Financial Performance - The company's operating revenue for the current period is ¥3,139,013,847.42, a decrease of 6.37% compared to the same period last year[3]. - Net profit attributable to shareholders of the listed company is ¥11,551,866.79, down 85.72% year-on-year[3]. - The net cash flow from operating activities is -¥1,900,247,172.61, a decline of 130.41% compared to the previous year[3]. - The company reported a decrease in investment income of 108.19%, amounting to -¥809,111.95[9]. - The company recorded a significant drop in basic earnings per share to ¥0.0199, down 85.65% from the previous year[3]. - The company reported a net profit margin decline due to increased operating costs despite a decrease in total revenue[36]. - Net profit for the period was CNY 24,277,976.17, a significant decrease from CNY 149,018,041.39 in the previous period, representing a decline of approximately 83.69%[46]. - The company reported a total comprehensive income of CNY 22,738,805.19, down from CNY 148,411,830.43, reflecting a decrease of about 84.66%[47]. - Basic earnings per share were CNY 0.0199, compared to CNY 0.1387 in the previous period, showing a decline of approximately 85.64%[47]. Assets and Liabilities - Total assets at the end of the period amount to ¥14,923,570,771.60, representing a decrease of 3.10% from the end of the previous year[3]. - Current assets totaled ¥10,717,108,254.92, down 5.79% from ¥11,378,725,423.99[22]. - Non-current assets increased to ¥4,206,462,516.68, up 4.57% from ¥4,022,377,434.55[22]. - Total liabilities decreased to ¥5,805,251,915.57 from ¥6,303,439,426.95, a reduction of 7.91%[23]. - Shareholders' equity increased to ¥9,118,318,856.03, up from ¥9,097,663,431.59, reflecting a growth of 0.23%[23]. Cash Flow - The company's cash and cash equivalents as of March 31, 2024, are 3,303,376,872.75 RMB, down from 4,349,696,383.92 RMB at the beginning of the period[17]. - Operating cash inflow totaled CNY 3,315,001,514.67, an increase from CNY 3,186,160,645.80 in the previous period, reflecting a growth of approximately 4.05%[41]. - Cash inflow from financing activities was $1,313,590,000.00, up from $481,225,712.00 in the prior period[50]. - Net cash flow from financing activities increased by 431.50% to ¥1,165,037,087.08, reflecting enhanced financing efforts[9]. - The ending cash and cash equivalents balance was $3,215,899,249.19, down from $3,464,548,497.25[50]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 64,072, with the top 10 shareholders holding 36.27% of the shares[12]. - Fujian Province Electronic Information Group Co., Ltd. holds 26.07% of the shares, amounting to 154,551,950 shares[12]. - The top 10 shareholders include both state-owned and private entities, with significant stakes held by state-owned enterprises[12]. - The company is currently unaware of any related party relationships among the top shareholders[15]. - The company has not reported any changes in the lending or borrowing of shares among the top shareholders[15]. Operational Changes - The company has increased its investment in construction projects, with a significant rise in "in-progress construction" by 382.13% to ¥95,183,215.33[7]. - Short-term borrowings have increased by 86.15% to ¥1,724,290,997.39, indicating a rise in financing activities[7]. - The company is focusing on new product development and market expansion strategies to enhance future growth prospects[36]. - Research and development expenses amounted to CNY 529,208,196.05, slightly down from CNY 538,731,341.04, a decrease of about 1.93%[46]. - Sales expenses increased to CNY 489,282,872.59 from CNY 420,748,896.55, marking an increase of approximately 16.30%[46].

中信证券股份有限公司 关于福建星网锐捷通讯股份有限公司分拆所属子公司 锐捷网络股份有限公司至创业板上市 2023 年持续督导核查意见 福建星网锐捷通讯股份有限公司（以下简称"公司"、"上市公司"、"星网 锐捷"）将其所属子公司锐捷网络股份有限公司（以下简称"锐捷网络"）分拆至 深圳证券交易所（以下简称"深交所"）创业板上市（以下简称"本次分拆上 市"、"本次分拆"），中信证券股份有限公司（以下简称"本独立财务顾问"） 作为本次分拆上市的独立财务顾问，根据中国证监会《上市公司分拆规则（试 行）》（以下简称"《分拆规则》"），对本次分拆后上市公司核心资产与业务的 独立经营状况及持续经营能力、锐捷网络是否发生对上市公司权益有重要影响的资 产和财务状况变化、锐捷网络是否存在其他对上市公司股票价格产生较大影响的重 要信息以及上市公司是否依法履行相关信息披露义务等持续督导事项进行了专项核 查，发表核查意见如下： 上市公司和锐捷网络均拥有独立、完整、权属清晰的经营性资产；建立了独立 的财务部门和财务管理制度，并对其全部资产进行独立登记、建账、核算、管理。 锐捷网络的组织机构独立于控股股东和其他关联方，上市公司和锐捷网络各自 ...

