IPO前业绩高增，IPO撤回后业绩立马跳水，但冲刺资本市场之心不死。为此，深圳市亿联无限科技有限公司（以下简称亿联无限）"曲线救国"，找到了A 股公司光韵达，不过估值相比IPO的"要价"，已经大打折扣。 从彼时的招股书来看，亿联无限称得上是高增长的优质标的，从2020年到2023年上半年三年又一期，其营业收入分别是3.75亿元、4.37亿元、7.89亿元和 2.82亿元，归母净利润是2223万元、2781万元、8417万元和4510万元。 | 项目 | 2023 年 1-6 月或 | 2022年度或 2022/12/31 | 2021 年度或 2021/12/31 | 2020年度或 2020/12/31 | | --- | --- | --- | --- | --- | | | 2023/6/30 | | | | | 资产总额(万元) | 33.549.70 | 43.946.20 | 26.616.12 | 23.704.73 | | 归属于母公司所有者权益(万元) | 22,763.04 | 19.688.94 | 10.898.12 | 4.072.50 | | 资产负债率(母公司)(%) | 34. ...

【导读】光韵达拟收购亿联无限 56% 股权，后者 IPO 失败，业绩、估值双双大缩水 中国基金报记者 南深 IPO 前业绩高增， IPO 撤回后业绩立马跳水，但冲刺资本市场之心不死。为此，深圳市亿联 无限科技有限公司（以下简称亿联无限） " 曲线救国 " ，找到了 A 股公司光韵达，不过估值 相比 IPO 的 " 要价 " ，已经大打折扣。 7 月 8 日晚，光韵达公告，拟以现金方式收购陈政和深圳市博远智联管理咨询合伙企业（有 限合伙）（以下简称博远智联）所持亿联无限合计 56.0299% 股权。本次交易最终完成后， 光韵达将持有亿联无限 56.0299% 股份，取得对标的公司的控制权，标的公司将纳入公司合 并报表范围。 亿联无限曾在 2023 年 6 月提交 IPO 材料，拟冲刺创业板，但在 2024 年 3 月收到二轮问 询后很快撤回， IPO 宣告终止。结合亿联无限彼时招股书披露的数据和此次光韵达披露的财 务数据，亿联无限业绩在 2024 年出现了断崖式下滑，与 IPO 报告期内的高增长形成鲜明反 差。 另外，记者注意到，今年 4 月 16 日光韵达其实已经公告过收购亿联无限的意向协议书，彼 时收购比例 ...

移动互联网流量延续较快增势，5月DOU值创新高。前5个月，移动互联网累计流量达1537亿GB，同比 增长16.2%。截至5月末，移动互联网用户数达15.89亿户，比上年末净增1914万户。5月当月户均移动互 联网接入流量（DOU）达到21.3GB/户·月，同比增长14.9%，比上年底高1.6GB/户·月。 电话通话量持续下滑，移动短信业务量快速增长。前5个月，移动电话去话通话时长完成8412亿分钟， 同比下降5.7%；固定电话主叫通话时长完成292.3亿分钟，同比下降6.9%。前5个月，全国移动短信业务 量同比增长23.6%；移动短信业务收入同比增长1.9%。 （文章来源：新华财经） 工信部25日公布2025年前5个月通信业经济运行情况。数据显示，千兆用户规模持续扩大，移动互联网 流量延续较快增势，5月移动互联网接入流量值（DOU）创新高。 截至5月末，三家基础电信企业的固定互联网宽带接入用户总数达6.82亿户，比上年末净增1216万户。 其中，100Mbps及以上接入速率的固定互联网宽带接入用户达6.48亿户，占总用户数的95%；1000Mbps 及以上接入速率的固定互联网宽带接入用户达2.23亿户，比上年 ...

工信部：前5个月电信业务收入累计完成7488亿元 同比增长1.4% 智通财经6月25日电，工信部数据显示，前5个月，电信业务收入累计完成7488亿元，同比增长1.4%。 按照上年不变价计算的电信业务总量同比增长8.6%。截至5月末，三家基础电信企业的固定互联网宽带 接入用户总数达6.82亿户，比上年末净增1216万户。其中，100Mbps及以上接入速率的固定互联网宽带 接入用户达6.48亿户，占总用户数的95%；1000Mbps及以上接入速率的固定互联网宽带接入用户达2.23 亿户，比上年末净增1635万户，占总用户数的32.7%，占比较上年末提升1.8个百分点。截至5月末，三 家基础电信企业及中国广电的移动电话用户总数达18.07亿户，比上年末净增1699万户。其中，5G移动 电话用户达10.98亿户，比上年末净增8414万户，占移动电话用户的60.8%。 ...

