福建星网锐捷通讯股份有限公司 独立董事述职报告 （洪芳芳） 作为福建星网锐捷通讯股份有限公司（以下简称"公司"）第七届董事会的 独立董事，2025年任职期间本人能够严格按照《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意见，切实履行了独立 董事的职责。现将2025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 洪芳芳女士，硕士学位。现任福建农林大学公共管理与法学院法学系教师、 福建新世通律师事务所兼职律师、福州仲裁委员会仲裁员、厦门仲裁委员会仲裁 员；福建星网锐捷通讯股份有限公司独立董事。 （二）是否存在影响独立性的情况说明 报告期内，作为公司第七届独立董事，具备《上市公司独立董事管理办法》 所要求的独立性，不存在影响独立性的情况。 二、独立董事年度履职情 ...

福建星网锐捷通讯股份有限公司 独立董事述职报告 （谢帮生） 作为福建星网锐捷通讯股份有限公司（以下简称"公司"）第七届董事会的 独立董事，2025年任职期间本人能够严格按照《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意见，切实履行了独立 董事的职责。现将2025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 谢帮生先生，研究生学历，管理学博士学位，注册会计师（非执业），福建 省第三届会计咨询专家、福建省高层次人才、福建省管理型会计领军人才。历任 福建农林大学经济与管理学院助教、讲师、副教授、教授。现任福建农林大学经 济与管理学院会计系主任，兼工商管理研究院院长、教授委员会副主任；福建星 网锐捷通讯股份有限公司独立董事。 （二）是否存在影响独立性的情况说明 ...

Dividend and Capital Reserves - The company plans to distribute a cash dividend of 2.5 RMB per 10 shares (including tax) to all shareholders, based on a total of 582,864,249 shares[4]. - The company will also increase capital reserves by converting 3 shares for every 10 shares held by shareholders[4]. - The total cash dividend amount for 2025 is CNY 145,716,062.25, which represents 35.64% of the net profit attributable to the parent company[141]. - The proposed dividend distribution plan includes a cash dividend of CNY 2.50 per 10 shares, with no bonus shares to be issued[141]. - The company plans to implement a capital increase from capital reserves in the future, aligning with its strategic goals[138]. Financial Performance - The company's operating revenue for 2025 reached ¥19,156,872,095.46, an increase of 14.31% compared to ¥16,758,313,911.83 in 2024[6]. - The net profit attributable to shareholders for 2025 was ¥408,861,465.49, reflecting a slight increase of 1.05% from ¥404,620,959.25 in 2024[6]. - The total profit for 2025 reached ¥961,631,528.99, marking a growth of 68.95% year-on-year[38]. - The company's operating profit for 2025 was ¥951,905,672.72, an increase of 72.88% compared to the previous year[38]. - The cash flow from operating activities significantly increased by 532.55% to ¥2,090,520,188.86 in 2025, compared to ¥330,489,779.78 in 2024[6]. Market and Business Strategy - The company is actively expanding its overseas market presence while improving organizational efficiency to become a world-class provider of ICT infrastructure and AI solutions[32]. - The company aims to align its business development with industry trends, optimizing its business layout to resonate with overall industry growth[33]. - The company is committed to innovation and technology development to build a smarter future[1]. - The company has achieved a certain market position in various niche product areas, providing comprehensive solutions that include software, hardware, and services[32]. - The company plans to focus on the state-owned real estate sector, aiming to develop high-end smart home solutions by 2025[41]. Research and Development - The company's R&D investment in 2025 amounted to ¥2,551,000,000, accounting for 13.32% of its annual revenue[36]. - The company applied for a total of 485 patents in 2025, including 107 overseas patents[36]. - The company is focusing on developing key technologies for AI cluster networks, including fault tolerance mechanisms and energy efficiency improvements[59]. - The company is developing high-performance security routers aimed at enhancing the security and reliability of core network devices, targeting industries such as finance and government[59]. - The company is focusing on integrating advanced AI technologies into its products, enhancing user interaction and experience[62]. Governance and Compliance - The board of directors has confirmed the accuracy and completeness of the annual report, ensuring no false statements or omissions[4]. - The company has established a strict insider information management system, ensuring no insider trading occurred prior to significant disclosures[103]. - The company’s governance structure complies with relevant laws and regulations, ensuring a healthy and standardized development[98]. - The company actively engaged in investor relations management, with the board secretary designated as the responsible person for this area[101]. - The company has a well-structured governance system that complies with legal and regulatory requirements, ensuring no significant discrepancies exist[103]. Risk Management - The company acknowledges various risks including macroeconomic fluctuations, technology risks, and high customer concentration[4]. - The company anticipates potential risks from macroeconomic fluctuations and plans to implement measures to mitigate these uncertainties[85]. - The company acknowledges high customer concentration and seasonal sales patterns, particularly in Q4, and is working to diversify its industry application solutions to mitigate risks[87]. - The company has established a diversified chip supply chain to reduce risks associated with core component supply, particularly for chips that significantly impact product performance[88]. - The company plans to enhance its procurement planning for raw materials and continue research on the feasibility of related technologies and solutions to minimize supply chain volatility risks[88]. Shareholder Engagement - The company held 5 shareholder meetings in 2025, approving all agenda items and ensuring equal rights for all shareholders through a combination of on-site and online voting[98]. - The company actively considered the interests of minority shareholders in decision-making processes[125]. - The company has committed to fulfilling its social responsibilities, engaging in environmental protection and poverty alleviation initiatives[155]. - The company has disclosed its social responsibility report on the same day as the financial report[155]. - The company plans to hold an online performance briefing in 2025 to improve investor communication and transparency[102]. Employee and Management Changes - The company announced the resignation of three senior executives due to work changes, including the financial officer, effective June 28, 2025[108]. - The company appointed a new financial officer, Li Yin Yan, on June 23, 2025, following the resignation of the previous officer[109]. - The total remuneration paid to directors and senior management during the reporting period amounted to 7.196 million yuan[119]. - The management evaluation mechanism links senior management compensation closely to operational performance, promoting long-term development and strategic goal achievement[149]. - The company has a training program that includes both online and offline training methods, covering various courses for all employee levels[137].

