智通财经APP获悉，据港交所10月12日披露，上海剑桥科技股份有限公司(简称：剑桥科技)通过港交所 主板上市聆讯，国泰君安国际为其独家保荐人。剑桥科技(603083.SH)已在上交所上市。根据弗若斯特 沙利文的资料，于2024年，以销售收入计，剑桥科技在全球综合光学与无线连接设备(OWCD)行业排名 第五，市场份额为4.1%。 在光模块产品方面，剑桥科技产品组合涵盖100G、400G、800G及1.6T互连速度，适配广泛的行业标准 封装形式。公司是全球首批部署800G及1.6T光模块产品的公司之一。在硅光光模块方面的开创性研究 使公司能够以低成本实现高传输率，而功耗对支持计算能力的指数增长至关重要。剑桥科技亦正在推进 线性可插拔光学器件(LPO)技术，该技术具有低功耗、低延迟及高性能，是人工智能模型及数据中心的 理想选择。作为补充，公司正在开发浸入式液冷光电子器件，以提高服务器效率和热管理。 此外，剑桥科技正致力于共封装光学(CPO)技术的封装激光及硅光光模块引擎(即ELS，外部光源)，该 技术将网络及光学引擎整合至单一插槽，大幅缩短信号传输距离及时延，是人工智能训练和推理的理想 选择。 财务方面，于2022 ...

智通财经APP获悉，据港交所10月12日披露，上海剑桥科技股份有限公司(简称：剑桥科技)通过港交所 主板上市聆讯，国泰君安国际为其独家保荐人。剑桥科技(603083.SH)已在上交所上市。根据弗若斯特 沙利文的资料，于2024年，以销售收入计，剑桥科技在全球综合光学与无线连接设备(OWCD)行业排名 第五，市场份额为4.1%。 据招股书披露，剑桥科技主要从事设计、开发及销售连接及数据传输设备。于往绩记录期间，公司主要 从销售宽带、无线及光模块技术产品产生收入。根据弗若斯特沙利文的资料，公司是少数向全球客户提 供上述三种技术产品的公司之一。于往绩记录期间，来自海外市场的收入分别占公司总收入的82.9%、 89.3%、 92.6%及94.0%。除中国业务外，公司亦于美国设立联合总部，在美国及日本设有海外研发中 心，在美国及意大利设有海外销售办事处，并在美国、德国及马来西亚设有海外制造基地。 在光模块产品方面，剑桥科技产品组合涵盖100G、400G、800G及1.6T互连速度，适配广泛的行业标准 封装形式。公司是全球首批部署800G及1.6T光模块产品的公司之一。在硅光光模块方面的开创性研究 使公司能够以低成本实现 ...

Core Viewpoint - The company, Shaanxi Huada (301517), is currently in the batch verification phase for its core product, optical module products, as stated in a response to investor inquiries on September 17 [1] Company Summary - Shaanxi Huada's optical module products are identified as one of its core offerings [1] - The company is actively engaging with investors and providing updates on product development status [1]

Group 1 - The core product of the company is optical module products, which are currently in the batch verification stage by users [1] - On August 25, the company announced its intention to acquire 100% equity of Huajing Microelectronics [1]

Group 1 - The core product of Huajing Microelectronics is the optical module, which is currently in the batch verification stage with users [2]

Core Viewpoint - Wanlong Optoelectronics (300710.SZ) indicates that its optical module products are primarily compatible with the company's data optical transmission equipment [1] Group 1 - The company specializes in optical module products [1] - The optical modules are designed to work with the company's own data optical transmission devices [1]

Core Viewpoint - In the first half of 2025, the company achieved revenue of 80.606 billion yuan, a year-on-year increase of 2.58%, and a net profit attributable to shareholders of 1.730 billion yuan, a year-on-year increase of 13.97%, slightly below Bloomberg consensus expectations [1] Group 1: Business Performance - The assembly business revenue was 47.195 billion yuan, a year-on-year decrease of 1.79%, while the components revenue was 13.752 billion yuan, a year-on-year decrease of 9.8% [1] - Automotive electronics revenue reached 12.450 billion yuan, a year-on-year increase of 60.5%, driven by high growth in shipment volumes and increased intelligence levels [2] - Revenue from new intelligent products was 7.209 billion yuan, a year-on-year decrease of 4.15%, with AI server business showing strong growth, surpassing 1 billion yuan in revenue for the first time in half a year [3] Group 2: Future Outlook - The company aims to maintain its leading position in the high-end consumer electronics market, focusing on the next-generation foldable smartphone NPI progress with major clients [1] - The automotive electronics business is expected to maintain high growth in the second half of the year, with smart cockpit, thermal management, and intelligent driving assistance products continuing to see increased shipment volumes [2] - The company anticipates that 2026 will be the first year of large-scale liquid cooling product deployment, potentially leading to explosive growth [3] Group 3: Financial Forecast - Revenue is projected to be 191.063 billion yuan and 218.425 billion yuan for 2025 and 2026, respectively, with year-on-year growth rates of 7.76% and 14.32% [3] - Net profit attributable to shareholders is expected to be 4.764 billion yuan and 6.052 billion yuan for 2025 and 2026, respectively, with year-on-year growth rates of 11.69% and 27.03% [3]

