经济观察网9月15日，根据Dell'Oro Group最新发布的报告，2025年第二季度全球宽带接入设备市场总收 入增至47亿美元，环比增长7%，同比增长1%。报告指出，尽管宏观经济存在高度不确定性，光纤与固 定无线服务提供商仍持续聚焦用户规模扩张，逐步侵蚀电缆运营商的市场份额。 ...

Core Viewpoint - Shenzhen Yilian Infinite Technology Co., Ltd. (Yilian Infinite) experienced a significant decline in performance after withdrawing its IPO application, leading to a discounted acquisition by Guangyun Da [2][4] Group 1: Acquisition Details - Guangyun Da announced plans to acquire 56.0299% of Yilian Infinite for a total valuation of 6.28 billion yuan, which reflects a significant decrease from the initial IPO valuation of at least 14.7 billion yuan [3][8] - The acquisition involves purchasing 51.1494% from Yilian Infinite's actual controller and 4.8805% from Shenzhen Boyuan Zhili Management Consulting Partnership [4] - The acquisition is not classified as a related party transaction and does not constitute a major asset restructuring under relevant regulations [4] Group 2: Financial Performance - Yilian Infinite's financial performance showed a stark contrast between its IPO application period and the current state, with a reported net profit of only 2,875.09 million yuan in 2024, which is less than 34% of the 2022 figure [7][12] - The company's revenue figures from 2020 to mid-2023 indicated a growth trajectory, with revenues of 375 million yuan, 437 million yuan, 789 million yuan, and 282 million yuan respectively [5][6] - The company's total assets decreased from 4.394 billion yuan in 2022 to 3.354 billion yuan in mid-2023, indicating a downward trend in financial health [6] Group 3: Background and Context - Yilian Infinite's IPO application was submitted in June 2023 but was withdrawn in March 2024 after failing to respond to the second round of inquiries [4][10] - The second-largest shareholder, Wang Zhoufeng, is under investigation for economic crimes, which may have impacted the company's performance and the acquisition terms [9][12] - Guangyun Da aims to integrate Yilian Infinite into its operations to enhance its position in the network communication equipment manufacturing market and expand overseas [10][13]

Core Viewpoint - Guangyunda plans to acquire 56.03% of Yilian Infinite's shares after the latter's failed IPO, resulting in a significant drop in both performance and valuation compared to its initial asking price for the IPO [2][4]. Group 1: Acquisition Details - Guangyunda announced the cash acquisition of 56.03% of Yilian Infinite, which includes purchasing 51.15% from the actual controller Chen Zheng and 4.88% from Shenzhen Boyuan Zhiliang Management Consulting Partnership [5]. - The overall valuation of Yilian Infinite is set at 628 million yuan, with the 56.03% stake valued at approximately 351.87 million yuan [5]. - The acquisition is not classified as a related party transaction and does not constitute a major asset restructuring under relevant regulations [5]. Group 2: Yilian Infinite's Financial Performance - Yilian Infinite experienced a dramatic decline in performance in 2024, with a net profit of only 28.75 million yuan, which is less than 34% of its 2022 figures and 63.74% of its 2023 first-half results [7]. - Prior to the IPO attempt, Yilian Infinite reported significant revenue growth from 375 million yuan in 2020 to 789 million yuan in the first half of 2023, with net profits increasing from 22.23 million yuan to 84.17 million yuan during the same period [6][7]. - The company's total assets decreased from 439.46 million yuan in 2022 to 335.50 million yuan in the first half of 2023, indicating a substantial decline in financial health [7]. Group 3: Background on Yilian Infinite - Yilian Infinite specializes in the research, production, and sales of broadband access and wireless network equipment, focusing on markets in Brazil, India, and Malaysia [10]. - The company initially aimed to raise 368 million yuan through its IPO, which would have valued it at a minimum of 1.47 billion yuan, but the current acquisition valuation reflects a significant reduction [8][10]. - The second-largest shareholder, Wang Zhoufeng, is under investigation for economic crimes, which has contributed to the reduction in the acquisition stake from 100% to 56% [3][12].

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]

星标 ★ IPO日报 精彩文章第一时间推送 4月17日，深圳光韵达光电科技股份有限公司（300227.SZ）（下称"光韵达"、"上市公司"）股价以8.23元收盘，上涨5.51%。 4月16日晚间，国内激光制造龙头光韵达发布公告，拟以现金不超过6.5亿元收购深圳市亿联无限科技股份有限公司（下称"亿联无限"、"标的公 司"）100%股份。 交易双方已签署《股份转让意向协议书》，最终收购比例将协商确定，预计不构成关联交易或重大资产重组。 此次收购标志着，光韵达从激光智能制造向网络通信设备制造领域的战略性延伸，旨在完成电子制造产业链的上下游整合，并拓展海外市场。 制图：李昕 同期，上市公司产品毛利率由2020年的42.45%一路下滑至2024年29.38%。 制图：李昕 制图：佘诗婕 增收不增利 据悉，光韵达是国内激光智能制造解决方案的龙头企业，业务涵盖SMT精密模板、3D打印、智能检测设备等领域，长期服务于华为、富士康等头部 客户。 公司近年来通过"内生+外延"战略持续扩张，不过从业绩层面来看，上市公司已经连续四年出现增收不增利的情况。 2020年至2024年，上市公司营业收入一路上涨， 由8.87亿元持续上涨至2 ...

歌尔股份公告称，公司于2025年4月10日审议通过回购方案，拟回购5亿至10亿元用于员工持股计划或股 权激励计划。4月16日，公司取得中国建设银行潍坊分行8.6亿元贷款承诺书，用于回购公司股票，期限 36个月，承诺书有效期两年或至借款合同生效之日。该贷款符合相关政策要求，不代表公司对回购金额 的承诺，具体回购资金总额以回购期满时实际使用的资金总额为准。 2、中国中铁：收到工商银行16亿元回购专项贷款承诺函 中国中铁公告，公司近日取得中国工商银行北京市分行出具的《贷款承诺函》，承诺为公司提供不超过 人民币16亿元且不高于实际执行回购计划90%的公司股票回购专项贷款，专项用于公司以集中竞价交易 方式回购公司A股股份，贷款期限不超过3年。 3、光韵达：拟以不超6.5亿元现金收购亿联无限100%股份 光韵达公告称，公司与陈政、王周锋等交易对手方签署了《股份转让意向协议书》，拟以现金方式收购 深圳市亿联无限科技股份有限公司100%的股份，最终收购比例由各方协商确定。本次交易对价不超过 6.5亿元。本次交易预计不构成关联交易或重大资产重组。亿联无限是一家专业从事宽带接入设备、无 线网络设备等网络设备的研发、生产和销售的高 ...