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 ...

福建星网锐捷通讯股份有限公司 2025年6月23日投资者关系活动记录表 - 1 - 证券代码： 002396 证券简称：星网锐捷 编号： 2025-05 投资者关系活 动类别 √特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 （请文字说明其他活动内容） 参与单位名称 及人员姓名 中信建投证券股份有限公司 华泰证券股份有限公司 时间 2025 年 6 月 23 日 (周一) 上午 10:00 地点 福州市高新区新港大道 33 号星网锐捷科技园公司三期 A 栋 22 层会议室 上市公司接待 人员姓名 副总经理、董事会秘书：李怀宇 证券事务代表：潘媛媛 投资者关系活 动主要内容介 绍 一、董事会秘书李怀宇先生介绍公司 公司紧紧围绕"ICT基础设施与AI应用方案"的核心战略，大力推进产业 的转型升级，发布了一系列具有市场影响力的创新产品，不断做强存量 市场，开拓增量市场，在网络基础设施领域、光通信基础设施领域、信 创领域、AI应用方案等领域推出了一系列具有市场影响力的新品，牢牢 把握产业升级、技术升级的市场机遇，为客户提供更多深入应用需求、 有独特竞争力的解决方案。 ...

证券代码：002396 证券简称：星网锐捷 公告编号：临 2025-24 福建星网锐捷通讯股份有限公司 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。 一、董事会会议召开情况 福建星网锐捷通讯股份有限公司（以下简称："公司"、 "星网锐捷"）第 七届董事会第八次会议通知于2025年6月16日以电子邮件方式发出，会议于2025 年6月23日以通讯会议的方式召开，会议应到董事九人，实到董事九人。会议由 董事长阮加勇先生召集并主持。本次会议的召集、召开符合《中华人民共和国 公司法》和《福建星网锐捷通讯股份有限公司公司章程》（以下称"《公司章 程》"）的规定。 二、董事会会议审议情况 经董事会全体董事认真审议，本次会议以通讯记名的表决方式表决通过了以 下决议： 特此公告。 福建星网锐捷通讯股份有限公司 董 事 会 经公司总经理黄昌洪先生提名，同意聘任李寅彦女士担任公司财务总监，任 期自本次董事会审议通过之日起至本届董事会任期届满之日止。 李寅彦女士任职资格已经公司第七届董事会审计委员会、提名委员会审核通 过。 《关于变更公司财务总监的公告》内容详见2025年6月24日公 ...

Group 1 - The company announced the resignation of its Chief Financial Officer (CFO) Li Huaiyu due to work adjustments, but he will continue to serve as Deputy General Manager and Board Secretary [1] - Li Huaiyu's resignation will not affect the normal operations of the company, and he holds 49,800 restricted shares, accounting for 0.0085% of the total share capital [1] - The company expressed gratitude for Li Huaiyu's contributions during his tenure [1] Group 2 - The company appointed Li Yinyan as the new CFO, effective from the date of the board meeting on June 23, 2025, until the current board's term ends [2] - Li Yinyan has a strong educational background with a degree in International Accounting from Renmin University of China and a Master's in Accounting from Xiamen University [2] - Li Yinyan has extensive experience in financial management, having held various positions in Fujian Electronic Information Group and served as CFO at Helitai Technology Co., Ltd [2] Group 3 - As of the announcement date, Li Yinyan does not hold any shares in the company and has no related party relationships with major shareholders or executives [3] - Li Yinyan meets all legal and regulatory requirements to serve as a senior executive, with no disqualifications or penalties from regulatory authorities [3]

证券代码：002396 证券简称：星网锐捷 公告编号：临 2025-25 福建星网锐捷通讯股份有限公司 关于变更公司财务总监的公告 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。 公司于 2025 年 6 月 23 日召开第七届董事会第八次会议，审议通过了《关于 变更公司财务总监的议案》。根据《公司法》等相关法律法规及《公司章程》的 规定，经公司总经理黄昌洪先生提名，并经公司第七届董事会提名委员会及审计 委员会审核通过，董事会同意聘任李寅彦女士（简历详见附件）担任公司财务总 监，任期自本次董事会审议通过之日起至本届董事会任期届满之日止。 特此公告。 福建星网锐捷通讯股份有限公司 董事会 2025 年 6 月 23 日 - 1 - 一、财务总监辞职情况 福建星网锐捷通讯股份有限公司（以下简称"公司"）董事会于近日收到公 司副总经理、财务总监、董事会秘书李怀宇先生的书面辞职报告，因工作调整原 因，李怀宇先生申请辞去公司财务总监职务，辞任公司财务总监后，仍在公司担 任副总经理、董事会秘书职务。李怀宇先生原定财务总监任期至第七届董事会任 期届满（2027 年 10 月 ...