Summary of Zhaochi Co., Ltd. Conference Call Company Overview - **Company**: Zhaochi Co., Ltd. (兆驰股份) - **Industry**: LED and TV ODM (Original Design Manufacturer) Key Points and Arguments Impact of U.S. Tariff Policies - Zhaochi's TV ODM business is under pressure due to reduced orders from the North American market caused by U.S. tariff policies [2][3] - The company is accelerating the transfer of production lines to Vietnam to mitigate tariff impacts, with expectations of profit recovery starting in Q3 2025 [2][4][5] Performance in LED Industry - Zhaochi has become a leading player in the LED industry, achieving nearly 20% net profit margin through an integrated supply chain model [2][6] - The company has maintained a strong position in the LED chip sector, enhancing profitability and risk resilience [6] Expansion into Optical Communication - Zhaochi is entering the optical communication field, leveraging its LED chip technology to produce materials like indium phosphide, gallium arsenide, and gallium nitride [2][10] - The acquisition of Ruigu Communication has strengthened Zhaochi's capabilities in optical devices [10] - Expected revenue from optical communication is projected to reach 400-500 million yuan by 2025, with a goal of achieving a gross margin close to 25% by increasing proprietary chip ratios [10][11] Future Growth Catalysts - Successful relocation of TV ODM production to Vietnam is anticipated to alleviate negative impacts from U.S.-China trade tensions [7] - The company has not engaged in refinancing since its IPO, indicating strong internal cash flow and reduced reliance on external financing [7] - Zhaochi's clean shareholding structure and lack of refinancing needs position it well for future growth [4][17] Micro LED Technology Potential - Microsoft is promoting a new optical chain technology based on Micro LED, which could significantly impact the industry and provide new opportunities for Zhaochi [13][15] - Zhaochi, as a leader in the Micro LED sector, is well-positioned to benefit from the technology's application in the Chinese market [15][16] Current Valuation and Future Expectations - Zhaochi's current valuation is approximately 15 times earnings, with expected performance in 2025 projected between 1.5 to 1.6 billion yuan, slightly down from the previous year [17] - Anticipated recovery in 2026 to around 1.8 to 1.9 billion yuan could justify a valuation of 20 times earnings, suggesting a potential stock price increase of over 50% [4][17] Additional Important Insights - Zhaochi's integrated production model in TV manufacturing allows for high-quality component production, enhancing competitive advantages [8][9] - The company is exploring new markets, including AI servers and data centers, which could provide additional growth avenues [11][12]

Group 1 - The core point of the article is that Tengjing Technology has decided to terminate the acquisition of 100% of Shenzhen Xuntech Communication Technology Co., Ltd. due to changes in the market environment and difficulties in reaching an agreement among the parties involved [1][3] - Tengjing Technology's actual controller's concerted actors reduced their holdings by nearly 90 million yuan during the period from the announcement of the acquisition to its termination [1][4] - The company stated that the termination of this major asset restructuring will not have a significant adverse impact on its existing production and operational activities or strategic development [1][3] Group 2 - Tengjing Technology initially announced on February 26 that it was planning to acquire control of Xuntech Communication through a combination of issuing shares and cash payments, but the transaction was still in the planning stage and lacked a formal agreement [2][3] - Xuntech Communication is a national high-tech enterprise specializing in the research, production, sales, and service of optical communication products, with a strong focus on high-density packaging technology and optical device integration technology [2] - Following the announcement of the acquisition intention, Tengjing Technology's stock price initially fell sharply but later rebounded [4] Group 3 - The share transfer plan involved a total of 2.587 million shares, accounting for 2.00% of Tengjing Technology's total share capital, with a transfer price set at 34.66 yuan per share [5][6] - The total amount from the share transfer by the concerted actors was approximately 89.665 million yuan [6]

Core Viewpoint - Tengjing Technology (688195) has decided to terminate its plan to acquire Shenzhen Xuntech Communication Technology Co., Ltd. and raise matching funds due to changes in the market environment and difficulties in reaching an agreement among the parties involved [2][3]. Group 1: Acquisition Details - In February, the company announced its intention to acquire control of Xuntech Communication through a combination of issuing shares and cash payments, which was expected to constitute a significant asset restructuring [2]. - The updated acquisition plan aimed to purchase 100% of Xuntech Communication's shares, but the latest announcement indicates that the transaction will not proceed [3]. - This acquisition was the first major asset restructuring since Tengjing Technology's listing in 2021 [4]. Group 2: Company Background - Xuntech Communication, established in 2008, is a national high-tech enterprise focused on the research and manufacturing of optical interconnection products, providing solutions for AI computing centers, cloud computing centers, 5G, and telecommunications networks [4]. - Tengjing Technology specializes in the research, production, and sales of various precision optical components and fiber optic devices, primarily serving the optical communication and fiber laser sectors [5]. Group 3: Financial Performance - Tengjing Technology's financial performance has been stable since its listing, with revenues of 303 million, 344 million, 340 million, and 446 million yuan from 2021 to 2024, and net profits of 52 million, 58 million, 41 million, and 70 million yuan during the same period [6]. - The company attributes its revenue growth in 2024 to a focus on optical and optoelectronic core businesses, optimization of business and product structures, and increased operational efficiency, while also capitalizing on the growing demand for high-speed optical communication components driven by AI computing [6].