| 2025 年半年度报告全文 | 锐捷网络股份有限公司 | 锐捷网络股份有限公司 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 公告编号：2025-025 | 2025 年半年度报告全文 | 锐捷网络股份有限公司 | | | | | | | | | | 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的 | 真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别 | | | | | | | | | | | 和连带的法律责任。 | 公司负责人阮加勇、主管会计工作负责人刘弘瑜及会计机构负责人(会计 | | | | | | | | | | | 主管人员)徐继勇声明：保证本半年度报告中财务报告的真实、准确、完整。 | 所有董事均已出席了审议本次半年报的董事会会议。 | | | | | | | | | | | 本报告中涉及的公司未来计划等前瞻性陈述，不构成公司对投资者的实质 | 性承诺，投资者及相关人士均应对此保持足够的风险认识，并应当理解计划、 | | | | ...

Core Viewpoint - The company plans to utilize part of the excess funds raised from its IPO to invest in a new project aimed at enhancing its product offerings and operational efficiency in the optical communication sector [5][14][16]. Fundraising Overview - The company raised a total of RMB 960.48 million from its IPO, with a net amount of RMB 881.39 million after deducting issuance costs [2]. - The IPO involved issuing 13,340,000 shares at a price of RMB 72.00 per share, with the shares listed on the Shenzhen Stock Exchange on May 26, 2022 [1]. Investment Project Details - The new project involves the construction of access network equipment for optical communication transmission systems, with a total planned investment of RMB 153.10 million [5][6]. - The project is expected to have an internal rate of return of 24.73% and a payback period of 3.51 years, indicating strong economic benefits [5]. Market and Industry Analysis - The optical communication equipment market is projected to grow at a compound annual growth rate (CAGR) of 12%, driven by increasing demand in data centers, smart manufacturing, and smart cities [7]. - The demand for optical communication is expected to rise due to the rapid development of technologies such as 5G, IoT, and cloud computing, which require robust data transmission capabilities [6][10]. Project Feasibility and Necessity - The project aligns with national policies promoting the deployment of gigabit optical networks and is expected to enhance the company's strategic positioning in the optical communication industry [11][14]. - The implementation of this project is deemed feasible and necessary to meet the growing market demands and to optimize the company's product structure [11][12]. Impact on Company - The investment in the new project is anticipated to improve the company's overall competitiveness, expand its product line, and enhance its revenue structure [14][16]. - The project will not adversely affect the normal operations of the company or the interests of its shareholders, as it is in line with the company's development strategy [14][16]. Regulatory Compliance - The company has established a special account for the management of the raised funds and will adhere to relevant regulations and guidelines to ensure proper usage [15][16]. - The board of directors and the supervisory board have approved the use of excess funds for the new project, confirming compliance with legal and regulatory requirements [16][17].

Financial Performance - In 2024, the company's operating revenue was approximately 1.679 billion CNY, with a net profit attributable to shareholders of about 117 million CNY [3] - As of the end of 2024, total assets were around 2.316 billion CNY, and net assets increased by 17.19% year-on-year [3] - In Q1 2025, the operating revenue was approximately 290 million CNY, with a net profit of about 10.72 million CNY [3] Product Sales and Market Dynamics - Ethernet switch products accounted for approximately 77.06% of total revenue, with sales volume increasing by 42.72% for major S customers [5] - Sales of data center switches with 10G and above increased by approximately 48.56% year-on-year [7] - The company has launched new generation products in the park switch category and has achieved mass production of 12.8T data center switches and Wi-Fi 7 related wireless devices [3] Customer Structure - The top two customers, including Xinhua San and S customers, accounted for approximately 89.91% of total revenue in 2024 [6] - The company aims to expand its customer base by enhancing R&D capabilities and exploring new markets [6] Strategic Initiatives - The company is implementing a dual-driven product strategy focusing on network equipment and IT computing products [8][13] - It is actively pursuing domestic and international market opportunities while enhancing its R&D and production capabilities [6][12] Future Outlook - The demand for computing power is expected to diversify, driven by developments in digital economy and artificial intelligence [13] - The company plans to continue its strategic expansion into high-end data center switches, servers, and DPU acceleration cards [13] Investment and Project Updates - The company has decided to postpone the completion of the Haining fundraising project to March 31, 2027, due to external environmental factors [12] - Despite the delay, the company remains committed to investing in high-performance computing data products, which are experiencing rapid growth [12]