2 September 2025 | 3:43PM HKT We reiterate Buy on Ruijie Networks as we see (1) rising China Cloud capex (GSe BABA Capex in FY2026-28E lifted post 1QFY26 result) to drive switch demand, (2) positive 2H25 outlook with strong visibility into data center switch growth, (3) migration to 400G/800G switches for data center high-speed transmission, and (4) accumulated experience in offering customized white-box solutions for major China CSP clients. We are positive on Ruijie as a local switch leader to ride on the ...