天眼查商业履历信息显示，苏州瑞可达连接系统股份有限公司，成立于2006年，位于苏州市，是一家以 从事计算机、通信和其他电子设备制造业为主的企业。企业注册资本20567.4335万人民币，实缴资本 10800万人民币。公司法定代表人为吴世均。 通过天眼查大数据分析，苏州瑞可达连接系统股份有限公司共对外投资了15家企业，参与招投标项目30 次，知识产权方面有商标信息11条，专利信息250条，此外企业还拥有行政许可16个。 来源：金融界 金融界消息 截至2025年8月13日收盘，瑞可达（688800）报收于71.59元，上涨4.66%，换手率11.01%， 成交量22.64万手，成交金额15.89亿元。 资金流向方面，今日主力资金净流入1.49亿元，占比成交额9.4%。其中，超大单净流入9626.87万元、 占成交额6.06%，大单净流入5319.26万元、占成交额3.35%，中单净流出流出3373.64万元、占成交额 2.12%，小单净流出11572.49万元、占成交额7.28%。 瑞可达最新一期业绩显示，截至2025一季报，公司营业总收入7.61亿元、同比增长64.66%，归属净利润 7560.89万元，同比增 ...

Core Viewpoint - The global AEC market is experiencing significant growth, with demand projected to reach 6.5 million units by 2025, up from 5.5 million units previously estimated, driven primarily by increased demand from Nvidia and AWS [1] Market Demand and Customer Breakdown - By 2026, global AEC demand is expected to rise to the tens of millions, with major clients including Amazon, Microsoft, Meta, and Google, primarily for 800G standard products [2] - Specific customer demand estimates for 2026 include: Google increasing from 300,000 to 600,000-800,000 units, AWS growing over 40% from 2.5 million units, and Meta's demand around 1.3 million units [2] Pricing and Profit Margins - Nvidia's pricing for 400G AEC is $140 per unit with a 40% gross margin, while 800G is priced at $230 with a 43% margin; Meta's pricing exceeds $270 with margins over 50% [3] - Marvell chips are approximately 20% cheaper than Credo chips, but Credo offers better performance and signal integrity [3] Technical Comparisons - AEC is more cost-effective than AOC, with AEC costing about 30% less and being 1/7 the size of DAC for the same transmission rate [4] - The longest transmission distance for AEC is currently 7 meters, with potential improvements to 100 meters under development [4] Cost Structure and Production Capacity - In 800G AEC, retimer components account for 45%-50% of costs, with cables at 20% and connectors at 25%; costs are expected to decrease by less than 15% next year [5] - The total production value for the company is nearing $5 billion, with significant contributions from overseas factories [6] Other Business Segments - The company's traditional business is projected to generate around $2.7 billion this year, with a 35% growth expected next year, driven by overseas clients [7] - The power line business has entered Nvidia's supply chain, with expected revenues of $700 million to $800 million next year [7] Competitive Landscape - The company utilizes Marvell chips, while competitors like Bochuang use different wiring solutions, allowing for better cost management and profit margins [8] - AEC's application in ASICs is currently lower than in GPUs, with a ratio of 1:0.5 in Meta's Minerva project [8]

Core Viewpoint - The company, Ruikeda, is attempting to address concerns regarding its 1 billion yuan convertible bond issuance by outlining its fundraising plans and projected revenue growth, despite facing significant challenges related to high capacity utilization and debt levels [1][2]. Group 1: Fundraising and Project Allocation - Ruikeda plans to allocate the raised funds to three main areas: high-frequency and high-speed connection systems (500 million yuan), smart energy connection system upgrades (200 million yuan), and working capital support (300 million yuan), with projected annual revenue increase of 1.652 billion yuan and net profit of 126 million yuan post-project completion [1]. - The company has received orders from European automotive companies for energy storage and several high-frequency connector projects, although it has not disclosed specific client names or contract details, raising concerns about market expansion uncertainties [2]. Group 2: Capacity Utilization and Expansion Risks - The company's capacity utilization rates for its new energy connectors are reported at 122.15% and 135.33% for 2024 and Q1 2025, respectively, exceeding industry safety thresholds, which raises questions about the feasibility of absorbing the expanded capacity [2]. - Regulatory scrutiny highlights the risk of overcapacity, questioning whether the anticipated demand will match the increased production capabilities post-expansion [2]. Group 3: Financial Health and Debt Concerns - Over the past four years, the company's debt-to-asset ratio has surged from 35.08% to 51.13%, with short-term borrowings increasing by 61.49% to 549 million yuan in Q1 2025, and non-current liabilities due within a year skyrocketing by 809.89% to 134 million yuan [3]. - The operating cash flow is projected to plummet by 65.18% to 57.16 million yuan in 2024, with a cash-to-short-term debt ratio of only 0.5, indicating a precarious debt repayment capacity [3]. Group 4: Profitability and Cost Management - Despite a revenue increase of 55.29% to 2.415 billion yuan in 2024, net profit only grew by 28.11% to 175 million yuan, with a decline in gross margin by 2.75 percentage points to 21.79%, attributed to raw material price fluctuations and competitive pricing strategies [4]. - The company faces significant risks related to accounts receivable, with overdue amounts rising, which could impact actual profitability [4]. Group 5: Regulatory and Technical Concerns - Regulatory bodies have raised concerns about the delays in previously funded projects, such as the "key components for new energy vehicles" and "R&D center projects," which are now postponed until September 2025 [4]. - The company's reliance on Shanghai Jiao Tong University for core technology raises questions about its technological independence, as faculty members hold a stake in the company, leading to potential risks if the partnership changes [4].

