Group 1: Company Performance and Market Conditions - The company's stock price has recently experienced significant fluctuations due to various factors, including macroeconomic policies and market sentiment [5] - The management assures that the company's operations are normal, and they are actively pursuing product innovation, management improvements, and market expansion [2] - The company remains confident in its revenue growth for the year, benefiting from the digital economy and national new infrastructure strategies [2] Group 2: Investor Inquiries and Responses - Investors raised concerns about the recent decline in stock price and its relation to the company's fundamentals, to which the company responded that the fluctuations are influenced by multiple external factors [5] - Questions regarding the sales performance of switches in the second quarter were directed to future periodic reports for detailed data [3] - The company is monitoring customer demand changes, particularly in light of reports about reduced procurement needs from foreign internet companies [6] Group 3: Future Product Development - Currently, the company does not have plans to launch a combined modem and router product, but it will assess market demand to determine future product directions [5] - The company is researching subsidy conditions related to its business operations, particularly in the context of new policies effective from July 1, 2023 [2]

证券代码： 301165 证券简称：锐捷网络 锐捷网络股份有限公司 2023 年 5 月 15 日投资者关系活动记录表 编号：2023-01 | | 分析师会议 □ 特定对象调研 □ | | --- | --- | | 投资者关系活动 | □ 媒体采访 √ 业绩说明会 | | 类别 | □ 新闻发布会 □ 路演活动 | | | 现场参观 □ | | | □ 其他 （请文字说明其他活动内容） | | 参与单位名称及 | 锐捷网络 2022 年度网上业绩说明会暨 2023 年福建辖区上市 | | 人员姓名 | 公司投资者网上集体接待日投资者网上提问 | | 时间 | 年 月 日下午 2023 5 15 16:00-17:30 | | 地点 | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net）采 | | | 用网络远程的方式召开业绩说明会 | | 上市公司接待人 | 1、董事、总经理刘忠东 | | | 2、副总经理、财务负责人刘弘瑜 | | 员姓名 | 3、董事会秘书姚斌 | | | 4、独立董事黄旭明 | | | 5、保荐代表人卢丽俊 | | | 种因素影响，公司目前生产经营一切正常， ...

Group 1: Event Details - The online performance briefing for the year 2022 will be held on May 15, 2023, from 16:00 to 17:30 [1] - The event will be conducted remotely, allowing investors to participate via the "P5W Roadshow" website, WeChat, or the P5W Roadshow APP [1] Group 2: Company Representatives - The event will feature key company personnel including CEO Liu Zhongdong, CFO Liu Hongyu, independent director Huang Xuming, board secretary Yao Bin, and sponsor representative Lu Lijun [2] Group 3: Investor Engagement - Investors are encouraged to submit questions in advance to enhance the relevance of the discussion, with a deadline for submissions set for May 12, 2023, at 17:00 [2] - Topics for discussion will include the company's 2022 performance, governance, development strategy, operational status, financing plans, equity incentives, and sustainable development [3]

Financial Performance - The company's operating revenue for Q1 2023 was ¥2,151,730,891.99, representing a 6.37% increase compared to ¥2,022,915,937.81 in the same period last year[4] - Net profit attributable to shareholders for Q1 2023 was ¥119,387,987.51, up 7.43% from ¥111,246,027.40 in the previous year[4] - The net profit after deducting non-recurring gains and losses was ¥112,637,056.03, a significant increase of 23.33% from ¥91,451,871.43 in the same period last year[4] - The total operating profit for the first quarter was approximately ¥76.00 million, down from ¥117.32 million year-over-year, indicating a decrease of about 35.2%[18] - The total comprehensive income for the first quarter was approximately ¥119.38 million, compared to ¥110.43 million in the same period last year, an increase of about 8.7%[19] Cash Flow and Liquidity - The net cash flow from operating activities improved to -¥462,307,327.78, a 53.96% reduction in losses compared to -¥1,004,139,168.28 in the previous year[4] - The cash flow from operating activities showed a net outflow of approximately ¥462.31 million, compared to a net outflow of ¥1.00 billion in the previous year, reflecting an improvement[20] - The cash and cash equivalents at the end of the period were approximately ¥2.39 billion, down from ¥1.09 billion at the end of the same period last year[21] - The company's cash and cash equivalents decreased to ¥2,403,017,280.40 from ¥2,941,002,004.66, a decline of 18.26%[15] - The net increase in cash and cash equivalents was -538,380,426.02, a decline of 451.83% compared to -97,562,158.79 in the same period last year[9] Assets and Liabilities - Total assets at the end of Q1 2023 were ¥7,184,279,386.59, a decrease of 11.07% from ¥8,050,812,264.56 at the end of the previous year[5] - Total current assets decreased to ¥5,929,857,390.50 from ¥6,883,980,664.37, representing a