Q3 Collective Performance Briefing" on November 13, 2025, to provide insights into its Q3 2025 operational results, financial status, core business progress, and future development plans [1] Group 1 - The company aims to enhance investor understanding of its performance and future strategies [1] - The performance briefing is scheduled for November 13, 2025, from 15:00 to 16:30 [1] - The event will address questions of interest to investors [1]

证券代码：603083 证券简称：剑桥科技 公告编号：临 2025-070 上海剑桥科技股份有限公司 关于参加 2025 年上海辖区上市公司三季报集体业绩说明会的公告 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。 重要内容提示： 会议召开时间：2025 年 11 月 13 日（星期四）15:00-16:30 会议召开地点：上海证券交易所上证路演中心（网址：https://roadshow.ss einfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 11 月 6 日（星期四）至 11 月 12 日（星期三）16:00 期间登录上证路演中心网站首页，点击"提问预征集"栏目（https://roadshow.ss einfo.com/preCallQa），根据活动时间选中"上海剑桥科技股份有限公司 2025 年 三季报集体业绩说明会"或通过公司邮箱 investor@cigtech.com 向公司提问。公 司将在说明会上对投资者普遍关注的问题进行集中回答。 特别提醒：投资者需确保所提问题符 ...

Core Viewpoint - Cambridge Technology (06166) experienced a volatile debut, with its stock price initially rising to 109 HKD before declining to a low of 76.45 HKD, reflecting only a slight increase of over 10% from the IPO price of 68.88 HKD [1] Company Summary - Cambridge Technology generates revenue primarily from the sales of broadband, wireless, and optical module technology products, positioning itself as one of the few companies globally offering these three types of technology products [1] - The company's Q3 2025 performance report indicates high-quality growth driven by its two main businesses: high-speed optical modules and telecom broadband access, with the high-speed optical module segment showing significant performance due to increased demand from global data center construction [1] Industry Summary - The optical communication sector has faced challenges in Q3, with companies like NewEase and Tianfu Communication reporting slight declines in revenue, breaking their previous growth trends, while Zhongji Xuchuang maintained growth both year-on-year and quarter-on-quarter [1] - According to Guosheng Securities, the overall performance of the industry in Q3 was relatively flat, as the optical communication sector is transitioning from 800G to 1.6T, leading to short-term performance fluctuations during this technological shift [1] - The industry is expected to enter a new growth cycle as the market conditions improve in Q4, indicating a potential recovery and growth in the optical communication sector [1]

Core Viewpoint - Cambridge Technology (06166.HK) experienced significant volatility on its first trading day, initially rising to 109 HKD before declining sharply [1] Group 1 - On its debut, the stock price of Cambridge Technology reached a high of 109 HKD [1] - Following the initial surge, the stock price fell continuously, hitting a low of 76.45 HKD during trading today [1] - The current trading price is reported at 77.6 HKD, reflecting a gain of just over 10% from the IPO price of 68.88 HKD [1] Group 2 - As of the latest update, the stock has decreased by 7.07% [1] - The trading volume for the stock is reported at 89.65 million HKD [1]

Group 1 - Cambridge Technology (603083) experienced a significant price fluctuation on its first trading day, reaching a high of 109 HKD before declining to a low of 76.45 HKD, representing a gain of just over 10% from the IPO price of 68.88 HKD [1] - The third-quarter reports have negatively impacted the optical communication sector, with companies like NewEase (300502) and Tianfu Communication (300394) reporting slight declines in revenue, breaking their continuous growth trend [1] - Despite the overall industry performance being relatively flat in Q3, Zhongji Xuchuang (300308) maintained growth in both year-on-year and quarter-on-quarter revenue, indicating stable performance [1] Group 2 - According to Guosheng Securities (002670), the optical communication industry is currently in a transitional phase from 800G to 1.6T, leading to short-term performance fluctuations during the technology generational shift [1] - The industry is expected to enter a new growth cycle as the market conditions improve in Q4 [1] - Cambridge Technology generates revenue primarily from the sales of broadband, wireless, and optical module technology products, and is one of the few companies globally offering these three types of products [1] Group 3 - The Q3 performance report for Cambridge Technology indicates high-quality growth driven by its two main businesses: high-speed optical modules and telecom broadband access [1] - The high-speed optical module business has shown remarkable performance, driven by the surge in demand for global data center construction, leading to a significant increase in orders [1] - The company has achieved high-quality delivery through continuous capacity enhancement and an efficient supply chain [1]