Group 1 - The main point of the news is that there was a net outflow of 1.878 billion yuan in the stock market today, with the ChiNext board experiencing a net outflow of 397 million yuan, while the CSI 300 index saw a net inflow of 3.007 billion yuan [1] - Among the 11 industries with net inflows, the communication industry led with a net inflow of 2.433 billion yuan, followed by the electric equipment, media, and retail industries, each exceeding 1 billion yuan [1] - The chemical sector saw significant net outflows, with the leading company experiencing a net outflow of 884 million yuan, indicating a downward trend in the chemical industry [4][5] Group 2 - Contemporary Amperex Technology Co., Ltd. (CATL) saw a 2.5% increase in stock price with a net inflow of 790 million yuan, following the announcement of its share buyback progress [2][3] - New Yisheng, a CPO concept stock, had a net inflow of 718 million yuan, reflecting strong market performance in the CPO sector, which is projected to grow significantly in the coming years [2] - The chemical leader Hongbaoli faced a substantial net outflow of 883 million yuan, with the stock price dropping by 9.5%, indicating investor concerns in the chemical sector [4][5] Group 3 - The military industry continued to show strong performance, with several stocks hitting the daily limit up, indicating robust investor interest in this sector [6] - A total of 22 stocks had net inflows exceeding 30 million yuan at the end of the trading day, with three stocks exceeding 80 million yuan, highlighting active trading in specific sectors [6][7] - The tail end of the trading day saw a net inflow of 776 million yuan across the market, with the ChiNext board contributing 246 million yuan to this total [8]

Group 1 - F5G concept index increased by 2.35%, ranking 10th among concept sectors, with 31 stocks rising, including Cambridge Technology hitting the daily limit [1][2] - Leading gainers in the F5G sector include Zhongji Xuchuang, Dekeli, and Taichuang, with increases of 11.36%, 7.47%, and 5.95% respectively [1][2] - Major declines were seen in Pingzhi Information, Shanghai Port Group, and Yihua Co., with decreases of 2.04%, 0.54%, and 0.34% respectively [1][2] Group 2 - The F5G sector attracted a net inflow of 1.125 billion yuan, with 23 stocks receiving net inflows, and 5 stocks exceeding 30 million yuan in net inflow [2][3] - Zhongji Xuchuang led the net inflow with 519 million yuan, followed by Cambridge Technology and Taichuang with 360 million yuan and 145 million yuan respectively [2][3] Group 3 - In terms of net inflow ratio, Cambridge Technology, Zhaochi Co., and Xingwang Ruijie had the highest ratios at 24.53%, 10.44%, and 8.45% respectively [3][4] - The top stocks in the F5G sector by net inflow include Zhongji Xuchuang, Cambridge Technology, and Taichuang, with respective daily turnover rates of 9.02%, 14.75%, and 14.47% [3][4] Group 4 - Notable declines in the F5G sector were observed in Pingzhi Information, which fell by 2.04%, and other companies like Chunyuan Electric and Bochuang Technology, which also experienced negative net inflows [5]

证券代码：603083 证券简称：剑桥科技 公告编号：临 2025-026 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年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 5 月 15 日（周四）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. sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 5 月 9 日（周五）至 5 月 14 日（周三）16:00 前登录 上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 investor@cigte ch.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 为便于广大投资者更全面深入地了解公司经营成果、财务状况，上海剑桥科 技股份有限公司（以下简称"公司"）计划于 2025 年 5 月 15 日（周四）15:00-16:30 参加"2025 年上海辖区上市公司年报集体业绩 ...

Core Viewpoint - Shanghai Cambridge Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with Guotai Junan International as the exclusive sponsor and BDO (Hong Kong) as the reporting accountant [1] Group 1: Company Overview - Cambridge Technology was established in 2006 in Shanghai and listed on the Shanghai Stock Exchange in 2017. The company specializes in the research, production, and sales of terminal equipment for telecommunications, data communications, and enterprise networks, including broadband, wireless networks, small base stations, edge computing, and industrial interconnection products, as well as high-speed optical module products [3] - The company has extensive experience in ICT and optical communication markets, particularly in broadband access, wireless networks, and high-speed optical modules. According to Frost & Sullivan, Cambridge Technology ranks fifth globally in the optical and wireless connection device (OWCD) industry by sales revenue in 2024 [3] Group 2: Product and Technology Development - The company's wireless solutions provide high bandwidth, fast transmission speeds, and low network latency between computing clusters and end users. It is one of the first companies in the global OWCD industry to develop and mass-produce Wi-Fi 7 products. Additionally, it has collaborated with Google Fiber to launch the industry's first 20G uplink Wi-Fi 7 gateway for homes and small businesses, offering over 10Gb/s network services [4] - Cambridge Technology is also a pioneer in developing 800G and 1.6T optical module products in the OWCD industry. As of the last feasible date (April 18, 2025), its 800G optical module represents the most advanced mass-produced optical module globally, while its 1.6T optical module is one of the leading research products in the industry [4] Group 3: Financial Performance - The company's revenue for the fiscal years 2022, 2023, and 2024 was approximately 3.784 billion, 3.085 billion, and 3.649 billion RMB, respectively. The net profit for the same periods was approximately 171 million, 95 million, and 167 million RMB [6][7] - The company's overseas sales accounted for 82.9%, 89.3%, and 92.6% of total revenue for the years ending December 31, 2022, 2023, and 2024, respectively [6]

