Core Points - The company announced that its chairman and general manager, Li Yuejie, along with director Zhu Chuncheng, are under criminal coercive measures due to suspected violations related to the disclosure of important information [1][2] - Zhu Chuncheng has been released on bail, while the issues are linked to an administrative penalty imposed by the China Securities Regulatory Commission in September 2023 [1] - To ensure stable management during this period, the board appointed Han Meng, a director and deputy general manager, to act as chairman and general manager [1] Company Actions - The board convened a meeting on July 7, 2025, to approve the appointment of Han Meng to assume the responsibilities of the chairman and general manager [1] - The company will continue to monitor the situation and fulfill its information disclosure obligations as required [2] - Designated media for information disclosure includes Shanghai Securities News, China Securities Journal, Securities Times, and the Shanghai Stock Exchange website [2]

Core Viewpoint - 瑞斯康达's chairman and general manager are under criminal investigation for alleged information disclosure violations, impacting the company's management stability [1] Group 1: Financial Performance - 瑞斯康达 reported a revenue of 1.382 billion yuan for 2024, a year-on-year decline of 14.99%, with a net loss of approximately 122 million yuan, marking two consecutive years of losses exceeding 100 million yuan [5] - Revenue from major products, transmission equipment and broadband network equipment, decreased by 17.54% and 41.13% respectively, with gross margins dropping by 9.07 and 5.91 percentage points [5] - The decline in revenue is attributed to a slowdown in the domestic communication industry, market reallocation due to technological advancements, and intensified competition following operators' responses to the national "speed up and lower costs" strategy [5] Group 2: Inventory and Accounts Receivable - 瑞斯康达's ending inventory value was 665 million yuan, accounting for 24.81% of total assets, with raw materials at 276 million yuan, finished goods at 127 million yuan, and goods in transit at 229 million yuan [5] - The company maintains a strategic reserve of core components due to global chip supply constraints and rising prices, necessitating advance stockpiling based on market demand forecasts [6] - Accounts receivable stood at 779 million yuan, with 515 million yuan aged within one year, representing 37% of annual revenue, and 110 million yuan aged over three years [6][7] Group 3: Risk Management - The company has implemented measures to manage long-term accounts receivable, including establishing dedicated teams to follow up on payment processes and pursuing overdue payments through legal channels [7] - For accounts receivable aged 3 years or more, the company has fully provisioned for bad debts and is actively pursuing recovery through legal means [7]