Core Viewpoint - The active period of mergers and acquisitions in the capital market has seen state-controlled listed companies as major participants, with Tianwei Vision's acquisition of a 70% stake in Tianqing Digital marking the beginning of its "new investment" strategy [2][6]. Group 1: Company Overview - Tianwei Vision, established in 1995, has transitioned from a traditional cable TV operator to a smart broadcasting operator and smart city service provider, leveraging its fiber optic network across Shenzhen [3]. - The company holds the leading market share in Shenzhen's digital TV service and ranks among the top in broadband access services [3]. Group 2: Strategic Focus - Tianwei Vision is focusing on four new business areas: new infrastructure, new government-enterprise collaboration, new commercial ventures, and new cultural initiatives, aiming to build a diversified industrial layout [3][4]. - The company is actively involved in the construction of new information infrastructure and has launched several data centers, including the Shenshan Data Center, which has received recognition for its energy efficiency [4]. Group 3: Investment Strategy - The acquisition of Tianqing Digital is part of Tianwei Vision's broader strategy to explore opportunities in emerging industries such as computing power, artificial intelligence, and cultural technology [7][8]. - Tianqing Digital specializes in the "culture + technology" sector, providing customized services in content creation and virtual product delivery, which aligns with Tianwei Vision's goal to enhance its new cultural business segment [8].

Core Viewpoint - Cambridge Technology Co., Ltd. (剑桥科技) has submitted an application for A+H listing on the Hong Kong Stock Exchange, aiming to leverage dual listing for fundraising and international business expansion [2] Group 1: Company Overview - Founded in March 2006, Cambridge Technology specializes in the R&D, production, and sales of terminal equipment for telecommunications, data communications, enterprise and home networks, as well as high-speed optical module products [2] - The company ranks fifth globally in the comprehensive OWCD industry with a sales revenue of $502 million, capturing a market share of 4.1% [5] Group 2: Financial Performance - The company's revenue for the years 2022, 2023, and 2024 was 3.784 billion yuan, 3.085 billion yuan, and 3.650 billion yuan, reflecting year-on-year growth rates of 29.66%, -18.46%, and 18.31% respectively [5] - Net profit attributable to shareholders for the same years was 171 million yuan, 95.018 million yuan, and 167 million yuan, with growth rates of 154.93%, -44.59%, and 75.42% respectively [5] - The gross profit margins for these years were 18.2%, 21.5%, and 20.9% [5] Group 3: Business Segments - Revenue contributions from business segments showed that broadband solutions accounted for 54.5%, 59.2%, and 55.7% of total revenue, while wireless solutions contributed 27.9%, 23.3%, and 28.8% [7] - The company’s solutions are primarily marketed and sold in overseas markets, with revenue contributions from international sales being 82.9%, 89.3%, and 92.6% during the reporting period [7] Group 4: R&D and Cost Management - R&D expenses for the years were 270 million yuan, 276 million yuan, and 320 million yuan, representing 7.1%, 8.9%, and 8.8% of revenue [8] - The company has seen an improvement in its debt repayment capacity, with the asset-liability ratio decreasing from 65.6% to 50.4% over the reporting period [8] Group 5: Market Trends and Future Outlook - The global sales revenue of the comprehensive OWCD industry is projected to grow from $7.1 billion in 2020 to $12.4 billion in 2024, with a compound annual growth rate of 15.0% [2] - The company is actively developing new products, including 400G and 800G optical modules, with mass production expected to meet customer demand by 2025 [9]

6月13日，震有科技发布定增预案显示，公司拟募资不超过10.69亿元，用于卫星互联网通信产品研发及 产业化项目、全光网络系统研发及产业化项目。 2020年7月，震有科技上市时，募投项目有四个，其中，"产品研究开发中心建设项目"2022年被终止， 其他三个项目继续推进但效益不及预期。 长江商报记者发现，2022年至2024年，震有科技其他三大IPO募资项目累计实际效益分别为-1443.89万 元、-240.79万元和-4685.57万元，均未达到预计效益，三年累计亏损6370.25万元。 几大IPO项目均不及预期，震有科技再次大手笔募资投建新项目，前景和结果又会如何？ 震有科技的经营亟待改善。2025年一季度，公司实现营业收入1.68亿元，同比下降6.36%；净利润 202.82万元，同比下降71%。截至一季度末，公司合同负债同比下降37.72%，公司营业收入有进一步下 降的可能。 长江商报消息 ●长江商报记者 黄聪 IPO募资项目收益尚不及预期，震有科技（688418.SH）又拟伸手募资新建项目。 "5G核心网设备开发项目"原计划于2022年1月完工。受行业调整影响，该项目达到预定可使用状态的时 间被延长至2 ...

