截至2025年8月6日收盘，方正科技股价报5.87元，较前一交易日下跌1.01%，成交额达8.09亿元。 方正科技属于电子元件、PCB等概念板块，主营业务涵盖印制电路板、宽带接入等业务。2025年一季 度，公司实现营收9.52亿元，归母净利润7848万元。 8月6日，方正科技发布公告，完成2025年限制性股票激励计划的授予登记工作，登记数量为1.03亿股， 授予价格为2.4元/股，涉及225名激励对象。 资金流向方面，8月6日主力资金净流出8719.85万元，近五日累计净流出3.30亿元。 风险提示：股市有风险，投资需谨慎。 ...

Core Viewpoint - Cambridge Technology is facing scrutiny over its upcoming Hong Kong IPO due to concerns about the timing of its fundraising in relation to significant share reductions by major shareholders and inconsistencies in its financial data [1][11][12]. Financial Performance - Cambridge Technology reported fluctuating revenues and net profits from 2022 to 2024, with revenues of RMB 3.786 billion, RMB 3.087 billion, and RMB 3.652 billion, reflecting year-on-year growth rates of 29.66%, -18.46%, and 18.31% respectively [2][3]. - The net profits for the same period were RMB 171 million, RMB 95 million, and RMB 167 million, with year-on-year growth rates of 154.93%, -44.59%, and 75.42% respectively [2][3]. IPO Fundraising Purpose - The company plans to use the proceeds from the Hong Kong IPO to enhance production capacity for optical modules, broadband, and wireless solutions, as well as to improve R&D capabilities and supplement working capital [2][6]. - The specific amount to be raised has not yet been disclosed [2]. Previous Fundraising Issues - Cambridge Technology's previous fundraising projects have faced delays and changes, with the most significant project, the optical module project, experiencing multiple extensions and currently being integrated into a new project [3][4][5]. - The optical module project was initially set to be completed in one year but has now been extended to five years without generating expected benefits [4][5]. Supplier Data Discrepancies - There are notable discrepancies between the procurement data reported in the company's annual report and the Hong Kong IPO prospectus, raising questions about the reliability of the financial data [8][9]. - For instance, the procurement amounts for the top five suppliers differ significantly between the two documents, with the annual report showing lower totals compared to the IPO prospectus [8][9]. Shareholder Actions - The controlling shareholders plan to reduce their holdings by up to 3% through block trades and open market transactions, which has raised investor concerns about the timing of the IPO and the potential implications for company governance [11][12][13]. - The company has stated that the reduction in shareholding is based on the shareholders' business needs and is not directly related to the IPO [12][13].