中信证券股份有限公司 关于锐捷网络股份有限公司 2025年半年度持续督导跟踪报告 二、保荐人发现公司存在的问题及采取的措施 | 事项 | 存在的问题 | 采取的措施 | | --- | --- | --- | | | 保荐人查阅了公司信息披露文件，投资者关 | | | | 系登记表，深圳证券交易所互动易网站披露 | | | | 信息，重大信息的传递披露流程文件，内幕 | | | 1.信息披 | 信息管理和知情人登记管理情况，信息披露 | 不适用 | | 露 | 管理制度，检索公司舆情报道，对高级管理 | | | | 人员进行访谈，未发现公司在信息披露方面 | | | | 存在重大问题。 | | | 2.公司内 | 保荐人查阅了公司章程及内部制度文件，对 | | | 部制度的 | 公司高级管理人员进行访谈，未发现公司在 | 不适用 | | 建立和执 | 公司内部制度的建立和执行方面存在重大问 | | | 行 | 题。 | | | | 保荐人查阅了公司章程、三会议事规则及会 | | | 3．"三 | 议材料、信息披露文件，对高级管理人员进 | 不适用 | | 会"运作 | 行访谈，未发现公司在"三会"运作方面存 ...

Core Viewpoint - Ruijie Networks experienced a stock price decline of 2.12% on September 8, 2023, with a current price of 83.47 CNY per share and a total market capitalization of 66.397 billion CNY [1] Financial Performance - For the first half of 2025, Ruijie Networks reported a revenue of 6.649 billion CNY, representing a year-on-year growth of 31.84%, and a net profit attributable to shareholders of 452 million CNY, which is a significant increase of 194.00% [2] - The company has distributed a total of 1.117 billion CNY in dividends since its A-share listing [3] Stock Market Activity - As of September 8, 2023, the stock has increased by 63.22% year-to-date, but has seen a decline of 19.44% over the past five trading days [1] - The stock has appeared on the "Dragon and Tiger List" once this year, with a net buy of 117 million CNY on August 18, 2023 [1] Shareholder Structure - As of June 30, 2025, the number of shareholders decreased by 13.22% to 25,500, while the average number of circulating shares per person increased by 61.32% to 3,746 shares [2] - The largest shareholder is Dongfang Alpha Advantage Industry Mixed A, holding 3.2388 million shares, an increase of 1.4856 million shares from the previous period [3]