公司研究 要点 点评： 锐捷网络交换机市场占有率仍维持第三，推出 AI 智算中心网络解决方案：2023 年，子公司锐捷网络实现营业收入 115.42 亿元，同比增长 1.9%；净利润 4.01 亿元，同比下降 27%，主要系互联网、政企行业客户需求疲弱且仍保持较高的 研发投入。根据 IDC 数据，2023 年锐捷网络在中国交换机市场、数据中心交换 机市场、园区交换机市场，占有率均排名第三；Wi-Fi6 产品品类出货量及 WLAN 产品整体出货量排名第一；在中国本地计算云终端市场份额排名第一；在 IDV 云桌面市场份额连续 3 年(2021-2023）排名第一。面向下一代 AI 云服务的智算 中心网络建设，公司发布了 AI-FlexiForce 智算中心网络解决方案，具备全场景 适用、负载均衡、微秒级硬件自愈等多种独特优势，带宽利用率达 97%、可支 持大规模三级组网，助力用户打造集约高效的智算中心。我们认为，随着国内智 算中心建设进入快车道，公司智慧网络业务将实现快速增长。 风险提示：下游需求不及预期；市场竞争加剧；成长性减弱导致长期估值中枢下 移。 买入（维持） 作者 | --- | --- | |---- ...

Financial Performance - Non-current asset disposal gains for 2023 amounted to ¥91,039,883.46, a significant increase from a loss of ¥1,159,338.79 in 2022[1] - Government subsidies recognized in the current period reached ¥105,015,973.02, up from ¥92,985,363.75 in 2022, indicating a growth of approximately 13.0%[1] - The total impact of non-recurring gains and losses for 2023 was ¥106,488,578.43, compared to ¥60,713,436.70 in 2022, reflecting an increase of about 75.5%[5] - The impairment reversal of receivables for 2023 was ¥7,287,489.57, which is a notable increase from ¥3,271,904.71 in 2022[5] - The company reported a loss from debt restructuring of ¥5,796,609.37 in 2023, worsening from a loss of ¥228,005.30 in 2022[5] - The impact of inflation on financial statements for 2023 was recorded at ¥14,844,951.76, highlighting the financial pressures faced during the year[5] - The overall financial performance indicates a strong recovery and growth trajectory compared to the previous years, with strategic initiatives in place for future expansion[9] - In 2023, the company's operating revenue reached ¥15,907,679,830.74, representing a 1.06% increase compared to ¥15,740,570,057.82 in 2022[34] - The net profit attributable to shareholders was ¥424,850,898.81, a decrease of 26.36% from ¥576,059,357.43 in the previous year[34] - The net profit after deducting non-recurring gains and losses was ¥318,362,320.38, down 38.32% from ¥515,345,920.73 in 2022[34] - The net cash flow from operating activities increased by 152.52% to ¥1,370,117,934.09, compared to ¥542,576,189.82 in 2022[34] - The total assets at the end of 2023 were ¥15,401,102,858.54, reflecting a 6.39% increase from ¥14,446,104,964.16 in 2022[34] - The net assets attributable to shareholders increased by 5.95% to ¥6,432,682,053.51 from ¥6,071,145,954.11 in the previous year[34] - The basic earnings per share decreased by 26.46% to ¥0.7274 from ¥0.9876 in 2022[34] - The weighted average return on net assets was 6.78%, down from 11.44% in the previous year[34] Market Position and Strategy - In 2023, Ruijie Networks ranked third in the Chinese switch market, data center switch market, and campus switch market according to IDC data[55] - In the same year, Ascend Information ranked first in global thin client shipments and has maintained the top position in the Asia-Pacific and Chinese thin client markets for twelve consecutive years[55] - The company is focusing on expanding its market presence and enhancing its product offerings, particularly in AI and IoT technologies[29] - The company maintained a strong market position, ranking third in China's switch market and first in Wi-Fi6 product shipments[91] - The company is actively expanding into new markets such as digital entertainment and smart home solutions, enhancing its business boundaries[69] - The company is exploring metaverse applications in the entertainment sector and aims to enhance service capabilities in the K-mei network[140] - The company is committed to increasing its market share in the U.S. while also expanding into Latin America, Europe, and Asia in the vehicle networking sector[140] Research and Development - Research and development expenses for 2023 amounted to CNY 2.785 billion, accounting for 17.51% of total revenue, with 431 patents applied for during the year[74] - The company aims to enhance its competitive edge by focusing on innovation in emerging technologies such as AI, metaverse, and cloud computing[72] - The company is actively pursuing market expansion strategies, targeting new geographic regions to enhance its market presence[196] - Ongoing research and development efforts are focused on enhancing product features and improving user experience[196] Risk Management - The company has identified risks including macroeconomic fluctuations, technological risks, and supply chain issues, which are detailed in the management discussion section[24] - The company recognizes risks from macroeconomic fluctuations and plans to strengthen internal product line collaboration to mitigate uncertainties[141] - The company is increasing investment in R&D to address technology risks and meet evolving customer demands in cloud computing and AI[141] - The company is increasing raw material procurement and diversifying supply channels to mitigate supply chain risks[174] Corporate Governance - The company has maintained a strong governance framework, ensuring compliance with regulatory requirements across its operations[198] - The board of directors consists of 9 members, including 3 independent directors, and held 15 meetings during the reporting period[186] - The company implements a performance-based incentive mechanism to enhance operational efficiency and achieve business goals[187] - The company strictly adheres to information disclosure regulations, ensuring timely and accurate communication with investors[190] Future Outlook - The company has outlined a positive outlook for the upcoming year, projecting a revenue increase of approximately 15%[196] - The digital economy is expected to be a new driving force for economic growth, with significant emphasis on technological innovation and digital transformation in 2024[136] - The company plans to expand its market presence in the smart communication field by focusing on all-optical communication and enhancing AI and edge computing applications[140] - The company aims to enhance operational efficiency and increase per capita output ratio in 2024, focusing on sustainable growth in the smart industry sector[139] Investment and Acquisitions - The company has identified potential acquisition targets to bolster its competitive position in the industry[196] - The company invested ¥245,306,760.00 to acquire a 66.16% stake in Fujian Kaimi Network Technology Co., Ltd. on May 31, 2023[96] Shareholder Engagement - The company is actively engaging with investors to gather feedback on its development strategy and operational performance[178] - The company held 6 shareholder meetings during the reporting period, with all agenda items approved[185]