Investment Rating - The report maintains an "Overweight" rating for the communication industry and communication equipment manufacturing sector [9]. Core Insights - The GTC and OFC conferences highlighted significant advancements in global computing power, particularly in optical modules, optical chips, CPO (Coherent Passive Optical), OCS (Optical Circuit Switching), and copper connections [2][12]. - Arista Networks introduced the 12.8T XPO optical module, which is expected to enhance optical communication demand significantly, with Lumentum forecasting a 50%+ increase in EML shipments by the end of 2026 [2][12]. - NVIDIA continues to push its CPO strategy, with Coherent indicating that CPO has entered mass production on the Scale-out side, while Scale-up is expected to ramp up by the end of 2027 [2][20]. - Lumentum signed multi-year, multi-billion-dollar contracts for OCS, indicating strong demand and a backlog of over $400 million, with a target of exceeding $1 billion in annual revenue by 2027 [29][30]. - NVIDIA supports the "optics and copper coexistence" strategy, emphasizing the continued importance of copper connections in data centers [32]. Summary by Sections Market Overview - The communication index rose by 2.10% last week, while the Shanghai Composite Index fell by 3.38% and the Shenzhen Component Index fell by 2.90% [12]. Key Companies and Dynamics - The report recommends focusing on the AI computing chain as the main investment line, with key companies including Zhongji Xuchuang, Wolong Huacai, Ruijie Networks, and others [3]. - The report also highlights core assets like China Mobile and China Telecom, and new productivity sectors such as commercial aerospace and low-altitude economy [3]. Optical Modules and Chips - Arista's XPO optical module supports high-density liquid cooling and is designed for AI scale-up, with a capacity of 12.8Tbps [13][16]. - Lumentum's optimistic outlook includes a projected CAGR of 85% for InP demand from 2025 to 2030 [16]. CPO Developments - NVIDIA's Spectrum-X CPO has entered full mass production, marking a significant milestone in optical interconnect technology [20][26]. OCS Contracts - Lumentum's new multi-year contracts for OCS are expected to drive significant revenue growth, with a CAGR of over 150% from 2025 to 2028 [29][30]. Copper Connections - NVIDIA's emphasis on the coexistence of optics and copper highlights the ongoing relevance of copper in data center architectures [32]. Recommended Stocks - The report lists several stocks with "Buy" ratings, including Wolong Huacai (002130 CH), China Telecom (601728 CH), and Zhongji Xuchuang (300308 CH), among others, with target prices reflecting strong growth potential [71][72].