Core Viewpoint - Cambridge Technology has submitted its prospectus for a Hong Kong IPO, attracting significant industry attention, with its A-share price reaching 33.79 yuan and a market capitalization of 9.06 billion yuan as of April 30 [1] Company Overview - Cambridge Technology is an international enterprise serving the global ICT industry, with R&D and sales centers in the US, Japan, and Europe, focusing on terminal devices for telecommunications, data communication, enterprise, and home networks, as well as high-speed optical module products [1] - The company plans to distribute a cash dividend of 2.20 yuan per share (including tax) to all shareholders in the 2024 fiscal year, without plans for a stock bonus [1] Financial Performance - Revenue for Cambridge Technology from 2022 to 2024 is reported as 3.784 billion yuan, 3.09 billion yuan, and 3.65 billion yuan, respectively, with gross profits of 689 million yuan, 664 million yuan, and 762 million yuan, and gross margins of 18.2%, 21.5%, and 20.9% [1] - Net profits for the same period are 171 million yuan, 94.97 million yuan, and 167 million yuan, with net profit margins of 4.5%, 3.1%, and 4.6% [2] - In Q1 2025, the company achieved revenue of 894 million yuan, a year-on-year increase of 5.18%, and a net profit of 31.43 million yuan, up 21.11% year-on-year, with a significant increase in net profit after deducting non-recurring items by 96.15% [2] Asset and Liability Structure - As of December 31, 2024, Cambridge Technology's total assets amounted to 5.188 billion yuan, total liabilities were 2.728 billion yuan, and net assets were 2.461 billion yuan, with cash and cash equivalents reaching 507 million yuan, indicating a strong cash flow position [3] Shareholding Structure - The executive directors of Cambridge Technology include Gerald G Wong, Zhao Haibo, Zhao Hongwei, and Zhang Jie, while independent non-executive directors include Qin Guisen, Liu Guisong, Yao Minglong, and Yuan Shuyi [4] - Prior to the IPO, Gerald G Wong held 13.64% of the shares, and Zhao Haibo held 2.78%, collectively controlling 16.42% of the company's equity [4]

内容概要：硅光芯片，顾名思义，是指在硅衬底上利用微纳加工技术构建光子器件和电子器件，实现光 信号的产生、调制、传输、检测和处理等功能的集成光子芯片。其核心理念是将光子器件集成到成熟的 硅基CMOS工艺平台上，充分利用硅材料的光学特性和CMOS工艺的低成本、高集成度优势。硅光芯片 结合了集成电路技术的超大规模、超高精度制造的特性和光子技术超高速率、超低功耗的优势。经过20 余年的快速发展，得益于大容量数据通信场景的日益增加以及新需求、新应用的出现，硅光芯片技术研 究已逐渐从学术研究驱动转变为市场需求驱动，2024年全球硅光芯片市场规模接近1.5亿美元。未来， 硅光芯片仍具备广阔发展前景，市场规模将进一步壮大，应用领域也不断拓展。硅光芯片凭借其独特的 优势，在多个领域展现出巨大的应用潜力，并有望替代现有技术方案，成为未来信息技术发展的关键支 撑。硅光最主要、最直接的应用场景是数据中心。此外，硅光芯片在电信、光学激光雷达、量子科技等 领域也有广阔的发展前景。从企业布局来看，目前，国际公司在技术和市场上拥有领先优势。英特尔占 据市场主导地位，思科作为市场领导者也在通过收购Lightwire、Luxtera及Acaci ...

