Group 1 - The core viewpoint of the articles highlights the strong financial performance of Ruijie Networks in Q1 2025, with a revenue of 2.535 billion yuan, representing an 18.14% year-on-year increase, and a net profit of 107 million yuan, showing a remarkable growth of 4543.67% year-on-year [1] - The company reported a net cash flow from operating activities of -883 million yuan, which is a 42.8% year-on-year improvement [1] - As of the end of Q1 2025, the total assets of the company reached 9.807 billion yuan, a 3.2% increase compared to the end of the previous year, while the net assets attributable to shareholders increased by 2.6% to 4.695 billion yuan [1] Group 2 - Ruijie Networks is focused on the research, production, and sales of network equipment and solutions, aiming to provide efficient network connectivity services [1] - The company is actively monitoring the development of 6G communication technology and plans to explore related business opportunities based on industry trends [1] - The new flagship Wi-Fi 7 wireless AP product RG-AP9861-R, released in 2024, is a strategic move to position the company in the 6G frequency band [1] Group 3 - The strategic placement asset management plan of CITIC Securities initiated a reduction of 4.4394 million shares, accounting for 0.78% of the total share capital, with an estimated cash-out of approximately 312 million yuan [2] - As of March 31, 2025, the top ten circulating shareholders of Ruijie Networks saw changes, with new entrants like E Fund Vision Growth Mixed A and exits from CITIC Securities-related plans [2] - Among the new top ten circulating shareholders, three insurance funds collectively held 1.5584 million shares, with E Fund Vision Growth Mixed A holding 589,900 shares, accounting for 0.87% of circulating shares [2]

证券研究报告 锐捷网络 (301165 CH) 业绩同比高增：数通放量、经营向好 | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 29 日│中国内地 | 通信设备制造 | 公司公布一季度业绩：1Q25 实现收入 25.36 亿元，同比+18%；归母净利 润 1.07 亿元，同比+4544%，扣非归母净利润 0.95 亿元，同比+821%，归 母净利润高增系 1Q24 低基数效应（1Q24 下游需求承压下，费用并未降低） 叠加本期费用率大幅优化。我们看好 AI 以太网持续拓展，公司外部受益于 互联网客户资本开支增长，内部经营持续改善。维持"买入"评级。 数据中心交换机加速交付，保持网络设备领域领先地位 公司 1Q25 收入增长主要系互联网客户 AI"军备竞赛"进行下，数据中心 交换机产品订单加速交付。公司凭借场景化的产品和创新的解决方案，在多 个网络设备领域份额领先，根据 IDC 数据，2024 年公司国内以太网交换机 市占率 14%，排名第三；数据中心交换机国内市占率排名第三，其中在互 联网、电子制造等行业排名第一；WLAN 产品在 ...

Group 1: Company Performance Highlights - Youfa Group reported a revenue of 11.40 billion yuan in Q1, a year-on-year increase of 6.06%, with a net profit of 133 million yuan, up 9680.17% due to increased sales volume and improved gross margin [2][3] - Ruijie Networks achieved a revenue of 2.54 billion yuan, growing 18.14% year-on-year, and a net profit of 107 million yuan, up 4543.67%, driven by accelerated orders and effective cost management [4][5] - Weidong Nano recorded a revenue of 510 million yuan, a significant increase of 198.95%, with a net profit of 84 million yuan, up 2253.57%, attributed to project implementation and acceptance [6][7] - Aoto Electronics reported a revenue of 185 million yuan, a 2.72% increase, and a net profit of 13.60 million yuan, up 2139.84%, due to reduced credit impairment losses and lower expenses [8][9] - Lianhua Technology posted a revenue of 1.51 billion yuan, a 3.02% increase, with a net profit of 49.72 million yuan, up 1747.04% [10][11] - Hongtong Gas achieved a revenue of 666 million yuan, a 43.98% increase, and a net profit of 22.54 million yuan, up 951.01%, driven by increased LNG sales [12][13] - Shengyi Electronics reported a revenue of 1.58 billion yuan, an increase of 78.55%, with a net profit of 200 million yuan, up 656.87%, due to optimized product structure and cost reduction measures [14] - CIMC reported a revenue of 36.03 billion yuan, a year-on-year increase of 11.04%, with a net profit of 544 million yuan, up 550.21% [15] - Hunan Haili achieved a revenue of 431 million yuan, a 25.44% increase, with a net profit of 56.61 million yuan, up 483.78%, primarily due to increased revenue and a low base from the previous year [16][17]

为使投资者全面了解公司的经营成果及财务状况，锐捷网络股份有限公司 《 2025 年第一季度报告 》 于 2025 年 4 月 29 日在巨潮资讯网 （http://www.cninfo.com.cn）上披露，敬请投资者注意查阅。 特此公告 锐捷网络股份有限公司董事会 证券代码：301165 证券简称：锐捷网络 公告编号：2025-017 锐捷网络股份有限公司 2025 年第一季度报告披露的提示性公告 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。 二○二五年四月二十八日 1 ...

