Core Viewpoint - The A-share market shows a mixed performance with the Shanghai Composite Index at 3970.86 points, slightly down by 0.49%, while 37 A-shares have surpassed their annual lines, indicating potential investment opportunities in these stocks [1]. Group 1: Market Overview - As of 10:30 AM today, the total trading volume of A-shares reached 958.348 billion yuan [1]. - The Shanghai Composite Index is currently above its annual line, reflecting a positive market sentiment despite the slight decline [1]. Group 2: Stocks Surpassing Annual Lines - Notable stocks that have broken through their annual lines include: - Xuan Ya International (300612) with a deviation rate of 10.35% and a daily increase of 12.60% [1]. - Easy Point Technology (301171) with a deviation rate of 7.72% and a daily increase of 7.98% [1]. - Tianhe Defense (300397) with a deviation rate of 7.48% and a daily increase of 11.12% [1]. - Other stocks with smaller deviation rates that have just crossed their annual lines include: - Dongfang Guoxin (300166) with a deviation rate of 4.02% [1]. - Ruisi Kangda (603803) with a deviation rate of 3.85% [1]. Group 3: Detailed Stock Performance - The following table summarizes the performance of stocks that have surpassed their annual lines: | Stock Code | Stock Name | Daily Change (%) | Turnover Rate (%) | Annual Line (yuan) | Latest Price (yuan) | Deviation Rate (%) | | --- | --- | --- | --- | --- | --- | --- | | 300612 | Xuan Ya International | 12.60 | 22.72 | 15.47 | 17.07 | 10.35 | | 301171 | Easy Point Technology | 7.98 | 8.11 | 29.26 | 31.52 | 7.72 | | 300397 | Tianhe Defense | 11.12 | 13.63 | 12.64 | 13.59 | 7.48 | | 300166 | Dongfang Guoxin | 11.19 | 8.28 | 10.70 | 11.13 | 4.02 | | 603803 | Ruisi Kangda | 4.58 | 3.77 | 9.68 | 10.05 | 3.85 | [1]

Core Insights - The company reported a loss of 47.09 million, yet its gross margin increased significantly to 44.55%, a year-on-year growth of 14.85%, which is considered top-tier in the communication equipment sector [2][3] - Cash received from sales reached 961 million, exceeding the operating revenue of 846 million by 115 million, indicating strong cash flow management [3][4] Financial Performance Indicators - The net profit margin was -5.57%, while the gross profit margin was 44.55% [3] - The return on equity was -2.95%, reflecting the company's current financial challenges [3] Cash Flow Analysis - Cash received from sales decreased by 18.69% to 961 million, while tax refunds increased by 113.93% to 22.46 million [4] - The company reported a significant improvement in bad debt losses, which decreased by 293% to 20.29 million, indicating better customer quality and shorter collection cycles [4][8] Business Structure and Strategy - The company has a diversified business structure, with transmission equipment contributing 1.9 billion in revenue (35.29%), while software products, with a gross margin of 98.20%, contributed 36.77% to profits, indicating a shift towards software-defined hardware [7] - The company is strategically positioned in three key areas: optical networks, intelligent computing, and smart transportation, enhancing its competitive edge [9][10][11] Market Position and Future Outlook - The company is involved in significant projects, such as the global first OSE+OSU integrated technology cloud network, which enhances operational efficiency for operators [9] - The company is also collaborating with major players in the intelligent computing sector, showcasing its technological capabilities [10] Investment Perspective - The company exhibits characteristics of a "turnaround" opportunity, with improving gross margins, better cash collection, and narrowing losses [14] - The strategic positioning in high-growth sectors aligns with national strategies, suggesting potential for future growth [14]