Core Viewpoint - Cambridge Technology has officially submitted an application for H-share listing on the Hong Kong Stock Exchange, aiming to become the first "A+H stock" in AI communications, marking a new phase in its global capital layout and technological innovation [1][2]. Group 1: Business Overview - Cambridge Technology specializes in the research, production, and sales of terminal equipment for telecommunications, data communications, and enterprise networks, as well as high-speed optical module products [2]. - In 2024, the company achieved a revenue of 3.652 billion yuan and a net profit attributable to shareholders of 167 million yuan [2]. Group 2: Global Competitive Strategy - The company has established a unique global competitive edge through a "multi-localization" strategy, setting up strategic R&D centers in Greater China, Japan, and the United States [2]. - Cambridge Technology employs an innovative "co-location production" model, collaborating deeply with local partners in China, Malaysia, Europe, and the United States, significantly enhancing supply chain resilience and responsiveness to regional market demands [2]. Group 3: Market Position and Future Outlook - The company has built a regional sales network that is highly coordinated with R&D and production, exemplified by its "iron triangle" model in the North American market, which integrates local R&D, co-location production, and specialized sales teams [2]. - The H-share listing is seen as a crucial step in the company's capital strategy following its A-share listing in 2017, with expectations to further solidify its industry benchmark position [2]. Group 4: R&D Investment and AI Expansion - Cambridge Technology has increased its R&D investment, with expenses reaching 320 million yuan in 2024, a year-on-year increase of 16.16% [4]. - The company has successfully developed and mass-produced new 800G and 400G optical module products, achieving lower power consumption and costs, while also advancing its silicon photonics products in overseas markets [4]. Group 5: Industry Ranking and Market Demand - According to Frost & Sullivan, Cambridge Technology ranks fifth in the global optical and wireless connectivity device (OWCD) industry based on 2024 sales revenue, providing core hardware support for AI infrastructure, data centers, and telecommunications networks [5]. - The optical module market is expected to maintain growth, with projections indicating that by 2028 to 2030, the supply of related products will peak as large-scale data centers become widespread [4].

证券代码：603083 证券简称：剑桥科技 公告编号：临 2025-025 上海剑桥科技股份有限公司 关于向香港联交所递交境外上市外资股（H 股） 发行上市申请并刊发申请资料的公告 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"）已于 2025 年 4 月 28 日向 香港联合交易所有限公司（以下简称"香港联交所"）递交了发行境外上市外资 股（H 股）股票并在香港联交所主板挂牌上市（以下简称"本次发行上市"）的 申请，并于同日在香港联交所网站刊登了本次发行上市的申请资料。该申请资料 为公司按照香港证券及期货事务监察委员会（以下简称"香港证监会"）及香港 联交所的要求编制和刊发，为草拟版本，其所载资料可能会适时作出更新和变动。 鉴于本次发行上市的认购对象仅限于符合相关条件的境外投资者及依据中 国相关法律法规有权进行境外证券投资的境内合格投资者，公司将不会在境内证 券交易所的网站和符合中国证券监督管理委员会（以下简称"中国证监会"）规 定条件的媒体上刊登该申请资料，但为使境内投 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥893,554,813.08, representing a 5.18% increase compared to ¥849,534,829.54 in the same period last year[4] - Net profit attributable to shareholders increased by 21.11% to ¥31,433,649.67 from ¥25,954,695.51 year-on-year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses surged by 96.15% to ¥30,299,220.87, up from ¥15,446,742.29 in the previous year[4] - Basic and diluted earnings per share increased by 20.00% to ¥0.12 from ¥0.10 year-on-year[4] - Net profit for Q1 2025 was ¥30,261,900.70, a decrease of 2.9% from ¥31,158,227.97 in Q1 2024[22] - Other comprehensive income after tax for Q1 2025 was ¥2,120,474.08, compared to a loss of ¥2,797,453.31 in Q1 2024[22] Cash Flow and Assets - The net cash flow from operating activities decreased significantly by 349.48% to -¥142,198,129.78, compared to a positive cash flow of ¥56,997,618.81 in the same period last year[4] - As of March 31, 2025, the company's cash and cash equivalents amounted to RMB 405,340,172.76, a decrease from RMB 527,341,089.80 as of December 31, 2024, representing a decline of approximately 23.1%[16] - The ending cash and cash equivalents balance decreased to ¥385,340,172.76 in Q1 2025 from ¥725,047,316.65 in Q1 2024, a decline of 47%[25] - The net cash flow from investment activities was negative at ¥-188,544,915.68 in Q1 2025, worsening from ¥-70,133,801.18 in Q1 2024[25] - Cash inflow from financing activities amounted to ¥784,256,713.96 in Q1 2025, compared to ¥610,754,821.18 in Q1 2024, reflecting an increase of 28.4%[25] - The net cash flow from financing activities was positive at ¥209,530,677.59 in Q1 2025, down from ¥314,772,705.58 in Q1 2024[25] - The company received tax refunds totaling ¥132,126,790.32 in Q1 2025, significantly higher than ¥73,368,564.48 in Q1 2024, marking an increase of 80.1%[24] Assets and Liabilities - Total assets at the end of the reporting period were ¥5,306,745,090.51, a 2.27% increase from ¥5,188,814,731.26 at the end of the previous year[4] - Total liabilities increased to ¥2,811,555,173.64 from ¥2,727,825,420.11, representing a rise of 3.1%[19] - Shareholders' equity totaled ¥2,495,189,916.87, up from ¥2,460,989,311.15, indicating an increase of 1.4%[19] - Total current assets as of March 31, 2025, were RMB 3,693,367,111.74, slightly up from RMB 3,633,171,330.85 as of December 31, 2024[17] Operational Highlights - The company has successfully established a global production and supply chain layout, primarily based in China and Malaysia, supplemented by factories in Germany-Poland and the US-Mexico, enhancing its ability to respond to geopolitical challenges[13] - The company plans to significantly increase production capacity in Malaysia, with the factory already meeting the market demand for products exported to the US[12] - The cooperation factory in Germany-Poland has commenced production, catering to local European customers and US clients requiring compliance with the Trade Agreements Act (TAA)[12] - The company has adopted a strategy of granting exclusive intellectual property licenses to North American partners, addressing the demand for supply chain diversification[12] - The company has effectively mitigated the impact of US tariffs on its products by adjusting sales prices and utilizing tariff exemptions for exports from Malaysia[11] - The company continues to innovate its business model, expanding into new areas while promoting its own brand in non-conflicting markets[12] Expenses - Total operating costs for Q1 2025 were ¥865,293,035.17, up from ¥834,854,765.10 in Q1 2024, reflecting a rise of 3.7%[21] - R&D expenses increased to ¥77,605,330.99 in Q1 2025, compared to ¥67,562,496.79 in Q1 2024, marking a growth of 14.9%[22] - The company reported a decrease in sales expenses to ¥25,436,957.03 from ¥23,153,614.31, reflecting a rise of 9.8%[22] - Cash outflow for purchasing goods and services increased to ¥1,073,208,700.36 in Q1 2025, up from ¥823,768,038.34 in Q1 2024, representing a rise of 30.4%[24] - Cash outflow for employee payments rose to ¥92,032,150.38 in Q1 2025, compared to ¥77,604,131.49 in Q1 2024, an increase of 18.5%[24]