Investment Rating - The report maintains an "Overweight" rating for the communication sector and communication equipment manufacturing [8]. Core Insights - The upcoming GTC and OFC conferences are expected to catalyze developments in the communication sector, particularly in areas such as optical modules, liquid cooling technologies, fiber optics, and copper connections [1][2][11]. - The report emphasizes the importance of AI computing chain investment opportunities, suggesting a focus on companies that are well-positioned in this space [1][2]. Summary by Sections Market Overview - The communication index fell by 0.12% last week, while the Shanghai Composite Index decreased by 0.70%, and the Shenzhen Component Index increased by 0.76% [1][11]. Key Companies and Dynamics - The report identifies a primary investment theme in the communication industry as the AI computing chain, recommending companies such as Zhongji Xuchuang, Xinyi Sheng, and others. It also highlights two secondary themes: core assets (China Mobile, China Telecom) and new productive forces (commercial aerospace, low-altitude economy) [3]. - Specific companies recommended for investment include: - Wolong Huacai (002130 CH) with a target price of 43.21 and a "Buy" rating [34]. - China Telecom (601728 CH) with a target price of 9.11 and a "Buy" rating [34]. - China Mobile (600941 CH) with a target price of 126.20 and a "Buy" rating [34]. - Xinyu Sheng (300502 CH) with a target price of 476.71 and a "Buy" rating [34]. - Arista Networks (ANET US) with a target price of 166.30 and a "Buy" rating [34]. - Zhongji Xuchuang (300308 CH) with a target price of 626.68 and a "Buy" rating [34]. - Ruijie Network (301165 CH) with a target price of 102.51 and a "Buy" rating [34]. - Guanghuan Xinwang (300383 CH) with a target price of 18.87 and an "Overweight" rating [34]. Upcoming Events and Focus Areas - The report suggests monitoring developments in the following areas during the GTC and OFC conferences: 1. Optical modules: Focus on Nvidia's statements regarding CPO technology and the performance of NPO and XPO prototypes [2][12]. 2. Liquid cooling: Attention to advancements in the Feynman generation technology and domestic supply chain progress [2][13]. 3. Fiber optics: Updates on the commercialization of hollow-core fiber technology [2][14]. 4. Copper connections: The potential impact of LPU cabinet forms on the market perception of copper cable lifecycles [2][14].

证券代码：002396 证券简称：星网锐捷 公告编号：临 2026-04 福建星网锐捷通讯股份有限公司 关于公开挂牌出售控股子公司 德明通讯（上海）股份有限公司 65%股权的进展公告 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、福建星网锐捷通讯股份有限公司（以下简称："公司""本公司" "星网 锐捷"）在福建省产权交易中心（以下简称"产权交易中心"）公开挂牌转让公司 持有的德明通讯（上海）股份有限公司（以下简称："德明通讯"）65%股权。经 产权交易中心按规定程序组织公开竞价，最终确认由陈承平、丁俊明、Developing Technologies Limited(拓展科技有限公司)、上海沃智达企业管理合伙企业(有 限合伙)、唐大为五位组成的联合体（以下简称："联合体"）成为最终受让方， 总受让价格为47,710万元。 2、本次交易不构成重大资产重组，不构成关联交易。 3、截至本公告披露日，德明通讯尚未完成工商变更事宜。 一、本次交易概述 - 1 - Technologies Limited(拓展科技有限公司)、上海沃智达企业管理合伙企业(有 ...

Investment Rating - The report maintains a "Buy" rating for the telecommunications industry and related companies, including specific recommendations for stocks such as China Telecom, Wolong Materials, and others [8][59]. Core Insights - Nvidia's acquisition of Groq for $20 billion highlights its commitment to the inference market and LPU products, indicating a potential shift in resource allocation towards these technologies [2][12][27]. - The LPU technology, designed for low-latency and high-efficiency real-time token generation, is expected to drive demand for copper cabling and liquid cooling solutions in the future [1][2][27]. - The report identifies a primary investment theme in the telecommunications sector focused on AI computing power, with recommended companies including Zhongji Xuchuang, New Yisheng, and others [3][59]. Summary by Sections Market Performance - The telecommunications index rose by 4.76% last week, outperforming the Shanghai Composite Index, which increased by 1.98%, and the Shenzhen Component Index, which rose by 2.80% [1][11]. Key Company Developments - Nvidia's integration plan for Groq's LPU technology aims to enhance its overall architecture, particularly in addressing low-latency decoding bottlenecks in AI applications [12][27]. - The LPU hardware is expected to be deployed in rack form, maintaining a focus on cost-effectiveness and energy efficiency, with copper connections being favored for short-distance interconnects [22][27]. Recommended Companies - The report recommends several companies for investment, including: - China Telecom (601728 CH) with a target price of 9.11 CNY - Wolong Materials (002130 CH) with a target price of 43.21 CNY - China Mobile (600941 CH) with a target price of 126.20 CNY - New Yisheng (300502 CH) with a target price of 476.71 CNY - StarNet Ruijie (002396 CH) with a target price of 39.16 CNY - Arista Networks (ANET US) with a target price of 166.30 USD - Zhongji Xuchuang (300308 CH) with a target price of 626.68 CNY - Ruijie Networks (301165 CH) with a target price of 102.51 CNY - Guanghuan New Network (300383 CH) with a target price of 18.87 CNY [8][59].