Group 1: Overseas Strategy Research - The current AH premium level still has some room to decline, with the narrowing mainly contributed by traditional industries. Traditional industries like real estate and banking still have room for further narrowing, while emerging industries such as semiconductors and hardware are expected to see a gradual narrowing in the future. A-share first-listed companies have a greater downward space for AH premium [3]. Group 2: Strategy Special Report - The structural recovery continues, with AI + overseas expansion being the core prosperity clues in the second-quarter reports. The performance growth of all A non-financial oil and petrochemical (All A two non) slowed down in 25Q2, but the prosperity clues within the technology growth sector accelerated their spread. The global AI industry resonance and overseas expansion are the core prosperity clues. Mid-cap growth stocks have outstanding performance growth, and the prosperity of hard technology and non-banking sectors is dominant [5][6]. Group 3: Industry Strategy - Comprehensive - Interferon α1b, suitable for the Chinese population, has the advantages of low antigenicity and few adverse reactions. It can be used for common viral diseases and malignant tumors, especially in children. The market is mainly in China and India, with a good competitive landscape. Some injections have been included in the medical insurance, and future demand is expected to increase [10]. Group 4: Industry Tracking Report - Military - The military parade demonstrated the high prosperity of the military industry. New and advanced military equipment was showcased, reflecting China's military technological innovation and strategic deterrence capabilities. The industry demand is highly certain, and with the acceleration of reform and innovation, it is expected to maintain high prosperity. Recommended stocks include AVIC Shenyang Aircraft, AVIC Optoelectronics, etc. [13][14][15]. Group 5: Industry Special Research - Household Appliances - The domestic subsidy effect continues, but the marginal effect is decreasing, and the tariff impact on exports is expected to ease. The overseas revenue proportion of the household appliance sector is increasing, and many companies are expanding into new fields. The performance of some companies in Q2 exceeded expectations, mainly in small household appliances and cleaning appliances. Four investment lines are recommended [18][19][20]. Group 6: Industry Strategy - Textile and Apparel - In 2025, the cumulative export of textiles and clothing in China and Vietnam increased year-on-year. In Q2, the revenue growth of many companies slowed down or declined, and the profit margin was under greater pressure. The short-term tariff impact will end at the end of the year, and future order prosperity is the core variable. Recommended stocks include Bailong Eastern, Jiuxing Holdings, etc. [25][26][27]. Group 7: Industry Tracking Report - Social Services - The investment view recommends AI applications, new retail and renovation, and emotional and experiential consumption stocks. The performance of the retail and consumer service sectors last week was ranked 9th and 14th respectively. Key industry information and company announcements were updated [29][30][31]. Group 8: Industry Semi-annual Report - Textile and Apparel - In 25H1, the Hong Kong stock sports sector led the industry in revenue and net profit growth, while the A-share brand performance was divided. The market expectations for brands after the semi-annual reports were mostly revised downwards, but the sports sector showed more resilience. Four investment lines are recommended [34][35][37]. Group 9: Industry Weekly Report - Petroleum - This week, crude oil trading returned to fundamental factors. The probability of interest rate cuts in the US has increased in the medium and long term, and the demand for crude oil has weakened. Recommended stocks include Xin凤鸣, Tongkun Co., Ltd., etc. [39]. Group 10: Company Semi-annual Report Comment - Quicktron Intelligent - The company achieved steady growth in 25H1, with high growth in contract liabilities laying a foundation for future growth. Benefiting from the high prosperity of the downstream AI industry, the demand for its main business continues to grow. The TCB prototype is expected to be launched within this year, expanding the semiconductor packaging map [40][41][42]. Group 11: Company Semi-annual Report Comment - Runhe Software - In 2025H1, the company's non-recurring profit increased significantly, and the intelligent IoT business maintained high prosperity. The company is making efforts in open-source Hongmeng, open-source Euler, and enterprise-level AI to create new driving forces, and is building an AI full-stack technology system [44][45][46]. Group 12: Overseas Report - China Everbright Holdings - The company is a leader in the private equity industry, with both the asset and liability sides showing improvement inflection points. It focuses on technological innovation and is gradually entering the harvest period. A "buy" rating is given for the first coverage, with a target price of HK$14.18 [49][50][51]. Group 13: Company First Coverage - Hanbell Precise Machinery - The company is a leader in the compressor industry, with healthy operating indicators and strong cash flow generation ability. The demand for data centers is surging, and the demand for magnetic levitation compressors is expanding. The company is expected to benefit from the industry's development, and a "buy" rating is given for the first coverage [54][55][56]. Group 14: Company Semi-annual Report Comment - Ruijie Networks - The company's data center business accounts for more than 50% of its revenue, showing strong income elasticity. The net profit margin shows an inflection point trend, and the expense ratio has decreased. A "buy" rating is maintained, with an upward adjustment of the performance forecast [59][60][61]. Group 15: Company Semi-annual Report Comment - Zhonggong International - The company's semi-annual report shows a decline in net profit but an improvement in gross profit margin and cash flow. Newly signed contracts increased by 33%. It has technical and brand advantages in细分 fields, and its investment and operation business in engineering has achieved multi-point breakthroughs. A "buy" rating is maintained [62][63][64]. Group 16: Company Semi-annual Report Comment - Jiuli Special Material - The company's overseas revenue exceeded domestic revenue in the first half of 2025, indicating significant international development achievements. The composite pipe orders were released, and the welding pipe gross profit margin decreased. The power equipment industry is booming, and the alloy company continues to grow. A "buy" rating is maintained [68][69][70]. Group 17: Company Semi-annual Report Comment - MEI Airtech - The company's operation is stable, and its performance is growing steadily. It actively responds to the overseas expansion of new energy and accelerates global layout to expand downstream markets. Solid-state batteries require higher cleanliness, and the company's clean equipment is expected to benefit first. A "buy" rating is maintained [72][73][74]. Group 18: Company Semi-annual Report Comment - Haimuxing - The company's performance was under pressure in 25H1, but it is expected to improve in the future. Its globalization strategy has achieved remarkable results, and its non-lithium battery business is advancing steadily. With sufficient orders, it has strong performance elasticity. A "buy" rating is given [77][78][79]. Group 19: Company First Coverage - FAW Jiefang - The company is a leading enterprise in China's commercial vehicle industry. Its 2025 semi-annual report was under pressure, but with the recovery of the domestic and overseas markets, its profitability is expected to improve. It is accelerating overseas layout to enhance its profitability. A "buy" rating is given for the first coverage [80][81][83]. Group 20: Company Semi-annual Report Comment - Shenzhou Information - The company's revenue increased steadily in the first half of 2025, and its profit in Q2 significantly reduced losses. Its financial software and service business grew steadily against the trend, and its large customer strategy achieved remarkable results. It has deeply explored the "AI + finance" application, and two strategic products have been implemented in scenarios. A "buy" rating is maintained [84][85][86]. Group 21: Company Semi-annual Report Comment - SAIC Motor - The company's reform results are emerging, and its performance is stabilizing and rebounding. The Huawei project is progressing smoothly, and the first model of the SAIC Shangjie brand is worth looking forward to. A "buy" rating is maintained [89][90]. Group 22: Company Semi-annual Report Comment - China World Trade Center - The company's revenue and profit decreased year-on-year in 2025H1, and the rent and occupancy rate of each business format fluctuated. The China World Trade Center supports its core revenue. A "buy" rating is maintained [92][93][94].

