Financial Data and Key Metrics Changes - Revenue for Q2 2025 was $4.8 million, representing a 43% increase year-over-year and a 41% increase compared to Q1 2025 [7][40] - Gross margins for Q2 2025 were 67%, up from 65% in Q2 2024, while first half gross margins were 68.4% compared to 68.2% in 2024 [7][41] - Q2 EBITDA was negative DKK 19.6 million, an improvement from negative DKK 27.4 million in Q2 2024 [8][42] - Free cash flow in Q2 was negative DKK 21.2 million, an improvement of DKK 23.4 million compared to Q2 2024 [8][9] - Cash and cash equivalents at the end of Q2 2025 amounted to €133.4 million, compared to €103.2 million at the end of Q2 2024 [43] Business Line Data and Key Metrics Changes - The company reported significant progress in its capture business and design win goals, aiming to deliver 60,000 to 80,000 units annually at peak production [6][9] - The partnership with Intel Altera is driving growth in high-volume designs, particularly in AI and cloud services [10][12] Market Data and Key Metrics Changes - The demand for advanced network interface cards (NICs) is expected to grow significantly, with projections indicating a market size of nearly $11 billion in the next five years [20][21] - The mass market for advanced NICs is anticipated to approach $6 billion by 2029, driven by the need for AI, cloud, and mobile services [21][22] Company Strategy and Development Direction - The company is focused on transforming its business to become a leader in the mass market for network interface cards, leveraging partnerships and design wins to drive growth [6][10] - The strategy includes reducing net working capital through better inventory management and payment terms, anticipating a shift towards large volume orders [44] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about Q3 2025, expecting revenue to surpass both Q2 2025 and Q3 2024 [9] - The company is confident in its financial outlook, driven by increasing unit sales and high gross margins due to strong software components in its products [47] Other Important Information - The company successfully completed a private placement capital raise of NOK 210 million to finance growth opportunities [9] - Recent design wins include partnerships with dMatrix and Broadcom Symantec, focusing on AI infrastructure and cybersecurity solutions [12][35] Q&A Session Summary Question: Have you received first orders from myrtle.ai for Volo? - The product has been launched, and while orders have not yet been received, the company is prepared to fulfill them once they come in [51] Question: Can you quantify the expected revenue contribution from dMatrix in 2026? - Each data center could yield between 2,500 to 25,000 units, but exact predictions are challenging as the product is not yet ready [53][55] Question: What is the revenue potential of the first 5G core deployment? - The initial deployment will require a three-digit number of units, expected to be delivered primarily in Q4 and Q1 [56] Question: What are the key risks in scaling the dMatrix partnership? - The company is confident in its ability to deliver on time and does not foresee any significant bottlenecks at this stage [57][58] Question: How much of the expected volume in 2026 will come from traditional SmartNIC business versus dMatrix? - The guidance for 2026 includes around 5,000 to 6,000 units from existing business, with the remainder expected from dMatrix [61] Question: When do you expect to receive the first commercial production order from dMatrix? - Discussions regarding forecasts for 2026 will take place before the final product delivery in November this year [62]

调研纪要：锐捷网络上半年数据中心产品收入增长主要来自互联网客户，占比超过90%，400G产品占 比超60%。下半年云端算力基础设施需求依旧旺盛，互联网行业基于智算的资本开支预计继续加大。2T 规格产品主要为200G+400G组合，支持大规模GPU集群互联。Scaleup网络在国内发展迅速，公司参与 高通量以太网联盟，推出面向智算场景的产品方案。上半年海外业务收入11.45亿元，同比增长48%， 主要面向SMB市场，合作伙伴数量增长到2620家。Q2交付未受影响，Q3订单多为年初框采合同，预计 新签订单增速可能下降。国内互联网大厂对国产化无明确时间表，国产12.8T芯片可以满足大部分数据 中心场景需求。公司与国产GPU厂商有产品适配和技术交流，但商业化部署需时间。上半年费用总额同 比减少，预计全年费用同比持续下降。园区网络业务受宏观经济影响明显，2024年行业整体呈现下滑趋 势，公司层面在Q2略有复苏。数据中心产品毛利率较低(15%-20%)，企业网和SMB市场毛利率有所提 升。公司注意到有媒体转载的乐观预测，基于多种因素假设，存在不确定性。公司直接销售给互联网客 户的国内总部，不计入海外业务统计。CPO技术能 ...

