一、股东大会审议通过利润分配及资本公积金转增股本方案的情况 1、公司 2024 年年度股东大会审议通过了 2024 年年度权益分派方案，具体 内容为：以 2024 年 12 月 31 日股份总数 568,181,818 股为基数，以未分配利润向 全体股东每 10 股派发现金股利 6.06 元（含税），共计派发现金股利 344,318,181.71 元（含税）；同时，以资本公积金向全体股东每 10 股转增 4 股，共计转增 227,272,727 股，本次转增后公司总股本将增加至 795,454,545 股（最终以中国 证券登记结算有限责任公司深圳分公司登记为准）。本次利润分配不送红股。本 次利润分配方案披露至实施期间，若公司总股本发生变化，公司将维持每股现金 分红和每股转增股份比例不变，相应调整现金分配总额和转增总额。 2、自本次利润分配方案披露至实施期间，公司总股本未发生变化。 证券代码：301165 证券简称：锐捷网络 公告编号：2025-023 锐捷网络股份有限公司 2024 年年度权益分派实施公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 锐捷网 ...

Core Viewpoint - The report highlights that Ruijie Networks is experiencing significant growth in its data center switch segment, driven by the domestic AI development, with a target price set at 94.99 yuan, reflecting a potential upside of 45% [1][2]. Group 1: Financial Performance - In 2024, the company is expected to achieve a revenue of 116.99 billion yuan, a year-on-year increase of 1.36%, with a gross margin of 38.62% [3]. - The net profit attributable to shareholders for 2024 is projected to be 5.74 billion yuan, representing a year-on-year growth of 43.09% [3]. - For Q1 2025, revenue is anticipated to reach 25.36 billion yuan, a year-on-year increase of 18.14%, with a net profit of 1.07 billion yuan, showing a remarkable year-on-year growth of 4543.67% [3]. Group 2: Market Position and Growth Drivers - The data center switch revenue is expected to reach 39.64 billion yuan in 2024, marking a substantial year-on-year growth of 120%, with the company achieving the top market share in the 200G/400G data center switch segment [4]. - The company has successfully expanded its international market presence, with overseas revenue reaching 18.69 billion yuan in 2024, a year-on-year increase of 52.72% [4]. - The company maintains a competitive edge in the domestic internet market for data center switches, holding the largest market share [4]. Group 3: Cost Management - The company has effectively controlled its expense ratios, leading to an upward adjustment in profit forecasts despite a downward revision in revenue expectations for certain business segments [2][3]. - The sales, management, financial, and R&D expense ratios for 2024 are reported as 15.51%, 5.50%, -0.12%, and 16.12%, respectively, with notable changes in comparison to the previous year [3].

数通交换机翻倍以上增长，毛利率维稳、业绩高增 公司 2024 年报&2025Q1 业绩点评 本报告导读： 2024 年以来受益国内 AI 发展，公司数据中心交换机全面爆发、收入增速超预期，取 得 200G/400G 数据中心交换机、数据中心交换机互联网行业市场份额第一 投资要点： | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 11,542 | 11,699 | 13,837 | 16,095 | 18,136 | | (+/-)% | 1.9% | 1.4% | 18.3% | 16.3% | 12.7% | | 净利润（归母） | 401 | 574 | 771 | 1,012 | 1,200 | | (+/-)% | -27.3% | 43.1% | 34.3% | 31.2% | 18.6% | | 每股净收益（元） | 0.71 | 1.01 | 1.36 | 1.78 | 2.11 | | 净资产收益率(%) | ...

Investment Rating - The report maintains an "Outperform" rating for the company [3][8]. Core Views - The company benefits from the domestic AI development, leading to a significant surge in data center switch sales, with revenue growth exceeding expectations [1][3]. - Revenue forecasts for 2025-2027 are adjusted to 13.84 billion RMB, 16.10 billion RMB, and 18.14 billion RMB, with net profit attributable to shareholders projected at 771 million RMB, 1.01 billion RMB, and 1.20 billion RMB respectively [3][8]. - The company has achieved the top market share in the 200G/400G data center switch segment and leads the domestic internet market for data center switches [3][8]. Financial Summary - For 2024, the company expects revenue of 11.70 billion RMB, a year-on-year increase of 1.36%, with a gross profit margin of 38.62% [3][8]. - The net profit attributable to shareholders for 2024 is projected at 574 million RMB, reflecting a year-on-year increase of 43.09% [3][8]. - The first quarter of 2025 shows revenue of 2.54 billion RMB, a year-on-year increase of 18.14%, with a net profit attributable to shareholders of 107 million RMB, a staggering year-on-year increase of 4543.67% [3][8]. Market Performance - The company's network equipment revenue for 2024 is expected to reach 9.65 billion RMB, a year-on-year increase of 14.90%, with data center switch revenue soaring by 120% [3][8]. - The overseas market revenue for 2024 is projected at 1.87 billion RMB, a year-on-year increase of 52.72%, indicating successful international market expansion [3][8].

