风险提示：市场有风险，投资需谨慎。 公司最新公告显示，预计2025年上半年净利润为1.201亿元至1.281亿元，同比增长50.12%至60.12%。这 一业绩预增主要得益于主营业务收入增长。 资金流向方面，8月5日主力资金净流出602.88万元，近五日主力资金累计净流入1.19亿元。 截至2025年8月5日收盘，剑桥科技股价报50.56元，较前一交易日上涨0.28%。当日成交额达15.29亿 元，换手率为11.29%，总市值135.51亿元。 剑桥科技主营业务为通信设备制造，产品涵盖光模块、无线网络设备等。公司总部位于上海，业务涉及 物联网领域，并实施股权激励计划。 ...

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health [6] Group 3: Background and Context - Yilian Infinite's IPO application was submitted in June 2023 but was withdrawn in March 2024 after failing to respond to the second round of inquiries [4][10] - The second-largest shareholder, Wang Zhoufeng, is under investigation for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].

Group 1 - The core viewpoint of the articles highlights the strong financial performance of Ruijie Networks in Q1 2025, with a revenue of 2.535 billion yuan, representing an 18.14% year-on-year increase, and a net profit of 107 million yuan, showing a remarkable growth of 4543.67% year-on-year [1] - The company reported a net cash flow from operating activities of -883 million yuan, which is a 42.8% year-on-year improvement [1] - As of the end of Q1 2025, the total assets of the company reached 9.807 billion yuan, a 3.2% increase compared to the end of the previous year, while the net assets attributable to shareholders increased by 2.6% to 4.695 billion yuan [1] Group 2 - Ruijie Networks is focused on the research, production, and sales of network equipment and solutions, aiming to provide efficient network connectivity services [1] - The company is actively monitoring the development of 6G communication technology and plans to explore related business opportunities based on industry trends [1] - The new flagship Wi-Fi 7 wireless AP product RG-AP9861-R, released in 2024, is a strategic move to position the company in the 6G frequency band [1] Group 3 - The strategic placement asset management plan of CITIC Securities initiated a reduction of 4.4394 million shares, accounting for 0.78% of the total share capital, with an estimated cash-out of approximately 312 million yuan [2] - As of March 31, 2025, the top ten circulating shareholders of Ruijie Networks saw changes, with new entrants like E Fund Vision Growth Mixed A and exits from CITIC Securities-related plans [2] - Among the new top ten circulating shareholders, three insurance funds collectively held 1.5584 million shares, with E Fund Vision Growth Mixed A holding 589,900 shares, accounting for 0.87% of circulating shares [2]

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 ...