Core Viewpoint - The recent criminal measures taken against two senior executives of Ruiskanda (603803.SH) highlight the escalating accountability in the aftermath of the "special network communication" fraud case, which has severely impacted the company's financial health and market perception [1][6][7]. Company Overview - Ruiskanda is a provider of optical network products and system solutions, with operations in various fields including all-optical networks, switching routing, cloud network security integration, wireless communication, and edge computing [9]. Legal and Regulatory Actions - On July 7, 2025, Ruiskanda announced that its chairman and general manager, Li Yuejie, and director Zhu Chuncheng were taken into criminal custody for suspected violations related to the disclosure of important information, linked to a prior administrative penalty from the China Securities Regulatory Commission (CSRC) in September 2023 [1][2][6]. - The CSRC's 2023 administrative penalty revealed that Ruiskanda had inflated its revenue by over 630 million yuan and profits by over 110 million yuan from 2019 to 2020 through false self-circulation transactions [6][7]. Financial Performance - The company's financial performance has deteriorated significantly, with cumulative losses reaching 1.054 billion yuan from 2021 to 2024. Revenue figures for these years were 1.853 billion yuan, 2.156 billion yuan, 1.626 billion yuan, and 1.382 billion yuan, indicating a declining trend [10][11]. - In Q1 2025, Ruiskanda reported a revenue of 250 million yuan, a year-on-year decline of 34.89%, and a net profit loss of 19 million yuan, marking a staggering year-on-year drop of 195.18% [10]. Market Reaction - Following the announcement of the criminal measures against the executives, Ruiskanda's stock price plummeted, hitting the daily limit down on July 8, 2025, closing at 8.6 yuan per share. This represented a significant market reaction, with a net outflow of 38.65 million yuan in a single day, the highest for the year [11][12]. - Notably, the stock had previously surged over 300% from March to December 2024, despite the underlying financial struggles [11]. Executive Compensation - Despite the ongoing financial decline, the compensation for the implicated executives remained high, with each receiving approximately 1.25 million yuan annually from 2021 to 2024, totaling around 10 million yuan over four years [11].

每经记者｜蔡鼎 每经编辑｜文多 瑞斯康达（SH603803）7月7日晚披露，公司收到相关人员家属通知，公司董事长兼总经理李月杰、董事朱春城因涉嫌违规披露、不披露重要信息罪被北京 市公安局朝阳分局采取刑事强制措施，朱春城已被取保候审。经向有关部门了解，公司得知上述涉嫌违规披露、不披露重要信息的事项，与2023年9月中国 证监会对公司作出的行政处罚系同一事项。 公司董事会已经决定，指定公司董事兼副总经理韩猛代行董事长及总经理职责。 《每日经济新闻》记者注意到，公司所说的"2023年9月中国证监会对公司作出的行政处罚"，正是当年轰动一时的瑞斯康达"专网通信业务"财务造假案。 2019年—2020年，瑞斯康达曾虚增了约6.32亿元的营收和约1.17亿元的净利润。而李月杰和朱春城二人，正是此事的牵头方和积极参与方。 图片来源：微信文章截图 出生于东北普通铁路工人家庭，李月杰信奉"缝隙法则" 李月杰于1965年生于黑龙江省齐齐哈尔市的一个铁路工人家庭，他的父母、兄弟都是铁路最基层的工人。他于1988年本科毕业于长春邮电学院（现吉林大 学）计算机系。 1996年离开国企后，李月杰于那年6月联合其他创始人成立瑞斯康达。公司初 ...