Group 1 - The company, Ruijie Networks (301165.SZ), clarified that it has not partnered with Nvidia to develop CPO switches [1] - The company possesses relevant technology reserves related to CPO and has previously collaborated with Tencent and Broadcom on innovations and applications of CPO technology in switching networks [1]

Core Viewpoint - Ruijie Networks announced on September 4 that its self-developed 400G/800G high-speed optical module products are primarily aimed at internet companies with high-performance computing network needs, aligning with their data center switch products and overall solutions [1] Group 1 - The company has not collaborated with NVIDIA to develop CPO switches [1] - The company possesses relevant CPO technology reserves and has previously collaborated with Tencent and Broadcom on innovations and applications of CPO technology in switching networks [1] - Currently, the company has not initiated self-developed switch chip business [1]

Group 1 - The company currently does not have OCS switch products and is actively exploring new network architectures and cutting-edge technologies to meet changing user demands [1] - The company has not partnered with NVIDIA to develop CPO switches [1] - The recent release of the State Council's AI+ action plan is expected to accelerate the iteration and evolution of AI technologies, promoting high-quality development across various industries [1] Group 2 - As AI application scenarios deepen, the demand for computing power is expected to continue rising [1] - Computing power networks are anticipated to experience sustained development opportunities as a key support in this trend [1]

Group 1 - The company currently does not have OCS switch products and is actively exploring new network architectures and cutting-edge technologies to meet changing user demands [1] - The company has not partnered with NVIDIA to develop CPO switches [1] - The recent release of the State Council's AI+ action plan is expected to accelerate the iteration of AI technologies and promote high-quality development across various industries [1] Group 2 - As AI application scenarios deepen, the demand for computing power is expected to continue rising [1] - Computing power networks are anticipated to experience sustained development opportunities as a key support in this trend [1]

