[Performance Forecast Overview](index=1&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E8%AE%A1%E6%83%85%E5%86%B5) The company projects substantial H1 2025 net profit growth, with attributable and non-recurring net profits significantly increasing Key Performance Indicators for H1 2025 Performance Forecast | Item | Current Period (H1 2025) | Prior Period (H1 2024) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders** | Profit: 180 - 240 million yuan | Profit: 125.163 million yuan | Growth: 43.81% - 91.75% | | **Net Profit Excluding Non-Recurring Items** | Profit: 160 - 210 million yuan | Profit: 105.9109 million yuan | Growth: 51.07% - 98.28% | | **Basic Earnings Per Share** | Profit: 0.3101 - 0.4135 yuan/share | Profit: 0.2134 yuan/share | - | [Analysis of Performance Changes](index=1&type=section&id=%E4%B8%89%E3%80%81%E4%B8%9A%E7%BB%A9%E5%8F%98%E5%8A%A8%E5%8E%9F%E5%9B%A0%E8%AF%B4%E6%98%8E) Performance growth is driven by robust external demand for AI-driven data center infrastructure and internal management improvements and cost control - **Robust external market demand**: The AI wave drives continuous upgrades in computing infrastructure, accelerating data center construction in the internet industry, creating growth opportunities for the company's products[5](index=5&type=chunk) - **Accelerated core product delivery**: The company's main subsidiaries are accelerating delivery of data center switch product orders for internet clients, directly boosting year-on-year operating revenue growth[5](index=5&type=chunk) - **Internal management efficiency gains**: The company has further enhanced operational performance through continuous management improvements, efficiency enhancements, and effective cost control[5](index=5&type=chunk) [Other Important Information](index=1&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%8E%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%B2%9F%E9%80%9A%E6%83%85%E5%86%B5) This performance forecast is preliminary and unaudited; final data will be in the 2025 semi-annual report, urging investor caution - This performance forecast has **not been audited** by an accounting firm[4](index=4&type=chunk) - The company advises that this forecast is a **preliminary calculation**, with **final data** subject to the official semi-annual report, urging investors to be aware of **investment risks**[6](index=6&type=chunk)

Core Viewpoint - The company, Xingwang Ruijie, anticipates a significant increase in net profit for the first half of 2025, projecting a growth of 43.81% to 91.75% compared to the same period last year [1] Financial Performance - The expected net profit attributable to shareholders is estimated to be between 180 million to 240 million yuan [1] - The revenue growth is attributed to the accelerated delivery of data center switch products to internet clients, driven by the ongoing AI wave and the upgrade of computing infrastructure [1] Operational Efficiency - The company has made continuous improvements in management and efficiency, achieving effective cost control which has contributed to the growth in operating performance [1]

Group 1 - The A-share digital currency concept stocks experienced a short-term surge, with Guoao Technology hitting the daily limit up of 20% [1] - Greenland Holdings also reached the daily limit up, while Jida Zhengyuan increased by over 9% [1] - Other stocks such as Huafeng Superfiber, Hengbao Co., and StarNet Ruijie also saw gains [1] Group 2 - Bitcoin rose by 4.3% within the day, currently priced at $115,984 per coin [1]

Group 1 - Digital currency concept stocks experienced a partial rally, with Zhengyuan Wisdom (300645) rising over 10% [1] - Beijing North (002987) saw an increase of over 7% [1] - Other companies such as Hengbao Co., Ltd. (002104), Dongxin Peace (002017), and StarNet Ruijie (002396) also followed with gains [1]