Core Insights - The company Risconda (603803) experienced a net financing inflow of 12.9 million yuan on November 3, 2025, following a trend of continuous net buying over the past three trading days, totaling 755.68 million yuan [1][2]. Financing Activity Summary - On November 3, 2025, the financing balance reached 112 million yuan, with a net buying of 12.9 million yuan, representing 2.77% of the circulating market value [2]. - The financing balance on October 31, 2025, was also 112 million yuan, with a net buying of 792.2 thousand yuan, which was 2.84% of the circulating market value [2]. - The financing balance on October 30, 2025, was 111 million yuan, with a significant net buying of 6.6356 million yuan, accounting for 2.77% of the circulating market value [2]. - The financing balance showed fluctuations, with a decrease on October 29 and 28, 2025, indicating varying investor sentiment during that period [2]. Margin Trading Summary - The total margin trading balance on November 3, 2025, was 112 million yuan, reflecting an increase of 131.2 thousand yuan, or 0.12% from the previous day [3]. - The margin trading balance on October 31, 2025, was also 112 million yuan, with a notable increase of 779.5 thousand yuan, or 0.70% [3]. - On October 30, 2025, the margin trading balance was 111 million yuan, with a significant increase of 6.6478 million yuan, representing a 6.35% rise [3]. - The margin trading balance experienced declines on October 29 and 28, 2025, indicating a shift in market dynamics [3].

Core Viewpoint - The company has announced a change in its signing registered accountant for the 2025 fiscal year, appointing Tianzheng Accounting Firm as the auditing institution, with a new signing accountant replacing the previous one due to work arrangement adjustments [1][3]. Group 1: Change of Signing Registered Accountant - The company has approved the appointment of Tianzheng Accounting Firm as the auditing institution for the 2025 fiscal year during its board meeting and annual shareholders' meeting [1]. - The new signing registered accountants are Tianzheng's Tian Zhigang and Yang Ruolin, with Tian Zhigang replacing Xue Zhijuan due to her work arrangement changes [1][2]. Group 2: Background of New Signing Registered Accountant - Tian Zhigang has been a certified public accountant since December 2004 and has been practicing at Tianzheng since December 2019, with no violations of independence requirements or disciplinary actions in the last three years [2]. Group 3: Impact on the Company - The transition of responsibilities during the change has been orderly, and it is stated that this change will not adversely affect the company's financial statement audit for 2025 or the internal control audit for the end of 2025 [3].

关于变更签字注册会计师的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 瑞斯康达科技发展股份有限公司（以下简称"公司"）分别于 2025 年 4 月 24 日、2025 年 5 月 16 日召开了第六届董事会第五次会议及公司 2024 年年度股 东会，会议审议通过了《关于续聘天健会计师事务所（特殊普通合伙）为公司 2025 年度审计机构的议案》，同意聘请天健会计师事务所（特殊普通合伙）为公 司 2025 年度审计机构。 证券代码：603803 证券简称：瑞斯康达 公告编号：2025-026 瑞斯康达科技发展股份有限公司 公司于 2025 年 11 月 3 日收到天健会计师事务所出具的《关于变更签字注册 会计师的函》，现将具体情况公告如下： 天健会计师事务所（特殊普通合伙）作为公司 2025 年度财务报表和 2025 年 末财务报告内部控制审计机构，原委派薛志娟和杨若琳作为公司 2025 年度财务 报表审计报告和 2025 年末财务报告内部控制审计报告的签字注册会计师。由于 薛志娟工作安排调整，现委派田志刚接替薛志娟 ...