费用端持续优化，规模效应下盈利能力有所提升。 民生证券股份有限公司范宇近期对锐捷网络（301165）进行研究并发布了研究报告《2025年半年报点评： Q2利润高增，互联网数据中心交换机强势增长》，给予锐捷网络买入评级。 锐捷网络 事件：2025年8月21日，公司发布2025年半年报，H1实现营收66.49亿元，同比增长31.84%；实现归母净利 润4.52亿元，同比增长194.00%；实现扣非归母净利润4.32亿元，同比增长245.14%。单Q2公司实现归母净利 润3.45亿元，同比增长127.66%，环比增长221.46%；扣非归母净利润3.38亿元，同比增长144.01%，环比增 长256.82%。 互联网数据中心交换机强势增长，Q2利润高增。 Q2单季度净利润实现同环比高增，主因互联网行业数据中心加快建设，公司面向互联网客户的数据中心交 换机产品订单加速交付，相关营业收入大幅增长。2025年上半年的营收结构来看，按业务结构划分，1)网络 设备：上半年营收58.41亿元，同比增长46.58%，占营业收入比例为87.85%，同比提升8.83pct。其中，数据 中心交换机收入35.39亿元，同比增长110.0 ...

Ruijie Networks (301165.SZ): Data center switch drives growth ahead; 2Q25 beat; TP up to Rmb103.1; Buy With 2Q25 revenues growing 62% QoQ and 42% YoY, beating our estimate by 24%, we are positive on the strong delivery of the company riding on the AI data center investment trend. For 3Q25, we expect revenues to continue to grow by 33% YoY/ 8% QoQ, with GM remaining stable at 30.2% reflecting the rising exposure to data center whitebox switch. Maintain Buy with TP up to Rmb103.1 (from Rmb90.7). 2Q25 beat: Ru ...

Core Insights - Ruijie Networks (301165) reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 6.649 billion yuan, a year-on-year growth of 31.84%, and net profit attributable to shareholders soaring by 194% to 0.452 billion yuan [1] Group 1: Financial Performance - The company achieved a revenue of 6.649 billion yuan in the first half of 2025, reflecting a year-on-year increase of 31.84% [1] - Net profit attributable to shareholders reached 0.452 billion yuan, marking a substantial increase of 194% compared to the previous year [1] Group 2: Industry Position and Market Trends - Ruijie Networks is positioned as a leading ICT infrastructure and solutions provider, benefiting from the surge in AI computing power demand driven by large model training and intelligent application deployment [1] - Major global tech companies, including Microsoft, Google, Amazon, and Meta, are expected to increase their capital expenditures by 45% to 334 billion yuan in 2025, indicating a robust growth trend in the AI sector [1] Group 3: Product Innovations and Solutions - The company launched the AIGC intelligent computing scenario box switch, enhancing the efficiency of large-scale computing cluster interconnections and improving the training efficiency of trillion-parameter models [1] - The 400G/800G LPO optical module utilizes linear drive technology and silicon photonics to reduce power consumption while ensuring high-speed transmission, becoming a key solution for efficient data center interconnections [1] Group 4: Market Expansion and Partnerships - Ruijie Networks has established a network of over 20,000 partners across more than 100 countries and regions, with 2,620 overseas partners [2] - The company's overseas business revenue increased by 48.46% year-on-year, with notable growth in the Asia-Pacific and European markets [2] Group 5: Research and Development - The company has eight R&D centers, with R&D personnel accounting for over 50% of its workforce, and R&D investment representing 12.63% of revenue in the first half of 2025 [2] - As of the end of July 2025, Ruijie Networks had applied for and received acceptance for 3,394 patents, including 3,170 invention patents [2]

Core Viewpoint - Ruijie Networks (301165) reported significant growth in its 2025 semi-annual report, with revenue reaching 6.649 billion yuan, a year-on-year increase of 31.84%, and net profit attributable to shareholders soaring by 194% to 0.452 billion yuan, driven by technological innovations in ICT infrastructure and solutions amid the surge in AI computing demand [2] Group 1: Financial Performance - The company achieved a revenue of 6.649 billion yuan in the first half of 2025, reflecting a 31.84% year-on-year growth [2] - Net profit attributable to shareholders reached 0.452 billion yuan, marking a substantial increase of 194% compared to the previous year [2] Group 2: Industry Trends and Demand - The demand for computing power is surging due to the large-scale deployment of AI applications and model training, with major global tech companies expected to increase their capital expenditures by 45% to 334 billion dollars in 2025 [2] - Leading domestic companies like ByteDance and Alibaba are also significantly raising their capital expenditures [2] Group 3: Product Innovations and Solutions - Ruijie Networks launched the AIGC intelligent computing scene box switch, enhancing the efficiency of training trillion-parameter models in large-scale computing clusters [2] - The 400G/800G LPO optical module utilizes linear drive technology and silicon photonics to reduce power consumption while ensuring high-speed transmission, becoming a key solution for efficient interconnection in data centers [2] Group 4: Market Expansion and Partnerships - The company has established a network of over 20,000 partners across more than 100 countries and regions, with 2,620 overseas partners [3] - Overseas business revenue increased by 48.46% year-on-year, with notable growth in the Asia-Pacific and European markets [3] Group 5: Research and Development - Ruijie Networks has eight R&D centers, with R&D personnel accounting for over 50% of the workforce, and R&D investment representing 12.63% of revenue in the first half of 2025 [3] - As of the end of July 2025, the company has applied for and received acceptance for 3,394 patents, including 3,170 invention patents [3] Group 6: Market Position - According to IDC data, Ruijie Networks holds the top market share in China's Ethernet optical network market in the first quarter of 2025, with its Ethernet switches and data center switches ranking among the top three [3]