New Stock Listings - Tianfu Long (603406) issued at a price of 23.60[1] - Youli Intelligent (920007) issued at a price of 23.99[1] Rights Issues and Announcements - China Heavy Industry (601989) cash option declaration period from August 13, 2025[1] - China Shipbuilding (600150) acquisition request period from August 13 to August 15, 2025[1] - Shenkai Co., Ltd. (002633) offer declaration period from July 29 to August 27, 2025[1] - ST Kelly (300326) offer period from July 17 to August 15, 2025[1] - Fushun Special Steel (600399) offer period from August 12 to September 10, 2025[1] Abnormal Fluctuations - Multiple stocks reported abnormal fluctuations, including *ST Yushun (002289) and Changcheng Military Industry (601606)[2][3] - Notable fluctuations also reported for companies like Li De Man (300289) and Dongjie Intelligent (300486)[3]

关于苏州瑞可达连接系统股份有限公司 向不特定对象发行可转换公司债券申请文件的 审核问询函的回复 保荐人（主承销商） （苏州工业园区星阳街 5 号） 二〇二五年八月 上海证券交易所： 贵所于 2025 年 7 月 18 日出具的《关于苏州瑞可达连接系统股份有限公司向不特 定对象发行可转债申请文件的审核问询函》（上证科审（再融资）〔2025〕82 号）（以 下简称"问询函"）已收悉。苏州瑞可达连接系统股份有限公司（以下简称"瑞可达"、 "发行人"、"公司"）与东吴证券股份有限公司（以下简称"东吴证券"、"保荐 机构"）、北京国枫律师事务所（以下简称"国枫律师"、"发行人律师"）、容诚 会计师事务所（特殊普通合伙）（以下简称"容诚会计师"、"申报会计师"）等相 关方对问询函所列问题进行了逐项核查，现回复如下，请予审核。 关于回复内容释义、格式及补充更新披露等事项的说明如下： 1、如无特别说明，本回复使用的简称与《苏州瑞可达连接系统股份有限公司向不 特定对象发行可转换公司债券证券募集说明书（申报稿）》中的释义相同。 2、本回复中若出现总计数尾数与所列数值总和尾数不符的情况，均为四舍五入所 致。 | 内容 | 字体 | ...

苏州瑞可达连接系统股份有限公司 审核问询函的回复 关于苏州瑞可达连接系统股份有限公司 向不特定对象发行可转换公司债券 申请文件的审核问询函的回复 容诚专字[2025]230Z1822号 容诚会计师事务所(特殊普通合伙) 中国·北京 1 自查表的专项说明 容诚会计师事务所（特殊普通合伙） 总所：北京市西城区阜成门外大街 22 号 1 幢 10 层 1001-1 至 1001-26 (100037) TEL:010-6600 1391 FAX:010-6600 1392 E-mail:bj@rsmchina.com.cn https://www.rsm.global/china/ 关于苏州瑞可达连接系统股份有限公司 向不特定对象发行可转换公司债券 申请文件的审核问询函的回复 容诚专字[2025]230Z1822 号 上海证券交易所： 根据贵所于 2025 年 7 月 18 日下发的《关于苏州瑞可达连接系统股份有限公 司向不特定对象发行可转债申请文件的审核问询函》上证科审（再融资） [2025]82 号（以下简称"《审核问询函》"）已收悉，根据贵所出具的《审核问询函》 要求，容诚会计师事务所（特殊普通合伙）（以下简 ...