Group 1 - The digital RMB sector increased by 0.01% compared to the previous trading day, with Xingwang Ruijie leading the gains [1] - The Shanghai Composite Index closed at 4146.63, down by 0.01%, while the Shenzhen Component Index closed at 14503.79, up by 0.19% [1] - The net outflow of main funds in the digital RMB sector was 1.158 billion yuan, while retail investors saw a net inflow of 900 million yuan [1]

Core Viewpoint - The A-share market saw a significant rally in communication equipment stocks, with multiple companies reaching their daily price limits and substantial year-to-date gains reported [1][2]. Group 1: Stock Performance - Zhongtian Technology (600522) increased by 10.01%, with a market capitalization of 94.2 billion and a year-to-date gain of 52.26% [2] - Hengtong Optic-Electric (600487) rose by 10.00%, with a market cap of 109.4 billion and a year-to-date increase of 79.26% [2] - Tongding Interconnection (002491) saw a rise of 9.97%, with a market cap of 12.9 billion and a year-to-date gain of 74.67% [2] - Fenghuo Communication (600498) increased by 7.28%, with a market cap of 62.1 billion and a year-to-date gain of 42.46% [2] - Tianfu Communication (300394) rose by 6.91%, with a market cap of 283.9 billion and a year-to-date increase of 79.84% [2] - Ruijie Networks (301165) increased by 6.58%, with a market cap of 71.4 billion and a year-to-date gain of 1.05% [2] - Dingtong Technology (688668) rose by 6.36%, with a market cap of 21.7 billion and a year-to-date increase of 25.65% [2] - Yongding Co., Ltd. (600105) increased by 5.98%, with a market cap of 43.5 billion and a year-to-date gain of 18.65% [2] - Xinke Mobile (688387) rose by 5.70%, with a market cap of 55.2 billion and a year-to-date increase of 25.12% [2] - StarNet Ruijie (002396) increased by 5.30%, with a market cap of 18 billion and a year-to-date gain of 1.65% [2] - Feiling Kesi (301191) rose by 5.20%, with a market cap of 8.863 billion and a year-to-date increase of 18.88% [2] - Huiyuan Communication (000586) increased by 5.10%, with a market cap of 3.07 billion and a year-to-date gain of 17.29% [2] - ST Jinglun (600355) rose by 4.84%, with a market cap of 640 million and a year-to-date decrease of 41.96% [2] - Dayi Co., Ltd. (300504) increased by 4.75%, with a market cap of 4.304 billion and a year-to-date gain of 6.65% [2] - Hengwei Technology (603496) rose by 4.75%, with a market cap of 10.1 billion and a year-to-date increase of 15.69% [2] - Changfei Optical Fiber (601869) increased by 4.53%, with a market cap of 197.8 billion and a year-to-date gain of 105.31% [2] - Zhongguang Lightning Protection (300414) rose by 4.47%, with a market cap of 5.405 billion and a year-to-date increase of 10.90% [2]

Group 1 - The A-share market saw a collective surge in communication equipment stocks, with notable gains from companies such as Zhongtian Technology, Hengtong Optic-Electric, and Tongding Interconnection reaching the daily limit [1] - Zhongtian Technology's stock increased by 10.01%, with a total market capitalization of 94.2 billion and a year-to-date increase of 52.26% [2] - Hengtong Optic-Electric also rose by 10.00%, boasting a market cap of 109.4 billion and a year-to-date increase of 79.26% [2] Group 2 - Tongding Interconnection's stock price increased by 9.97%, with a market capitalization of 12.9 billion and a year-to-date increase of 74.67% [2] - Fenghuo Communication's stock rose by 7.28%, with a market cap of 62.1 billion and a year-to-date increase of 42.46% [2] - Tianfu Communication and Ruijie Networks saw increases of 6.91% and 6.58%, respectively, with market caps of 283.9 billion and 71.4 billion [2] Group 3 - Other companies such as Yonding Co., Xinke Mobile, and Xingwang Ruijie also experienced gains of over 5%, indicating a strong performance across the sector [1] - The overall positive trend in these stocks is supported by the formation of a MACD golden cross signal, suggesting a favorable market condition for these companies [1]