Core Viewpoint - AsiaRF has launched the HaLowFly USB wireless network card, enabling devices to connect to Wi-Fi HaLow networks in just 10 seconds, simplifying IoT deployments significantly [2][4][10] Product Features - The HaLowFly USB Wi-Fi dongle allows for plug-and-play connectivity without the need for driver installation or complex configurations, making it user-friendly [5][6] - It supports a wide range of operating systems including Windows, Linux, Unix, macOS, iOS, and Android, ensuring cross-platform compatibility [6][11] - The device offers kilometer-level wireless coverage, facilitating seamless audio and video streaming over long distances [6][11] Performance and Reliability - The HaLowFly is designed for harsh environments, featuring an industrial-grade radio module for ultra-low-energy, high-stability connections, and a durable housing to withstand demanding conditions [7][11] - It maintains a secure and stable link in challenging settings such as heat, humidity, and dust [7] Efficiency and Cost - Initial setup and reconnection take approximately 10 seconds, with connection settings manageable through any web browser, eliminating the need for additional software [8] - The instant-connect design reduces deployment time and operational costs compared to competing solutions that require special drivers or custom firmware [8] Pricing and Availability - The HaLowFly is officially priced at US$139, with a limited-time introductory pre-order price of US$99 [9] Strategic Vision - AsiaRF aims to accelerate the global adoption of long-range IoT technology, contributing to the development of smart cities, precision agriculture, and industrial automation [10]

Core Insights - Fluke Networks has launched the Versiv Data Center Kits aimed at enhancing the management of network complexity and minimizing downtime in hyperscale and enterprise data centers as the data center market is projected to exceed $622.4 billion by 2030 [1][4] Group 1: Product Features - The Versiv Data Center Kits are designed to identify and troubleshoot copper and fiber network connectivity issues proactively, ensuring data centers remain operational [1][9] - The kits include tools for maintaining high-density connections, which are critical in environments with thousands of fiber connections, reducing the risk of network failures [2][4] - Accessories supporting Very Small Form Factor (VSFF) connectors are introduced to increase connection density while maintaining performance, allowing for effective testing and cleaning of various fiber connectors [3][9] Group 2: Market Context - With over 9,000 data centers globally and the rapid growth driven by AI and cloud technologies, infrastructure teams face significant challenges, necessitating advanced tools for maintenance and troubleshooting [4] - The introduction of these kits reflects Fluke Networks' commitment to providing solutions that align with the fast-paced innovation in the data center industry [4][6] Group 3: Cost Efficiency - Customers purchasing the Versiv Data Center Kits as a complete set can save up to 15% compared to buying items individually, enhancing cost-effectiveness for data center operations [5]

Core Insights - Cisco Systems' international operations are crucial for understanding its financial strength and growth potential [1][2] - The company's dependence on international markets is a key determinant of its earnings stability and growth path [2][3] Revenue Performance - For the quarter ending July 2025, Cisco reported total revenue of $14.67 billion, a year-over-year increase of 7.6% [4] - EMEA generated $3.65 billion, accounting for 24.8% of total revenue, which was a decline of 4.86% from the projected $3.83 billion [5] - APJC contributed $2.21 billion, representing 15% of total revenue, exceeding the consensus estimate of $2.1 billion by 5.27% [6] Future Projections - Analysts expect Cisco to report revenues of $14.75 billion for the current fiscal quarter, reflecting a 6.6% increase year-over-year [7] - For the full year, total revenue is projected at $59.58 billion, a 5.2% increase from the previous year, with EMEA and APJC expected to contribute $15.61 billion and $8.39 billion, respectively [8] Market Dynamics - Cisco's reliance on international markets presents both opportunities and challenges, necessitating close monitoring of international revenue trends [9] - Analysts are focused on tracking these trends to refine earnings predictions, considering the impact of geopolitical factors and domestic market positions [10]

Core Viewpoint - Dipu Technology (300768.SZ) currently does not have domestically produced 800G/1.6T switches available [1] Company Summary - Dipu Technology has communicated through its investor interaction platform that it does not possess 800G/1.6T domestic switches at this time [1]