Core Viewpoint - Ruijie Networks has shown significant stock performance with a year-to-date increase of 47.25%, despite recent fluctuations in the market [2] Group 1: Stock Performance - As of November 26, Ruijie Networks' stock price increased by 2.12% to 75.30 CNY per share, with a trading volume of 5.58 billion CNY and a market capitalization of 598.98 billion CNY [1] - The stock has experienced a 10.36% increase over the last five trading days, but a decline of 4.49% over the last 20 days and 15.33% over the last 60 days [2] Group 2: Financial Performance - For the period from January to September 2025, Ruijie Networks reported a revenue of 10.68 billion CNY, reflecting a year-on-year growth of 27.50%, and a net profit attributable to shareholders of 680 million CNY, which is a 65.26% increase year-on-year [2] - The company has distributed a total of 1.117 billion CNY in dividends since its A-share listing [3] Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Ruijie Networks increased by 34.36% to 34,200, while the average number of tradable shares per shareholder decreased by 25.57% to 2,788 shares [2] - The top circulating shareholder is Dongfang Alpha Advantage Industry Mixed A, holding 3.2388 million shares, with no change from the previous period [3]

Group 1 - The core viewpoint of the news is that Ruijie Networks has seen a stock price increase of 5.01%, reaching 69.57 CNY per share, with a total market capitalization of 55.34 billion CNY as of the report date [1] - Ruijie Networks, established on October 28, 2003, specializes in the research, design, and sales of network equipment, network security products, and cloud desktop solutions, with the revenue composition being 87.85% from network equipment, 6.12% from others, 3.19% from network security products, and 2.84% from cloud desktop solutions [1] Group 2 - Jin Yuan Shun An Fund has a significant holding in Ruijie Networks, with its Growth Dynamic Flexible Allocation Mixed Fund (620002) holding 9,000 shares, accounting for 2.86% of the fund's net value, making it the sixth-largest holding [2] - The Growth Dynamic Flexible Allocation Mixed Fund (620002) has a total scale of 28.17 million CNY and has achieved a year-to-date return of 16.35%, ranking 4,115 out of 8,209 in its category [2]