Core Viewpoint - 瑞斯康达科技发展股份有限公司 is a leading enterprise in the domestic optical fiber communication access field, providing access layer network products, technical services, and comprehensive solutions [1] Group 1: Business Performance - In Q3 2025, 瑞斯康达 reported revenue of 846 million yuan, ranking 17th among 29 companies in the industry, while the top company, 移远通信, achieved revenue of 17.877 billion yuan [2] - The revenue composition includes transmission equipment at 190 million yuan (35.29%), broadband network equipment at 115 million yuan (21.25%), other products at 104 million yuan (19.32%), software products at 88.4665 million yuan (16.42%), and data communication equipment at 41.5869 million yuan (7.72%) [2] - The net profit for the same period was -47.0852 million yuan, ranking 24th in the industry, with the top company, 亿联网络, reporting a net profit of 1.958 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, 瑞斯康达's asset-liability ratio was 36.48%, down from 38.63% year-on-year, which is lower than the industry average of 40.17%, indicating relatively low debt pressure [3] - The gross profit margin for Q3 2025 was 44.55%, up from 38.79% year-on-year, significantly higher than the industry average of 26.55%, reflecting strong profitability [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 18.56% to 33,800, while the average number of circulating A-shares held per account increased by 22.78% to 12,600 [5] - Among the top ten circulating shareholders, 大成中证360互联网 + 指数A (002236) is the newest shareholder, holding 1.8426 million shares [5] Group 4: Executive Compensation - The chairman, 李月杰, received a salary of 1.2489 million yuan in 2024, unchanged from 2023 [4]

Core Insights - The company reported a total operating revenue of 846 million yuan for the first three quarters of 2025, representing a year-on-year decrease of 17.88% [1] - The net profit attributable to shareholders of the parent company was -47.0852 million yuan, which is an improvement of 17.95 million yuan compared to the same period last year [1] - The basic earnings per share stood at -0.11 yuan [1]

证券代码：603803 证券简称：瑞斯康达 公告编号：2025-025 瑞斯康达科技发展股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 会议召开时间：2025 年 11 月 19 日(星期三) 上午 10:00-11:00 会议召开地点：上海证券交易所上证路演中心（网址：http://roadshow. sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 11 月 12 日(星期三) 至 11 月 18 日(星期二)16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 zhengquanbu@raisecom.com 进行提问。公司将在说明会上对投资者普遍关注的 问题进行回答。 瑞斯康达科技发展股份有限公司（以下简称"公司"）已于 2025 年 10 月 30 日发布公司 2025 年第三季度报告，为便于广大投资者更全面深入地了解公司 2025 年第三季度经营成果、财务状况，公司计划 ...