证券代码：301165 证券简称：锐捷网络 公告编号：2025-020 锐捷网络股份有限公司 关于召开 2024 年年度股东大会通知的公告 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。 根据《中华人民共和国公司法》和《锐捷网络股份有限公司章程》相关规定， 锐捷网络股份有限公司（以下简称"公司"）第四届董事会第四次会议决定召开 2024 年年度股东大会。现将本次年度股东大会相关事项通知如下： 一、召开会议的基本情况 1、会议届次： 2024 年年度股东大会 2、会议召集人：公司董事会 3、会议召开的合法、合规性：公司第四届董事会第四次会议审议通过了《关 于召开 2024 年年度股东大会的议案》，会议召集的程序符合《中华人民共和国公 司法》《上市公司股东大会规则》等有关法律、行政法规、部门规章、规范性文 件和《公司章程》的规定。 4、会议召开时间： 现场会议召开时间：2025 年 5 月 21 日（星期三）下午 14:30 网络投票时间：2025 年 5 月 21 日。其中，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 ...

证券代码：301165 证券简称：锐捷网络 公告编号：2025-019 锐捷网络股份有限公司 第四届监事会第四次会议决议公告 本公司及监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。 一、监事会会议召开情况 锐捷网络股份有限公司（以下简称"公司"）于 2025 年 4 月 17 日以电子邮 件方式向公司各位监事发出关于召开第四届监事会第四次会议的通知，并于 2025 年 4 月 27 日以现场方式召开。会议由公司监事会主席李怀宇先生召集并主 持，应参加监事 3 人，实参加监事 3 人，会议的召集、召开及表决程序符合《公 司法》及《公司章程》的规定。 二、监事会会议审议情况 经审议，本次会议以记名表决方式通过了如下议案： 《关于<2025 年第一季度报告>的议案》 公司监事会认为：董事会编制和审核公司 2025 年第一季度报告的程序符合 相关法律、行政法规和中国证监会的相关规定，报告内容真实、准确、完整地反 映了公司的实际情况，不存在虚假记载、误导性陈述或者重大遗漏。因此，全体 监事一致同意 2025 年第一季度报告的内容。具体内容详见公司同日于巨潮资讯 网（http:/ ...

证券代码：301165 证券简称：锐捷网络 公告编号：2025-018 锐捷网络股份有限公司 第四届董事会第四次会议决议公告 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。 一、董事会会议召开情况 锐捷网络股份有限公司（以下简称"公司"）于 2025 年 4 月 17 日以电子邮 件方式向公司各位董事、监事及高级管理人员发出关于召开第四届董事会第四次 会议的通知，并于 2025 年 4 月 27 日以现场与通讯结合方式召开。会议由公司董 事长阮加勇先生召集并主持，应出席董事 8 名，实出席董事 8 名，其中独立董事 马忠先生以视频通讯方式参加会议。全体监事和高级管理人员列席了会议。本次 会议的召集、召开及表决程序符合《公司法》及《公司章程》的规定。 二、董事会会议审议情况 经审议，本次会议以记名表决方式逐项通过了如下议案： （一）《关于<2025 年第一季度报告>的议案》 根据《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》 的相关要求，并结合公司的实际情况，公司董事会编制了《2025 年第一季度报 告》，具体内容详见公司同日于巨潮资讯网（h ...