Summary of AIDC Industry Update and Q&A Industry Overview - The AIDC (Artificial Intelligence Data Center) industry is experiencing a recovery in overseas computing infrastructure, with companies like Nvidia and Corewave showing positive performance focused on training and inference demand [1][2] - Domestic AIDC is constrained by chip limitations, model breakthroughs, and application deployment, but major data centers like GDS and Century Internet are maintaining stable deployment rates despite the H20 ban [1][2][3] Key Insights - **Overseas Market Recovery**: Nvidia's focus is on training demand, while Corewave caters to large enterprises like Microsoft. Companies such as Broadcom and Marvell have optimistic revenue expectations for ASICs, and Oracle's OCI business reflects growth in inference demand [1][2][5] - **Domestic Market Dynamics**: Despite short-term impacts from trade wars, major Chinese internet companies like Alibaba and ByteDance are investing heavily in AI. Long-term solutions for domestic AI challenges include breakthroughs in chips (e.g., Cambricon, Huawei Cloud Matrix 384) and improvements in model capabilities [1][3][4] - **Investment Recommendations**: Companies with stable deployment rates and core leading customer orders, such as Runze Technology, Aofei Data Port, Century Internet, and GDS, are recommended for investment due to their low valuations and potential for significant improvement [1][4] Performance Trends - **Overseas Demand Trends**: The overseas computing market is showing strong growth, particularly in GPU and ASIC demand. Nvidia has launched new GB series chips, and companies like Marvell and Broadcom have revised their market demand expectations upward [7][8] - **Domestic Market Performance**: The domestic computing market faced some disruptions in Q2 due to geopolitical factors and chip restrictions, but overall guidance remains stable. The AIDC sector is expected to see improved order visibility and capital expenditure growth in the coming quarters [8][9] Future Outlook - **Upcoming Quarters**: The outlook for the domestic computing market in the next two quarters is positive, with expectations of accelerated capital expenditure and construction progress, particularly in the AIDC core hardware supply chain [9] - **AI Data Center Growth**: AI data center-related sectors are showing good business growth elasticity, with significant order increases in server power supplies and UPS systems [10][14] - **HVDC Development**: Both domestic and international markets are seeing increased adoption of HVDC solutions, with major Chinese internet companies pushing for its application [11][12] Global AI Demand - **Inference Demand Growth**: Global inference demand is rapidly increasing, with companies like Google and ByteDance significantly ramping up their requirements [16] - **US vs. China AI Demand**: The US is entering a new model iteration cycle with large clusters, while China's AI demand is primarily focused on inference due to limited resources for training [17] Market Sentiment - **US AI Industry Expectations**: The US AI industry is expected to see significant changes in the next six months, with rapid stock price increases in sectors like NV and ASIC, indicating a potential expansion from overseas to domestic supply chains [18] - **AI Business Models**: The US has a stronger likelihood of successful AI business models due to higher payment willingness, while China's market faces challenges in this regard, potentially affecting profit margins [19] Conclusion - The AIDC industry is poised for growth, driven by both domestic and international demand for AI capabilities. Investment in key players with stable growth prospects is recommended, while monitoring the evolving landscape of AI business models and market dynamics is crucial for future success [20]

Summary of Conference Call for StarNet Ruijie Company and Industry Overview - The conference call pertains to StarNet Ruijie, a company operating in the network communication and data center sectors, with a focus on AI infrastructure and solutions [2][3][15]. Key Points and Arguments Business Performance - In Q1 2025, domestic business remained stable while export business grew over 50%, particularly in network switch sales [2][5]. - The overall gross margin for Ruijie Network is approximately 35%, showing a slight decline due to structural factors [2][6]. - The company is focusing on data centers and SMBs (Small and Medium-sized Businesses) for revenue growth, with direct sales expected to increase to 57% in 2024 [2][8]. Market Dynamics - Demand for internet intelligent computing center switches is driven by capital expenditures from major internet companies like Alibaba, Tencent, and ByteDance [2][5]. - Ruijie Network holds a leading market share in the domestic data center white-box switch market, with competition involving chip providers, demand-side internet companies, and equipment manufacturers [6][10]. Product and Production Insights - Data center products are produced in an automated factory in Fuzhou, with plans for capacity expansion in Q2 2025 [2][7]. - The company emphasizes inventory management to ensure timely delivery and revenue recognition, with inventory increasing to meet production needs [4][9]. Strategic Focus and Adjustments - The company has undergone personnel reductions and strategic refocusing towards more certain revenue-generating areas due to anticipated economic changes post-pandemic [7][13]. - The adjustment in focus has led to a shift in revenue structure, with data center and SMB businesses expected to drive future growth [7][14]. International Expansion and Future Plans - Ruijie Network has established a global presence since 2018, focusing on SMB products for international markets, with export growth rates exceeding 50% [10][11]. - Future international expansion plans include entering Southeast Asian markets for various product lines, including optical communication and financial technology [11][12]. AI Integration and Future Directions - The company recognizes AI's significant impact on future business, planning to develop infrastructure and applications in sectors like education, healthcare, and government [16][17]. - Specific initiatives include integrated machines for financial technology and partnerships with telecom operators to enhance computing efficiency [18][19]. Additional Important Insights - The company is exploring advanced technologies such as brain-computer interfaces and aims to create subscription-based services from AI-generated content in the metaverse [19][20]. - StarNet Ruijie's overall strategy focuses on providing high-quality solutions around AI applications across various industries, which is expected to enhance profitability and operational efficiency [20].