营收平稳静待需求恢复，持续升级智算中心网络方案 2024 年 03 月 29 日 23 年宏观经济复苏低于预期，市场需求疲弱，客户采购资金紧张。公司营收利润 承压，我们认为主要由于下游互联网、政企客户需求疲软，毛利率小幅下滑且费 用加大投入。公司毛利率 36.26%，同比下降 0.32pct。其中网络终端/企业级网 络设备/通讯产品/其他产品分别实现营收为 9.67 亿元/105.41 亿元/20.20 亿元 /23.80 亿元，同比增长 5.36%/增长 0.94%/下降 7.44%/增长 8.27%。产品毛利 率分别为 21.07%/42.63%/ 19.19%/28.68%，同比减少 4.25pct/减少 0.39pct/ 减少 1.56pct/增加 2.22pct。公司管理和研发投入进一步加大，销售/管理/研发 / 财 务 费 用 率 分 别 为 13.91%/4.88%/16.74%/0.00% ， 同 比 增 加 0.07pct/0.67pct/ 1.01pct/ 0.24pct。23 年研发人员占比 50.92%，同比增加 1.72pct。 在智慧网络领域，据 IDC，23 年公司在中国交换机市 ...

华兴会计师事务所(特殊普通合伙) www.fihxcpa.com 计师事务所(特殊普通 CERTIFIED PUBLIC ACC 福建星网锐捷通讯股份有限公司 内部控制审计报告 华兴审字[2024]24001540043 号 二、注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的有效性 发表审计意见,并对注意到的非财务报告内部控制的重大缺陷进行披露。 内部控制审计报告 华兴审字[2024]24001540043 号 福建星网锐捷通讯股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求, 我们审计了福建星网锐捷通讯股份有限公司（以下简称星网锐捷）2023年12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部 控制评价指引》的规定,建立健全和有效实施内部控制,并评价其有效性是 星网锐捷董事会的责任。 三、内部控制的固有局限性 内部控制具有固有局限性,存在不能防止和发现错报的可能性。此外, 由于情况的变化可能导致内部控制变得不恰当,或对控制政策和程序遵循的 程度降低,根据 ...

