锐捷网络股份有限公司 2025 年第三季度报告 证券代码：301165 证券简称：锐捷网络 公告编号：2025-037 锐捷网络股份有限公司 2025 年第三季度报告 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。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、完 整。 3.第三季度财务会计报告是否经过审计 □是 否 1 锐捷网络股份有限公司 2025 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 是 □否 追溯调整或重述原因 会计政策变更 | | | | | | 本报 告期 比上 | | | | 年初至 报告期 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 上年同期 | | 年同 | ...

中信证券股份有限公司 关于锐捷网络股份有限公司 增加 2025 年度日常关联交易预计额度的核查意见 中信证券股份有限公司（以下简称"中信证券"、"保荐人"）作为锐捷网络 股份有限公司（以下简称"锐捷网络"、"公司"）首次公开发行股票并在创业板 上市的保荐人，根据《证券发行上市保荐业务管理办法》《深圳证券交易所创业板 股票上市规则》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公 司规范运作》《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》等 相关法律法规和规范性文件的规定，对锐捷网络增加 2025 年度日常关联交易预计 额度的情况进行了核查，具体情况如下： 一、日常关联交易情况 （一）已批准的 2025 年度日常关联交易预计情况 2025 年 4 月及 2025 年 5 月，公司第四届董事会第三次会议及 2024 年度股东大 会审议通过了《关于确认 2024 年度关联交易及预计 2025 年度日常关联交易额度的 议案》，同意 2025 年度公司及子公司与控股股东福建星网锐捷通讯股份有限公司 （以下简称"星网锐捷"）及其子公司和其联营企业、与间接控股股东福建省电子 信息（集团）有限责 ...

证券代码：301165 证券简称：锐捷网络 公告编号：2025-040 锐捷网络股份有限公司 关于增加 2025 年度日常关联交易预计额度的公告 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。 一、日常关联交易情况 （一）已批准的 2025 年度日常关联交易预计情况 2025 年 4 月及 2025 年 5 月，锐捷网络股份有限公司（以下简称"锐捷网络" 或"公司"）第四届董事会第三次会议及 2024 年度股东大会审议通过了《关于确 认 2024 年度关联交易及预计 2025 年度日常关联交易额度的议案》，同意 2025 年度公司及子公司与控股股东福建星网锐捷通讯股份有限公司（以下简称"星网 锐捷"）及其子公司和其联营企业、与间接控股股东福建省电子信息（集团）有 限责任公司及其子公司（不包含星网锐捷及其子公司）和其联营企业、与关联方 卓智网络科技有限公司及其子公司之间的日常关联交易预计金额分别不超过 52,640 万元、1,150 万元及 3,000 万元。内容详见公司于 2025 年 4 月 3 日在巨潮 资讯网（http://www.cninfo.com. ...

证券代码：301165 证券简称：锐捷网络 公告编号：2025-039 锐捷网络股份有限公司 第四届监事会第八次会议决议公告 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 10 月 10 日以电子邮 件方式向公司全体监事发出关于召开第四届监事会第八次会议的通知，并于 2025 年 10 月 20 日在公司会议室以现场方式召开。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： （一）《关于<2025 年第三季度报告>的议案》 公司监事会认为：董事会编制和审核公司 2025 年第三季度报告的程序符合 相关法律法规、部门规章、规范性文件及自律监管规则的规定，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 年第三季度报告的内容。 表决结果： ...

Group 1 - The job market for computer-related positions is experiencing a significant increase in demand, with many companies struggling to find qualified candidates [2][3] - Salaries for research and development positions are notably high, with master's degree holders typically earning between 250,000 to 400,000 yuan annually [2] - There is a structural divide in the job market, where well-known companies attract many applicants, while lesser-known firms face challenges in attracting talent [3][4] Group 2 - Some companies are adapting their hiring strategies by considering candidates from related fields, such as materials science, to fill technical roles [5][6] - Employers emphasize the importance of academic performance for technical positions, indicating that a strong academic record is a key criterion for evaluation [7] - Continuous learning and practical experience are highlighted as essential attributes for graduates to remain competitive in the evolving job market [7]

Summary of OCP Conference Insights and Industry Trends Industry Overview - The conference focused on the optical communication sector, highlighting significant investment opportunities in optical modules and chip companies, driven by increased capital expenditures from major firms like ByteDance, Alibaba, and Tencent [1][3][4]. Key Insights and Arguments - **Data Center Trends**: The construction of ultra-large data centers is becoming mainstream, which is expected to drive non-linear growth in the AI supply chain, including optical modules and liquid cooling solutions [1][5]. - **Decoupling in Data Centers**: A trend towards decoupling CPU, GPU, storage, and switches is anticipated to gain focus post-2027-2028, aiming for more efficient data processing and resource utilization [1][7][8]. - **Importance of Optical Interconnects**: Optical interconnects are increasingly vital in data centers, with Broadcom launching commercial 800G network cards, indicating the maturation of the 1.6T supply chain and promoting growth in network equipment and optical module markets [1][9]. - **Flexible Resource Allocation**: Data center resource allocation is evolving towards more flexible and efficient management, allowing for decentralized management of GPUs and CPUs, which enhances operational efficiency and environmental adaptability [1][10]. Emerging Technologies and Developments - **New Technology Signals**: The OCP conference revealed positive signals regarding advancements in 400G, 800G, and 1.6T modules, with ongoing technological developments boosting market confidence in AI [2][3]. - **Upcoming Google Gemini 3 Model**: The anticipated release of Google's Gemini 3 model, which boasts strong visual processing capabilities and long-context understanding, is expected to drive hardware infrastructure investments and demand growth [3][11][12]. - **Rising Demand for 1.6T Optical Modules**: The demand for 1.6T optical modules is projected to increase significantly in 2026, supported by advancements in NVIDIA's LOBBY architecture and TSMC's capacity enhancements [3][13]. Investment Opportunities - **Core Domestic Companies**: There are strong investment opportunities in domestic core companies such as ZTE and Ruijie Networks, which are expected to benefit from the ongoing trends in the optical communication sector [1][4]. - **Supply Chain Beneficiaries**: Companies like Zhongji Xuchuang and Xinyi Communication are likely to benefit from the rising demand for 1.6T optical modules and the maturation of related technologies [3][13]. Additional Noteworthy Updates - **NPO Industry Developments**: The NPO (Non-Profit Organization) sector continues to see robust orders, particularly for ultra-small MPO connectors, which are essential for high-density access in data centers [14]. - **Overall Market Outlook**: The overall outlook for the industry remains positive, with increasing demand for 1.6T optical modules and no apparent ceiling in sight, despite stock price adjustments due to international conditions [15].