Core Viewpoint - The company, Fujian StarNet RuiJie Communication Co., Ltd., has decided to repurchase and cancel 2,914,320 restricted stocks due to non-fulfillment of the conditions for lifting restrictions under its 2022 stock incentive plan, resulting in a decrease in registered capital and total share capital [1][2]. Group 1 - The company held its seventh board meeting on June 9, 2025, where it approved the proposal to adjust the repurchase price and cancel part of the restricted stocks [1]. - Following the cancellation, the total share capital will decrease from 588,609,418 shares to 585,695,098 shares [1]. - The repurchase and cancellation of stocks will be conducted in accordance with relevant regulations, including the Company Law and the stock incentive management measures [2]. Group 2 - The company is notifying creditors that they have 45 days from the announcement date to request debt repayment or provide guarantees [2]. - Creditors must submit written requests along with relevant documentation to assert their claims [2]. - Claims can be submitted through on-site, mail, or email methods, with specific instructions provided for the submission process [3].

对上述 2,914,320 股限制性股票回购注销后，公司注册资本将随之发生变 动，总股本将从 588,609,418.00 股变更为 585,695,098.00 股，具体以回购注销 完成后在中国证券登记结算有限责任公司深圳分公司最终登记结果为准。 公司本次回购注销部分限制性股票将涉及总股本减少、注册资本减少，根据 《中华人民共和国公司法》（以下简称"《公司法》"）等相关法律、法规的规定， 公司特此通知债权人，债权人自本公告披露之日起四十五日内，有权要求本公司 清偿债务或者提供相应的担保。债权人未在规定期限内行使上述权利的，本次回 购注销将按法定程序继续实施。 本公司各债权人如要求本公司清偿债务或提供相应担保的，应根据《公司法》 等法律、法规的有关规定向本公司提出书面要求，并随附有关证明文件。 债权申报所需材料：公司债权人可持证明债权债务关系存在的合同、协议及 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。其他凭 证的原件及复印件到公司申报债权。债权人为法人的，需同时携带法人营业执照 副本原件及复印件、法定代表人身份证明 ...

证券代码：002396 证券简称：星网锐捷 公告编号：临 2025-26 福建星网锐捷通讯股份有限公司 2025 年第一次临时股东大会决议公告 本公司及董事会全体成员保证公告内容真实、准确和完整，不存在虚假记载、误导性 陈述或者重大遗漏。 特别提示： 1．本次股东大会未出现否决议案的情形； 2．本次股东大会无新提案提交表决； 3. 本次股东大会以现场投票与网络投票相结合方式召开。 （四）会议出席情况： 股东出席的总体情况： 通过现场和网络投票的股东464人，代表股份204,006,687股，占公司有表决 权股份总数（585,778,569股）的34.8266％（注：股东大会股权登记日有表决权 股份总数已扣减公司回购专用证券账户中股份2,830,849股）。其中：通过现场投 票的股东3人，代表股份154,758,350股，占公司有表决权股份总数的26.4193％。 通过网络投票的股东461人，代表股份49,248,337股，占公司有表决权股份总数 的8.4073％。 中小股东出席的总体情况： 通过现场和网络投票的中小股东463人，代表股份49,454,737股，占公司有 表决权股份总数（585,778,569股 ...

国浩律师（上海）事务所 股东大会法律意见书 国浩律师（上海）事务所 关于福建星网锐捷通讯股份有限公司 2025 年第一次临时股东大会的法律意见书 致：福建星网锐捷通讯股份有限公司 福建星网锐捷通讯股份有限公司（以下简称"公司"）2025 年第一次临时股东 大会（以下或称"本次股东大会"）于 2025 年 6 月 25 日召开，国浩律师（上海） 事务所（以下简称"本所"）接受公司的委托，指派律师（以下简称"本所律师"） 出席会议，并依据《中华人民共和国证券法》《中华人民共和国公司法》、中国证 券监督管理委员会《上市公司股东会规则》和《福建星网锐捷通讯股份有限公司章 程》（以下简称"《公司章程》"）出具本法律意见书。 本所律师已经按照有关法律、法规及规范性文件的规定对公司本次股东大会召 集、召开程序是否合法以及是否符合《公司章程》规定、出席会议人员的资格、召 集人资格的合法有效性和股东大会表决程序、表决结果的合法有效性发表法律意见。 本法律意见书中不存在虚假、严重误导性陈述及重大遗漏，否则愿意承担相应的法 律责任。 本所律师是根据对事实的了解和对法律的理解发表法律意见。 本法律意见书依据国家有关法律、法规及规范性 ...