福建星网锐捷通讯股份有限公司 计 . 报 告 曲 华兴审字[2024]24001540037 号 华兴会计师事务所 (特殊普通合伙) www.fihxcpa.com 计师事务所(特殊普通 CERTIFIED PUBLIC ACCOUN 告 it 华兴审字[2024]24001540037号 福建星网锐捷通讯股份有限公司全体股东: 一、审计意见 我们审计了福建星网锐捷通讯股份有限公司(以下简称星网锐捷)财务 报表,包括2023年12月31日的合并及母公司资产负债表,2023年度的合并及 母公司利润表、合并及母公司现金流量表和合并及母公司所有者权益变动表 以及相关财务报表附注。 我们认为,后附的财务报表在所有重大方面按照企业会计准则的规定编 制,公允反映了星网锐捷2023年12月31日的合并及母公司财务状况以及2023 年度的合并及母公司经营成果和现金流量。 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的 "注册会计师对财务报表审计的责任"部分进一步阐述了我们在这些准则下 的责任。按照中国注册会计师职业道德守则,我们独立于星网锐捷,并履行 了职业道德方面的其他责任。我们相信 ...

福建星网锐捷通讯股份有限公司 董事会 2024 年 3 月 29 日 根据中国证券监督管理委员会《上市公司独立董事管理办法》《深圳证券交 易所股票上市规则》《深圳证券交易所上市公司自律监管指引第 1 号——主板上 市公司规范运作》等要求，福建星网锐捷通讯股份有限公司（以下简称"公 司"）董事会，就公司在任独立董事童建炫先生、保红珊女士、郑相涵先生的独 立性情况进行评估并出具如下专项意见： 经核查独立董事童建炫先生、保红珊女士、郑相涵先生的任职经历以及签 署的相关自查文件，上述人员未在公司担任除独立董事以外的任何职务，也未 在公司主要股东公司担任任何职务，与公司以及主要股东之间不存在利害关系 或其他可能妨碍其进行独立客观判断的关系，不存在影响独立董事独立性的情 况，符合《上市公司独立董事管理办法》《深圳证券交易所上市公司自律监管指 引第 1 号——主板上市公司规范运作》中对独立董事独立性的相关要求。 福建星网锐捷通讯股份有限公司 关于独立董事独立性自查情况的专项报告 ...

福建星网锐捷通讯股份有限公司 独立董事述职报告 （郑相涵） 作为福建星网锐捷通讯股份有限公司（以下简称"公司"）的独立董事， 2023年本人能够严格按照《公司法》、《证券法》、《上市公司独立董事管理 办法》、《深圳证券交易所股票上市规则》、《深圳证券交易所上市公司自律 监管指引第1号——主板上市公司规范运作》、《公司章程》和公司《独立董事 制度》等有关规定，恪尽职守，勤勉尽责，充分发挥独立董事的独立作用，维 护了公司及全体股东的利益。报告期内，本人能够勤勉地行使法律所赋予的权 利， 按时出席公司各次相关会议，对有关议案或议题发表独立意见，切实履行 了独立董事的职责。现将2023年度本人履行独立董事职责的情况汇报如下： 一、独立董事基本情况 （一）个人基本情况 郑相涵先生，独立董事，博士学位，研究员，福建省"雏鹰计划"青年拔 尖人才，福建省创新创业领军人才。历任爱立信欧洲研究院预研部（德国亚 琛）下一代通信网络设计师；现任福州大学计算机与大数据学院对外合作办主 任；福州大学智能制造仿真研究院副院长；福建顶点软件股份有限公司独立董 事；铭数科技（福州）有限公司执行董事；青岛融海企业管理合伙企业（有限 合伙）执行事 ...

报告期内，福建星网锐捷通讯股份有限公司（以下简称："公司"）监事会 按照《公司法》、《证券法》、《公司章程》及《监事会议事规则》等有关法律、 法规的要求，从切实维护公司股东，特别是广大中小投资者利益出发，严格依法 履行职责。2023年，监事会恪尽职守、勤勉尽责，充分发挥监事会各项职能，对 公司治理的规范性和有效性、公司财务情况、重要经营活动、重大决策审议和执 行情况、公司董事及高级管理人员勤勉履职等方面进行了有效的监督，以维护全 体股东的合法权益。 现将公司监事会在本年度的工作报告如下： 一、监事会工作情况 报告期内，公司监事会共召开8次会议，会议情况如下： | | | 时间 | | | 届次 | 审议通过事项 | | --- | --- | --- | --- | --- | --- | --- | | 2023 | 年 | 1 月 | 17 | 日 | 第六届监事会 | 《关于补选公司第六届监事会监事的议案》 | | | | | | | 第九次会议 | | | 2023 | 年 | 2 月 | 2 | 日 | 第六届监事会 | 《关于选举第六届监事会主席的议案》、《关 于向2022年限制性股票激励计划激励 ...