Core Viewpoint - The company reported a revenue of 16.758 billion yuan for 2024, reflecting a year-on-year increase of 5.35%, while the net profit attributable to shareholders was 405 million yuan, down 4.76% year-on-year [1] Group 1: Financial Performance - The company achieved Q4 revenue of 4.872 billion yuan, a slight increase of 0.34% year-on-year, with a net profit of 142 million yuan, up 16.22% year-on-year [1] - The gross margin for Q4 was 38.13%, showing a quarter-on-quarter increase of 6.29 percentage points [1] Group 2: Product and Market Development - The company made significant breakthroughs in network infrastructure products, particularly in the data center sector, enhancing its innovation capabilities [2] - The AI-FlexiForce intelligent computing center network solution was delivered on a large scale and won the "Annual Influential Solution Award" [2] - The company launched innovative products such as the TH5 switch, 51.2T CPO switch, and leading global 400G/800G LPO optical modules [2] Group 3: AI Applications Expansion - In the field of trusted computing, the company developed the "Shenghua" series machines based on Huawei's Kirin 9000C chip, aiding various sectors in achieving intelligent upgrades [2] - The company received telecom equipment access licenses for multiple AI voice core products, enhancing competitiveness in the operator market and industry private networks [3] - The company made strides in smart medical solutions, which were implemented in national regional medical centers across provinces like Shandong, Shanghai, and Beijing [3] Group 4: Market Outlook and Profit Forecast - The company adjusted its net profit forecasts for 2025 and 2026 downwards by 39% and 42% to 510 million yuan and 622 million yuan, respectively, while introducing a new forecast of 728 million yuan for 2027 [3] - The company maintains a "buy" rating, anticipating growth opportunities from AI intelligent computing center networks and increased demand for white-label switches in data centers driven by operator investments [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a favorable outlook for investment over the next 6-12 months [6]. Core Insights - The company achieved a total revenue of 16.758 billion yuan in 2024, reflecting a year-on-year growth of 5.35%. However, the net profit attributable to shareholders decreased by 4.76% to 405 million yuan [1]. - In Q4 2024, the company reported revenue of 4.872 billion yuan, a slight increase of 0.34% year-on-year, with a net profit of 142 million yuan, marking a significant growth of 16.22% compared to the previous year. The gross margin improved to 38.13%, up by 6.29 percentage points quarter-on-quarter [1][2]. - The company has made significant advancements in network infrastructure products, particularly in the data center sector, with the successful launch of innovative solutions such as the AI-FlexiForce intelligent computing center network solution and various high-performance switches [2][3]. Summary by Sections Financial Performance - The company reported a total revenue of 16.758 billion yuan for 2024, with a growth rate of 5.35%. The net profit attributable to shareholders was 405 million yuan, down 4.76% from the previous year [5]. - The Q4 2024 results showed revenue of 4.872 billion yuan, a year-on-year increase of 0.34%, and a net profit of 142 million yuan, which is a 16.22% increase year-on-year. The gross margin for this quarter was 38.13%, reflecting a quarter-on-quarter increase of 6.29 percentage points [1][3]. Product Development and Market Expansion - The company has achieved breakthroughs in network infrastructure products, particularly in the data center field, enhancing its innovation capabilities and driving the development of data center infrastructure [2]. - The AI-FlexiForce intelligent computing center network solution was delivered on a large scale and received the "Annual Impact Solution Award." The company also collaborated with China Mobile to release a new standard for AIGC intelligent network technology [2]. - The company is actively expanding its AI applications in various fields, including trusted computing, visual internet, and vehicle networking, with significant projects in healthcare and finance [3]. Profitability and Valuation - The report adjusts the profit forecasts for 2025 and 2026, lowering the net profit estimates from 836 million yuan and 1.072 billion yuan to 510 million yuan and 622 million yuan, respectively, reflecting a reduction of 39% and 42% [3]. - The new net profit forecast for 2027 is set at 728 million yuan, with corresponding price-to-earnings ratios of 23X, 19X, and 16X for the respective years [3].

