Core Insights - The company reported significant growth in Q2 2025, with a revenue increase of 31.84% year-on-year and a net profit surge of 194% year-on-year [1] - The data center switch business experienced substantial growth due to rising demand for internet data centers and accelerated delivery [2] - The company is enhancing its product structure through innovation and market expansion, with a notable increase in overseas revenue [3] - Cost reduction and efficiency measures have led to improved profitability, with a net profit margin increase [4] - The company is positioned to benefit from strong demand in the AI infrastructure sector, with projected revenue growth for 2025-2027 [5] Financial Performance - In H1 2025, the company achieved a revenue of 6.649 billion yuan, with a net profit of 452 million yuan [1] - Q2 2025 saw a revenue of 4.113 billion yuan, representing a 41.99% year-on-year increase and a 62.19% quarter-on-quarter increase [1] - The data center switch sales increased by 333.07% year-on-year to 111,300 units, with revenue growth of 110.05% to 3.596 billion yuan [2] Market Dynamics - The demand for AI infrastructure is driving the need for computing power, with major internet clients increasing capital expenditures [2] - The company holds a third-place market share in China's data center switch market and leads in the 200G/400G segment [2] - The company has established a large partner network internationally, with overseas revenue growing by 48.46% to 1.145 billion yuan [3] Cost Management - The company has implemented cost reduction measures, resulting in a decrease in sales and R&D expenses [4] - The sales expense ratio decreased by 5.07 percentage points, contributing to a net profit margin increase of 3.75 percentage points to 6.8% [4] Investment Outlook - The company is expected to achieve revenues of 15.413 billion yuan, 20.438 billion yuan, and 26.494 billion yuan for 2025-2027, with corresponding net profits of 1.219 billion yuan, 1.804 billion yuan, and 2.482 billion yuan [5] - The company is rated as "Buy" based on its strong market position and growth potential in the AI infrastructure sector [5]

Group 1 - The core point of the article is that Ruijie Networks (301165.SZ) announced a restricted stock incentive plan for 2025, proposing to grant 7.95 million shares to 435 incentive recipients, which represents 1.00% of the company's total share capital as of the announcement date [1] - The grant price for the restricted stock under this incentive plan is set at 44.82 yuan per share [1]

Group 1 - The core point of the article is that Ruijie Networks (301165.SZ) has announced a restricted stock incentive plan for 2025, proposing to grant 7.95 million shares, which accounts for approximately 1.00% of the company's total share capital as of the announcement date [1] - The grant will be a one-time award with no reserved rights, and the price for the restricted stock is set at 44.82 yuan per share [1] - The effective period of the incentive plan will last from the date of grant until the restricted stocks are fully vested or become invalid, with a maximum duration of 60 months [1]

Group 1 - The core point of the article is that Ruijie Networks (301165.SZ) has announced a restricted stock incentive plan for 2025, proposing to grant 7.95 million shares, which accounts for approximately 1.00% of the company's total share capital as of the announcement date [1] - The grant will be a one-time issuance with no reserved rights [1] - The grant price for the restricted stock is set at 44.82 yuan per share [1] Group 2 - The effective period of the incentive plan is from the date of grant until all granted restricted stocks are vested or become invalid, with a maximum duration of 60 months [1]

Group 1 - The incentive plan involves 435 individuals, with a total of 7.95 million restricted shares to be granted, representing approximately 1% of the company's total share capital as of the announcement date [1] - The grant price for the restricted shares is set at 44.82 yuan per share, with a maximum validity period of 60 months from the grant date [1] - As of the report, the company's market capitalization stands at 71.1 billion yuan [1] Group 2 - For the year 2024, the company's revenue composition is entirely from the ICT industry, accounting for 100% [1]

锐捷网络股份有限公司 2025 年限制性股票激励计划（草案）摘要 证券简称：锐捷网络 证券代码：301165 锐捷网络股份有限公司 2025 年限制性股票激励计划（草案）摘要 二〇二五年九月 特别提示 一、《锐捷网络股份有限公司 2025 年限制性股票激励计划（草案）》由锐 捷网络股份有限公司（以下简称"锐捷网络""公司"或"本公司"）依据《中 华人民共和国公司法》《中华人民共和国证券法》《上市公司股权激励管理办法》 《深圳证券交易所创业板股票上市规则》《深圳证券交易所创业板上市公司自律 监管指南第 1 号——业务办理》《国有控股上市公司（境内）实施股权激励试行 办法》（国资发分配〔2006〕175 号）、《关于规范国有控股上市公司实施股权 激励制度有关问题的通知》（国资发分配〔2008〕171 号）、《中央企业控股上 市公司实施股权激励工作指引》（国资考分〔2020〕178 号）和其他有关法律、 行政法规、规范性文件，以及《公司章程》等有关规定制订。 锐捷网络股份有限公司 2025 年限制性股票激励计划（草案）摘要 声明 本公司及董事会、监事会全体成员保证本激励计划及其摘要内容的真实、准 确和完整，没有虚假 ...