Group 1 - The core point of the article highlights the recent performance of Ruijie Networks, with a stock price increase of 5.18% to 74.07 CNY per share, a trading volume of 334 million CNY, and a total market capitalization of 58.919 billion CNY [1] - Ruijie Networks, established on October 28, 2003, and listed on November 21, 2022, specializes in the research, design, and sales of network equipment, network security products, and cloud desktop solutions. The revenue composition is as follows: network equipment 87.85%, others 6.12%, network security products 3.19%, and cloud desktop solutions 2.84% [1] Group 2 - From the perspective of major circulating shareholders, a fund under China Europe Fund, specifically the China Europe Prosperity Selected Mixed A (020876), entered the top ten circulating shareholders of Ruijie Networks in the third quarter, holding 1.11 million shares, which accounts for 1.16% of circulating shares. The estimated floating profit today is approximately 4.0516 million CNY [2] - The China Europe Prosperity Selected Mixed A (020876) fund, managed by Zhang Xueming, has a total asset scale of 10.52 billion CNY and has achieved a return of 47.94% this year, ranking 1066 out of 8149 in its category [2][3] - The fund's second-largest holding is Ruijie Networks, with 1.11 million shares, representing 2.37% of the fund's net value, and the estimated floating profit today is around 4.0516 million CNY [4]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][20]. Core Views - The company is expected to benefit continuously from the development of AI and data centers, with a significant increase in revenue and profit forecasted for 2025-2027 [3][20]. - The company has launched an equity incentive plan, reflecting confidence in future growth, with specific performance targets set for net profit growth [2][20]. Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 10.68 billion yuan, a year-on-year increase of 27.5%, and a net profit of 680 million yuan, up 65.26% year-on-year [1][8]. - The gross profit margin for the first three quarters of 2025 was 34.08%, down 4.54 percentage points from 2024, while the gross margin for Q3 2025 was 35.56%, showing a year-on-year increase of 0.78 percentage points [10][1]. - The company’s operating cash flow for the first three quarters of 2025 was 277 million yuan, reflecting a year-on-year improvement [13]. Revenue and Profit Forecast - The revenue forecast for 2025-2027 is as follows: 2025E revenue of 14.67 billion yuan, 2026E revenue of 18.23 billion yuan, and 2027E revenue of 22.53 billion yuan, with growth rates of 25.4%, 24.3%, and 23.5% respectively [4][18]. - The net profit forecast for 2025-2027 is projected to be 1.09 billion yuan, 1.44 billion yuan, and 1.84 billion yuan respectively, with growth rates of 89.8%, 31.7%, and 28.3% [4][20]. Valuation Metrics - The current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 56.6, 43.0, and 33.5 respectively [21][20]. - The company’s return on equity (ROE) is expected to increase from 20.8% in 2025 to 25.6% in 2027 [4][22].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][20]. Core Views - The company is expected to continuously benefit from the development of AI and data centers, with a significant increase in revenue and profit forecasted for 2025-2027 [3][20]. - The company has launched an equity incentive plan, demonstrating confidence in its future development, with specific performance targets set for net profit growth [2][20]. Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 10.68 billion yuan, a year-on-year increase of 27.5%, and a net profit of 680 million yuan, up 65.26% year-on-year [1][8]. - The gross profit margin for the first three quarters of 2025 was 34.08%, down 4.54 percentage points from 2024, while the gross margin for Q3 2025 was 35.56%, showing a year-on-year increase of 0.78 percentage points [10][1]. - The company’s operating cash flow for the first three quarters of 2025 was 277 million yuan, reflecting a year-on-year improvement [13]. Revenue and Profit Forecast - The revenue forecast for 2025-2027 is as follows: 2025E revenue of 14.67 billion yuan, 2026E revenue of 18.23 billion yuan, and 2027E revenue of 22.53 billion yuan, with growth rates of 25.4%, 24.3%, and 23.5% respectively [4][18]. - The projected net profit for 2025-2027 is 1.09 billion yuan, 1.44 billion yuan, and 1.84 billion yuan, with growth rates of 89.8%, 31.7%, and 28.3% respectively [4][20]. Valuation Metrics - The current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 56.6, 43.0, and 33.5 respectively [21][20]. - The company’s return on equity (ROE) is expected to increase from 20.8% in 2025 to 25.6% in 2027 [4][22].

Core Viewpoint - Ruijie Networks experienced a decline of 4.39% in stock price on October 10, with a trading volume of 714 million yuan, indicating potential market volatility and investor sentiment concerns [1]. Financing Summary - On October 10, Ruijie Networks had a financing buy-in amount of 45.89 million yuan, while the financing repayment was 75.12 million yuan, resulting in a net financing outflow of 29.22 million yuan [1]. - The total financing and securities balance for Ruijie Networks reached 487 million yuan as of October 10, with the financing balance accounting for 5.78% of the circulating market value, indicating a high level of financing activity compared to the past year [1]. - The securities lending data showed that 800 shares were repaid on October 10, with no shares sold, and the remaining securities lending balance was 2.98 million shares, reflecting a high level of borrowing activity [1]. Business Performance - As of June 30, Ruijie Networks reported a total of 25,500 shareholders, a decrease of 13.22% from the previous period, while the average circulating shares per person increased by 61.32% to 3,746 shares [2]. - For the first half of 2025, Ruijie Networks achieved a revenue of 6.649 billion yuan, representing a year-on-year growth of 31.84%, and a net profit attributable to shareholders of 452 million yuan, which is a significant increase of 194% year-on-year [2]. Dividend and Shareholding Structure - Since its A-share listing, Ruijie Networks has distributed a total of 1.117 billion yuan in dividends [3]. - As of June 30, 2025, the largest circulating shareholder was Dongfang Alpha Advantage Industry Mixed A, holding 3.2388 million shares, an increase of 1.4856 million shares from the previous period [3]. - New institutional shareholders included E Fund Growth ETF and Invesco Great Wall Industry Trend Mixed A, indicating a shift in the shareholder base [3].