4月3日，星网锐捷发布2024年业绩报告称，该年度实现营业收入16,758,313,911.83元，比上年同期增长5.35%；营业利润550,614,854.8元，较上年增长 22.53%；实现利润总额569,171,945.32元，比上年同期增长23.96%；归属于上市公司股东的净利润404,620,959.25元，比上年同期减少4.76%。 高密办公、工业制造、智慧医疗、8K视频与元宇宙等场景落地。 在光通信基础设施领域，持续加大光通信产品与市场投入，推出新一代智光全光组网解决方案，业界首创6合1融合光网关，助力中小企业数智化转型； FTTR+X全光智慧家庭解决方案，引领行业向"网+云+AI"方向发展。同时在运营商市场全面突破：FTTR产品实现电信运营商多省落地供货；加入中移动中 小企业数智生态联盟，进入运营商边缘计算创新产品体系，并联合中移动物联网预发布商客算力一体机原型，实现FTTO与AI算力的深度融合。 信创业务：公司积极推动"信创+AI"战略，深化信创布局，加快构建新质生产力，基于华为最新麒麟9000C芯片打造的"升华"系列整机，助力党政、国企、 教育、医疗等行业实现信创智能化升级；持续深化与兆芯 ...

Group 1 - StarNet RuiJie (002396.SZ) released its 2024 annual report on April 3, 2025, indicating that 197 institutional investors disclosed holdings of 244 million A-shares, accounting for 41.47% of the total share capital [1] - The top ten institutional investors include Fujian Electronic Information Group, Hong Kong Central Clearing Limited, Central Huijin Asset Management, and several others, with a combined holding ratio of 38.29%, which decreased by 0.71 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, five public funds reported a decrease in holdings compared to the previous quarter, with a reduction ratio of 0.46% [2] - A total of 188 new public funds were disclosed this period, including several notable funds such as the招商量化精选股票发起式A and 华夏中证5G通信主题ETF [2] - One foreign fund, Hong Kong Central Clearing Limited, increased its holdings by 2.00% compared to the previous period [2]

w 福建星网锐捷通讯股份有限公司 审 计 报 告 华兴审字202525000220029 号 华兴会计师事务所（特殊普通合伙） 审 计 报 告 华兴审字202525000220029 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2024年12月31日的合并及母公司资产负债表，2024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2024年12月31日的合并及母公司财务状况以及2024 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，我们获取的审计证据是充分、适当 的，为发表审计意见提供了基础。 三、关键审计事项 关键审计事项是我们根 ...

Core Viewpoint - Fujian StarNet Ruijie Communication Co., Ltd. has disclosed its non-operating fund occupation and other related fund transactions for the year 2024, ensuring compliance with regulatory requirements [1]. Financial Overview - The company’s consolidated and parent company balance sheets as of December 31, 2024, along with the profit and loss statements, cash flow statements, and changes in equity statements for the year 2024, have been audited [1]. - The audit report issued on April 1, 2025, was a standard unqualified opinion, indicating no significant issues found during the audit process [1]. Compliance and Disclosure - The company prepared a summary table of non-operating fund occupation and other related fund transactions in accordance with the requirements of the China Securities Regulatory Commission and the Shenzhen Stock Exchange [1]. - It is the responsibility of the company to ensure that the summary table is truthful, legal, and complete [1]. - The auditing firm verified that there were no inconsistencies in all significant aspects between the summary table and the audited financial report [1].