锐捷网络股份有限公司 | | （12）公司发生控制权变更、合并、分立、激励对象发 生职务变更、离职、死亡等事项时如何实施股权激励计 | | | --- | --- | --- | | | | 是 | | | 划 | | | | （13）公司与激励对象各自的权利义务，相关纠纷或者 争端解决机制 | 是 | | | （14）上市公司有关股权激励计划相关信息披露文件不 存在虚假记载、误导性陈述或者重大遗漏的承诺；激励 | | | | 对象有关披露文件存在虚假记载、误导性陈述或者重大 | | | | 遗漏导致不符合授予权益或者行使权益情况下全部利 | 是 | | | 益返还公司的承诺。上市公司权益回购注销和收益收回 | | | | 程序的触发标准和时点、回购价格和收益的计算原则、 | | | | 操作程序、完成期限等。 | | | | 绩效考核指标是否符合相关要求 | | | 22 | 是否包括公司业绩指标和激励对象个人绩效指标 | 是 | | 23 | 指标是否客观公开、清晰透明，符合公司的实际情况， | 是 | | | 是否有利于促进公司竞争力的提升 | | | | 以同行业可比公司相关指标作为对照依据的，选取的 ...

锐捷网络股份有限公司 2025 年限制性股票激励计划激励对象名单 锐捷网络股份有限公司 2、本激励计划涉及的激励对象不包括公司独立董事、监事、单独或合计持有公司 5%以 上股份的股东、实际控制人及其配偶、父母、子女。 3、上表中部分合计数与各明细数相加之和在尾数上如有差异，系以上百分比结果四舍五 入所致。 锐捷网络股份有限公司董事会 2025 年 9 月 29 日 1 2025 年限制性股票激励计划激励对象名单 | | | | | | 获授的第二类限 | 占本激励计划拟 | 占本激励计划草 | | --- | --- | --- | --- | --- | | 姓名 | 职务 | 制性股票数量 | 授出全部权益数 | 案公布日股本总 | | | | （万股） | 量的比例 | 额的比例 | | 刘忠东 | 董事、总经理 | 14.00 | 1.76% | 0.02% | | 陈宏涛 | 董事、副总经理 | 11.50 | 1.45% | 0.01% | | 刘弘瑜 | 副总经理、财务 负责人 | 11.50 | 1.45% | 0.01% | | 诸益平 | 副总经理 | 11.50 | 1.45% | 0. ...

锐捷网络股份有限公司 2025 年限制性股票激励计划（草案） 证券简称：锐捷网络 证券代码：301165 锐捷网络股份有限公司 2025 年限制性股票激励计划（草案） 二〇二五年九月 锐捷网络股份有限公司 2025 年限制性股票激励计划（草案） 声明 本公司及董事会、监事会全体成员保证本激励计划及其摘要内容的真实、准 确和完整，没有虚假记载、误导性陈述或重大遗漏。 1 锐捷网络股份有限公司 2025 年限制性股票激励计划（草案） 特别提示 一、《锐捷网络股份有限公司 2025 年限制性股票激励计划（草案）》由锐 捷网络股份有限公司（以下简称"锐捷网络""公司"或"本公司"）依据《中 华人民共和国公司法》《中华人民共和国证券法》《上市公司股权激励管理办法》 《深圳证券交易所创业板股票上市规则》《深圳证券交易所创业板上市公司自律 监管指南第 1 号——业务办理》《国有控股上市公司（境内）实施股权激励试行 办法》（国资发分配〔2006〕175 号）、《关于规范国有控股上市公司实施股权 激励制度有关问题的通知》（国资发分配〔2008〕171 号）、《中央企业控股上 市公司实施股权激励工作指引》（国资考分〔2020〕1 ...

除非特别指明，本办法中涉及用语的含义与激励计划草案中该等名词的含义 相同。 锐捷网络股份有限公司 2025 年限制性股票激励计划管理办法 锐捷网络股份有限公司 2025 年限制性股票激励计划管理办法 一、总则 为贯彻落实锐捷网络股份有限公司（以下简称"公司"）2025 年限制性股票 激励计划，明确 2025 年限制性股票激励计划的管理机构及其职责、实施流程、授 予及归属程序、特殊情况的处理、信息披露、财务会计与税收处理、监督管理等 各项内容，特制定本办法。 本办法根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公 司股权激励管理办法》《国有控股上市公司（境内）实施股权激励试行办法》（国 资发分配〔2006〕175 号）、《关于规范国有控股上市公司实施股权激励制度有关 问题的通知》（国资发分配〔2008〕171 号）、《中央企业控股上市公司实施股权 激励工作指引》（国资考分〔2020〕178 号）等法律、法规及规范性文件的有关规 定，结合《公司章程》及《2025 年限制性股票激励计划（草案）》（以下简称"激 励计划"或"本激励计划"）制定，经公司股东大会审议通过后生效。 二、 管理机构及其职责权限 （ ...