Core Viewpoint - Cambridge Technology has submitted an application for H-share listing on the Hong Kong Stock Exchange, aiming to become the first "AI communication stock" with both A-shares and H-shares, marking a new phase in its global capital layout and technological innovation [1] Group 1: Company Overview - Cambridge Technology is a leading provider of efficient instant connection solutions related to optical communication, broadband, and wireless technology, ranking 5th globally in the optical and wireless connection device (OWCD) industry based on 2024 sales revenue [1] - The company is recognized as a pioneer in establishing smart factories in the OWCD industry, providing core hardware support for global AI infrastructure, data centers, and telecom networks [1] Group 2: Innovation and R&D - The core competitiveness of Cambridge Technology stems from its strong R&D capabilities, with a global R&D team of 630 people, accounting for over 50% of its total workforce [2] - The company has made significant breakthroughs in AI communication technology and is actively developing next-generation products to meet the urgent demand for high-speed, low-latency communication in future data centers and networks [2] - At the OFC2025 event, Cambridge Technology showcased its latest end-to-end connection technologies, including new 200G/Lambda series optical modules that achieve a 20% reduction in power consumption [2] Group 3: Market Strategy - Cambridge Technology employs a "diversified localization" strategy to build unique global competitiveness, integrating local operations with a global perspective [4] - The company has established strategic R&D centers in Greater China, Japan, and the United States, and utilizes a co-location production model with local partners in various regions [4] - This strategy enhances supply chain resilience, mitigates regional risks, and allows for rapid response to localized market demands [4] Group 4: Market Presence and Future Outlook - Cambridge Technology has built a comprehensive sales and service network covering 52 countries and regions, earning the trust of major global technology companies and mainstream operators [5] - The upcoming H-share listing is a significant step in the company's capital strategy, expected to further open international financing channels and accelerate the integration of AI and communication technologies [5] - Analysts suggest that the advancement of the listing plan will help Cambridge Technology solidify its industry benchmark position and inject new momentum into the development of global communication and AI infrastructure [5]