Core Viewpoint - The independent director's report highlights the diligent performance and adherence to legal and regulatory requirements by the independent director, ensuring the protection of the company's and shareholders' interests, particularly those of minority shareholders [1][6][11]. Group 1: Independent Director's Background - The independent director, Zheng Xianghan, holds a PhD and is recognized as a top talent in Fujian Province, with extensive experience in academia and industry [1]. - Zheng has been involved in various roles, including independent director positions in multiple companies and leadership in academic societies, contributing to numerous research projects and publications [1]. Group 2: Independence and Attendance - The independent director confirms independence as per regulatory requirements, with no factors affecting this independence during the reporting period [2]. - Attendance records show that the independent director participated in 10 board meetings and 5 shareholder meetings, demonstrating active engagement in corporate governance [2][3]. Group 3: Committee Involvement - The independent director actively participated in various board committees, including the Strategy Committee and the Compensation and Assessment Committee, providing guidance on strategic execution and compensation matters [3][4]. - The independent director supported the approval of significant transactions, including equity transfers and related party transactions, ensuring compliance with governance standards [4][7]. Group 4: Communication and Oversight - The independent director maintained communication with internal audit and accounting firms to ensure objective and fair audit results [4]. - Regular interactions with minority shareholders were conducted to uphold their rights and interests, ensuring independent judgment free from major shareholders' influence [5][6]. Group 5: Financial Oversight - The independent director reviewed and confirmed the accuracy of financial reports, including quarterly and annual reports, ensuring transparency and accountability in financial disclosures [7][8]. - The internal control evaluation report was deemed comprehensive and effective, supporting the company's sustainable operations [8]. Group 6: Recommendations and Future Actions - The independent director emphasized the importance of continued diligence in fulfilling responsibilities and maintaining effective communication with the board and management [11]. - Recommendations for ongoing improvement in governance practices were made to further protect the interests of all shareholders, especially minority shareholders [11].

Group 1 - The company has proposed a profit distribution plan for 2024, which will be submitted for approval at the annual shareholders' meeting [1][2] - The audited net profit attributable to shareholders for 2024 is approximately 404.62 million yuan, with a total distributable profit of about 3.11 billion yuan at the end of the year [1][2] - The proposed cash dividend distribution is 36.19% of the net profit attributable to shareholders, amounting to approximately 146.44 million yuan [2][3] Group 2 - The cash dividend plan will be based on the total number of shares as of the record date, excluding shares held in the company's repurchase account [2] - The company has not triggered any risk warning situations as per the stock listing rules, maintaining positive net profits and undistributed profits over the past three years [3] - The company emphasizes its commitment to sustainable high-quality development and reasonable returns for investors, aligning with its profit distribution policy and legal regulations [3]

Meeting Overview - The third meeting of the seventh Supervisory Board of Fujian StarNet RuiJie Communication Co., Ltd. was held on April 1, 2025, with all three supervisors present [1] - The meeting was convened by the chairman of the Supervisory Board, Ms. Xu Yanhui, and complied with relevant laws and regulations [1] Resolutions Passed - The meeting approved the "2024 Annual Supervisory Board Work Report" with a unanimous vote of 3 in favor [2] - The "2024 Annual Financial Settlement Report" was also approved, showing an operating profit of CNY 550,614,854.80, a 22.53% increase year-on-year, and a total profit of CNY 569,171,945.32, up 23.96% from the previous year. However, the net profit attributable to shareholders decreased by 4.76% to CNY 404,620,959.25 [2][3] - The "2024 Annual Profit Distribution Proposal" was approved, proposing a cash dividend of CNY 2.5 per 10 shares, totaling approximately CNY 146,444,642.25, which represents 36.19% of the net profit attributable to shareholders [3][4] Financial Reports - The 2024 consolidated net profit attributable to shareholders was CNY 404,620,959.25, while the parent company's net profit was CNY 362,123,806.23 [3] - The company will not allocate statutory surplus reserves for the year and will roll over the remaining undistributed profits to the next year [3] Internal Control and Accounting Policies - The "2024 Internal Control Self-Evaluation Report" was approved, confirming that the internal control evaluation was comprehensive and accurate [7] - The meeting also approved the proposal for asset impairment provisions, affirming that the decision-making process complied with relevant laws and did not harm the interests of the company and its shareholders [8] - A change in accounting policies was approved, deemed reasonable and compliant with regulations, with no significant impact on the company's financial status [8]

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[2025]25000220035 号 华兴会计师事务所（特殊普通合伙） w 华兴审字[2025]25000220035 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）2024 年 12 月 31 日的财务报告内部控制的有效性。 内部控制审计报告 中国福州市 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。 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。 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，根据内部控制审计结果推测未来内部控制的有效性具有一定风险。 1 华兴会计师事务所 ...