Core Viewpoint - Ruijie Networks (301165.SZ) focuses on self-developed 400G/800G high-speed optical module products aimed at internet companies with high-performance computing network needs [1] Group 1 - The company's optical module products are designed to fit the data center switch products and overall solutions purchased by internet firms [1] - The company has not collaborated with Nvidia to develop CPO switches [1] - The company possesses technical reserves related to CPO and has previously collaborated with Tencent and Broadcom on CPO technology innovation and application in switching networks [1] - Currently, the company has not initiated self-developed switch chip business [1]

Group 1 - The CPO concept stocks in the A-share market have experienced a significant decline, with several companies seeing drops exceeding 10% [1] - Notable declines include Shijia Photon down 10.69%, Tianfu Communication down 10.05%, and Taicheng Light down 9.71% [2] - Other companies such as Xinyi Sheng, Zhongji Xuchuang, and Tongfu Microelectronics also reported declines ranging from 5% to 9% [1][2] Group 2 - The total market capitalization of Shijia Photon is 33.8 billion, while Tianfu Communication has a market cap of 143.6 billion [2] - Year-to-date performance shows that Shijia Photon has increased by 349.85%, and Tianfu Communication has risen by 184.56% [2] - Companies like Xinyi Sheng and Zhongji Xuchuang have year-to-date increases of 307.30% and 217.84%, respectively [2]

Group 1: Company Overview - Hanbell Precise Machinery - Hanbell Precise Machinery is a leading company in the compressor industry, benefiting from the high growth demand in downstream AIDC construction, with its magnetic levitation compressor products expected to see significant sales growth [2][25] - The company has achieved a compound annual growth rate (CAGR) of 17.1% in revenue from 2014 to 2024, with a projected net profit margin of 23.5% and a return on equity (ROE) of 21.77% in 2024, indicating strong operational health [3][28] - The company’s operating cash flow for the first half of 2025 was 410 million, accounting for 27.4% of its revenue, showcasing its strong cash flow generation capability [3][28] Group 2: Market Demand and Trends - The demand for magnetic levitation compressors is expanding due to the surge in data center construction driven by AI applications, with liquid cooling becoming the mainstream cooling technology [4][29] - The estimated market demand for magnetic levitation centrifugal compressors for 100,000 GB300 cabinets is approximately 14.3 billion, highlighting the significant market potential [4][29] - Hanbell is positioned as a leader in the magnetic levitation compressor market, accelerating the import substitution process in the data center cooling market, with production capacity established in multiple regions including Shanghai, Taiwan, Vietnam, the US, and Europe [4][29] Group 3: Industry Insights - Wholesale and Retail - The wholesale and retail industry is expected to benefit from rising gold prices, with the gold and jewelry sector showing low valuations and strong domestic demand support [6][7] - The anticipated increase in gold prices is expected to enhance the sales elasticity of gold jewelry brands, particularly those with a high proportion of sales from investment gold [7][8] - The industry is projected to see a steady net increase in channel expansion despite market challenges, with brands that focus on investment gold and high-value products likely to outperform [7][8] Group 4: Industry Insights - Military Industry - The military industry is experiencing high prosperity, as demonstrated by the recent military parade showcasing new equipment, reflecting China's military technology innovation and strategic deterrence capabilities [11][12] - The focus on modernizing military equipment is expected to drive long-term growth in the military sector, with increased defense spending anticipated due to rising geopolitical tensions [13][21] - Key military companies are expected to benefit from this trend, with recommendations for investment in companies such as AVIC and North Navigation [13][21] Group 5: Overseas Strategy Insights - The current AH premium level has potential downward space, primarily driven by traditional industries, with real estate and banking sectors still having room for premium contraction [10][18] - Emerging industries like semiconductors and hardware are also expected to see a gradual narrowing of AH premiums, indicating a shift in market dynamics [10][18]