Fundraising Overview - The company raised a total of RMB 78,666.25 million by issuing 48.41 million shares at RMB 16.25 per share, with net proceeds of RMB 73,159.61 million after deducting underwriting and related fees [1] - As of December 31, 2024, the total amount of funds raised was RMB 71,300.55 million, with cumulative usage of RMB 62,488.36 million [9] Fund Allocation and Changes - The company has adjusted the implementation subjects and locations for its fundraising projects, adding subsidiaries Shenzhen Zhenyou Software Technology Co., Ltd. and Xi'an Zhenyou Xintong Technology Co., Ltd. as project implementers [2][3] - The company plans to inject up to RMB 2,000.00 million into Zhenyou Software and RMB 500.00 million into Xi'an Zhenyou to support project execution [3] Project Completion and Fund Utilization - The company has completed the projects for the Next Generation Internet Broadband Access Equipment Development and Emergency Command and Decision Analysis System, reallocating surplus funds of RMB 5,017.82 million and RMB 4,390.88 million respectively [4] - The surplus funds will be used to supplement working capital and support the 5G Core Network Equipment Development project [4] Financial Performance and Adjustments - The actual investment in the Next Generation Internet Broadband Access Equipment Development project was RMB 9,196.24 million, which is RMB 4,725.85 million less than the committed amount of RMB 13,922.09 million [6] - The company has reported that the cumulative revenue from the Next Generation Internet Broadband Access Equipment Development and Emergency Command and Decision Analysis System projects is below the promised returns due to ongoing business development [10] Asset Acquisition - The company used RMB 8,198.00 million of unutilized fundraising to acquire a 40.99% stake in Hangzhou Chenxiao Technology Co., Ltd., increasing its total ownership to 55.99% [7] Cash Management - The company has utilized idle fundraising for cash management, with a balance of zero as of December 31, 2024 [8]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 出品：新浪财经上市公司研究院 作者：IPO再融资组/郑权 5月15日，A股上市公司剑桥科技发布《投资者关系活动记录表》，其中投资者对公司"一边港股发行股份，一边每年大股东都批量减持"发出疑问。 剑桥科技近日公布了港股IPO招股书，拟募资用来提升产能、补充营运资金等。剑桥科技港股IPO募资不仅产生与大股东批量减持形成反差，而且与前次定 增募投项目"非变即延"存在不协调之处。公司前次定增募投项目的原计划，经过两次延期一次变更后，已经耗时五年仍未完工。并且，港股IPO募投项目中 也有提升与定增项目同类产品的产能规划，是否合理有待考证。 对比剑桥科技A股年报和港股IPO招股书，公司重要财务数据也出现"打架"，如2022年度——2024年度前五大供应商的采购额占比出现了较大差异，并且这 种差异并非统计口径造成，因为前五大客户数据基本吻合，这令投资者对公司财务数据的真实性和可靠性产生疑惑。 前次募投项目"非变即延" 耗时五年仍未完工 资料显示，剑桥科技的主营产品包括宽带接入、无线接入和高速光模块这三大核心业务产品。2022-2024年，公司分别实现 ...

2025年一季度，烽火通信的光网络设备在东南亚、欧洲等海外市场加速渗透，进一步巩固全球市场份 额。4月26日，烽火通信在泰国投资建设的OPTISEN光纤光缆产业基地正式投产运营。 作为全球光通信领域的创新标杆，烽火通信近年来持续以高强度研发投入构筑技术护城河。2019年至 2024年期间，公司累计研发投入约190亿元，多项技术达到国际领先水平。 净利润逆势增长 财报显示，今年一季度，烽火通信实现营业收入40.49亿元，归母净利润为5520万元，同比增长 33.08%；扣非净利润5395万元，同比增长28.96%。烽火通信通过精细化管理和成本控制，实现了净利 润的逆势增长。其中，公司通过优化产品结构、提升高附加值产品的销售占比，推动整体毛利率改善。 烽火通信在光通信、算力与信息化、海洋网络等领域的布局成效显著，推动业务结构持续优化。其中， 光通信主业稳居行业龙头。公司在光传输、光接入、光纤光缆等领域保持全球领先地位，2024年中标三 大运营商400G OTN集采，稳固400G网络核心供应商地位。 ●长江商报记者 刘倩雯 在全球竞逐6G制高点的背景下，中国信科正以"光"为支点，撬动未来通信革命。烽火通信 （600 ...