锐捷网络股份有限公司 总经理工作细则 （2025 年 4 月修订） 第一章 总则 第一条 为规范锐捷网络股份有限公司（以下简称"公司"）总经理和其他高级管 理人员的职务行为，提高公司管理效率和管理水平，根据《中华人民共和国公司法》等 法律、法规、部门规章、规范性文件及《锐捷网络股份有限公司章程》（以下简称"《公 司章程》"）的相关规定，制定本细则。 第二条 公司依法设置总经理。总经理主持公司日常生产经营和管理工作，组织实 施董事会决议，对董事会负责。 第二章 总经理的任职资格与任免程序 第三条 总经理应当具备履行职责所需必要的知识、技能、经验和职业道德水准。 第四条 有下列情形之一的，不能担任公司总经理： (一) 无民事行为能力或者限制民事行为能力； (二) 因贪污、贿赂、侵占财产、挪用财产或者破坏社会主义市场经济秩序，被判 处刑罚，执行期满未逾 5 年，或者因犯罪被剥夺政治权利，执行期满未逾 5 年； (三) 担任破产清算的公司、企业的董事或者厂长、经理，对该公司、企业的破产 负有个人责任的，自该公司、企业破产清算完结之日起未逾 3 年； (四) 担任因违法被吊销营业执照、责令关闭的公司、企业的法定代表人， ...

Group 1 - The core viewpoint of the article highlights that Ruijie Networks (301165.SZ) reported a significant increase in net profit for the first quarter, with a year-on-year growth of 4543.67% [1] - The company's revenue for the first quarter reached 2.536 billion yuan, reflecting a year-on-year increase of 18.14% [1] - The growth in revenue was driven by accelerated delivery of data center switch products for internet clients, alongside effective cost management and efficiency improvements [1]

Financial Performance - The company's revenue for Q1 2025 reached ¥2,535,978,262.49, representing an increase of 18.14% compared to ¥2,146,609,987.29 in the same period last year[4] - Net profit attributable to shareholders was ¥107,275,852.32, a significant increase of 4,543.67% from ¥2,310,150.47 in the previous year[4] - The net profit after deducting non-recurring gains and losses was ¥94,667,251.36, up 820.96% from a loss of ¥13,130,720.64 in the same period last year[4] - Basic and diluted earnings per share were both ¥0.1888, reflecting a remarkable increase of 4,504.88% from ¥0.0041 in the previous year[4] - Total operating revenue for the current period reached ¥2,535,978,262.49, an increase from ¥2,146,609,987.29 in the previous period, representing a growth of approximately 18.1%[19] - Net profit for the current period was ¥107,275,852.32, a significant rise compared to ¥2,310,150.47 in the previous period, reflecting a substantial improvement in profitability[20] - The company reported a total comprehensive income of ¥107,695,603.73, compared to ¥864,869.86 in the previous period, highlighting a significant increase in overall profitability[20] Assets and Liabilities - The total assets at the end of the reporting period were ¥9,807,212,038.46, an increase of 3.20% from ¥9,503,449,794.14 at the end of the previous year[5] - Shareholders' equity attributable to the parent company was ¥4,694,966,127.83, up 2.63% from ¥4,574,760,136.55 at the end of the previous year[5] - Total liabilities rose to CNY 5,112,245,910.63 from CNY 4,928,689,657.59, which is an increase of approximately 3.73%[17] - Short-term borrowings rose to ¥2,050,674,458.12, reflecting a 48.10% increase attributed to new bank short-term loans[11] - Other current liabilities rose by 32.74% to ¥43,760,648.54, mainly due to an increase in the balance of pending sales tax at the end of the period[11] Cash Flow - The net cash flow from operating activities improved to -¥882,907,815.44, a 42.80% improvement from -¥1,543,555,295.95 in the same period last year[4] - Operating cash flow net amount improved to -¥882,907,815.44, a 42.80% increase compared to the previous year, indicating better cash flow from sales and services[12] - The net cash flow from investment activities increased by 177.60% to ¥87,421,487.70, attributed to the maturity and new purchases of large deposits and fixed assets[12] - The cash inflow from investment activities was ¥196,867,576.57, compared to ¥31,015,293.51 in the previous period, indicating a positive trend in investment returns[22] - The net cash flow from financing activities was ¥336,433,978.89, a decrease from ¥1,174,626,320.73 in the previous period, reflecting changes in financing strategies[23] Operational Metrics - The company reported a significant increase in operating income tax expenses, which decreased by 47.11% to -¥25,118,338.76, reflecting higher profits[11] - Financial expenses increased by 140.06% to ¥3,304,534.57, primarily due to higher interest expenses and reduced interest income[11] - Research and development expenses were ¥387,355,446.58, slightly down from ¥416,583,259.89, showing a focus on cost management in R&D[19] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 29,359, with the top two shareholders holding a combined 88% of shares[12] Accounting and Standards - The company has implemented accounting policy changes affecting the classification of certain costs, which did not impact the main financial data and indicators[5] - The first quarter report has not been audited[24] - The new accounting standards will be implemented starting in 2025[25]