证券代码：603803 证券简称：瑞斯康达 公告编号：2026-002 瑞斯康达科技发展股份有限公司 2025年年度业绩预告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 2025年1月1日至2025年12月31日。 （二）业绩预告情况 1、经财务部门初步测算，预计2025年年度实现归属于上市公司股东的净利润为人民币-4,400万元左 右。与上年同期相比，预计减少亏损金额7,800万元左右。 2、预计2025年年度实现归属于上市公司股东扣除非经常性损益后的净利润为人民币-9,100万元左右。 与上年同期相比，预计减少亏损金额5,700万元左右。 （三）本次业绩预告数据未经注册会计师审计。 二、上年同期业绩情况（2024年1-12月） （一）归属于上市公司股东的净利润：-12,248.87万元。归属于上市公司股东的扣除非经常性损益的净 利润：-14,821.35万元。 （二）每股收益：-0.28元。 2、本报告期，为主动应对市场环境变化，公司积极调整优化产品业务结构，通过加大新一代传输产品 和数通产品的研 ...

据悉，苏州易锐为瑞斯康达的联营企业，瑞斯康达持有其14.87%的股权，对其长期股权投资采用权益 法核算。2023年度，结合对苏州易锐的运营管理现状、经营业绩数据、资产负债结构、诉讼仲裁事项、 市场格局变化及持续经营预期等综合因素的分析判断，瑞斯康达对苏州易锐股权投资的账面金额 2727.05万元全额计提了长期股权投资减值准备。 瑞斯康达（603803）1月27日晚披露2025年年度业绩预告，经财务部门初步测算，预计2025年年度实现 归属于上市公司股东的净利润为-4400万元左右，与上年同期相比，预计减少亏损金额7800万元左右。 预计2025年年度实现归属于上市公司股东扣除非经常性损益后的净利润为-9100万元左右，与上年同期 相比，预计减少亏损金额5700万元左右。 本报告期，为主动应对市场环境变化，公司积极调整优化产品业务结构，通过加大新一代传输产品和数 通产品的研发投入，调减竞争激烈且盈利水平较低的宽带终端类产品投入，使综合毛利率提高了4个百 分点，毛利额与上年同期基本持平。 本报告期，在坚持战略转型和业务聚焦的同时，公司不断强化预算管理与效能管控。期间费用同比下降 8%，其中研发费用同比减少13%， ...

2、本报告期，为主动应对市场环境变化，公司积极调整优化产品业务结构，通过加大新一代传输产品 和数通产品的研发投入，调减竞争激烈且盈利水平较低的宽带终端类产品投入，使综合毛利率提高了4 个百分点，毛利额与上年同期基本持平。 格隆汇1月27日丨瑞斯康达(603803.SH)公布，公司预计2025年度实现归属于上市公司股东的净利润为人 民币-4400万元左右。公司预计2025年度实现归属于上市公司股东扣除非经常性损益后的净利润为人民 币-9100万元左右。 本期业绩预亏的主要原因： 1、本报告期，受宏观经济复苏不及预期及行业竞争格局不断加剧的共同影响，公司营业收入同比下降 11%。虽然全年收入下降，但是每个季度均呈现环比增长趋势。其中第四季度收入环比第三季度增长 26%、同比上年第四季度增长10%，并实现了单季度盈利。 3、本报告期，在坚持战略转型和业务聚焦的同时，公司不断强化预算管理与效能管控。期间费用同比 下降 8%，其中研发费用同比减少13%，销售费用同比减少3%，管理费用同比减少4%，系全年业绩实 现同比减亏的主要原因。4、本报告期，公司预计非经常性损益对归属于上市公司股东的净利润影响金 额为 4700万元 ...

Core Viewpoint - The company received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, prompting a thorough review of its financial performance and product sales, particularly focusing on revenue declines in key product categories and the reasons behind the high gross margin of software products [1][2]. Revenue and Profit Analysis - Revenue from transmission equipment and broadband network equipment decreased by 17.54% and 41.13% respectively, with gross margins dropping by 9.07 percentage points and 5.91 percentage points [1]. - Software products generated revenue of 161 million yuan with a gross margin of 93.31%, while other products accounted for 353 million yuan in revenue, with an increase in gross margin by 11.76 percentage points [1]. - The company achieved overseas revenue of 201 million yuan, a year-on-year increase of 14.29%, representing nearly 15% of total revenue, with a gross margin of 51.17%, significantly higher than the domestic margin of 37.82% [1][2]. Product Composition and Sales - The composition of other products is diverse, including specialized networks, digital science products, and cloud network products, making it difficult to categorize them into specific product types [2][3]. - The software products' high gross margin is attributed to their collaborative sales with main hardware products, enhancing overall profitability [5][18]. - The company has identified a strategic focus on developing new generation transmission and digital communication products, which are expected to contribute to future revenue growth [10][12]. Customer Base and Market Dynamics - The company has established long-term relationships with major domestic telecom operators, which have been recognized as strategic partners [12][13]. - The domestic telecom market is experiencing a slowdown, leading to a decline in revenue from domestic operators, while the enterprise market has shown significant growth [10][12]. - The overseas market is becoming a core driver for future performance, with the company actively expanding its international presence and optimizing its product structure [10][17]. Inventory and Supply Chain Management - The company reported a year-end inventory value of 665 million yuan, accounting for 24.81% of total assets, with a significant portion allocated to raw materials [18][20]. - The strategic reserve of core components, particularly chips, is a response to global supply chain challenges and price increases, ensuring timely order fulfillment [21][22]. - The company maintains a diverse inventory to support its customized product offerings and after-sales service requirements, aligning with industry practices [21][22].

Core Viewpoint - The company is focusing on enhancing its product offerings and expanding its market presence, particularly in overseas markets, while facing challenges in domestic revenue due to increased competition and market saturation [1][8]. Revenue and Profit - The company's total revenue for 2023 was approximately 35.31 billion CNY, with a gross profit margin of 25.54% [1]. - The revenue from software products is expected to maintain a high gross margin due to low production costs associated with embedded software [3][4]. - The company has seen a decline in domestic revenue, attributed to market saturation and price competition, while overseas revenue has shown growth [7][8]. Inventory - The company's inventory at the end of the reporting period was valued at 665 million CNY, accounting for 24.81% of total assets, with a significant portion in raw materials [16]. - The company maintains a safety stock to meet urgent customer demands and adjusts inventory levels based on sales forecasts and market conditions [18]. Research and Development Expenses - The company invests heavily in R&D, particularly in new generation transmission and data communication products, to enhance competitiveness and address market needs [7][8]. Accounts Receivable - The company has a structured approach to managing accounts receivable, ensuring timely collections and maintaining healthy cash flow [9][10]. Product Composition - The company categorizes its products into four main types: transmission equipment, broadband network equipment, software products, and others, with a focus on enhancing product functionality and market adaptability [1][2]. Client Relationships - The company has established long-term relationships with major telecom operators, which enhances customer loyalty and stability in revenue streams [11][12]. - The company has been recognized for its product quality and service, receiving various awards from major clients [11][12]. Market Strategy - The company is shifting its strategy to focus on high-margin products and expanding its international market presence, particularly in regions with less competition [8][14]. - The company aims to leverage its established brand and service capabilities to enhance its competitive position in overseas markets [15].