Core Viewpoint - Ruijie Networks has experienced rapid growth in the first three quarters of 2025, driven by the demand for data center switches and the acceleration of AI computing network construction [2][5]. Business Performance - The company's revenue for the first three quarters reached 10.68 billion yuan, a year-on-year increase of 27.5%, with a net profit attributable to shareholders of 680 million yuan, up 65.26% [5]. - The comprehensive gross margin was 34.08%, slightly down from 35.26% in the same period last year [5]. Business Segments - Network equipment revenue increased by 37.9% year-on-year, with data center switches being the main growth driver [2]. - Data center market revenue grew by 85% year-on-year, with the internet sector contributing approximately 5.2 billion yuan, accounting for 94% of this market [2]. Regional and Sales Model - Domestic revenue was 8.844 billion yuan, up 23.96% year-on-year, while overseas revenue reached 1.836 billion yuan, a growth of 47.81% [3]. - Direct sales accounted for 57% of total revenue, with direct sales revenue of 6.122 billion yuan, a 52% increase year-on-year [3]. Investor Focus - Demand for data center switches remains strong, with Q3 revenue from internet data center switches around 1.9 billion yuan, totaling 5.2 billion yuan for the first three quarters [4]. - The proportion of 400G switches is 67%, while 800G switches account for 14% [4]. Customer Procurement - The scale and share of procurement from a major customer have increased compared to the previous year, with a shift towards a combination of "400G + 800G + LPO solutions" [6]. - It is expected that revenue from 800G switches will likely double next year, while 400G will remain the main product [6]. Margin Outlook - The improvement in Q3 gross margin is attributed to changes in business structure, with higher margins from the education sector [6]. - The gross margin is expected to stabilize and improve in Q4 due to seasonal performance in various business segments [6].