北京市中伦律师事务所 关于锐捷网络股份有限公司 2024 年年度股东大会的 法律意见书 二〇二五年五月 北京 • 上海 • 深圳 • 广州 • 武汉 • 成都 • 重庆 • 青岛 • 杭州 • 南京 • 海口 • 东京 • 香港 • 伦敦 • 纽约 • 洛杉矶 • 旧金山 • 阿拉木图 Beijing • Shanghai • Shenzhen • Guangzhou • Wuhan • Chengdu • Chongqing • Qingdao • Hangzhou • Nanjing • Haikou • Tokyo • Hong Kong • London • New York • Los Angeles • San Francisco • Almaty 北京市中伦律师事务所 关于锐捷网络股份有限公司 2024 年年度股东大会的 法律意见书 致：锐捷网络股份有限公司 北京市中伦律师事务所（以下简称"本所"）接受锐捷网络股份有限公司（以 下简称"公司"）委托，指派本所律师对公司 2024 年年度股东大会（以下简称"本 次股东大会"）的合法性进行见证并出具本法律意见书。 本所及本所律师依据《中华人民共和国证 ...

证券代码：301165 证券简称：锐捷网络 公告编号：2025- 022 锐捷网络股份有限公司 2024 年年度股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东大会未出现否决议案的情形。 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1、会议召开时间 （1）现场会议时间：2025 年 5 月 21 日下午 14:30 开始。 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的时间为 2025 年 5 月 21 日上午 9:15-9:25，9:30-11:30 和下午 13:00-15:00；通过深圳证券 交易所互联网系统投票的具体时间为 2025 年 5 月 21 日上午 9:15 至下午 3:00。 2、现场会议召开地点：福建省福州市仓山区三环纵一号路智能产业园 A2 号楼 21 层会议室 3、会议召开方式：本次股东大会采取现场投票与网络投票相结合的方式。 4、会议召集人：公司董事会 5、会议主持人：董事长阮加勇先生 6、会议的召集、召开与表决程序符合国家 ...

证券代码： 301165 证券简称：锐捷网络 锐捷网络股份有限公司 投资者关系活动记录表 编号：2025-02 答：尊敬的投资者您好，公司严格按照《劳动法》《劳动合 同法》等法律法规的要求，规范劳动用工管理。公司的员工数量 变动受到公司整体业务规划的资源配置以及劳动者的自主选择 等多重影响。2025 年度人工费用相关数据将在后续定期报告中 予以披露。感谢您的关注。 2 | 4、请问公司二季度订单和生产任务是否饱和，全年增长是 | | --- | | 否同比去年好，今年有没资本方面的打算，同时建议 11 月份解 | | 禁的大股东，延长时间解禁，给予投资者信心。 | | 答：尊敬的投资者您好，关于经营业绩相关指标，请您关注 | | 公司后续披露的定期报告相关数据。后续如有资本方面计划，公 | | 司将按照法定要求履行信息披露义务。感谢您的关注和建议。 | | 5、董事长您好！请问公司是否有涉及军工方面的网络安全？ | | 答：尊敬的投资者您好，公司是 ICT 基础设施及行业解决方 | | 案提供商，网络安全产品也是公司主营业务之一。目前，公司的 | | 产品与解决方案已广泛应用于政府、运营商、金融、教育、医疗、 ...