reduction of 13.83%[15] - Total liabilities decreased to ¥2,761,488,365.42 from ¥3,783,883,546.95, a decrease of 26.94%[16] - The total assets of the company as of March 31, 2023, were ¥7,184,279,386.59, down from ¥8,078,790,776.35, indicating a decline of 11.06%[16] Shareholder Information - Shareholders' equity attributable to the parent company increased to ¥4,422,791,021.17, reflecting a 2.98% rise from ¥4,294,631,591.42 at the end of the previous year[5] - The total number of ordinary shareholders at the end of the reporting period was 18,706, with the largest shareholder, Fujian StarNet Ruijie Communications Co., Ltd., holding 44.88%[11] Expenses and Costs - Total operating costs for Q1 2023 were ¥2,130,386,844.37, up from ¥1,994,670,777.34, reflecting a year-over-year increase of 6.81%[17] - Management expenses increased by 42.48% to 110,031,875.03, primarily due to business expansion and an increase in employee numbers[9] - Research and development expenses increased significantly to ¥437,617,282.12, compared to ¥340,841,085.71 in the previous year, marking a rise of 28.38%[17] - Other income decreased by 38.05% to 59,397,098.17, mainly due to a reduction in VAT refunds received for software products compared to the previous year[9] Impairment and Financial Losses - The company reported a significant increase in credit impairment losses, which rose by 1415.16% to -4,353,557.65, attributed to an increase in accounts receivable[9] - The company incurred a credit impairment loss of approximately ¥4.35 million, compared to a loss of ¥287,333.28 in the previous year[18] - The company's tax expenses showed a dramatic change, with a loss of -42,850,671.38, reflecting a 510.35% increase in deductible losses[9] Financing Activities - The cash flow from financing activities decreased by 97.54% to 23,100,487.26, primarily due to a reduction in short-term bank loans compared to the previous year[9] - The company raised approximately ¥250 million through borrowings during the first quarter, a significant decrease from ¥1.08 billion in the previous year[21] Other Notable Changes - Accounts receivable decreased significantly by 81.51% to ¥5,059,494.20, mainly due to the endorsement and discounting of receivables[8] - Intangible assets increased by 31.05% to ¥17,628,674.62, attributed to the purchase of research and development software[8] - The company experienced a 93.29% decrease in asset disposal gains, which fell to 94,873.12, due to fewer disposals of right-of-use assets compared to the previous year[9] - The company's financial expenses decreased by 32.49% to 4,781,933.73, mainly due to increased interest income from higher bank deposits compared to the previous year[9] - The weighted average return on equity for Q1 2023 was 2.74%, down from 6.86% in the same period last year, indicating a decline of 4.11%[4] - The company is focusing on expanding its market presence and enhancing its product offerings through increased R&D investment[17]

Financial Performance - The company's operating revenue for 2022 was ¥11,325,958,711.82, representing a 23.26% increase compared to ¥9,188,637,585.52 in 2021[15]. - The net profit attributable to shareholders for 2022 was ¥549,926,427.89, an increase of 20.14% from ¥457,750,648.92 in 2021[15]. - The net profit after deducting non-recurring gains and losses was ¥494,088,650.21, up 20.76% from ¥409,141,090.74 in the previous year[15]. - The total assets at the end of 2022 reached ¥8,050,812,264.56, a 44.59% increase from ¥5,568,152,274.72 at the end of 2021[15]. - The net assets attributable to shareholders increased by 174.90% to ¥4,294,631,591.42 from ¥1,562,277,713.43 in 2021[15]. - The basic earnings per share for 2022 was ¥1.09, an increase of 18.48% compared to ¥0.92 in 2021[15]. - The company reported a negative net cash flow from operating activities of ¥245,695,488.59, a decline of 132.80% from ¥748,986,989.13 in 2021[15]. - In Q4 2022, the operating revenue was ¥3,819,464,364.76, contributing to a total of ¥11,325,958,711.82 for the year[16]. - The company received government subsidies amounting to ¥55,909,691.13 in 2022, which were closely related to its normal business operations[19]. - The weighted average return on equity for 2022 was 26.79%, down from 34.88% in 2021[15]. Market and Industry Outlook - The global digital economy reached $38.1 trillion in 2021, accounting for 45% of GDP, with China's digital economy at $7.1 trillion, representing 39.8% of its GDP[22]. - By 2025, China's digital economy is expected to exceed 60 trillion yuan, driven by rapid growth in digital infrastructure and ICT industry[22]. - The global data volume is projected to grow from 45ZB in 2019 to 175ZB by 2025, with a compound annual growth rate (CAGR) of 25.40%[27]. - The digital transformation expenditure in China is projected to reach $326.9 billion in 2022, with an average growth rate of 18.8% over the next five years[28]. - The government sector's IT spending is expected to grow at a CAGR of 9.3% from 2022 to 2026[28]. - The network equipment market is expected to reach $17.06 billion by 2026, growing 65.3% from 2020, with a CAGR of 8.7%[29]. - The Chinese data center switch market is expected to reach $4.81 billion by 2026, an increase of 82.6% from 2020, with a CAGR of 10.6%[31]. Research and Development - The company has a strong commitment to innovation, with ongoing research and development efforts aimed at new product launches and technological advancements[8]. - The company maintains a strong R&D investment, with R&D expenses accounting for over 15% of revenue and 55% of employees in R&D roles[50]. - R&D investment reached ¥2,042,021,605.13 in 2022, representing 18.03% of operating revenue, up from 15.13% in 2021[80]. - The company increased its R&D personnel to 4,372 in 2022, a 23.50% increase from 3,540 in 2021, with R&D personnel now accounting for 54.79% of the total workforce[80]. - The company is developing a new generation of core data center switches that support flexible configurations for 40G/100G/400G/800G ports, addressing the bandwidth needs for the next 5-10 years[79]. Strategic Initiatives - The company is focused on expanding its market presence and enhancing its product offerings in the ICT sector, particularly in areas like Wi-Fi 6 and AI technologies[8]. - The company is actively exploring strategic acquisitions to bolster its market position and enhance its competitive edge[8]. - The company has established a robust customer base, serving over 300 internet companies, 1,000 financial institutions, and 10,000 government and enterprise clients[51]. - The company has launched a new security cloud platform to simplify network security operations for small and medium-sized enterprises[59]. - The company plans to enhance its core competitiveness by increasing R&D investment, focusing on next-generation network communication technology, next-generation network security products, and cloud integration solutions[109]. Corporate Governance and Compliance - The company’s governance structure and compliance with regulatory requirements are detailed in the report, ensuring transparency and accountability[5]. - The company has established a comprehensive information disclosure management system, ensuring equal access to information for all shareholders since its listing on November 21, 2022[123]. - The company maintains independence from its controlling shareholders in terms of assets, personnel, finance, organization, and business operations, ensuring a complete and independent operational capability[124]. - The company has implemented measures to avoid significant adverse impacts from competition with its controlling shareholder, including limiting the revenue and gross profit from overlapping business areas to below 6% of the company's main business[126]. Profit Distribution and Dividends - The company plans to distribute a cash dividend of 8.00 RMB per 10 shares to all shareholders, based on a total share capital of 568,181,818 shares as of December 31, 2022[4]. - The company has established a fixed dividend policy, aiming to distribute at least 30% of the average distributable profits over any three consecutive fiscal years[162]. - The company’s cumulative distributable profits must be positive for cash dividends to be considered[161]. - The company has no major investment plans or significant cash expenditures that would affect the dividend distribution[161]. Risk Management - The company emphasizes the importance of risk awareness regarding forward-looking statements and future plans, indicating that these do not constitute substantive commitments to investors[4]. - The company acknowledges potential risks in its operational management and outlines corresponding countermeasures in the report[4]. - The company has established strict risk control measures for its foreign exchange hedging activities, including market risk and liquidity risk assessments[92]. Social Responsibility - The company has committed to environmental protection and has not faced any administrative penalties related to environmental issues during the reporting period[175]. - The company has actively participated in pandemic response efforts by donating funds and medical supplies to support healthcare units during the COVID-19 outbreak[177]. - The company has established the Beijing Ruijie Public Welfare Foundation, which has supported over 1,000 impoverished students through various charitable projects since its inception[177].