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]

Core Viewpoint - The stock of Ruiskanda has shown fluctuations with a recent increase of 2.02%, while the company faces a decline in revenue and net profit for the first half of 2025 compared to the previous year [1][2]. Company Overview - Ruiskanda Technology Development Co., Ltd. is a leading enterprise in the optical fiber communication access field in China, established on June 8, 1999, and listed on April 20, 2017 [2]. - The company's main business includes providing products, technical services, and comprehensive solutions for access layer networks [2]. - Revenue composition: Transmission equipment 35.29%, broadband network equipment 21.25%, other 19.32%, software products 16.42%, data communication equipment 7.72% [2]. Financial Performance - For the first half of 2025, Ruiskanda reported revenue of 539 million yuan, a year-on-year decrease of 25.99%, and a net profit attributable to shareholders of -42.19 million yuan, a decrease of 13.02% [2]. - The company has distributed a total of 311 million yuan in dividends since its A-share listing, with 24.31 million yuan distributed over the past three years [3]. Stock Market Activity - As of October 21, Ruiskanda's stock price was 9.10 yuan per share, with a market capitalization of 3.866 billion yuan [1]. - The stock has experienced a year-to-date decline of 4.61%, but has increased by 10.17% over the last five trading days [1]. - The company has appeared on the "Dragon and Tiger List" seven times this year, with the most recent appearance on July 8, where it recorded a net buy of -5.26 million yuan [1].

Core Viewpoint - The Ministry of Industry and Information Technology has launched a special initiative to promote "millisecond computing" in urban areas, aiming for significant advancements in high-performance network deployment and F5G technology application by 2027 [1][2]. Group 1: Initiative Goals and Impact - The initiative sets clear targets, including achieving a unidirectional interconnection latency of less than 1 millisecond between medium and large computing centers and a deployment rate of at least 50% for 400Gbps exports by 2027 [2][3]. - These goals are expected to enhance data transmission efficiency, particularly for low-latency applications such as real-time financial transactions and remote medical surgeries [3]. Group 2: F5G Technology Overview - F5G, or the 5th generation fixed networks, is characterized by technologies such as 10GPON, LiquidOTN, and Wi-Fi 6, providing advantages like high bandwidth, low latency, and reliability [2]. - The F5G-A all-optical quality transport network supports AI applications by ensuring direct and low-latency connections to computing centers [2]. Group 3: Industry Applications - F5G technology is being applied across various sectors, including manufacturing, where it supports real-time data collection and transmission for digital transformation [4]. - In smart transportation, F5G enables low-latency data processing for traffic management systems, enhancing urban traffic control [4]. - The healthcare sector benefits from F5G's capabilities for remote diagnostics and robotic surgeries, ensuring stable and fast network connections [4][5]. Group 4: Company Developments - The F5G concept includes 36 component stocks across various sectors, including communication equipment manufacturing and optical fiber production, indicating a robust industry cluster [6]. - Companies like Chuling Information focus on developing integrated products that support high-speed network access, while Cambridge Technology leads in F5G optical modem production [6][7]. - Ruisi Kanda is innovating with smart switching gateways and 5G solutions for vertical industries, while Zhongji Xuchuang holds a significant market share in F5G optical modules [7].