Financial Performance - The company's operating revenue for the third quarter was CNY 307,093,595.57, representing a year-on-year increase of 1.68%[4] - The total profit for the period was a loss of CNY 4,860,779.53, with a year-to-date total profit loss of CNY 46,866,182.36[4] - The net profit attributable to shareholders was a loss of CNY 4,893,895.73 for the quarter, and a loss of CNY 47,085,217.24 year-to-date[4] - The net profit after deducting non-recurring gains and losses was a loss of CNY 8,362,443.82 for the quarter, with a year-to-date loss of CNY 56,638,330.45[4] - The basic earnings per share for the quarter was CNY -0.01, compared to CNY -0.11 for the same period last year[5] - Total operating revenue for the first three quarters of 2025 was CNY 845,995,634.10, a decrease of 17.9% compared to CNY 1,030,168,643.14 in the same period of 2024[20] - Net profit for the first three quarters of 2025 was a loss of CNY 47,085,217.24, compared to a loss of CNY 65,040,723.71 in the same period of 2024, representing a 27.6% improvement[21] - Earnings per share for the first three quarters of 2025 were CNY -0.11, an improvement from CNY -0.15 in the same period of 2024[22] - The total comprehensive income for the first three quarters of 2025 was a loss of CNY 46,320,607.51, compared to a loss of CNY 68,084,373.11 in 2024, indicating a 31.9% improvement[22] Assets and Liabilities - The total assets at the end of the reporting period were CNY 2,472,506,098.40, a decrease of 7.66% from the end of the previous year[5] - The equity attributable to shareholders was CNY 1,570,540,286.39, down 2.88% from the end of the previous year[5] - Total assets as of September 30, 2025, amounted to CNY 2,472,506,098.40, a decrease from CNY 2,677,652,136.39 as of December 31, 2024, representing a decline of approximately 7.65%[15] - Total current liabilities decreased to CNY 881,447,841.36 from CNY 1,030,101,669.55, a reduction of approximately 14.45%[17] - Total liabilities decreased to CNY 901,965,812.01 from CNY 1,060,499,723.52, reflecting a decline of about 15.00%[17] - The total liabilities and equity as of the end of the reporting period were CNY 2,472,506,098.40, down from CNY 2,677,652,136.39 in the previous year[18] - Unallocated profits decreased to CNY 178,613,114.81 from CNY 225,989,851.02 in the previous year, reflecting a decline of 20.9%[18] Cash Flow - The company reported a decrease in cash flow from operating activities, with a year-to-date net cash flow of CNY -141,884,684.53[4] - Cash inflow from operating activities for the first three quarters of 2025 was CNY 1,036,806,473.28, down 15.3% from CNY 1,224,336,249.62 in 2024[25] - The net cash flow from operating activities was -141,884,684.53 RMB, a decrease from -22,391,184.33 RMB in the previous period, indicating a worsening operational cash flow situation[26] - Total cash and cash equivalents at the end of the period decreased to 477,584,770.12 RMB from 651,035,812.81 RMB, reflecting a net decrease of 183,750,039.41 RMB[27] - Cash inflow from financing activities was 175,000,000.00 RMB, down from 225,536,143.02 RMB, indicating a decline of approximately 22.4%[26] - The net cash flow from investing activities was -4,719,367.16 RMB, a significant drop from 20,428,231.72 RMB in the previous period[26] - The cash received from investment activities was 572,389,328.30 RMB, down from 940,791,767.73 RMB, indicating a decline of approximately 39%[26] Shareholder Information - The company reported a total of 33,828 common shareholders at the end of the reporting period[12] - The top four shareholders, including Li Yuejie, Ren Jianhong, and Zhu Chuncheng, each hold 9.11% of the shares, totaling 38,693,251 shares[12] - The company has not reported any significant changes in shareholder participation in margin trading or securities lending[13] Operational Efficiency - The company implemented cost reduction and efficiency enhancement strategies, contributing to a decrease in expenses[10] - Total operating costs for the first three quarters of 2025 were CNY 939,432,989.27, down 18.2% from CNY 1,147,493,082.06 in 2024[20] - Research and development expenses for the first three quarters of 2025 were CNY 198,434,676.00, a decrease of 11.9% compared to CNY 225,176,091.97 in 2024[20] - The company reported a significant increase in credit impairment losses, which rose to ¥18.90 million in 2025 from ¥6.84 million in 2024[31] Other Information - There are no significant new strategies or product developments mentioned in the current report[14] - The company has not adopted new accounting standards for the year 2025[36]

Core Points - The Shanghai Composite Index closed at 3938.98 points, above the six-month moving average, with a gain of 0.42% [1] - A total trading volume of A-shares reached 1,239.319 billion yuan today [1] - 126 A-shares have surpassed the six-month moving average, with notable stocks showing significant deviation rates [1] Summary by Category Stock Performance - The top three stocks with the highest deviation rates from the six-month moving average are: - Xicet Testing (西测测试) with a deviation rate of 13.84% and a daily increase of 15.21% [2] - Anhui Instrument Technology (皖仪科技) with a deviation rate of 9.60% and a daily increase of 12.74% [2] - Aerospace Changfeng (航天长峰) with a deviation rate of 9.37% and a daily increase of 10.01% [2] Trading Metrics - The trading turnover rate for Xicet Testing was 18.16%, while Anhui Instrument Technology had a turnover rate of 3.91% [2] - The latest prices for the top three stocks are: - Xicet Testing at 58.87 yuan [2] - Anhui Instrument Technology at 24.33 yuan [2] - Aerospace Changfeng at 15.17 yuan [2] Additional Stocks - Other notable stocks with significant performance include: - Tongfeng Electronics (铜峰电子) with a deviation rate of 9.10% and a daily increase of 9.95% [2] - Weihong Technology (维宏股份) with a deviation rate of 7.25% and a daily increase of 10.74% [2] - China Satellite Communications (中国卫通) with a deviation rate of 5.82% and a daily increase of 6.02% [2]