Core Viewpoint - Ruijie Networks has experienced significant stock price growth this year, with a year-to-date increase of 83.42% and a market capitalization of 746.14 billion yuan as of September 26 [1][2]. Financial Performance - For the first half of 2025, Ruijie Networks reported a revenue of 6.649 billion yuan, representing a year-on-year growth of 31.84%, and a net profit attributable to shareholders of 452 million yuan, which is a remarkable increase of 194.00% [2]. - The company has distributed a total of 1.117 billion yuan in dividends since its A-share listing [3]. Stock Market Activity - As of September 26, Ruijie Networks' stock price was 93.80 yuan per share, with a trading volume of 1.76 billion yuan and a turnover rate of 1.94% [1]. - The stock has seen a net outflow of 20.6085 million yuan from major funds, with significant buying and selling activity from large orders [1]. Shareholder Structure - As of June 30, 2025, the number of shareholders for Ruijie Networks was 25,500, a decrease of 13.22% from the previous period, while the average number of shares held per shareholder increased by 61.32% to 3,746 shares [2]. - The top five shareholders include various funds, with notable increases in holdings from several institutional investors [3].

Core Viewpoint - Ruijie Networks has shown significant stock performance with an 82.09% increase year-to-date, despite a slight decline in recent trading days [2] Group 1: Stock Performance - As of September 22, Ruijie Networks' stock price increased by 2.03% to 93.12 CNY per share, with a total market capitalization of 740.73 billion CNY [1] - The stock has experienced a 0.09% decline over the last five trading days, a 2.24% increase over the last 20 days, and a 51.51% increase over the last 60 days [2] Group 2: Financial Performance - For the first half of 2025, Ruijie Networks reported a revenue of 6.649 billion CNY, representing a year-on-year growth of 31.84%, and a net profit of 452 million CNY, which is a 194.00% increase year-on-year [2] - The company has distributed a total of 1.117 billion CNY in dividends since its A-share listing [3] Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 13.22% to 25,500, while the average number of circulating shares per person increased by 61.32% to 3,746 shares [2] - The top shareholder is Dongfang Alpha Advantage Industry Mixed A, holding 3.2388 million shares, with significant increases in holdings from other major shareholders [3]

Core Viewpoint - Ruijie Networks has shown significant stock performance with a year-to-date increase of 68.44% and a recent market capitalization of 68.52 billion yuan [1][2]. Group 1: Stock Performance - As of September 11, Ruijie Networks' stock price reached 86.14 yuan per share, with a trading volume of 2.09 billion yuan and a turnover rate of 2.56% [1]. - The stock has experienced a 4.64% increase over the past five trading days, a 27.69% increase over the past 20 days, and a 69.67% increase over the past 60 days [1]. - The company has appeared on the "Dragon and Tiger List" once this year, with a net purchase of 117 million yuan on August 18 [1]. Group 2: Financial Performance - For the first half of 2025, Ruijie Networks reported a revenue of 6.649 billion yuan, representing a year-on-year growth of 31.84%, and a net profit attributable to shareholders of 452 million yuan, reflecting a 194.00% increase [2]. - The company has distributed a total of 1.117 billion yuan in dividends since its A-share listing [3]. Group 3: Shareholder Structure - As of June 30, 2025, the number of shareholders decreased by 13.22% to 25,500, while the average number of tradable shares per person increased by 61.32% to 3,746 shares [2]. - The largest shareholder is Dongfang Alpha Advantage Industry Mixed A, holding 3.2388 million shares, an increase of 1.4856 million shares from the previous period [3].

Core Viewpoint - Ruijie Networks experienced a stock price decline of 2.12% on September 8, 2023, with a current price of 83.47 CNY per share and a total market capitalization of 66.397 billion CNY [1] Financial Performance - For the first half of 2025, Ruijie Networks reported a revenue of 6.649 billion CNY, representing a year-on-year growth of 31.84%, and a net profit attributable to shareholders of 452 million CNY, which is a significant increase of 194.00% [2] - The company has distributed a total of 1.117 billion CNY in dividends since its A-share listing [3] Stock Market Activity - As of September 8, 2023, the stock has increased by 63.22% year-to-date, but has seen a decline of 19.44% over the past five trading days [1] - The stock has appeared on the "Dragon and Tiger List" once this year, with a net buy of 117 million CNY on August 18, 2023 [1] Shareholder Structure - As of June 30, 2025, the number of shareholders decreased by 13.22% to 25,500, while the average number of circulating shares per person increased by 61.32% to 3,746 shares [2] - The largest shareholder is Dongfang Alpha Advantage Industry Mixed A, holding 3.2388 million shares, an increase of 1.4856 million shares from the previous period [3]