Investment Rating - The report maintains an "Overweight" rating for the communication industry and its sub-sectors, including communication operators [9]. Core Insights - China Mobile has initiated a centralized procurement project for ordinary optical cable products for 2025-2026, with a notable decrease in both procurement scale and price limits, indicating a downward trend in capital expenditure for traditional connections [2][3]. - The optical fiber and cable manufacturers are expected to seek new growth points in saturated markets, such as undersea cables and data center interconnect (DCI) [2][3]. - The report highlights the need to monitor the bidding progress of optical fiber and cable manufacturers and their breakthroughs in new directions [2][3]. Summary by Sections Market Overview - The communication index rose by 4.96% last week, outperforming the Shanghai Composite Index and Shenzhen Component Index, which increased by 1.92% and 2.29%, respectively [2][13]. - The procurement scale for China Mobile's current round is 0.99 billion core kilometers, down 30.98% from 2021 and 8.65% from 2023 [14]. Procurement Details - The maximum price limit for this round is set at 5.675 billion yuan, a decrease of 42.44% from 2021 and 25.57% from 2023 [14]. - The average procurement price is 57.42 yuan per core kilometer, down 16.6% from 2021 and 18.72% from 2023 [14]. Company Recommendations - The report recommends several companies for investment, including China Mobile, China Telecom, and China Unicom, with target prices and ratings indicating a bullish outlook [10]. - Specific companies highlighted for their potential include Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication, all rated as "Buy" [10]. Industry Trends - The report notes a significant shift in focus towards AI computing chains and core asset value reassessment within the communication industry [4]. - The demand for optical cables in data centers is projected to account for approximately 5% of global demand by 2025, increasing to over 11% by 2030 [18]. Competitive Landscape - The competitive environment among optical cable manufacturers is expected to intensify due to the reduced procurement scale and price limits, with a maximum share of 19.36% for winning bidders [15][18]. - Major players are expanding into international undersea communication projects, with companies like Hengtong Optic-Electric actively participating in global markets [19].

- The report predicts adjustments to the sample stocks of seven major broad-based indices in the Chinese market, including CSI 300, CSI 500, SSE 50, STAR 50, STAR 100, ChiNext Index, and ChiNext 50, based on the index compilation rules and data as of April 30, 2025 [1][7] - The CSI 300 Index selects stocks from the Shanghai and Shenzhen markets that meet criteria such as good operational status, no significant financial issues, and no abnormal price fluctuations. The selection process involves ranking stocks by daily average trading volume and market capitalization over the past year, applying buffer rules, and excluding stocks with significant losses or long-term suspensions. Adjustments are limited to 10% of the constituent stocks per review [8] - The CSI 500 Index excludes CSI 300 constituents and follows a similar methodology, focusing on stocks with good operational status, no financial irregularities, and stable price movements. Stocks are ranked by daily average trading volume and market capitalization, with buffer rules applied, and adjustments are capped at 10% of the constituent stocks [10] - The SSE 50 Index is derived from the SSE 180 Index, selecting stocks based on daily average market capitalization and trading volume over the past year. The accuracy of SSE 50 predictions depends on the SSE 180 Index's accuracy. Adjustments are limited to 10% of the constituent stocks [13] - The STAR 50 Index represents the top 50 securities on the STAR Market by market capitalization and liquidity. Stocks are ranked by daily average market capitalization, with buffer rules applied, and adjustments are capped at 10% of the constituent stocks [15] - The STAR 100 Index includes 100 mid-sized securities from the STAR Market, reflecting the performance of mid-cap companies. The selection process is similar to STAR 50, with adjustments limited to 10% of the constituent stocks [17] - The ChiNext Index selects stocks from the ChiNext Board based on the top-ranked daily average market capitalization over the past six months. Buffer rules are applied, and stocks with significant losses or long-term suspensions are excluded. Adjustments are capped at 10% of the constituent stocks [20] - The ChiNext 50 Index selects the most liquid stocks from the ChiNext Index's 100 constituents, considering industry coverage and applying buffer rules. Adjustments are limited to 10% of the constituent stocks [24]

证券代码：301165 证券简称：锐捷网络 公告编号：2025-021 锐捷网络股份有限公司 2025 年 5 月 14 日（星期三）下午 15:30-17:00 二、活动方式 1. 召开方式：网络远程 2. 参与方式：投资者可登录"全景路演"网站（http://rs.p5w.net），或关注微 信公众号：全景财经，或下载全景路演 APP，参与本次互动交流。 三、公司出席人员 关于参加 2025 年福建辖区上市公司投资者网上集体接待日活动暨 召开 2024 年度和 2025 年第一季度网上业绩说明会的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 为进一步加强与广大投资者的互动交流，锐捷网络股份有限公司（以下简称 "公司"）将参加由福建证监局、福建省上市公司协会与深圳市全景网络有限公 司联合举办的"2025 年福建辖区上市公司投资者网上集体接待日活动"暨召开 2024 年度和 2025 年第一季度网上业绩说明会。现将相关事项公告如下： 一、活动时间 特此公告。 锐捷网络股份有限公司董事会 二○二五年五月八日 2 公司董事长阮加勇先生，独立董事牛玉贞女士， ...