Core Insights - The AI industry has a higher ceiling for growth, driven by a multiplier effect of "intelligence" from the "computing power - model - application - data" flywheel, with platforms like OpenRouter showing exponential growth in token usage [2][3] - AI's effectiveness is realized more quickly compared to traditional technologies like 4G/5G, which have longer payback periods due to their engineering properties and limited ARPU growth [2] - Hardware iterations in AI are faster, optimizing price and demand cycles, with significant reductions in unit computing costs occurring every 12-18 months, allowing for more complex models and systems to be developed [3] Industry Analysis - The AI industry's ceiling is determined by the space of tasks that can be automated rather than traditional metrics like population or device count, indicating a much larger scalability potential [2] - AI models and computing power can be deployed immediately and iteratively to meet new demands and scenarios, leading to rolling realization of value [2] - The rapid iteration of AI computing power breaks traditional hardware price-volume cycles, enabling developers to set new benchmarks with more complex models as computing becomes cheaper and more accessible [3] Investment Recommendations - Companies with higher AI computing power ceilings and favorable competitive landscapes are expected to have stronger valuations compared to 4G/5G, with specific investment targets identified in optical interconnects and switches [3]

Group 1: Market Overview - On October 17, A-shares opened lower, with the Shanghai Composite Index and ChiNext Index initially turning positive, while the photovoltaic sector experienced a slight pullback [1] - The ChiNext ETF Tianhong (159977) opened lower but rose by 0.06% during the day, with leading stocks including Huace Testing, Ruijie Networks, Jiangbolong, Xinzhoubang, and Yangjie Technology [1] - The photovoltaic ETF (159857) opened lower and fluctuated, down 0.98% with a trading volume exceeding 20 million yuan, indicating active trading [1] Group 2: Photovoltaic Sector Developments - The photovoltaic ETF (159857) received a net subscription of 1 million shares, reflecting investor interest [1] - A significant project, the 350MW tower solar thermal power generation project in Golmud, Qinghai, has commenced construction, representing the largest single-unit scale globally, with a total investment of approximately 5.435 billion yuan [2] - The project will utilize domestically developed tower molten salt storage technology and is expected to be fully operational by September 2027 [2] Group 3: Policy and Industry Dynamics - New photovoltaic production capacity control policies are expected to be introduced, although rumors about a multi-crystalline silicon storage platform have been deemed untrue by industry insiders [2] - The photovoltaic industry is currently facing a supply-demand imbalance, with ongoing efforts to eliminate excess capacity and address issues such as selling below cost [3] - Price increases for silicon materials, silicon wafers, and batteries have been observed, while component prices have limited short-term growth [3]

Group 1: Policy Developments - The Ministry of Industry and Information Technology (MIIT) announced a special action plan to accelerate the deployment of high-performance networks between computing power centers, aiming for a 50% deployment rate of 400Gbps and above by 2027 [1] - A joint implementation plan from seven departments emphasizes the construction of new information infrastructure and the integration of "5G + industrial internet," promoting the layout of computing power infrastructure [2] - The National Development and Reform Commission (NDRC) highlighted the "East Data West Computing" project, focusing on the deployment of computing power resources and the establishment of a unified national computing network [2] Group 2: Market Trends and Opportunities - The domestic AI computing power ecosystem is evolving, with over 90% of server bids won by domestic suppliers during the recent procurement period [3] - The report from Huaxi Securities suggests a focus on the domestic computing power industry chain, with significant growth in AI applications and computing power capabilities [3] - Companies like Weichai Power reported a 491% year-on-year increase in data center product sales, indicating a new growth point in their business [5] Group 3: Company Developments - ZTE Corporation is enhancing its data center capabilities to meet the growing demand for computing power, leveraging self-developed temperature control products to optimize energy efficiency [5] - Zhonggan Communication, known as the "first stock of computing power infrastructure" in Hong Kong, has established stable business relationships with major telecom operators in China [6] - China Telecom's Tianyi Cloud has developed an integrated intelligent computing service platform that addresses computing power scheduling challenges, utilizing a high-bandwidth network system [6]

二〇二五年十月 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 2025 年第一次临时股东大会的 法律意见书 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 2025 年第一次临时股东大会（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《中华人民共和国证券法》（以下简称"《证券法》"）、 《律师事务所从事证券法律业务 ...