公司按照要求会同相关中介机构就《审核问询函》提出的问题进行了认真研 究和逐项落实，现根据相关要求对《审核问询函》回复进行公开披露，具体内容 详见公司于同日在上交所网站（www.sse.com.cn）披露的《关于苏州瑞可达连接 系统股份有限公司向不特定对象发行可转换公司债券申请文件的审核问询函的 回复》等相关文件。 苏州瑞可达连接系统股份有限公司 关于向不特定对象发行可转换公司债券申请文件审 核问询函回复的提示性公告 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、准确性和完整性依法承担法律责任。 苏州瑞可达连接系统股份有限公司（以下简称"公司"）于 2025 年 7 月 18 日收到上海证券交易所（以下简称"上交所"）出具的《关于苏州瑞可达连接系 统股份有限公司向不特定对象发行可转换公司债券申请文件的审核问询函》（上 证科审（再融资）〔2025〕82 号）（以下简称"《审核问询函》"），上交所审核机 构对公司向不特定对象发行可转换公司债券申请文件进行了审核，并形成了首轮 问询问题。 证券代码：688800 证券简称：瑞可达 公告编号：2025-044 20 ...

Group 1 - The article highlights the top 20 stocks with significant capital inflow as of August 7, with Lixun Precision leading at 447 million yuan [1] - Other notable stocks include Huasheng Tiancheng with 345 million yuan and Yingfangwei with 322 million yuan, indicating strong investor interest in these companies [1] - The list also features companies like GoerTek, Jishi Media, and Silan Microelectronics, each attracting over 200 million yuan in capital inflow, suggesting a trend in the technology and electronics sectors [1] Group 2 - The total capital inflow for the top 20 stocks amounts to significant sums, reflecting a robust market sentiment and potential investment opportunities [1] - Companies such as BYD and Yunda Holdings, with inflows of 137 million yuan each, indicate a diverse range of sectors attracting investor attention [1] - The data suggests a concentrated interest in technology and innovation-driven companies, which may signal future growth potential in these industries [1]

通过天眼查大数据分析，苏州瑞可达连接系统股份有限公司共对外投资了15家企业，参与招投标项目30 次，知识产权方面有商标信息11条，专利信息250条，此外企业还拥有行政许可16个。 来源：金融界 瑞可达最新一期业绩显示，截至2025一季报，公司营业总收入7.61亿元、同比增长64.66%，归属净利润 7560.89万元，同比增长81.36%，扣非净利润7344.63万元，同比增长80.11%，流动比率1.597、速动比率 1.311、资产负债率51.13%。 天眼查商业履历信息显示，苏州瑞可达连接系统股份有限公司，成立于2006年，位于苏州市，是一家以 从事计算机、通信和其他电子设备制造业为主的企业。企业注册资本20567.4335万人民币，实缴资本 10800万人民币。公司法定代表人为吴世均。 金融界消息 截至2025年8月6日收盘，瑞可达（688800）报收于67.57元，上涨0.3%，换手率7.61%，成 交量15.65万手，成交金额10.55亿元。 资金流向方面，今日主力资金净流入1.11亿元，占比成交额10.48%。其中，超大单净流入4837.28万 元、占成交额4.58%，大单净流入6223.78万 ...

New Stock Issuance - The new stock issuance for Zhigao Machinery (证券代码: 920101) is priced at 17.41 CNY per share, effective from August 5, 2025[1] - China Heavy Industry (证券代码: 601989) has a cash option declaration period from August 13, 2025[1] - China Shipbuilding (证券代码: 600150) has a buyback request period from August 13 to August 15, 2025[1] Offer and Acquisition Periods - Shenkou Co., Ltd. (证券代码: 002633) has a tender offer period from July 29 to August 27, 2025[1] - ST Kelly (证券代码: 300326) has a tender offer period from July 17 to August 15, 2025[1] - Happiness Blue Ocean (证券代码: 300528) has a significant announcement on July 30, 2025[1] Market Volatility - There are reports of severe abnormal fluctuations for Tibet Tourism (证券代码: 600749) as of July 31, 2025[1] - ST Suwu (证券代码: 600200) also reported significant volatility on July 30, 2025[1] - The stock of ST YaTai (证券代码: 000691) is under observation for abnormal trading activities as of August 5, 2025[1]