Core Insights - The 6G concept sector saw an increase of 2.65%, ranking 8th among concept sectors, with 64 stocks rising, including Huifeng Diamond which hit a 30% limit up [1] - Major gainers included Chuling Information, Jingwang Electronics, and Benchuan Intelligent, with increases of 12.42%, 8.80%, and 6.49% respectively [1] - The sector experienced a net inflow of 359 million yuan from main funds, with 42 stocks receiving net inflows, and five stocks exceeding 50 million yuan in net inflow [2] Sector Performance - The 6G concept sector had a net inflow of 359 million yuan, with Huagong Technology leading at 304 million yuan, followed by Jingwang Electronics and Dongtian Micro with 273 million yuan and 72.24 million yuan respectively [2] - Stocks with the highest net inflow ratios included Ruiskanda at 25.42%, Sega Technology at 18.03%, and Cixing Co. at 16.96% [3] Stock Highlights - Key stocks in the 6G concept included: - Huagong Technology (2.89% increase, 6.13% turnover rate, 303.93 million yuan net inflow) [3] - Jingwang Electronics (8.80% increase, 3.60% turnover rate, 272.74 million yuan net inflow) [3] - Dongtian Micro (5.45% increase, 14.14% turnover rate, 72.25 million yuan net inflow) [3] - Other notable performers included Chuling Information (12.42% increase, 33.92% turnover rate) and Ruiskanda (9.99% increase, 4.86% turnover rate) [4]

Core Insights - The F5G concept sector experienced a rise of 3.42%, ranking third among concept sectors, with 34 stocks increasing in value, including notable gains from companies like Zhongxin Heavy Industry and Cambridge Technology, which hit the daily limit [1][2] Group 1: Market Performance - The F5G concept sector saw a net inflow of 3.42% today, with 34 stocks rising, including Zhongxin Heavy Industry, Cambridge Technology, and Ruisi Kanda, which reached their daily limit [1][2] - The leading stocks in the F5G concept sector included Chuling Information, which rose by 12.42%, Shijia Photon by 8.16%, and Zhongji Xuchuang by 7.87% [1][2] Group 2: Capital Flow - The F5G concept sector attracted a net inflow of 34.17 billion yuan, with 24 stocks receiving net inflows, and 5 stocks exceeding 1 billion yuan in net inflow [2] - Zhongji Xuchuang led the net inflow with 20.87 billion yuan, followed by Cambridge Technology, Huagong Technology, and Zhongxin Heavy Industry with net inflows of 4.60 billion yuan, 3.04 billion yuan, and 2.29 billion yuan respectively [2][3] Group 3: Stock Performance Metrics - The top stocks by net inflow ratio included Zhongxin Heavy Industry at 29.52%, Ruisi Kanda at 25.42%, and Cambridge Technology at 20.62% [3] - The F5G concept stocks with significant performance included Zhongji Xuchuang with a 7.87% increase and a turnover rate of 5.44%, and Cambridge Technology with a 10.00% increase and a turnover rate of 7.79% [3][4]

Market Overview - The communication equipment sector increased by 3.88% on October 20, with significant contributions from companies like Sega Technology and Cambridge Technology [1] - The Shanghai Composite Index closed at 3863.89, up 0.63%, while the Shenzhen Component Index closed at 12813.21, up 0.98% [1] Top Performers - Sega Technology (002796) closed at 17.93, rising by 10.00% with a trading volume of 138,800 shares [1] - Cambridge Technology (603083) also saw a 10.00% increase, closing at 108.25 with a trading volume of 208,900 shares [1] - Other notable gainers include: - Ruiskanda (603803) at 8.92, up 9.99% - Shijia Photon (688313) at 58.88, up 8.16% - Zhongji Xuchuang (300308) at 403.00, up 7.87% [1] Market Capitalization and Trading Volume - The trading volume for Sega Technology reached 2.43 billion yuan, while Cambridge Technology had a trading volume of 2.23 billion yuan [1] - Zhongji Xuchuang had the highest trading volume at 24.468 billion yuan [1] Fund Flow Analysis - The communication equipment sector experienced a net inflow of 3.974 billion yuan from institutional investors, while retail investors saw a net outflow of 1.76 billion yuan [2] - Major stocks like Zhongji Xuchuang had a net inflow of 1.949 billion yuan from institutional investors, indicating strong institutional interest [3] Underperformers - Wanma Technology (300698) decreased by 3.77%, closing at 44.89 with a trading volume of 110,400 shares [2] - Other underperformers included: - Zhongguang Fanglei (300414) down 2.12% - Ruijie Network (301165) down 1.11% [2]